Key Points Buffett bought shares of Lennar in both of the first two quarters of 2025. This purchase could signal that the legendary investor views the housing market as a tremendous opportunity. 10 stocks we like better than Lennar › Warren Buffett became an investing legend through buying stocks. However, over the past 12 consecutive quarters, he has been a net seller of stocks. The billionaire has sold roughly $24 billion worth of stock in 2025 so far for Berkshire Hathaway's (NYSE: BRK.A) (NYSE ...

Core Insights - The article emphasizes the importance of investing in companies with a strong history of dividend growth, particularly those classified as Dividend Kings, which have increased dividends for at least 50 consecutive years [1][2] Investment Strategy - A good company is often defined by its ability to pay and grow dividends over time, aligning with Benjamin Graham's advice to focus on long-term dividend payers [2] - Warren Buffett's investment philosophy suggests buying good companies at attractive prices and holding them for the long term, which is a strategy that can be adapted by individual investors [3][11] Investment Approach - For passive investors, buying an S&P 500 index fund and consistently adding to it is recommended as a sound strategy, allowing for dollar-cost averaging [4] - Berkshire Hathaway serves as an example of a successful investment vehicle, owning a diverse range of companies and demonstrating strong long-term performance [5] Stock Selection Criteria - Investors should focus on companies with understandable business models and long-term growth potential, supported by thorough analysis of quarterly earnings and annual reports [7] - Stocks with historically high dividend yields are often attractively priced, making them a good focus for long-term dividend investors [8] - Traditional valuation metrics such as price-to-sales and price-to-book ratios should be used to confirm the attractiveness of a stock's price relative to its dividend yield [9][10] Long-Term Investment Philosophy - Holding investments for the long term is crucial, as it allows investors to benefit from the growth of the companies they own, exemplified by companies like PepsiCo [11] - Investors are advised to limit their stock purchases to a small number, ideally 20 or fewer, to maintain focus and avoid overtrading [12][13]

Key Points Buffett will soon retire as CEO of Berkshire Hathaway after decades of success. The company's portfolio illustrates some of Buffett's key philosophies and best stock ideas. Buffett's decision to accumulate so much cash in recent years will be a fascinating topic years from now. 10 stocks we like better than Berkshire Hathaway › Wall Street will soon enter a new era. That will occur in January, when multi-billionaire and investing legend Warren Buffett retires from his post as CEO of B ...

伯克希尔的利润主要来自两大部分：并表业务和投资业务。并表业务主要为伯克希尔下属子公司经营业务，涵盖公共业务、铁路、制造业、零售、服务以及 其投资业务最主要的资金来源——保险。这些并表业务由职业经理人经营并向伯克希尔汇报，伯克希尔不干预这些业务的管理，投资业务则由巴菲特主导。 并表业务季度表现不错 就其并表的业务而言，伯克希尔的经营业绩不错，见下图，第3季的保险承销业务净利润同比增长215.87%，至23.69亿美元，因上期保险业务重大赔付较高 导致可比基数较低；主要为已确认出售投资损益和股息及利息在内的保险投资收入则按年下降13.18%，至31.81亿美元；铁路业务的季度利润按年增长 4.77%，至14.49亿美元；能源等公共业务的季度利润则按年下降8.59%，至14.89亿美元；制造、服务和零售业务利润按年增长8.20%，至36.16亿美元。 伯克希尔（BRK.B.US）公布了2025年第3季业绩，这也可能是"股神"巴菲特退休前的最后一份第3季业绩。 不过，对伯克希尔账面业绩影响最大的还是其投资损益，这包括未出售投资的期末市值变动，见下图，其第3季投资收益为173.11亿美元，按年增长7.12%， 但是从今 ...

Core Insights - Warren Buffett has sold over 427 million shares of Bank of America since July 2024, reducing Berkshire Hathaway's stake by 41% [5][8][9] - Despite the reduction in Bank of America shares, Buffett has consistently increased investments in a cyclical stock that has shown significant returns [5][17] - Buffett's retirement is approaching, with Greg Abel set to take over, marking a significant transition for Berkshire Hathaway [2][3] Bank of America (BofA) - As of mid-2024, Bank of America was Berkshire's second-largest holding, with over 1.03 billion shares [6] - The selling of BofA shares may be influenced by profit-taking and the potential rise in corporate income tax rates [10][11] - BofA's stock has shifted from a 68% discount to its book value in 2011 to a 39% premium as of October 2024, prompting Buffett to reduce exposure [13][14] Economic Context - Bank of America is particularly sensitive to interest rate changes, benefiting from a significant increase in net interest income during the Federal Reserve's rate hikes [11][12] - The current rate-easing cycle may negatively impact BofA's profitability compared to its peers [12] Investment Trends - Berkshire Hathaway has been a net seller of stocks for 11 consecutive quarters, totaling $177.4 billion in sales [16] - Despite this trend, Buffett has consistently purchased shares of Pool Corp. over the last four quarters, indicating a strategic focus on cyclical stocks [17][18] Pool Corp. - Pool Corp. has shown strong performance with a market cap of $10 billion and a significant historical stock price increase of over 42,400% since its IPO [19][22] - The company benefits from recurring sales and predictable cash flow due to ongoing maintenance needs for pools and spas [20] - Pool Corp. is innovating with its Pool360 platform, enhancing margins and operational efficiency for professionals in the industry [21]

巴菲特连续第三年抛售股票，这位伯克希尔哈撒韦(BRK.A.N、BRK.B.N)的首席执行官正步入他在这家 庞大集团任期的最后阶段——一个由他亲手打造并经营逾六十年的商业帝国。 伯克希尔·哈撒韦于当地时间周六披露，截至9月30日的三个月内，公司再次出售了61亿美元的普通股。 随着多个行业股价大幅上涨，巴菲特似乎发现卖出股票的机会多于买入。在过去三年中，伯克希尔累计 出售了约1840亿美元的股票。 该集团的现金储备继续攀升并创下纪录，达到3820亿美元，这些资金来自涵盖保险、制造、公共事业及 北美最大铁路之一的多元业务。不过，这一数字尚未包括短期美国国债投资的应付费用，伯克希尔指出 本季度约为230亿美元。 伯克希尔已连续五个季度未进行任何股票回购，巴菲特选择继续观望。 自95岁的巴菲特宣布将在今年年底卸任首席执行官后，公司股价表现落后于标普500指数。明年1月，将 由现年62岁的加拿大籍高管格雷格·阿贝尔（Greg Abel）接任CEO，他此前负责伯克希尔的非保险业 务。 自巴菲特5月在奥马哈年度股东大会上宣布即将卸任以来，投资者一直密切关注接班进展。在此期间， 伯克希尔A类高投票权股票下跌约12%，而标普50 ...

上月，伯克希尔哈撒韦终于动用了其无比庞大的现金储备，同意以大约97亿美元收购美国能源巨头西方 石油(OXY.US)旗下的石油化工业务，宣布了自2022年以来最大规模的一笔收购。 智通财经APP获悉，来自华尔街金融巨头爱德华·琼斯(Edward Jones)的资深分析师詹姆斯·沙纳汉(James Shanahan)表示，有着"股神"称号的沃伦·巴菲特旗下的伯克希尔哈撒韦公司(BRK.A.US,BRK.B.US)第三 季度业绩超出预期，主要受益于其保险承保业务的显著改善以及旗下航空航天零部件制造商Precision Castparts的稳健贡献。该分析师还认为，即将在年末接班巴菲特的阿贝尔依托于伯克希尔创纪录的接近 4000亿美元现金储备，将重建投资者信心。 分析师沙纳汉强调，在这家综合性的超级巨头股价经历今年以来显著跑输标普500指数之后，他所领导 的爱德华·琼斯分析师团队选择逆势上调了伯克希尔哈撒韦的股票评级，并支持接班巴菲特的首席执行 官格雷格·阿贝尔(Greg Abel)随着时间推移重建投资者们对于伯克希尔的长期持有信心。 这家总部位于内布拉斯加州奥马哈的超级巨头于上周六早些时候公布，其业务利润同比大幅增 ...

Group 1 - In the first ten months of the year, Hong Kong Stock Exchange ranked first globally with over 210 billion HKD in fundraising, with 80 companies listed, a 32.5% increase from the previous year [1][1] - Shenzhen had 9 companies listed in Hong Kong, including well-known brands like Guanghetong and Fengcai Technology, contributing to the city's globalization efforts [1][1] - The total fundraising amount of 215.46 billion HKD exceeded the combined IPO fundraising amounts for 2023 and 2024, marking a 202.07% increase year-on-year [1][1] Group 2 - Shahe Co. announced a significant asset restructuring plan to acquire 70% of Jinghua Electronics, marking the first major restructuring case following Shenzhen's new merger and acquisition policies [2][2] - The restructuring aligns with Shenzhen's "Three-Year Action" policy aimed at enhancing the valuation of state-owned enterprises and promoting strategic mergers [2][2] Group 3 - Eleven Shenzhen companies made it to the "Top 100 Foreign-Funded Enterprises in Guangdong" list, showcasing the city's diverse economic landscape and competitive strength [3][3] - Notable companies include Siemens, Walmart, and DuPont, representing key sectors such as manufacturing, retail, and logistics [3][3] Group 4 - In Q3 2025, the net absorption of premium office space in Shenzhen increased by 68.5% year-on-year, driven by growth in technology and trade sectors [4][5] - The market saw a record high of 445,000 square meters of new supply, with half coming from Qianhai [4][5] Group 5 - In October, the retail market for narrow passenger vehicles is expected to reach approximately 2.2 million units, with electric vehicle sales projected at around 1.32 million units, achieving a penetration rate of about 60% [7][7] - Companies like Xpeng and NIO reported significant year-on-year delivery increases, with Xpeng delivering 355,200 units, a 190% increase [7][7] Group 6 - As of October 31, 2023, the quality of information disclosure among A-share listed companies reached an excellent rate of 85.24%, with 1,001 companies rated as A-class [8][9] - The evaluation covered aspects such as disclosure compliance, investor relations, and social responsibility [9][9]

上方的图表为伯克希尔近几个季度的盈利表现。其他的业绩指标方面，归属于伯克希尔股东们的第三季度整体净利润同比增长17.3%至308亿美元。截至 2025年9月30日，伯克希尔的现金储备增至惊人的3817亿美元，高于截至2025年6月30日的现金储备高点——3441亿美元。在这3817亿美元的超级现金储备 中，绝大多数为短期限美债，伯克希尔的这种短期债的持有规模甚至远高于美联储的短期债券持有规模。 现金储备创纪录! 在美股屡创新高之际，"股神"巴菲特诠释何谓"现金为王"! 毫无疑问的是，巴菲特继续用实际行动拥趸"现金为王"策略，伯克希尔现金储备再度创下历史新高，这位世界上最著名的股票投资者自2024年以来无比偏好 现金，被市场解读为他似乎押注美国经济以及美股将陷入动荡，同时也被一些华尔街投资机构解读为巴菲特意在给"阿贝尔时代"留下足够多的"现金子 弹"——即力争给伯克希尔的未来经营操作留下足够大的想象空间。 凭借持仓规模比美联储还要高的短期美债持有规模以及创纪录的现金与现金等价物储备，加之伯克希尔近年来颇具避险主义色彩的金融市场投资组合，全面 彰显出伯克希尔"安全避风港"这一强大的避险投资属性。 然而，也是因为其 ...

Group 1: Economic Outlook - The labor market remains a significant variable for the Federal Reserve's potential monetary easing, with expectations of a decline in non-farm payrolls and an increase in the unemployment rate to 4.4% in October [1][3] - The Conference Board's consumer confidence index fell to 94.6, the lowest level since April, indicating a pessimistic outlook on the economy and labor market [2] - The Atlanta Fed's GDPNow model maintains a fourth-quarter GDP growth forecast of 3.9%, unchanged from the previous week [2] Group 2: Federal Reserve Signals - The recent FOMC meeting provided hawkish signals, contradicting earlier expectations of a rate cut in December, with notable dissent from Kansas City Fed President Jeff Schmid [2][3] - Market expectations for potential rate cuts in 2025 have been adjusted downwards, with the probability of a rate cut dropping from 95% to around 60% [3] Group 3: Market Performance - Major U.S. stock indices achieved significant milestones, with the Nasdaq Composite rising for the seventh consecutive month and the Dow Jones and S&P 500 marking six straight months of gains, the longest streak since January 2018 [5] - The performance of the "Magnificent 7" tech giants was mixed, with Amazon and Google seeing substantial stock price increases, while Meta and Microsoft experienced declines [5] Group 4: Upcoming Focus - Investors are expected to closely monitor the sustainability of capital expenditures in the AI sector, with upcoming earnings reports from AMD, Qualcomm, and Arm being key indicators [6] - The ongoing government shutdown has raised concerns about the release of economic data, including the monthly non-farm payroll report, which may be delayed again [6]