<p>在一個常常被短暫趨勢吸引的市場中，伯克希爾哈撒韋（Berkshire Hathaway）紐約證券交易所代碼：BRK.A（BRK.B）做出了數十億美元的意圖聲明。該公司宣佈達成一項最終協議，以 97 億美元現金收購西方石油（Occidental Petroleum）紐約證券交易所代碼：OXY 的化學部門 OxyChem。這筆交易是其三年來最大的一筆，不僅是伯克希爾的下一個重大收購，更是對公司基礎戰略的強有力重申。</p>
<p>在許多投資者追逐高增長勢頭的時刻，伯克希爾正在利用其鉅額現金儲備購買一個盈利的、現實世界的工業資產。這一果斷的舉動表明了對長期價值創造的深刻信心，超越了短期市場情緒，為投資者提供了關於公司未來發展方向的明確信號。</p>
<p>獲取 <strong>伯克希爾哈撒韋</strong> 的提醒：</p>
<h2>解讀 97 億美元交易</h2>
<p>要理解此次收購的戰略重要性，必須關注交易的核心組成部分。該交易簡單明瞭，完美契合伯克希爾購買強大、易於理解的業務的歷史，這些業務在各自領域中都是領導者。</p>
<ul>
<li><strong>目標公司：</strong> 伯克希爾正在收購 OxyChem，這是一家全球重要的基礎化學品生產商。這些化學品是水處理、製藥和醫療等重要行業的基礎材料。該商業模式提供了穩定的需求基礎。該部門表現穩定，僅在 2025 年第二季度就報告了 2.13 億美元的税前收入。</li>
<li><strong>價格：</strong> 收購價格為 97 億美元，全部以現金支付。該交易預計將在 2025 年第四季度完成，待監管批准。</li>
<li><strong>資金來源：</strong> 該收購將由伯克希爾近 3400 億美元的鉅額現金儲備和短期美國國債資金支持。</li>
<li><strong>雙重收益：</strong> 此交易還在伯克希爾的投資組合中創造了積極的反饋循環。賣方西方石油計劃將 65 億美元的收益用於減債。這一舉動顯著增強了伯克希爾已經是最大股東的公司的資產負債表，提高了現有投資的價值。</li>
</ul>
<h2>支出背後的戰略</h2>
<p>此次收購是伯克希爾哈撒韋數十年來戰略的經典執行。公司的主要挑戰並不是產生現金，而是尋找智能的方式來部署這些現金。雖然鉅額現金儲備是安全的，但可能會對整體回報造成現金拖累，因為這些資金的收益遠低於成功運營的企業所能產生的收益。通過將近 100 億美元的低收益現金轉化為一個盈利的全資企業，伯克希爾正在將一個沉睡的資產轉變為一個活躍的收益引擎。</p>
<p>這一舉動代表了價值投資的典範。伯克希爾沒有進入高估值的科技領域，而是購買了一個耐用的、非投機性的業務，具有明確的經濟目的。這進一步強化了公司對其能力圈的關注，投資於其深刻理解的行業。</p>
<p>此外，公告還清晰地傳達了領導層的連續性。副董事長 Greg Abel 是沃倫·巴菲特的指定接班人，他是此次交易中被引用的關鍵高管，強調了他在重大資本配置決策中的重要角色。</p>
<p>這向投資者展示了構建伯克希爾的核心理念在其下一個篇章中依然牢固。該決定還值得注意的是它對其他潛在資本用途的影響。在今年上半年沒有進行股票回購的情況下，這項收購表明管理層識別出一個外部機會，認為這將為股東創造比以當前價格回購自身股票更大的長期價值，這也是其嚴謹財務方法的標誌。</p>
<h2>在動盪世界中的穩定性</h2>
<p>對於評估伯克希爾哈撒韋股票的投資者來説，OxyChem 交易為其近期表現和當前估值提供了重要背景。今年迄今，伯克希爾的股票已實現約 10% 的穩健增長。儘管這落後於標準普爾 500 指數約 14% 的回報，但這一表現差距反映了一個深思熟慮的戰略選擇。該指數的漲幅主要由少數高動量科技和人工智能（AI）股票推動，而伯克希爾傳統上對此持謹慎態度。對於長期投資者而言，公司的紀律性為抵禦特定行業的波動提供了一定的穩定性。</p>
<p>公司的估值仍然合理，並得到了強勁基本面的支持。其市盈率（P/E）約為 17，表明該股票相對於其收益並未被高估。此外，其市淨率（P/B）為 1.65，意味着投資者為公司每一美元的淨資產支付 1.65 美元。這是對伯克希爾這樣質量和盈利能力企業的常見且合理的溢價。市銷率（P/S）為 2.89，突顯了公司相對於其市值的可觀收入生成能力。</p>
<p>當然，任何投資都不是沒有風險。伯克希爾的財務報告始終強調其子公司 PacifiCorp 因過去的野火面臨的重大法律和財務責任。然而，這一風險必須在母公司龐大而多元化的收益基礎的背景下來看待。伯克希爾的財務堡壘完全能夠管理這一問題，而不會威脅其整體財務健康或長期增長軌跡。</p>
<h2>長期投資的明確選擇</h2>
<p>OxyChem 的收購是一個明確而果斷的行動，強化了伯克希爾哈撒韋的基礎實力。通過將閒置現金轉化為生產性資產，公司優先考慮穩定收益而非投機性收益。這種有紀律的方法鞏固了伯克希爾作為關注長期價值和財務實力的投資基石的地位。</p>
<h2>你現在應該投資 1,000 美元到伯克希爾哈撒韋嗎？</h2>
<p>在考慮伯克希爾哈撒韋之前，你需要聽聽這個。</p>
<p>MarketBeat 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其推薦給客户的股票。MarketBeat 已經識別出五隻頂級分析師悄悄建議客户現在購買的股票，以便在更廣泛的市場注意到之前……而伯克希爾哈撒韋並不在名單上。</p>
<p>雖然伯克希爾哈撒韋目前在分析師中被評為持有評級，但頂級分析師認為這五隻股票更值得購買。</p>
<p>在這裏查看這五隻股票</p>

西方石油

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>伯克希爾哈撒韋宣佈以 97 億美元收購西方石油的化學部門 OxyChem，這標誌着其三年來最大的收購。這一戰略舉措反映了伯克希爾對長期價值創造的承諾，專注於穩定的工業資產而非高增長趨勢。此次收購將通過伯克希爾的豐厚現金儲備進行融資，預計將在 2025 年第四季度完成。該交易不僅增強了伯克希爾的投資組合，還改善了西方石油的資產負債表，而伯克希爾是其最大股東。這一交易凸顯了伯克希爾的嚴謹投資策略以及在副董事長 Greg Abel 的領導下的持續性</p>

<p>In a market often captivated by fleeting trends, Berkshire Hathaway NYSE: BRK.A (BRK.B) has made a multi-billion-dollar statement of intent. The company announced a definitive agreement to acquire Occidental Petroleum’s NYSE: OXY chemical division, OxyChem, for $9.7 billion in cash. This transaction, its largest in three years, is more than Berkshire’s next major purchase; it is a powerful reaffirmation of the company's foundational strategy.</p>
<div class="lb-trans"><p>在一個常常被短暫趨勢吸引的市場中，伯克希爾哈撒韋（Berkshire Hathaway）紐約證券交易所代碼：BRK.A（BRK.B）做出了數十億美元的意圖聲明。該公司宣佈達成一項最終協議，以 97 億美元現金收購西方石油（Occidental Petroleum）紐約證券交易所代碼：OXY 的化學部門 OxyChem。這筆交易是其三年來最大的一筆，不僅是伯克希爾的下一個重大收購，更是對公司基礎戰略的強有力重申。</p>
</div><p>At a time when many investors are chasing high-growth momentum, Berkshire is using its massive cash pile to buy a profitable, real-world industrial asset. This decisive move signals a deep confidence in long-term value creation over short-term market sentiment, offering a clear signal to investors about the company's path forward.</p>
<div class="lb-trans"><p>在許多投資者追逐高增長勢頭的時刻，伯克希爾正在利用其鉅額現金儲備購買一個盈利的、現實世界的工業資產。這一果斷的舉動表明了對長期價值創造的深刻信心，超越了短期市場情緒，為投資者提供了關於公司未來發展方向的明確信號。</p>
</div><p>Get <strong>Berkshire Hathaway</strong> alerts:</p>
<div class="lb-trans"><p>獲取 <strong>伯克希爾哈撒韋</strong> 的提醒：</p>
</div><h2>Unpacking the $9.7 Billion Transaction</h2>
<div class="lb-trans"><h2>解讀 97 億美元交易</h2>
</div><p>To understand the strategic importance of this acquisition, it is essential to look at the core components of the transaction. The deal is straightforward and aligns perfectly with Berkshire’s history of purchasing robust, understandable businesses that are leaders in their respective fields.</p>
<div class="lb-trans"><p>要理解此次收購的戰略重要性，必須關注交易的核心組成部分。該交易簡單明瞭，完美契合伯克希爾購買強大、易於理解的業務的歷史，這些業務在各自領域中都是領導者。</p>
</div><ul>
<li><strong>The Target:</strong> Berkshire is acquiring OxyChem, a global producer of essential commodity chemicals. These are foundational materials for vital industries, including water treatment, pharmaceuticals, and healthcare. This business model provides a stable demand base. The division is a consistent performer, reporting a pre-tax income of $213 million for the second quarter of 2025 alone.</li>
<li><strong>The Price:</strong> The acquisition comes with a $9.7 billion price tag, to be paid entirely in cash. The deal is expected to close in the fourth quarter of 2025, pending regulatory approvals.</li>
<li><strong>The Capital Source:</strong> The purchase will be funded from Berkshire's immense reserves of cash and short-term U.S. Treasury bills, which stood at nearly $340 billion at the end of the last quarter.</li>
<li><strong>The Dual Benefit:</strong> The transaction also creates a positive feedback loop within Berkshire’s portfolio. Occidental Petroleum, the seller, plans to use $6.5 billion of the proceeds for debt reduction. This move significantly strengthens the balance sheet of a company in which Berkshire Hathaway is already the largest shareholder, enhancing the value of that existing investment.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>目標公司：</strong> 伯克希爾正在收購 OxyChem，這是一家全球重要的基礎化學品生產商。這些化學品是水處理、製藥和醫療等重要行業的基礎材料。該商業模式提供了穩定的需求基礎。該部門表現穩定，僅在 2025 年第二季度就報告了 2.13 億美元的税前收入。</li>
<li><strong>價格：</strong> 收購價格為 97 億美元，全部以現金支付。該交易預計將在 2025 年第四季度完成，待監管批准。</li>
<li><strong>資金來源：</strong> 該收購將由伯克希爾近 3400 億美元的鉅額現金儲備和短期美國國債資金支持。</li>
<li><strong>雙重收益：</strong> 此交易還在伯克希爾的投資組合中創造了積極的反饋循環。賣方西方石油計劃將 65 億美元的收益用於減債。這一舉動顯著增強了伯克希爾已經是最大股東的公司的資產負債表，提高了現有投資的價值。</li>
</ul>
</div><h2>The Strategy Behind the Spending</h2>
<div class="lb-trans"><h2>支出背後的戰略</h2>
</div><p>This acquisition is a classic execution of the strategy that has defined Berkshire Hathaway for decades. The company’s primary challenge has not been generating cash, but instead finding intelligent ways to deploy it. A massive cash pile, while safe, can create a cash drag on overall returns, as those funds earn very little compared to what a successful operating business can generate. By converting nearly $10 billion of this low-yielding cash into a profitable, wholly owned business, Berkshire is transforming a dormant asset into an active earnings engine.</p>
<div class="lb-trans"><p>此次收購是伯克希爾哈撒韋數十年來戰略的經典執行。公司的主要挑戰並不是產生現金，而是尋找智能的方式來部署這些現金。雖然鉅額現金儲備是安全的，但可能會對整體回報造成現金拖累，因為這些資金的收益遠低於成功運營的企業所能產生的收益。通過將近 100 億美元的低收益現金轉化為一個盈利的全資企業，伯克希爾正在將一個沉睡的資產轉變為一個活躍的收益引擎。</p>
</div><p>The move represents a masterclass in value investing. Instead of venturing into the high-valuation technology sector, Berkshire is purchasing a durable, non-speculative business with a clear economic purpose. This reinforces the company’s focus on its circle of competence by investing in industries it understands deeply.</p>
<div class="lb-trans"><p>這一舉動代表了價值投資的典範。伯克希爾沒有進入高估值的科技領域，而是購買了一個耐用的、非投機性的業務，具有明確的經濟目的。這進一步強化了公司對其能力圈的關注，投資於其深刻理解的行業。</p>
</div><p>Furthermore, the announcement provides a clear signal about leadership continuity. Vice Chairman Greg Abel, the designated successor to Warren Buffett, was the key executive quoted on the transaction, underscoring his integral role in major capital allocation decisions.</p>
<div class="lb-trans"><p>此外，公告還清晰地傳達了領導層的連續性。副董事長 Greg Abel 是沃倫·巴菲特的指定接班人，他是此次交易中被引用的關鍵高管，強調了他在重大資本配置決策中的重要角色。</p>
</div><p>This demonstrates to investors that the core philosophy that built Berkshire is firmly in place for its next chapter. The decision is also notable for what it says about other potential uses of capital. With no share repurchases in the first half of the year, this acquisition demonstrates that management identified an external opportunity that it believed would create more long-term value for shareholders than repurchasing its own stock at current prices, a hallmark of its disciplined financial approach.</p>
<div class="lb-trans"><p>這向投資者展示了構建伯克希爾的核心理念在其下一個篇章中依然牢固。該決定還值得注意的是它對其他潛在資本用途的影響。在今年上半年沒有進行股票回購的情況下，這項收購表明管理層識別出一個外部機會，認為這將為股東創造比以當前價格回購自身股票更大的長期價值，這也是其嚴謹財務方法的標誌。</p>
</div><h2>Stability in a Volatile World</h2>
<div class="lb-trans"><h2>在動盪世界中的穩定性</h2>
</div><p>For investors assessing Berkshire Hathaway stock, the OxyChem deal provides essential context for its recent performance and current valuation. Year-to-date, Berkshire’s shares have delivered a solid gain of approximately 10%. While this trails the S&amp;P 500's return of around 14%, this performance gap reflects a deliberate strategic choice. The index's gains have been primarily driven by a handful of high-momentum technology and artificial intelligence (AI) stocks, an area Berkshire has traditionally viewed with caution. For long-term investors, the company's discipline provides a measure of stability against sector-specific volatility.</p>
<div class="lb-trans"><p>對於評估伯克希爾哈撒韋股票的投資者來説，OxyChem 交易為其近期表現和當前估值提供了重要背景。今年迄今，伯克希爾的股票已實現約 10% 的穩健增長。儘管這落後於標準普爾 500 指數約 14% 的回報，但這一表現差距反映了一個深思熟慮的戰略選擇。該指數的漲幅主要由少數高動量科技和人工智能（AI）股票推動，而伯克希爾傳統上對此持謹慎態度。對於長期投資者而言，公司的紀律性為抵禦特定行業的波動提供了一定的穩定性。</p>
</div><p>The company’s valuation remains reasonable and is supported by strong fundamentals. Its price-to-earnings ratio (P/E) of approximately 17 suggests the stock is not overvalued relative to its earnings. Furthermore, its price-to-book ratio (P/B) stands at 1.65, meaning investors are paying $1.65 for every dollar of the company's net assets. This is a common and justifiable premium for a business of Berkshire's quality and profitability. The price-to-sales ratio (P/S) of 2.89 highlights the company's substantial revenue-generating capacity in relation to its market capitalization.</p>
<div class="lb-trans"><p>公司的估值仍然合理，並得到了強勁基本面的支持。其市盈率（P/E）約為 17，表明該股票相對於其收益並未被高估。此外，其市淨率（P/B）為 1.65，意味着投資者為公司每一美元的淨資產支付 1.65 美元。這是對伯克希爾這樣質量和盈利能力企業的常見且合理的溢價。市銷率（P/S）為 2.89，突顯了公司相對於其市值的可觀收入生成能力。</p>
</div><p>Of course, no investment is without risk. Berkshire’s financial reports consistently highlight the significant legal and financial liabilities its subsidiary, PacifiCorp, faces from past wildfires. However, this risk must be viewed in the context of the parent company’s immense and diversified earnings base. Berkshire’s financial fortress is more than capable of managing this issue without threatening its overall financial health or long-term growth trajectory.</p>
<div class="lb-trans"><p>當然，任何投資都不是沒有風險。伯克希爾的財務報告始終強調其子公司 PacifiCorp 因過去的野火面臨的重大法律和財務責任。然而，這一風險必須在母公司龐大而多元化的收益基礎的背景下來看待。伯克希爾的財務堡壘完全能夠管理這一問題，而不會威脅其整體財務健康或長期增長軌跡。</p>
</div><h2>A Clear Choice for the Long Haul</h2>
<div class="lb-trans"><h2>長期投資的明確選擇</h2>
</div><p>The OxyChem acquisition is a clear and decisive action that reinforces the foundational strengths of Berkshire Hathaway. By converting idle cash into a productive asset, the company is prioritizing stable earnings over speculative gains. This disciplined approach solidifies Berkshire's status as a cornerstone investment for those focused on long-term value and financial strength.</p>
<div class="lb-trans"><p>OxyChem 的收購是一個明確而果斷的行動，強化了伯克希爾哈撒韋的基礎實力。通過將閒置現金轉化為生產性資產，公司優先考慮穩定收益而非投機性收益。這種有紀律的方法鞏固了伯克希爾作為關注長期價值和財務實力的投資基石的地位。</p>
</div><h2>Should You Invest $1,000 in Berkshire Hathaway Right Now?</h2>
<div class="lb-trans"><h2>你現在應該投資 1,000 美元到伯克希爾哈撒韋嗎？</h2>
</div><p>Before you consider Berkshire Hathaway, you'll want to hear this.</p>
<div class="lb-trans"><p>在考慮伯克希爾哈撒韋之前，你需要聽聽這個。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Berkshire Hathaway wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其推薦給客户的股票。MarketBeat 已經識別出五隻頂級分析師悄悄建議客户現在購買的股票，以便在更廣泛的市場注意到之前……而伯克希爾哈撒韋並不在名單上。</p>
</div><p>While Berkshire Hathaway currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>雖然伯克希爾哈撒韋目前在分析師中被評為持有評級，但頂級分析師認為這五隻股票更值得購買。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在這裏查看這五隻股票</p>
</div>

How Berkshire's OxyChem Buy Cements Its Long-Term Strength

- 伯克希爾哈撒韋以 97 億美元收購 Occidental Petroleum 的化學部門 OxyChem。  
- 此交易是其三年來最大的一筆，顯示出對長期價值創造的信心。  
- 收購將通過其近 3400 億美元的現金儲備完成，預計於 2025 年第四季度關閉。  

伯克希爾收購 OxyChem 如何鞏固其長期實力