巴菲特卸任伯克希尔CEO前夕仍在寻觅“大象级”投资标的

环球市场播报01-14

在执掌伯克希尔・哈撒韦的最后一段任期里，沃伦・巴菲特仍在追寻那笔迟迟未出现的 “大象级” 巨额交易。　　这位 95 岁的传奇投资人已于 2026 年初将首席执行官的帅印交予格雷格・阿贝尔。他明确表示，制约交易落地的并非规模问题，而是优质投资机会的匮乏。　　2025 年 5 月，巴菲特宣布将于年底卸任后，在接受贝基・奎克的专访时表示：“问题出在外部环境。说真的，如果我们聊完之后，你告诉我‘我有...

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年全年，巴菲特始终未能找到价格合理、且规模足以对公司业绩产生实质拉动的投资标的。　　尽管阿贝尔的并购履历十分亮眼，但伯克希尔的股东们未必会像包容巴菲特那样，给予他足够的耐心。","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{"IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","BK4581":"高盛持仓","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc 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年全年，巴菲特始终未能找到价格合理、且规模足以对公司业绩产生实质拉动的投资标的。\n　　如今已担任公司董事长的巴菲特表示：“这意味着，当我审视股市，着眼于那些规模足以影响公司整体业绩的标的时，始终一无所获。当然，我们也在零星买入一些资产，但那些都只是‘小打小闹’。但要知道，我今天下午随时都能拿出 1000 亿美元来做一笔大交易。”\n　　2025 年 10 月，伯克希尔以 97 亿美元现金收购西方石油旗下的化工业务板块奥克西化工，这是自 2022 年以 116 亿美元收购保险公司阿勒格尼以来，公司完成的最大一笔收购。\n　　伯克希尔的现金储备之所以大幅增长，源于巴菲特大举减持了两大重仓股 —— 苹果与美国银行的大量股份。\n　　巴菲特并不希望公司持有如此巨额的现金。他长期以来一直提醒投资者，现金是一种糟糕的长期资产，不过同时他也坚持，公司必须持有充足的储备金，以应对各种不可预见的冲击。\n　　他表示：“比起手握 1000 亿美元现金，我更愿意用这笔钱，以合理的价格收购一项优质的好业务。现金在特定规模下是必需品，但它绝非优质资产。”\n　　巴菲特曾将现金储备比作氧气 —— 维系成本低廉，可若是在关键时刻耗尽，则会酿成灾难性后果。\n　　“你总需要确保手头有足够的现金，” 巴菲特说，“持有现金无需付出高昂代价，但它就像氧气一样不可或缺。你必须保证现金随时可用，因为未来充满未知。没人能预判股市走向，也没人能精准预测企业的发展轨迹。”\n　　阿贝尔追随巴菲特多年，一直是其得力副手。他在伯克希尔多笔收购交易中发挥了核心作用，尤其在能源领域贡献突出，助力伯克希尔・哈撒韦能源公司成长为行业巨头。\n　　尽管阿贝尔的并购履历十分亮眼，但伯克希尔的股东们未必会像包容巴菲特那样，给予他足够的耐心。如今公司坐拥巨额现金储备，且股价表现跑输大盘，如何高效配置资本，或将迅速成为这位新任首席执行官面临的核心挑战。\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：丁文武","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"executive","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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巴菲特卸任伯克希尔CEO前夕 仍在寻觅“大象级”投资标的

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巴菲特卸任伯克希尔CEO前夕仍在寻觅“大象级”投资标的