<p>神秘的投资传奇人物塞思·克拉曼经营着总资产约 270 亿美元的波士顿 <strong>Baupost Group</strong> 对冲基金。</p>
<p>这位亿万富翁是本杰明·格雷厄姆式的价值投资者，被认为是价值投资之父。沃伦·巴菲特也是格雷厄姆的追随者。然而，与奥马哈的神谕喜欢公开演讲和分享投资智慧不同，克拉曼更加隐秘，很少发表演讲。</p>
<p>然而，对于想要学习这位华尔街奇才智慧的投资者，可以购买他的经典著作《安全边际》的副本，这本书自 1982 年创立以来，已在亚马逊上售价高达 3000 美元。而且这还是一本二手书。</p>
<p>克拉曼在 Baupost Group 持有大约两打股票，但最近宣布了一项重大变化。根据《HedgeWeek》的报道，这位亿万富翁向投资者发出了一封信，宣布他正在重组对冲基金，将重点放在股票和房地产上。他还将增加对 “困境债务、特殊情况、事件驱动股票、私人投资和资本解决方案” 的投资。</p>
<p>为此，他进行了一些新的股票购买，同时卖掉了几家公司的股票。以下是他进行的两笔最大交易之一以及他的一笔最大卖出交易。</p>
<h2>本文要点：</h2>
<ul>
<li>著名价值投资者塞思·克拉曼倾向于避开公众视线，但他通过他的投资成功来证明自己。他的 <strong>Blaupost Group</strong> 自 1982 年以来的年化回报率为 20%。</li>
<li>克拉曼正在调整他的对冲基金的重点，集中关注某些领域，这意味着他根据新的思路购买了几只新股票，同时将其他股票从投资组合中剔除。</li>
<li>如果您正在寻找一些潜力巨大的股票，请务必获取我们全新的 “下一个英伟达” 报告的免费副本。其中包括我们有信心的软件股票，具有 10 倍潜力。</li>
</ul>
<h2>股票购买 No.1：休曼纳（HUM）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2021/08/imageForEntry14-ctL.jpg?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://247wallst.com/wp-content/uploads/2021/08/imageForEntry14-ctL.jpg"/></p>
<p>休曼纳标志在世界总部大楼上</p>
<p>医疗保险公司 <strong>休曼纳</strong>（NYSE:HUM）是克拉曼投资组合中最大的新加仓股。他购买了 42 万股，目前价值 1.57 亿美元，占 Baupost 总持股的 4%，位列第八大持仓。克拉曼的平均买入价为 360 美元，目前下跌了 13%。</p>
<p>有充分理由相信未来情况会好转。像休曼纳这样的医疗保健股目前处于低迷，原因是围绕医疗保险计划的不确定性以及其不断变化的准入规则和报销率。例如，<strong>Cigna</strong>（NYSE:CI）刚刚以 37 亿美元的价格出售了其医疗保险业务，以摆脱合规的变数。</p>
<p>由于休曼纳与传统医疗保险商收费相同，它试图改善被保险人的健康状况，同时提供额外的福利，以实现盈利。因此，它试图将用户与提供基于价值的安排的医生联系起来，激励他们提供更好的护理和降低成本。</p>
<p>由于休曼纳拥有最大的家庭医疗实践，它认为这是一个关键的竞争优势。考虑到美国的人口趋势以及医疗保险计划在市场中的深入渗透程度，这对休曼纳未来是一个重大增长机会。</p>
<h2>Solventum（SOLV）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2021/09/imageForEntry33-QnP.jpg?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://247wallst.com/wp-content/uploads/2021/09/imageForEntry33-QnP.jpg"/></p>
<p>医疗保健工作者照顾医疗用品</p>
<p>医疗产品制造商 <strong>Solventum</strong>（NYSE:SOLV）是克拉曼在第二季度进行的第二大购买，购买了 180 万股，价值 9600 万美元。它占投资组合的 2.7%，但平均买入价为每股 16 美元，迄今为止涨幅达 14%。</p>
<p>Solventum 相对较新进入市场，于今年 4 月从工业集团 <strong>3M</strong>（NYSE:MMM）中分拆出来。它起步并不顺利。股价开始在每股 69 美元左右交易，随后迅速下跌，最终跌至每股 47 美元。然而，自低点以来，SOLV 股价上涨了近 50%，尽管自分拆以来仍处于亏损状态。</p>
<p>该公司是医疗用品的最大供应商之一，如消毒设备、敷料、胶带和其他消耗品。它在 2023 年为 3M 创造了 82 亿美元的收入，2024 年有机销售额增长了 1.3%。</p>
<p>Solventum 面临的最大问题之一是 3M 给它带来的债务负担。在第二季度末，其长期债务为 83 亿美元，现金及等价物仅为 8.97 亿美元。然而，管理层专注于在未来两年内偿还这笔金额。它还提高了全年指导。</p>
<p>该公司希望有多达 1% 的有机销售增长，并预计调整后的每股收益为 6.30 至 6.50 美元，而之前的预期是销售下降最多 2%，调整后利润为每股 6.10 至 6.40 美元。</p>
<p>随着销售和利润的增长以及管理层致力于减少债务负担，Solventum 看起来是一个长期的赢家。</p>
<h2>股票出售 No.1：Theravance Biopharma（TBPH）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2019/01/imageforentry1-2nc.jpg?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://247wallst.com/wp-content/uploads/2019/01/imageforentry1-2nc.jpg"/></p>
<p>女性研究科学家正在观察显微镜</p>
<p>克拉曼完全清仓了他在生物制药公司 <strong>Theravance Biopharma</strong>（NASDAQ:TBPH）的重要持股。他曾拥有 420 万股该公司股票，并以每股 8.25 美元的平均价格出售。</p>
<p>尽管这次出售可能更多地与 Baupost Group 的方向变化有关，而不是公司本身出现了什么问题，但 Theravance 股票今年迄今下跌了 30%。克拉曼仍然持有生物技术股票，包括 <strong>Jazz Pharmaceuticals</strong>（NASDAQ:JAZZ）（前十大持仓）和 <strong>Fortrea Holdings</strong>（NASDAQ:FTRE）。值得注意的是，这些头寸也出现了两位数的亏损。</p>
<p>尽管 Theravance 拥有多种上市疗法，但该公司仍在持续亏损。投资者曾希望其治疗产品线能够缩小亏损，但当这家生物科技公司报告称治疗溃疡性结肠炎药物 izencitinib 的 2 期临床试验未能达到预期结果时，投资者感到失望。由于这一情况发生在 Klarman 出售股份之后，他幸免于股价单日暴跌 34%。</p>
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<p>这篇文章来源于 24/7 Wall St.：与华尔街传奇人物 Seth Klarman 一起投资：他购买的两只新股和抛售的一只股票。</p>

休曼纳

SOLV

<p>传奇投资者、Baupost Group 负责人塞思·克拉曼（Seth Klarman）正在重组他的对冲基金，专注于股票和房地产，增加对困境债务和私人投资的曝光。最近，他进行了重大股票购买，包括价值 6000 万美元的 Humana（HUM）42 万股和价值 3000 万美元的 Solventum（SOLV）180 万股。Humana 占他的投资组合的 4%，而 Solventum 占 2.7%。自 1982 年以来，克拉曼的对冲基金年化回报率约为 20%</p>

<p>Enigmatic investing legend Seth Klarman runs the Boston-based <strong>Baupost Group</strong> hedge fund that has around $27 billion in assets under management.</p>
<div class="lb-trans"><p>神秘的投资传奇人物塞思·克拉曼经营着总资产约 270 亿美元的波士顿 <strong>Baupost Group</strong> 对冲基金。</p>
</div><p>The billionaire is a value investor in the vein of Benjamin Graham, considered the father of value investing. Warren Buffett is a Graham disciple, too. Yet where the Oracle of Omaha likes to be out front giving speeches and publicly sharing his investment wisdom, Klarman is much more elusive and rarely gives addresses.</p>
<div class="lb-trans"><p>这位亿万富翁是本杰明·格雷厄姆式的价值投资者，被认为是价值投资之父。沃伦·巴菲特也是格雷厄姆的追随者。然而，与奥马哈的神谕喜欢公开演讲和分享投资智慧不同，克拉曼更加隐秘，很少发表演讲。</p>
</div><p>Yet for investors wanting to learn the wisdom of this Wall Street wunderkind whose hedge fund has generated annualized returns of about 20% since its founding in 1982, they can pick up a copy of his cult classic book <em>Margin of Safety</em> that will set you back a cool $3,000 on Amazon. And that’s for a <em>used</em> copy.</p>
<div class="lb-trans"><p>然而，对于想要学习这位华尔街奇才智慧的投资者，可以购买他的经典著作《安全边际》的副本，这本书自 1982 年创立以来，已在亚马逊上售价高达 3000 美元。而且这还是一本二手书。</p>
</div><p>Klarman holds some two dozen stocks in Baupost Group, but recently announced a change in focus. According to <em>HedgeWeek</em>, the billionaire sent a letter to investors announcing he was restructuring the hedge fund to narrowly focus on equities and real estate. He would also be increasing his “exposure to distressed debt, special situations, event-driven equities, private investments, and capital solutions.”</p>
<div class="lb-trans"><p>克拉曼在 Baupost Group 持有大约两打股票，但最近宣布了一项重大变化。根据《HedgeWeek》的报道，这位亿万富翁向投资者发出了一封信，宣布他正在重组对冲基金，将重点放在股票和房地产上。他还将增加对 “困境债务、特殊情况、事件驱动股票、私人投资和资本解决方案” 的投资。</p>
</div><p>To do so, he made a number of new stock purchases while selling off several others. Below are two of the biggest buys he made and one of his largest sells.</p>
<div class="lb-trans"><p>为此，他进行了一些新的股票购买，同时卖掉了几家公司的股票。以下是他进行的两笔最大交易之一以及他的一笔最大卖出交易。</p>
</div><h2>Key Points About This Article:</h2>
<ul>
<li>Famed value investor Seth Klarman tends to shy away from the public spotlight, but he lets his investing success talk for him. His <strong>Blaupost Group</strong> has annualized returns of 20% stretching back to 1982.</li>
<li>Klarman is changing the focus of his hedge fund to narrowly concentrate on certain areas, meaning he bought several new stocks in line with his new thinking while jettisoning others from the portfolio.</li>
<li>If you’re looking for some stocks with huge potential, make sure to grab a free copy of our brand-new “The Next NVIDIA” report. It features a software stock we’re confident has 10X potential.</li>
</ul>
<div class="lb-trans"><h2>本文要点：</h2>
<ul>
<li>著名价值投资者塞思·克拉曼倾向于避开公众视线，但他通过他的投资成功来证明自己。他的 <strong>Blaupost Group</strong> 自 1982 年以来的年化回报率为 20%。</li>
<li>克拉曼正在调整他的对冲基金的重点，集中关注某些领域，这意味着他根据新的思路购买了几只新股票，同时将其他股票从投资组合中剔除。</li>
<li>如果您正在寻找一些潜力巨大的股票，请务必获取我们全新的 “下一个英伟达” 报告的免费副本。其中包括我们有信心的软件股票，具有 10 倍潜力。</li>
</ul>
</div><h2>Stock Buy No. 1: Humana (HUM)</h2>
<div class="lb-trans"><h2>股票购买 No.1：休曼纳（HUM）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2021/08/imageForEntry14-ctL.jpg" alt="" original-src="https://247wallst.com/wp-content/uploads/2021/08/imageForEntry14-ctL.jpg"/></p>
<p>Humana sign on world headquarters building</p>
<div class="lb-trans"><p>休曼纳标志在世界总部大楼上</p>
</div><p>Health insurer <strong>Humana</strong> (NYSE:HUM) was the largest new addition to Klarman’s portfolio. He bought 420,000 shares that are currently valued at $157 million, good for 4% of Baupost’s total holdings, which places it as his eighth largest position. With an average buy price of $360, Klarman is down 13% at the moment.</p>
<div class="lb-trans"><p>医疗保险公司 <strong>休曼纳</strong>（NYSE:HUM）是克拉曼投资组合中最大的新加仓股。他购买了 42 万股，目前价值 1.57 亿美元，占 Baupost 总持股的 4%，位列第八大持仓。克拉曼的平均买入价为 360 美元，目前下跌了 13%。</p>
</div><p>There is good reason to believe this could change for the better in the future. Healthcare stocks like Humana are currently depressed because of the uncertainty surrounding the Medicare Advantage program and its changing admission rules and reimbursement rates. <strong>Cigna</strong> (NYSE:CI), for example, just sold its Medicare Advantage business for $3.7 billion to free itself from the vagaries of compliance.</p>
<div class="lb-trans"><p>有充分理由相信未来情况会好转。像休曼纳这样的医疗保健股目前处于低迷，原因是围绕医疗保险计划的不确定性以及其不断变化的准入规则和报销率。例如，<strong>Cigna</strong>（NYSE:CI）刚刚以 37 亿美元的价格出售了其医疗保险业务，以摆脱合规的变数。</p>
</div><p>Because Humana is paid the same rate as traditional Medicare insurers, it tries to improve the health of the insured while offering additional benefits in an effort to be profitable. So it tries to place users with doctors offering value-based arrangements, incentivizing them to give better care and lower costs.</p>
<div class="lb-trans"><p>由于休曼纳与传统医疗保险商收费相同，它试图改善被保险人的健康状况，同时提供额外的福利，以实现盈利。因此，它试图将用户与提供基于价值的安排的医生联系起来，激励他们提供更好的护理和降低成本。</p>
</div><p>As Humana owns the largest home healthcare practice, it sees this as a key competitive advantage. Considering U.S. demographic trends and how deep Medicare Advantage is penetrating the market, this is a major growth opportunity for Humana going forward.</p>
<div class="lb-trans"><p>由于休曼纳拥有最大的家庭医疗实践，它认为这是一个关键的竞争优势。考虑到美国的人口趋势以及医疗保险计划在市场中的深入渗透程度，这对休曼纳未来是一个重大增长机会。</p>
</div><h2>Solventum (SOLV)</h2>
<div class="lb-trans"><h2>Solventum（SOLV）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2021/09/imageForEntry33-QnP.jpg" alt="" original-src="https://247wallst.com/wp-content/uploads/2021/09/imageForEntry33-QnP.jpg"/></p>
<p>Healthcare worker with care of medical supplies</p>
<div class="lb-trans"><p>医疗保健工作者照顾医疗用品</p>
</div><p>Healthcare products maker <strong>Solventum</strong> (NYSE:SOLV) was the second-biggest purchase Klarman made in the second quarter, buying 1.8 million shares valued at $96 million. It represents 2.7% of the portfolio, but with an average buy price of $16 per share, he is sitting on a 14% gain to date.</p>
<div class="lb-trans"><p>医疗产品制造商 <strong>Solventum</strong>（NYSE:SOLV）是克拉曼在第二季度进行的第二大购买，购买了 180 万股，价值 9600 万美元。它占投资组合的 2.7%，但平均买入价为每股 16 美元，迄今为止涨幅达 14%。</p>
</div><p>Solventum is relatively new to the market, having been spun off in April from industrial conglomerate <strong>3M</strong> (NYSE:MMM). It got off to an inauspicious start. Shares began trading at around $69 each and promptly fell, ultimately declining to $47 a stub. Yet since the low point, SOLV stock is up almost 50% even if it is still in the red since the separation.</p>
<div class="lb-trans"><p>Solventum 相对较新进入市场，于今年 4 月从工业集团 <strong>3M</strong>（NYSE:MMM）中分拆出来。它起步并不顺利。股价开始在每股 69 美元左右交易，随后迅速下跌，最终跌至每股 47 美元。然而，自低点以来，SOLV 股价上涨了近 50%，尽管自分拆以来仍处于亏损状态。</p>
</div><p>The company is one of the largest providers of medical supplies such as sterilization devices, dressings, tapes, and other consumables. It generated some $8.2 billion for 3M in 2023, and organic sales are up 1.3% in 2024.</p>
<div class="lb-trans"><p>该公司是医疗用品的最大供应商之一，如消毒设备、敷料、胶带和其他消耗品。它在 2023 年为 3M 创造了 82 亿美元的收入，2024 年有机销售额增长了 1.3%。</p>
</div><p>One of Solventum’s biggest issues weighing it down is the debt 3M saddled it with. At the end of the second quarter it had $8.3 billion in long-term debt and just $897 million in cash and equivalents. However, management is focused on paying down that figure over the next two years. It also raised its full-year guidance.</p>
<div class="lb-trans"><p>Solventum 面临的最大问题之一是 3M 给它带来的债务负担。在第二季度末，其长期债务为 83 亿美元，现金及等价物仅为 8.97 亿美元。然而，管理层专注于在未来两年内偿还这笔金额。它还提高了全年指导。</p>
</div><p>The company is looking for sales growth of as much as 1% organically with adjusted earnings of $6.30 to $6.50 per share compared to its previous outlook of as much as a 2% decline in sales and adjusted profits of $6.10 to $6.40 per share.</p>
<div class="lb-trans"><p>该公司希望有多达 1% 的有机销售增长，并预计调整后的每股收益为 6.30 至 6.50 美元，而之前的预期是销售下降最多 2%，调整后利润为每股 6.10 至 6.40 美元。</p>
</div><p>With sales and profits growth in store and management committed to reducing its debt load, Solventum looks like a good long-term winner.</p>
<div class="lb-trans"><p>随着销售和利润的增长以及管理层致力于减少债务负担，Solventum 看起来是一个长期的赢家。</p>
</div><h2>Stock Sale No. 1: Theravance Biopharma (TBPH)</h2>
<div class="lb-trans"><h2>股票出售 No.1：Theravance Biopharma（TBPH）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2019/01/imageforentry1-2nc.jpg" alt="" original-src="https://247wallst.com/wp-content/uploads/2019/01/imageforentry1-2nc.jpg"/></p>
<p>Female research scientist looking into a microscope</p>
<div class="lb-trans"><p>女性研究科学家正在观察显微镜</p>
</div><p>Klarman completely sold off his significant stake in biopharmaceutical stock <strong>Theravance Biopharma</strong> (NASDAQ:TBPH). He had owned 4.2 million shares of the stock and sold them at an average price of $8.25 per share.</p>
<div class="lb-trans"><p>克拉曼完全清仓了他在生物制药公司 <strong>Theravance Biopharma</strong>（NASDAQ:TBPH）的重要持股。他曾拥有 420 万股该公司股票，并以每股 8.25 美元的平均价格出售。</p>
</div><p>While the sale probably has more to do with the change in Baupost Group’s change in direction than with anything wrong at the company, Theravance stock is down 30% year-to-date. Klarman still owns biotech stocks, including <strong>Jazz Pharmaceuticals</strong> (NASDAQ:JAZZ) (a top 10 holding) and <strong>Fortrea Holdings</strong> (NASDAQ:FTRE). Notably, those positions are also in the red by double-digit percentages.</p>
<div class="lb-trans"><p>尽管这次出售可能更多地与 Baupost Group 的方向变化有关，而不是公司本身出现了什么问题，但 Theravance 股票今年迄今下跌了 30%。克拉曼仍然持有生物技术股票，包括 <strong>Jazz Pharmaceuticals</strong>（NASDAQ:JAZZ）（前十大持仓）和 <strong>Fortrea Holdings</strong>（NASDAQ:FTRE）。值得注意的是，这些头寸也出现了两位数的亏损。</p>
</div><p>While Theravance has several marketed therapies, the company is still producing significant losses. Investors had been hoping its pipeline of treatments could narrow the losses, but were disappointed when the biotech reported a Phase 2 trial for izencitinib, an ulcerative colitis drug, failed to meet its endpoints. As it occurred after Klarman sold his shares, he was spared the 34% single-day drop in the stock.</p>
<div class="lb-trans"><p>尽管 Theravance 拥有多种上市疗法，但该公司仍在持续亏损。投资者曾希望其治疗产品线能够缩小亏损，但当这家生物科技公司报告称治疗溃疡性结肠炎药物 izencitinib 的 2 期临床试验未能达到预期结果时，投资者感到失望。由于这一情况发生在 Klarman 出售股份之后，他幸免于股价单日暴跌 34%。</p>
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</div><p>The post Invest Alongside Wall Street Legend Seth Klarman: 2 New Stocks He Bought and 1 He Dumped appeared first on 24/7 Wall St..</p>
<div class="lb-trans"><p>这篇文章来源于 24/7 Wall St.：与华尔街传奇人物 Seth Klarman 一起投资：他购买的两只新股和抛售的一只股票。</p>
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与华尔街传奇人物塞思·克拉曼一起投资：他新买入的两只股票和他抛售的一只股票