Buffett's 2025 Shareholder Letter
巴菲特发布2025致股东信

On February 22 2025, Warren Buffett expressed his optimism about the Japanese stock market in his annual shareholder letter, calling it a potential growth area while maintaining strong confidence in long-term investments in the U.S.
2025年2月22日，巴菲特在股东信中表达了对日本股市的看好，称其为潜力股，但依然坚守对美国的长期投资信心。

Buffett pointed out that despite global economic uncertainties, the fundamentals of the U.S. market remain solid, and it has enormous innovation potential.
巴菲特指出，尽管面临全球经济的不确定性，美国市场的基础依然稳固，且具有巨大的创新能力。

The letter also highlighted the unique opportunities in the Japanese market, which has demonstrated stable growth at undervalued levels in recent years.
信中还提到，日本市场近年来在低估值和稳定增长中展现出了独特机会。

Buffett emphasized his ongoing focus on global markets but reaffirmed that core investments would still be primarily in the U.S.
巴菲特强调，持续关注全球市场，但核心投资依然以美国为主。

Investors should stay vigilant and pay attention to changes in the economic environment of various countries to make smarter investment decisions.
投资者应保持警惕，并关注各国经济环境的变化，以做出更明智的投资决策。

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逐句讲解 | 巴菲特发布2025致股东信