“股神”隐退，伯克希尔为何“弃苹果、选谷歌”？_老虎社区_美港股上老虎

“股神”隐退，伯克希尔为何“弃苹果、选谷歌”？

金融投资报2025-11-17

“股神”巴菲特虽然宣布隐退了，但他的投资旗舰伯克希尔·哈撒韦(以下简称“伯克希尔”)依然受到众多投资者的关注。由于重大投资依旧是由巴菲特做主，伯克希尔的大笔买卖依旧能指引“股神”拥趸们的投资方向。日前，伯克希尔公布了今年第三季度的投资报告。第三季度，伯克希尔买入了64亿美元股票，卖出了125亿美元股票，这是其连续第十二个季度净卖出股票。最引人注目的是，在三季度，伯克希尔新买入Alphabet(谷歌...

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有意思嘛
·2025-11-17
放弃苹果？人家第一重仓还是苹果
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Horton的持股，这些都是传统消费的代表品种。不出意外的话，Alphabet只是伯克希尔大胆拥抱科技拥抱AI的一个开始，毕竟AI是未来科技的代表。不仅仅是Alphabet，美国科技“七姐妹”在AI以及AI衍生的众多前沿科技产业领域你追我赶，从GPU芯片、AI数据基建，到卫星互联网、太空智算中心等，都是大手笔投资。因此，尽管最近一个多月以来，海外资本市场AI相关科技股股价出现了剧烈的震荡，唱空与做空声不绝于耳，但依旧有投资大佬认为人工智能还处于起步阶段，宽裕的流动性将支撑前沿科技企业的高估值。这个宽裕的流动性，包括了科技“七姐妹”自己在产业上的巨额投入，也包括像伯克希尔这样长期价值投资者的二级市场投入。如此巨额的流动性投入，最终会体现到科技进步与市场应用放量的双赢之上。","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":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":501181873058488,"gmtCreate":1763388411253,"gmtModify":1763388413610,"author":{"id":"3523536666774916","authorId":"3523536666774916","name":"有意思嘛","avatar":"https://static.tigerbbs.com/2467760e12a0719e780d7f9aa6176a05","vip":1,"hat":"https://static.tigerbbs.com/75944ad144f2566ba526ce9b292d3cd2","crmLevel":1,"crmLevelSwitch":0,"idStr":"3523536666774916","authorIdStr":"3523536666774916"},"htmlText":"放弃苹果？人家第一重仓还是苹果&nbsp;","listText":"放弃苹果？人家第一重仓还是苹果&nbsp;","text":"放弃苹果？人家第一重仓还是苹果","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/501181873058488","repostId":2584642226,"repostType":2,"repost":{"id":"2584642226","kind":"news","pubTimestamp":1763375542,"share":"https://www.laohu8.com/m/news/2584642226?lang=zh_CN&edition=full","pubTime":"2025-11-17 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href=\"https://laohu8.com/S/AAPL\">苹果</a>是其第一大仓位股票，但“股神”对苹果的企业定位依旧是电子消费品，没有脱离“消费”范畴，而Alphabet的科技定位显然还要“飘忽”一些。这里的“飘忽”，是从企业定位和财务报表看，显然不太符合“股神”“看得懂、透明公司”的定义。</p><p>更耐人寻味的是，今年第三季度，伯克希尔减持了约4179万股苹果股票，这也是“股神”的旗舰公司连续第二个季度抛售苹果股票。如果是看好科技股的发展前景，伯克希尔似乎完全没有必要一增一减，因为伯克希尔有足够的现金头寸，不可能是因为缺钱而“拆东墙补西墙”。</p><p>究其原因，可能是苹果在AI之路上步伐太小，今年在资本市场的表现不是太好。在美股科技“七姐妹”中，由于苹果有传统的产品和生态护城河，所以其在AI上的表现并不出色，其股价表现也不如人意，截至11月14日，今年的股价只涨了23%。反观<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>，同时期的年度涨幅则达到84%。关键是涨了这么多，其动态市盈率也只有23倍，比苹果近35倍的动态市盈率要小得多。与此相对应的，是谷歌预计2026年的资本支出将远高于2025年的920亿美元，其中大部分资金投入到AI相关领域。苹果则预计未来4年在AI领域投资800亿美元，两相比较差距明显。</p><p>其实，在“股神”高调退休以后，伯克希尔立刻显露出与时俱进的味道。今年第三季度，伯克希尔还减持了3720万股美国银行股份，并清仓了对房屋建筑商DR Horton的持股，这些都是传统消费的代表品种。不出意外的话，Alphabet只是伯克希尔大胆拥抱科技拥抱AI的一个开始，毕竟AI是未来科技的代表。不仅仅是Alphabet，美国科技“七姐妹”在AI以及AI衍生的众多前沿科技产业领域你追我赶，从GPU芯片、AI数据基建，到卫星互联网、太空智算中心等，都是大手笔投资。因此，尽管最近一个多月以来，海外资本市场AI相关科技股股价出现了剧烈的震荡，唱空与做空声不绝于耳，但依旧有投资大佬认为人工智能还处于起步阶段，宽裕的流动性将支撑前沿科技企业的高估值。这个宽裕的流动性，包括了科技“七姐妹”自己在产业上的巨额投入，也包括像伯克希尔这样长期价值投资者的二级市场投入。如此巨额的流动性投入，最终会体现到科技进步与市场应用放量的双赢之上。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>“股神”隐退，伯克希尔为何“弃苹果、选谷歌”？</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“股神”隐退，伯克希尔为何“弃苹果、选谷歌”？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-17 18:32 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251117190809a6ff3ce8&s=b><strong>金融投资报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“股神”巴菲特虽然宣布隐退了，但他的投资旗舰伯克希尔·哈撒韦(以下简称“伯克希尔”)依然受到众多投资者的关注。由于重大投资依旧是由巴菲特做主，伯克希尔的大笔买卖依旧能指引“股神”拥趸们的投资方向。日前，伯克希尔公布了今年第三季度的投资报告。第三季度，伯克希尔买入了64亿美元股票，卖出了125亿美元股票，这是其连续第十二个季度净卖出股票。最引人注目的是，在三季度，伯克希尔新买入Alphabet(谷歌...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251117190809a6ff3ce8&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","USJW.SI":"ALPHAB 3xLongSG261006","GOOG":"谷歌","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU0061474960.USD":"天利环球焦点基金AU Acc","IE00BLSP4452.SGD":"Legg Mason 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ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251117190809a6ff3ce8&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2584642226","content_text":"“股神”巴菲特虽然宣布隐退了，但他的投资旗舰伯克希尔·哈撒韦(以下简称“伯克希尔”)依然受到众多投资者的关注。由于重大投资依旧是由巴菲特做主，伯克希尔的大笔买卖依旧能指引“股神”拥趸们的投资方向。日前，伯克希尔公布了今年第三季度的投资报告。第三季度，伯克希尔买入了64亿美元股票，卖出了125亿美元股票，这是其连续第十二个季度净卖出股票。最引人注目的是，在三季度，伯克希尔新买入Alphabet(谷歌母公司)1785万股股票，市值约43.4亿美元，在伯克希尔持仓中占1.62%。这是伯克希尔首次买入Alphabet，也是首次大规模买入一家互联网科技公司。虽然此前苹果是其第一大仓位股票，但“股神”对苹果的企业定位依旧是电子消费品，没有脱离“消费”范畴，而Alphabet的科技定位显然还要“飘忽”一些。这里的“飘忽”，是从企业定位和财务报表看，显然不太符合“股神”“看得懂、透明公司”的定义。更耐人寻味的是，今年第三季度，伯克希尔减持了约4179万股苹果股票，这也是“股神”的旗舰公司连续第二个季度抛售苹果股票。如果是看好科技股的发展前景，伯克希尔似乎完全没有必要一增一减，因为伯克希尔有足够的现金头寸，不可能是因为缺钱而“拆东墙补西墙”。究其原因，可能是苹果在AI之路上步伐太小，今年在资本市场的表现不是太好。在美股科技“七姐妹”中，由于苹果有传统的产品和生态护城河，所以其在AI上的表现并不出色，其股价表现也不如人意，截至11月14日，今年的股价只涨了23%。反观谷歌，同时期的年度涨幅则达到84%。关键是涨了这么多，其动态市盈率也只有23倍，比苹果近35倍的动态市盈率要小得多。与此相对应的，是谷歌预计2026年的资本支出将远高于2025年的920亿美元，其中大部分资金投入到AI相关领域。苹果则预计未来4年在AI领域投资800亿美元，两相比较差距明显。其实，在“股神”高调退休以后，伯克希尔立刻显露出与时俱进的味道。今年第三季度，伯克希尔还减持了3720万股美国银行股份，并清仓了对房屋建筑商DR Horton的持股，这些都是传统消费的代表品种。不出意外的话，Alphabet只是伯克希尔大胆拥抱科技拥抱AI的一个开始，毕竟AI是未来科技的代表。不仅仅是Alphabet，美国科技“七姐妹”在AI以及AI衍生的众多前沿科技产业领域你追我赶，从GPU芯片、AI数据基建，到卫星互联网、太空智算中心等，都是大手笔投资。因此，尽管最近一个多月以来，海外资本市场AI相关科技股股价出现了剧烈的震荡，唱空与做空声不绝于耳，但依旧有投资大佬认为人工智能还处于起步阶段，宽裕的流动性将支撑前沿科技企业的高估值。这个宽裕的流动性，包括了科技“七姐妹”自己在产业上的巨额投入，也包括像伯克希尔这样长期价值投资者的二级市场投入。如此巨额的流动性投入，最终会体现到科技进步与市场应用放量的双赢之上。","news_type":1,"symbols_score_info":{"AAPL":1.5,"GOOG":1.5,"BRK.B":1.5,"BRK.A":1.5,"MACW.SI":0.6,"GOOGL":1.5,"USJW.SI":0.6}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}