<p><strong>伯克希爾哈撒韋</strong>（BRK.A 0.16%）（BRK.B 0.79%）的億萬富翁首席執行官沃倫·巴菲特被廣泛視為華爾街最偉大的資金管理者。在沒有依賴華麗的圖表軟件或算法的情況下，這位恰如其名的奧馬哈先知成為了世界上最富有的人之一，並見證了伯克希爾成長為全球僅有的 11 家市值曾達到 1 萬億美元的上市公司之一。</p>
<p>巴菲特的業績記錄——他在過去六十年中監督了伯克希爾哈撒韋 A 類股票（BRK.A）5868186% 的累計回報——為他贏得了大量追隨者，其中包括希望模仿他交易活動的投資者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MDUvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MDUvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA"/></p>
<p>伯克希爾哈撒韋首席執行官沃倫·巴菲特。圖片來源：The Motley Fool。</p>
<p>但隨着沃倫·巴菲特在過去七年中最常購買的股票最近下跌超過 10%，而廣泛的 <strong>標準普爾 500</strong> 和以增長為驅動的 <strong>納斯達克綜合指數</strong> 則創下新高，必須問一個問題：伯克希爾的億萬富翁首席執行官是否失去了他的觸覺？</p>
<h2>沃倫·巴菲特最喜歡的股票是一家與他心靈相通的公司</h2>
<p>大多數投資者通過關注伯克希爾哈撒韋的季度 13F 表格來跟蹤奧馬哈先知的買賣活動。這一要求的表格適用於管理資產至少為 1 億美元的機構投資者，簡明扼要地列出了上一季度的所有買賣活動。</p>
<p>然而，有一個問題：巴菲特最喜歡購買的股票並未在他公司的季度 13F 表格中列出。</p>
<p>要了解這隻頂級股票的內幕，您需要深入研究伯克希爾哈撒韋的季度運營結果。在每份季度報告的最後一頁，就在執行認證之前，您會發現詳細列出了華爾街最受尊敬的億萬富翁資金管理者在他最喜歡的股票上花費了多少（配樂響起）……這恰好是他自己公司的股票。</p>
<p>在 2018 年 7 月之前，沃倫·巴菲特和現已去世的得力助手查理·芒格只能在伯克希爾哈撒韋的股票價格跌至或低於賬面價值的 120% 時回購股票（即不超過上市賬面價值的 20%）。不幸的是，伯克希爾的股票從未跌至或低於這一分界線，導致沒有回購活動。</p>
<p>2018 年 7 月 17 日，伯克希爾的董事會修訂並簡化了回購規則，規定了兩個標準。它允許奧馬哈先知在沒有上限或截止日期的情況下回購股票，只要：</p>
<ul>
<li>伯克希爾的資產負債表上至少有 300 億美元的現金、現金等價物和美國國債；並且</li>
<li>巴菲特認為他公司的股票在內在價值上便宜。</li>
</ul>
<p>這一後者的表述故意模糊，以便給予巴菲特在他認為合適時通過回購將公司資本投入使用的自由裁量權。</p>
<p>在 2018 年 7 月 1 日至 2025 年 3 月 31 日期間，伯克希爾的億萬首席執行官回購了近 780 億美元的公司股票。這比巴菲特在 <strong>蘋果</strong>、<strong>美國銀行</strong>、<strong>美國運通</strong>、<strong>可口可樂</strong> 和 <strong>雪佛龍</strong> 上的現有股份購買總和還要多。</p>
<p>但奧馬哈先知最喜歡的股票正在下滑。截至 7 月 23 日的寫作時，它比 5 月初的歷史最高收盤價下跌超過 10%。或許更重要的是，它在年初至今的表現不及基準標準普爾 500 指數。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MDUvZmluYW5jaWFsLW5ld3NwYXBlci1zdG9jay1xdW90ZXMtY2hhcnRzLWluZGV4ZXMtbWFnbmlmeWluZy1nbGFzcy1kYXRhLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MDUvZmluYW5jaWFsLW5ld3NwYXBlci1zdG9jay1xdW90ZXMtY2hhcnRzLWluZGV4ZXMtbWFnbmlmeWluZy1nbGFzcy1kYXRhLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>伯克希爾哈撒韋的下滑是巴菲特決心的標誌，不應與弱點混淆</h2>
<p>隨着伯克希爾的億萬首席執行官將在不到五週內年滿 95 歲，並且將在今年年底退休，幾乎沒有投資者會指責他失去觸覺。但我們目前所見的伯克希爾股票的情況並不是巴菲特失敗的跡象。相反，這是他決心和投資理念的驗證。</p>
<p>在他擔任首席執行官的六十年中，巴菲特對自己的一些不成文的投資規則進行了調整。例如，儘管他常被視為長期投資者，但他和他的頂級顧問在 2022 年購買了遊戲巨頭動視暴雪的股票，作為微軟以每股 95 美元的全現金收購該公司的短期套利機會。</p>
<p>但沃倫·巴菲特在六十年中沒有動搖的一個投資理念是他希望獲得好交易。價值對伯克希爾哈撒韋的億萬首席執行官至關重要。無論他多麼欣賞一家公司的競爭優勢、品牌和/或管理團隊，如果估值不合理，他都不會購買股票。</p>
<p>當巴菲特批准在 24 個季度（六年）內累計購買近 780 億美元的他最喜歡的股票時，伯克希爾哈撒韋的股票始終以其賬面價值的 30% 至 50% 的溢價交易。但在 2024 年 7 月 1 日至 2025 年 3 月 31 日期間，巴菲特沒有花一分錢回購他公司的股票。原因是什麼？伯克希爾的賬面溢價攀升至 60% 至 80%。即使是奧馬哈先知自己公司的股票，當估值不再合理時也不再可及。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/49f67ceba70a5c4d3c4632ae40b98b67.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/49f67ceba70a5c4d3c4632ae40b98b67.png"/></p>
<p>BRK.A 價格與賬面價值數據來源於 YCharts。</p>
<p>然而，巴菲特對自己公司股票的冷靜處理並不獨特。他已經連續 10 個季度成為淨賣出者，出售的股票比購買的多出 1744 億美元。</p>
<p>在 2001 年，巴菲特在《財富》雜誌的採訪中提到，市場市值與 GDP 的比率是 “可能是衡量估值在任何時刻所處位置的最佳單一指標”。這一估值工具將所有上市公司的累計價值與美國國內生產總值（GDP）進行比較，自 1970 年以來的回測數據顯示，其平均倍數為 85%。這意味着，所有上市股票的總價值約佔美國 GDP 的 85%。</p>
<p>截至 7 月 22 日收盤，“巴菲特指標”，即這一估值指標，目前達到了 212.23% 的歷史新高！在這個市場中，價值不僅難以尋覓——幾乎是不存在的。</p>
<p>我們從巴菲特身上看到的並不是弱點。相反，我們看到的是一位經過時間考驗的投資者堅守初心，故意保持觀望，直到估值變得合理。儘管沒有明確的時間表説明何時估值會回落到沃倫·巴菲特（或繼任者格雷格·阿貝爾）的舒適區，但耐心在過去證明是一種美德，併為伯克希爾的首席執行官和公司的股東帶來了可觀的收益。</p>

伯克希爾哈撒韋-A

伯克希爾哈撒韋-B

南方兩倍做多伯克希爾

<p>伯克希爾哈撒韋的首席執行官沃倫·巴菲特在過去七年中花費了 780 億美元回購自己公司的股票。然而，最近該股票下跌超過 10%，引發了人們對巴菲特投資能力的質疑。儘管出現這種下滑，分析師認為這反映了巴菲特對價值投資的承諾，而不是失去觸覺。巴菲特的策略強調僅在股票被認為內在便宜時才進行購買，這一原則貫穿了他的職業生涯。隨着他接近退休，伯克希爾股票的表現仍然是投資者關注的焦點</p>

<p><strong>Berkshire Hathaway</strong>'s (BRK.A 0.16%) (BRK.B 0.79%) billionaire CEO Warren Buffett is widely viewed as Wall Street's greatest money manager. Without relying on fancy charting software or algorithms, the aptly named Oracle of Omaha became one of the richest people in the world and watched Berkshire grow into one of only 11 public companies worldwide to ever hit a $1 trillion valuation.</p>
<div class="lb-trans"><p><strong>伯克希爾哈撒韋</strong>（BRK.A 0.16%）（BRK.B 0.79%）的億萬富翁首席執行官沃倫·巴菲特被廣泛視為華爾街最偉大的資金管理者。在沒有依賴華麗的圖表軟件或算法的情況下，這位恰如其名的奧馬哈先知成為了世界上最富有的人之一，並見證了伯克希爾成長為全球僅有的 11 家市值曾達到 1 萬億美元的上市公司之一。</p>
</div><p>Buffett's track record -- he's overseen a 5,868,186% cumulative return in Berkshire Hathaway's Class A shares (BRK.A) in six decades -- has earned him a huge following, which includes investors who aim to mirror his trading activity.</p>
<div class="lb-trans"><p>巴菲特的業績記錄——他在過去六十年中監督了伯克希爾哈撒韋 A 類股票（BRK.A）5868186% 的累計回報——為他贏得了大量追隨者，其中包括希望模仿他交易活動的投資者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MDUvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826505%2Fbuffett13-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.</p>
<div class="lb-trans"><p>伯克希爾哈撒韋首席執行官沃倫·巴菲特。圖片來源：The Motley Fool。</p>
</div><p>But with Warren Buffett's most-purchased stock over the last seven years recently falling more than 10% as the broad-based <strong>S&amp;P 500</strong> and growth-fueled <strong>Nasdaq Composite</strong> power to fresh all-time highs, the question has to be asked: Has Berkshire's billionaire CEO lost his touch?</p>
<div class="lb-trans"><p>但隨着沃倫·巴菲特在過去七年中最常購買的股票最近下跌超過 10%，而廣泛的 <strong>標準普爾 500</strong> 和以增長為驅動的 <strong>納斯達克綜合指數</strong> 則創下新高，必須問一個問題：伯克希爾的億萬富翁首席執行官是否失去了他的觸覺？</p>
</div><h2>Warren Buffett's favorite stock is a company near and dear to his heart</h2>
<div class="lb-trans"><h2>沃倫·巴菲特最喜歡的股票是一家與他心靈相通的公司</h2>
</div><p>Most investors track the Oracle of Omaha's buying and selling activity by following Berkshire Hathaway's quarterly Form 13F filings. This required filing for institutional investors with at least $100 million in assets under management concisely lists all buying and selling activity from the previous quarter.</p>
<div class="lb-trans"><p>大多數投資者通過關注伯克希爾哈撒韋的季度 13F 表格來跟蹤奧馬哈先知的買賣活動。這一要求的表格適用於管理資產至少為 1 億美元的機構投資者，簡明扼要地列出了上一季度的所有買賣活動。</p>
</div><p>However, there's a catch: Buffett's favorite stock to buy <em>isn't</em> listed in his company's quarterly filed 13Fs.</p>
<div class="lb-trans"><p>然而，有一個問題：巴菲特最喜歡購買的股票並未在他公司的季度 13F 表格中列出。</p>
</div><p>To get the skinny on this top stock, you'll need to dig into Berkshire Hathaway's quarterly operating results. On the final page of each quarterly report, just prior to the executive certifications, you'll find a detailed breakdown of exactly how much Wall Street's most-revered billionaire money manager spent on his favorite stock (cue the dramatic music)... which happens to be shares of his own company.</p>
<div class="lb-trans"><p>要了解這隻頂級股票的內幕，您需要深入研究伯克希爾哈撒韋的季度運營結果。在每份季度報告的最後一頁，就在執行認證之前，您會發現詳細列出了華爾街最受尊敬的億萬富翁資金管理者在他最喜歡的股票上花費了多少（配樂響起）……這恰好是他自己公司的股票。</p>
</div><p>Prior to July 2018, Warren Buffett and now-late right-hand man Charlie Munger were only allowed to repurchase shares of Berkshire Hathaway stock if it fell to or below 120% of book value (i.e., no more than 20% above listed book value). Unfortunately, Berkshire's stock never fell to or below this line-in-the-sand threshold, which resulted in no buyback activity.</p>
<div class="lb-trans"><p>在 2018 年 7 月之前，沃倫·巴菲特和現已去世的得力助手查理·芒格只能在伯克希爾哈撒韋的股票價格跌至或低於賬面價值的 120% 時回購股票（即不超過上市賬面價值的 20%）。不幸的是，伯克希爾的股票從未跌至或低於這一分界線，導致沒有回購活動。</p>
</div><p>On July 17, 2018, Berkshire's board amended and simplified the rules governing buybacks to two criteria. It allowed the Oracle of Omaha to repurchase shares with no ceiling or end date as long as:</p>
<div class="lb-trans"><p>2018 年 7 月 17 日，伯克希爾的董事會修訂並簡化了回購規則，規定了兩個標準。它允許奧馬哈先知在沒有上限或截止日期的情況下回購股票，只要：</p>
</div><ul>
<li>Berkshire has at least $30 billion in combined cash, cash equivalents, and U.S. Treasuries on its balance sheet; and</li>
<li>Buffett views shares of his company as intrinsically cheap.</li>
</ul>
<div class="lb-trans"><ul>
<li>伯克希爾的資產負債表上至少有 300 億美元的現金、現金等價物和美國國債；並且</li>
<li>巴菲特認為他公司的股票在內在價值上便宜。</li>
</ul>
</div><p>This latter point is purposefully vague so as to give Buffett the discretion to put his company's capital to work via buybacks whenever he feels it's appropriate.</p>
<div class="lb-trans"><p>這一後者的表述故意模糊，以便給予巴菲特在他認為合適時通過回購將公司資本投入使用的自由裁量權。</p>
</div><p>Between July 1, 2018, and March 31, 2025, Berkshire's billionaire chief bought back almost $78 billion worth of his company's shares. This is more than Buffett has spent buying Berkshire's existing stakes in <strong>Apple</strong>, <strong>Bank of America</strong>, <strong>American Express</strong>, <strong>Coca-Cola</strong>, and <strong>Chevron</strong>, <em>combined</em>.</p>
<div class="lb-trans"><p>在 2018 年 7 月 1 日至 2025 年 3 月 31 日期間，伯克希爾的億萬首席執行官回購了近 780 億美元的公司股票。這比巴菲特在 <strong>蘋果</strong>、<strong>美國銀行</strong>、<strong>美國運通</strong>、<strong>可口可樂</strong> 和 <strong>雪佛龍</strong> 上的現有股份購買總和還要多。</p>
</div><p>But the Oracle of Omaha's favorite stock is slumping. As of this writing on July 23, it's down more than 10% from its all-time closing high in early May. Perhaps more importantly, it's underperforming the benchmark S&amp;P 500 on a year-to-date basis.</p>
<div class="lb-trans"><p>但奧馬哈先知最喜歡的股票正在下滑。截至 7 月 23 日的寫作時，它比 5 月初的歷史最高收盤價下跌超過 10%。或許更重要的是，它在年初至今的表現不及基準標準普爾 500 指數。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MDUvZmluYW5jaWFsLW5ld3NwYXBlci1zdG9jay1xdW90ZXMtY2hhcnRzLWluZGV4ZXMtbWFnbmlmeWluZy1nbGFzcy1kYXRhLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826505%2Ffinancial-newspaper-stock-quotes-charts-indexes-magnifying-glass-data-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Berkshire Hathaway's slump is a sign of Buffett's resolve and shouldn't be confused with weakness</h2>
<div class="lb-trans"><h2>伯克希爾哈撒韋的下滑是巴菲特決心的標誌，不應與弱點混淆</h2>
</div><p>With Berkshire's billionaire chief set to turn 95 in less than five weeks, as well as retiring from the CEO role at the end of this year, few investors would fault him for losing his touch. But what we're witnessing with Berkshire's stock at the moment <em>isn't</em> a sign of Buffett failing. Rather, it's validation of his resolve and investment philosophies.</p>
<div class="lb-trans"><p>隨着伯克希爾的億萬首席執行官將在不到五週內年滿 95 歲，並且將在今年年底退休，幾乎沒有投資者會指責他失去觸覺。但我們目前所見的伯克希爾股票的情況並不是巴菲特失敗的跡象。相反，這是他決心和投資理念的驗證。</p>
</div><p>During his six decades as CEO, Buffett has bent a few of his own unwritten investment rules. For instance, while he's often viewed as a long-term investor, he and his top advisors purchased shares of gaming giant Activision Blizzard in 2022 as a short-term arbitrage opportunity given <strong>Microsoft</strong>'s $95-per-share all-cash offer to acquire the company.</p>
<div class="lb-trans"><p>在他擔任首席執行官的六十年中，巴菲特對自己的一些不成文的投資規則進行了調整。例如，儘管他常被視為長期投資者，但他和他的頂級顧問在 2022 年購買了遊戲巨頭動視暴雪的股票，作為微軟以每股 95 美元的全現金收購該公司的短期套利機會。</p>
</div><p>But the one investment philosophy Warren Buffett hasn't wavered on in six decades is his desire to get a good deal. Value is of the utmost importance to Berkshire Hathaway's billionaire chief. No matter how much he appreciates a company's competitive edge, brand, and/or management team, he's not going to buy shares if the valuation doesn't make sense.</p>
<div class="lb-trans"><p>但沃倫·巴菲特在六十年中沒有動搖的一個投資理念是他希望獲得好交易。價值對伯克希爾哈撒韋的億萬首席執行官至關重要。無論他多麼欣賞一家公司的競爭優勢、品牌和/或管理團隊，如果估值不合理，他都不會購買股票。</p>
</div><p>When Buffett green-lit the cumulative purchase of nearly $78 billion worth of his favorite stock over 24 quarters (six years), Berkshire Hathaway stock consistently traded at a 30% to 50% premium to its book value. But between July 1, 2024, and March 31, 2025, Buffett hasn't spent a dime to repurchase his company's stock. The reason? Berkshire's premium to book climbed to between 60% and 80%. Even shares of the Oracle of Omaha's own company are off-limits when the valuation no longer makes sense.</p>
<div class="lb-trans"><p>當巴菲特批准在 24 個季度（六年）內累計購買近 780 億美元的他最喜歡的股票時，伯克希爾哈撒韋的股票始終以其賬面價值的 30% 至 50% 的溢價交易。但在 2024 年 7 月 1 日至 2025 年 3 月 31 日期間，巴菲特沒有花一分錢回購他公司的股票。原因是什麼？伯克希爾的賬面溢價攀升至 60% 至 80%。即使是奧馬哈先知自己公司的股票，當估值不再合理時也不再可及。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/49f67ceba70a5c4d3c4632ae40b98b67.png" alt="" original-src="https://media.ycharts.com/charts/49f67ceba70a5c4d3c4632ae40b98b67.png"/></p>
<p>BRK.A Price to Book Value data by YCharts.</p>
<div class="lb-trans"><p>BRK.A 價格與賬面價值數據來源於 YCharts。</p>
</div><p>However, Buffett's cold-turkey approach with his own company's stock isn't unique. He's been a net-seller of equities for 10 consecutive quarters, with $174.4 billion more in stocks sold than purchased.</p>
<div class="lb-trans"><p>然而，巴菲特對自己公司股票的冷靜處理並不獨特。他已經連續 10 個季度成為淨賣出者，出售的股票比購買的多出 1744 億美元。</p>
</div><p>Back in 2001, in an interview with <em>Fortune</em> magazine, Buffett referred to the market-cap-to-GDP ratio as, &#34;probably the best single measure of where valuations stand at any given moment.&#34; This valuation tool, which divides the cumulative value of all public companies by U.S. gross domestic product (GDP), has averaged a multiple of 85% when back-tested to 1970. This is to say that the aggregate value of all publicly traded stocks has equaled about 85% of U.S. GDP over 55 years.</p>
<div class="lb-trans"><p>在 2001 年，巴菲特在《財富》雜誌的採訪中提到，市場市值與 GDP 的比率是 “可能是衡量估值在任何時刻所處位置的最佳單一指標”。這一估值工具將所有上市公司的累計價值與美國國內生產總值（GDP）進行比較，自 1970 年以來的回測數據顯示，其平均倍數為 85%。這意味着，所有上市股票的總價值約佔美國 GDP 的 85%。</p>
</div><p>As of the closing bell on July 22, the &#34;Buffett Indicator,&#34; as this valuation measure is now more-commonly known, hit a record high of 212.23%! Value isn't just hard to come by in this market -- it's practically nonexistent.</p>
<div class="lb-trans"><p>截至 7 月 22 日收盤，“巴菲特指標”，即這一估值指標，目前達到了 212.23% 的歷史新高！在這個市場中，價值不僅難以尋覓——幾乎是不存在的。</p>
</div><p>What we're witnessing from Buffett isn't weakness. Rather, we're seeing a time-tested investor sticking to his roots and purposefully sitting on his hands until valuations make sense. Though there's no timeline as to when valuations will fall back into Warren Buffett's (or successor Greg Abel's) wheelhouse, patience has proved to be a virtue and <em>substantial</em> moneymaker in the past for Berkshire's CEO and the company's shareholders.</p>
<div class="lb-trans"><p>我們從巴菲特身上看到的並不是弱點。相反，我們看到的是一位經過時間考驗的投資者堅守初心，故意保持觀望，直到估值變得合理。儘管沒有明確的時間表説明何時估值會回落到沃倫·巴菲特（或繼任者格雷格·阿貝爾）的舒適區，但耐心在過去證明是一種美德，併為伯克希爾的首席執行官和公司的股東帶來了可觀的收益。</p>
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The Stock Warren Buffett Spent $78 Billion Buying Over the Last 7 Years Is Slumping, and It Begs the Question: Has the Oracle of Omaha Lost His Touch?

- 巴菲特的公司股價近期下跌超過 10%，引發市場關注。  
- 他在過去六年中回購了近 780 億美元的公司股票，但近期未進行回購。  
- 巴菲特堅持價值投資原則，等待合適的估值時機。

在過去的 7 年裏，沃倫·巴菲特花費了 780 億美元購買的股票正在下跌，這不禁讓人質疑：奧馬哈的先知是否失去了他的投資敏鋭度？