<p>在過去近六十年的大部分時間裏，沃倫·巴菲特一直是投資卓越的典範。儘管他在擔任 <strong>伯克希爾哈撒韋</strong>(BRK.A 0.20%)(BRK.B 0.24%) 首席執行官的 60 年中並未在每一年都超越基準 <strong>標準普爾 500 指數</strong>(^GSPC 0.44%)，但從累積的角度來看，他的公司 A 類股票（BRK.A）以近 6000000% 的總回報率遠遠超過了標準普爾 500 指數約 44000% 的總回報（包括股息）。</p>
<p>但正如詩人傑弗裏·喬叟八個世紀前所説的，“所有美好的事物都必須結束。”</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMjIvYnVmZmV0dDktdG1mLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMjIvYnVmZmV0dDktdG1mLmpwZyZ3PTcwMA"/></p>
<p>伯克希爾哈撒韋首席執行官沃倫·巴菲特。圖片來源：Motley Fool。</p>
<p>在伯克希爾的年度股東大會上，恰如其分地被稱為 “奧馬哈的先知” 的巴菲特宣佈，他計劃在年底辭去首席執行官職務，並在董事會的批准下將權力交給預定的接班人格雷格·阿貝爾。截止到今天，9 月 23 日，巴菲特擔任首席執行官的任期還有整整 100 天。</p>
<p>阿貝爾表示，他將堅持沃倫·巴菲特和已故的得力助手查理·芒格所秉持的投資理念。這意味着將專注於長期投資，在適當的時候回購伯克希爾哈撒韋的股票，並始終如一地作為價值投資者。</p>
<p>但變化是不可避免的。</p>
<p>當沃倫·巴菲特在 100 天后退休時，伯克希爾哈撒韋將迎來三大變化。</p>
<h2>1. 期待長期 “投資副手” 託德·科姆斯和泰德·韋施勒進行更積極的交易</h2>
<p>在關於伯克希爾哈撒韋這位億萬富翁首席執行官的眾多書籍中，或許沒有什麼特徵比他渴望購買優秀公司並長期持有更能定義他。雖然在巴菲特於 2025 年底退休後，我們不太可能看到顯著縮短的持有期，但他的長期 “投資副手” 託德·科姆斯和泰德·韋施勒可能會變得更加活躍。</p>
<p>例如，巴菲特通常需要幾個季度來建立他有信心的頭寸，或者退出不再符合他投資標準的股份。在這裏增加 5% 的現有頭寸，或者在那裏出售 3% 的現有頭寸，這並不是你通常會在沃倫·巴菲特管理的投資組合中看到的交易。他所監督的交易有明確的目的：進場或退場。</p>
<p>近年來，科姆斯和韋施勒在交易方面變得更加活躍。儘管絕大多數購買的股票都被持有多年，但這對動態組合的二人慢慢增加或減少頭寸並不罕見。</p>
<p>如果伯克希爾哈撒韋在巴菲特退休後的 13F 表格中出現比我們歷史上習慣看到的更多的購買和減少，不要感到驚訝。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMjIvcGVkaWF0cmljaWFuLWRvY3Rvci15b3VuZy1wYXRpZW50LXN0ZXRob3Njb3BlLWx1bmdzLWJyZWF0aGluZy1mdW5jdGlvbi1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMjIvcGVkaWF0cmljaWFuLWRvY3Rvci15b3VuZy1wYXRpZW50LXN0ZXRob3Njb3BlLWx1bmdzLWJyZWF0aGluZy1mdW5jdGlvbi1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>2. 醫療股重新回到關注焦點（可能會以大方式迴歸）</h2>
<p>伯克希爾哈撒韋的股東和華爾街可以期待的第二個變化是對醫療股的重新關注。</p>
<p>歷史上，伯克希爾最大的持股往往集中在金融或消費品領域，這兩個領域是巴菲特最瞭解的。儘管 <strong>蘋果</strong>(AAPL 4.33%) 目前是伯克希爾最大的持股（並且已經多年如此），但奧馬哈的先知更將其視為消費品的提供者（如 iPhone、iPad、Mac 等），並對消費者對蘋果品牌表現出的驚人忠誠感到着迷。</p>
<p>自十多年前以來，醫療在伯克希爾哈撒韋的投資組合中並未發揮重要作用。現年 95 歲的巴菲特沒有時間和精力跟進臨牀試驗和監管新聞。一旦他退休，阿貝爾、科姆斯和韋施勒可能會在投資時依賴醫療股。</p>
<p>原因很簡單：股市歷史上價格昂貴，而醫療股相對便宜。根據 Yardeni Research 的數據，截至 9 月 16 日，標準普爾 500 指數的前瞻市盈率（P/E）為 22.7，而標準普爾 500 醫療股的平均前瞻市盈率僅為 16.4。除了能源外，醫療是所有標準普爾 500 行業中前瞻市盈率最低的。</p>
<p>例如，製藥股仍然非常有吸引力。<strong>輝瑞</strong>(PFE 0.04%) 在 2020 年底和 2021 年初曾短暫被巴菲特的公司持有（可能是科姆斯或韋施勒的交易），其前瞻市盈率低於 8，相當於過去五年平均前瞻市盈率的 24% 的折扣。它還提供超過 7% 的收益率，遠超標準普爾 500 指數！這正是伯克希爾哈撒韋投資團隊在後巴菲特時代可能會大肆收購的醫療股。</p>
<h2>3. 一項或多項核心持股將被拋棄</h2>
<p>華爾街和投資者在沃倫·巴菲特退休後應期待的第三個重大變化是最終處置一項或多項伯克希爾哈撒韋的核心持股。</p>
<p>為了明確起見，我並不是在談論巴菲特在 2023 年致股東的年度信中提到的八項 “無限期” 持股。在那封信中，他提到公司的長期持股，<strong>可口可樂</strong> 和 <strong>美國運通</strong>，以及 <strong>西方石油</strong> 和五家日本貿易公司，稱之為 “無限期” 持股。這八隻股票不會有任何變動。</p>
<p>然而，第一大持股蘋果卻遠非安全。儘管擁有忠實的股東基礎和由首席執行官蒂姆·庫克領導的出色管理團隊，但蘋果的實體設備銷售連續三年停滯不前。</p>
<p>當巴菲特和他的團隊在 2016 年第一季度首次開始增持伯克希爾在蘋果公司的股份時，該公司的股票交易時的前瞻市盈率為 10 到 15 倍，銷售增長預期在高個位數，甚至低雙位數。如今，蘋果的市值是過去 12 個月每股收益的 36 倍。</p>
<p>它不再符合巴菲特或他的投資團隊通常尋找的價值標準，這可能解釋了自 2023 年 9 月 30 日以來，伯克希爾在蘋果的股份已售出 69%。如果伯克希爾在巴菲特退休後繼續或加速出售蘋果股票，也不要感到驚訝。</p>
<p>金融巨頭 <strong>美國銀行</strong>（Bank of America，BAC -0.43%）也可能被迫離開。</p>
<p>美國銀行，通常被稱為 BofA，於 2011 年 8 月以優先股的形式被納入伯克希爾的投資組合。在巴菲特將 BofA 的認股權證轉換為伯克希爾今天所持有的普通股之前，美國銀行的估值曾低至其賬面價值的 68% 折扣。如今，它的交易價格比賬面價值高出 38%。它不再是曾經的絕對便宜的賬面價值交易。</p>
<p>雖然沒有跡象表明伯克希爾哈撒韋在後巴菲特時代不會繼續成為一項偉大的投資，但未來的情況將會有所不同。</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>沃倫·巴菲特，伯克希爾哈撒韋的首席執行官，計劃在 100 天內退休，將領導權交給格雷格·阿貝爾。雖然阿貝爾旨在維持巴菲特的長期投資策略，但預計會有一些變化。值得注意的是，投資副手託德·科姆斯和泰德·韋施勒可能會採取更積極的交易策略。此外，預計將重新關注醫療保健股票，因為它們目前相對於更廣泛的市場被低估。這一轉變可能會導致伯克希爾在巴菲特退休後投資組合的重大變化</p>

<p>For the better part of the last six decades, Warren Buffett has exemplified investing excellence. Though he hasn't outrun the benchmark <strong>S&amp;P 500</strong>(^GSPC 0.44%) in each of his 60 years as CEO of <strong>Berkshire Hathaway</strong>(BRK.A 0.20%) (BRK.B 0.24%), he's crushed Wall Street's major stock index on a cumulative basis, with a nearly 6,000,000% aggregate return for his company's Class A shares (BRK.A) compared to a roughly 44,000% total return, including dividends, for the S&amp;P 500.</p>
<div class="lb-trans"><p>在過去近六十年的大部分時間裏，沃倫·巴菲特一直是投資卓越的典範。儘管他在擔任 <strong>伯克希爾哈撒韋</strong>(BRK.A 0.20%)(BRK.B 0.24%) 首席執行官的 60 年中並未在每一年都超越基準 <strong>標準普爾 500 指數</strong>(^GSPC 0.44%)，但從累積的角度來看，他的公司 A 類股票（BRK.A）以近 6000000% 的總回報率遠遠超過了標準普爾 500 指數約 44000% 的總回報（包括股息）。</p>
</div><p>But as poet Geoffery Chaucer once said eight centuries ago, &#34;all good things must come to an end.&#34;</p>
<div class="lb-trans"><p>但正如詩人傑弗裏·喬叟八個世紀前所説的，“所有美好的事物都必須結束。”</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMjIvYnVmZmV0dDktdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834122%2Fbuffett9-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：Motley Fool。</p>
</div><p>During Berkshire's annual shareholder meeting in early May, the aptly named Oracle of Omaha announced his intent to step down from the CEO role at the end of the year and, with board approval, hand the reins over to predetermined successor Greg Abel. The end of Buffett's tenure as CEO is exactly 100 days away, as of today, Sept. 23.</p>
<div class="lb-trans"><p>在伯克希爾的年度股東大會上，恰如其分地被稱為 “奧馬哈的先知” 的巴菲特宣佈，他計劃在年底辭去首席執行官職務，並在董事會的批准下將權力交給預定的接班人格雷格·阿貝爾。截止到今天，9 月 23 日，巴菲特擔任首席執行官的任期還有整整 100 天。</p>
</div><p>For his part, Abel has vowed to stick to the investing philosophies that made Warren Buffett and late right-hand man Charlie Munger such phenomenal investors. This means focusing on the long-term, buying back Berkshire Hathaway's stock when appropriate, and being an unwavering value investor.</p>
<div class="lb-trans"><p>阿貝爾表示，他將堅持沃倫·巴菲特和已故的得力助手查理·芒格所秉持的投資理念。這意味着將專注於長期投資，在適當的時候回購伯克希爾哈撒韋的股票，並始終如一地作為價值投資者。</p>
</div><p>But changes are inevitable.</p>
<div class="lb-trans"><p>但變化是不可避免的。</p>
</div><p>When Warren Buffett retires 100 days from now, three big changes are coming to Berkshire Hathaway.</p>
<div class="lb-trans"><p>當沃倫·巴菲特在 100 天后退休時，伯克希爾哈撒韋將迎來三大變化。</p>
</div><h2>1. Expect more active trading from longtime &#34;investing lieutenants,&#34; Todd Combs and Ted Weschler</h2>
<div class="lb-trans"><h2>1. 期待長期 “投資副手” 託德·科姆斯和泰德·韋施勒進行更積極的交易</h2>
</div><p>Among the dozens of books written about Berkshire Hathaway's billionaire chief, arguably no characteristic defines him more than his desire to buy great companies and hold them for a long, <em>long</em> time. While it's unlikely that we'll see significantly shorter hold periods once Buffett retires from the CEO role at the end of 2025, there's a good chance his longtime &#34;investing lieutenants,&#34; Todd Combs and Ted Weschler, become more active.</p>
<div class="lb-trans"><p>在關於伯克希爾哈撒韋這位億萬富翁首席執行官的眾多書籍中，或許沒有什麼特徵比他渴望購買優秀公司並長期持有更能定義他。雖然在巴菲特於 2025 年底退休後，我們不太可能看到顯著縮短的持有期，但他的長期 “投資副手” 託德·科姆斯和泰德·韋施勒可能會變得更加活躍。</p>
</div><p>For example, Buffett often took a couple of quarters to build up a position he had conviction in, or to exit a stake that no longer met his investment criteria. Adding 5% to an existing position here, or selling 3% of an existing position there, isn't something you'd traditionally see from a Warren Buffett-run portfolio. The trades he oversaw had a clear purpose: enter or exit a stock.</p>
<div class="lb-trans"><p>例如，巴菲特通常需要幾個季度來建立他有信心的頭寸，或者退出不再符合他投資標準的股份。在這裏增加 5% 的現有頭寸，或者在那裏出售 3% 的現有頭寸，這並不是你通常會在沃倫·巴菲特管理的投資組合中看到的交易。他所監督的交易有明確的目的：進場或退場。</p>
</div><p>In recent years, Combs and Weschler have become more active on the trading front. Though the overwhelming majority of stocks purchased are being held for multiple years, it's not uncommon for this dynamic duo to slowly add to or reduce a position.</p>
<div class="lb-trans"><p>近年來，科姆斯和韋施勒在交易方面變得更加活躍。儘管絕大多數購買的股票都被持有多年，但這對動態組合的二人慢慢增加或減少頭寸並不罕見。</p>
</div><p>Don't be surprised if Berkshire Hathaway's Form 13F filings following Buffett's retirement feature considerably more purchases and reductions than we're historically used to seeing.</p>
<div class="lb-trans"><p>如果伯克希爾哈撒韋在巴菲特退休後的 13F 表格中出現比我們歷史上習慣看到的更多的購買和減少，不要感到驚訝。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMjIvcGVkaWF0cmljaWFuLWRvY3Rvci15b3VuZy1wYXRpZW50LXN0ZXRob3Njb3BlLWx1bmdzLWJyZWF0aGluZy1mdW5jdGlvbi1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834122%2Fpediatrician-doctor-young-patient-stethoscope-lungs-breathing-function-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>2. Healthcare stocks are back on the radar (perhaps in a big way)</h2>
<div class="lb-trans"><h2>2. 醫療股重新回到關注焦點（可能會以大方式迴歸）</h2>
</div><p>The second change Berkshire Hathaway shareholders and Wall Street can expect is a renewed focus on healthcare stocks.</p>
<div class="lb-trans"><p>伯克希爾哈撒韋的股東和華爾街可以期待的第二個變化是對醫療股的重新關注。</p>
</div><p>Historically, Berkshire's largest holdings have often been found in the financial or consumer staples sectors, which are the two sectors Buffett understands best. Though <strong>Apple</strong>(AAPL 4.33%), a tech stock, is currently Berkshire's largest holding (and has been for years), the Oracle of Omaha views it more as a provider of consumer goods (iPhones, iPads, Macs, and so on) and has been enamored with the incredible loyalty consumers have shown to the Apple brand.</p>
<div class="lb-trans"><p>歷史上，伯克希爾最大的持股往往集中在金融或消費品領域，這兩個領域是巴菲特最瞭解的。儘管 <strong>蘋果</strong>(AAPL 4.33%) 目前是伯克希爾最大的持股（並且已經多年如此），但奧馬哈的先知更將其視為消費品的提供者（如 iPhone、iPad、Mac 等），並對消費者對蘋果品牌表現出的驚人忠誠感到着迷。</p>
</div><p>It's been more than a decade since healthcare played a meaningful role in Berkshire Hathaway's investment portfolio. At 95 years old, Buffett doesn't have the time or energy to keep up with clinical trials and regulatory news. Once he retires, Abel, Combs, and Weschler are likely to lean on healthcare stocks for investment purposes.</p>
<div class="lb-trans"><p>自十多年前以來，醫療在伯克希爾哈撒韋的投資組合中並未發揮重要作用。現年 95 歲的巴菲特沒有時間和精力跟進臨牀試驗和監管新聞。一旦他退休，阿貝爾、科姆斯和韋施勒可能會在投資時依賴醫療股。</p>
</div><p>The reason is simple: the stock market is historically pricey and healthcare stocks are comparatively inexpensive. Based on data from Yardeni Research, the forward price-to-earnings (P/E) ratio of the S&amp;P 500 is 22.7, while S&amp;P 500 healthcare stocks are sporting an average forward P/E of just 16.4, as of Sept. 16. With the exception of energy, healthcare has the lowest forward P/E of any S&amp;P 500 sector.</p>
<div class="lb-trans"><p>原因很簡單：股市歷史上價格昂貴，而醫療股相對便宜。根據 Yardeni Research 的數據，截至 9 月 16 日，標準普爾 500 指數的前瞻市盈率（P/E）為 22.7，而標準普爾 500 醫療股的平均前瞻市盈率僅為 16.4。除了能源外，醫療是所有標準普爾 500 行業中前瞻市盈率最低的。</p>
</div><p>For example, pharmaceutical stocks remain highly attractive. <strong>Pfizer</strong>(PFE 0.04%), which was briefly held by Buffett's company in late 2020 and early 2021 (likely a trade made by Combs or Weschler), can be purchased for a forward P/E of less than 8, equating to a 24% discount to its average forward earnings multiple over the last half-decade. It's also doling out an S&amp;P 500-crushing yield north of 7%! This is the type of healthcare stock Berkshire Hathaway's investment team may gobble up in the post-Buffett era.</p>
<div class="lb-trans"><p>例如，製藥股仍然非常有吸引力。<strong>輝瑞</strong>(PFE 0.04%) 在 2020 年底和 2021 年初曾短暫被巴菲特的公司持有（可能是科姆斯或韋施勒的交易），其前瞻市盈率低於 8，相當於過去五年平均前瞻市盈率的 24% 的折扣。它還提供超過 7% 的收益率，遠超標準普爾 500 指數！這正是伯克希爾哈撒韋投資團隊在後巴菲特時代可能會大肆收購的醫療股。</p>
</div><h2>3. One or more core holdings will be given the heave-ho</h2>
<div class="lb-trans"><h2>3. 一項或多項核心持股將被拋棄</h2>
</div><p>The third big change Wall Street and investors should expect following the retirement of Warren Buffett is the eventual disposition of one or more of Berkshire Hathaway's core holdings.</p>
<div class="lb-trans"><p>華爾街和投資者在沃倫·巴菲特退休後應期待的第三個重大變化是最終處置一項或多項伯克希爾哈撒韋的核心持股。</p>
</div><p>To be crystal clear, I'm not talking about the eight &#34;indefinite&#34; holdings Warren Buffett described in his 2023 annual letter to shareholders. In that letter, he referred to his company's longest-held stocks, <strong>Coca-Cola</strong> and <strong>American Express</strong>, along with <strong>Occidental Petroleum</strong>, and the five Japanese trading houses, as &#34;indefinite&#34; holdings. These eight stocks aren't going anywhere.</p>
<div class="lb-trans"><p>為了明確起見，我並不是在談論巴菲特在 2023 年致股東的年度信中提到的八項 “無限期” 持股。在那封信中，他提到公司的長期持股，<strong>可口可樂</strong> 和 <strong>美國運通</strong>，以及 <strong>西方石油</strong> 和五家日本貿易公司，稱之為 “無限期” 持股。這八隻股票不會有任何變動。</p>
</div><p>However, No. 1 holding Apple is far from safe. Despite having a loyal shareholder base and a phenomenal management team led by CEO Tim Cook, Apple's physical device sales stalled out for three consecutive years.</p>
<div class="lb-trans"><p>然而，第一大持股蘋果卻遠非安全。儘管擁有忠實的股東基礎和由首席執行官蒂姆·庫克領導的出色管理團隊，但蘋果的實體設備銷售連續三年停滯不前。</p>
</div><p>When Buffett and his team first began building up Berkshire's stake in Apple in the first quarter of 2016, shares of company were trading at a forward P/E of 10 to 15, with sales growth expected in the high-single-digits if not low double-digits. Today, Apple is valued at 36 times trailing-12-month earnings per share.</p>
<div class="lb-trans"><p>當巴菲特和他的團隊在 2016 年第一季度首次開始增持伯克希爾在蘋果公司的股份時，該公司的股票交易時的前瞻市盈率為 10 到 15 倍，銷售增長預期在高個位數，甚至低雙位數。如今，蘋果的市值是過去 12 個月每股收益的 36 倍。</p>
</div><p>It no longer meets the value criteria that Buffett or his investment team typically look for, which may explain why 69% of Berkshire's stake in Apple has been sold since Sept. 30, 2023. Don't be surprised if Berkshire's selling of Apple stock continues/accelerates after Buffett retires.</p>
<div class="lb-trans"><p>它不再符合巴菲特或他的投資團隊通常尋找的價值標準，這可能解釋了自 2023 年 9 月 30 日以來，伯克希爾在蘋果的股份已售出 69%。如果伯克希爾在巴菲特退休後繼續或加速出售蘋果股票，也不要感到驚訝。</p>
</div><p>It's also possible financial juggernaut <strong>Bank of America</strong>(BAC -0.43%) gets shown the door.</p>
<div class="lb-trans"><p>金融巨頭 <strong>美國銀行</strong>（Bank of America，BAC -0.43%）也可能被迫離開。</p>
</div><p>BofA, as Bank of America is more commonly known, was added to Berkshire's portfolio in August 2011 in the form of preferred stock. Prior to Buffett converting BofA warrants into the common stock Berkshire owns today, Bank of America was valued at as much as a 68% discount to its book value. Today, it trades at a 38% <em>premium</em> to its book value. It's no longer the slam-dunk bargain to book value that it once was.</p>
<div class="lb-trans"><p>美國銀行，通常被稱為 BofA，於 2011 年 8 月以優先股的形式被納入伯克希爾的投資組合。在巴菲特將 BofA 的認股權證轉換為伯克希爾今天所持有的普通股之前，美國銀行的估值曾低至其賬面價值的 68% 折扣。如今，它的交易價格比賬面價值高出 38%。它不再是曾經的絕對便宜的賬面價值交易。</p>
</div><p>While nothing suggests Berkshire Hathaway won't continue to be a great investment in the post-Buffett era, things are going to look different.</p>
<div class="lb-trans"><p>雖然沒有跡象表明伯克希爾哈撒韋在後巴菲特時代不會繼續成為一項偉大的投資，但未來的情況將會有所不同。</p>
</div>

Prediction: Warren Buffett Is Retiring in 100 Days, and 3 Big Changes Are Coming to Berkshire Hathaway When He Does

- 巴菲特宣佈將在年底辭去伯克希爾哈撒韋首席執行官職務。  
- 繼任者阿貝爾承諾將繼續巴菲特的投資理念。  
- 預計將出現更活躍的交易和對醫療股的關注。  

預測：沃倫·巴菲特將在 100 天內退休，屆時伯克希爾哈撒韋將發生三大變化