股神谢幕！伯克希尔生涯最后一年，巴菲特坚决“卖股票，囤现金”

Core Viewpoint - Warren Buffett officially stepped down as CEO of Berkshire Hathaway, marking a significant transition in the company's leadership as he hands over to Greg Abel. This year, Berkshire has sold $10 billion worth of stocks, becoming a net seller for the third consecutive year, while cash reserves have surged to a historic high of $358 billion. Since Buffett took over, an initial investment of $100 has grown to approximately $5.5 million, compared to about $39,000 from the S&P 500 index during the same period, with Buffett's portfolio outperforming the market benchmark approximately 67% of the time [1][3]. Group 1 - In his final year as CEO, Buffett adhered to his investment principles, maintaining patience in a high market and significantly increasing cash reserves. He sold stocks to push cash reserves to a record high, demonstrating a classic strategy of "selling stocks and hoarding cash" during market peaks [3][6]. - Buffett's decision to reduce his stake in Apple, selling approximately 41.79 million shares in the third quarter, reflects a disciplined approach even as Apple's stock price rose by 9% this year. The total reduction over two quarters exceeded 60 million shares, indicating a strategic exit from a previously significant holding [6][7]. - Berkshire Hathaway completed its last major acquisition under Buffett's leadership, purchasing OxyChem for $10 billion, which provided Western Oil with much-needed cash while potentially offering Berkshire an attractive price [9]. Group 2 - The transition of leadership has led to notable personnel changes, including the departure of key executives such as Todd Combs and Marc Hamburg. Buffett expressed confidence in his successor Greg Abel, highlighting Abel's superior understanding of the company's potential and risks compared to many seasoned executives in the field [5][10]. - Following Buffett's announcement of his retirement, Berkshire's stock has seen a decline of over 6%, with concerns that the absence of Buffett's influence may lead to a loss of talent and a shift towards a more ordinary corporate structure [10].