<p>日历的更替为零售投资者和亿万富翁资金经理带来了新的机会。华尔街牛市的第二年，<strong>道琼斯工业平均指数</strong>、<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 分别上涨了 13%、23% 和 29%，这三大指数均创下了多个收盘新高。</p>
<p>尽管这一轰动的反弹，华尔街顶级亿万富翁投资者仍然在寻找被认为是便宜的股票。根据 13F 表格，投资者可以看到最聪明和最成功的资产管理者每季度买卖的股票，亿万富翁们正在为 2025 年涌入五家杰出公司——而人工智能（AI）巨头 <strong>Nvidia</strong> 并不在其中。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDMyNjgvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDMyNjgvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>沃伦·巴菲特：达美乐比萨</h2>
<p>华尔街最著名的亿万富翁资金经理，<strong>伯克希尔哈撒韦</strong> 的沃伦·巴菲特，在过去八个季度（截至 2024 年 9 月 30 日）中净卖出股票达 1662 亿美元。但在这场抛售潮中，有一只股票引起了他的兴趣，那就是快餐连锁店 <strong>达美乐比萨</strong>（DPZ 0.44%）。伯克希尔的 13F 显示，巴菲特的公司在截至 9 月的季度购买了 1,277,256 股达美乐的股票。</p>
<p>达美乐比萨吸引奥马哈先知注意的一个最可能的原因是其与顾客建立的信任。达美乐在 2000 年代末期改变了其营销策略，承认之前的错误，并发誓要赢回饥饿的消费者。其透明的广告活动、忠诚度计划以及持续的流程和产品创新，至今取得了显著成效。</p>
<p>达美乐比萨还在执行其增长计划。最新的五年计划名为 “渴望更多”，专注于新产品、以技术驱动的运营效率，旨在提高产出和公司的供应链，并依赖其特许经营商来提升达美乐品牌的价值。</p>
<p>随着公司即将迎来国际同店销售增长的第 31 个连续年，巴菲特显然想要分一杯羹。</p>
<h2>特里·史密斯：苹果</h2>
<p>被称为 “英国的沃伦·巴菲特” 的亿万富翁特里·史密斯（Terry Smith）在 2024 年也在寻找良好的交易。有趣的是，他选择了科技巨头 <strong>苹果</strong>（AAPL 0.20%），而这是沃伦·巴菲特在 2023 年 10 月 1 日至 2024 年 9 月 30 日之间卖出的超过 6.15 亿股的股票。</p>
<p>史密斯在 2024 年监督购买了 224,004 股苹果股票，这可能与公司市场领先的资本回报计划有关。自 2013 财年开始（苹果的财年在 9 月底结束），苹果已回购超过 7250 亿美元的自家股票，这对其每股收益（EPS）产生了显著的积极影响。持续积极回购股票使苹果对以价值为导向的投资者更具吸引力。</p>
<p>苹果的服务部门也给投资者带来了很多微笑的理由。尽管公司的实体产品销售停滞不前，但服务收入却以两位数的百分比增长。专注于订阅服务应该有助于提升苹果的运营利润率，并平滑通常伴随主要 iPhone 升级周期的销售波动。</p>
<p>需要注意的是，苹果的股票历史上价格较高。即使回购提升了其每股收益，苹果的估值仍为过去 12 个月收益的 40 倍。除非 iPhone 销售在 2025 财年显著回升，否则这一估值将是一个难以接受的事实。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDMyNjgvY21nLW1lYWwtd2Vic2l0ZS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDMyNjgvY21nLW1lYWwtd2Vic2l0ZS5qcGcmdz03MDA"/></p>
<p>图片来源：墨式烧烤。</p>
<h2>菲利普·拉丰：墨式烧烤</h2>
<p>亿万富翁菲利普·拉丰（Philippe Laffont）来自 Coatue Management，管理着近 270 亿美元的资产，通常倾向于投资科技和医疗保健公司，但在第三季度偏离了常规，涌入了快休闲餐厅连锁 <strong>墨式烧烤</strong>（CMG -0.12%）。Coatue 的 13F 显示，购买了 4,575,054 股墨式烧烤的股票。</p>
<p>墨式烧烤承诺使用负责任养殖的肉类和当地采购的蔬菜（尽可能）赢得了顾客的认可。公司的管理团队早已意识到，顾客愿意为被认为更高质量的食物支付更多。因此，较高的食品成本从未成为墨式烧烤的主要担忧。</p>
<p>创新在其持续成功中也发挥了关键作用。例如，2018 年推出的专用移动订单自取车道（称为 “Chipotlanes”）在疫情期间及之后帮助墨式烧烤蓬勃发展。</p>
<p>但与苹果类似，墨式烧烤的巨大成功已经反映在其估值中。维持 44 倍的前瞻市盈率（P/E）以及中高个位数的同店销售增长在新的一年中可能会面临挑战。</p>
<h2>崔斯·科尔曼：台湾半导体制造公司</h2>
<p>Tiger Global Management 的亿万富翁资产经理崔斯·科尔曼（Chase Coleman）管理着 234 亿美元的资产，也倾向于将基金的资本投入高增长/蓝筹科技和医疗保健股票。在第三季度，吸引科尔曼注意的杰出股票正是全球领先的芯片制造商 <strong>台湾半导体制造公司</strong>（TSM -2.03%）。科尔曼增加了 564,090 股，使其基金的持股超过 360 万股。</p>
<p>虽然在过去两年中，人工智能革命主要围绕着英伟达展开，但现在故事正在向数据中心基础设施和人工智能解决方案的实际应用（通过软件）发展。台湾半导体公司是一个显而易见的赢家，应该会享受到与人工智能崛起相关的健康订单积压。</p>
<p>台湾半导体公司还有更多值得关注的地方。虽然人工智能无疑是其当前的主要增长驱动力，但这家芯片制造领导者提供的不仅仅是高性能计算解决方案。例如，它是苹果在国内市场占主导地位的 iPhone 所使用的处理芯片的主要供应商，以及一些最受欢迎的笔记本电脑和台式计算机的中央处理单元。</p>
<p>台湾半导体公司在 2025 年的主要担忧是人工智能泡沫是否会破裂。尽管该公司享有丰厚的订单积压，并且如前所述，业务多元化，但过去三十年的每一个下一个重大投资都经历过早期泡沫。</p>
<h2>比尔·阿克曼：耐克</h2>
<p>第五只被亿万富翁投资者争相购买的股票来自比尔·阿克曼的 Pershing Square Capital Management。阿克曼是一位激进投资者，以采取大规模头寸来推动运营变革和/或获得董事会席位而闻名。激进投资者的目标是为股东解锁价值。在第三季度，阿克曼的 Pershing Square 大量购买了鞋类巨头 <strong>耐克</strong>（NKE -1.11%）的 13,240,206 股股票。</p>
<p>尽管整体市场飙升，但耐克的股票却遭遇了滑坡。前首席执行官约翰·多纳霍最近辞职，他的目标是拥抱技术并建立耐克的直接面向消费者的平台。然而，多纳霍缺乏显著的零售鞋类经验，他未能加强耐克的批发合作关系最终导致了问题。耐克在 2025 财年的销售预计将下降 10%。</p>
<p>新任首席执行官埃利奥特·希尔正试图通过专注于使耐克受到消费者欢迎的体育产品和营销信息，将耐克带回其根基。正如零售转型活动常常所经历的那样，这将是一个过程，而不是瞬间发生的事情。</p>
<p>然而，如果耐克能够扭转局面并再次在美国和中国增加销售，将会有一个引人注目的价值主张。耐克在 2024 财年交付了 3.95 美元的调整后每股收益。仅仅在未来几年回到这个水平，将代表该公司很长一段时间以来最低的前瞻市盈率。</p>

达美乐比萨

伯克希尔哈撒韦-B

伯克希尔哈撒韦-A

墨式烧烤

<p>亿万富翁投资者正在瞄准五只显著的股票，2025 年将不包括英伟达。沃伦·巴菲特的伯克希尔哈撒韦投资了达美乐比萨，称赞其客户信任和增长计划。Fundsmith 的特里·史密斯购买了苹果公司的股票，尽管其估值较高，但被其资本回报计划所吸引。Coatue Management 的菲利普·拉丰投资了墨式烧烤，认可其对质量和创新的承诺。Tiger Global Management 的切斯·科尔曼也在进行重大投资，专注于具有强劲增长潜力的公司</p>

<p>The changing of the calendar brings new opportunities for retail investors and billionaire money managers alike. The second year of Wall Street's bull market rally saw the <strong>Dow Jones Industrial Average</strong> <strong>S&amp;P 500</strong>, and <strong>Nasdaq Composite</strong> respectively climb by 13% 23%, and 29%, with all three indexes reaching numerous record-closing highs.</p>
<div class="lb-trans"><p>日历的更替为零售投资者和亿万富翁资金经理带来了新的机会。华尔街牛市的第二年，<strong>道琼斯工业平均指数</strong>、<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 分别上涨了 13%、23% 和 29%，这三大指数均创下了多个收盘新高。</p>
</div><p>Despite this sensational rally, Wall Street's top billionaire investors continue to find perceived-to-be bargains. Based on Form 13Fs, which allow investors to see which stocks the smartest and most-successful asset managers have been buying and selling each quarter, billionaires are piling into five magnificent companies for 2025 -- and artificial intelligence (AI) juggernaut <strong>Nvidia</strong> isn't one of them.</p>
<div class="lb-trans"><p>尽管这一轰动的反弹，华尔街顶级亿万富翁投资者仍然在寻找被认为是便宜的股票。根据 13F 表格，投资者可以看到最聪明和最成功的资产管理者每季度买卖的股票，亿万富翁们正在为 2025 年涌入五家杰出公司——而人工智能（AI）巨头 <strong>Nvidia</strong> 并不在其中。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDMyNjgvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F803268%2Fstock-market-candlestick-chart-circle-buy-dip-invest-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>Warren Buffett: Domino's Pizza</h2>
<div class="lb-trans"><h2>沃伦·巴菲特：达美乐比萨</h2>
</div><p>Wall Street's most-prominent billionaire money manager, <strong>Berkshire Hathaway</strong>'s Warren Buffett, has been a net seller of stocks to the tune of $166.2 billion over the previous eight quarters (ending Sept. 30, 2024). But one stock that's caught his fancy amid this selling spree is fast-food restaurant chain <strong>Domino's Pizza</strong>(DPZ 0.44%). Berkshire's 13F shows that Buffett's company purchased 1,277,256 shares of Domino's stock in the September-ended quarter.</p>
<div class="lb-trans"><p>华尔街最著名的亿万富翁资金经理，<strong>伯克希尔哈撒韦</strong> 的沃伦·巴菲特，在过去八个季度（截至 2024 年 9 月 30 日）中净卖出股票达 1662 亿美元。但在这场抛售潮中，有一只股票引起了他的兴趣，那就是快餐连锁店 <strong>达美乐比萨</strong>（DPZ 0.44%）。伯克希尔的 13F 显示，巴菲特的公司在截至 9 月的季度购买了 1,277,256 股达美乐的股票。</p>
</div><p>One of the likeliest reasons Domino's Pizza caught the attention of the Oracle of Omaha is the trust the former has built up with its customers. Domino's shifted its marketing strategy in the late 2000s to one that admitted prior mistakes and vowed to win back hungry consumers. Its transparent advertising campaigns, loyalty programs, and ongoing process and product innovation, have since worked wonders.</p>
<div class="lb-trans"><p>达美乐比萨吸引奥马哈先知注意的一个最可能的原因是其与顾客建立的信任。达美乐在 2000 年代末期改变了其营销策略，承认之前的错误，并发誓要赢回饥饿的消费者。其透明的广告活动、忠诚度计划以及持续的流程和产品创新，至今取得了显著成效。</p>
</div><p>Domino's Pizza has also been executing on its growth initiatives. The newest five-year plan, dubbed &#34;Hungry for MORE,&#34; focuses on new products, tech-driven operating efficiency that's designed to improve output and the company's supply chain, and relies on its franchisees to enhance the value of the Domino's brand.</p>
<div class="lb-trans"><p>达美乐比萨还在执行其增长计划。最新的五年计划名为 “渴望更多”，专注于新产品、以技术驱动的运营效率，旨在提高产出和公司的供应链，并依赖其特许经营商来提升达美乐品牌的价值。</p>
</div><p>With the company well on its way to a 31st consecutive year of international same-store sales growth, Buffett clearly wanted his piece of the pie.</p>
<div class="lb-trans"><p>随着公司即将迎来国际同店销售增长的第 31 个连续年，巴菲特显然想要分一杯羹。</p>
</div><h2>Terry Smith: Apple</h2>
<div class="lb-trans"><h2>特里·史密斯：苹果</h2>
</div><p>The so-called &#34;Warren Buffett of the U.K.,&#34; billionaire Terry Smith of Fundsmith, was also on the hunt for a good deal throughout 2024. Interestingly enough, he settled on tech goliath <strong>Apple</strong>(AAPL 0.20%), which is a stock that Warren Buffett sold more than 615 million shares of between Oct. 1, 2023 and Sept. 30, 2024.</p>
<div class="lb-trans"><p>被称为 “英国的沃伦·巴菲特” 的亿万富翁特里·史密斯（Terry Smith）在 2024 年也在寻找良好的交易。有趣的是，他选择了科技巨头 <strong>苹果</strong>（AAPL 0.20%），而这是沃伦·巴菲特在 2023 年 10 月 1 日至 2024 年 9 月 30 日之间卖出的超过 6.15 亿股的股票。</p>
</div><p>Smith oversaw the purchase of 224,004 shares of Apple stock in 2024, and it may well have to do with the company's market-leading capital-return program. Since the start of fiscal 2013 (Apple's fiscal year ends in late September), Apple has repurchased more than $725 billion worth of its own stock, which has had a notably positive impact on its earnings per share (EPS). Continuing to aggressively buy back its stock has made Apple more fundamentally attractive to value-focused investors.</p>
<div class="lb-trans"><p>史密斯在 2024 年监督购买了 224,004 股苹果股票，这可能与公司市场领先的资本回报计划有关。自 2013 财年开始（苹果的财年在 9 月底结束），苹果已回购超过 7250 亿美元的自家股票，这对其每股收益（EPS）产生了显著的积极影响。持续积极回购股票使苹果对以价值为导向的投资者更具吸引力。</p>
</div><p>Apple's Services segment is giving investors plenty of reason to smile, as well. Although sales of the company's physical products have stagnated, Services revenue has been rising by a double-digit percentage. A focus on subscription services should help lift Apple's operating margin and smooth out the sales fluctuations that usually accompany major iPhone upgrade cycles.</p>
<div class="lb-trans"><p>苹果的服务部门也给投资者带来了很多微笑的理由。尽管公司的实体产品销售停滞不前，但服务收入却以两位数的百分比增长。专注于订阅服务应该有助于提升苹果的运营利润率，并平滑通常伴随主要 iPhone 升级周期的销售波动。</p>
</div><p>The one thing to note about Apple is that its stock is historically pricey. Even with buybacks boosting its EPS, Apple is valued at 40 times trailing-12-month earnings. Unless iPhone sales meaningfully pick up in fiscal 2025, this valuation is a tough pill to swallow.</p>
<div class="lb-trans"><p>需要注意的是，苹果的股票历史上价格较高。即使回购提升了其每股收益，苹果的估值仍为过去 12 个月收益的 40 倍。除非 iPhone 销售在 2025 财年显著回升，否则这一估值将是一个难以接受的事实。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDMyNjgvY21nLW1lYWwtd2Vic2l0ZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F803268%2Fcmg-meal-website.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Chipotle Mexican Grill.</p>
<div class="lb-trans"><p>图片来源：墨式烧烤。</p>
</div><h2>Philippe Laffont: Chipotle Mexican Grill</h2>
<div class="lb-trans"><h2>菲利普·拉丰：墨式烧烤</h2>
</div><p>Billionaire Philippe Laffont of Coatue Management, who's overseeing almost $27 billion in assets under management (AUM) and tends to gravitate to tech and healthcare companies, drifted from his norm during the third quarter and piled into fast-casual restaurant chain <strong>Chipotle Mexican Grill</strong>(CMG -0.12%). Coatue's 13F shows that 4,575,054 shares of Chipotle were purchased.</p>
<div class="lb-trans"><p>亿万富翁菲利普·拉丰（Philippe Laffont）来自 Coatue Management，管理着近 270 亿美元的资产，通常倾向于投资科技和医疗保健公司，但在第三季度偏离了常规，涌入了快休闲餐厅连锁 <strong>墨式烧烤</strong>（CMG -0.12%）。Coatue 的 13F 显示，购买了 4,575,054 股墨式烧烤的股票。</p>
</div><p>Chipotle's promise to use responsibly raised meats and locally sourced vegetables (when possible) has resonated with its customers. The company's management team realized a long time ago that its customers would willingly pay more for food that's deemed to be higher quality. Thus, higher food costs have never been much of a concern for Chipotle Mexican Grill.</p>
<div class="lb-trans"><p>墨式烧烤承诺使用负责任养殖的肉类和当地采购的蔬菜（尽可能）赢得了顾客的认可。公司的管理团队早已意识到，顾客愿意为被认为更高质量的食物支付更多。因此，较高的食品成本从未成为墨式烧烤的主要担忧。</p>
</div><p>Innovation has also played a key role in its ongoing success. For instance, the rollout of dedicated mobile-order drive-thru lanes (known as &#34;Chipotlanes&#34;) in 2018 really helped Chipotle thrive during and after the pandemic.</p>
<div class="lb-trans"><p>创新在其持续成功中也发挥了关键作用。例如，2018 年推出的专用移动订单自取车道（称为 “Chipotlanes”）在疫情期间及之后帮助墨式烧烤蓬勃发展。</p>
</div><p>But in similar fashion to Apple, Chipotle's overwhelming success is already reflected in its valuation. Maintaining a forward price-to-earnings (P/E) ratio of 44 with same-store sales growth in the mid-to-high single digits might prove difficult in the new year.</p>
<div class="lb-trans"><p>但与苹果类似，墨式烧烤的巨大成功已经反映在其估值中。维持 44 倍的前瞻市盈率（P/E）以及中高个位数的同店销售增长在新的一年中可能会面临挑战。</p>
</div><h2>Chase Coleman: Taiwan Semiconductor Manufacturing</h2>
<div class="lb-trans"><h2>崔斯·科尔曼：台湾半导体制造公司</h2>
</div><p>Tiger Global Management's billionaire asset manager Chase Coleman, who's overseeing $23.4 billion in AUM, also has a tendency to put his fund's capital to work in high-growth/blue-chip tech and healthcare stocks. During the third quarter, the magnificent stock that caught Coleman's attention was none other than world-leading chip fabricator <strong>Taiwan Semiconductor Manufacturing</strong>(TSM -2.03%). Coleman added 564,090 shares to increase his fund's stake to north of 3.6 million shares.</p>
<div class="lb-trans"><p>Tiger Global Management 的亿万富翁资产经理崔斯·科尔曼（Chase Coleman）管理着 234 亿美元的资产，也倾向于将基金的资本投入高增长/蓝筹科技和医疗保健股票。在第三季度，吸引科尔曼注意的杰出股票正是全球领先的芯片制造商 <strong>台湾半导体制造公司</strong>（TSM -2.03%）。科尔曼增加了 564,090 股，使其基金的持股超过 360 万股。</p>
</div><p>While the AI revolution has predominantly revolved around Nvidia in each of the last two years, the story is now evolving to data center infrastructure and the practical application (via software) of AI solutions. One of the companies that stands out as a seemingly surefire winner is Taiwan Semi, which should enjoy a healthy backlog of orders tied to the rise of AI.</p>
<div class="lb-trans"><p>虽然在过去两年中，人工智能革命主要围绕着英伟达展开，但现在故事正在向数据中心基础设施和人工智能解决方案的实际应用（通过软件）发展。台湾半导体公司是一个显而易见的赢家，应该会享受到与人工智能崛起相关的健康订单积压。</p>
</div><p>There's also more to Taiwan Semiconductor than meets the eye. While AI is undoubtedly its key growth driver at the moment, this chip-fab leader provides more than just high-performance computing solutions. For instance, it's the primarily provider of processing chips used in Apple's domestically dominant iPhone, as well as some of the most-popular central processing units for laptops and desktop computers.</p>
<div class="lb-trans"><p>台湾半导体公司还有更多值得关注的地方。虽然人工智能无疑是其当前的主要增长驱动力，但这家芯片制造领导者提供的不仅仅是高性能计算解决方案。例如，它是苹果在国内市场占主导地位的 iPhone 所使用的处理芯片的主要供应商，以及一些最受欢迎的笔记本电脑和台式计算机的中央处理单元。</p>
</div><p>The big concern for Taiwan Semiconductor in 2025 is whether or not the AI bubble will burst. Although the company enjoys a hearty order backlog and is, as noted, operationally diverse, every next-big-thing investment spanning three decades has endured an early stage bubble.</p>
<div class="lb-trans"><p>台湾半导体公司在 2025 年的主要担忧是人工智能泡沫是否会破裂。尽管该公司享有丰厚的订单积压，并且如前所述，业务多元化，但过去三十年的每一个下一个重大投资都经历过早期泡沫。</p>
</div><h2>Bill Ackman: Nike</h2>
<div class="lb-trans"><h2>比尔·阿克曼：耐克</h2>
</div><p>The fifth magnificent stock that's being gobbled up by billionaire investors comes courtesy of Bill Ackman at Pershing Square Capital Management. Ackman is an activist investor known for taking sizable positions in an effort to effect operating changes and/or earn board seats. The goal for activist investors is to unlock value for shareholders. During the third quarter, Ackman's Pershing Square piled into footwear giant <strong>Nike</strong>(NKE -1.11%) by purchasing 13,240,206 shares.</p>
<div class="lb-trans"><p>第五只被亿万富翁投资者争相购买的股票来自比尔·阿克曼的 Pershing Square Capital Management。阿克曼是一位激进投资者，以采取大规模头寸来推动运营变革和/或获得董事会席位而闻名。激进投资者的目标是为股东解锁价值。在第三季度，阿克曼的 Pershing Square 大量购买了鞋类巨头 <strong>耐克</strong>（NKE -1.11%）的 13,240,206 股股票。</p>
</div><p>While the broader market has soared, shares of Nike have hit the skids. Former CEO John Donahoe, who recently stepped down, aimed to embrace technology and build Nike's direct-to-consumer platform. However, Donahoe lacked significant retail footwear experience, and his inability to reinforce Nike's wholesale partnerships came back to bite. Nike's fiscal 2025 sales are expected to decline by 10%.</p>
<div class="lb-trans"><p>尽管整体市场飙升，但耐克的股票却遭遇了滑坡。前首席执行官约翰·多纳霍最近辞职，他的目标是拥抱技术并建立耐克的直接面向消费者的平台。然而，多纳霍缺乏显著的零售鞋类经验，他未能加强耐克的批发合作关系最终导致了问题。耐克在 2025 财年的销售预计将下降 10%。</p>
</div><p>New CEO Elliott Hill is attempting to return Nike to its roots by focusing on the sports products and marketing messages that made it popular with consumers. As is often the case with retail turnaround campaigns, it'll be a process and not something that flips at the drop of a dime.</p>
<div class="lb-trans"><p>新任首席执行官埃利奥特·希尔正试图通过专注于使耐克受到消费者欢迎的体育产品和营销信息，将耐克带回其根基。正如零售转型活动常常所经历的那样，这将是一个过程，而不是瞬间发生的事情。</p>
</div><p>There is, however, an intriguing value proposition if Nike can right the ship and increase sales once more in the U.S. and China. Nike delivered $3.95 in adjusted EPS in fiscal 2024. Simply getting back to this level in the coming years would represent the company's lowest forward P/E ratio in a <em>long</em> time.</p>
<div class="lb-trans"><p>然而，如果耐克能够扭转局面并再次在美国和中国增加销售，将会有一个引人注目的价值主张。耐克在 2024 财年交付了 3.95 美元的调整后每股收益。仅仅在未来几年回到这个水平，将代表该公司很长一段时间以来最低的前瞻市盈率。</p>
</div>

5 Magnificent Stocks (Not Named Nvidia) Billionaire Money Managers Are Piling Into for 2025

- 2025 年，亿万富翁投资者关注五大公司，未包括 Nvidia。  
- 巴菲特增持 Domino's Pizza，因其客户信任和创新策略。  
- 其他投资者如 Smith、Laffont、Coleman 和 Ackman 也在寻找价值股。

Motley Fool

瑞丰动力

苹果

强邦新材

亚历山大房地产

老虎证券

荷兰国际

创识科技

英伟达

华大酒店

爱普股份

亿万富翁资金经理们正在为 2025 年大量买入的 5 只非英伟达股票