<p>沃伦·巴菲特据报道管理着 <strong>伯克希尔哈撒韦</strong>（BRK.A -0.39%）（BRK.B -0.56%）约 90% 的股票证券投资组合，而他的助手托德·科姆斯和泰德·韦施勒则负责其余部分。公司并未披露每笔交易由哪位投资经理执行，但巴菲特几乎肯定负责像 <strong>苹果</strong>（AAPL -1.32%）这样的大型持仓。</p>
<p>尽管曾称苹果是世界上&#34;最好的商业&#34;，巴菲特在第三季度出售了 1 亿股，削减了伯克希尔的持股比例 25%。尽管截至 9 月 30 日，苹果仍是公司最大的持仓，但巴菲特在过去四个季度已出售超过 6.15 亿股。</p>
<p>与此同时，伯克希尔在第三季度开始了对 <strong>达美乐比萨</strong>（DPZ -0.69%）的非常小的投资。自 2004 年 7 月首次公开募股（IPO）以来，该股票上涨了 3100%，但最近表现不佳。在过去三年中，尽管 <strong>标准普尔 500 指数</strong> 在此期间上涨了 28%，但该股票下跌了 21%。</p>
<p>以下是投资者应了解的关于苹果和达美乐的信息。</p>
<h2>苹果：沃伦·巴菲特在第三季度出售的股票</h2>
<p>苹果通过工程专业知识建立了品牌权威和定价能力。其消费电子产品系列基于专有软件，创造了跨设备的无缝用户体验，消费者愿意为此付费。在第三季度，iPhone 的平均价格是三星智能手机平均价格的 3 倍。</p>
<p>苹果在多个消费电子市场中占据强大地位，包括在智能手机市场的领导地位（按销售额计算）。然而，近年来公司已将重点扩展到硬件之外。应用商店下载、iCloud 存储和 Apple Pay 等相关服务使公司能够更有效地从超过 22 亿活跃设备的用户基础中获利。</p>
<p>苹果在 2024 财年第四季度（截至 2024 年 9 月）报告了温和的财务业绩。由于服务部门的销售增长达到两位数，收入增长了 6%，而 Mac、iPad 和 iPhone 部门的销售增长则为中个位数。同时，非公认会计原则（调整后）每股收益增长了 12%，达到 1.64 美元。</p>
<p>苹果是一家稳健的企业，但即使是最好的企业也不值得以任何价格购买。苹果的市盈率（P/E）从 4 月的 26 上升到 12 月的 42，而没有任何实质性的催化剂。确实，它最近推出了 Apple intelligence，一套针对新款 iPhone 和 MacBook 的人工智能功能。但这尚未触发许多分析师预测的升级周期。</p>
<p>目前的市盈率倍数看起来特别昂贵，因为华尔街预计苹果的收益在未来三年将以每年 10% 的速度增长。在我看来，这使得该股票在当前价格下严重高估，我认为沃伦·巴菲特在出售股票时做出了正确的决定。但某些华尔街分析师可能会不同意。Wedbush 的丹·艾夫斯表示，苹果可能在 18 个月内成为一家价值 5 万亿美元的公司。</p>
<h2>达美乐比萨：沃伦·巴菲特在第三季度购买的股票</h2>
<p>达美乐是全球最大的比萨公司，按销售额和门店数量计算。根据《华尔街日报》，该公司在美国每 3 个比萨中就有 1 个是由其配送。定期促销和最近重新推出的忠诚度计划帮助达美乐建立了提供比 <strong>爸爸 John's 国际</strong> 和 <strong>必胜客</strong>（由 <strong>百胜餐饮集团</strong> 拥有）更高价值的声誉。</p>
<p>因此，达美乐在近年来更有可能报告同店销售增长。事实上，尽管高通胀和利率上升造成的宏观经济环境相对困难，消费者变得特别挑剔，但其同店销售已连续七个季度增长。相比之下，爸爸 John's 和必胜客在过去七个季度中有四个季度同店销售出现下降。</p>
<p>达美乐在第三季度报告了混合业绩。收入增长 5%，达到 10 亿美元，未能达到华尔街预期的 7% 增长。然而，按照公认会计原则（GAAP）计算的净收入持平，每股稀释收益为 4.19 美元，优于分析师预期的 13% 下降。该公司在第三季度净开设了 72 家门店，使其总门店数量超过 21,000 家。</p>
<p>首席执行官拉塞尔·维纳在第三季度的财报电话会议上告诉分析师：“我继续相信我们将实现美国同店销售年增长 3% 或更多。这就是为什么我预计达美乐将继续推动额外的市场份额增长。” 该公司还重申了其对 2028 年前 “运营收入年增长约 8%” 的指导。</p>
<p>为此，华尔街预计达美乐的收益在未来几年将以每年 8% 的速度增长。考虑到达美乐预计在 2026 年国际销售将反弹，公司指导和华尔街的前景可能较为保守，但在当前市盈率为 26.6 倍的情况下，该股票仍然显得昂贵。我认为投资者应该等待更好的入场时机。</p>

伯克希尔哈撒韦-B

达美乐比萨

<p>沃伦·巴菲特的伯克希尔哈撒韦出售了 1 亿股苹果股票，减少了 25% 的持股比例，同时在达美乐比萨建立了一个小规模的头寸，自上市以来其股价已上涨 3100%。尽管苹果拥有强大的品牌和近期的收入增长，但其市盈率显著上升，引发了对其高估值的担忧。相反，达美乐表现出韧性，持续实现同店销售增长，尽管其最近的收入未能达到预期。分析师对这两家公司持乐观态度，但对苹果未来潜力和达美乐的增长轨迹有不同看法</p>

<p>Warren Buffett reportedly manages about 90% of <strong>Berkshire Hathaway</strong>'s (BRK.A -0.39%)(BRK.B -0.56%) equity securities portfolio, while understudies Todd Combs and Ted Weschler handle the rest. The company does not disclose which investment manager makes each individual trade, but Buffett is almost certainly in charge of large positions like <strong>Apple</strong>(AAPL -1.32%).</p>
<div class="lb-trans"><p>沃伦·巴菲特据报道管理着 <strong>伯克希尔哈撒韦</strong>（BRK.A -0.39%）（BRK.B -0.56%）约 90% 的股票证券投资组合，而他的助手托德·科姆斯和泰德·韦施勒则负责其余部分。公司并未披露每笔交易由哪位投资经理执行，但巴菲特几乎肯定负责像 <strong>苹果</strong>（AAPL -1.32%）这样的大型持仓。</p>
</div><p>Despite once calling Apple the &#34;best business&#34; in the world, Buffett sold 100 million shares in the third quarter, cutting Berkshire's stake by 25%. And while Apple still ranked as the company's largest holding as of Sept. 30, Buffett has now sold more than 615 million shares in the last four quarters.</p>
<div class="lb-trans"><p>尽管曾称苹果是世界上&#34;最好的商业&#34;，巴菲特在第三季度出售了 1 亿股，削减了伯克希尔的持股比例 25%。尽管截至 9 月 30 日，苹果仍是公司最大的持仓，但巴菲特在过去四个季度已出售超过 6.15 亿股。</p>
</div><p>Meanwhile, Berkshire started a very small position in <strong>Domino's Pizza</strong>(DPZ -0.69%) in the third quarter. That stock is up 3,100% since its initial public offering (IPO) in July 2004, but it has struggled more recently. Shares have fallen 21% in the last three years, despite the <strong>S&amp;P 500</strong> advancing 28% during that period.</p>
<div class="lb-trans"><p>与此同时，伯克希尔在第三季度开始了对 <strong>达美乐比萨</strong>（DPZ -0.69%）的非常小的投资。自 2004 年 7 月首次公开募股（IPO）以来，该股票上涨了 3100%，但最近表现不佳。在过去三年中，尽管 <strong>标准普尔 500 指数</strong> 在此期间上涨了 28%，但该股票下跌了 21%。</p>
</div><p>Here's what investors should know about Apple and Domino's.</p>
<div class="lb-trans"><p>以下是投资者应了解的关于苹果和达美乐的信息。</p>
</div><h2>Apple: The stock Warren Buffett's Berkshire Hathaway sold in the third quarter</h2>
<div class="lb-trans"><h2>苹果：沃伦·巴菲特在第三季度出售的股票</h2>
</div><p>Apple has built brand authority and pricing power through engineering expertise. Its lineup of consumer electronics products is built on proprietary software that creates a seamless user experience across devices, and consumers are willing to pay for that. The average iPhone price was 3 times higher than the average Samsung smartphone price during the third quarter.</p>
<div class="lb-trans"><p>苹果通过工程专业知识建立了品牌权威和定价能力。其消费电子产品系列基于专有软件，创造了跨设备的无缝用户体验，消费者愿意为此付费。在第三季度，iPhone 的平均价格是三星智能手机平均价格的 3 倍。</p>
</div><p>Apple has a strong presence in several consumer electronics markets, including a leadership position (as measured by sales) in smartphones. However, the company in recent years has expanded its focus beyond hardware. Adjacent services like App Store downloads, iCloud storage, and Apple Pay let the company more efficiently monetize its installed base that exceeds 2.2 billion active devices.</p>
<div class="lb-trans"><p>苹果在多个消费电子市场中占据强大地位，包括在智能手机市场的领导地位（按销售额计算）。然而，近年来公司已将重点扩展到硬件之外。应用商店下载、iCloud 存储和 Apple Pay 等相关服务使公司能够更有效地从超过 22 亿活跃设备的用户基础中获利。</p>
</div><p>Apple reported modest financial results in the fourth quarter of fiscal 2024, which ended in September 2024. Revenue increased 6% on double-digit sales growth in the services segment, and mid-single-digit sales growth in the Mac, iPad, and iPhone segments. Meanwhile, non-GAAP (adjusted) earnings increased 12% to $1.64 per diluted share.</p>
<div class="lb-trans"><p>苹果在 2024 财年第四季度（截至 2024 年 9 月）报告了温和的财务业绩。由于服务部门的销售增长达到两位数，收入增长了 6%，而 Mac、iPad 和 iPhone 部门的销售增长则为中个位数。同时，非公认会计原则（调整后）每股收益增长了 12%，达到 1.64 美元。</p>
</div><p>Apple is a solid business, but not even the best business is worth buying at any price. Apple's price-to-earnings (P/E) ratio has risen from 26 in April to 42 in December without a meaningful catalyst. Sure, it recently launched Apple intelligence, a suite of artificial intelligence capabilities for newer iPhones and MacBooks. But that has yet to trigger the upgrade cycle predicted by so many analysts.</p>
<div class="lb-trans"><p>苹果是一家稳健的企业，但即使是最好的企业也不值得以任何价格购买。苹果的市盈率（P/E）从 4 月的 26 上升到 12 月的 42，而没有任何实质性的催化剂。确实，它最近推出了 Apple intelligence，一套针对新款 iPhone 和 MacBook 的人工智能功能。但这尚未触发许多分析师预测的升级周期。</p>
</div><p>The present P/E multiple looks particularly expensive because Wall Street expects Apple's earnings to increase at 10% annually over the next three years. In my opinion, that makes the stock wildly overvalued at its current price, and I think Warren Buffett made the right call in selling shares. But certain Wall Street analysts would disagree. Dan Ives at Wedbush says Apple could be a $5 trillion company within 18 months.</p>
<div class="lb-trans"><p>目前的市盈率倍数看起来特别昂贵，因为华尔街预计苹果的收益在未来三年将以每年 10% 的速度增长。在我看来，这使得该股票在当前价格下严重高估，我认为沃伦·巴菲特在出售股票时做出了正确的决定。但某些华尔街分析师可能会不同意。Wedbush 的丹·艾夫斯表示，苹果可能在 18 个月内成为一家价值 5 万亿美元的公司。</p>
</div><h2>Domino's Pizza: The stock Warren Buffett's Berkshire Hathaway bought in the third quarter</h2>
<div class="lb-trans"><h2>达美乐比萨：沃伦·巴菲特在第三季度购买的股票</h2>
</div><p>Domino's is the largest pizza company in the world as measured by sales and stores. The company delivers 1 in every 3 pizzas in the U.S., according to <em>The Wall Street Journal</em>. Regular promotions and the recent relaunch of its loyalty program have helped Domino's build a reputation for providing more value than peers like <strong>Papa John's International</strong> and Pizza Hut (owned by <strong>Yum! Brands</strong>).</p>
<div class="lb-trans"><p>达美乐是全球最大的比萨公司，按销售额和门店数量计算。根据《华尔街日报》，该公司在美国每 3 个比萨中就有 1 个是由其配送。定期促销和最近重新推出的忠诚度计划帮助达美乐建立了提供比 <strong>爸爸 John's 国际</strong> 和 <strong>必胜客</strong>（由 <strong>百胜餐饮集团</strong> 拥有）更高价值的声誉。</p>
</div><p>Consequently, Domino's has been more likely to report same-store sales growth in recent years. In fact, its same-store sales have increased in seven consecutive quarters despite somewhat difficult macroeconomic conditions created by high inflation and rising interest rates, which have made consumers especially choosy. Comparatively, Papa John's and Pizza Hut have seen same-store sales decline in four of the last seven quarters.</p>
<div class="lb-trans"><p>因此，达美乐在近年来更有可能报告同店销售增长。事实上，尽管高通胀和利率上升造成的宏观经济环境相对困难，消费者变得特别挑剔，但其同店销售已连续七个季度增长。相比之下，爸爸 John's 和必胜客在过去七个季度中有四个季度同店销售出现下降。</p>
</div><p>Domino's reported mixed results in the third quarter. Revenue increased 5% to $1 billion, which missed the 7% increase Wall Street anticipated. However, generally accepted accounting principles (GAAP) net income was flat at $4.19 per diluted share, which was better than the 13% decline analysts expected. The company opened a net total of 72 stores in the third quarter, such that its total store count now exceeds 21,000.</p>
<div class="lb-trans"><p>达美乐在第三季度报告了混合业绩。收入增长 5%，达到 10 亿美元，未能达到华尔街预期的 7% 增长。然而，按照公认会计原则（GAAP）计算的净收入持平，每股稀释收益为 4.19 美元，优于分析师预期的 13% 下降。该公司在第三季度净开设了 72 家门店，使其总门店数量超过 21,000 家。</p>
</div><p>CEO Russell Weiner told analysts on the third-quarter earnings call: &#34;I continue to believe that we will deliver U.S. same-store sales growth of 3% or more annually. And that's why I expect Domino's to continue to drive additional market share gain.&#34; The company also reiterated its guidance for &#34;approximately 8% annual income from operations growth&#34; through 2028.</p>
<div class="lb-trans"><p>首席执行官拉塞尔·维纳在第三季度的财报电话会议上告诉分析师：“我继续相信我们将实现美国同店销售年增长 3% 或更多。这就是为什么我预计达美乐将继续推动额外的市场份额增长。” 该公司还重申了其对 2028 年前 “运营收入年增长约 8%” 的指导。</p>
</div><p>To that end, Wall Street expects Domino's earnings to increase at 8% annually during the next few years. Company guidance and Wall Street's outlook may be conservative given that Domino's anticipates a rebound in international sales in 2026, but the stock is still expensive at its current valuation of 26.6 times earnings. I think investors should wait for a better entry point.</p>
<div class="lb-trans"><p>为此，华尔街预计达美乐的收益在未来几年将以每年 8% 的速度增长。考虑到达美乐预计在 2026 年国际销售将反弹，公司指导和华尔街的前景可能较为保守，但在当前市盈率为 26.6 倍的情况下，该股票仍然显得昂贵。我认为投资者应该等待更好的入场时机。</p>
</div>

Warren Buffett Sells Apple Stock and Buys a Restaurant Stock Up 3,100% Since Its IPO

- 巴菲特管理约 90% 的伯克希尔哈撒韦股票投资组合。  
- 他在第三季度出售了 1 亿股苹果股票，持股减少 25%。  
- 伯克希尔在第三季度小幅增持了多米诺比萨，预计未来将实现 8% 的年收入增长。

沃伦·巴菲特出售苹果股票并购买了一只自 IPO 以来上涨 3100% 的餐厅股票