Group 1 - The management team is effectively guiding the company through unprecedented times [1] - Amazon is rated as one of the best stocks to buy right now in 2025 [2] - Stock prices referenced were from the afternoon of September 18, 2025 [3]

记者 | 林健民 编辑 | 叶映橙 9月22日，比亚迪股份（01211.HK）低开，截至14点05分，报109.4港元/股，跌3.61%。消息面上，"巴菲特清仓比亚迪"话题登上微博热搜， 引发广泛关注。 对此，9月22日上午，比亚迪集团品牌及公关处总经理李云飞发文回应称，2022年8月，伯克希尔开始陆续减持其于2008年购买的公司股票，去 年6月其持股就已在5%以下了。"股票投资，有买就有卖，这是很正常的事情。感谢芒格和巴菲特对比亚迪的认可，也感谢过去17年的投资、帮 助和陪伴，为所有的长期主义点赞。" 关于投资比亚迪的经过，巴菲特在2017年的一次采访中，评价王传福"有非常多的伟大的想法，并且他也非常擅长把这些想法变为现实。" 他回忆道："有一天查理·芒格打电话给我说：我们必须投资比亚迪，王传福比爱迪生更厉害。我说，凭这一点还不足以投资比亚迪。查理说， 王传福是爱迪生与比亚迪的结合体。我说，好吧，你对比亚迪的喜爱越来越热烈了，但还不足以让我投资。不管怎样，查理坚持要买比亚 迪。" 公开消息显示，2008年9月26日，在芒格的积极推动下，巴菲特通过伯克希尔·哈撒韦旗下的中美能源公司以每股8港元的价格认购了2. ...

Group 1 - Berkshire Hathaway has completely exited its investment in BYD, marking the end of a 17-year investment journey by Warren Buffett [1] - Berkshire began reducing its stake in BYD in August 2022, with its holdings falling below 5% by June 2023 [1] - Buffett initially invested in BYD in September 2008, purchasing 225 million H-shares at HKD 8 per share, totaling approximately HKD 1.8 billion [1] Group 2 - During Buffett's investment period, BYD's stock price increased by approximately 3890% [1] - From 2008 to 2024, BYD's revenue grew from CNY 27.73 billion to CNY 777.1 billion, a 27-fold increase, while net profit rose from CNY 1.02 billion to CNY 40.25 billion, nearly a 40-fold increase [2] - In the first half of 2025, BYD achieved revenue of CNY 371.28 billion, a year-on-year increase of 23.3%, and a net profit of CNY 15.51 billion, up 13.79% year-on-year [2]

近日，媒体报道称，巴菲特旗下的伯克希尔已完全退出其在中国电动汽车制造商比亚迪的股权投资。 此外，王云飞还特别感谢芒格和巴菲特对比亚迪的认可，也感谢过去17年的投资、帮助和陪伴，为所有的长期主义点赞。 据了解，2008年，伯克希尔斥资2.3亿美元，购入2.25亿股比亚迪股份，持股期间股价上涨约3890%。2022年8月以来，伯克希尔逐步减持比亚迪。2024年6 月，伯克希尔已售出近76%比亚迪股份，持股比例降至5%以下。伯克希尔2025年第一季度财务报告显示，关于比亚迪的投资价值已归零。 对此，比亚迪公关总经理王云飞对外表示，"2022年8月，伯克希尔开始陆续减持其于2008年购买的公司股票，去年6月其持股就已在5%以下了。股票投资， 有买就有卖，这是很正常的事情。" ...

9月21日晚间，据报道，巴菲特旗下的伯克希尔・哈撒韦已完全退出其在比亚迪（02594.SZ； 01211.HK）的投资。据统计，巴菲特持有比亚迪股票的这些年里，比亚迪的股价上涨了约3890%。 此后，巴菲特陆续多次减持比亚迪。到去年6月，伯克希尔已出售了近76%的比亚迪股份，使其持股比 例降至比亚迪已发行股份的略低于5%。 根据香港交易所的规定，一旦持股比例降至5%以下，伯克希尔就不再需要披露后续的出售情况。 根据公开数据，从2008年9月~2025年9月的17年间，巴菲特已累计减持比亚迪H股至少16次，累计套利 至少80.71亿港元。 巴菲特曾在接受采访中谈到当年决定投资比亚迪的经过，评价王传福"有非常多的伟大的想法，并且他 也非常擅长把这些想法变为现实"。 巴菲特没有详细解释伯克希尔为何出售比亚迪股票，但2023年，他在采访时曾表示，比亚迪是一家"非 凡的公司"，但"我认为我们会找到一些让我更满意的投资方向"。 报道中称，伯克希尔发言人证实，比亚迪股份确实已全部售出。伯克希尔在其第一季度的财务文件中 称，截至今年3月31日，公司对比亚迪的这笔投资，价值列为0.0。 9月22日，比亚迪集团公关处总经理李云飞 ...

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has completely divested its shares in BYD, with the investment valued at zero as of March 31 [1] Company Summary - Berkshire Hathaway's spokesperson confirmed the full sale of BYD shares, which began in August 2022, with holdings dropping below 5% by June of the previous year [1] - BYD's public relations manager, Li Yunfei, acknowledged the normalcy of buying and selling in stock investments and expressed gratitude for the recognition and support from Buffett and Munger over the past 17 years [1]

Core Viewpoint - Berkshire Hathaway has completely divested its shares in BYD, marking the end of a 14-year investment relationship, with no response from BYD regarding this development [1][2]. Group 1: Investment History - Berkshire Hathaway initially invested in BYD in September 2008, acquiring 225 million H-shares at HKD 8 per share, totaling approximately HKD 1.8 billion, representing about 10% of BYD post-placement [1]. - At the time of investment, BYD's price-to-earnings ratio was 10.2 and price-to-book ratio was 1.53 [1]. - Over the years, BYD's stock price increased by approximately 3890% during Berkshire's holding period [1]. Group 2: Divestment Process - Starting in August 2022, Berkshire Hathaway began to gradually reduce its stake in BYD, with 13 disclosures of share reductions reported by the Hong Kong Stock Exchange, bringing its holding to 7.98% by October 2023 [1]. - In June 2024, further disclosures indicated that Berkshire's stake fell below 5%, at which point they were no longer required to report subsequent reductions, with 54 million shares still held [2]. Group 3: Management Insights - Warren Buffett attributed the initial investment decision to Charlie Munger, who expressed strong confidence in BYD's CEO Wang Chuanfu, comparing him to Thomas Edison [2]. - In a 2023 interview, Buffett mentioned that the funds from the BYD divestment would be allocated to better investment opportunities [2].

2008年9月26日，在芒格的积极推动下，巴菲特通过伯克希尔·哈撒韦旗下的中美能源公司以每股8港元 的价格认购了2.25亿股比亚迪公司的H股股份，约占比亚迪本次配售后10%的股份，交易总金额约18亿 港元。巴菲特买入比亚迪时对应的市盈率仅10.2倍、市净率1.53倍。 据统计，巴菲特持有比亚迪股票的 这些年里，比亚迪的股价上涨了约3890%。 持股14年后，伯克希尔·哈撒韦于2022年8月开始陆续减持比亚迪。 根据港交所的数据，巴菲特减持比亚 迪股份主要经历了两个阶段。自2022年8月24日起至2023年10月25日，港交所共披露13次减持行为， 伯克希尔对比亚迪股份的持股比例降至7.98%。 9月21日，据媒体报道，巴菲特旗下伯克希尔·哈撒韦公司已清仓所持比亚迪的股份。对此，比亚 迪暂未回应。 伯克希尔·哈撒韦在其第一季度的财务文件中称，截至今年3月31日，公司对比亚迪的这笔投资，价值列 为0.0。 2023年的一次采访中，巴菲特曾回应减持比亚迪一事称，"我们会找到这些资金更好的配置用途。" 综合自：澎湃新闻、第一财经、中国基金报 责编：叶舒筠 校对：祝甜婷 时隔八个月后，2024年6月11日，港交所再次开 ...

Core Viewpoint - Berkshire Hathaway has completely exited its stake in electric vehicle manufacturer BYD, marking the end of a 17-year investment that yielded significant returns [1] Investment Details - The investment began in 2008 when Berkshire's subsidiary, China Energy Company, subscribed to 225 million shares of BYD for $230 million, acquiring a 9.89% stake [1] - Over the 17 years of holding, BYD's stock price increased by approximately 3890%, generating substantial profits for Berkshire [1] - In Q2 2022, the market value of this investment surged by 41%, reaching $9 billion [1] Divestment Timeline - Starting in August 2022, Berkshire began to reduce its holdings, selling nearly 76% of its shares by June 2023, bringing its stake below 5% [1] - Following the reduction, Berkshire was no longer required to disclose further sales under Hong Kong Stock Exchange rules [1] - By Q1 2024, Berkshire Hathaway Energy's financial report indicated that the investment's value had dropped to zero, confirming the complete sale of the stake [1] Management Commentary - Warren Buffett has not provided detailed reasons for the divestment but acknowledged BYD as a "remarkable company" operated by "remarkable people," while expressing a desire to find "more reassuring uses for capital" [1]

Core Insights - The article emphasizes three companies—Waste Management, Intuitive Surgical, and Marriott International—as strong candidates for long-term investment due to their competitive advantages and stable cash flows [2][3]. Waste Management - Waste Management (WM) reported second-quarter revenue of approximately $6.4 billion, reflecting a 19% year-over-year increase, driven by solid performance in core operations and contributions from a healthcare disposal acquisition [5]. - The legacy disposal business saw a revenue increase of 7.1% year over year, indicating robust growth even without acquisitions [5]. - WM's management projects full-year free cash flow between $2.8 billion and $2.9 billion, significantly up from an initial guidance of $125 million, supporting dividends and buybacks while allowing for growth investments [6]. - The company's scale, route density, and long-term contracts create a competitive moat that is difficult for new entrants to penetrate [6]. Intuitive Surgical - Intuitive Surgical reported second-quarter revenue of about $2.44 billion, a 21% year-over-year increase, driven by higher placements of da Vinci systems and increased procedure volumes [9]. - The installed base of da Vinci systems grew at a double-digit rate, and management expects procedure growth of approximately 15.5% to 17% in 2025 [9][10]. - The company has a strong balance sheet with significant cash reserves and no debt, enhancing its resilience [12]. - Intuitive Surgical's price-to-earnings ratio is around 61, indicating that much of the potential upside is already reflected in the stock price [11]. Marriott International - Marriott International's second-quarter revenue per available room (RevPAR) increased by 1.5% year over year, with international markets growing by 5.3% [13]. - Non-GAAP earnings per share rose to $2.65, up from $2.50 in the previous year, and adjusted EBITDA reached approximately $1.4 billion, a 7% increase year over year [13]. - The company repurchased about $0.7 billion of stock during the quarter and has returned approximately $2.1 billion year to date through dividends and buybacks [13]. - Marriott's asset-light model, focusing on franchising and management rather than ownership, allows for low capital needs and strong cash conversion [14].