<p>在华尔街，鲜有投资者能像 <strong>伯克希尔哈撒韦</strong>(BRK.A -0.58%)(BRK.B -0.64%) 的首席执行官沃伦·巴菲特那样引起如此多的关注，原因很简单：他的业绩优异。在大约 60 年的时间里，这位奥马哈的先知担任首席执行官，伯克希尔哈撒韦的 A 类股票（BRK.A）截至 2 月 19 日收盘的累计回报率达到了 5,864,600%。</p>
<p>投资者也逐渐欣赏巴菲特的坦诚。他每年给股东的信以及伯克希尔在奥马哈的年度会议为巴菲特提供了一个表达他对美国经济、股市以及偶尔对公司投资组合中特定持股看法的平台。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgzNjkvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgzNjkvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA"/></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>但投资者有机会更频繁地了解沃伦·巴菲特的想法，而不仅仅是一年一次。在每个季度结束后的 45 天内，管理资产至少为 1 亿美元的机构投资经理必须向证券交易委员会提交 13F 表格。13F 表格允许投资者查看最聪明的资产管理者在最近一个季度买入和卖出的股票。</p>
<p>伯克希尔哈撒韦的亿万富翁首席执行官正在管理一个包含 44 只股票、价值 2990 亿美元的投资组合，因此需要提供季度 13F，以便投资者跟踪他的交易活动。</p>
<p>在截至 12 月的季度中，沃伦·巴菲特大幅减持了三家银行业顶尖金融机构的股票。同时，他在一个新头寸上投入了超过 12 亿美元，这反映了奥马哈先知的价值导向根基。</p>
<h2>巴菲特正在抛售三只领先银行股票</h2>
<p>尽管巴菲特在第四季度完全退出了三项头寸，并减少了九项头寸，但最引人注目的是他在三只顶级银行股票中的抛售活动：</p>
<ul>
<li><strong>美国银行</strong>(BAC -1.08%) <strong>:</strong> 117,449,720 股出售（减少 15%）</li>
<li><strong>花旗集团</strong>(C -2.08%) <strong>:</strong> 40,605,295 股出售（减少 74%）</li>
<li><strong>资本一金融</strong>(COF -2.52%) <strong>:</strong> 1,650,000 股出售（减少 18%）</li>
</ul>
<p>在截至 12 月 31 日的过去一年中，伯克希尔在美国银行、花旗集团和资本一金融的持股分别减少了 34%、74% 和 40%。</p>
<p>这些抛售活动特别引人注目，因为巴菲特最喜欢投资的领域是金融。如果伯克希尔的首席执行官正在抛售他最大的金融股票，这似乎向华尔街发出了一个非常明确的警告：麻烦正在酝酿。</p>
<p>公平地说，没有人确切知道巴菲特在想什么，这种抛售活动可能是无害的。换句话说，巴菲特可能是在利用历史上较低的边际企业所得税率，锁定可观的未实现收益。但这种抛售背后可能有更多原因，而不仅仅是为了获利了结。</p>
<p>一个可能的角度是，伯克希尔的首席执行官试图提前应对美联储货币政策的变化。当国家中央银行在与四十年来最高的通货膨胀率作斗争，并在 2022 年迅速提高利率时，银行股票受益于更高的净利息收入。美国银行是国内货币中心银行中对利率最敏感的，而资本一金融是美国最大的信用卡发行商之一。</p>
<p>然而，美联储已经转向降息周期。尽管最近的通货膨胀数据表明，国家中央银行将在 2025 年逐步减息，但进一步降息的前景可能会对美国银行、花旗集团和资本一金融的底线造成压力。</p>
<p>或许对奥马哈先知来说，更大的问题是银行股票的价值不再像以前那样令人惊艳。大约在去年这个时候，投资者可以以接近其账面价值的价格购买美国银行的股票，而资本一和花旗的股票则远低于各自的账面价值。</p>
<p>如今，美国银行和资本一的估值分别比其账面价值高出 29% 和 32%。尽管花旗仍以 17% 的折扣交易于其账面价值，但它仍在应对与大萧条相关的成本削减挫折和糟糕的市场情绪。银行股票曾经提供的价值主张变得越来越难以验证。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgzNjkvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgzNjkvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>这只历史上便宜的饮料股票是巴菲特的新宠</h2>
<p>尽管沃伦·巴菲特已经连续九个季度净卖出股票，但他在此过程中发现了少数几只值得投资的股票。在第四季度真正引起关注的购买是啤酒、葡萄酒和烈酒巨头 <strong>康斯特 ellation Brands</strong>(STZ 2.11%)。伯克希尔的 13F 显示购买了 5,624,324 股，总市值超过 12 亿美元。</p>
<p>尽管牛市持续升温，但康斯特 ellation Brands 的股票却停滞不前。在过去两年中，<strong>标准普尔 500 指数</strong>(^GSPC -1.71%) 的表现比康斯特 ellation Brands 的股票高出惊人的 75 个百分点——51% 对比（24%）。</p>
<p>康斯特 ellation Brands 的显著表现不佳可能部分是由于对特朗普总统实施关税的担忧。在特朗普上任不久后，他实施了（并迅速暂停）对从墨西哥进口商品的 25% 关税。如果这些关税生效，将使康斯特 ellation 的核心啤酒品牌（如 Corona 和 Modelo）变得更贵，这可能会降低它们在美国消费者中的受欢迎程度。</p>
<p>此外，总统还在推动他的 “让美国再次健康” 倡议，旨在改善美国儿童的健康状况并逆转慢性疾病。目前尚不清楚像康斯坦丁品牌这样的酒类生产商在这一叙述中扮演什么角色。</p>
<p>最后一块拼图是公司不利的价格和价值导向组合，这在其葡萄酒和烈酒部门中表现得尤为明显。</p>
<p>尽管面临这些挑战，康斯坦丁品牌仍然具备巴菲特在投资中寻找的三大特征。首先，它的运营模式易于理解，消费者的购买习惯相对可预测。巴菲特通常非常喜欢那些能够激励客户忠诚度的企业。</p>
<p>其次，伯克希尔哈撒韦的老板通常倾向于那些拥有丰厚资本回报计划的公司。那些通过分红或股票回购定期向投资者返还资本的企业几乎总是持续盈利、经过时间考验，并能够提供透明的长期增长前景。康斯坦丁每季度支付超过 1 美元的每股分红，并且也在稳步回购股票。</p>
<p>第三个可能吸引巴菲特关注康斯坦丁品牌的特征是其估值。在历史上价格较高的股市中，康斯坦丁的股票目前可以以低于 2026 财年预测收益的 12 倍的价格购买（公司的财年在 2 月底结束），这比过去五年的平均前瞻性收益倍数低 38%。</p>
<p>沃伦·巴菲特是一位坚定的价值投资者，看来他在饮料巨头康斯坦丁品牌中找到了新的心头好。</p>

伯克希尔哈撒韦-B

伯克希尔哈撒韦-A

<p>沃伦·巴菲特，伯克希尔哈撒韦的首席执行官，已在三家主要银行出售了大量股份：美国银行（减少 15%）、花旗集团（减少 74%）和资本一金融（减少 18%）。这一出售趋势引发了对银行业潜在问题的担忧，尤其是巴菲特通常偏好金融股票。相反，他在星座品牌投资超过 12 亿美元，表明他的投资策略发生了变化。巴菲特最近的举动表明，他可能正在对经济条件的变化以及银行股票的价值吸引力下降做出反应</p>

<p>There aren't too many investors on Wall Street who garner as much attention as <strong>Berkshire Hathaway</strong>(BRK.A -0.58%)(BRK.B -0.64%) CEO Warren Buffett, and the reason why is simple: He outperforms. In the roughly 60 years the Oracle of Omaha has been CEO, he's led Berkshire Hathaway's Class A shares (BRK.A) to a cumulative return of 5,864,600%, as of the closing bell on Feb. 19.</p>
<div class="lb-trans"><p>在华尔街，鲜有投资者能像 <strong>伯克希尔哈撒韦</strong>(BRK.A -0.58%)(BRK.B -0.64%) 的首席执行官沃伦·巴菲特那样引起如此多的关注，原因很简单：他的业绩优异。在大约 60 年的时间里，这位奥马哈的先知担任首席执行官，伯克希尔哈撒韦的 A 类股票（BRK.A）截至 2 月 19 日收盘的累计回报率达到了 5,864,600%。</p>
</div><p>Investors have also come to appreciate Buffett's candidness. His annual letter to shareholders and Berkshire's yearly meeting in Omaha provides a forum for Buffett to express his thoughts on the U.S. economy, stock market, and occasionally specific holdings in his company's investment portfolio.</p>
<div class="lb-trans"><p>投资者也逐渐欣赏巴菲特的坦诚。他每年给股东的信以及伯克希尔在奥马哈的年度会议为巴菲特提供了一个表达他对美国经济、股市以及偶尔对公司投资组合中特定持股看法的平台。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgzNjkvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F808369%2Fbuffett6-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>But investors have the opportunity to pick Warren Buffett's brain more often than just once a year. No later than 45 days following the end of a quarter, institutional money managers with at least $100 million in assets under management are required to file Form 13F with the Securities and Exchange Commission. A 13F allows investors to see which stocks the smartest asset managers bought and sold in the most recent quarter.</p>
<div class="lb-trans"><p>但投资者有机会更频繁地了解沃伦·巴菲特的想法，而不仅仅是一年一次。在每个季度结束后的 45 天内，管理资产至少为 1 亿美元的机构投资经理必须向证券交易委员会提交 13F 表格。13F 表格允许投资者查看最聪明的资产管理者在最近一个季度买入和卖出的股票。</p>
</div><p>Berkshire Hathaway's billionaire chief is overseeing a 44-stock, $299 billion investment portfolio, and is therefore required to provide a quarterly 13F that allows investors to track his trading activity.</p>
<div class="lb-trans"><p>伯克希尔哈撒韦的亿万富翁首席执行官正在管理一个包含 44 只股票、价值 2990 亿美元的投资组合，因此需要提供季度 13F，以便投资者跟踪他的交易活动。</p>
</div><p>During the December-ended quarter, Warren Buffett was a big-time seller of three of the banking industry's top financial institutions. Meanwhile, he piled more than $1.2 billion into a new position that speaks to the Oracle of Omaha's value-oriented roots.</p>
<div class="lb-trans"><p>在截至 12 月的季度中，沃伦·巴菲特大幅减持了三家银行业顶尖金融机构的股票。同时，他在一个新头寸上投入了超过 12 亿美元，这反映了奥马哈先知的价值导向根基。</p>
</div><h2>Buffett is dumping shares of three leading bank stocks</h2>
<div class="lb-trans"><h2>巴菲特正在抛售三只领先银行股票</h2>
</div><p>Though Buffett completely exited three positions and reduced nine others during the fourth quarter, what stands out the most is the selling activity in a trio of top-tier bank stocks:</p>
<div class="lb-trans"><p>尽管巴菲特在第四季度完全退出了三项头寸，并减少了九项头寸，但最引人注目的是他在三只顶级银行股票中的抛售活动：</p>
</div><ul>
<li><strong>Bank of America</strong>(BAC -1.08%) <strong>:</strong> 117,449,720 shares sold (15% reduction)</li>
<li><strong>Citigroup</strong>(C -2.08%) <strong>:</strong> 40,605,295 shares sold (74% reduction)</li>
<li><strong>Capital One Financial</strong>(COF -2.52%) <strong>:</strong> 1,650,000 shares sold (18% reduction)</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>美国银行</strong>(BAC -1.08%) <strong>:</strong> 117,449,720 股出售（减少 15%）</li>
<li><strong>花旗集团</strong>(C -2.08%) <strong>:</strong> 40,605,295 股出售（减少 74%）</li>
<li><strong>资本一金融</strong>(COF -2.52%) <strong>:</strong> 1,650,000 股出售（减少 18%）</li>
</ul>
</div><p>Over the trailing year (ended Dec. 31), Berkshire's respective stakes in BofA, Citigroup, and Capital One Financial have been reduced by 34%, 74%, and 40%.</p>
<div class="lb-trans"><p>在截至 12 月 31 日的过去一年中，伯克希尔在美国银行、花旗集团和资本一金融的持股分别减少了 34%、74% 和 40%。</p>
</div><p>What's particularly intriguing about these sales is that Buffett's favorite sector to invest in is financials. If Berkshire's chief is dumping shares of his largest financial stocks, it would appear to mark a very clear warning to Wall Street that trouble is brewing.</p>
<div class="lb-trans"><p>这些抛售活动特别引人注目，因为巴菲特最喜欢投资的领域是金融。如果伯克希尔的首席执行官正在抛售他最大的金融股票，这似乎向华尔街发出了一个非常明确的警告：麻烦正在酝酿。</p>
</div><p>To be fair, no one knows exactly what Buffett is thinking, and it's possible this selling activity is benign. In other words, Buffett could be taking advantage of a historically low peak marginal corporate income tax rate and locking in sizable unrealized gains. But there's likely more to this selling than simple profit-taking.</p>
<div class="lb-trans"><p>公平地说，没有人确切知道巴菲特在想什么，这种抛售活动可能是无害的。换句话说，巴菲特可能是在利用历史上较低的边际企业所得税率，锁定可观的未实现收益。但这种抛售背后可能有更多原因，而不仅仅是为了获利了结。</p>
</div><p>One possible angle is that Berkshire's chief is attempting to front-run shifts in the Federal Reserve's monetary policy. When the nation's central bank was combatting the highest prevailing inflation rate in four decades and rapidly increased interest rates in 2022, bank stocks benefited in the form of higher net interest income. Bank of America is the most interest-sensitive among domestic money-center banks, while Capital One Financial is one of the largest credit card issuers in the country.</p>
<div class="lb-trans"><p>一个可能的角度是，伯克希尔的首席执行官试图提前应对美联储货币政策的变化。当国家中央银行在与四十年来最高的通货膨胀率作斗争，并在 2022 年迅速提高利率时，银行股票受益于更高的净利息收入。美国银行是国内货币中心银行中对利率最敏感的，而资本一金融是美国最大的信用卡发行商之一。</p>
</div><p>However, the Fed has shifted to a rate-easing cycle. While recent inflation data suggests the nation's central bank will slow-step rate cuts in 2025, the prospect of further rate reductions can weigh on the bottom lines of Bank of America, Citigroup, and Capital One Financial.</p>
<div class="lb-trans"><p>然而，美联储已经转向降息周期。尽管最近的通货膨胀数据表明，国家中央银行将在 2025 年逐步减息，但进一步降息的前景可能会对美国银行、花旗集团和资本一金融的底线造成压力。</p>
</div><p>Perhaps the bigger issue for the Oracle of Omaha is that bank stocks aren't the jaw-dropping value they once were. Around this time last year, investors could purchase shares of BofA for right around its book value, while Capital One and Citigroup changed hands <em>well</em> <em>below</em> their respective book value.</p>
<div class="lb-trans"><p>或许对奥马哈先知来说，更大的问题是银行股票的价值不再像以前那样令人惊艳。大约在去年这个时候，投资者可以以接近其账面价值的价格购买美国银行的股票，而资本一和花旗的股票则远低于各自的账面价值。</p>
</div><p>Today, Bank of America and Capital One are respectively valued at a 29% and 32% <em>premium</em> to their book value. Though Citigroup still trades at a 17% discount to its book value, it continues to deal with cost-cutting setbacks and poor sentiment tied to the Great Recession. The value proposition that bank stocks once offered is becoming tougher to validate.</p>
<div class="lb-trans"><p>如今，美国银行和资本一的估值分别比其账面价值高出 29% 和 32%。尽管花旗仍以 17% 的折扣交易于其账面价值，但它仍在应对与大萧条相关的成本削减挫折和糟糕的市场情绪。银行股票曾经提供的价值主张变得越来越难以验证。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgzNjkvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F808369%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>This historically inexpensive beverage stock is the new apple of Buffett's eye</h2>
<div class="lb-trans"><h2>这只历史上便宜的饮料股票是巴菲特的新宠</h2>
</div><p>Though Warren Buffett has been a net seller of stocks for nine consecutive quarters, he's found a select few values to wet his whistle along the way. The purchase that truly raised eyebrows during the fourth quarter is that of beer, wine, and spirits giant <strong>Constellation Brands</strong>(STZ 2.11%). Berkshire's 13F shows that 5,624,324 shares were purchased, totaling more than $1.2 billion in market value.</p>
<div class="lb-trans"><p>尽管沃伦·巴菲特已经连续九个季度净卖出股票，但他在此过程中发现了少数几只值得投资的股票。在第四季度真正引起关注的购买是啤酒、葡萄酒和烈酒巨头 <strong>康斯特 ellation Brands</strong>(STZ 2.11%)。伯克希尔的 13F 显示购买了 5,624,324 股，总市值超过 12 亿美元。</p>
</div><p>Whereas the bull market has continued to gain traction, shares of Constellation Brands have gone flat. Over the trailing-two-year period, the <strong>S&amp;P 500</strong>(^GSPC -1.71%) has outperformed Constellation Brands' stock by a staggering 75 percentage points -- 51% vs. (24%).</p>
<div class="lb-trans"><p>尽管牛市持续升温，但康斯特 ellation Brands 的股票却停滞不前。在过去两年中，<strong>标准普尔 500 指数</strong>(^GSPC -1.71%) 的表现比康斯特 ellation Brands 的股票高出惊人的 75 个百分点——51% 对比（24%）。</p>
</div><p>Constellation Brands' significant underperformance may be partially due to concerns about President Donald Trump instituting tariffs. Shortly after Trump took office, he implemented (and quickly stayed) a 25% tariff on goods imported from Mexico. If these tariffs were to go into effect, it would make Constellation's core beer brands pricier, such as Corona and Modelo, which might reduce their popularity with U.S. consumers.</p>
<div class="lb-trans"><p>康斯特 ellation Brands 的显著表现不佳可能部分是由于对特朗普总统实施关税的担忧。在特朗普上任不久后，他实施了（并迅速暂停）对从墨西哥进口商品的 25% 关税。如果这些关税生效，将使康斯特 ellation 的核心啤酒品牌（如 Corona 和 Modelo）变得更贵，这可能会降低它们在美国消费者中的受欢迎程度。</p>
</div><p>To add, the president is also pushing his &#34;Make America Healthy Again&#34; initiative, which is focused on improving the health of America's children and reversing chronic diseases. It's unclear how alcohol producers like Constellation Brands fit into this narrative.</p>
<div class="lb-trans"><p>此外，总统还在推动他的 “让美国再次健康” 倡议，旨在改善美国儿童的健康状况并逆转慢性疾病。目前尚不清楚像康斯坦丁品牌这样的酒类生产商在这一叙述中扮演什么角色。</p>
</div><p>The final piece of the puzzle has been the company's unfavorable price and value-oriented mix, seen with its wine and spirits segment.</p>
<div class="lb-trans"><p>最后一块拼图是公司不利的价格和价值导向组合，这在其葡萄酒和烈酒部门中表现得尤为明显。</p>
</div><p>Despite these headwinds, Constellation Brands offers three traits Buffett looks for in an investment. For starters, it's an easy-to-understand operating model, with relatively predictable consumer buying habits. Buffett tends to be a big fan of businesses whose products incent loyalty among customers.</p>
<div class="lb-trans"><p>尽管面临这些挑战，康斯坦丁品牌仍然具备巴菲特在投资中寻找的三大特征。首先，它的运营模式易于理解，消费者的购买习惯相对可预测。巴菲特通常非常喜欢那些能够激励客户忠诚度的企业。</p>
</div><p>Secondly, Berkshire Hathaway's boss often gravitates to companies that have hearty capital-return programs. Businesses that regularly return capital to investors via dividends or share buybacks are almost always recurringly profitable, time-tested, and capable of providing transparent long-term growth outlooks. Constellation is paying more than $1 per share in quarterly dividends, and is also steadily buying back its stock.</p>
<div class="lb-trans"><p>其次，伯克希尔哈撒韦的老板通常倾向于那些拥有丰厚资本回报计划的公司。那些通过分红或股票回购定期向投资者返还资本的企业几乎总是持续盈利、经过时间考验，并能够提供透明的长期增长前景。康斯坦丁每季度支付超过 1 美元的每股分红，并且也在稳步回购股票。</p>
</div><p>The third characteristic that likely attracted Buffett to Constellation Brands amid a historically pricey stock market is its valuation. Shares of Constellation can be scooped up right now for less than 12 times forecast earnings in fiscal 2026 (the company's fiscal year ends in late February), which represents a 38% discount to its average forward-year earnings multiple over the last half-decade.</p>
<div class="lb-trans"><p>第三个可能吸引巴菲特关注康斯坦丁品牌的特征是其估值。在历史上价格较高的股市中，康斯坦丁的股票目前可以以低于 2026 财年预测收益的 12 倍的价格购买（公司的财年在 2 月底结束），这比过去五年的平均前瞻性收益倍数低 38%。</p>
</div><p>Warren Buffett is an unwavering value investor, and it appears he's found the new apple of his eye in beverage giant Constellation Brands.</p>
<div class="lb-trans"><p>沃伦·巴菲特是一位坚定的价值投资者，看来他在饮料巨头康斯坦丁品牌中找到了新的心头好。</p>
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Billionaire Warren Buffett Is Selling Shares of 3 Banking Giants and Has Plowed More Than $1.2 Billion Into the New Apple of His Eye

- 巴菲特在第四季度大幅减持三家银行股，显示出市场警示信号。  
- 同时，他以超过 12 亿美元增持了酿酒巨头康斯特 ellation Brands。  
- 这些交易反映出巴菲特对金融股价值的担忧及对新投资机会的把握。

亿万富翁沃伦·巴菲特正在出售三家银行巨头的股票，并已将超过 12 亿美元投入到他的新宠——苹果公司中