这位"奥马哈先知"在去年5月的股东大会上宣布，将在2025年底结束自己长达60年的伯克希尔哈撒韦掌 舵生涯，由其亲自选定的继任人格雷格阿贝尔（Greg Abel）接棒，续写公司未来。 2026年的第一天，金融界迎来了一件诸多投资者曾希望永远不会发生的大事："股神"巴菲特即将功成身 退。 正是凭借上述投资理念与实践，巴菲特多年来屡创佳绩，也激励着众多投资者追随他的脚步。但这并不 意味着巴菲特总是对市场持乐观态度 ——在标普500指数逼近历史高点的当下，他便向华尔街发出了新 的警示。截至今年第三季度，伯克希尔已连续第12个季度成为股票净卖出方，与此同时，公司的现金储 备飙升至创纪录的3810亿美元。目前，公司的现金规模已远超其股票投资组合的价值（当前股票组合市 值为2830亿美元）。 从今天开始，阿贝尔将接替巴菲特担任CEO。63岁的阿贝尔目前是伯克希尔哈撒韦非保险业务的副董事 长，早在2021年就被指定为巴菲特的继任者。巴菲特再次对继任者给予高度评价，他在致股东信中写 道："当初我认为阿贝尔应当成为伯克希尔的下一任CEO时，就对他抱有很高的期望，而他的表现已经 远超这份期望。" 值得注意的是，在（巴菲特卸任）消 ...

2026.01. 01 本文字数：2603，阅读时长大约4分钟 作者 | 第一财经 樊志菁 2026年的第一天，金融界迎来了一件诸多投资者曾希望永远不会发生的大事："股神"巴菲特即将功 成身退。 这位"奥马哈先知"在去年5月的股东大会上宣布，将在2025年底结束自己长达60年的伯克希尔哈撒韦 掌舵生涯，由其亲自选定的继任人格雷格阿贝尔（Greg Abel）接棒，续写公司未来。 阿贝尔掌舵伯克希尔 值得注意的是，在（巴菲特卸任）消息宣布后的近半年里，伯克希尔哈撒韦公司的股价一度下跌逾 10%，同期标普500指数涨幅超过10%。多年来，由于巴菲特负责管理资金，投资者一直愿意为伯克 希尔的股票支付溢价。当巴菲特即将离开时，投资者对伯克希尔的信心受挫或许是不可避免的。巴菲 特采取了一系列安抚措施：他向投资者保证，继任者是更优秀的管理者；自己不会出售所持股票；同 时将继续担任公司董事长，且多数时间仍会到岗办公。这些积极表态，再加上阿贝尔承诺 "投资理念 不会改变"。 第一财经记者注意到，虽然对美股持谨慎态度，伯克希尔正在加大对日本的投资力度。 据报道，伯 克希尔哈撒韦去年下半年已聘请多家银行，为新一轮日元债券发行做准备 ...

Core Insights - Warren Buffett, the legendary investor, will step down as CEO of Berkshire Hathaway at the end of 2025, with Greg Abel set to take over [2][3] - Buffett has led Berkshire Hathaway since 1965, transforming it from a struggling textile company into a diversified conglomerate with a market value exceeding $1 trillion [3] - Despite his retirement, Buffett will continue to engage with the public through annual Thanksgiving messages, maintaining a presence in the investment community [3] Company Overview - Berkshire Hathaway has evolved into a conglomerate with interests in various sectors, including railroads, energy, manufacturing, and retail [3] - The company achieved a milestone by becoming the first non-tech company in the U.S. to reach a market capitalization of $1 trillion in August 2024 [3] - Buffett's investment strategy focuses on value investing, favoring stocks that are undervalued or have long-term growth potential, with a preference for dividend-paying companies [4] Investment Strategy - Buffett has maintained a cautious stance on the U.S. stock market, having been a net seller of stocks for 12 consecutive quarters, while the company's cash reserves have reached a record $381 billion [4] - The current stock portfolio value stands at $283 billion, indicating a significant cash position compared to investments [4] - Berkshire Hathaway is increasing its investments in Japan, preparing for a new round of yen bond issuance, signaling a commitment to acquiring more shares in Japanese trading companies [5] Leadership Transition - Greg Abel, who has been the Vice Chairman of non-insurance operations, is highly regarded by Buffett, who believes Abel will exceed expectations as the new CEO [4] - Following the announcement of Buffett's retirement, Berkshire's stock price fell over 10%, while the S&P 500 index rose more than 10% during the same period [4] - Buffett has taken measures to reassure investors, including committing to not sell his shares and continuing to serve as Chairman [4] Emotional Discipline in Investing - Buffett emphasizes the importance of emotional control in investment decisions, advocating for a disciplined approach that avoids impulsive reactions to market fluctuations [6][7] - The ability to manage emotions distinguishes successful investors from those who follow market trends without critical analysis [6][7] - Buffett's strategy involves holding cash to wait for favorable investment opportunities, rather than making hasty decisions during market volatility [6][8]