摘要

94岁的沃伦·巴菲特在5月3日年度股东大会上意外宣布辞去伯克希尔·哈撒韦CEO一职，此举让董事们和公认的继任者格雷格·阿贝尔都感到意外。巴菲特将伯克希尔从纺织公司转型为价值1.1万亿美元的巨头，其价值投资策略自1965年起带来了惊人的550万%回报。近期，巴菲特抛售包括苹果在内的股票，使伯克希尔持有的现金和美国国债达到创纪录的3480亿美元，占美国政府债务市场的5%。面对高估值，阿贝尔在资金部署上遇到挑战，可能考虑海外扩张或改变投资策略，但需克服文化障碍。股东期待阿贝尔能在市场不确定性中延续巴菲特在危机中的敏锐投资眼光。

Warren Buffett, 94, announced his surprise resignation as Berkshire Hathaway's CEO at the annual shareholder meeting on May 3, catching directors and presumed successor Greg Abel off guard. Since transforming Berkshire from a textile firm into a $1.1trn conglomerate, Buffett’s value-investing strategy delivered a staggering 5.5 million% return since 1965. His recent stock selloffs, including Apple shares, have left Berkshire holding a record $348bn in cash and Treasuries—now 5% of the U.S. government debt market. With valuations high, Abel faces challenges deploying this capital. Options include overseas expansion (e.g., Japan’s trading giants) or shifting from value investing, though cultural resistance looms. Shareholders hope Abel can replicate Buffett’s crisis-era opportunism amid uncertain markets.