Warren Buffett's Approach To Investing In Election Years
Warren Buffett's Approach To Investing In Election Years
Warren Buffett, known as the "Oracle of Omaha," is regarded as one of the best American investors of all time. Still running the Berkshire Hathaway (NYSE:BRK) (NYSE:BRK) at 93 years old, Buffett has navigated his portfolio through various bull markets, downturns and election cycles.
禾倫·巴菲特，被稱爲“奧馬哈的神諭者”，被認爲是有史以來最好的美國投資者之一。即使在93歲高齡時仍運行着伯克希爾哈撒韋（紐約證券交易所：BRK）（紐約證券交易所：BRK），巴菲特已經通過各種牛市、波動和選舉週期來操作自己的股票組合。
What Are Buffett's Politics?
Buffett has declared himself a Democrat, but not a "card-carrying Democrat." In 2020, Buffett said he would have no problem voting for Mike Bloomberg, who was running for the Democratic presidential nomination at the time, according to Reuters.
巴菲特的政治觀點是什麼？
巴菲特自認爲是民主黨人，但不是“持卡民主黨人”。 2020年，據路透社報道，巴菲特表示他不介意投票支持當時競選民主黨總統提名的邁克·彭博。
At the time, Buffett also said he agreed with some of the policies of Bernie Sanders. Buffett supported Hillary Clinton in her run against Donald Trump in 2016, but did not get spooked and alter his investment strategies when Trump won the election.
同時，巴菲特還表示他同意一些伯尼·桑德斯（Bernie Sanders）的政策。巴菲特曾支持希拉里·克林頓（Hillary Clinton）在2016年競選唐納德·特朗普（Donald Trump）的總統職位，但當特朗普當選後並未受驚，也沒有改變他的投資策略。
How Does Buffett Manage His Portfolio During Election Years?
巴菲特在選舉年如何管理他的投資組合？
Buffett is a big believer of adding to his winners and cutting losers. He doesn't shy away from that strategy during election years, regardless of who is leading in the polls or the favorite to win.
巴菲特堅定地相信加碼贏家，減持輸家的策略。無論領先者是誰或者誰是最有可能獲勝者，他都不會在選舉年迴避這種策略。
In 2016, ahead of the election between Clinton and Trump, Buffett significantly trimmed his position in Walmart Inc (NYSE:WMT) and Deere & Co (NYSE:DE). At the time, he added to his positions in Apple Inc (NASDAQ:AAPL), which he has recently trimmed, as well as adding to his positions in airline companies like Southwest Airlines (NYSE:LUV), Delta Airlines (NYSE:DAL) and others, according to ValueSider, a site that tracks funds' 13-Fs and other filings.
在2016年克林頓和特朗普競選之前，巴菲特大幅減持了沃爾瑪（紐約證券交易所：WMT）和迪爾股份（紐約證券交易所：DE）的持倉。同時，據追蹤基金13-F文件等申報文件的網站ValueSider稱，他增加了自己在蘋果公司（納斯達克證券交易所：AAPL）的持倉，但最近他又減倉了蘋果公司的股票，並增加了在西南航空（紐約證券交易所：LUV）、達美航空（紐約證券交易所：DAL）等航空公司的持倉。
In 2020, Buffett appeared to be a little cautious with his buys, adding predominantly energy stocks as well as different 'COVID plays' during the pandemic. In the lead up to the 2020 election, Buffett bought shares of Bank of America (NYSE:BAC), Pfizer Inc (NYSE:PFE), AbbVie Inc (NYSE:ABBV) while trimming his position in financial stocks like JPMorgan (NYSE:JPM) and Wells Fargo & Co (NYSE:WFC).
在2020年，巴菲特看起來有點謹慎，他主要增加了能源股以及在疫情期間的各種“疫情遊資”。在2020年大選前，巴菲特買入了美國銀行（紐約證券交易所：BAC）、輝瑞公司（紐約證券交易所：PFE）、雅培公司（紐約證券交易所：ABBV），同時減持了像摩根大通（紐約證券交易所：JPM）和富國銀行（紐約證券交易所：WFC）這樣的金融股。
In Conclusion: Throughout various turbulent times, Buffett has preached to his followers to never bet against America. In 2018, Buffett told investors that while a lot of people worry about political division in the country, things tend to work out.
總之：在各種動盪時期，巴菲特向他的追隨者們宣揚永遠不要押注美國。2018年，巴菲特告訴投資者，雖然很多人擔心國家政治分化問題，但情勢往往會變好。
"Multiple times in my life, people have felt the country was more divided than ever," he said in 2018, at Berkshire Hathaway's annual shareholders meeting. "After every election you'll have people feeling the world is coming to an end and, you know, 'How could this happen? Through it all, you know, America — in fits and starts — but America really, really moves ahead."
他在2018年的伯克希爾哈撒韋年度股東大會上說：“在我的生命中，許多人都認爲美國比以往任何時候都更加分裂。每次選舉後，你都會有人感覺世界末日即將來臨，你知道，這是怎麼回事？儘管在此期間美國經歷了高低起伏，但美國真正地取得了進步。”
So, while some investors may switch up their strategies during election years, Buffett mostly stays true to the investing strategies that he's developed throughout the last 50+ years, and doesn't get caught up in the volatility during election years.
因此，雖然一些投資者可能會在大選年更改其策略，巴菲特多半會堅持他在過去50多年中所開發的投資策略，並不會在大選年受到波動性的困擾。
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譯文內容由第三人軟體翻譯。