沃倫·巴菲特（Warren Buffett）向華爾街的警告加劇了他拋棄蘋果和美國銀行的股份

億萬富翁投資者沃倫·巴菲特（Warren Buffett）一方面負責伯克希爾·哈撒韋（Berkshire Hathaway）在59年內的年收益近20％

Billionaire investor Warren Buffett's nearly 20% annualized gain at Berkshire Hathaway (NYSE:BRKb) versus the S&P 500 index's roughly 10% over 59 years is no mean feat. The investor's mastery over value investing principles and strong track record over the decades make investors listen to his advice, especially during stretches of market volatility.

億萬富翁投資者沃倫·巴菲特（Warren Buffett）在伯克希爾·哈撒韋（Berkshire Hathaway）（紐約證券交易所：BRKB）的近20％的年增長率與標準普爾500指數在59年內的大約10％的年齡並不是卑鄙的壯舉。在過去的幾十年中，投資者掌握了價值投資原則和良好的往績使投資者傾聽了他的建議，尤其是在市場波動期間。

The Oracle of Omaha is known for investing in great businesses at reasonable prices and holding on to them for the long term. Short-term trends don't easily influence the 94-year-old, and he often goes against the market consensus, which has mostly proved profitable for him.

奧馬哈（Omaha）的甲骨文（Oracle）以合理的價格投資出色的企業並長期堅持下去。短期趨勢並不容易影響這位94歲的年輕人，他經常違反市場共識，這對他來說大多是有利可圖的。

He had once stated in a shareholder letter that he and his team' attempt to be fearful when others are greedy and to be greedy only when others are fearful.'

他曾經在一封股東信中說，他和他的團隊“在別人貪婪和貪婪時，只有當別人恐懼時要貪婪。”

Buffett Has Been Dumping Shares Since 2024

巴菲特自2024年以來一直在傾銷股份

Buffett's warning to Wall Street started in 2024 when he significantly reduced his holdings of stocks like Apple (NASDAQ:AAPL) and Bank of America (NYSE:BAC). He also closed positions in several index funds tracking the S&P 500, building a massive pile of cash. Despite a year-long rally, Buffett's net sales totalled $103.32 billion, which lifted Berkshire Hathaway's cash reserves to $257.54 billion. These moves drove speculation about whether there are no bargains in the market.

巴菲特對華爾街的警告始於2024年，當時他大大減少了蘋果（NASDAQ：AAPL）和美國銀行（NYSE：BAC）等股票的持股。他還關閉了幾個指數基金的職位，這些指數基金跟踪標準普爾500指數，建立了一大堆現金。儘管進行了長達一年的集會，巴菲特的淨銷售額仍為1.032億美元，這使伯克希爾·哈撒韋公司的現金儲備提高了2575.4億美元。這些舉動引起了人們關於市場中是否沒有討價還價的猜測。

The investor also broke a six-year streak of buying Berkshire Hathaway, thinking his own company's stock was overvalued.

投資者還打破了六年的收購伯克希爾·哈撒韋（Berkshire Hathaway），認為自己公司的股票被高估了。

The S&P 500 Shiller CAPE ratio, which measures price and earnings per share over a 10-year period to gauge economic fluctuations, reached above 37, indicating that stocks have become expensive. This could also have been one of the reasons why Buffett considered offloading stocks in bulk.

標準普爾500 Shiller Cape比率在10年內衡量每股價格和每股收益來衡量經濟波動，達到37以上，表明股票變得昂貴。這也可能是巴菲特考慮批量卸載股票的原因之一。

However, he reassured investors about his preference for equities over cash. "Despite what some commentators currently view as an extraordinary cash position at Berkshire, the great majority of your money remains in equities," Buffett noted. "That preference won't change."

但是，他向投資者保證了他對股票而不是現金的偏愛。巴菲特指出：“儘管有些評論員目前認為在伯克希爾的現金狀況非凡，但您的大部分資金仍在股票中。” “這種偏好不會改變。”

Interestingly, the Berkshire chair recently expressed concern about disappointing economic data and the impact of President Donald Trump's tariffs on the broader economy and corporate earnings. The Nasdaq and S&P 500 recently slid into correction territory, dropping over 10% from their most recent peaks.

有趣的是，伯克希爾主席最近對令人失望的經濟數據以及唐納德·特朗普總統的關稅對更廣泛的經濟和公司收入的影響表示關注。納斯達克和標準普爾500年最近滑入更正領域，比最近的山峰下降了10％。

Buffett's Warning To Wall Street Intensifies

巴菲特向華爾街的警告加劇了

During an interview with CBS last week, Buffett described the tariffs as "an act of war," adding that they could translate to higher prices for consumers. When looking at the tariffs, he said it's vital to think "and then what?", referring to who will take accountability for the costs. His views could imply that the tariffs pose a significant headwind for companies and the economy in the near term.

巴菲特在上週接受CBS採訪時，將關稅描述為“戰爭行為”，並補充說，他們可以轉化為消費者的更高價格。在查看關稅時，他說思考“然後是什麼？”至關重要的，指的是誰將負責費用。他的觀點可能意味著，在短期內，關稅對公司和經濟帶來了重大阻力。

While this doesn't necessarily mean Buffett will avoid investments in the stock market, he remains cautious of the developing situation. While the recent tariffs could disrupt a company's financial goals in the short term, a business with strong fundamentals is likely to navigate the volatility over time successfully.

儘管這並不一定意味著巴菲特會避免在股市上進行投資，但他對發展狀況保持謹慎。儘管最近的關稅可能會在短期內破壞公司的財務目標，但具有強大基礎知識的企業很可能會成功地導致波動性。

Buffett also mentioned that despite not piling into stocks in 2024, the value of Berkshire Hathaway's private holdings rose "and remains far greater than the value of the marketable portfolio." Despite a drop in stock holdings last year, he opened positions in companies, including Constellation Brands and bumped his stake in Domino's Pizza in the latest quarter.

巴菲特還提到，儘管在2024年不堆積股票，但伯克希爾·哈撒韋（Berkshire Hathaway）的私人股份的價值上升了，“遠遠超過了可銷售的投資組合的價值。”儘管去年的股票持有量下降，但他在包括Constellation品牌在內的公司中開設了職位，並在最新季度將他在Domino的比薩餅中持有股份。