伯克希尔“买入谷歌”不像是巴菲特的决策？

Core Insights - Berkshire Hathaway has made a significant investment in Alphabet, which contradicts Warren Buffett's principle of not investing in businesses that are difficult to understand [1][2] - The investment comes at a pivotal moment as Buffett prepares to step down, suggesting a potential shift in investment strategy under the new leadership of Greg Abel [2][4] Investment Analysis - Berkshire Hathaway acquired 17.84 million shares of Alphabet, making it the company's tenth-largest stock holding [2] - The investment was made at a high valuation, with Berkshire paying approximately 40 times the tracking free cash flow (FCF), significantly above the S&P 500 average of about 26 times since 1991 [1][4] - The investment represents a bet on future growth, requiring Alphabet to achieve an annual free cash flow growth of 13% to 23% over the next three to five years to justify its valuation [4] Market Context - This investment places Berkshire Hathaway at the center of the ongoing debate on whether AI-related stocks are overvalued [3][4] - Despite the high valuation, Alphabet's free cash flow profit margin was around 19% last year, with expectations to maintain that level this year, which raises concerns about its ability to support such a high valuation [4] - In contrast, Nvidia, a leader in AI chips, has a much higher profit margin of 44%, which supports its higher valuation of over 60 times free cash flow [4]