<p>尽管人工智能（AI）一直是推动华尔街三大股指创下历史收盘新高的不容错过的创新，但股票分拆的狂热在 2024 年也被认为同样重要。</p>
<p>股票分拆允许上市公司通过相同的比例调整股价和流通股数量，这些变化在本质上是表面的，不会影响公司的市值或经营业绩。</p>
<p>股票分拆有两种变体，投资者更倾向于其中一种。一方面，有逆向股票分拆，旨在提高公司的股价。逆向分拆通常是为了确保公司的股票符合主要交易所持续的最低挂牌标准。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODc0NDgvc3RvY2stY2VydGlmaWNhdGUtaW52ZXN0bWVudC1yZXRpcmUtaGVpcmxvb20tZG9uYXRlLWNhcGl0YWwtZ2FpbnMtdGF4LWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODc0NDgvc3RvY2stY2VydGlmaWNhdGUtaW52ZXN0bWVudC1yZXRpcmUtaGVpcmxvb20tZG9uYXRlLWNhcGl0YWwtZ2FpbnMtdGF4LWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>另一方面，正向股票分拆用于降低上市公司的名义股价。由于正向分拆几乎总是由那些在创新和执行方面超越竞争对手的公司进行，这是大多数投资者涌向的股票分拆类型。</p>
<p>在过去的六个月中，有 13 家知名企业宣布或完成了股票分拆，其中有 12 家是正向分拆。然而，您可能会惊讶地发现，沃伦·巴菲特无法停止购买的股票——除了自己公司和石油天然气巨头 <strong>Occidental Petroleum</strong> 的股票之外——是这 13 家公司中唯一宣布进行逆向分拆的公司。</p>
<h2>奥马哈的先知近两年来一直是大手笔的股票卖家</h2>
<p>在深入探讨巴菲特一直在大举购买的 <strong>伯克希尔哈撒韦</strong> 独特股票分拆股票之前，需要一些背景信息。</p>
<p>尽管奥马哈的先知以长期投资方式著称，并多次宣称他不会&#34;押注美国&#34;，但他和他的顶级投资助手在较短时期内所做的事情并不总是与他在伯克希尔的年度股东信和公司年度会议中所宣扬的一致。</p>
<p>在过去的七个季度中，巴菲特及其团队一直是股票净卖家。</p>
<p>总体而言，伯克希尔最聪明的投资头脑在 2022 年 10 月 1 日至 2024 年 6 月 30 日期间卖出的股票比他们共同购买的股票多了 1,316 亿美元。自第三季度开始，巴菲特已经卖出了价值超过 38 亿美元的 <strong>美国银行</strong> 股票，伯克希尔的投资团队看起来正在朝着第八个连续季度的净卖出活动迈进。</p>
<p>尽管沃伦·巴菲特偶尔会按下购买按钮，但他和他的团队在近两年来对购买非常谨慎。这使得他大举投资一家实施逆向股票分拆的知名公司变得更加有趣。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODc0NDgvYnV5LWxvdy1zZWxsLWhpZ2gtc3RvY2stbWFya2V0LWNoYXJ0LWludmVzdGluZy1yZXRpcmVtZW50LWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODc0NDgvYnV5LWxvdy1zZWxsLWhpZ2gtc3RvY2stbWFya2V0LWNoYXJ0LWludmVzdGluZy1yZXRpcmVtZW50LWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>认识巴菲特正在大举投资的法定垄断股票分拆股票</h2>
<p>尽管巴菲特在第二季度购买了七种证券，包括在 <strong>Ulta Beauty</strong> 和 <strong>HEICO</strong> 开设新头寸，但大约增持了 9620 万股卫星广播运营商 <strong>天狼星 XM 控股</strong>(SIRI -0.83%) 的股票才是引人注目的。这使伯克希尔在天狼星 XM 的持股量从上一个季度增加了 262%。</p>
<p>正如我之前提到的，大多数逆向分拆旨在使公司的股票继续在主要股票交易所上市。但天狼星 XM 并不会因此被摘牌，这使其在进行逆向股票分拆的公司中显得独特。</p>
<p>到第三季度末，天狼星 XM 应该会完成与自由传媒的天狼星 XM 跟踪股票 <strong>自由天狼星 XM 集团</strong>(LSXMA 0.32%) (LSXMB -0.18%) (LSXMK 0.32%) 的合并，从而创建一个类别的流通股。但由于天狼星 XM 已经拥有大约 38.5 亿股流通股，其董事会宣布在合并完成时进行 1 比 10 的逆向分拆。换句话说，这不是出于弱势而进行的股票分拆，这通常是逆向分拆所观察到的情况。</p>
<p>除了天狼星 XM 股票和自由天狼星 XM 集团股票之间可能存在的套利机会外，还有许多竞争优势使天狼星 XM 对沃伦·巴菲特及其顶级投资助手泰德·韦施勒和托德·康姆斯具有吸引力。</p>
<p>首先显而易见的是，天狼星 XM 是唯一持有卫星广播运营许可的公司。需要明确的是，这并不意味着它没有竞争。天狼星 XM 与地面和在线广播提供商一起争夺听众。但作为卫星广播服务的唯一合法垄断者，它为公司提供了异常的订阅定价权，用以保持在通货膨胀曲线之前。</p>
<p>天狼星 XM 与传统广播运营商之间的另一个关键区别是它们如何产生收入。大多数地面和在线广播提供商几乎全部收入来自广告。这种方式在经济收缩或衰退时效果很好。但一旦经济出现问题，企业就会毫不犹豫地在第一个迹象出现时削减营销预算。</p>
<p>截至 2024 年上半年，天狼星 XM 的收入中不到 20% 来自广告（通过 Pandora）。相比之下，几乎 77% 的净销售额来自订阅。与企业大幅削减广告预算相比，订阅者在经济衰退期间取消服务的可能性要小得多。简而言之，天狼星 XM 的现金流通常比陆地和在线广播提供商更可预测。</p>
<p>天狼星 XM 的成本结构也比同行更可预测。虽然有些费用会按季度波动，比如版税，但传输和设备成本往往是相对固定的，无论天狼星 XM 的平台上有多少订阅者。</p>
<p>谜底的最后一块是，在非常昂贵的股市背景下，天狼星 XM 的股票历史上便宜。在截至 6 月的季度，股票的前瞻年度收益不到 8 倍，可以轻松购入，这是天狼星 XM 作为上市公司 30 年来从未达到的水平。最棒的是公司的 3.7% 股息率。</p>
<p>沃伦·巴菲特总是有办法脱颖而出；购买华尔街独特的股票分拆股票就是一种方法。</p>

伯克希尔哈撒韦-A

天狼星XM广播

伯克希尔哈撒韦-B

<p>沃伦·巴菲特大幅增加了他在天狼星 XM 广播的持股比例，购买了约 9620 万股额外股份，较上一季度增加了 262%。这次购买引人注目的地方在于，天狼星 XM 正在实施 1 比 10 的股票逆向拆分，这对于一个没有面临摘牌问题的公司来说是不寻常的。尽管大多数逆向拆分都与公司业绩下滑有关，但天狼星 XM 独特之处在于它是卫星广播的合法垄断者，尽管面临竞争，但仍能保持强大的订阅定价能力</p>

<p>Although artificial intelligence (AI) has been the can't-miss innovation that's powered all three of Wall Street's major stock indexes to record-closing highs, stock-split euphoria has, arguably, been just as important in 2024.</p>
<div class="lb-trans"><p>尽管人工智能（AI）一直是推动华尔街三大股指创下历史收盘新高的不容错过的创新，但股票分拆的狂热在 2024 年也被认为同样重要。</p>
</div><p>A stock split allows publicly traded companies the opportunity to superficially adjust their share price and outstanding share count by the same factor. These changes are cosmetic in the sense that they don't affect a company's market cap or its operating performance.</p>
<div class="lb-trans"><p>股票分拆允许上市公司通过相同的比例调整股价和流通股数量，这些变化在本质上是表面的，不会影响公司的市值或经营业绩。</p>
</div><p>Splits come in two variations, with investors gravitating to one far more than the other. On one hand, there are reverse-stock splits, which are geared toward increasing a company's share price. Reverse splits are often effected to ensure a company's stock meets the continued minimum listing standards on a major exchange.</p>
<div class="lb-trans"><p>股票分拆有两种变体，投资者更倾向于其中一种。一方面，有逆向股票分拆，旨在提高公司的股价。逆向分拆通常是为了确保公司的股票符合主要交易所持续的最低挂牌标准。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODc0NDgvc3RvY2stY2VydGlmaWNhdGUtaW52ZXN0bWVudC1yZXRpcmUtaGVpcmxvb20tZG9uYXRlLWNhcGl0YWwtZ2FpbnMtdGF4LWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F787448%2Fstock-certificate-investment-retire-heirloom-donate-capital-gains-tax-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>On the other hand, forward-stock splits are used to decrease the nominal share price for a publicly traded company. Since forward splits are almost universally conducted by companies that are out-innovating and out-executing their competition, this is the type of stock split most investors flock to.</p>
<div class="lb-trans"><p>另一方面，正向股票分拆用于降低上市公司的名义股价。由于正向分拆几乎总是由那些在创新和执行方面超越竞争对手的公司进行，这是大多数投资者涌向的股票分拆类型。</p>
</div><p>Over the last six months, 13 brand-name businesses have announced or completed stock splits, 12 of which are forward splits. However, you might be surprised to learn that the stock Warren Buffett can't stop buying for <strong>Berkshire Hathaway</strong>(BRK.A 0.91%) (BRK.B 0.83%) -- aside from shares of his own company and oil and gas goliath <strong>Occidental Petroleum</strong>-- is the only one of the 13 that's announced a reverse split.</p>
<div class="lb-trans"><p>在过去的六个月中，有 13 家知名企业宣布或完成了股票分拆，其中有 12 家是正向分拆。然而，您可能会惊讶地发现，沃伦·巴菲特无法停止购买的股票——除了自己公司和石油天然气巨头 <strong>Occidental Petroleum</strong> 的股票之外——是这 13 家公司中唯一宣布进行逆向分拆的公司。</p>
</div><h2>The Oracle of Omaha has been a <em>big-time</em> seller of stocks for nearly two years</h2>
<div class="lb-trans"><h2>奥马哈的先知近两年来一直是大手笔的股票卖家</h2>
</div><p>Before digging into the details of the unique stock-split stock that Buffett has been buying hand over fist for Berkshire Hathaway, some context is needed.</p>
<div class="lb-trans"><p>在深入探讨巴菲特一直在大举购买的 <strong>伯克希尔哈撒韦</strong> 独特股票分拆股票之前，需要一些背景信息。</p>
</div><p>Although the Oracle of Omaha is known for touting a long-term investment approach, and has proclaimed on multiple occasions that he wouldn't &#34;bet against America,&#34; what he and his top investment aides do over shorter periods may not always align with what he preaches in Berkshire's annual letter to shareholders and during his company's annual meetings.</p>
<div class="lb-trans"><p>尽管奥马哈的先知以长期投资方式著称，并多次宣称他不会&#34;押注美国&#34;，但他和他的顶级投资助手在较短时期内所做的事情并不总是与他在伯克希尔的年度股东信和公司年度会议中所宣扬的一致。</p>
</div><p>In each of the last seven quarters, Buffett and his crew have been big-time net-sellers of equity securities.</p>
<div class="lb-trans"><p>在过去的七个季度中，巴菲特及其团队一直是股票净卖家。</p>
</div><p>Altogether, Berkshire's brightest investment minds have sold $131.6 billion more in stocks than they've collectively purchased between Oct. 1, 2022 and June 30, 2024. With Buffett selling more than $3.8 billion worth of <strong>Bank of America</strong> shares since the third quarter began, Berkshire's investment team looks to be well on its way to making it an eighth straight quarter of net-selling activity.</p>
<div class="lb-trans"><p>总体而言，伯克希尔最聪明的投资头脑在 2022 年 10 月 1 日至 2024 年 6 月 30 日期间卖出的股票比他们共同购买的股票多了 1,316 亿美元。自第三季度开始，巴菲特已经卖出了价值超过 38 亿美元的 <strong>美国银行</strong> 股票，伯克希尔的投资团队看起来正在朝着第八个连续季度的净卖出活动迈进。</p>
</div><p>While Warren Buffett has pressed the buy button on occasion, he and his team have been <em>very</em> selective about their purchases for nearly two years. This is what makes him piling into a popular company enacting a reverse-stock split all the more intriguing.</p>
<div class="lb-trans"><p>尽管沃伦·巴菲特偶尔会按下购买按钮，但他和他的团队在近两年来对购买非常谨慎。这使得他大举投资一家实施逆向股票分拆的知名公司变得更加有趣。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODc0NDgvYnV5LWxvdy1zZWxsLWhpZ2gtc3RvY2stbWFya2V0LWNoYXJ0LWludmVzdGluZy1yZXRpcmVtZW50LWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F787448%2Fbuy-low-sell-high-stock-market-chart-investing-retirement-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Meet the legal monopoly stock-split stock Warren Buffett is piling into</h2>
<div class="lb-trans"><h2>认识巴菲特正在大举投资的法定垄断股票分拆股票</h2>
</div><p>Though Buffett purchased shares of seven securities during the second quarter, including opening new positions in <strong>Ulta Beauty</strong> and <strong>HEICO</strong>, it's the roughly 96.2 million additional shares of satellite-radio operator <strong>Sirius XM Holdings</strong>(SIRI -0.83%) that's the eye-popper. This increased Berkshire's stake in Sirius XM by 262% from the sequential quarter.</p>
<div class="lb-trans"><p>尽管巴菲特在第二季度购买了七种证券，包括在 <strong>Ulta Beauty</strong> 和 <strong>HEICO</strong> 开设新头寸，但大约增持了 9620 万股卫星广播运营商 <strong>天狼星 XM 控股</strong>(SIRI -0.83%) 的股票才是引人注目的。这使伯克希尔在天狼星 XM 的持股量从上一个季度增加了 262%。</p>
</div><p>As I alluded to earlier, most reverse splits are aimed at keeping a company's shares listed on a major stock exchange. But Sirius XM is in no danger of delisting, which makes it unique among companies conducting reverse-stock splits.</p>
<div class="lb-trans"><p>正如我之前提到的，大多数逆向分拆旨在使公司的股票继续在主要股票交易所上市。但天狼星 XM 并不会因此被摘牌，这使其在进行逆向股票分拆的公司中显得独特。</p>
</div><p>By the end of the third quarter, Sirius XM should complete its merger with Liberty Media's Sirius XM tracking stock, <strong>Liberty Sirius XM Group</strong>(LSXMA 0.32%) (LSXMB -0.18%) (LSXMK 0.32%), which will create a single class of outstanding shares. But with Sirius XM sporting so many outstanding shares already (around 3.85 billion), its board announced a 1-for-10 reverse split that'll be conducted upon consummation of the merger. In other words, this isn't a stock split being enacted out of weakness, which is typically what's observed with reverse splits.</p>
<div class="lb-trans"><p>到第三季度末，天狼星 XM 应该会完成与自由传媒的天狼星 XM 跟踪股票 <strong>自由天狼星 XM 集团</strong>(LSXMA 0.32%) (LSXMB -0.18%) (LSXMK 0.32%) 的合并，从而创建一个类别的流通股。但由于天狼星 XM 已经拥有大约 38.5 亿股流通股，其董事会宣布在合并完成时进行 1 比 10 的逆向分拆。换句话说，这不是出于弱势而进行的股票分拆，这通常是逆向分拆所观察到的情况。</p>
</div><p>Aside from whatever arbitrage opportunities might exist between shares of Sirius XM and Liberty Sirius XM Group, there are quite a few competitive advantages that would make Sirius XM attractive to Warren Buffett and his top investment aides, Ted Weschler and Todd Combs.</p>
<div class="lb-trans"><p>除了天狼星 XM 股票和自由天狼星 XM 集团股票之间可能存在的套利机会外，还有许多竞争优势使天狼星 XM 对沃伦·巴菲特及其顶级投资助手泰德·韦施勒和托德·康姆斯具有吸引力。</p>
</div><p>To start with the obvious, Sirius XM is the only licensed satellite-radio operator. To be clear, this doesn't mean it's devoid of competition. Sirius XM is fighting for listeners right alongside terrestrial and online radio providers. But as the only legal monopoly for satellite-radio services, it affords the company exceptional subscription pricing power, which it uses to stay ahead of the inflationary curve.</p>
<div class="lb-trans"><p>首先显而易见的是，天狼星 XM 是唯一持有卫星广播运营许可的公司。需要明确的是，这并不意味着它没有竞争。天狼星 XM 与地面和在线广播提供商一起争夺听众。但作为卫星广播服务的唯一合法垄断者，它为公司提供了异常的订阅定价权，用以保持在通货膨胀曲线之前。</p>
</div><p>Another key difference between Sirius XM and traditional radio operators is how the two generate revenue. Most terrestrial and online radio providers generate almost all of their sales from advertising. This approach works great until an economic contraction or recession comes along. Businesses aren't shy about paring back their marketing budgets at the first sign of trouble.</p>
<div class="lb-trans"><p>天狼星 XM 与传统广播运营商之间的另一个关键区别是它们如何产生收入。大多数地面和在线广播提供商几乎全部收入来自广告。这种方式在经济收缩或衰退时效果很好。但一旦经济出现问题，企业就会毫不犹豫地在第一个迹象出现时削减营销预算。</p>
</div><p>Through the first half of 2024, less than 20% of Sirius XM's revenue was traced back to ads (via Pandora). Comparatively, almost 77% of net sales came from subscriptions. There's a considerably smaller chance of subscribers cancelling their service during economic downturns than there is of businesses meaningfully reducing their ad budgets. In short, Sirius XM's cash flow tends to be far more predictable than terrestrial and online radio providers.</p>
<div class="lb-trans"><p>截至 2024 年上半年，天狼星 XM 的收入中不到 20% 来自广告（通过 Pandora）。相比之下，几乎 77% 的净销售额来自订阅。与企业大幅削减广告预算相比，订阅者在经济衰退期间取消服务的可能性要小得多。简而言之，天狼星 XM 的现金流通常比陆地和在线广播提供商更可预测。</p>
</div><p>Sirius XM's cost structure is more predictable than its peers, too. While there are certain expenses that are going to ebb and flow on a quarterly basis, such as royalties, transmission and equipment costs tend to be relatively fixed no matter how many subscribers Sirius XM has on its platform.</p>
<div class="lb-trans"><p>天狼星 XM 的成本结构也比同行更可预测。虽然有些费用会按季度波动，比如版税，但传输和设备成本往往是相对固定的，无论天狼星 XM 的平台上有多少订阅者。</p>
</div><p>The final piece of the puzzle is that Sirius XM's stock is historically cheap amid the backdrop of a <em>very</em> expensive stock market. Shares could easily have been scooped up during the June-ended quarter for less than 8 times forward-year earnings -- a level Sirius XM hasn't traded at in its 30 years as a public company. The cherry on top is the company's 3.7% dividend yield.</p>
<div class="lb-trans"><p>谜底的最后一块是，在非常昂贵的股市背景下，天狼星 XM 的股票历史上便宜。在截至 6 月的季度，股票的前瞻年度收益不到 8 倍，可以轻松购入，这是天狼星 XM 作为上市公司 30 年来从未达到的水平。最棒的是公司的 3.7% 股息率。</p>
</div><p>Warren Buffett always finds a way to stand out; and buying Wall Street's unique stock-split stock is one way to do it.</p>
<div class="lb-trans"><p>沃伦·巴菲特总是有办法脱颖而出；购买华尔街独特的股票分拆股票就是一种方法。</p>
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