<p><strong>伯克希爾哈撒韋</strong>(BRK.A 1.28%) (BRK.B 1.35%) 在傳奇投資者兼首席執行官沃倫·巴菲特的領導下，長期表現優異。今年早些時候，巴菲特宣佈他將在年底辭去首席執行官職務，伯克希爾哈撒韋的股票面臨賣壓。</p>
<p>自五月以來，伯克希爾哈撒韋的股票下跌了 10%。在此期間，<strong>標準普爾 500 指數</strong> 上漲了 15%。鑑於其近期表現不佳，現在可能是購買伯克希爾哈撒韋股票的好時機。原因如下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk4MTUvYnVmZmV0dDE5LXRtZi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk4MTUvYnVmZmV0dDE5LXRtZi5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>伯克希爾哈撒韋擁有多樣化的現金生成業務</h2>
<p>從根本上講，伯克希爾擁有 GEICO、伯克希爾哈撒韋初級集團和全球再保險部門等保險業務。其保險業務是伯克希爾業務的重要組成部分。去年，伯克希爾的保險承保部門產生了 90 億美元的運營收益。同時，其投資收入為 137 億美元。這兩者合計佔去年收益的 48%，2023 年佔 40%。</p>
<p>伯克希爾的投資歷史上包括的股票證券比例通常高於保險行業的典型水平。其投資往往高度集中於少數公司，並持有較長時間。此外，近年來利率上升，伯克希爾享受到了顯著的利息收入增長。</p>
<p>此外，伯克希爾在運輸、製造、服務和零售等多個行業擁有資產。它擁有北美最大的鐵路之一——伯靈頓北方聖菲鐵路（BNSF）。它在美國、英國和加拿大擁有廣泛的公用事業和能源業務，服務數百萬客户。</p>
<p>其製造業務包括工業、建築和消費品，擁有精密鑄件、克萊頓住宅、肖工業、杜拉塞爾和森林河等子公司。最後，其服務和零售部門包括 Pilot Travel Centers、McLane（批發分銷）、NetJets、Dairy Queen、多家汽車經銷商、傢俱店和多樣化的專業零售商。</p>
<h2>伯克希爾正在經歷轉型</h2>
<p>伯克希爾哈撒韋明年將經歷重大變化。這是因為傳奇投資者和長期首席執行官沃倫·巴菲特正在準備在掌舵數十年後退休。巴菲特的離開標誌着這個企業集團的歷史性轉型，因為他的領導和投資理念在過去六十年中塑造了伯克希爾的身份和成功。</p>
<p>隨着巴菲特的辭職，新面孔將接管公司的運營和投資決策。格雷格·阿貝爾、託德·科姆斯和泰德·韋施勒是關鍵人物，準備在沃倫·巴菲特退休之際引領伯克希爾哈撒韋進入下一個時代。格雷格·阿貝爾目前是非保險業務的副董事長，是巴菲特選擇的接班人，負責領導公司並監督伯克希爾龐大的帝國。</p>
<p>與此同時，託德·科姆斯和泰德·韋施勒是巴菲特和他的得力助手已故的查理·芒格挑選的投資副手，負責指導伯克希爾龐大的投資組合。在加入伯克希爾之前，科姆斯曾在 2005 年至 2010 年期間經營對沖基金 Castle Point Capital。科姆斯在保險行業也有經驗，並在過去五年中領導 GEICO，以 “重大方式” 重塑了它。</p>
<p>泰德·韋施勒在管理投資方面有着令人印象深刻的業績。在一份公開聲明中，韋施勒報告稱，在 28 年中，他將初始的羅斯個人退休賬户餘額 70385 美元增長到 1.31 億美元——年均投資回報率為 31%。</p>
<p>阿貝爾、科姆斯和韋施勒共同代表了精心策劃的接班團隊，旨在維持伯克希爾哈撒韋的文化，並專注於長期價值創造。</p>
<h2>鉅額現金儲備和合理的價格標籤</h2>
<p>伯克希爾哈撒韋的現金和短期投資狀況極為強勁，為公司提供了可觀的資本和未來投資的靈活性。一個重要因素是其保險業務，產生了大量的浮存金，伯克希爾可以進行投資。</p>
<p>目前，伯克希爾將大量資本停放在國債和其他短期持有資產中，因為該企業集團利用較高的短期利率，同時股票估值處於歷史高位。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9d0d76834daddf33a4f2e8fb687df6d9.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/9d0d76834daddf33a4f2e8fb687df6d9.png"/></p>
<p>BRK.B 現金和短期投資（季度）數據來源於 YCharts</p>
<p>截至 6 月 30 日，伯克希爾持有 3400 億美元的現金和短期投資於美國國債。這筆鉅額現金儲備在 2025 年上半年為伯克希爾產生了 50 億美元的投資收入，比 2024 年同期增長了 11.3%。</p>
<p>在伯克希爾近期表現平平的情況下，該股票以 16.3 的市盈率和 1.5 的市淨率合理定價。</p>
<p>伯克希爾面臨即將到來的領導層轉型。然而，公司的多元化商業模式和現金充裕的資產負債表確保其具備追求新投資的良好條件——使其成為今天投資者的良好選擇。</p>

伯克希爾哈撒韋-B

伯克希爾哈撒韋-A

南方兩倍做多伯克希爾

<p>伯克希爾哈撒韋的股票自五月以來下跌了 10%，而標準普爾 500 指數上漲了 15%。隨着沃倫·巴菲特即將退休，公司正在經歷領導層的過渡。儘管近期表現不佳，伯克希爾多元化的現金生成業務、3400 億美元的強大現金儲備以及合理的估值（16.3 的市盈率）表明，這可能是投資者的一個良好買入機會</p>

<p><strong>Berkshire Hathaway</strong>(BRK.A 1.28%) (BRK.B 1.35%) has a long history of outperformance under the leadership of legendary investor and CEO Warren Buffett. Earlier this year, Buffett announced he would step down from the CEO role at the end of the year, and Berkshire Hathaway stock has faced selling pressure.</p>
<div class="lb-trans"><p><strong>伯克希爾哈撒韋</strong>(BRK.A 1.28%) (BRK.B 1.35%) 在傳奇投資者兼首席執行官沃倫·巴菲特的領導下，長期表現優異。今年早些時候，巴菲特宣佈他將在年底辭去首席執行官職務，伯克希爾哈撒韋的股票面臨賣壓。</p>
</div><p>Since May, Berkshire Hathaway stock has declined 10%. Over that same period, the <strong>S&amp;P 500</strong> has gone on to gain 15%. Given its recent underperformance, now may be a great time to scoop up Berkshire Hathaway stock. Here's why.</p>
<div class="lb-trans"><p>自五月以來，伯克希爾哈撒韋的股票下跌了 10%。在此期間，<strong>標準普爾 500 指數</strong> 上漲了 15%。鑑於其近期表現不佳，現在可能是購買伯克希爾哈撒韋股票的好時機。原因如下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk4MTUvYnVmZmV0dDE5LXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829815%2Fbuffett19-tmf.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 has a diverse array of cash-generating businesses</h2>
<div class="lb-trans"><h2>伯克希爾哈撒韋擁有多樣化的現金生成業務</h2>
</div><p>At its core, Berkshire owns insurance operations like GEICO, Berkshire Hathaway Primary Group, and a global reinsurance division. Its insurance operations are a significant chunk of Berkshire's business. Last year, Berkshire's insurance underwriting segment generated $9 billion in operating earnings. Meanwhile, its investment income was $13.7 billion. Together, these were 48% of its earnings last year and 40% in 2023.</p>
<div class="lb-trans"><p>從根本上講，伯克希爾擁有 GEICO、伯克希爾哈撒韋初級集團和全球再保險部門等保險業務。其保險業務是伯克希爾業務的重要組成部分。去年，伯克希爾的保險承保部門產生了 90 億美元的運營收益。同時，其投資收入為 137 億美元。這兩者合計佔去年收益的 48%，2023 年佔 40%。</p>
</div><p>Berkshire's investments historically include a greater proportion of equity securities than is typical for the insurance industry. Its investments tend to be highly concentrated in a few companies and held for long periods. In addition, with interest rates elevated in recent years, Berkshire has enjoyed a significant increase in interest income.</p>
<div class="lb-trans"><p>伯克希爾的投資歷史上包括的股票證券比例通常高於保險行業的典型水平。其投資往往高度集中於少數公司，並持有較長時間。此外，近年來利率上升，伯克希爾享受到了顯著的利息收入增長。</p>
</div><p>In addition to that, Berkshire owns assets across various other industries, including transportation, manufacturing, service, and retail. It owns Burlington Northern Santa Fe (BNSF), one of North America's largest railroads. It has an extensive utilities and energy profile serving millions of customers in the U.S., Great Britain, and Canada.</p>
<div class="lb-trans"><p>此外，伯克希爾在運輸、製造、服務和零售等多個行業擁有資產。它擁有北美最大的鐵路之一——伯靈頓北方聖菲鐵路（BNSF）。它在美國、英國和加拿大擁有廣泛的公用事業和能源業務，服務數百萬客户。</p>
</div><p>Its manufacturing holdings include industrial, building, and consumer products, featuring subsidiaries such as Precision Castparts, Clayton Homes, Shaw Industries, Duracell, and Forest River. Finally, its service and retail segment includes Pilot Travel Centers, McLane (wholesale distribution), NetJets, Dairy Queen, multiple auto dealerships, furniture stores, and diverse specialty retailers.</p>
<div class="lb-trans"><p>其製造業務包括工業、建築和消費品，擁有精密鑄件、克萊頓住宅、肖工業、杜拉塞爾和森林河等子公司。最後，其服務和零售部門包括 Pilot Travel Centers、McLane（批發分銷）、NetJets、Dairy Queen、多家汽車經銷商、傢俱店和多樣化的專業零售商。</p>
</div><h2>Berkshire is undergoing a transition</h2>
<div class="lb-trans"><h2>伯克希爾正在經歷轉型</h2>
</div><p>Berkshire Hathaway is set to undergo a significant change next year. That's because Warren Buffett, the legendary investor and longtime CEO of Berkshire Hathaway, is preparing to retire after decades at the helm. Buffett's departure marks a historic transition for the conglomerate, as his leadership and investment philosophy have shaped Berkshire's identity and success over the past six decades.</p>
<div class="lb-trans"><p>伯克希爾哈撒韋明年將經歷重大變化。這是因為傳奇投資者和長期首席執行官沃倫·巴菲特正在準備在掌舵數十年後退休。巴菲特的離開標誌着這個企業集團的歷史性轉型，因為他的領導和投資理念在過去六十年中塑造了伯克希爾的身份和成功。</p>
</div><p>With Buffett stepping down, new faces are set to take over the company's operations and investment decisions. Greg Abel, Todd Combs, and Ted Weschler are key figures poised to lead Berkshire Hathaway into its next era as Warren Buffett prepares for retirement. Greg Abel, currently Vice Chairman of Non-Insurance Operations, is Buffett's chosen successor to lead the company and oversee Berkshire's vast empire.</p>
<div class="lb-trans"><p>隨着巴菲特的辭職，新面孔將接管公司的運營和投資決策。格雷格·阿貝爾、託德·科姆斯和泰德·韋施勒是關鍵人物，準備在沃倫·巴菲特退休之際引領伯克希爾哈撒韋進入下一個時代。格雷格·阿貝爾目前是非保險業務的副董事長，是巴菲特選擇的接班人，負責領導公司並監督伯克希爾龐大的帝國。</p>
</div><p>Meanwhile, Todd Combs and Ted Weschler are the investment lieutenants that Buffett and his right-hand man, the late Charlie Munger, tapped to guide Berkshire's massive investment portfolio. Before joining Berkshire, Combs ran a hedge fund, Castle Point Capital, from 2005 to 2010. Combs also has experience in the insurance industry and has led GEICO for the past five years, reshaping it &#34;in a major way.&#34;</p>
<div class="lb-trans"><p>與此同時，託德·科姆斯和泰德·韋施勒是巴菲特和他的得力助手已故的查理·芒格挑選的投資副手，負責指導伯克希爾龐大的投資組合。在加入伯克希爾之前，科姆斯曾在 2005 年至 2010 年期間經營對沖基金 Castle Point Capital。科姆斯在保險行業也有經驗，並在過去五年中領導 GEICO，以 “重大方式” 重塑了它。</p>
</div><p>Ted Weschler has an impressive track record managing his investments. In a public statement, Weschler reported that, over 28 years, he had grown an initial Roth IRA account balance of $70,385 into $131 million -- or a 31% annual return on investment.</p>
<div class="lb-trans"><p>泰德·韋施勒在管理投資方面有着令人印象深刻的業績。在一份公開聲明中，韋施勒報告稱，在 28 年中，他將初始的羅斯個人退休賬户餘額 70385 美元增長到 1.31 億美元——年均投資回報率為 31%。</p>
</div><p>Together, Abel, Combs, and Weschler represent the carefully planned succession team intended to maintain Berkshire Hathaway's culture and focus on long-term value creation.</p>
<div class="lb-trans"><p>阿貝爾、科姆斯和韋施勒共同代表了精心策劃的接班團隊，旨在維持伯克希爾哈撒韋的文化，並專注於長期價值創造。</p>
</div><h2>A massive cash pile and a reasonable price tag</h2>
<div class="lb-trans"><h2>鉅額現金儲備和合理的價格標籤</h2>
</div><p>Berkshire Hathaway's cash and short-term investment position is exceptionally strong, providing the company with substantial capital and flexibility for future investments. A significant factor is its insurance operations, which generate a massive amount of float that Berkshire can invest.</p>
<div class="lb-trans"><p>伯克希爾哈撒韋的現金和短期投資狀況極為強勁，為公司提供了可觀的資本和未來投資的靈活性。一個重要因素是其保險業務，產生了大量的浮存金，伯克希爾可以進行投資。</p>
</div><p>For now, Berkshire has parked a significant amount of its capital in treasuries and other short-term holdings, as the conglomerate takes advantage of higher short-term rates while equity valuations sit at a historically high level.</p>
<div class="lb-trans"><p>目前，伯克希爾將大量資本停放在國債和其他短期持有資產中，因為該企業集團利用較高的短期利率，同時股票估值處於歷史高位。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9d0d76834daddf33a4f2e8fb687df6d9.png" alt="" original-src="https://media.ycharts.com/charts/9d0d76834daddf33a4f2e8fb687df6d9.png"/></p>
<p>BRK.B Cash and Short Term Investments (Quarterly) data by YCharts</p>
<div class="lb-trans"><p>BRK.B 現金和短期投資（季度）數據來源於 YCharts</p>
</div><p>As of June 30, Berkshire held $340 billion in cash and short-term investments in U.S. treasury bills. This massive cash pile is generating Berkshire investment income to the tune of $5 billion in the first six months of 2025, an increase of 11.3% over the same period of 2024.</p>
<div class="lb-trans"><p>截至 6 月 30 日，伯克希爾持有 3400 億美元的現金和短期投資於美國國債。這筆鉅額現金儲備在 2025 年上半年為伯克希爾產生了 50 億美元的投資收入，比 2024 年同期增長了 11.3%。</p>
</div><p>Following Berkshire's lackluster performance in recent months, the stock is reasonably priced at a 16.3 price-to-earnings ratio and a 1.5 price-to-book value.</p>
<div class="lb-trans"><p>在伯克希爾近期表現平平的情況下，該股票以 16.3 的市盈率和 1.5 的市淨率合理定價。</p>
</div><p>Berkshire faces an impending leadership transition. However, the company's diverse business model and cash-rich balance sheet ensure it is well-equipped to pursue new investments -- making it a good buy for investors today.</p>
<div class="lb-trans"><p>伯克希爾面臨即將到來的領導層轉型。然而，公司的多元化商業模式和現金充裕的資產負債表確保其具備追求新投資的良好條件——使其成為今天投資者的良好選擇。</p>
</div>

Is Berkshire Hathaway Stock a Buy Now?

- Berkshire Hathaway 股票自 5 月以來下跌 10%，而 S&P 500 上漲 15%。  
- 公司擁有多元化的現金生成業務，保險業務貢獻顯著。  
- 隨着沃倫·巴菲特的退休，接班團隊將引領公司進入新階段。

伯克希爾哈撒韋的股票現在是否值得購買？