巴菲特最新动向来了！ 伯克希尔向美国证监会提交了2025年四季度13F文件。 这份文件激起的涟漪，远比数字本身要深沉得多。 六十年光阴落笔成章，2026年1月1日，Greg Abel将正式接任CEO。 这是伯克希尔在巴菲特执掌下的最后一份13F报告。 巴菲特的这份收官之作，其持仓变动之诡谲，确实意味深长。。 再出手！继续减持重仓股。 从最新动向看，巴菲特减持5077万股美国银行，伯克希尔对美国银行的持股从2024年中的10.3亿股降至5.17亿股，减持约50%。与此同时，伯克希尔连续 三个季度削减苹果仓位，并在四季度大幅减持了亚马逊。 这种撤退，发生在美股屡创新高、AI浪潮如火如荼的背景下，显得格外令人惊诧——当全市场都在为每一个百分点的涨幅欢呼时，这位九十六岁的老人 却在有条不紊地走向出口。 在增持方面，四季度巴菲特依旧表现得极度保守。 伯克希尔仅仅小幅加仓了雪佛龙、安达保险、达美乐比萨与拉马尔户外广告。 四季度，唯一的新动作——建仓纽约时报，买入506.7万股，市值3.52亿美元。 截至2025年末，前十大重仓股依旧是那些熟悉的老面孔：苹果、美国运通、美国银行、可口可乐、雪佛龙、穆迪、西方石油、瑞士安达保 ...

近日，茅台批价有所回暖，带动市场白酒板块迅速升温。值此之际，段永平在雪球平台（ID：大道无 形我有型）的发言也明显活跃。 最近几天，段永平频繁参与网友讨论，不仅继续分享了他对茅台的看法，还就存储、黄金、风口投资与 现金储备等话题分享了其独到见解。发言一贯延续了其简洁风格，言语间透露出对生意本质的深刻洞 察。 对此，证星研究院再度整理了其近日互动的要点，主要内容如下： 以下为主要内容： 一、关于存储涨价 网友：DRAM和NAND的涨价对安卓机的影响怎么看，特别是非旗舰机？ 大道：应该是really bad，成本会涨很多，还可能拿不到货。对苹果也会有影响，但可能小一点。 （2026.1.28） 四、关于黄金 网友：大道对现在的金银怎么看，可以参与一下吗？ 二、关于风口投资 网友：当一个行业上升期或者风口出现，你知道它是苦生意或者未来会陷入内卷，你会投资赚上一笔吗 或者介意我这样的小散户投资吗？ 比如当初热闹的光伏，又比如美团他们在上升期风口期股价是上涨很多的，赚一笔红利钱。 大道：不打算拿十年的"投资"最好就不要碰，不要想着市场或者风口啥的。打算拿十年的结果未必就一 定要拿十年的，但不打算拿十年的心态会让你很容易 ...

Group 1 - The core point of the news is that Duan Yongping donated 10,000 shares of Kweichow Moutai stock, valued at 15 million RMB, to Jiangxi Water Resources and Electric Power University, establishing an educational fund in his parents' names to support the university's educational development [1][3]. - Duan Yongping has been a long-term investor in Kweichow Moutai since 2012, consistently expressing confidence in the company's future despite market fluctuations [2][3]. - The donation is part of Duan Yongping's commitment to giving back to society and supporting education, reflecting his values and family gratitude [3]. Group 2 - Duan Yongping's investment philosophy emphasizes understanding the business model and culture of companies, focusing on "Right business, Right people, Right price" [5]. - He identifies as a "full position" investor, meaning he typically invests all available funds rather than holding cash, as he believes cash loses value over time due to inflation [5]. - Duan Yongping's notable past investment includes a significant stake in NetEase, which yielded substantial returns, showcasing his successful investment track record [4].

Core Viewpoint - The article discusses the philanthropic actions of Duan Yongping, who donated 10,000 shares of Kweichow Moutai stock to Jiangxi Water Conservancy and Electric Power University, emphasizing his long-term investment strategy and confidence in the company's future value [2][6]. Group 1: Philanthropy and Donations - Duan Yongping donated 10,000 shares of Kweichow Moutai, valued at approximately 15 million RMB, to the university's education development foundation [2][6]. - The donation is part of a larger initiative to establish an educational fund in honor of his parents, reflecting a commitment to supporting education [6]. - This is not the first donation; he previously contributed $5 million in 2007 for the construction of a library at the same university [6]. Group 2: Investment Philosophy - Duan Yongping has been a long-term holder of Kweichow Moutai since 2012, demonstrating unwavering confidence in the company's potential despite market fluctuations [5][6]. - He adopts a "full position" investment strategy, indicating that he prefers to invest all available funds rather than holding cash, which he believes loses value over time due to inflation [10]. - Duan emphasizes the importance of understanding the business model and culture of a company, focusing on three criteria: right business, right people, and right price [10]. Group 3: Market Sentiment and Stock Performance - Despite recent volatility in Kweichow Moutai's stock price, which has seen a nearly 10% decline from its March peak and a significant drop from its historical high in 2021, Duan continues to express support and has recently increased his holdings [5][6]. - He has publicly questioned the market's fears regarding Kweichow Moutai, suggesting that the concerns are unfounded and that the company remains a strong investment [5][6]. - Duan's investment actions and philosophy have garnered a following, with many investors looking to emulate his strategies and insights [8].