Jan 2, 2025
The ‘Oracle of Omaha’ does not dabble in short-term trades or chase after trends — rather, he looks for businesses that have lasting, competitive advantages, solid management, and good valuations.
这位“奥马哈先知”不参与短期交易或追逐潮流，相反，他寻求的是那些具有持久竞争优势、稳健管理和良好估值的企业。
Over the span of his decades-long career, those criteria have made Berkshire Hathaway into a company worth almost $1 trillion. But even Buffett is not immune to mistakes — for example, many consider that he was quite late to the party when it comes to tech.
在数十年的投资生涯中，他运用这些标准让伯克希尔·哈撒韦成为一家接近1万亿美元市值的公司。即便如此，巴菲特也无法避免错误，例如，许多人认为他在科技股方面的投资较为滞后。
Still, the billionaire has managed to outperform the markets more consistently than most. Per the company’s latest 13-F filing, Berkshire Hathaway maintains 40 holdings — worth approximately $266,378,900,000. However, most of the companies it invests in represent a tiny sliver of overall holdings.
尽管如此，这位亿万富翁投资表现仍然持续地战胜市场，大多数人都只能望其项背。根据公司最新的13-F报告，伯克希尔·哈撒韦持有40只股票，总市值约为2663.79亿美元。然而，其所投资的各公司股票大多数仅占伯克希尔·哈撒韦整体持股的一小部分。
For a more focused view, let’s take a look at Buffett’s biggest bets.
为了更深入地了解，让我们聚焦于巴菲特下过的最大赌注。
Buffett’s stock portfolio returns
巴菲特的股票投资回报
The top 4 holdings in Buffett’s portfolio account for 64% of its total value. They are, in order: Apple, with 26%, American Express accounting for 15%, Bank of America with 12%, and Coca-Cola with 11%. There are no other holdings in the portfolio that account for a double digit percentage of the portfolio’s overall value.
巴菲特投资组合中的前四大持股占其总市值的64%。按顺序排列分别为：苹果，占26%；美国运通，占15%；美国银行，占12%；可口可乐，占11%。除了这4支股票外，没有其他股票的市值在巴菲特的投资组合中占比达到两位数。
All four of Buffett’s largest holdings are in the green when it comes to their 2024 performance. AXP stock netted the greatest returns — having appreciated in price by 60.33% since the beginning of the year.
在2024年，巴菲特的最大4支持股的表现均为正数。美国运通股票获得了最高的回报，自年初以来，其股价上涨了60.33%。
Although Buffett slashed his stake in both companies, Apple and BAC stock saw gains of 35.15% and 32.05%, respectively. The fourth largest holding, Coca-Cola, is an outlier — having returned only 4.01% over the course of 2024.
尽管巴菲特削减了对苹果和美国银行的持股，但苹果和美国银行的股票分别上涨了35.15%和32.05%。然而，第四大持股可口可乐则是一个离群值，2024年的回报率仅为4.01%。
Split evenly between these four stocks, a $1,000 investment made at the beginning of 2024 would now be worth $1,328, at a return of 32.88%. For reference, the S&P 500 returned 24.01% over the same timeframe.
如果某人在2024年初，将1000美元的投资平均分配到这四支股票上，现在将增值至1328美元，回报率为32.88%。作为参考，标准普尔500指数在相同时间段内的回报率为24.01%。
Lastly, readers should remember that this is a simplified overview of the billionaire’s biggest holdings, used as an illustrative shorthand, as most investors would be ill-advised to maintain a portfolio of 40 stocks.
最后，读者应当记住，这只是对这位亿万富翁的最大持股的简化概述，一个示意性的简要说明，因为大多数投资者并不适宜持有40只股票的投资组合。
