人物｜巴菲特老矣，价值投资尚能饭否？

Core Insights - Warren Buffett, the legendary value investor, is set to retire by the end of this year, marking the end of an era for Berkshire Hathaway [1][6][12] - Buffett's recent stock sell-offs and cash reserves indicate a cautious approach amidst market volatility, with Berkshire holding a record $347.7 billion in cash and equivalents [3][4][9] - Buffett emphasizes the importance of adapting to market changes and not being swayed by emotional reactions to market fluctuations [9][10] Group 1: Retirement Announcement - Buffett's retirement announcement at the shareholder meeting surprised many, including his successor Greg Abel, who will take over decision-making authority [6][7] - Buffett has expressed confidence in Abel's management style, which is more hands-on compared to his own [7][8] - The transition is expected to maintain Berkshire's investment philosophy, with Abel prepared to deploy the company's substantial cash reserves when opportunities arise [7][8] Group 2: Investment Strategy - Buffett's investment strategy has evolved over decades, transitioning from tangible assets to intangible assets and now focusing on companies with network effects, exemplified by his investment in Apple [10][11] - Despite recent stock sales, Buffett's preference remains for owning good businesses rather than holding cash equivalents [9][10] - The significant reduction in Berkshire's holdings in major stocks like Apple and American Bank reflects a strategic response to high valuations in the market [8][9] Group 3: Market Perspective - Buffett has criticized the use of tariffs as a trade weapon, suggesting it disrupts global markets and is a significant error [3][4] - He remains unfazed by recent market volatility, comparing it to historical downturns that did not fundamentally affect Berkshire's operations [3][4] - The company has been net selling stocks for ten consecutive quarters, indicating a strategic repositioning in response to market conditions [3][4]