伯克希尔重仓买入谷歌，巴菲特退休前夕策略引关注

Core Insights - Berkshire Hathaway has made a surprising investment by acquiring 17.84 million shares of Alphabet, making it the company's tenth-largest holding, which contrasts with Warren Buffett's long-standing principle of avoiding businesses that are not well understood [1][3]. Investment Strategy Shift - This investment marks a significant departure from Buffett's traditional investment philosophy, as it involves entering the complex technology sector and paying a high valuation, approximately 40 times the tracking free cash flow, compared to the S&P 500's average of about 26 times since 1991 [3]. - The timing of this investment coincides with a critical leadership transition at Berkshire, with speculation that the incoming CEO, Greg Abel, may have played a key role in this decision, indicating a potential shift in the company's investment logic towards accepting higher premiums for future growth [3][4]. Future Growth Expectations - Analysts suggest that for the valuation to become reasonable, Alphabet needs to achieve an annual free cash flow growth rate of 13% to 23% over the next three to five years, despite its current free cash flow margin of about 19%, which is weaker than Nvidia's margin of 44% [3]. - This investment places Berkshire at the center of the ongoing debate on whether the AI-related investments on Wall Street are overvalued [3].