<p>5 月对华尔街最著名的亿万富翁投资经理沃伦·巴菲特来说是一个值得铭记的月份。5 月 3 日，巴菲特担任首席执行官已有六十年的公司 <strong>伯克希尔哈撒韦</strong>（BRK.A -0.16%）（BRK.B -0.44%）公布了第一季度的运营结果，而奥马哈的先知在公司年度股东大会上宣布他将在年底辞去首席执行官职务。</p>
<p>但这并不是全部。</p>
<p>至少管理着 1 亿美元资产的机构投资者必须在 5 月 15 日之前向证券交易委员会提交 13F 表格。尽管伯克希尔的第一季度运营结果明确表明巴菲特连续第十个季度净卖出股票，但公司的现金流量表并没有透露他买卖了哪些股票。13F 表格为投资者打开了一个隐秘的窗口，让他们看到华尔街这位杰出亿万富翁投资者在第一季度买卖了哪些股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk3NDkvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk3NDkvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA"/></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>根据伯克希尔哈撒韦截至 3 月的 13F 表格和各种监管文件，我们知道巴菲特购买了 13 只股票，包括一家神秘公司。另一方面，伯克希尔的首席执行官监督了八只股票的移除或减持。</p>
<p>真正引人注目的是巴菲特持续出售他（目前）的核心持股之一，以及他继续购买自 21 年前上市以来飞速发展的一个受欢迎的消费品牌。</p>
<h2>美国银行股票连续第三个季度被削减</h2>
<p>没有哪个行业比金融行业更受奥马哈的先知青睐。尽管银行和保险公司是相对乏味的业务，随着美国经济的健康状况起伏不定，但这是一个令伯克希尔的首席执行官感兴趣并且他对此有良好理解的行业。</p>
<p>多年来，资金中心巨头 <strong>美国银行</strong>（BAC -0.20%）是伯克希尔哈撒韦最大的金融股票，也是仅次于 <strong>苹果</strong> 的第二大持股。但从 2024 年 7 月 17 日开始——我们知道这个具体日期，因为伯克希尔哈撒韦持有美国银行超过 10% 的流通股，因此必须提交 4 号表格，详细说明所有购买和出售的股份，直到其持股降至 10% 以下——卖出大门打开了。</p>
<p>巴菲特连续三个季度出售美国银行的股份。曾经超过 10.3 亿股的持仓已减少超过 4.01 亿股，降幅达 39%。截至 5 月 28 日，美国银行在伯克希尔 2760 亿美元的投资组合中已降至第 4 位，仅次于苹果、<strong>美国运通</strong> 和 <strong>可口可乐</strong>，按市值计算。</p>
<p>这种持续出售美国银行股票的行为可能仅仅是无害的获利了结。沃伦·巴菲特在 2011 年 8 月与美国银行进行了一次资本注入，最终使伯克希尔获得了以每股 7.14 美元行使最多 7 亿股美国银行股票的认股权证的选择权。巴菲特在 2017 年中期抓住了这个机会。由于边际公司所得税率自 1939 年以来处于最低水平，以有利的税率锁定收益是非常符合巴菲特的风格。</p>
<p>但也有可能，奥马哈的先知持续削减其公司在美国银行的股份背后有更不为人知的原因。</p>
<p>例如，美国银行是所有资金中心银行中对利率最敏感的。当美联储在 2022 年 3 月至 2023 年 7 月之间迅速提高利率时，没有哪家大银行享受到比美国银行更明显的净利息收入的好处。然而，随着国家中央银行现在正处于降息周期，如果利率大幅下降，美国银行的净利息收入可能会受到最严重的影响。</p>
<p>此外，伯克希尔的首席执行官是一位坚定的价值投资者——而美国银行不再是曾经的绝佳便宜货。在 2011 年 8 月，美国银行的普通股交易价格相对于其账面价值折价 62%。在第一季度的很大一部分时间里，美国银行的股票交易价格相对于其账面价值溢价 20% 至 30%。虽然这并不算过于昂贵（甚至在历史上也不算），但它接近于美国银行自大萧条以来相对于账面价值的最高估值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk3NDkvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk3NDkvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>奥马哈的先知连续第三个季度增持这一消费品股票</h2>
<p>尽管沃伦·巴菲特自 2024 年 7 月以来持续减少伯克希尔哈撒韦对美国银行的投资，但他在美国最著名的消费品牌之一上建立了超过 12 亿美元的可观股份（截至 2025 年 3 月 31 日）。</p>
<p>在 11 月中旬，当伯克希尔哈撒韦发布其 13F 表格，详细说明第三季度的交易活动时，投资者注意到巴菲特在他的投资组合中加入了一部分 <strong>达美乐披萨</strong>（DPZ -0.23%）。伯克希尔哈撒韦在截至 9 月的季度中购买了 1,277,256 股，在截至 12 月的季度中增加了 1,104,744 股，并在最新季度又增持了 238,613 股。总的来说，伯克希尔哈撒韦现在持有达美乐披萨 2,620,613 股，相当于该公司的 7.7% 股份。</p>
<p>尽管达美乐披萨的股票在其作为上市公司前六年并没有受到投资者的热捧，但在过去 15 年中几乎势不可挡。包括股息在内，自 2004 年 7 月首次公开募股（IPO）以来，达美乐的总回报接近 7700%。</p>
<p>达美乐的表现大幅超越基准 <strong>标准普尔 500</strong>，以及巴菲特成为买家的原因，可以归结为三个因素。</p>
<p>第一个变量是一个至关重要的无形资产，这可能是沃伦·巴菲特及其顶级顾问们的交易破坏者：信任。达美乐披萨在 2009 年启动了一项全新的广告活动，坦率地承认其披萨糟糕，并发誓要做得更好。公司的直截了当的营销活动以及努力与消费者互动并保持透明度，帮助其赢得了消费者的信任。与消费者建立信任需要很长时间，但达美乐做得非常出色。</p>
<p>其次，达美乐的管理团队始终制定多年增长战略并能够实现这些目标。其最新计划是 “渴望更多” 倡议。达美乐的五年计划是利用技术来改善其供应链并提高生产力。它还将依赖其特许经营商来帮助提升公司的品牌。凭借连续 31 年的国际同店销售增长，显然公司做对了很多事情。</p>
<p>最后，伯克希尔的掌门人非常喜欢拥有丰厚资本回报计划的企业——而达美乐并没有让人失望。它连续 12 年提高基础年股息，并且一直是相对稳定的自购股票者。股票回购有潜力提高公司每股收益，尤其是对于净收入稳定或增长的公司。</p>

伯克希尔哈撒韦-A

伯克希尔哈撒韦-B

<p>沃伦·巴菲特的伯克希尔哈撒韦公司报告称，其在美国银行的持股比例大幅减少，连续三个季度出售了 39% 的股份。这一举动发生在巴菲特将注意力转向一家知名消费品牌之际，该品牌自首次公开募股以来增长了惊人的 7700%。尽管巴菲特一直是金融领域的长期投资者，但他最近的行动表明可能正在进行战略转变，这可能受到市场条件和估值变化的影响</p>

<p>May was a month to remember for Wall Street's most-famous billionaire money manager, Warren Buffett. On May 3, the company Buffett has been CEO of for six decades, <strong>Berkshire Hathaway</strong>(BRK.A -0.16%) (BRK.B -0.44%), reported its first-quarter operating results, <em>and</em> the Oracle of Omaha announced during his company's annual shareholder meeting that he'd be stepping down as CEO at the end of the year.</p>
<div class="lb-trans"><p>5 月对华尔街最著名的亿万富翁投资经理沃伦·巴菲特来说是一个值得铭记的月份。5 月 3 日，巴菲特担任首席执行官已有六十年的公司 <strong>伯克希尔哈撒韦</strong>（BRK.A -0.16%）（BRK.B -0.44%）公布了第一季度的运营结果，而奥马哈的先知在公司年度股东大会上宣布他将在年底辞去首席执行官职务。</p>
</div><p>But this wasn't all.</p>
<div class="lb-trans"><p>但这并不是全部。</p>
</div><p>Institutional investors with at least $100 million in assets under management were required to file Form 13F with the Securities and Exchange Commission by no later than May 15. Even though Berkshire's first-quarter operating results made clear that Buffett was a net seller of stocks for a 10th consecutive quarter, the company's cash flow statement didn't spill the beans on which stocks he was buying and selling. A 13F opens the proverbial hood for investors to see which stocks Wall Street's preeminent billionaire investor bought and sold in the first quarter.</p>
<div class="lb-trans"><p>至少管理着 1 亿美元资产的机构投资者必须在 5 月 15 日之前向证券交易委员会提交 13F 表格。尽管伯克希尔的第一季度运营结果明确表明巴菲特连续第十个季度净卖出股票，但公司的现金流量表并没有透露他买卖了哪些股票。13F 表格为投资者打开了一个隐秘的窗口，让他们看到华尔街这位杰出亿万富翁投资者在第一季度买卖了哪些股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk3NDkvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819749%2Fbuffett13-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>Based on Berkshire Hathaway's 13F for the March-ended quarter and various regulatory filings, we know that Buffett purchased 13 stocks, including a mystery company. On the flipside, Berkshire's chief oversaw the removal or reduction of eight stocks.</p>
<div class="lb-trans"><p>根据伯克希尔哈撒韦截至 3 月的 13F 表格和各种监管文件，我们知道巴菲特购买了 13 只股票，包括一家神秘公司。另一方面，伯克希尔的首席执行官监督了八只股票的移除或减持。</p>
</div><p>What really stands out is Buffett's persistent selling of one of his (current) core holdings, and his continued purchasing of a beloved consumer brand that's skyrocketed since it became a public company 21 years ago.</p>
<div class="lb-trans"><p>真正引人注目的是巴菲特持续出售他（目前）的核心持股之一，以及他继续购买自 21 年前上市以来飞速发展的一个受欢迎的消费品牌。</p>
</div><h2>Bank of America stock gets the axe for the third consecutive quarter</h2>
<div class="lb-trans"><h2>美国银行股票连续第三个季度被削减</h2>
</div><p>No sector tends to be favored more by the Oracle of Omaha than financials. Even though banks and insurance companies are relatively boring businesses that ebb-and-flow with the health of the U.S. economy, it's a sector that intrigues Berkshire's chief and for which he has a good understanding.</p>
<div class="lb-trans"><p>没有哪个行业比金融行业更受奥马哈的先知青睐。尽管银行和保险公司是相对乏味的业务，随着美国经济的健康状况起伏不定，但这是一个令伯克希尔的首席执行官感兴趣并且他对此有良好理解的行业。</p>
</div><p>For years, money-center giant <strong>Bank of America</strong>(BAC -0.20%) was Berkshire Hathaway's largest financial stock and No. 2 holding by market value, behind only <strong>Apple</strong>. But beginning on July 17, 2024 -- we know this specific date, because Berkshire Hathaway held in excess of 10% of BofA's outstanding shares, and was thus required to file Form 4 detailing all shares purchased and sold until its ownership dipped below 10% -- the selling spigot opened.</p>
<div class="lb-trans"><p>多年来，资金中心巨头 <strong>美国银行</strong>（BAC -0.20%）是伯克希尔哈撒韦最大的金融股票，也是仅次于 <strong>苹果</strong> 的第二大持股。但从 2024 年 7 月 17 日开始——我们知道这个具体日期，因为伯克希尔哈撒韦持有美国银行超过 10% 的流通股，因此必须提交 4 号表格，详细说明所有购买和出售的股份，直到其持股降至 10% 以下——卖出大门打开了。</p>
</div><p>For three consecutive quarters, Buffet has sold shares of Bank of America. What was once a position of more than 1.03 billion shares has been reduced by more than 401 million shares, or 39%. As of this writing on May 28, Bank of America has fallen to No. 4 in Berkshire's $276 billion portfolio, behind Apple, <strong>American Express</strong>, and <strong>Coca-Cola</strong>, in terms of market value.</p>
<div class="lb-trans"><p>巴菲特连续三个季度出售美国银行的股份。曾经超过 10.3 亿股的持仓已减少超过 4.01 亿股，降幅达 39%。截至 5 月 28 日，美国银行在伯克希尔 2760 亿美元的投资组合中已降至第 4 位，仅次于苹果、<strong>美国运通</strong> 和 <strong>可口可乐</strong>，按市值计算。</p>
</div><p>This persistent selling of Bank of America stock may very well be nothing more than benign profit-taking. Warren Buffett orchestrated a capital infusion with BofA in August 2011 that ultimately netted Berkshire the option to exercise warrants for up to 700 million shares of BofA stock at $7.14 per share. Buffett jumped at the opportunity to do so in mid-2017. With the peak marginal corporate income tax rate at its lowest level since 1939, locking in gains at an advantageous rate would be very Buffett-like.</p>
<div class="lb-trans"><p>这种持续出售美国银行股票的行为可能仅仅是无害的获利了结。沃伦·巴菲特在 2011 年 8 月与美国银行进行了一次资本注入，最终使伯克希尔获得了以每股 7.14 美元行使最多 7 亿股美国银行股票的认股权证的选择权。巴菲特在 2017 年中期抓住了这个机会。由于边际公司所得税率自 1939 年以来处于最低水平，以有利的税率锁定收益是非常符合巴菲特的风格。</p>
</div><p>But it's also possible there are more nefarious reasons behind the Oracle of Omaha's steady paring of his company's Bank of America stake.</p>
<div class="lb-trans"><p>但也有可能，奥马哈的先知持续削减其公司在美国银行的股份背后有更不为人知的原因。</p>
</div><p>For example, Bank of America is the most interest-sensitive of all money-center banks. When the Federal Reserve rapidly increased interest rates between March 2022 and July 2023, no big bank enjoyed a more tangible benefit to net interest income than BofA. Yet with the nation's central bank now in the midst of a rate-easing cycle, it's BofA that could see its net interest income hit hardest if rates dramatically fall.</p>
<div class="lb-trans"><p>例如，美国银行是所有资金中心银行中对利率最敏感的。当美联储在 2022 年 3 月至 2023 年 7 月之间迅速提高利率时，没有哪家大银行享受到比美国银行更明显的净利息收入的好处。然而，随着国家中央银行现在正处于降息周期，如果利率大幅下降，美国银行的净利息收入可能会受到最严重的影响。</p>
</div><p>Additionally, Berkshire's CEO is an unwavering value investor -- and Bank of America is no longer the screaming bargain it once was. In August 2011, Bank of America's common stock was trading at a 62% <em>discount</em> to its book value. Through much of the first quarter, BofA stock traded at a 20% to 30% <em>premium</em> to its book value. While this isn't egregiously (or even historically) pricey, it's getting near Bank of America's priciest valuation, relative to book, since prior to the Great Recession.</p>
<div class="lb-trans"><p>此外，伯克希尔的首席执行官是一位坚定的价值投资者——而美国银行不再是曾经的绝佳便宜货。在 2011 年 8 月，美国银行的普通股交易价格相对于其账面价值折价 62%。在第一季度的很大一部分时间里，美国银行的股票交易价格相对于其账面价值溢价 20% 至 30%。虽然这并不算过于昂贵（甚至在历史上也不算），但它接近于美国银行自大萧条以来相对于账面价值的最高估值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk3NDkvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819749%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>The Oracle of Omaha loaded up on this consumer goods stock for a third straight quarter</h2>
<div class="lb-trans"><h2>奥马哈的先知连续第三个季度增持这一消费品股票</h2>
</div><p>While Warren Buffett has been continually reducing Berkshire Hathaway's exposure to Bank of America since July 2024, he's been building up a sizable stake, worth more than $1.2 billion (as of March 31, 2025), in one of America's most-famed consumer brands.</p>
<div class="lb-trans"><p>尽管沃伦·巴菲特自 2024 年 7 月以来持续减少伯克希尔哈撒韦对美国银行的投资，但他在美国最著名的消费品牌之一上建立了超过 12 亿美元的可观股份（截至 2025 年 3 月 31 日）。</p>
</div><p>In mid-November, when Berkshire Hathaway released its 13F detailing third-quarter trading activity, investors took note that Buffett put a slice of <strong>Domino's Pizza</strong>(DPZ -0.23%) on his proverbial plate. Berkshire Hathaway gobbled up 1,277,256 shares in the September-ended quarter, added 1,104,744 shares in the December-ended quarter, and topped things off in the latest quarter with 238,613 more shares. All told, Berkshire Hathaway now holds 2,620,613 shares of Domino's Pizza, which equates to a 7.7% stake in the company.</p>
<div class="lb-trans"><p>在 11 月中旬，当伯克希尔哈撒韦发布其 13F 表格，详细说明第三季度的交易活动时，投资者注意到巴菲特在他的投资组合中加入了一部分 <strong>达美乐披萨</strong>（DPZ -0.23%）。伯克希尔哈撒韦在截至 9 月的季度中购买了 1,277,256 股，在截至 12 月的季度中增加了 1,104,744 股，并在最新季度又增持了 238,613 股。总的来说，伯克希尔哈撒韦现在持有达美乐披萨 2,620,613 股，相当于该公司的 7.7% 股份。</p>
</div><p>Though Domino's Pizza stock wasn't much of a hit with investors through its first six years as a public company, it's been virtually unstoppable over the last 15 years. Inclusive of dividends, Domino's is nearing a total return of almost 7,700% since its July 2004 initial public offering (IPO).</p>
<div class="lb-trans"><p>尽管达美乐披萨的股票在其作为上市公司前六年并没有受到投资者的热捧，但在过去 15 年中几乎势不可挡。包括股息在内，自 2004 年 7 月首次公开募股（IPO）以来，达美乐的总回报接近 7700%。</p>
</div><p>Domino's massive outperformance of the benchmark <strong>S&amp;P 500</strong>, and the reason(s) Buffett has been a buyer, can be broken down to three factors.</p>
<div class="lb-trans"><p>达美乐的表现大幅超越基准 <strong>标准普尔 500</strong>，以及巴菲特成为买家的原因，可以归结为三个因素。</p>
</div><p>The first variable is an all-important intangible that can be a dealbreaker for Warren Buffett and his top advisors: trust. Domino's Pizza kicked off a fresh advertising campaign in 2009 that flat-out admitted its pizza was terrible and vowed to do better. The company's straightforward marketing campaign and efforts to engage and maintain transparency helped it win over consumers. It takes a long time to build trust with consumers, but Domino's has done an exemplary job.</p>
<div class="lb-trans"><p>第一个变量是一个至关重要的无形资产，这可能是沃伦·巴菲特及其顶级顾问们的交易破坏者：信任。达美乐披萨在 2009 年启动了一项全新的广告活动，坦率地承认其披萨糟糕，并发誓要做得更好。公司的直截了当的营销活动以及努力与消费者互动并保持透明度，帮助其赢得了消费者的信任。与消费者建立信任需要很长时间，但达美乐做得非常出色。</p>
</div><p>Secondly, Domino's management team has consistently laid out multiyear growth strategies and been able to achieve them. The latest of its plans is the &#34;Hungry for MORE&#34; initiative. Domino's five-year plan is to lean into technology to spruce up its supply chain and increase productivity. It'll also be relying on its franchisees to help build up the company's brand. With 31 consecutive years of international same-store sales growth under its belt, clearly the company is doing something right.</p>
<div class="lb-trans"><p>其次，达美乐的管理团队始终制定多年增长战略并能够实现这些目标。其最新计划是 “渴望更多” 倡议。达美乐的五年计划是利用技术来改善其供应链并提高生产力。它还将依赖其特许经营商来帮助提升公司的品牌。凭借连续 31 年的国际同店销售增长，显然公司做对了很多事情。</p>
</div><p>Lastly, Berkshire's head honcho is a big fan of businesses with hearty capital-return programs -- and Domino's doesn't disappoint. It's raised its base annual dividend for 12 consecutive years and has been a relatively consistent buyer of its own stock. Share buybacks have the potential to increase earnings per share for companies with steady or growing net income.</p>
<div class="lb-trans"><p>最后，伯克希尔的掌门人非常喜欢拥有丰厚资本回报计划的企业——而达美乐并没有让人失望。它连续 12 年提高基础年股息，并且一直是相对稳定的自购股票者。股票回购有潜力提高公司每股收益，尤其是对于净收入稳定或增长的公司。</p>
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Billionaire Warren Buffett Sold 39% of Berkshire's Stake in Bank of America and Is Loading Up on a Famed Consumer Brand That's Skyrocketed 7,700% Since Its IPO

- 巴菲特在 5 月宣布将于年底辞去伯克希尔哈撒韦 CEO 职位。  
- 伯克希尔的 13F 报告显示，巴菲特在第一季度购买了 13 只股票。  
- 他持续减持美国银行，同时增持多米诺比萨，持股达 7.7%。

亿万富翁沃伦·巴菲特出售了伯克希尔在美国银行的 39% 股份，并正在增持一家自 IPO 以来股价已飙升 7700% 的知名消费品牌