双语 | 沃伦·巴菲特最钟情的15只股票

2020年10月14日

上周五,巴菲特旗下的伯克希尔哈撒韦公司公布了向美国证券交易委员会提交的文件,其中显示了在2019年第四季度买进、卖出和持有的股票。这样外界可以了解到巴菲特所持有股票的最新数据。

在2018年致伯克希尔哈撒韦公司股东的信中,巴菲特写道,该公司的目标是在2019年全年扩大可上市股票的持有量。

巴菲特之所以把这么多钱投入股市,部分原因是他自2016年以来未能进行重大收购。他在信中写道:“那些拥有良好长期前景的企业,价格实在太高了。”“尽管如此,我们仍然希望能进行一次大象规模的收购。”

与此同时,伯克希尔哈撒韦公司的现金储备出现了爆炸性增长。截至第三季度末,该公司的收益报告显示高盛股票代码,尽管回购了7亿美元的股票,但其现金持有量仍增至创纪录的1280亿美元。

对巴菲特来说,买股票而非买公司可能是一个“令人失望的现实”。但对其他投资者而言,巴菲特所持股份是“奥马哈先知”眼中有吸引力的公司令人垂涎的一瞥。尽管在他几十年的职业生涯中积累了相当多的追随者,巴菲特警告说,他对股票购买的预期“不是市场预测”。

他写道,他和他在伯克希尔哈撒韦公司的合伙人查理·芒格“不知道下周或明年股市的走势如何”。“我们从来没有做过这种预测。相反,我们的想法集中在计算一项有吸引力的业务的一部分是否比它的市场价格更有价值,”他说。

根据美国证券交易委员会的文件,以下是截至12月31日伯克希尔·哈撒韦公司持有的15大股票。

On Friday, Berkshire Hathaway, the company Buffett runs, released SEC filings showing the stocks that were bought, sold, and held in the fourth quarter of 2019. That means that Buffett’s top stock holdings overall are once again up to date.

In a 2018 letter to Berkshire Hathaway shareholders, Buffett wrote that the company would aim to expand its holdings of marketable equities throughout 2019.

Part of the reason that Buffett has poured so much money into stocks is that he’s failed to make a major acquisition since 2016. “Prices are sky-high for businesses possessing decent long-term prospects,” he wrote in the letter. “We continue, nevertheless, to hope for an elephant-sized acquisition.”

At the same time, Berkshire Hathaway’s cash pile has exploded. At the end of the third quarter, the company’s earnings report showed that its cash holdings had grown to a record $128 billion, even as it repurchased $700 million of its own stock.

For Buffett, buying stocks instead of companies may present a “disappointing reality.” But for other investors, Buffett’s holdings are a coveted glimpse into what companies the “Oracle of Omaha” views as attractive. Even though he’s amassed quite a following over the course of his multi-decade career, Buffett warns that his expectation of stock purchases is “not a market call.”

He and Charlie Munger, his partner at Berkshire Hathaway, “have no idea as to how stocks will behave next week or next year,” he wrote. “Predictions of that sort have never been a part of our activities. Our thinking, rather, is focused on calculating whether a portion of an attractive business is worth more than its market price,” he said.

Here are the top 15 holdings of Berkshire Hathaway as of December 31, according to Securities and Exchange Commission filings, ranked by the total value of each investment.

(翻译:Meng 审核:Yuan)

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