沃伦·巴菲特（Warren Buffett）向华尔街的警告加剧了他抛弃苹果和美国银行的股份

亿万富翁投资者沃伦·巴菲特（Warren Buffett）一方面负责伯克希尔·哈撒韦（Berkshire Hathaway）在59年内的年收益近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.

亿万富翁投资者沃伦·巴菲特（Warren Buffett）在伯克希尔·哈撒韦（Berkshire Hathaway）（纽约证券交易所：BRKB）的近20％的年增长率与标准普尔500指数在59年内的大约10％的年龄并不是卑鄙的壮举。在过去的几十年中，投资者掌握了价值投资原则和良好的往绩使投资者倾听了他的建议，尤其是在市场波动期间。

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.

奥马哈（Omaha）的甲骨文（Oracle）以合理的价格投资出色的企业并长期坚持下去。短期趋势并不容易影响这位94岁的年轻人，他经常违反市场共识，这对他来说大多是有利可图的。

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.'

他曾经在一封股东信中说，他和他的团队“在别人贪婪和贪婪时，只有当别人恐惧时要贪婪。”

Buffett Has Been Dumping Shares Since 2024

巴菲特自2024年以来一直在倾销股份

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.

巴菲特对华尔街的警告始于2024年，当时他大大减少了苹果（NASDAQ：AAPL）和美国银行（NYSE：BAC）等股票的持股。他还关闭了几个指数基金的职位，这些指数基金跟踪标准普尔500指数，建立了一大堆现金。尽管进行了长达一年的集会，巴菲特的净销售额仍为1.032亿美元，这使伯克希尔·哈撒韦公司的现金储备提高了2575.4亿美元。这些举动引起了人们关于市场中是否没有讨价还价的猜测。

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

投资者还打破了六年的收购伯克希尔·哈撒韦（Berkshire Hathaway），认为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.

标准普尔500 Shiller Cape比率在10年内衡量每股价格和每股收益来衡量经济波动，达到37以上，表明股票变得昂贵。这也可能是巴菲特考虑批量卸载股票的原因之一。

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，他向投资者保证了他对股票而不是现金的偏爱。巴菲特指出：“尽管有些评论员目前认为在伯克希尔的现金状况非凡，但您的大部分资金仍在股票中。” “这种偏好不会改变。”

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，伯克希尔主席最近对令人失望的经济数据以及唐纳德·特朗普总统的关税对更广泛的经济和公司收入的影响表示关注。纳斯达克和标准普尔500年最近滑入更正领域，比最近的山峰下降了10％。

Buffett's Warning To Wall Street Intensifies

巴菲特向华尔街的警告加剧了

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.

巴菲特在上周接受CBS采访时，将关税描述为“战争行为”，并补充说，他们可以转化为消费者的更高价格。在查看关税时，他说思考“然后是什么？”至关重要的，指的是谁将负责费用。他的观点可能意味着，在短期内，关税对公司和经济带来了重大阻力。

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.

尽管这并不一定意味着巴菲特会避免在股市上进行投资，但他对发展状况保持谨慎。尽管最近的关税可能会在短期内破坏公司的财务目标，但具有强大基础知识的企业很可能会成功地导致波动性。

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.

巴菲特还提到，尽管在2024年不堆积股票，但伯克希尔·哈撒韦（Berkshire Hathaway）的私人股份的价值上升了，“远远超过了可销售的投资组合的价值。”尽管去年的股票持有量下降，但他在包括Constellation品牌在内的公司中开设了职位，并在最新季度将他在Domino的比萨饼中持有股份。