<p>沃倫·巴菲特親自挑選的 <strong>伯克希爾哈撒韋</strong>( BRKA +0.85%)( BRKB +1.18%) 首席執行官接班人格雷格·阿貝爾，已經開始展示他將如何投資這家企業的鉅額現金。同時，億萬富翁大衞·泰珀繼續展示他如何贏得頂級對沖基金經理的聲譽。這兩位男士在 2026 年第一季度對同一只股票採取了截然不同的策略。</p>
<p>阿貝爾在第一季度完全退出了伯克希爾在 <strong>亞馬遜</strong>( AMZN +0.27%) 的持股。另一方面，泰珀幾乎將阿帕盧薩管理公司的在這隻電子商務和 雲股票 的股份翻了一番。亞馬遜無疑是他最大的持股。</p>
<p>我認為其中一位即將顯得非常聰明。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzA3MTkvYW1hem9uLWZsZXgtZHJpdmVyLWRlbGl2ZXJpbmctcGFja2FnZS10by1kb29yLXN0ZXAucG5nJnc9Mzg0MA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzA3MTkvYW1hem9uLWZsZXgtZHJpdmVyLWRlbGl2ZXJpbmctcGFja2FnZS10by1kb29yLXN0ZXAucG5nJnc9Mzg0MA"/></p>
<p>圖片來源：亞馬遜。</p>
<h2>為什麼對同一只股票採取截然相反的舉動？</h2>
<p>我們只能推測阿貝爾為何拋售伯克希爾的亞馬遜股票，而泰珀卻加大了對該股票的投資。然而，我認為我們可以做出相當不錯的猜測。</p>
<p>我猜阿貝爾出售亞馬遜的舉動很容易解釋。亞馬遜很可能是託德·科姆斯挑選的股票。科姆斯於 2026 年 1 月離開伯克希爾，前往 <strong>摩根大通</strong>( JPM +0.98%) 的 100 億美元戰略投資集團。伯克希爾似乎已經出售了所有由科姆斯管理的頭寸。</p>
<p>至於泰珀的舉動，我強烈懷疑這位億萬富翁對沖基金經理在股票於 2 月份大幅下跌後積極購買了亞馬遜的股票。泰珀可能看到了以折扣價購買優質股票的機會。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="亞馬遜股票報價" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4"/></p>
<h2>NASDAQ: AMZN</h2>
<p>亞馬遜</p>
<p>今日變動</p>
<p>(0.27%) $0.72</p>
<p>當前價格</p>
<p>$264.86</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$2.8 萬億</p>
<p>日內區間</p>
<p>$262.53 - $268.85</p>
<p>52 周區間</p>
<p>$196.00 - $278.56</p>
<p>成交量</p>
<p>55K</p>
<p>平均成交量</p>
<p>46M</p>
<p>毛利率</p>
<p>50.60%</p>
<p>快速查看他的阿帕盧薩對沖基金的投資組合顯示，它在 人工智能股票 方面的權重很高。亞馬遜是最大的人工智能股票之一，亞馬遜網絡服務（AWS）繼續佔據雲服務市場的第一份額。</p>
<p>亞馬遜第一季度的拋售主要源於公司在擴展其人工智能基礎設施方面的投資增加。泰珀可能（我敢打賭他很可能）認為這些投資是明智的戰略舉措。他可能認為市場對亞馬遜在增長方面的投資給予了不公平的懲罰。</p>
<h2>誰即將顯得非常聰明？</h2>
<p>我不怪阿貝爾想要進行一些清理，出售伯克希爾投資組合中幾個相對較小的持股，其中亞馬遜就是其中之一。隨着科姆斯現在在摩根大通，退出他所管理的頭寸是有道理的。</p>
<p>然而，我預測泰珀將因加大對亞馬遜的投資而顯得非常聰明。實際上，假設他在亞馬遜於 2 月或 3 月的回調中買入，他可能已經顯得相當精明。自第一季度末以來，該股票上漲了超過 20%。隨着公司繼續將其人工智能基礎設施投資變現並擴展到衞星互聯網服務市場，泰珀加大對亞馬遜的投資決策在事後看來可能顯得更加聰明。</p>

亞馬遜

伯克希爾哈撒韋-A

伯克希爾哈撒韋-B

亞馬遜每日 2 倍做多 ETF - Direxion

AMZW

<p>伯克希爾哈撒韋首席執行官格雷格·阿貝爾在 2026 年第一季度出售了所有亞馬遜的股份，而對沖基金經理大衞·泰珀幾乎將其在該公司的持股翻倍。阿貝爾的決定可能源於在託德·科姆斯離職後進行的投資組合清理，而泰珀則可能利用了亞馬遜股價下跌的機會，認為這是一個買入時機。泰珀的策略似乎頗具前景，因為自那時以來，亞馬遜的股價已上漲超過 20%，得益於其在人工智能和衞星互聯網服務上的投資</p>

<p>Warren Buffett's hand-picked successor as CEO of <strong>Berkshire Hathaway</strong>( BRKA +0.85%)( BRKB +1.18%), Greg Abel, is already revealing how he will invest the conglomerate's mountain of cash. Meanwhile, billionaire David Tepper continues to show how he earned a reputation as one of the top hedge fund managers. And both men took very different approaches with the same stock in the first quarter of 2026.</p>
<div class="lb-trans"><p>沃倫·巴菲特親自挑選的 <strong>伯克希爾哈撒韋</strong>( BRKA +0.85%)( BRKB +1.18%) 首席執行官接班人格雷格·阿貝爾，已經開始展示他將如何投資這家企業的鉅額現金。同時，億萬富翁大衞·泰珀繼續展示他如何贏得頂級對沖基金經理的聲譽。這兩位男士在 2026 年第一季度對同一只股票採取了截然不同的策略。</p>
</div><p>Abel completely exited Berkshire's position in <strong>Amazon</strong>( AMZN +0.27%) in Q1. Tepper, on the other hand, nearly doubled Appaloosa Management's stake in the e-commerce and cloud stock. Amazon ranks as his top holding, by far.</p>
<div class="lb-trans"><p>阿貝爾在第一季度完全退出了伯克希爾在 <strong>亞馬遜</strong>( AMZN +0.27%) 的持股。另一方面，泰珀幾乎將阿帕盧薩管理公司的在這隻電子商務和 雲股票 的股份翻了一番。亞馬遜無疑是他最大的持股。</p>
</div><p>I think one of them is about to look very smart.</p>
<div class="lb-trans"><p>我認為其中一位即將顯得非常聰明。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzA3MTkvYW1hem9uLWZsZXgtZHJpdmVyLWRlbGl2ZXJpbmctcGFja2FnZS10by1kb29yLXN0ZXAucG5nJnc9Mzg0MA" alt="An Amazon worker carrying a package." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F870719%2Famazon-flex-driver-delivering-package-to-door-step.png&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Amazon.</p>
<div class="lb-trans"><p>圖片來源：亞馬遜。</p>
</div><h2>Why two opposite moves with the same stock?</h2>
<div class="lb-trans"><h2>為什麼對同一只股票採取截然相反的舉動？</h2>
</div><p>We can only speculate on why Abel dumped Berkshire's Amazon shares while Tepper loaded up on the stock. However, I think we can make pretty good guesses.</p>
<div class="lb-trans"><p>我們只能推測阿貝爾為何拋售伯克希爾的亞馬遜股票，而泰珀卻加大了對該股票的投資。然而，我認為我們可以做出相當不錯的猜測。</p>
</div><p>My hunch is that Abel's move to sell Amazon is easily explained. Amazon was likely one of the stocks Todd Combs picked. Combs left Berkshire in January 2026 to head <strong>JPMorgan Chase</strong>'s ( JPM +0.98%) $10 billion Strategic Investment Group. Berkshire appears to have sold all of the positions managed by Combs.</p>
<div class="lb-trans"><p>我猜阿貝爾出售亞馬遜的舉動很容易解釋。亞馬遜很可能是託德·科姆斯挑選的股票。科姆斯於 2026 年 1 月離開伯克希爾，前往 <strong>摩根大通</strong>( JPM +0.98%) 的 100 億美元戰略投資集團。伯克希爾似乎已經出售了所有由科姆斯管理的頭寸。</p>
</div><p>As for Tepper's move, I strongly suspect that the billionaire hedge fund manager aggressively bought Amazon shares after the stock's sharp decline in February. Tepper probably saw an opportunity to buy a great stock at a discount.</p>
<div class="lb-trans"><p>至於泰珀的舉動，我強烈懷疑這位億萬富翁對沖基金經理在股票於 2 月份大幅下跌後積極購買了亞馬遜的股票。泰珀可能看到了以折扣價購買優質股票的機會。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展開</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4" alt="Amazon Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FAMZN.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: AMZN</h2>
<div class="lb-trans"><h2>NASDAQ: AMZN</h2>
</div><p>Amazon</p>
<div class="lb-trans"><p>亞馬遜</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(0.27%) $0.72</p>
<div class="lb-trans"><p>(0.27%) $0.72</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$264.86</p>
<div class="lb-trans"><p>$264.86</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>關鍵數據點</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$2.8T</p>
<div class="lb-trans"><p>$2.8 萬億</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$262.53 - $268.85</p>
<div class="lb-trans"><p>$262.53 - $268.85</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$196.00 - $278.56</p>
<div class="lb-trans"><p>$196.00 - $278.56</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>55K</p>
<div class="lb-trans"><p>55K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>46M</p>
<div class="lb-trans"><p>46M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>50.60%</p>
<div class="lb-trans"><p>50.60%</p>
</div><p>A quick look at his Appaloosa hedge fund's portfolio shows that it's heavily weighted toward AI stocks. Amazon is one of the biggest AI stocks, with Amazon Web Services (AWS) continuing to claim the No. 1 share of the cloud services market.</p>
<div class="lb-trans"><p>快速查看他的阿帕盧薩對沖基金的投資組合顯示，它在 人工智能股票 方面的權重很高。亞馬遜是最大的人工智能股票之一，亞馬遜網絡服務（AWS）繼續佔據雲服務市場的第一份額。</p>
</div><p>Amazon's Q1 sell-off stemmed primarily from the company's increased investment in expanding its AI infrastructure. Tepper possibly (and I'd bet probably) views these investments as shrewd strategic moves. He could have believed that the market was punishing Amazon unfairly for investing in growth.</p>
<div class="lb-trans"><p>亞馬遜第一季度的拋售主要源於公司在擴展其人工智能基礎設施方面的投資增加。泰珀可能（我敢打賭他很可能）認為這些投資是明智的戰略舉措。他可能認為市場對亞馬遜在增長方面的投資給予了不公平的懲罰。</p>
</div><h2>Who's about to look very smart?</h2>
<div class="lb-trans"><h2>誰即將顯得非常聰明？</h2>
</div><p>I don't blame Abel for wanting to do some housecleaning and selling several relatively small holdings in Berkshire's portfolio, of which Amazon was one. With Combs now at JPMorgan Chase, exiting the positions that he managed makes sense.</p>
<div class="lb-trans"><p>我不怪阿貝爾想要進行一些清理，出售伯克希爾投資組合中幾個相對較小的持股，其中亞馬遜就是其中之一。隨着科姆斯現在在摩根大通，退出他所管理的頭寸是有道理的。</p>
</div><p>However, I predict that Tepper will look very smart for doubling up on Amazon. Actually, he's probably already looking quite astute, assuming he bought on Amazon's pullback in February or March. The stock is up more than 20% since the end of Q1. Tepper's decision to dramatically increase his stake in Amazon could appear to be even more brilliant in retrospect as the company continues to monetize its AI infrastructure investments and expand into the satellite internet services market.</p>
<div class="lb-trans"><p>然而，我預測泰珀將因加大對亞馬遜的投資而顯得非常聰明。實際上，假設他在亞馬遜於 2 月或 3 月的回調中買入，他可能已經顯得相當精明。自第一季度末以來，該股票上漲了超過 20%。隨着公司繼續將其人工智能基礎設施投資變現並擴展到衞星互聯網服務市場，泰珀加大對亞馬遜的投資決策在事後看來可能顯得更加聰明。</p>
</div>

Greg Abel Just Dumped Amazon. David Tepper Nearly Doubled His Stake. One of Them Is About to Look Very Smart.

- 伯克希爾哈撒韋的 CEO 格雷格·阿貝爾在 2026 年第一季度退出亞馬遜股份。  
- 大衞·泰柏則幾乎將其在亞馬遜的持股翻倍，視其為主要投資。  
- 此外，亞馬遜致力於擴展 AI 基礎設施，市場反應可能被認為不公。

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Greg Abel 剛剛出售了亞馬遜的股票，而 David Tepper 幾乎將他的持股翻倍。他們中的一個即將顯得非常聰明