<h2>關鍵點</h2>
<ul>
<li>伯克希爾哈撒韋出售了其所有的亞馬遜股份，這在仔細觀察後並不令人驚訝。</li>
<li>該集團投資了一家前景改善的知名零售商。</li>
<li>我們更看好的 10 只股票 ›</li>
</ul>
<p>格雷格·阿貝爾在年初接替沃倫·巴菲特成為 <strong>伯克希爾哈撒韋</strong> 的首席執行官。他的首個季度任期充滿了事件。阿貝爾和他的團隊關閉了多個頭寸，同時購買了新公司的股份。他的一些選擇並不令人意外。例如，<strong>蘋果</strong> 仍然是伯克希爾哈撒韋最大的持股，這也是大家所預期的。另一個看似奇怪但實際上合乎邏輯的決定是選擇拋售 <strong>亞馬遜</strong>（NASDAQ: AMZN）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MzE4Mi9wZXJzb24td29ya2luZy1hdC1hLWRlc2suanBnAjZ3PTcwMA?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MzE4Mi9wZXJzb24td29ya2luZy1hdC1hLWRlc2suanBnAjZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p><em><strong>人工智能會創造出世界上第一個萬億富翁嗎？</strong> 我們的團隊剛剛發佈了一份報告，介紹了一家鮮為人知的公司，被稱為 “不可或缺的壟斷”，提供英偉達和英特爾都需要的關鍵技術。<strong>繼續 »</strong></em></p>
<h2>為什麼伯克希爾哈撒韋拋售亞馬遜</h2>
<p>亞馬遜是電子商務和雲計算的領導者。它提供了對多個其他市場的曝光。公司的收入和盈利以良好的速度增長，並且在其競爭的多個細分市場中具有吸引人的長期前景。此外，亞馬遜受益於其品牌名稱、網絡效應和轉換成本帶來的廣泛護城河。所有這些因素（以及更多）可以説使得該股票成為一個有吸引力的長期投資，並在某種程度上符合巴菲特投資學派的標準。</p>
<p>然而，亞馬遜在伯克希爾哈撒韋的投資組合中所佔比例很小。截至第四季度，該集團持有約 230 萬股。這僅佔伯克希爾 2630 億美元龐大投資組合的一小部分。此外，阿貝爾和他的團隊出售了許多由託德·科姆斯管理的股票（包括亞馬遜），後者於 12 月離開公司加入 <strong>摩根大通</strong>。因此，這並不是一個特別令人震驚的舉動。讓我們看看阿貝爾在第一季度做出的一個看似更令人困惑的決定。</p>
<h2>伯克希爾收購一家傳統零售商的股份</h2>
<p>伯克希爾哈撒韋購買了約 300 萬股 <strong>梅西百貨</strong>（NYSE: M）。乍一看，這似乎是一個可疑的決定。梅西百貨在近年來面臨重大問題——事實上，過去十年對這家零售商並不友好。向電子商務的轉變以及購物中心和百貨商店客流量的下降導致了糟糕的財務結果。同時，梅西百貨面臨來自多種來源的競爭，不僅僅是在線商店。該公司長期以來一直難以以良好的速度增長收入，而近年來最強勁的銷售增長髮生在疫情之後，當時被困在家中的顧客終於有機會再次外出。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzLzU1MDdjMTY3OWI1OWUwOTQyMmMxMDM2NDk1MDRiYTlkLnBuZwI2dz03MDA?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-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzLzU1MDdjMTY3OWI1OWUwOTQyMmMxMDM2NDk1MDRiYTlkLnBuZwI2dz03MDA"/></p>
<p>梅西百貨收入（季度同比增長）數據來源於 YCharts</p>
<p>公平地説，梅西百貨確實取得了一些進展。最近的財務結果在努力扭轉局面中表現更強勁。該公司顯著減少了零售面積，關閉了許多不盈利的門店，並出售了房地產資產，同時在電子商務方面加大了力度。</p>
<p>梅西百貨能夠存活到現在也是值得讚賞的，尤其是其他傳統零售商並沒有那麼幸運，現已倒閉。然而，梅西百貨能否從現在開始實現強勁回報？或者阿貝爾和他的團隊進入這個遊戲還有其他原因？也許伯克希爾哈撒韋被梅西百貨的房地產資產吸引，因為這些資產可能比市場給予公司的估值更高。從這個意義上説，這家零售巨頭可能是 “被低估的”。</p>
<p>我們也可以看看傳統的估值指標。梅西百貨的前瞻性市盈率為 10.2 倍，低於消費品平均水平的 26.2 倍。從這個標準來看，梅西百貨似乎也被低估，至少乍一看是這樣。值得指出的是，在其 2026 財年第一季度（截至 5 月 2 日），梅西百貨的淨銷售額同比增長 1.8%，達到 47 億美元，而可比銷售額同比增長 3%。該公司的調整後每股收益攀升至 0.13 美元，比去年同期高出 18%。</p>
<p>該公司在收入和利潤方面均超出了華爾街的預期。梅西百貨還提高了其 2026 財年的整體指引。梅西百貨正在朝着正確的方向發展。這裏仍然存在很多風險，這可能是伯克希爾哈撒韋沒有購買足夠股份使其成為投資組合中接近主要持股的原因。然而，在當前水平上，梅西百貨可能值得反思一下，適合逆向價值投資者。</p>
<h2>你現在應該購買梅西百貨的股票嗎？</h2>
<p>在你購買梅西百貨的股票之前，請考慮以下幾點：</p>
<p><em>Motley Fool Stock Advisor</em> 分析師團隊剛剛確定了他們認為現在投資者應該購買的 <strong>10 只最佳股票</strong>……而梅西百貨並不在其中。入選的 10 只股票在未來幾年可能會產生巨大的回報。</p>
<p>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日上榜時……如果你在我們推薦時投資了 1000 美元，<strong>你現在將擁有 439,632 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜時……如果你在我們推薦時投資了 1000 美元，<strong>你現在將擁有 1,316,532 美元</strong>！*</p>
<p>現在值得注意的是，<em>Stock Advisor</em> 的總平均回報率為 959%——相比於標準普爾 500 的 210% 表現出色。<strong>不要錯過最新的前 10 名單，加入由個人投資者為個人投資者建立的投資社區，獲取_Stock Advisor_。</strong></p>
<p><strong>查看這 10 只股票 »</strong></p>
<p><em>*Stock Advisor 回報截至 2026 年 6 月 5 日。</em></p>
<p>摩根大通是 Motley Fool Money 的廣告合作伙伴。Prosper Junior Bakiny 持有亞馬遜和伯克希爾哈撒韋的股份。Motley Fool 持有並推薦亞馬遜、蘋果、伯克希爾哈撒韋和摩根大通的股份。Motley Fool 有一項披露政策。</p>
<p>此處表達的觀點和意見僅代表作者的觀點和意見，並不一定反映納斯達克公司的觀點。</p>

梅西百貨

伯克希爾哈撒韋-B

伯克希爾哈撒韋-A

亞馬遜每日 2 倍做多 ETF - Direxion

亞馬遜每日 1 倍做空 ETF - Direxion

AMZZ

AMZW

<p>伯克希爾哈撒韋首席執行官格雷格·阿貝爾出售了公司剩餘的亞馬遜股份，併購買了大約 300 萬股梅西百貨。亞馬遜的出售部分歸因於離職經理託德·科姆斯的投資組合調整，考慮到其在伯克希爾 2630 億美元投資組合中的小權重，這一舉動並不令人驚訝。相反，梅西百貨的投資看似不合常理，因為該零售商在電子商務競爭和客流量下降方面歷史上一直面臨挑戰。然而，伯克希爾可能認為梅西百貨被低估，引用了改善的財務業績、戰略性門店關閉、房地產資產以及與行業平均水平相比較低的前瞻性市盈率</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>關鍵點</h2>
</div><ul>
<li>Berkshire Hathaway sold all its Amazon shares, which isn't too surprising on closer inspection.</li>
<li>The conglomerate invested in a well-known retailer whose prospects are improving.</li>
<li>10 stocks we like better than Macy's ›</li>
</ul>
<div class="lb-trans"><ul>
<li>伯克希爾哈撒韋出售了其所有的亞馬遜股份，這在仔細觀察後並不令人驚訝。</li>
<li>該集團投資了一家前景改善的知名零售商。</li>
<li>我們更看好的 10 只股票 ›</li>
</ul>
</div><p>Greg Abel took over from Warren Buffett as CEO of <strong>Berkshire Hathaway</strong> at the beginning of the year. His first quarter at the helm was eventful. Abel and his team closed several positions while buying shares in new companies. Some of his choices were not surprising. For instance, <strong>Apple</strong>remains Berkshire Hathaway's largest holding, which everyone expected. Another decision the conglomerate made that may seem odd at first but actually makes sense is the choice to get rid of <strong>Amazon</strong>(NASDAQ: AMZN).</p>
<div class="lb-trans"><p>格雷格·阿貝爾在年初接替沃倫·巴菲特成為 <strong>伯克希爾哈撒韋</strong> 的首席執行官。他的首個季度任期充滿了事件。阿貝爾和他的團隊關閉了多個頭寸，同時購買了新公司的股份。他的一些選擇並不令人意外。例如，<strong>蘋果</strong> 仍然是伯克希爾哈撒韋最大的持股，這也是大家所預期的。另一個看似奇怪但實際上合乎邏輯的決定是選擇拋售 <strong>亞馬遜</strong>（NASDAQ: AMZN）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MzE4Mi9wZXJzb24td29ya2luZy1hdC1hLWRlc2suanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F873182%2Fperson-working-at-a-desk.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能會創造出世界上第一個萬億富翁嗎？</strong> 我們的團隊剛剛發佈了一份報告，介紹了一家鮮為人知的公司，被稱為 “不可或缺的壟斷”，提供英偉達和英特爾都需要的關鍵技術。<strong>繼續 »</strong></em></p>
</div><h2>Why Berkshire Hathaway dumped Amazon</h2>
<div class="lb-trans"><h2>為什麼伯克希爾哈撒韋拋售亞馬遜</h2>
</div><p>Amazon is a leader in e-commerce and cloud computing. It provides exposure to several other markets. The company's revenue and earnings are growing at a good clip, and it has attractive long-term prospects across several niches in which it competes. Further, Amazon benefits from a wide moat from its brand name, network effects, and switching costs. All of these factors (and more) arguably make the stock an attractive long-term bet and one that, to some extent, aligns with the criteria prominent in the Buffett school of investing.</p>
<div class="lb-trans"><p>亞馬遜是電子商務和雲計算的領導者。它提供了對多個其他市場的曝光。公司的收入和盈利以良好的速度增長，並且在其競爭的多個細分市場中具有吸引人的長期前景。此外，亞馬遜受益於其品牌名稱、網絡效應和轉換成本帶來的廣泛護城河。所有這些因素（以及更多）可以説使得該股票成為一個有吸引力的長期投資，並在某種程度上符合巴菲特投資學派的標準。</p>
</div><p>However, Amazon made up a small percentage of Berkshire Hathaway's portfolio. The conglomerate owned about 2.3 million shares as of the fourth quarter. That accounted for a tiny portion of Berkshire's massive $263 billion portfolio. Further, Abel and his team sold many of the stocks (including Amazon) managed by Todd Combs, who left the company in December to join <strong>JPMorgan</strong>. So, it wasn't a particularly shocking move. Let's look into one decision Abel made during the first quarter that seems like far more of a head-scratcher.</p>
<div class="lb-trans"><p>然而，亞馬遜在伯克希爾哈撒韋的投資組合中所佔比例很小。截至第四季度，該集團持有約 230 萬股。這僅佔伯克希爾 2630 億美元龐大投資組合的一小部分。此外，阿貝爾和他的團隊出售了許多由託德·科姆斯管理的股票（包括亞馬遜），後者於 12 月離開公司加入 <strong>摩根大通</strong>。因此，這並不是一個特別令人震驚的舉動。讓我們看看阿貝爾在第一季度做出的一個看似更令人困惑的決定。</p>
</div><h2>Berkshire buys a stake in a legacy retailer</h2>
<div class="lb-trans"><h2>伯克希爾收購一家傳統零售商的股份</h2>
</div><p>Berkshire Hathaway bought about three million shares of <strong>Macy's</strong>(NYSE: M). At first glance, this looks like a dubious decision. Macy's has faced significant problems in recent years -- in fact, the last decade has not been kind to the retailer. The shift to e-commerce and the decline in mall and department store foot traffic have led to poor financial results. Meanwhile, Macy's has faced growing competition from a variety of sources, not just online stores. The company has struggled to grow revenue at a good clip for a long time, and the strongest top-line increase in recent years came after the pandemic, when customers who had been stuck at home finally had the opportunity to go out again.</p>
<div class="lb-trans"><p>伯克希爾哈撒韋購買了約 300 萬股 <strong>梅西百貨</strong>（NYSE: M）。乍一看，這似乎是一個可疑的決定。梅西百貨在近年來面臨重大問題——事實上，過去十年對這家零售商並不友好。向電子商務的轉變以及購物中心和百貨商店客流量的下降導致了糟糕的財務結果。同時，梅西百貨面臨來自多種來源的競爭，不僅僅是在線商店。該公司長期以來一直難以以良好的速度增長收入，而近年來最強勁的銷售增長髮生在疫情之後，當時被困在家中的顧客終於有機會再次外出。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzLzU1MDdjMTY3OWI1OWUwOTQyMmMxMDM2NDk1MDRiYTlkLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fmedia.ycharts.com%2Fcharts%2F5507c1679b59e09422c103649504ba9d.png&amp;w=700"/></p>
<p>M Revenue (Quarterly YoY Growth) data by YCharts</p>
<div class="lb-trans"><p>梅西百貨收入（季度同比增長）數據來源於 YCharts</p>
</div><p>In fairness, Macy's has made some progress. More recent financial results have been stronger amid a push to turn things around. The company notably decreased its retail footprint by closing many unprofitable stores and selling off real estate assets while making a push in e-commerce.</p>
<div class="lb-trans"><p>公平地説，梅西百貨確實取得了一些進展。最近的財務結果在努力扭轉局面中表現更強勁。該公司顯著減少了零售面積，關閉了許多不盈利的門店，並出售了房地產資產，同時在電子商務方面加大了力度。</p>
</div><p>It's also admirable that Macy's has survived this long, especially as other legacy retailers weren't so lucky and have now gone out of business. However, can Macy's deliver strong returns from now on? Or is there another reason Abel and his team got in the game? Perhaps Berkshire Hathaway is attracted to Macy's real estate holdings because they may be more valuable than the market is giving the company credit for. It's in that sense that the retail giant may be &#34;undervalued.&#34;</p>
<div class="lb-trans"><p>梅西百貨能夠存活到現在也是值得讚賞的，尤其是其他傳統零售商並沒有那麼幸運，現已倒閉。然而，梅西百貨能否從現在開始實現強勁回報？或者阿貝爾和他的團隊進入這個遊戲還有其他原因？也許伯克希爾哈撒韋被梅西百貨的房地產資產吸引，因為這些資產可能比市場給予公司的估值更高。從這個意義上説，這家零售巨頭可能是 “被低估的”。</p>
</div><p>We could also look at traditional valuation metrics. Macy's is trading at 10.2x forward earnings, which is lower than the consumer discretionary average of 26.2. Macy's also appears undervalued by this standard, at least at first glance. It's also worth pointing out that in the first quarter of its fiscal year 2026, ending on May 2, Macy's net sales increased by 1.8% year over year to $4.7 billion, while comparable sales grew 3% year over year. The company's adjusted earnings per share climbed to $0.13, 18% higher than the year-ago period.</p>
<div class="lb-trans"><p>我們也可以看看傳統的估值指標。梅西百貨的前瞻性市盈率為 10.2 倍，低於消費品平均水平的 26.2 倍。從這個標準來看，梅西百貨似乎也被低估，至少乍一看是這樣。值得指出的是，在其 2026 財年第一季度（截至 5 月 2 日），梅西百貨的淨銷售額同比增長 1.8%，達到 47 億美元，而可比銷售額同比增長 3%。該公司的調整後每股收益攀升至 0.13 美元，比去年同期高出 18%。</p>
</div><p>The company beat Wall Street estimates on the top and bottom lines. Macy's increased its guidance for its full fiscal year 2026 as well. Macy's is moving in the right direction. There is plenty of risk remaining here, and that's probably one reason why Berkshire Hathaway did not buy enough of the company's shares to make it anything close to a top holding in its portfolio. However, at current levels, Macy's might be worth a second look for contrarian value investors.</p>
<div class="lb-trans"><p>該公司在收入和利潤方面均超出了華爾街的預期。梅西百貨還提高了其 2026 財年的整體指引。梅西百貨正在朝着正確的方向發展。這裏仍然存在很多風險，這可能是伯克希爾哈撒韋沒有購買足夠股份使其成為投資組合中接近主要持股的原因。然而，在當前水平上，梅西百貨可能值得反思一下，適合逆向價值投資者。</p>
</div><h2>Should you buy stock in Macy's right now?</h2>
<div class="lb-trans"><h2>你現在應該購買梅西百貨的股票嗎？</h2>
</div><p>Before you buy stock in Macy's, consider this:</p>
<div class="lb-trans"><p>在你購買梅西百貨的股票之前，請考慮以下幾點：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Macy's wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p><em>Motley Fool Stock Advisor</em> 分析師團隊剛剛確定了他們認為現在投資者應該購買的 <strong>10 只最佳股票</strong>……而梅西百貨並不在其中。入選的 10 只股票在未來幾年可能會產生巨大的回報。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $439,632</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,316,532</strong>!*</p>
<div class="lb-trans"><p>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日上榜時……如果你在我們推薦時投資了 1000 美元，<strong>你現在將擁有 439,632 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜時……如果你在我們推薦時投資了 1000 美元，<strong>你現在將擁有 1,316,532 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 959% — a market-crushing outperformance compared to 210% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>現在值得注意的是，<em>Stock Advisor</em> 的總平均回報率為 959%——相比於標準普爾 500 的 210% 表現出色。<strong>不要錯過最新的前 10 名單，加入由個人投資者為個人投資者建立的投資社區，獲取_Stock Advisor_。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看這 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of June 5, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 回報截至 2026 年 6 月 5 日。</em></p>
</div><p><em>JPMorgan Chase is an advertising partner of Motley Fool Money. Prosper Junior Bakiny has positions in Amazon and Berkshire Hathaway. The Motley Fool has positions in and recommends Amazon, Apple, Berkshire Hathaway, and JPMorgan Chase. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p>摩根大通是 Motley Fool Money 的廣告合作伙伴。Prosper Junior Bakiny 持有亞馬遜和伯克希爾哈撒韋的股份。Motley Fool 持有並推薦亞馬遜、蘋果、伯克希爾哈撒韋和摩根大通的股份。Motley Fool 有一項披露政策。</p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>此處表達的觀點和意見僅代表作者的觀點和意見，並不一定反映納斯達克公司的觀點。</p>
</div>

Warren Buffett's Successor, Greg Abel, Dumped Amazon and Bought 3 Million Shares of This Undervalued Stock

- 伯克希爾·哈撒韋售出所有亞馬遜股票，原因在於其投資方向的轉變。  
- 新 CEO 阿貝爾在位期間購買了梅西的股票，儘管該零售商面臨多重挑戰。  
- 梅西最近財務表現改善，預計未來可能提供較高回報。

nasdaq

GraniteShares 2x Long AMZN Daily ETF

Roundhill AMZN WeeklyPay ETF

亞馬遜

蘋果

英偉達

英特爾

摩根大通

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NVIDIA Corporation

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

沃倫·巴菲特的繼任者格雷格·阿貝爾拋售了亞馬遜股票，併購買了 300 萬股這隻被低估的股票