伯克希尔·哈撒韦公司的股价在周五收盘时达到了自沃伦·巴菲特在2025年5月的年度股东大会上宣布计划于当年年底卸任首席执行官以来的最高水平。在此之前的一天（即周六），该公司A类股票的股价就已经创下了历史新高。
Berkshire Hathaway shares closed Friday at their highest level since Warren Buffett told shareholders at the May 2025 annual meeting he planned to step down as CEO at the end of that year The day before that Saturday surprise, both the Class A shares had closed at all-time highs.
然而，在接下来的三个月里，由于投资者担心所谓的“巴菲特溢价”（即投资者因巴菲特的影响力而愿意为伯克希尔股票支付的额外溢价）正在逐渐消失，该公司股价下跌了超过14%。
Over the next three months, they lost more than 14% of their value as investors worried a " Buffett premium " was dissolving.
自2025年8月股东大会后的低点以来，伯克希尔·哈撒韦的股价已经回升了一年多，但回升过程并不平稳。截至周五，A类股票的收盘价为798,000美元，仅比其历史最高价809,350美元低1.4%；B类股票的收盘价为532.02美元，同样比其历史最高价539.80美元低1.4%。
It's been more than a year since their post-meeting low in August of 2025, and the recovery has not been a straight line, but BRK.A ended Friday at $798,000, just 1.4% below its all-time closing high of $809,350. The B shares finished at $532.02, also 1.4% under their all-time closing high of $539.80.
周四的股价下跌打破了伯克希尔股票连续10个交易日上涨的势头（此前股价累计上涨了5%），但周五股价又反弹了超过1%。
A loss Thursday broke a 10-session winning streak that added 5% to Berkshire's stock prices but they rebounded with gains of more than 1% Friday.
有分析认为，投资者可能对伯克希尔在格雷格·阿贝尔的领导下开始使用其巨额现金感到满意——该公司在第二季度通过回购股票向Alphabet、Taylor Morrison、Home和Lennar等公司投入了45亿美元；此外，Keefe, Bruyette & Woods公司的分析师Meyer Shields也指出，较高的短期利率正在推动股价上涨。
thinks investors may be happy Berkshire is spending some of its big cash pile under CEO Greg Abel, with $4.5 billion of buybacks in Q2 investments in Alphabet Taylor Morrison Home Lennar (although there haven't been any buys of that stock since October 2), and now, Bending Spoons It also notes Keefe, Bruyette & Woods analyst Meyer Shields believes higher short-term interest rates are helping to lift the shares.
伯克希尔目前仍持有约3600亿美元的现金，这“体现了新首席执行官领导下公司持续的耐心”；同时，较高的利率意味着该公司可以从这些现金中获得更多的收益。此外，由于飓风季节较为平静，伯克希尔的保险业务也获得了良好的发展。
Berkshire still has roughly $360 billion in cash, "a good symbol of continued patience under the new CEO," and those higher rates mean "they'll be making more money" on that money. In addition, its insurance operations have benefited from a quiet hurricane season so far.
油价上涨对伯克希尔有利——该公司持有雪佛龙公司190亿美元的股份，该股票的股价在周五创下历史新高，自7月初以来已上涨了近36%。伯克希尔旗下的能源相关子公司也受益于这一趋势。
Higher oil prices are good for its $19 billion stake in Chevron which closed Friday at an all-time high after gaining almost 36% since the start of July. Berkshire's energy-related subsidiaries are also getting a tailwind.
最近，随着投资者远离高飞的AI和科技股，转向“老牌”经济公司，伯克希尔可能正获得提振。例如，可口可乐是巴菲特长期偏爱的股票，目前持仓价值达376亿美元，周五收盘创下历史新高，或许还得益于肯德基从百事转向可口可乐的影响。截至目前，其年内涨幅达34%。
And recently, Berkshire may be getting a boost as investors shift away from high-flying AI and tech stocks and turn to "old" economy names For example, Coca-Cola a long-time Buffett favorite and now a $37.6 billion holding also closed Friday at an all-time high, perhaps with some extra help from KFC's switch from Pepsi to Coke It's up 34% year-to-date.
自上周五以来，伯克希尔的持仓价值增加了24亿美元，超越Alphabet，成为其投资组合中第三大持仓。（详见下方完整前十名名单。）伯克希尔B类股已将其6月1日相对于标普500指数落后17.5个百分点的差距缩小了近三分之二。目前，其年内表现落后于基准指数6.0个百分点。
Berkshire's position has gained $2.4 billion since last Friday, overtaking Alphabet to become the third largest stake in its portfolio. (See the full top 10 below.) Berkshire's B shares have cut their June 1 deficit of 17.5 percentage points versus the S&P 500 by almost two-thirds. They are now 6.0 percentage points behind the benchmark for the year.
对“热门”意大利科技公司的非典型押注目前看来是一次重大胜利……伯克希尔哈撒韦对一家意大利科技公司的近10亿美元惊喜押注目前看来正在获得丰厚回报，至少在短期内如此。
Atypical bet on 'buzzy' Italian tech company is big win ... so far Berkshire Hathaway's surprising bet of close to $1 billion on is paying off big, at least in the short term.
该公司于今年7月在美国纳斯达克上市，业务包括收购被淘汰的互联网品牌，如AOL、Evernote和Vimeo，利用AI降低成本，并将节省下来的资金用于进行更多收购。
The Italian company, which began trading on Nasdaq in the U.S. in July, buys cast-off internet names like AOL, Evernote, and Vimeo, uses AI to cut costs, and deploys the savings to make more acquisitions.
7月下旬，CNBC Pro曾表示：“华尔街正在议论纷纷”，“分析师……预见未来将有大幅上涨。”这只科技股显然不是伯克希尔典型的价值投资标的，其交易市盈率较高。
In late July, CNBC Pro said "Wall Street is buzzing," and "analysts ... see big gains ahead." The tech stock is decidedly not a typical Berkshire value play trading at a large multiple to its earnings.
但在周三早盘开盘前，Bending Spoons发布新闻稿透露，伯克希尔正通过私募配售以每股33美元的价格购买1000万股新发行股份，进一步向该公司投资3.3亿美元。这较周二收盘价37.86美元已经折价近12%，消息公布后，Bending Spoons股价应声上涨，当日盘中一度触及58.56美元的高点，最终收涨41%，报53.46美元。
But before Wall Street's open Wednesday morning, a Bending Spoons news release revealed Berkshire is investing a "further" $330 million in the company by purchasing 10 million newly issued shares at $33 per share in a private placement That was already an almost 12% discount from Tuesday's closing price of $37.86 and the news sent Bending Spoons shares even higher They hit an intraday high of $58.56 before closing up 41% at $53.46 on Wednesday.
自该消息公布以来的三个交易日内，Bending Spoons股价累计上涨24.3%，尽管在周五的科技股抛售中曾回吐部分涨幅，但最终仍收于47.07美元。
Bending Spoons shares are up 24.3% over the three trading days since the revelation, after giving up a chunk of their earlier gains in Friday's tech sell-off to end at $47.07.
这比伯克希尔以33美元购买价格高出42.6%，按账面价值计算，利润近1.41亿美元。但弯曲勺子声明中的“进一步”是什么意思？
That's a solid 42.6% higher than Berkshire's $33 purchase price for a profit, on paper, of nearly $141 million. But what's that "further" in Bending Spoon's statement?
该声明还披露，显然是首次披露，伯克希尔在三个月多前以6亿美元投资了弯曲勺子的IPO。
The release also disclosed, apparently for the first time, that Berkshire invested $600 million at Bending Spoon's IPO more than three months ago.
该声明未说明伯克希尔在7月购买了多少股份，而弯曲勺子方面也未确认我的计算，但假设伯克希尔按每股29美元的IPO价格付款，那么最初的购买量将接近2070万股。
The release doesn't specify how many shares Berkshire bought in July, and Bending Spoons wouldn't confirm my math, but assuming Berkshire paid the $29 per share IPO price, that initial purchase would have been almost 20.7 million shares.
这使得伯克希尔目前持有的股份接近3070万股，按周五收盘价计算，价值超过14亿美元，对其总计9.3亿美元投资的收益率为55.3%。
That puts Berkshire's holding now at close to 30.7 million shares, which would be worth more than $1.4 billion at Friday's close, a gain of 55.3% for its overall investment of $930 million.
弯曲勺子的声明还称，“新投资使伯克希尔哈撒韦的持股比例达到4%。”
Bending Spoon's release also says the "new investment brings Berkshire Hathaway's ownership to 4%."
该公司在一封邮件中告诉我，它尚未“具体披露”目前流通股的数量，“但我们在第二季度有6.35亿股完全摊薄加权平均流通股，作为IPO的一部分我们发行了3400万股，而在此次交易中我们将额外发行1000万股。”根据这些数字，伯克希尔推定的3070万股股份相当于4.5%的持股比例，这就是我目前在伯克希尔投资组合追踪器中所填写的数字。
The company told me in an email it hasn't "specifically disclosed" how many outstanding shares it has now, "but we had 635 million fully diluted weighted average shares outstanding in Q2, we issued 34 million shares as part of the IPO, and we will be issuing an additional 10 million as part of this transaction." Using those numbers, Berkshire's presumed 30.7 million shares are a 4.5% stake, and that's what I've put in the Berkshire Portfolio Tracker for now.
我们可能要等到下个月才能确切知道伯克希尔在IPO中购买了多少股份，因为其截至9月30日的投资组合快照将在此时披露。
We may learn more next month about exactly how many shares Berkshire bought in the IPO when its portfolio snapshot as of September 30 is due to be disclosed.
另一个未知的是：伯克希尔内部谁做出了在弯曲勺子处取得股份的决定。
Another unknown: who at Berkshire made the call to take a stake in Bending Spoons.
弯曲勺子公司首席执行官兼联合创始人卢卡·费拉里分享了华尔街对伯克希尔投资的热情，他在新闻稿中表示，奥马哈公司“一直是世界上最优秀、最受尊敬的资本配置者之一，并且长期以来一直是弯曲勺子公司的灵感来源。”
Bending Spoons CEO and Co-Founder Luca Ferrari shares Wall Street's enthusiasm about Berkshire's investments, saying in the news release the Omaha company "has been among the finest and most respected capital allocators in the world, and is a longstanding inspiration for Bending Spoons."
格雷戈里·沃伦（他曾是2014年至2019年伯克希尔股东大会的指定分析提问者之一）撰文称，弯曲勺子公司的买入评级，以及伯克希尔如今价值360亿美元的持仓，“表明该公司终于走出了舒适区，寻找可以部署资本的地方，这应被视为长期投资者的积极信号。”在《巴伦周刊》上，安德鲁·巴里表示：“许多伯克希尔持有者希望公司在拥有3500亿美元以上现金的情况下，能更重仓地投资股票，但弯曲勺子公司的投资却令人惊讶，因为其估值较高。”
Greggory Warren (who was one of the designated analyst questioners at Berkshire shareholders meetings from 2014 2019 writes the Bending Spoons buy, along with Berkshire's now $36 billion stake show "the firm is finally moving out of its comfort zone to find places to put capital to work, which should be viewed as a positive for long-term investors." At , Andrew Bary says "Many Berkshire holders would like to see the company invest more heavily in stocks given the company's $350 billion-plus in cash, but Bending Spoons was a surprise" given its high valuation. BUFFETT & BERKSHIRE AROUND THE INTERNET
巴菲特与伯克希尔在互联网上的动态一些链接可能需要订阅：彭博社在雅虎财经：摩根大通的康姆斯自加入以来已指导50亿美元的支出《愚人众》在雅虎财经：在沃伦·巴菲特领导下，伯克希尔哈撒韦在60年期间跑赢了标普500指数。以下是可能帮助在格雷格·阿贝尔领导下延续这一纪录的股票。
Some links may require a subscription: Bloomberg on Yahoo Finance: JPMorgan's Combs Directs $5 Billion in Spending Since Joining The Motley Fool on Yahoo Finance: Berkshire Hathaway Outperformed the S&P 500 Over a 60-Year Period Under Warren Buffett.
CNBC巴菲特档案精选：“我四分之一是可口可乐”（2015）沃伦·巴菲特为可口可乐辩护，这是伯克希尔哈撒韦长期持有的重仓股，尽管有人对含糖饮料提出健康担忧。
Here's the Stock That Could Help Continue the Streak Under Greg Abel. HIGHLIGHTS FROM CNBC'S BUFFETT ARCHIVE 'I am one-quarter Coca-Cola' (2015) Warren Buffett defends Coca-Cola a big and long-time Berkshire Hathaway holding, against health concerns over sugary beverages.
沃伦·巴菲特：“是啊，嗯——人们自1886年以来一直在喝可口可乐，所以我想一定有——我不知道有任何研究是关于可口可乐重度消费者终身使用情况与仅喝水的人群的比较。”
WARREN BUFFETT Yeah well — people have been drinking Coca-Cola since 1886, so I imagine that there's been some —I don't know of any study that's been made on the lifetime of heavy users of Coca-Cola versus people who drink nothing but water.
但就我个人而言，我今年84岁，过去30年我摄入的所有热量中，恰好有四分之一来自可口可乐。我看不出有人能比我感觉更好。
But speaking for myself, I'm 84, literally one-quarter of all the calories I've consumed in the last 30 years have been Coca-Cola. And I don't see how anybody can feel any better than I feel.
我是四分之一可口可乐，我可以告诉你，我从未缺过一天的工作，你知道的 — — 自从三年前我患上前列腺癌 — — 放疗以来。我认为前列腺癌不是由可口可乐引起的（笑）。所以 — — 我和我所有的朋友都疯狂地喝它。
I am one-quarter Coca-Cola, and I can tell you, I haven't missed a day of work, you know — since I had the prostate cancer — radiation — three years ago. And I don't think the prostate cancer was caused (laughs) by Coca-Cola. So — I — and all my friends drink it like crazy.
因此，今天全球售出的可口可乐产品有19亿份8盎司的份量，而且从现在起一年内将超过19亿份，五年后将更多，十年后也将更多。
So there's 1.9 billion eight-ounce servings of Coca-Cola products sold around the world today, and there will be more than 1.9 billion a year from now, and more than that five years from now, and more than that ten years from now.
这种情况一直成立。有些人会喜欢其他东西，如果他们喜欢西兰花和布鲁塞尔芽甘蓝，上帝保佑他们，你知道的，但别邀请我吃晚饭。（笑声）伯克希尔股票观察 四周 十二个月 BRK.A股价：798,000.00美元 BRK.B股价：532.02美元BRK.B市盈率（TTM）：13.38 伯克希尔市值：1,138,885,966,355美元 伯克希尔截至6月30日的现金：3655亿美元（较3月31日下降8.0%） 不包括铁路现金并扣除应付国库券：3592亿美元（较3月31日下降3.8%） 伯克希尔在2026年第二季度回购了价值45亿美元的股份。
And that's been true. And some people will like other things, and — and if they like broccoli and Brussels sprouts, God bless them, you know, but don't invite me for dinner. (Laughter) BERKSHIRE STOCK WATCH Four weeks Twelve months BRK.A stock price: $798,000.00 BRK.B stock price: $532.02 BRK.B P/E (TTM): 13.38 Berkshire market capitalization: $1,138,885,966,355 Berkshire Cash as of June 30: $365.5 billion (Down 8.0% from March 31) Excluding Rail Cash and Subtracting T-Bills Payable: $359.2 billion (Down 3.8% from March 31) Berkshire repurchased $4.5 billion of its shares in Q2 2026. BERKSHIRE'S TOP EQUITY HOLDINGS - Oct. 16, 2026 Berkshire's top holdings of disclosed publicly traded stocks in the U.S. and Japan, by market value, based on the latest closing prices.
伯克希尔主要股权持仓 - 2026年10月16日 伯克希尔在美国和日本公开交易股票中按市值计算的主要持仓，基于最新收盘价。
Holdings are as of June 30, 2026, as reported in Berkshire Hathaway's 13F filing on August 14, 2026, except for:
持仓数据截至2026年6月30日，如伯克希尔哈撒韦公司于2026年8月14日提交的13F报告所示，但以下除外：三菱的数据截至2026年4月30日 完整的持仓清单及当前市值可通过CNBC.com的伯克希尔哈撒韦投资组合追踪器获取 问题或评论 请将有关此通讯的任何问题或评论发送至alex.crippen@cnbc.com 如果您尚未订阅此通讯，可在此注册 此外，巴菲特致股东的年度信件强烈推荐阅读。这些信件可在伯克希尔官网上查阅 Alex Crippen，编辑，沃伦·巴菲特观察
Mitsubishi which is as of April 30, 2026 The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker QUESTIONS OR COMMENTS Please send any questions or comments about the newsletter to me at alex.crippen@cnbc.com If you aren't already subscribed to this newsletter, you can sign up here Also, Buffett's annual letters to shareholders are highly recommended reading. There are collected here on Berkshire's website Alex Crippen, Editor, Warren Buffett Watch