股价表现与投资机会 - 伯克希尔哈撒韦股价自5月以来下跌10% 同期标普500指数上涨15% [2] - 公司市盈率为16.3倍 市净率为1.5倍 估值处于合理水平 [16] - 近期表现不佳可能创造买入机会 [2] 业务组合分析 - 保险业务是核心板块 去年承保业务产生90亿美元运营收益 投资收入达137亿美元 [4] - 保险业务合计贡献去年总收益的48% 2023年占比为40% [4] - 投资组合高度集中于少数公司且长期持有 近年因利率上升显著增加利息收入 [5] - 拥有北美最大铁路公司之一伯灵顿北方圣太菲铁路(BNSF) [6] - 公用能源业务覆盖美国、英国和加拿大数百万客户 [6] - 制造业子公司包括精密铸件、克莱顿房屋、萧氏工业、金霸王和森林河 [7] - 服务零售板块包含Pilot旅行中心、麦克莱恩批发分销、NetJets、冰雪皇后及多家汽车经销商和专卖店 [7] 领导层过渡安排 - 沃伦·巴菲特宣布年底卸任CEO 结束数十年领导生涯 [1][9] - 格雷格·阿贝尔被指定为接班人 现任非保险业务副主席 [10] - 托德·康布斯曾运营对冲基金 过去五年领导GEICO并进行重大改革 [11] - 特德·韦施勒在28年间将70,385美元罗斯IRA账户增值至1.31亿美元 年均回报率达31% [11] - 新管理团队旨在保持公司文化并专注长期价值创造 [12] 财务状况与资金配置 - 截至6月30日持有3400亿美元现金及短期美国国债投资 [16] - 2025年前六个月投资收入达50亿美元 较2024年同期增长11.3% [16] - 保险业务产生大量浮存金为投资提供资金灵活性 [13] - 当前将大量资金配置于国债等短期资产 因股票估值处于历史高位 [14]

All of the companies that have reached the trillion-dollar level are technology businesses -- except one. Earlier in 2025, Berkshire Hathaway (BRK.A 1.59%) (BRK.B 1.50%), the conglomerate led by Warren Buffett, became the first non-technology company to reach the elusive thirteen-digit valuation level. Berkshire reached an all-time high in late April, and then CEO and legendary investor Warren Buffett announced his intention to step aside at the end of the year. Since that time, Berkshire has dropped by 14% ...

Sometimes Berkshire Hathaway stock seems quite overvalued. This is not one of those times. When you survey the thousands of companies in the stock market, looking for an investment that might build your wealth over the long term, give some consideration to Warren Buffett's company, Berkshire Hathaway (BRK.A -1.27%) (BRK.B 0.18%). It has an amazing track record, as Buffett, in concert with his late business partner Charlie Munger, increased the value of the company by 5,500,000% (nearly 20% annually) over 60 ...