<p>在過去近 60 年裏，<strong>伯克希爾哈撒韋</strong>（BRK.A -0.13%）（BRK.B -0.06%）的億萬富翁首席執行官沃倫·巴菲特輕鬆超越了基準 <strong>標準普爾 500 指數</strong>（^GSPC 1.52%）。在過去六十年中，股票市場的廣泛指數，包括股息，增長了近 42,500%，而被恰當地稱為 “奧馬哈的先知” 的巴菲特則管理着其公司 A 類股票（BRK.A）超過 5,900,000% 的累計回報。</p>
<p>伯克希爾的股票幾乎比標準普爾 500 指數高出 140 倍，這鼓勵了一些投資者跟隨沃倫·巴菲特獲得可觀的長期收益。</p>
<p>然而，伯克希爾的億萬富翁老闆有一個奇怪的特點，那就是他並不總是買入。儘管巴菲特的收購和投資使伯克希爾哈撒韋轉變為一家萬億級企業，但他在連續 11 個季度中一直是股票的淨賣出者。</p>
<p>但儘管巴菲特向華爾街發出了明顯但無聲的警告，他發現了一個歷史上便宜的行業領袖——自首次公開募股（IPO）以來上漲超過 32,000%——值得投資。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1ODYvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1ODYvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA"/></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>
<h2>沃倫·巴菲特 1770 億美元的警告可能是無聲的，但卻是顯而易見的</h2>
<p>無論伯克希爾哈撒韋的 13F 表格在季度之間顯示什麼，奧馬哈的先知在本質上對美國和股票市場的長期前景始終保持樂觀。他在年度會議和股東信中反覆表示，投資者不應該對美國抱有懷疑態度。</p>
<p>然而，沃倫·巴菲特在尋求良好交易方面也是堅定不移的。雖然他欣賞強大的管理團隊、豐厚的資本回報計劃和可持續的護城河，但在投資中，價值的感知是最重要的。</p>
<p>目前，價值是非常難以獲得的。儘管 “價值” 因人而異，因此具有主觀性，但一些向後看的估值指標幾乎沒有爭議地表明，股票市場的估值歷史上是昂貴的。</p>
<p>例如，標準普爾 500 指數的希勒市盈率（P/E），也稱為週期調整市盈率（CAPE 比率），最近達到了 154 年來的第三高水平。自 1871 年 1 月以來，希勒市盈率的平均值略高於 17，而這一估值工具在 7 月底達到了近 39 的讀數。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ed297643360edc324fba4b84580009d7.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ed297643360edc324fba4b84580009d7.png"/></p>
<p>標準普爾 500 指數希勒 CAPE 比率數據來源於 YCharts。</p>
<p>沃倫·巴菲特在 2001 年接受《財富》雜誌採訪時提到的一個指標，稱其為 “可能是衡量估值狀況的最佳單一指標”，即市場資本總額與 GDP 的比率，現在被親切地稱為 “巴菲特指標”，最近超過了 210%。相比之下，自 1970 年以來，所有上市股票的累計價值與美國國內生產總值（GDP）的比率平均接近 85%。</p>
<p>股票市場的估值歷史上是昂貴的，而沃倫·巴菲特在伯克希爾哈撒韋的持續賣出活動證明了這一點。在 11 個季度（2022 年 10 月 1 日至 2025 年 6 月 30 日）中，伯克希爾的億萬首席執行官賣出了比購買多出 1774 億美元的股票。</p>
<p>即使是伯克希爾哈撒韋自己的股票也無法逃脱巴菲特堅定的價值投資理念。在經歷了連續 24 個季度的股票回購後，巴菲特現在已經整整一年沒有花一分錢回購自己公司的股票。原因是什麼？伯克希爾的股票一直在賬面價值的 60% 到 80% 的溢價區間徘徊，這對於股票回購來説價格過高。</p>
<p>但儘管有這個無聲的警告，伯克希爾的 13F 顯示其首席執行官在截至 6 月的季度中確實發現了至少一個明顯的便宜貨。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1ODYvcGh5c2ljaWFuLWRvY3Rvci1hZG1pbmlzdGVyLXZhY2NpbmUtZmx1LXBhdGllbnQtY292aWQxOS1nZXR0eS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1ODYvcGh5c2ljaWFuLWRvY3Rvci1hZG1pbmlzdGVyLXZhY2NpbmUtZmx1LXBhdGllbnQtY292aWQxOS1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>奧馬哈的先知正在抓住這一價格失衡</h2>
<p>在擔任伯克希爾哈撒韋首席投資者的這些年裏，沃倫·巴菲特表現出等待價格失衡顯現的意願。在短短兩個月內，健康保險和醫療服務股票 <strong>聯合健康集團</strong>（UNH 1.24%）的價格減半，正好提供了他所等待的情緒驅動的價格失衡。</p>
<p>在第二季度，巴菲特監督購買了 5,039,564 股聯合健康股票，在年中時價值約為 15.7 億美元。</p>
<p>聯合健康的聲譽下滑是由於多種因素，包括（無特定順序）：</p>
<ul>
<li>超出預期的醫療保險優先計劃費用和患者使用率。簡單來説，其成員更頻繁地接受預防性護理服務，導致醫療費用增加。</li>
<li>美國司法部確認對該公司醫療保險賬單做法的調查。</li>
<li>現任首席執行官安德魯·維蒂在 5 月中旬的意外辭職。</li>
<li>聯合健康集團撤回並隨後大幅下調其全年每股收益（EPS）預期。</li>
</ul>
<p>雖然這些是公司面臨的具體短期擔憂，但自 1984 年首次公開募股以來，聯合健康集團的股票並非偶然上漲超過 32,000%，包括股息。由於其明確的競爭優勢和對成本的敏鋭關注，它一直為投資者提供穩定的回報。</p>
<p>儘管巴菲特通常專注於金融行業，但他對保險公司非常感興趣。無論是為財產投保還是為個人健康投保，保險公司的前提是相同的。它們的目標是收取的保費要超過賠付的索賠金額。索賠的不可避免性使得保險公司往往能夠擁有強大的保費定價能力。</p>
<p>聯合健康集團將通過減少其覆蓋的無利可圖的醫療保險優先成員數量和/或在適用情況下提高保費，積極應對更高的使用率和增加的醫療成本。雖然扭轉局面並非一朝一夕之功，但聯合健康在之前成功應對過類似挑戰。</p>
<p>此外，子公司 Optum 在聯合健康的增長中發揮了關鍵作用。這個部門提供護理服務、藥房護理服務，甚至是醫院使用的軟件。Optum 的利潤率始終高於保險業務，是公司實現轉型的最快途徑。</p>
<p>如果聯合健康集團能夠簡單地達到華爾街對 2026 年温和的每股收益預測，截至 2023 年 8 月 21 日，其前瞻性市盈率為 16 倍。這相當於其過去五年平均前瞻性市盈率的 16% 的折扣。結合聯合健康不斷增長的股息，這使其成為一個對股東友好、經過時間考驗的公司，經歷了一次（可能是暫時的）價格錯位。</p>

伯克希爾哈撒韋-A

聯合健康

伯克希爾哈撒韋-B

<p>沃倫·巴菲特，伯克希爾哈撒韋的首席執行官，已經連續 11 個季度成為淨賣出股票者，出售的股票總額超過購買額 1774 億美元。儘管如此，他最近還是投資了聯合健康集團，該公司的股價已下跌超過 50%。巴菲特的舉動反映了他對股市歷史高估值的謹慎態度，這一點可以通過希勒市盈率和巴菲特指標等指標看出。他對聯合健康的投資約為 15.7 億美元，正值該公司面臨挑戰之際，包括費用上升和司法部的調查</p>

<p>For the better part of 60 years, <strong>Berkshire Hathaway</strong>'s (BRK.A -0.13%) (BRK.B -0.06%) billionaire CEO Warren Buffett has been outpacing the benchmark <strong>S&amp;P 500</strong>(^GSPC 1.52%) with ease. Whereas the stock market's broad-based index has gained close to 42,500%, including dividends, over the last six decades, the aptly nicknamed Oracle of Omaha has overseen a cumulative return in excess of 5,900,000% for his company's Class A shares (BRK.A).</p>
<div class="lb-trans"><p>在過去近 60 年裏，<strong>伯克希爾哈撒韋</strong>（BRK.A -0.13%）（BRK.B -0.06%）的億萬富翁首席執行官沃倫·巴菲特輕鬆超越了基準 <strong>標準普爾 500 指數</strong>（^GSPC 1.52%）。在過去六十年中，股票市場的廣泛指數，包括股息，增長了近 42,500%，而被恰當地稱為 “奧馬哈的先知” 的巴菲特則管理着其公司 A 類股票（BRK.A）超過 5,900,000% 的累計回報。</p>
</div><p>Berkshire's stock lapping the S&amp;P 500 nearly 140 times has encouraged some investors to ride Warren Buffett's coattails to substantial long-term gains.</p>
<div class="lb-trans"><p>伯克希爾的股票幾乎比標準普爾 500 指數高出 140 倍，這鼓勵了一些投資者跟隨沃倫·巴菲特獲得可觀的長期收益。</p>
</div><p>Yet one of the odd quirks about Berkshire's billionaire boss is that he's not always a buyer. Though Buffett's acquisitions and investments are responsible for transforming Berkshire Hathaway into a trillion-dollar business, he's been a persistent net seller of stocks for 11 consecutive quarters.</p>
<div class="lb-trans"><p>然而，伯克希爾的億萬富翁老闆有一個奇怪的特點，那就是他並不總是買入。儘管巴菲特的收購和投資使伯克希爾哈撒韋轉變為一家萬億級企業，但他在連續 11 個季度中一直是股票的淨賣出者。</p>
</div><p>But while Buffett is sending an unmistakable yet silent warning to Wall Street, he has found one historically cheap industry leader -- up well over 32,000% since its initial public offering (IPO) -- worth piling into.</p>
<div class="lb-trans"><p>但儘管巴菲特向華爾街發出了明顯但無聲的警告，他發現了一個歷史上便宜的行業領袖——自首次公開募股（IPO）以來上漲超過 32,000%——值得投資。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1ODYvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830586%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><h2>Warren Buffett's $177 billion warning may be silent, but it's unmistakable</h2>
<div class="lb-trans"><h2>沃倫·巴菲特 1770 億美元的警告可能是無聲的，但卻是顯而易見的</h2>
</div><p>Regardless of what Berkshire Hathaway's Form 13F filing might show on a quarter-to-quarter basis, the Oracle of Omaha is, at his core, an unwavering optimist on America and the stock market over the long run. He's repeatedly opined during annual meetings and in shareholder letters that investors shouldn't bet against America.</p>
<div class="lb-trans"><p>無論伯克希爾哈撒韋的 13F 表格在季度之間顯示什麼，奧馬哈的先知在本質上對美國和股票市場的長期前景始終保持樂觀。他在年度會議和股東信中反覆表示，投資者不應該對美國抱有懷疑態度。</p>
</div><p>However, Warren Buffett is also unwavering when it comes to his desire to get a good deal. While he appreciates strong management teams, hearty capital-return programs, and sustainable moats, nothing holds more importance in the investment column than the perception of value.</p>
<div class="lb-trans"><p>然而，沃倫·巴菲特在尋求良好交易方面也是堅定不移的。雖然他欣賞強大的管理團隊、豐厚的資本回報計劃和可持續的護城河，但在投資中，價值的感知是最重要的。</p>
</div><p>At the moment, value is incredibly hard to come by. Although &#34;value&#34; is in the eye of the beholder and therefore subjective, a couple of backward-facing valuation metrics leave little room for argument that the stock market is historically pricey.</p>
<div class="lb-trans"><p>目前，價值是非常難以獲得的。儘管 “價值” 因人而異，因此具有主觀性，但一些向後看的估值指標幾乎沒有爭議地表明，股票市場的估值歷史上是昂貴的。</p>
</div><p>For instance, the S&amp;P 500's Shiller price-to-earnings (P/E) ratio, which is also known as the cyclically adjusted P/E ratio (CAPE ratio), recently hit its third-priciest multiple when back-tested 154 years. Whereas the average Shiller P/E reading is a little over 17, dating back to January 1871, this valuation tool hit a reading of almost 39 in late July.</p>
<div class="lb-trans"><p>例如，標準普爾 500 指數的希勒市盈率（P/E），也稱為週期調整市盈率（CAPE 比率），最近達到了 154 年來的第三高水平。自 1871 年 1 月以來，希勒市盈率的平均值略高於 17，而這一估值工具在 7 月底達到了近 39 的讀數。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ed297643360edc324fba4b84580009d7.png" alt="" original-src="https://media.ycharts.com/charts/ed297643360edc324fba4b84580009d7.png"/></p>
<p>S&amp;P 500 Shiller CAPE Ratio data by YCharts.</p>
<div class="lb-trans"><p>標準普爾 500 指數希勒 CAPE 比率數據來源於 YCharts。</p>
</div><p>It's a somewhat similar story for the metric that Warren Buffett referred to as &#34;probably the best single measure of where valuations stand at any given moment&#34; in an interview with <em>Fortune</em> magazine in 2001. The market cap-to-GDP ratio, which is now affably known as the &#34;Buffett Indicator,&#34; topped 210% recently. In comparison, the cumulative value of all public stocks divided by U.S. gross domestic product (GDP) has averaged closer to 85% when back-tested to 1970.</p>
<div class="lb-trans"><p>沃倫·巴菲特在 2001 年接受《財富》雜誌採訪時提到的一個指標，稱其為 “可能是衡量估值狀況的最佳單一指標”，即市場資本總額與 GDP 的比率，現在被親切地稱為 “巴菲特指標”，最近超過了 210%。相比之下，自 1970 年以來，所有上市股票的累計價值與美國國內生產總值（GDP）的比率平均接近 85%。</p>
</div><p>The stock market is historically pricey, and Warren Buffett's persistent selling activity at Berkshire Hathaway demonstrates this. Spanning 11 quarters (Oct. 1, 2022 to June 30, 2025), Berkshire's billionaire chief sold $177.4 billion more in stock than was purchased.</p>
<div class="lb-trans"><p>股票市場的估值歷史上是昂貴的，而沃倫·巴菲特在伯克希爾哈撒韋的持續賣出活動證明了這一點。在 11 個季度（2022 年 10 月 1 日至 2025 年 6 月 30 日）中，伯克希爾的億萬首席執行官賣出了比購買多出 1774 億美元的股票。</p>
</div><p>Even Berkshire Hathaway's own stock isn't impervious to Buffett's staunch, value-investing ideals. Following a stretch of 24 consecutive quarters of share buybacks, Buffett has now gone a full year without spending a dime to repurchase his own company's stock. The culprit? Berkshire's stock has been pretty consistently hovering at a 60% to 80% premium-to-book value, which is too rich a price to pay for share repurchases.</p>
<div class="lb-trans"><p>即使是伯克希爾哈撒韋自己的股票也無法逃脱巴菲特堅定的價值投資理念。在經歷了連續 24 個季度的股票回購後，巴菲特現在已經整整一年沒有花一分錢回購自己公司的股票。原因是什麼？伯克希爾的股票一直在賬面價值的 60% 到 80% 的溢價區間徘徊，這對於股票回購來説價格過高。</p>
</div><p>But in spite of this silent warning, Berkshire's 13F showed that its CEO did find at least one screaming bargain during the June-ended quarter.</p>
<div class="lb-trans"><p>但儘管有這個無聲的警告，伯克希爾的 13F 顯示其首席執行官在截至 6 月的季度中確實發現了至少一個明顯的便宜貨。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1ODYvcGh5c2ljaWFuLWRvY3Rvci1hZG1pbmlzdGVyLXZhY2NpbmUtZmx1LXBhdGllbnQtY292aWQxOS1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830586%2Fphysician-doctor-administer-vaccine-flu-patient-covid19-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>The Oracle of Omaha is pouncing on this price dislocation</h2>
<div class="lb-trans"><h2>奧馬哈的先知正在抓住這一價格失衡</h2>
</div><p>Throughout his years as Berkshire Hathaway's lead investor, Warren Buffett has demonstrated a willingness to wait for price dislocations to become apparent. A more-than-halving in health insurance and healthcare services stock <strong>UnitedHealth Group</strong>(UNH 1.24%) in the span of two months provided just the emotion-driven price dislocation he was waiting for.</p>
<div class="lb-trans"><p>在擔任伯克希爾哈撒韋首席投資者的這些年裏，沃倫·巴菲特表現出等待價格失衡顯現的意願。在短短兩個月內，健康保險和醫療服務股票 <strong>聯合健康集團</strong>（UNH 1.24%）的價格減半，正好提供了他所等待的情緒驅動的價格失衡。</p>
</div><p>During the second quarter, Buffett oversaw the purchase of 5,039,564 shares of UnitedHealth stock, which at the midpoint of the year was worth about $1.57 billion.</p>
<div class="lb-trans"><p>在第二季度，巴菲特監督購買了 5,039,564 股聯合健康股票，在年中時價值約為 15.7 億美元。</p>
</div><p>UnitedHealth's falls from grace is due to a variety of factors, including (in no particular order):</p>
<div class="lb-trans"><p>聯合健康的聲譽下滑是由於多種因素，包括（無特定順序）：</p>
</div><ul>
<li>Higher-than-anticipated Medicare Advantage expenses and patient utilization rates. In simpler terms, its members accessed preventative care services more frequently, leading to higher medical expenses.</li>
<li>The confirmation of a probe by the U.S. Justice Department into the company's Medicare billing practices.</li>
<li>The unexpected resignation of now-former CEO Andrew Witty in mid-May.</li>
<li>UnitedHealth Group pulling and subsequently slashing its full-year earnings per share (EPS)</li>
</ul>
<div class="lb-trans"><ul>
<li>超出預期的醫療保險優先計劃費用和患者使用率。簡單來説，其成員更頻繁地接受預防性護理服務，導致醫療費用增加。</li>
<li>美國司法部確認對該公司醫療保險賬單做法的調查。</li>
<li>現任首席執行官安德魯·維蒂在 5 月中旬的意外辭職。</li>
<li>聯合健康集團撤回並隨後大幅下調其全年每股收益（EPS）預期。</li>
</ul>
</div><p>While these are tangible, near-term concerns for the company, UnitedHealth Group stock didn't rocket higher by more than 32,000%, including dividends, since its IPO in 1984 by accident. It's pretty consistently delivered for investors thanks to well-defined competitive edges and a keen eye on costs.</p>
<div class="lb-trans"><p>雖然這些是公司面臨的具體短期擔憂，但自 1984 年首次公開募股以來，聯合健康集團的股票並非偶然上漲超過 32,000%，包括股息。由於其明確的競爭優勢和對成本的敏鋭關注，它一直為投資者提供穩定的回報。</p>
</div><p>Though Buffett often sticks to the financial sector, he's a big fan of insurance companies. The premise for insurers is the same, whether they're insuring property or the health of individuals. Their goal is to bring in more in premium than will be outlaid in claims. The inevitability of claims is what allows insurers to possess strong premium pricing power more often than not.</p>
<div class="lb-trans"><p>儘管巴菲特通常專注於金融行業，但他對保險公司非常感興趣。無論是為財產投保還是為個人健康投保，保險公司的前提是相同的。它們的目標是收取的保費要超過賠付的索賠金額。索賠的不可避免性使得保險公司往往能夠擁有強大的保費定價能力。</p>
</div><p>UnitedHealth Group will aggressively address higher utilization rates and increased medical costs by reducing the number of unprofitable Medicare Advantage members it covers and/or raising premiums, where applicable. While righting the ship doesn't happen at the drop of a dime, UnitedHealth has successfully navigated similar challenges before.</p>
<div class="lb-trans"><p>聯合健康集團將通過減少其覆蓋的無利可圖的醫療保險優先成員數量和/或在適用情況下提高保費，積極應對更高的使用率和增加的醫療成本。雖然扭轉局面並非一朝一夕之功，但聯合健康在之前成功應對過類似挑戰。</p>
</div><p>Furthermore, subsidiary Optum has played a critical role in UnitedHealth's growth. This is the segment that provides care delivery, pharmacy care services, and even the software that hospitals use. Optum has consistently generated higher margins than the insurance operations and is the company's quickest ticket to a turnaround.</p>
<div class="lb-trans"><p>此外，子公司 Optum 在聯合健康的增長中發揮了關鍵作用。這個部門提供護理服務、藥房護理服務，甚至是醫院使用的軟件。Optum 的利潤率始終高於保險業務，是公司實現轉型的最快途徑。</p>
</div><p>If UnitedHealth Group were to simply meet Wall Street's tempered consensus EPS projection for 2026, it could be purchased, as of this writing on Aug. 21, for a forward-year profit multiple of 16. This works out to a 16% discount to its average forward-year P/E ratio over the trailing-five-year period. When coupled with UnitedHealth's growing dividend, it checks all the right boxes as a shareholder-friendly, time-tested company that's experienced a (likely) temporary price dislocation.</p>
<div class="lb-trans"><p>如果聯合健康集團能夠簡單地達到華爾街對 2026 年温和的每股收益預測，截至 2023 年 8 月 21 日，其前瞻性市盈率為 16 倍。這相當於其過去五年平均前瞻性市盈率的 16% 的折扣。結合聯合健康不斷增長的股息，這使其成為一個對股東友好、經過時間考驗的公司，經歷了一次（可能是暫時的）價格錯位。</p>
</div>

In Spite of Warren Buffett's $177 Billion Silent Warning to Wall Street, Berkshire's Boss Piled Into This Historically Cheap Stock That's Gained Over 32,000% Since Its IPO

- 巴菲特的伯克希爾哈撒韋在過去 60 年中表現優於標普 500 指數。  
- 儘管巴菲特持續 11 個季度淨賣出股票，但他仍在尋找價值投資機會。  
- 他在第二季度購買了聯合健康集團的股票，因其股價大幅下跌。  

儘管沃倫·巴菲特向華爾街發出了價值 1770 億美元的無聲警告，伯克希爾的老闆仍然投資了這隻自 IPO 以來上漲超過 32,000% 的歷史性低價股票