“股神”变“债王”！巴菲特持有比美联储更多的美债

Core Insights - Warren Buffett's Berkshire Hathaway has acquired 5% of the entire U.S. Treasury bill market, amounting to $300.87 billion in short-term U.S. debt [1] - Berkshire's holdings surpass the Federal Reserve's, which currently holds just over $195 billion in Treasury bills, indicating Buffett's significant position in the market [2] - The yield on Treasury bills, approximately 4.359% as of April 2025, is more attractive than current stock market opportunities, leading Buffett to refrain from major acquisitions for over two years [2] Group 1 - Berkshire Hathaway holds $144 billion in Treasury bills classified as cash equivalents, with a remaining maturity of less than three months [1] - An additional $286.47 billion is categorized as short-term investments directly corresponding to Treasury bills, totaling $300.87 billion [1] - The total U.S. Treasury bill market is valued at $6.15 trillion, making Buffett's share equivalent to $1 for every $20 in circulation [1] Group 2 - Buffett remains inactive in the market despite significant declines, waiting for a "fat pitch" opportunity to invest [3] - The current market conditions have made it challenging for Buffett to identify worthwhile investments, even with his extensive cash reserves [3] - The size of Berkshire's market capitalization, exceeding $1 trillion, limits the potential impact of even multi-billion dollar transactions [3][4] Group 3 - Historical context shows Buffett's past interventions during financial crises, such as investing in Goldman Sachs and Bank of America, but current market dynamics require larger-scale assistance [5] - The scale of potential investments has increased significantly since the last financial crisis, necessitating larger commitments to have a meaningful impact [5]