Berkshire Hathaway 是一只值得长期持有的强势标的，兼具安全性与下行保护。
逐段跳播
是的，我们长期以来一直是巴菲特先生和查理·芒格的拥趸。还有格雷格·阿贝尔，他一步步从基层晋升上来，他们在继任规划方面做得非常出色。
Yes, we have long been fans of Mr. Buffett and Charlie Munger. And also Greg Abel, he has worked his way up through the ranks, and they have done a really great job with regard to succession planning.
同样，在伯克希尔，有许多重要的公司长期以来一直是这一综合企业结构的一部分。因此，我们实际上是在长期坚定地支持伯克希尔·哈撒韦。
Likewise, in Berkshire, you have many important companies that have been part of this conglomerate structure for a long time. Therefore, we are in fact backing Berkshire Hathaway very strongly in the long term.
看看他们将如何处理这一过渡会很有意思，我们都在观望格雷格接手后会发生哪些变化。我们看到了他做出的一些额外投资。我们看到了部署的一些额外资本。
It will be interesting to see how they handle this transition, and we are all watching to see what changes will occur after Greg takes over. We have seen some additional investments he has made.
We have seen some additional capital that has been deployed.
我们还看到了非常好的股票回购，作为股东友好的举措，我们总是乐于看到这种情况，尤其是当公司的价值在我们看来仍远低于其实际价值时。
We have also seen very good share buybacks, which we always like to see as a shareholder-friendly move, especially when the value of the company is, in our view, still too low compared to what it is worth.
所以我们乐于看到这类举措，我们也期待伯克希尔·哈撒韦未来的发展。我认为我们看到的不仅仅是名称的变化，或许还有文化的变化，公司会更仔细地审视一些可能比过去继续改善更多的公司。
So we love to see these kinds of moves, and we're looking forward to what the future holds for Berkshire Hathaway. I think we're not just looking at a change in names, but perhaps a change in culture as well, with the company taking a closer look at some of the companies that might be able to continue improving even more than they have in the past.
因此，这是一家非常值得持有股份的好公司。在这样的市场中，主动管理是一种稀缺品，负面指标是全球交易最活跃的，你有机会拥有一家像伯克希尔这样的公司，在市场下跌时提供良好的下行保护。
Therefore, it is a very good company to own shares in. In such markets, where proactive management is a rare commodity and negative indicators are the busiest trading in the world, you have the opportunity to own a company like Berkshire, which provides good downside protection in case the markets decline.
当投资者在寻找“安全”的东西时，他们喜欢转向这类公司，对吧？我们已经持有这类投资很长时间了，如果其他投资者选择进入、价格相应上涨，我们就有机会把这部分资本转移到其他可能基本被忽视的公司。
These are the kinds of companies that investors like to move to when they are looking for something "safe", right? We are already in investments like these that we have held for a long time, and we have the opportunity, if other investors choose to come in and the price rises accordingly, to take that capital and transfer it to other companies that may be largely out of the picture.
但这种市场可能是寻找安全投资的好机会，而伯克希尔·哈撒韦确实有很多方法抵御市场低迷。
But this type of market can be a good opportunity to find safe investments, and Berkshire Hathaway certainly has many ways to protect against a market downturn.
这个频道对 $BRK.B 的历次判断
Schwab Network 在这只股票上只有这一条判断。