{"id":144262,"date":"2026-09-30T05:03:50","date_gmt":"2026-09-30T03:03:50","guid":{"rendered":"https:\/\/news.abusizz.ch\/alphabet-aktie-buffetts-letzte-wette-auf-hohe-kapitalrenditen\/"},"modified":"2026-09-30T05:03:50","modified_gmt":"2026-09-30T03:03:50","slug":"alphabet-aktie-buffetts-letzte-wette-auf-hohe-kapitalrenditen","status":"publish","type":"post","link":"https:\/\/news.abusizz.ch\/en\/alphabet-aktie-buffetts-letzte-wette-auf-hohe-kapitalrenditen\/","title":{"rendered":"Alphabet Aktie: Buffetts letzte Wette auf hohe Kapitalrenditen"},"content":{"rendered":"<div>\n<div id=\"attachment_92273\" style=\"width: 1010px\" class=\"wp-caption aligncenter\">\n<p id=\"caption-attachment-92273\" class=\"wp-caption-text\">Das dynamische Wachstum der Cloud-Sparte und traditionell hohe operative Margen bilden das wirtschaftliche Fundament f\u00fcr das anspruchsvolle technologische Wettr\u00fcsten. (Foto: Magnific.com, alicephoto)<\/p>\n<\/div>\n<p>Warren Buffett ist bekannt f\u00fcr den Spruch \u201eInvestiere niemals in ein Unternehmen, das du nicht verstehst.\u201c Aus diesem Grund mied er lange Zeit den Technologiesektor. Doch nun bedauert er, nicht fr\u00fcher in Alphabet eingestiegen zu sein. Im 2. Quartal baute Berkshire Hathaway die Beteiligung um 83 Prozent aus. Laut dem letzten Meldebericht ist Alphabet nun die drittgr\u00f6\u00dfte Position im Portfolio mit einem Gesamtwert von 37,8 Milliarden US-Dollar (106 Millionen Aktien).<\/p>\n<p>Der Einstieg in Alphabet f\u00e4llt in eine Phase, in der operative St\u00e4rke erstmals auf einen negativen freien Cashflow trifft. F\u00fcr Anleger stellt sich die Frage, ob die massiven Ausgaben f\u00fcr K\u00fcnstliche Intelligenz den Wettbewerbsvorteil des Konzerns weiter ausbauen oder ob die exorbitanten Kosten ein reines Wettr\u00fcsten unter den Tech-Giganten sind.<\/p>\n<h3>Berkshires ungew\u00f6hnlicher Schritt<\/h3>\n<p>Technologieaktien sind bei Berkshire die Ausnahme. Manche verstehen zwar Apple als Technologieunternehmen, doch Alphabet weist einen deutlich h\u00f6heren Technologiegrad und einen deutlich geringeren Anteil an Hardware-Komponenten auf. F\u00fcr Buffett gilt die Regel, dass ein Investment deutlich attraktiver sein muss als die sichere Alternative kurzfristiger US-Staatsanleihen, die ihm \u00fcber lange Zeit Milliarden an Zinsertr\u00e4gen bringen.<\/p>\n<p>Genau diese langfristige Wette ist der entscheidende Filter. Er kehrt zum Charlie-Munger-Prinzip zur\u00fcck, in ein Unternehmen zu investieren, das einen Teil der Gewinne zu \u00e4hnlich attraktiven Konditionen reinvestieren kann. Der Einstieg ist kein klassischer Value-Kauf, sondern eher ein Abw\u00e4gen von Opportunit\u00e4tskosten.<\/p>\n<p><a href=\"https:\/\/abc.xyz\/\" target=\"_blank\" rel=\"noopener\">Alphabet<\/a> ist ein Unternehmen, das reinvestieren kann, keine Hebelwirkung ben\u00f6tigt und eine starke wirtschaftliche Basis im R\u00fccken hat. Nun habe er den Kauf initiiert, und Greg Abel habe den Kauf als Nachfolger letztlich freigegeben.<\/p>\n<p>Die Position wurde zuletzt zum gr\u00f6\u00dften Einzelkauf Berkshires mit einer Wette von nun 38 Milliarden US-Dollar. Seit dem Erstkauf im 3. Quartal 2025 entwickelte sich die Beteiligung entsprechend positiv. Inzwischen macht die Alphabet-Aktie rund 12 Prozent des Aktienportfolios aus.<\/p>\n<h3>Starkes Wachstum trifft auf negativen Cashflow<\/h3>\n<p>Die j\u00fcngsten Umsatz- und Gewinnzahlen best\u00e4tigen zun\u00e4chst das Investment. Alphabet steigerte den Umsatz im 2. Quartal um 24 Prozent, und der operative Gewinn legte um 30 Prozent zu. Jedoch ist ein Teil der ausgewiesenen Gewinne auf Bewertungsgewinne aus Beteiligungen zur\u00fcckzuf\u00fchren, die jederzeit einbrechen k\u00f6nnen. Im Kerngesch\u00e4ft profitieren alle Sparten.<\/p>\n<p>Das Suchgesch\u00e4ft beschleunigt sich, die Cloud-Sparte entwickelte sich zu einem Gewinntreiber, und Google Services liefert die hohen Margen. Doch die Ertragskennzahlen sind nur die eine Seite der Medaille. Die Kapitalflussrechnung zeigt die andere Seite. Der freie Cashflow war erstmals seit Jahren mit minus 5,9 Milliarden US-Dollar negativ. 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chartData[chartData.length-1].time\n             let kursDate = new Date(kursDataDate.split(\"-\")[0], Number(kursDataDate.split(\"-\")[1])-1, kursDataDate.split(\"-\")[2]).toLocaleDateString(\"de-DE\", options)<\/p>\n<p>             renderTV(kursData,chartData,companyName,currency, Number(chartHeight), Number(chartWidth), code, exchange, kursDate, hidetitle, hidelegend, chartid)\n        });\n    });\n<\/script><\/p>\n<p>Hinzu kommt, dass Alphabet die Investitionsprognose f\u00fcr 2026 von 180 bis 190 Milliarden US-Dollar auf 195 bis 205 Milliarden US-Dollar angehoben hat. All das belastet zunehmend den freien Cashflow. Positiv ist jedoch, dass die Bilanz mit reichlich Cash und Wertpapieren ausgestattet ist.<\/p>\n<h3>Buffett-Burggraben oder Wettr\u00fcsten?<\/h3>\n<p>Genau hier setzt die Analyse hinter Buffetts Kauf an. In seinem Aktion\u00e4rsbrief von 2007 beschrieb er Google als nahezu perfektes Gesch\u00e4ftsmodell mit hohen Gewinnen bei geringem Kapitalbedarf. Heute gibt Alphabet fast 200 Milliarden US-Dollar j\u00e4hrlich f\u00fcr Rechenzentren, Chips und Netzwerkinfrastruktur aus. Entscheidend ist, ob diese Ausgaben den Wettbewerbsvorteil st\u00e4rken und hohe Kapitalrenditen erzielen oder lediglich die Marktposition verteidigen und zu einer Investitionsfalle werden.<\/p>\n<div data-elementor-type=\"section\" data-elementor-id=\"66258\" class=\"elementor elementor-66258\" data-elementor-post-type=\"elementor_library\">\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6a31268 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6a31268\" data-element_type=\"section\" data-e-type=\"section\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d8de066\" data-id=\"d8de066\" data-element_type=\"column\" data-e-type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-d76eb4c elementor-reverse-mobile elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d76eb4c\" data-element_type=\"section\" data-e-type=\"section\" data-settings='{\"background_background\":\"classic\"}'>\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-ca0c4b8\" data-id=\"ca0c4b8\" data-element_type=\"column\" data-e-type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-e160fbf elementor-hidden-mobile elementor-widget elementor-widget-image\" data-id=\"e160fbf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"2000\" height=\"2000\"src=\"https:\/\/news.abusizz.ch\/wp-content\/uploads\/2026\/09\/Alphabet-Aktie-Buffetts-letzte-Wette-auf-hohe-Kapitalrenditen-1.png\" class=\"attachment-full size-full wp-image-78515\" alt=\"Smartbroker Dashboard \/ Quelle: Smartbroker Presse\" srcset=\"https:\/\/news.abusizz.ch\/wp-content\/uploads\/2026\/09\/Alphabet-Aktie-Buffetts-letzte-Wette-auf-hohe-Kapitalrenditen-1.png 2000w, https:\/\/www.ftd.de\/wp-content\/uploads\/Finanzen_Dashboard_Depot_Front-300x300.png 300w, https:\/\/www.ftd.de\/wp-content\/uploads\/Finanzen_Dashboard_Depot_Front-1024x1024.png 1024w, https:\/\/www.ftd.de\/wp-content\/uploads\/Finanzen_Dashboard_Depot_Front-150x150.png 150w, https:\/\/www.ftd.de\/wp-content\/uploads\/Finanzen_Dashboard_Depot_Front-768x768.png 768w, https:\/\/www.ftd.de\/wp-content\/uploads\/Finanzen_Dashboard_Depot_Front-1536x1536.png 1536w, https:\/\/www.ftd.de\/wp-content\/uploads\/Finanzen_Dashboard_Depot_Front-80x80.png 80w\" sizes=\"(max-width: 2000px) 100vw, 2000px\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-b89ab12\" data-id=\"b89ab12\" data-element_type=\"column\" data-e-type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-a2c7edf elementor-absolute elementor-widget elementor-widget-text-editor\" data-id=\"a2c7edf\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings='{\"_position\":\"absolute\"}' data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p style=\"font-size: 12px; color: #999999; text-align: center;\">Anzeige<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"elementor-element elementor-element-4f36c6a elementor-widget elementor-widget-heading\" data-id=\"4f36c6a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n<div class=\"elementor-widget-container\">\n<h5 class=\"elementor-heading-title elementor-size-default\">Bei anderen Depots investieren Sie in Ordergeb\u00fchren, bei Smartbroker+ in Ihren Verm\u00f6gensaufbau.<\/h5>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"elementor-element elementor-element-e6be341 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"e6be341\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n<div class=\"elementor-widget-container\">\n<ul class=\"elementor-icon-list-items\">\n<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\"><br \/>\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span><br \/>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">kostenlose Depotf\u00fchrung<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\"><br \/>\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span><br \/>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Ordergeb\u00fchren ab 0\u20ac<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\"><br \/>\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span><br \/>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">kostenlose ETF-Sparpl\u00e4ne<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<div class=\"elementor-element elementor-element-90958e7 elementor-widget elementor-widget-html\" data-id=\"90958e7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n<div class=\"elementor-widget-container\">\n<div class=\"button-container\">\n        <a class=\"box-affiliate\" href=\"https:\/\/www.ftd.de\/go\/smartbroker-depot\/\" target=\"_blank\">Zu Smartbroker*<\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<p>Die massiven Ausgaben von Alphabet m\u00fcssen sich erst rechnen, so wie es bei seinem bekanntesten Investment Geico der Fall war. Dort sorgten die Ausgaben f\u00fcr mehr Kunden, mehr Skalierung, h\u00f6here Kosteneffizienz, niedrigere Kosten und bessere Preise. Die Investitionen machten Geico st\u00e4rker, und die Kapitalrenditen rechneten sich erheblich. Sollten die Investitionen von Alphabet hingegen zu einem reinen Wettr\u00fcsten werden, k\u00f6nnte die Aktie selbst bei steigenden Ums\u00e4tzen entt\u00e4uschen.<\/p>\n<h3>Fazit: Alphabet Aktie<\/h3>\n<p>Alphabet z\u00e4hlt operativ weiterhin zu den st\u00e4rksten Unternehmen im Technologiesektor. Das Kerngesch\u00e4ft mit der Suche bleibt hochprofitabel, das Cloud-Gesch\u00e4ft w\u00e4chst dynamisch, und die Bilanz ist auch ohne Beteiligungen an SpaceX und Anthropic solide. Aber der Einstieg von Berkshire ist kein Freibrief f\u00fcr Kursgewinne. Zudem ist ein aktuelles <a href=\"https:\/\/www.ftd.de\/boerse\/anlagestrategie\/kgv-bei-aktien-bedeutung-tuecken-und-grenzen-des-kurs-gewinn-verhaeltnisses\/\">Kurs-Gewinn-Verh\u00e4ltnis<\/a> von 24 f\u00fcr Alphabet historisch betrachtet nicht g\u00fcnstig. Entscheidend wird daher sein, ob sich die hohen Investitionen in K\u00fcnstliche Intelligenz und Infrastruktur in den kommenden Quartalen und Jahren tats\u00e4chlich in nachhaltige Wettbewerbsvorteile und attraktive Renditen verwandeln.<\/p>\n<p>\u00a0<\/p>\n<p style=\"font-size: 12px;\">Keine Anlageberatung. Kein Aufruf zum Kauf oder Verkauf von Wertpapieren.<\/p>\n<p>Der Beitrag <a href=\"https:\/\/www.ftd.de\/boerse\/aktien\/alphabet-aktie-buffetts-letzte-wette-auf-hohe-kapitalrenditen\/\">Alphabet Aktie: Buffetts letzte Wette auf hohe Kapitalrenditen<\/a> erschien zuerst auf <a href=\"https:\/\/www.ftd.de\/\">ftd.de<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Das dynamische Wachstum der Cloud-Sparte und traditionell hohe operative Margen bilden das wirtschaftliche Fundament f\u00fcr das anspruchsvolle technologische Wettr\u00fcsten. (Foto: Magnific.com, alicephoto) Warren Buffett ist bekannt f\u00fcr den Spruch \u201eInvestiere niemals in ein Unternehmen, das du nicht verstehst.\u201c Aus diesem Grund mied er lange Zeit den Technologiesektor. Doch nun bedauert er, nicht fr\u00fcher in Alphabet [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":144263,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[22,1],"tags":[],"class_list":["post-144262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ft","category-topstory"],"_links":{"self":[{"href":"https:\/\/news.abusizz.ch\/en\/wp-json\/wp\/v2\/posts\/144262","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.abusizz.ch\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.abusizz.ch\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.abusizz.ch\/en\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/news.abusizz.ch\/en\/wp-json\/wp\/v2\/comments?post=144262"}],"version-history":[{"count":0,"href":"https:\/\/news.abusizz.ch\/en\/wp-json\/wp\/v2\/posts\/144262\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.abusizz.ch\/en\/wp-json\/wp\/v2\/media\/144263"}],"wp:attachment":[{"href":"https:\/\/news.abusizz.ch\/en\/wp-json\/wp\/v2\/media?parent=144262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.abusizz.ch\/en\/wp-json\/wp\/v2\/categories?post=144262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.abusizz.ch\/en\/wp-json\/wp\/v2\/tags?post=144262"}],"curies":[{"name":"what","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}