<p>没有哪个资金经理能比亿万富翁沃伦·巴菲特更能吸引投资界的关注。在他担任 <strong>伯克希尔哈撒韦</strong>(BRK.A) (BRK.B 0.55%) 首席执行官近六十年的时间里，这位被称为 “奥马哈的先知” 的领导者，管理的公司 A 类股票（BRK.A）截至 11 月 14 日的累计回报超过了 5,660,000%。</p>
<p>巴菲特在长期内持续超越华尔街主要指数的能力，使一些投资者渴望跟随他的投资脚步。得益于向证券交易委员会提交的 13F 表格，这一过程相对简单。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc5ODQvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc5ODQvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA"/></p>
<p>伯克希尔哈撒韦首席执行官沃伦·巴菲特。图片来源：The Motley Fool。</p>
<p>13F 是机构投资者必须提交的文件，要求管理的资产至少达到 1 亿美元。它为投资者提供了华尔街最聪明的资金经理在最新季度购买和出售的股票快照。11 月 14 日是披露截至 9 月季度交易活动的提交截止日期。</p>
<p>与伯克希尔哈撒韦过去两年的 13F 文件一致，巴菲特和他的团队一直是股票的净卖方，并且非常挑剔地进行购买。根据最新一轮的 13F 文件，一项主要持股继续被抛弃，而另一家受欢迎的消费品品牌突然成为热门购买。</p>
<h2>伯克希尔的主要持股继续被抛弃</h2>
<p>根据伯克希尔哈撒韦的合并现金流量表，巴菲特和他的团队在连续八个季度内出售的股票数量超过了购买的数量（自 2022 年 10 月 1 日起），总计达到 1662 亿美元。在这 1662 亿美元中，没有哪只股票占比更高于顶级消费品牌 <strong>苹果</strong>(AAPL -1.41%)。</p>
<p>截至 9 月 30 日的过去一年，伯克希尔哈撒韦已出售 615,560,382 股苹果股票，使其在华尔街第二大公司的持股比例惊人地减少了 67%。请记住，即使在抛售了 615.56 百万股苹果股票后，它仍然是伯克希尔最大的持股，市值几乎高出 250 亿美元。</p>
<p>在伯克希尔哈撒韦的年度股东大会上，巴菲特在与投资者的问答环节中表示，企业所得税率可能会提高。因此，他暗示出售苹果股票是伯克希尔以有利税率锁定可观未实现收益的一种方式。</p>
<p>然而，随着唐纳德·特朗普赢得总统选举，且共和党控制了国会两院，企业所得税的增加在未来四年内看起来将坚决不再提上日程。考虑到苹果股票因巴菲特的抛售而在人工智能（AI）期望上大幅上涨，可以公平地说，伯克希尔哈撒韦错过了可观的收益。</p>
<p>但这次抛售活动可能并非表面上看起来那么简单。</p>
<p>尽管沃伦·巴菲特在伯克希尔的年度股东大会上暗示与税务相关的抛售，但他可能对苹果的估值并不太满意。这位奥马哈的先知是一位坚定的价值投资者，而苹果目前的交易价格是过去 12 个月收益的 38 倍。苹果历史上高的估值倍数与 <strong>标普 500</strong> 的席勒市盈率（P/E）相当，后者在回溯至 1871 年 1 月时达到了第三高的估值倍数。</p>
<p>此外，苹果的实体产品销售在过去两年中停滞不前。尽管订阅服务的增长强劲，但对 iPhone、Mac、iPad 和配件的需求充其量也只是温和。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc5ODQvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc5ODQvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>沃伦·巴菲特的新宠儿</h2>
<p>尽管在 2024 年成为大规模净卖方，沃伦·巴菲特和他的顶级投资顾问托德·科姆斯和泰德·韦施勒进行了非常挑剔的购买。例子包括增加他们在华尔街最受欢迎的反向股票拆分公司 <strong>Sirius XM Holdings</strong> 的持股，以及增加对财产和意外险公司 <strong>Chubb</strong> 的投资，后者在 5 月中旬之前是伯克希尔的保密持股。</p>
<p>在截至 9 月的季度中，巴菲特和他的团队几乎没有进行购买……只有一个例外。第三季度最大的购买是开设一个全新的持仓，投资于受欢迎的快餐连锁店 <strong>达美乐比萨</strong>(DPZ -1.27%)。购买的 1,277,256 股相当于截至 9 月底的市场价值近 5.5 亿美元。</p>
<p>自 2004 年首次公开募股（IPO）以来，达美乐比萨一直是华尔街表现最好的股票之一。自 2004 年 7 月 13 日首次亮相以来，考虑到股息和与伯克希尔哈撒韦的 13F 文件相关的强劲盘后走势，股价已上涨超过 7000%。</p>
<p>去年 12 月，达美乐推出了其五年计划，称为 “渴望更多”（Hungry for MORE）。之所以将 “MORE” 大写，是因为它代表了公司计划在未来几年内提高运营效率和客户忠诚度的方式的首字母缩写。</p>
<p>达美乐的 “M” 代表创造 “最美味的食物”，灵感来自于新的菜单产品和食品准备过程的一致性。“O” 代表 “运营卓越”，专注于食品一致性和通过其专有的技术驱动操作系统最大化产出。“R” 代表 “著名价值”，与公司的奖励计划相关，旨在保持客户对品牌的忠诚。最后，“E” 代表通过其特许经营商 “提升” 品牌的价值。</p>
<p>沃伦·巴菲特非常欣赏那些对自己的成功和失败都负责的管理团队。达美乐比萨的成功真正始于 2010 年代初期，其广告活动以自我批评为主题。该公司毫不畏惧地承认过去的错误（即其比萨质量不佳），并通过诚实的营销成功与消费者建立了良好的关系。</p>
<p>奥马哈的先知同样被那些对股东友好的资本回报计划所吸引。达美乐比萨在十多年来不断增加其基础年度分红，并在几乎所有季度中回购了自己的股票。伯克希尔哈撒韦的大部分持股都是经过时间考验的分红支付者。</p>
<p>尽管很难否认达美乐比萨的卓越回报，但 27 倍的前瞻市盈率并不便宜。未来几个季度，奥马哈的先知和他的团队是否会在这个位置上继续加码，值得关注。</p>

伯克希尔哈撒韦-A

伯克希尔哈撒韦-B

苹果

达美乐比萨

<p>亿万富翁沃伦·巴菲特已出售伯克希尔哈撒韦在苹果公司的 67% 股份，减少了超过 6.15 亿股的持有量。这标志着巴菲特净卖出的趋势，他对苹果公司的高估值和停滞不前的产品销售持谨慎态度。相比之下，巴菲特在达美乐比萨上进行了重大新投资，购买了超过 120 万股，自 2004 年上市以来，该公司的股价已上涨了惊人的 7000%。这一变化反映了巴菲特在更广泛的卖出趋势中采取的选择性买入策略</p>

<p>There isn't a money manager who commands more attention from the investment community than billionaire Warren Buffett. In his nearly six decades as CEO of <strong>Berkshire Hathaway</strong>(BRK.A) (BRK.B 0.55%), the aptly dubbed &#34;Oracle of Omaha&#34; has overseen a cumulative return in his company's Class A shares (BRK.A) of greater than 5,660,000%, as of the closing bell on Nov. 14.</p>
<div class="lb-trans"><p>没有哪个资金经理能比亿万富翁沃伦·巴菲特更能吸引投资界的关注。在他担任 <strong>伯克希尔哈撒韦</strong>(BRK.A) (BRK.B 0.55%) 首席执行官近六十年的时间里，这位被称为 “奥马哈的先知” 的领导者，管理的公司 A 类股票（BRK.A）截至 11 月 14 日的累计回报超过了 5,660,000%。</p>
</div><p>Buffett's ability to consistently outperform Wall Street's major indexes over lengthy timelines has some investors eager to ride his coattails. Thanks to Form 13F filings with the Securities and Exchange Commission, this can be done with relative ease.</p>
<div class="lb-trans"><p>巴菲特在长期内持续超越华尔街主要指数的能力，使一些投资者渴望跟随他的投资脚步。得益于向证券交易委员会提交的 13F 表格，这一过程相对简单。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc5ODQvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F797984%2Fbuffett8-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.</p>
<div class="lb-trans"><p>伯克希尔哈撒韦首席执行官沃伦·巴菲特。图片来源：The Motley Fool。</p>
</div><p>A 13F is a required filing by institutional investors with at least $100 million in assets under management. It provides investors with a snapshot of which stocks Wall Street's smartest money managers purchased and sold in the latest quarter. Nov. 14 was the filing deadline to disclose trading activity for the September-ended quarter.</p>
<div class="lb-trans"><p>13F 是机构投资者必须提交的文件，要求管理的资产至少达到 1 亿美元。它为投资者提供了华尔街最聪明的资金经理在最新季度购买和出售的股票快照。11 月 14 日是披露截至 9 月季度交易活动的提交截止日期。</p>
</div><p>Consistent with Berkshire Hathaway's 13Fs over the last two years, Buffett and his team have been net sellers of equities and very selective buyers. Based on the latest round of 13Fs, one top holding continues to get the heave-ho, while another beloved consumer goods brand is suddenly a popular buy.</p>
<div class="lb-trans"><p>与伯克希尔哈撒韦过去两年的 13F 文件一致，巴菲特和他的团队一直是股票的净卖方，并且非常挑剔地进行购买。根据最新一轮的 13F 文件，一项主要持股继续被抛弃，而另一家受欢迎的消费品品牌突然成为热门购买。</p>
</div><h2>Shares of Berkshire's top holding continue to be shown to the door</h2>
<div class="lb-trans"><h2>伯克希尔的主要持股继续被抛弃</h2>
</div><p>Based on Berkshire Hathaway's consolidated cash flow statements, Buffett and his team have sold more stocks than they've purchased for eight consecutive quarters (dating back to Oct. 1, 2022), totaling an aggregate of $166.2 billion. No stock accounts for a greater percentage of this $166.2 billion than top consumer brand <strong>Apple</strong>(AAPL -1.41%).</p>
<div class="lb-trans"><p>根据伯克希尔哈撒韦的合并现金流量表，巴菲特和他的团队在连续八个季度内出售的股票数量超过了购买的数量（自 2022 年 10 月 1 日起），总计达到 1662 亿美元。在这 1662 亿美元中，没有哪只股票占比更高于顶级消费品牌 <strong>苹果</strong>(AAPL -1.41%)。</p>
</div><p>Over the trailing year, ended Sept. 30, Berkshire Hathaway has sold 615,560,382 shares of Apple, which reduced its stake in Wall Street's second-largest company by a staggering 67%. Keep in mind that even after dumping 615.56 million shares of Apple, it's still Berkshire's largest holding by almost $25 billion in market value.</p>
<div class="lb-trans"><p>截至 9 月 30 日的过去一年，伯克希尔哈撒韦已出售 615,560,382 股苹果股票，使其在华尔街第二大公司的持股比例惊人地减少了 67%。请记住，即使在抛售了 615.56 百万股苹果股票后，它仍然是伯克希尔最大的持股，市值几乎高出 250 亿美元。</p>
</div><p>During Berkshire Hathaway's annual shareholder meeting in early May, Buffett opined during the question-and-answer session with investors that the corporate income tax rate would likely head higher. He thus intimated that selling Apple's stock was a way for Berkshire to lock in sizable unrealized gains at a favorable tax rate.</p>
<div class="lb-trans"><p>在伯克希尔哈撒韦的年度股东大会上，巴菲特在与投资者的问答环节中表示，企业所得税率可能会提高。因此，他暗示出售苹果股票是伯克希尔以有利税率锁定可观未实现收益的一种方式。</p>
</div><p>However, with Donald Trump winning the presidency and Republicans controlling both houses of Congress, corporate income tax increases look to be firmly off the table for at least the next four years. Considering that Apple's stock has risen significantly on its artificial intelligence (AI) aspirations as Buffett has sold, it's fair to say that Berkshire Hathaway has missed out on a pretty penny in gains.</p>
<div class="lb-trans"><p>然而，随着唐纳德·特朗普赢得总统选举，且共和党控制了国会两院，企业所得税的增加在未来四年内看起来将坚决不再提上日程。考虑到苹果股票因巴菲特的抛售而在人工智能（AI）期望上大幅上涨，可以公平地说，伯克希尔哈撒韦错过了可观的收益。</p>
</div><p>But there may be more to this selling activity than meets the eye.</p>
<div class="lb-trans"><p>但这次抛售活动可能并非表面上看起来那么简单。</p>
</div><p>Even though Warren Buffett hinted at tax-related selling at Berkshire's annual shareholder meeting, he might be less than impressed with Apple's valuation. The Oracle of Omaha is an ardent value investor, and Apple is currently trading at 38 times trailing-12-month earnings. Apple's historically high valuation multiple is on par with the <strong>S&amp;P 500</strong>'s Shiller price-to-earnings (P/E) ratio hitting its third-highest valuation multiple, when back-tested to January 1871.</p>
<div class="lb-trans"><p>尽管沃伦·巴菲特在伯克希尔的年度股东大会上暗示与税务相关的抛售，但他可能对苹果的估值并不太满意。这位奥马哈的先知是一位坚定的价值投资者，而苹果目前的交易价格是过去 12 个月收益的 38 倍。苹果历史上高的估值倍数与 <strong>标普 500</strong> 的席勒市盈率（P/E）相当，后者在回溯至 1871 年 1 月时达到了第三高的估值倍数。</p>
</div><p>Additionally, Apple's physical product sales have stalled over the last two years. While subscription services growth has been robust, demand for iPhone, Mac, iPad, and accessories has been lukewarm, at best.</p>
<div class="lb-trans"><p>此外，苹果的实体产品销售在过去两年中停滞不前。尽管订阅服务的增长强劲，但对 iPhone、Mac、iPad 和配件的需求充其量也只是温和。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc5ODQvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F797984%2Femployees-eat-pizza-conference-room-business-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>There's a new apple of Warren Buffett's eye</h2>
<div class="lb-trans"><h2>沃伦·巴菲特的新宠儿</h2>
</div><p>Despite being a big-time net seller of stocks in 2024, Warren Buffett and his top investment advisors, Todd Combs and Ted Weschler, have done some very selective buying. Examples include building up their stake in Wall Street's most-popular reverse stock split, <strong>Sirius XM Holdings</strong>, as well as adding to property and casualty insurer <strong>Chubb</strong>, which was Berkshire's confidential holding until mid-May.</p>
<div class="lb-trans"><p>尽管在 2024 年成为大规模净卖方，沃伦·巴菲特和他的顶级投资顾问托德·科姆斯和泰德·韦施勒进行了非常挑剔的购买。例子包括增加他们在华尔街最受欢迎的反向股票拆分公司 <strong>Sirius XM Holdings</strong> 的持股，以及增加对财产和意外险公司 <strong>Chubb</strong> 的投资，后者在 5 月中旬之前是伯克希尔的保密持股。</p>
</div><p>During the September-ended quarter, Buffett and his team did very little buying... with one exception. The largest purchase of the third quarter was to open a brand-new position in beloved fast-food restaurant chain <strong>Domino's Pizza</strong>(DPZ -1.27%). The 1,277,256 shares purchased equated to almost $550 million in market value, as of the end of September.</p>
<div class="lb-trans"><p>在截至 9 月的季度中，巴菲特和他的团队几乎没有进行购买……只有一个例外。第三季度最大的购买是开设一个全新的持仓，投资于受欢迎的快餐连锁店 <strong>达美乐比萨</strong>(DPZ -1.27%)。购买的 1,277,256 股相当于截至 9 月底的市场价值近 5.5 亿美元。</p>
</div><p>Domino's Pizza has been one of the top-performing stocks on Wall Street since its initial public offering (IPO) in 2004. Since its debut on July 13, 2004, shares have catapulted higher by more than 7,000%, factoring in dividends and the robust after-hours move associated with Berkshire Hathaway's 13F filing.</p>
<div class="lb-trans"><p>自 2004 年首次公开募股（IPO）以来，达美乐比萨一直是华尔街表现最好的股票之一。自 2004 年 7 月 13 日首次亮相以来，考虑到股息和与伯克希尔哈撒韦的 13F 文件相关的强劲盘后走势，股价已上涨超过 7000%。</p>
</div><p>In December of last year, Domino's introduced its five-year plan that it dubbed &#34;Hungry for MORE.&#34; The reason &#34;MORE&#34; is capitalized is because it represents an acronym for the ways the company aims to improve its operating efficiency and customer loyalty in the years to come.</p>
<div class="lb-trans"><p>去年 12 月，达美乐推出了其五年计划，称为 “渴望更多”（Hungry for MORE）。之所以将 “MORE” 大写，是因为它代表了公司计划在未来几年内提高运营效率和客户忠诚度的方式的首字母缩写。</p>
</div><p>Domino's &#34;M&#34; is about creating the &#34;most delicious food,&#34; and is inspired by new menu offerings and the consistency of its food-prep process. The &#34;O&#34; stands for &#34;operational excellence&#34; and is focused on food consistency and maximizing output through its proprietary tech-driven operating system. The &#34;R&#34; is about &#34;renowned value&#34; and relates to the company's rewards program, which is designed to keep customers loyal to the brand. Lastly, the &#34;E&#34; is for &#34;enhancing&#34; the brand's value through its franchisees.</p>
<div class="lb-trans"><p>达美乐的 “M” 代表创造 “最美味的食物”，灵感来自于新的菜单产品和食品准备过程的一致性。“O” 代表 “运营卓越”，专注于食品一致性和通过其专有的技术驱动操作系统最大化产出。“R” 代表 “著名价值”，与公司的奖励计划相关，旨在保持客户对品牌的忠诚。最后，“E” 代表通过其特许经营商 “提升” 品牌的价值。</p>
</div><p>Warren Buffett is a huge fan of management teams that own their successes <em>and</em> their failures. Domino's success really kicked off in the early 2010s with its <em>mea culpa</em> advertising campaign. The company hasn't been afraid to admit past mistakes (i.e., that its pizza was subpar) and has successfully built rapport with consumers through its honest marketing.</p>
<div class="lb-trans"><p>沃伦·巴菲特非常欣赏那些对自己的成功和失败都负责的管理团队。达美乐比萨的成功真正始于 2010 年代初期，其广告活动以自我批评为主题。该公司毫不畏惧地承认过去的错误（即其比萨质量不佳），并通过诚实的营销成功与消费者建立了良好的关系。</p>
</div><p>The Oracle of Omaha is also attracted to companies with shareholder-friendly capital-return programs. Domino's has increased its base annual payout for more than a decade and has repurchased its shares in all but a handful of quarters. A majority of Berkshire Hathaway's holdings are time-tested dividend payers.</p>
<div class="lb-trans"><p>奥马哈的先知同样被那些对股东友好的资本回报计划所吸引。达美乐比萨在十多年来不断增加其基础年度分红，并在几乎所有季度中回购了自己的股票。伯克希尔哈撒韦的大部分持股都是经过时间考验的分红支付者。</p>
</div><p>Although it's hard to argue against Domino's stellar return, a forward P/E ratio of 27 isn't exactly cheap. It'll be interesting to see if the Oracle of Omaha and his team build on this position in the quarters to come.</p>
<div class="lb-trans"><p>尽管很难否认达美乐比萨的卓越回报，但 27 倍的前瞻市盈率并不便宜。未来几个季度，奥马哈的先知和他的团队是否会在这个位置上继续加码，值得关注。</p>
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Billionaire Warren Buffett Sold 67% of Berkshire's Stake in Apple and Is Piling Into a Beloved Consumer Brand Whose Stock Has Soared by 7,000% Since Its IPO

- 沃伦·巴菲特在伯克希尔哈撒韦的管理下，股票回报超过 5,660,000%。  
- 巴菲特近期出售了大量苹果股票，减少持股 67%。  
- 新增投资包括多米诺比萨，显示出对管理团队的认可。  

亿万富翁沃伦·巴菲特出售了伯克希尔哈撒韦在苹果公司 67% 的股份，并且正在大量投资一个备受喜爱的消费品牌，该品牌自首次公开募股以来股价已经飙升了 7000%