<p>沃倫·巴菲特曾開玩笑説，離任的 <strong>蘋果</strong>( AAPL +4.88%) 首席執行官蒂姆·庫克為 <strong>伯克希爾哈撒韋</strong>( BRKA +1.41%)( BRKB +1.40%) 的股東賺的錢比他作為首席執行官時賺的還多。的確，巴菲特購買蘋果及其大量股份的決定，成為他一生中最賺錢的投資之一。儘管巴菲特在辭去首席執行官職務前出售了大量投資，但蘋果仍然是伯克希爾哈撒韋最大的持股。</p>
<p>格雷格·阿貝爾在年初接替巴菲特擔任伯克希爾的首席執行官，他開始對公司的龐大股票投資組合施加自己的影響。巴菲特留下了大約 3690 億美元的現金及等價物供他使用，以及數十家每季度產生可觀自由現金流的公司。然而，在對單一股票投資約 230 億美元后，阿貝爾可能已經找到了伯克希爾的下一個蘋果。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3NzQwOS9nZXR0eWltYWdlcy1tYW4tbG9va2luZy1hdC1hLXRhYmxldC5qcGcWdz0zODQwFm9wPXJlc2l6ZQ?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3NzQwOS9nZXR0eWltYWdlcy1tYW4tbG9va2luZy1hdC1hLXRhYmxldC5qcGcWdz0zODQwFm9wPXJlc2l6ZQ"/></p>
<p>圖片來源：Getty Images。</p>
<h2>巴菲特和芒格如何開始購買蘋果</h2>
<p>在 2012 年伯克希爾哈撒韋年度會議上，巴菲特和已故副董事長 查理·芒格 被問到是否會考慮購買像蘋果和谷歌這樣的公司，現在的 字母表( GOOG 0.37%)( GOOGL 0.23%)。巴菲特稱讚這兩家公司，並表示：“我一點也不驚訝看到它們在 10 年後會值更多的錢，但我不想購買它們中的任何一家公司。”</p>
<p>這一切都歸結為他們的能力圈。芒格補充道：“我認為我們可以公平地説，其他人總是會比我們更瞭解這兩家公司。我們有着相反的優勢。”</p>
<p>四年後，伯克希爾開始購買蘋果股票。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvQUFQTC5wbmcWdz0xMjgWb3A9cmVzaXpl?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="蘋果股票報價" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvQUFQTC5wbmcWdz0xMjgWb3A9cmVzaXpl"/></p>
<h2>NASDAQ: AAPL</h2>
<p>蘋果</p>
<p>今日變動</p>
<p>(4.88%) $14.36</p>
<p>當前價格</p>
<p>$308.74</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$4.5 萬億</p>
<p>日內區間</p>
<p>$293.70 - $309.42</p>
<p>52 周區間</p>
<p>$201.50 - $317.40</p>
<p>成交量</p>
<p>3.3K</p>
<p>平均成交量</p>
<p>53.9M</p>
<p>毛利率</p>
<p>47.86%</p>
<p>股息收益率</p>
<p>0.34%</p>
<p>這一轉變源於對蘋果的全面重新考慮，尤其是在股價跌至極具吸引力的估值時。巴菲特開始將蘋果視為一傢俱有巨大定價能力的消費品公司，而不是依賴創新的科技公司。在巴菲特的副手泰德·韋施勒和託德·科姆斯將其視為良好投資機會後，他開始大量購買。最終，巴菲特在 2016 年至 2018 年間將 360 億美元的伯克希爾現金投入了該股票。</p>
<p>繼續審視市場上的每一個機會，確保巴菲特和芒格沒有錯過他們一生中最大的投資。伯克希爾在 2023 年的蘋果持倉增長至 1770 億美元，隨後巴菲特開始削減該股票的投資組合。在出售了伯克希爾 75% 的股份後，剩餘的股票仍然價值超過 700 億美元。</p>
<p>格雷格·阿貝爾採取了類似的方法，審視每一個機會，同時不放棄伯克希爾投資組合背後的核心投資理念。這可能導致伯克希爾哈撒韋的下一個蘋果：一個可以投入大量資本並具有強大回報潛力的機會。</p>
<h2>阿貝爾的 230 億美元賭注（迄今為止）</h2>
<p>阿貝爾在擔任首席執行官的短暫任期內進行了幾項重大投資，但迄今為止最大的是對字母表的投資。伯克希爾在去年第三季度巴菲特仍擔任首席執行官時最初對字母表進行了小規模投資。目前尚不清楚是巴菲特、韋施勒還是科姆斯推動了這一初始投資。然而，考慮到其規模，阿貝爾似乎是最近購買的幕後推手。</p>
<p>伯克希爾在第一季度增持了近 4000 萬股字母表股票，預計成本約為 130 億美元。在 6 月初，阿貝爾談判達成了一項 100 億美元的私募配售，購買額外的 2860 萬股。雖然伯克希爾在交易時獲得了當時股價的折扣，但該股票隨後跌至該水平以下，使阿貝爾能夠以相同的價格購買更多。如果他這樣做也不奇怪。</p>
<p>阿貝爾決定大量購買字母表可能看起來是對使伯克希爾走到今天的核心投資理念的重大轉變。但從本質上講，字母表可能比聽起來簡單。字母表內有兩個關鍵業務：廣告和雲計算。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvR09PRy5wbmcWdz0xMjgWb3A9cmVzaXpl?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="字母表股票報價" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvR09PRy5wbmcWdz0xMjgWb3A9cmVzaXpl"/></p>
<h2>NASDAQ: GOOG</h2>
<p>字母表</p>
<p>今日變動</p>
<p>(-0.37%) $-1.33</p>
<p>當前價格</p>
<p>$356.56</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$4.3 萬億</p>
<p>日內區間</p>
<p>$350.36 - $360.99</p>
<p>52 周區間</p>
<p>$173.88 - $404.47</p>
<p>成交量</p>
<p>1.2K</p>
<p>平均成交量</p>
<p>21.4M</p>
<p>毛利率</p>
<p>60.43%</p>
<p>股息收益率</p>
<p>0.24%</p>
<p>廣告業務以搜索和 YouTube 為基礎，這兩者都建立了持久的競爭優勢。許多人預計人工智能聊天機器人會擾亂谷歌的搜索主導地位。相反，它進一步鞏固了谷歌作為大多數互聯網搜索的首選。</p>
<p>事實上，該公司利用人工智能擴展了用户在其服務上進行的搜索類型。因此，字母表在過去四個季度中看到了搜索廣告收入的加速增長。YouTube 同樣已成為廣告支持視頻的主要來源，以其變現能力贏得了業餘和專業視頻製作人的青睞。</p>
<p>在雲計算領域，業務相對簡單。Alphabet 建設能力並將其租賃給客户。它還有一些其他能力來構建一個完整的平台，而不僅僅是租賃基礎設施，但從本質上講，它與房地產業務類似。</p>
<p>Alphabet 的雲服務需求巨大，這在其剩餘業績義務中得到了體現。截至第一季度末，公司有 4600 億美元的合同積壓，較上個季度的 2300 億美元有所增加。</p>
<p>Alphabet 在其各個業務部門都有很大的增長空間，尤其是廣告帶來的自由現金流為雲業務的加速增長提供了資金支持。考慮到股票的前瞻市盈率不到 26 倍，相較於其增長前景仍然顯得具有良好的價值。而且，隨着市值超過 4 萬億美元，Abel 可以在不擾動市場的情況下將大量伯克希爾的現金投入到業務中。他可能在接下來的幾個季度內使其成為伯克希爾有史以來最大的投資。</p>

伯克希爾哈撒韋-B

伯克希爾哈撒韋-A

谷歌-A

<p>伯克希爾哈撒韋首席執行官格雷格·阿貝爾已投資約 230 億美元於 Alphabet，這可能使其成為公司下一個重要的持股，類似於蘋果。這一激進的增持，包括最近的一項 100 億美元的私募配售，反映了阿貝爾將伯克希爾龐大現金儲備投入具有持久競爭優勢的高質量資產（如廣告和雲計算）的戰略</p>

<p>Warren Buffett once joked that departing <strong>Apple</strong>( AAPL +4.88%) Chief Executive Officer Tim Cook made more money for <strong>Berkshire Hathaway</strong>( BRKA +1.41%)( BRKB +1.40%) shareholders than he ever did as CEO. Indeed, Buffett's decision to buy Apple, and a lot of it, turned out to be one of his most lucrative investments of all time. And while Buffett sold a huge chunk of the investment before stepping down as CEO, Apple remains Berkshire Hathaway's largest holding.</p>
<div class="lb-trans"><p>沃倫·巴菲特曾開玩笑説，離任的 <strong>蘋果</strong>( AAPL +4.88%) 首席執行官蒂姆·庫克為 <strong>伯克希爾哈撒韋</strong>( BRKA +1.41%)( BRKB +1.40%) 的股東賺的錢比他作為首席執行官時賺的還多。的確，巴菲特購買蘋果及其大量股份的決定，成為他一生中最賺錢的投資之一。儘管巴菲特在辭去首席執行官職務前出售了大量投資，但蘋果仍然是伯克希爾哈撒韋最大的持股。</p>
</div><p>Greg Abel took over for Buffett at Berkshire at the start of the year, and he's started to exert his own influence on the company's enormous equity portfolio. Buffett left him with roughly $369 billion in cash and equivalents to deploy, as well as several dozen companies generating substantial free cash flow each quarter. After deploying an estimated $23 billion into a single stock, however, Abel may have already found Berkshire's next Apple.</p>
<div class="lb-trans"><p>格雷格·阿貝爾在年初接替巴菲特擔任伯克希爾的首席執行官，他開始對公司的龐大股票投資組合施加自己的影響。巴菲特留下了大約 3690 億美元的現金及等價物供他使用，以及數十家每季度產生可觀自由現金流的公司。然而，在對單一股票投資約 230 億美元后，阿貝爾可能已經找到了伯克希爾的下一個蘋果。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Nzc0MDkvZ2V0dHlpbWFnZXMtbWFuLWxvb2tpbmctYXQtYS10YWJsZXQuanBnJnc9Mzg0MA" alt="Person sitting at a desk looking at a tablet." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F877409%2Fgettyimages-man-looking-at-a-tablet.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>How Buffett and Munger started buying Apple</h2>
<div class="lb-trans"><h2>巴菲特和芒格如何開始購買蘋果</h2>
</div><p>At the 2012 Berkshire Hathaway annual meeting, Buffett and the late  Vice Chairman Charlie Munger were asked whether they would consider buying companies like Apple and Google, now Alphabet( GOOG 0.37%)( GOOGL 0.23%). Buffett praised both companies and said, &#34;I would not be at all surprised to see them be worth a lot more money 10 years from now, but I wouldn't want to buy either one of them.&#34;</p>
<div class="lb-trans"><p>在 2012 年伯克希爾哈撒韋年度會議上，巴菲特和已故副董事長 查理·芒格 被問到是否會考慮購買像蘋果和谷歌這樣的公司，現在的 字母表( GOOG 0.37%)( GOOGL 0.23%)。巴菲特稱讚這兩家公司，並表示：“我一點也不驚訝看到它們在 10 年後會值更多的錢，但我不想購買它們中的任何一家公司。”</p>
</div><p>It all came down to their circle of competence. &#34;I think we can fairly say that other people will always understand those two companies better than we do,&#34; Munger added. &#34;We have the <em>reverse</em> of an edge.&#34;</p>
<div class="lb-trans"><p>這一切都歸結為他們的能力圈。芒格補充道：“我認為我們可以公平地説，其他人總是會比我們更瞭解這兩家公司。我們有着相反的優勢。”</p>
</div><p>Four years later, Berkshire started buying Apple stock.</p>
<div class="lb-trans"><p>四年後，伯克希爾開始購買蘋果股票。</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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FBUEwucG5nJnc9MTI4" alt="Apple Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FAAPL.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: AAPL</h2>
<div class="lb-trans"><h2>NASDAQ: AAPL</h2>
</div><p>Apple</p>
<div class="lb-trans"><p>蘋果</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(4.88%) $14.36</p>
<div class="lb-trans"><p>(4.88%) $14.36</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$308.74</p>
<div class="lb-trans"><p>$308.74</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>$4.5T</p>
<div class="lb-trans"><p>$4.5 萬億</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$293.70 - $309.42</p>
<div class="lb-trans"><p>$293.70 - $309.42</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$201.50 - $317.40</p>
<div class="lb-trans"><p>$201.50 - $317.40</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>3.3K</p>
<div class="lb-trans"><p>3.3K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>53.9M</p>
<div class="lb-trans"><p>53.9M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>47.86%</p>
<div class="lb-trans"><p>47.86%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.34%</p>
<div class="lb-trans"><p>0.34%</p>
</div><p>The about-face stems from a complete reconsideration of Apple, especially as the stock price fell toward an incredibly cheap valuation. Buffett began to view Apple as a consumer-goods company with tremendous pricing power instead of a tech company reliant on innovation. And after Buffett lieutenants Ted Weschler and Todd Combs presented it as a good investment opportunity, he began buying it in large quantities. Ultimately, Buffett sunk $36 billion of Berkshire's cash into the stock from 2016 through 2018.</p>
<div class="lb-trans"><p>這一轉變源於對蘋果的全面重新考慮，尤其是在股價跌至極具吸引力的估值時。巴菲特開始將蘋果視為一傢俱有巨大定價能力的消費品公司，而不是依賴創新的科技公司。在巴菲特的副手泰德·韋施勒和託德·科姆斯將其視為良好投資機會後，他開始大量購買。最終，巴菲特在 2016 年至 2018 年間將 360 億美元的伯克希爾現金投入了該股票。</p>
</div><p>The willingness to continue examining every opportunity in the market ensured Buffett and Munger didn't miss out on the biggest investment of their lifetimes. Berkshire's Apple position grew to $177 billion in 2023 before Buffett started trimming the stock from the portfolio. After selling 75% of Berkshire's stake, the remaining shares are still worth more than $70 billion.</p>
<div class="lb-trans"><p>繼續審視市場上的每一個機會，確保巴菲特和芒格沒有錯過他們一生中最大的投資。伯克希爾在 2023 年的蘋果持倉增長至 1770 億美元，隨後巴菲特開始削減該股票的投資組合。在出售了伯克希爾 75% 的股份後，剩餘的股票仍然價值超過 700 億美元。</p>
</div><p>Greg Abel is taking a similar approach, examining every opportunity without abandoning the core investment philosophy behind Berkshire's portfolio. And that may have led to Berkshire Hathaway's next Apple: an opportunity to deploy a huge amount of capital with strong return potential.</p>
<div class="lb-trans"><p>格雷格·阿貝爾採取了類似的方法，審視每一個機會，同時不放棄伯克希爾投資組合背後的核心投資理念。這可能導致伯克希爾哈撒韋的下一個蘋果：一個可以投入大量資本並具有強大回報潛力的機會。</p>
</div><h2>Abel's $23 billion bet (so far)</h2>
<div class="lb-trans"><h2>阿貝爾的 230 億美元賭注（迄今為止）</h2>
</div><p>Abel has made several big investments in his short tenure as CEO, but his biggest so far is the position in Alphabet. Berkshire initially took a small stake in Alphabet in the third quarter of last year while Buffett was still CEO. It's unclear whether Buffett, Weschler, or Combs pushed for that initial position. However, Abel appears to be behind the recent purchases, given their size.</p>
<div class="lb-trans"><p>阿貝爾在擔任首席執行官的短暫任期內進行了幾項重大投資，但迄今為止最大的是對字母表的投資。伯克希爾在去年第三季度巴菲特仍擔任首席執行官時最初對字母表進行了小規模投資。目前尚不清楚是巴菲特、韋施勒還是科姆斯推動了這一初始投資。然而，考慮到其規模，阿貝爾似乎是最近購買的幕後推手。</p>
</div><p>Berkshire added nearly 40 million shares of Alphabet stock in the first quarter for an estimated cost of about $13 billion. At the start of June, Abel negotiated a $10 billion private placement for an additional 28.6 million shares. While Berkshire received a discount from the prevailing share price at the time of the deal, the stock subsequently sank below that level, allowing Abel to buy even more at the same price. It wouldn't be a surprise if he had.</p>
<div class="lb-trans"><p>伯克希爾在第一季度增持了近 4000 萬股字母表股票，預計成本約為 130 億美元。在 6 月初，阿貝爾談判達成了一項 100 億美元的私募配售，購買額外的 2860 萬股。雖然伯克希爾在交易時獲得了當時股價的折扣，但該股票隨後跌至該水平以下，使阿貝爾能夠以相同的價格購買更多。如果他這樣做也不奇怪。</p>
</div><p>Abel's decision to load up on Alphabet may seem like a big shift away from the core investment philosophy that got Berkshire to this place. But at its core, Alphabet may be simpler than it sounds. There are two key businesses within Alphabet: advertising and cloud computing.</p>
<div class="lb-trans"><p>阿貝爾決定大量購買字母表可能看起來是對使伯克希爾走到今天的核心投資理念的重大轉變。但從本質上講，字母表可能比聽起來簡單。字母表內有兩個關鍵業務：廣告和雲計算。</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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0cucG5nJnc9MTI4" alt="Alphabet Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FGOOG.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: GOOG</h2>
<div class="lb-trans"><h2>NASDAQ: GOOG</h2>
</div><p>Alphabet</p>
<div class="lb-trans"><p>字母表</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(-0.37%) $-1.33</p>
<div class="lb-trans"><p>(-0.37%) $-1.33</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$356.56</p>
<div class="lb-trans"><p>$356.56</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>$4.3T</p>
<div class="lb-trans"><p>$4.3 萬億</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$350.36 - $360.99</p>
<div class="lb-trans"><p>$350.36 - $360.99</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$173.88 - $404.47</p>
<div class="lb-trans"><p>$173.88 - $404.47</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>1.2K</p>
<div class="lb-trans"><p>1.2K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>21.4M</p>
<div class="lb-trans"><p>21.4M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>60.43%</p>
<div class="lb-trans"><p>60.43%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.24%</p>
<div class="lb-trans"><p>0.24%</p>
</div><p>The advertising business is anchored by Search and YouTube, both of which have established durable competitive advantages. Many expected AI chatbots to disrupt Google's search dominance. Instead, it has reinforced Google as the first stop for most internet searches.</p>
<div class="lb-trans"><p>廣告業務以搜索和 YouTube 為基礎，這兩者都建立了持久的競爭優勢。許多人預計人工智能聊天機器人會擾亂谷歌的搜索主導地位。相反，它進一步鞏固了谷歌作為大多數互聯網搜索的首選。</p>
</div><p>In fact, the company has leveraged AI to expand the types of searches users perform on its service. As a result, Alphabet has seen accelerating search ad revenue during the past four quarters. YouTube, likewise, has established itself as the top source for ad-supported video, winning over amateur and professional video producers alike with its monetization capabilities.</p>
<div class="lb-trans"><p>事實上，該公司利用人工智能擴展了用户在其服務上進行的搜索類型。因此，字母表在過去四個季度中看到了搜索廣告收入的加速增長。YouTube 同樣已成為廣告支持視頻的主要來源，以其變現能力贏得了業餘和專業視頻製作人的青睞。</p>
</div><p>In cloud computing, the business is relatively straightforward. Alphabet builds capacity and rents it to customers. It has a few other capabilities to build out a fully fledged platform instead of merely renting infrastructure, but at its core, it's similar to a real estate business.</p>
<div class="lb-trans"><p>在雲計算領域，業務相對簡單。Alphabet 建設能力並將其租賃給客户。它還有一些其他能力來構建一個完整的平台，而不僅僅是租賃基礎設施，但從本質上講，它與房地產業務類似。</p>
</div><p>Alphabet has seen tremendous demand for its cloud service, as reflected in its remaining performance obligations. As of the end of the first quarter, the company had $460 billion in contracted backlog, up from $230 billion the previous quarter.</p>
<div class="lb-trans"><p>Alphabet 的雲服務需求巨大，這在其剩餘業績義務中得到了體現。截至第一季度末，公司有 4600 億美元的合同積壓，較上個季度的 2300 億美元有所增加。</p>
</div><p>There's a long runway for growth at Alphabet across its business segments, especially with free cash flow from advertising funding accelerated growth in the cloud business. With the stock trading at less than 26 times forward earnings, it still looks like a good value relative to its growth outlook. And with a market cap of more than $4 trillion, Abel can deploy a huge chunk of Berkshire's cash in the business without disrupting the market. He could make it Berkshire's largest investment ever over the next few quarters.</p>
<div class="lb-trans"><p>Alphabet 在其各個業務部門都有很大的增長空間，尤其是廣告帶來的自由現金流為雲業務的加速增長提供了資金支持。考慮到股票的前瞻市盈率不到 26 倍，相較於其增長前景仍然顯得具有良好的價值。而且，隨着市值超過 4 萬億美元，Abel 可以在不擾動市場的情況下將大量伯克希爾的現金投入到業務中。他可能在接下來的幾個季度內使其成為伯克希爾有史以來最大的投資。</p>
</div>

Has Greg Abel Found Berkshire Hathaway's Next Apple? He's Put $23 Billion Into This Company So Far and Could Buy Even More.

- 巴菲特表示，蘋果依然是伯克希爾的最大持股。
- 阿貝爾在 Alphabet 投資已達 230 億美元，顯示出其積極部署資金的策略。
- Alphabet 在廣告和雲計算領域的增長潛力巨大，成為巴菲特下一次投資的機會。

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Greg Abel 是否找到了伯克希爾哈撒韋的下一個蘋果？他到目前為止已經向這家公司投入了 230 億美元，並可能會繼續增持