巴菲特：我為什么更喜歡投資股票而不是房地產(chǎn)
Jason Ma
2025-05-08
? 上周六，伯克希爾-哈撒韋公司召開了年度股東大會(huì),，會(huì)上,，有人問“股神”巴菲特為什么不喜歡投資房地產(chǎn)，而是更喜歡投資股市,。對(duì)此,，巴菲特表示，房地產(chǎn)交易“水太深”,，而且容易卡在談判上,，所以他寧可對(duì)房地產(chǎn)敬而遠(yuǎn)之。
“股神”巴菲特已有打算在今年晚些時(shí)候辭去伯克希爾-哈撒韋公司的CEO一職,?！肮缮瘛睘楹沃磺嗖A股票而不是房地產(chǎn)？這是很多人都好奇的問題,。
在上周六的集團(tuán)年會(huì)上,，有人問巴菲特,，在目前利率和經(jīng)濟(jì)不確定性居高不下的情況下，他為什么不帶領(lǐng)伯克希爾-哈撒韋公司投資房地產(chǎn),。
對(duì)于這個(gè)問題,，巴菲特的回答是：“房地產(chǎn)交易在談判、交易耗時(shí)以及涉多方所有權(quán)的問題上,，都比股票交易復(fù)雜得多,。一旦一筆房地產(chǎn)交易卡了殼，你會(huì)發(fā)現(xiàn),，你要打交道的對(duì)象不僅僅是產(chǎn)權(quán)人,。”
巴菲特一向是價(jià)值投資的堅(jiān)定支持者,。不過他也承認(rèn),，在有些時(shí)候，投資房地產(chǎn)不失為一個(gè)好的選擇,。但是相比之下,，投資股票的成本更低，交易也更容易,。
巴菲特還指出,，伯克希爾-哈撒韋公司的前副董事長(zhǎng)、投資大師查理·芒格（于2023年去世）生前就比較喜歡投資房地產(chǎn),，特別是在他生前的最后5年里,，他進(jìn)行了相當(dāng)多的房地產(chǎn)交易。
“不過他只是在玩一項(xiàng)他感興趣的游戲,?！卑头铺卣f。
巴菲特還表示,，如果查理?芒格只能在股票和房地產(chǎn)之間做選擇的話，他這位昔日好友一定會(huì)堅(jiān)定不疑地選擇投資股票,。
“至少在美國,，證券市場(chǎng)的機(jī)會(huì)要比房地產(chǎn)市場(chǎng)多得多?！卑头铺卣f,。
巴菲特還表示，房地產(chǎn)交易的另一個(gè)復(fù)雜之處在于,，一個(gè)業(yè)主或一個(gè)家庭持有一處大型房產(chǎn)的時(shí)間往往是很長(zhǎng)的,，所以交易掉這處房產(chǎn)對(duì)他們來說也是一個(gè)重大的決定。
相比之下,，股市交易分分鐘就是幾十億進(jìn)出,，交易完全是匿名的,，也不存在事后反悔的可能，這就少了很多拉扯的麻煩,。
在2008年和2009年,，由于次貸危機(jī)的爆發(fā)導(dǎo)致美國房地產(chǎn)和金融市場(chǎng)雙雙低迷，伯克希爾-哈撒韋公司也做了幾筆房地產(chǎn)交易,，但從時(shí)間成本上看,，它們的效率根本無法與股票交易相比。
巴菲特表示：“在股票交易上,，只要雙方在價(jià)格上達(dá)成一致,，那么交易基本上百分之百能夠完成。而在房地產(chǎn)交易上,，雙方達(dá)成價(jià)格共識(shí)時(shí),，談判才剛剛開始，而且這些談判往往會(huì)沒完沒了,。對(duì)于一個(gè)94歲的老人來說,，參與一場(chǎng)有可能持續(xù)數(shù)年的談判，這顯然不是什么好事,?！?/p>
巴菲特發(fā)表這番言論，恰逢美股出現(xiàn)劇烈波動(dòng),、特朗普的貿(mào)易戰(zhàn)政策朝令夕改之時(shí),。
自4月初特朗普開打貿(mào)易戰(zhàn)以來，美股整個(gè)4月都在“跌跌不休”,，不過隨著特朗普宣布關(guān)稅延期和豁免,，同時(shí)釋放出貿(mào)易談判取得進(jìn)展的積極信號(hào)，美股在上周五出現(xiàn)了一波反彈,，收復(fù)了部分失地,。
三月份，全美房地產(chǎn)經(jīng)紀(jì)人協(xié)會(huì)的首席經(jīng)濟(jì)學(xué)家勞倫斯?尹曾指出,，雖然美國股市遭遇嚴(yán)重動(dòng)蕩,，但房地產(chǎn)市場(chǎng)卻漲到了歷史最高水平。
勞倫斯?尹在接受CNBC采訪時(shí)表示：“可能人們會(huì)想,，‘什么資產(chǎn)是最穩(wěn)定的,？’有的人可能會(huì)買黃金，也有人會(huì)投資不動(dòng)產(chǎn),，畢竟美國當(dāng)前的房抵押貸款違約率仍接近歷史最低水平,。”（財(cái)富中文網(wǎng)）
譯者：樸成奎
? 上周六,，伯克希爾-哈撒韋公司召開了年度股東大會(huì),，會(huì)上,，有人問“股神”巴菲特為什么不喜歡投資房地產(chǎn)，而是更喜歡投資股市,。對(duì)此,，巴菲特表示，房地產(chǎn)交易“水太深”,，而且容易卡在談判上,，所以他寧可對(duì)房地產(chǎn)敬而遠(yuǎn)之。
“股神”巴菲特已有打算在今年晚些時(shí)候辭去伯克希爾-哈撒韋公司的CEO一職,?！肮缮瘛睘楹沃磺嗖A股票而不是房地產(chǎn)？這是很多人都好奇的問題,。
在上周六的集團(tuán)年會(huì)上,，有人問巴菲特，在目前利率和經(jīng)濟(jì)不確定性居高不下的情況下,，他為什么不帶領(lǐng)伯克希爾-哈撒韋公司投資房地產(chǎn),。
對(duì)于這個(gè)問題，巴菲特的回答是：“房地產(chǎn)交易在談判,、交易耗時(shí)以及涉多方所有權(quán)的問題上,，都比股票交易復(fù)雜得多。一旦一筆房地產(chǎn)交易卡了殼,，你會(huì)發(fā)現(xiàn),，你要打交道的對(duì)象不僅僅是產(chǎn)權(quán)人?！?/p>
巴菲特一向是價(jià)值投資的堅(jiān)定支持者,。不過他也承認(rèn)，在有些時(shí)候,，投資房地產(chǎn)不失為一個(gè)好的選擇,。但是相比之下，投資股票的成本更低,，交易也更容易,。
巴菲特還指出，伯克希爾-哈撒韋公司的前副董事長(zhǎng),、投資大師查理·芒格（于2023年去世）生前就比較喜歡投資房地產(chǎn)，特別是在他生前的最后5年里,，他進(jìn)行了相當(dāng)多的房地產(chǎn)交易,。
“不過他只是在玩一項(xiàng)他感興趣的游戲?！卑头铺卣f,。
巴菲特還表示,，如果查理?芒格只能在股票和房地產(chǎn)之間做選擇的話，他這位昔日好友一定會(huì)堅(jiān)定不疑地選擇投資股票,。
“至少在美國,，證券市場(chǎng)的機(jī)會(huì)要比房地產(chǎn)市場(chǎng)多得多?！卑头铺卣f,。
巴菲特還表示，房地產(chǎn)交易的另一個(gè)復(fù)雜之處在于,，一個(gè)業(yè)主或一個(gè)家庭持有一處大型房產(chǎn)的時(shí)間往往是很長(zhǎng)的,，所以交易掉這處房產(chǎn)對(duì)他們來說也是一個(gè)重大的決定。
相比之下,，股市交易分分鐘就是幾十億進(jìn)出,，交易完全是匿名的，也不存在事后反悔的可能,，這就少了很多拉扯的麻煩,。
在2008年和2009年，由于次貸危機(jī)的爆發(fā)導(dǎo)致美國房地產(chǎn)和金融市場(chǎng)雙雙低迷,，伯克希爾-哈撒韋公司也做了幾筆房地產(chǎn)交易,，但從時(shí)間成本上看，它們的效率根本無法與股票交易相比,。
巴菲特表示：“在股票交易上,，只要雙方在價(jià)格上達(dá)成一致，那么交易基本上百分之百能夠完成,。而在房地產(chǎn)交易上,，雙方達(dá)成價(jià)格共識(shí)時(shí)，談判才剛剛開始,，而且這些談判往往會(huì)沒完沒了,。對(duì)于一個(gè)94歲的老人來說，參與一場(chǎng)有可能持續(xù)數(shù)年的談判,，這顯然不是什么好事,。”
巴菲特發(fā)表這番言論,，恰逢美股出現(xiàn)劇烈波動(dòng),、特朗普的貿(mào)易戰(zhàn)政策朝令夕改之時(shí)。
自4月初特朗普開打貿(mào)易戰(zhàn)以來,，美股整個(gè)4月都在“跌跌不休”,，不過隨著特朗普宣布關(guān)稅延期和豁免，同時(shí)釋放出貿(mào)易談判取得進(jìn)展的積極信號(hào),，美股在上周五出現(xiàn)了一波反彈,，收復(fù)了部分失地,。
三月份，全美房地產(chǎn)經(jīng)紀(jì)人協(xié)會(huì)的首席經(jīng)濟(jì)學(xué)家勞倫斯?尹曾指出,，雖然美國股市遭遇嚴(yán)重動(dòng)蕩,，但房地產(chǎn)市場(chǎng)卻漲到了歷史最高水平。
勞倫斯?尹在接受CNBC采訪時(shí)表示：“可能人們會(huì)想,，‘什么資產(chǎn)是最穩(wěn)定的,？’有的人可能會(huì)買黃金，也有人會(huì)投資不動(dòng)產(chǎn),，畢竟美國當(dāng)前的房抵押貸款違約率仍接近歷史最低水平,。”（財(cái)富中文網(wǎng)）
譯者：樸成奎
? Berkshire Hathaway CEO Warren Buffett was asked at the company’s annual shareholder meeting on Saturday about investing in real estate, which he has largely avoided. He has preferred buying and selling stocks for Berkshire’s portfolio, saying real estate deals can get tricky and bogged down in negotiations.
Investing legend Warren Buffett, who plans to step down later this year as Berkshire Hathaway CEO, is well known for his wizardry in stocks, but not real estate.
During the conglomerate’s annual shareholder meeting on Saturday, he was asked why he isn’t buying property right now, amid high rates and economic uncertainty.
“Well, in respect to real estate, it’s so much harder than stocks in terms of negotiation of deals, time spent, and the involvement of multiple parties in the ownership,” Buffett replied. “Usually when real estate gets in trouble, you find out you’re dealing with more than just the equity holder.”
The famously value-oriented investor acknowledged that there have been times when real estate was a bargain, but stocks were cheaper and could be bought more easily.
He added that the late Charlie Munger, who was Berkshire’s vice chairman until his death in 2023, engaged in more real estate deals and did a significant number of them in the last five years of his life.
“But he was playing a game that was interesting to him,” Buffett said.
Still, he believes that if Munger had a choice between investing only in stocks or only in real estate, his former right-hand man would’ve picked stocks.
“There’s just so much more opportunity, at least in the United States, that presents itself in the security market than in real estate,” Buffett added.
Another wrinkle in real estate is that a single owner or a family often owns a large property that they’ve had for a long time, so making a deal is an enormous decision for them, he explained.
By contrast, stock deals involving billions of dollars can be done in minutes, totally anonymously, and are final, Buffett said.
Berkshire made a few real estate deals in 2008 and 2009, when the mortgage bust sank real estate and financial markets, but the amount of time they took to close couldn’t compete with stock trades.
“The completion rate for working on anything in stocks, assuming you’ve got a meeting of the minds on price, is essentially 100%,” he pointed out. “In real estate, the negotiation just begins when you agree on deals, and then they take forever. For a 94-year-old, it’s not the most interesting thing, to get involved in something where the negotiations could take years.”
Buffett’s comments come as the stock market has undergone enormous volatility amid President Donald Trump’s on-again, off-again trade war.
Stocks crashed in April after he unveiled his “Liberation Day” tariffs, but rebounded and recouped those losses by Friday as Trump granted delays and exceptions, while signaling progress on trade deals.
In March, National Association of Realtors chief economist Lawrence Yun noted that real estate wealth was at all-time highs while stocks wobbled.
“Maybe people will begin to focus to say, ‘Where is stability?’” he told CNBC. “Some people are turning towards gold, but maybe other people will turn to the solid foundation of real estate, where the mortgage default rate is still near historically low levels.”
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