<p>当投资者朱利安·罗伯逊在 2000 年关闭他的对冲基金老虎管理公司时，他决定帮助一些最优秀的投资经理创办自己的对冲基金。这些所谓的 “老虎幼崽” 后来又指导了许多其他成功的对冲基金经理，而这些经理又进一步培养了更多的人。</p>
<p>老虎幼崽的传承中充满了伟大的投资者，他们中的许多人为自己和那些投资于他们对冲基金的人创造了巨额财富。其中一位投资者卡尔蒂克·萨尔玛于 2001 年在老虎幼崽查斯·科尔曼的老虎全球对冲基金开始了他的职业生涯。2006 年，他创办了自己的对冲基金 SRS 投资管理。如今，萨尔玛为自己和他的投资者管理着超过 100 亿美元的投资组合，他的净资产已攀升至 29 亿美元。</p>
<p>萨尔玛通常喜欢长期持有他最喜欢公司的股票。但他最近在持有至少部分股票不到两年的情况下，出售了 <strong>Nvidia</strong>(NVDA 0.53%) 的股份。相反，他将 SRS 的现金投入到另一只在过去 12 个月中翻了一番的高飞股票中。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ2MzQvZ2V0dHlpbWFnZXMtbWFuLXBvaW50aW5nLWF0LXNjcmVlbi1jaGFydHMtcGhvbmUuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ2MzQvZ2V0dHlpbWFnZXMtbWFuLXBvaW50aW5nLWF0LXNjcmVlbi1jaGFydHMtcGhvbmUuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>从桌子上拿走盈利</h2>
<p>萨尔玛并没有在 Nvidia 的早期就买入，但他在足够早的时候进入了这只股票，从中获得了可观的利润。萨尔玛在 2023 年第二季度以每股 26 到 44 美元（经过拆股调整）的价格买入了这只股票。</p>
<p>自那以后，萨尔玛分阶段出售了他的 Nvidia 股份，从 2024 年第一季度开始。他的出售主要是由于股票估值的上升。到 2023 年底和 2024 年初，其前瞻性市盈率（P/E）比率超过了 40。年初管理层对前景的强劲展望促使投资者上调了盈利预期，但在萨尔玛更多出售股票的年中，股票的估值迅速再次超过了 40 倍的前瞻性市盈率。Nvidia 在 2025 年初达到了超过 50 倍的前瞻性市盈率，那是萨尔玛出售其余 SRS 的 Nvidia 股份的季度。</p>
<p>确实，Nvidia 是全球顶尖的芯片制造商之一。其作为领先图形处理单元（GPU）制造商的地位在短期内不太可能被取代。然而，有一些迹象表明，竞争可能会在未来几年侵蚀其市场份额，因为 GPU 制造商和定制硅设计将取代 Nvidia 所专注的一些工作。</p>
<p>在第一季度，Nvidia 股票的抛售似乎为任何敢于在日益不确定的情况下购买这只波动股票的人提供了一个绝佳的买入机会。该股票再次交易于历史最高点。但这也导致其前瞻性市盈率再次接近萨尔玛出售股票时的 40 倍前瞻性市盈率。目前，它的交易价格约为分析师对未来四个季度盈利预期的 38 倍。</p>
<p>因此，萨尔玛没有购买 Nvidia，而是将基金的现金投入到一家完全不同的公司。该公司在过去一年中上涨了 135%，而截至 7 月 10 日，Nvidia 的股票仅上涨了 24%。</p>
<h2>萨尔玛购买的高端股票而非 Nvidia</h2>
<p>萨尔玛在第一季度的最大购买与人工智能行业几乎没有关系。相反，他将资金投入了 <strong>Tapestry</strong>(TPR 0.89%)，这家公司旗下拥有奢侈手袋品牌 Coach 和 Kate Spade。</p>
<p>Coach 无疑是 Tapestry 的摇钱树。该品牌在 2025 财年的前九个月中占据了近 80% 的销售额。随着 Stuart Weitzman 品牌的出售，它将在 2026 年发挥更大的作用。Coach 正在弥补 Kate Spade 和 Stuart Weitzman 的销售下滑，并且也在提高利润率。</p>
<p>尽管如此，Kate Spade 仍有扭转的潜力。管理层正在战略性地关闭零售店，并改善库存管理，以减少降价的数量。（Tapestry 主要采取直接面向消费者的方式，这使其对库存和定价有更多的控制。）这应该会随着时间的推移提高该品牌的盈利能力。如果它能够通过国际扩张和更具战略性的店铺位置重新激活品牌增长，未来可能会为公司带来非常强劲的增长。不过，Kate Spade 品牌的定价能力可能不如 Coach 品牌，因为它不被视为高端品牌。</p>
<p>Coach 产生的现金流和 Stuart Weitzman 的出售将支持管理层的股票回购计划。它在 11 月宣布了一项 20 亿美元的加速股票回购计划，此前监管机构否决了其收购 Capri 的提议（该提议将增加 Michael Kors 和 Versace 等品牌）。强劲的现金流应支持持续的资本回报，这将反映在每股收益中。管理层预计今年的自由现金流为 13 亿美元，高于去年的 11 亿美元。</p>
<p>自从萨尔玛在第一季度将该股票纳入 SRS 的投资组合以来，股价持续上涨。该股票目前的前瞻性市盈率为 18。虽然这远低于 Nvidia 的 38 倍市盈率，但这是多年来的最高估值。因此，在跟随这位亿万富翁投资奢侈手袋股票之前，可能值得等待价格回调。</p>

<p>自创亿万富翁卡尔蒂克·萨尔玛在持有英伟达不到两年后，已出售其全部股份，借此实现了可观的利润，因为该股票的估值大幅上涨。相反，他投资了 Tapestry，这是一家奢侈品牌 Coach 和 Kate Spade 的母公司，其股票在过去一年中上涨了 135%。萨尔玛的决定反映了战略上的转变，他从人工智能领域转向关注 Tapestry 的增长和盈利潜力，特别是通过其强大的 Coach 品牌和对 Kate Spade 库存管理的持续改善</p>

<p>When investor Julian Robertson closed the doors on his hedge fund, Tiger Management, in 2000, he decided to help some of the best and brightest investment managers start hedge funds of their own. The so-called &#34;Tiger Cubs&#34; have gone on to mentor numerous other successful hedge fund managers, and those have in turn produced even more.</p>
<div class="lb-trans"><p>当投资者朱利安·罗伯逊在 2000 年关闭他的对冲基金老虎管理公司时，他决定帮助一些最优秀的投资经理创办自己的对冲基金。这些所谓的 “老虎幼崽” 后来又指导了许多其他成功的对冲基金经理，而这些经理又进一步培养了更多的人。</p>
</div><p>The lineage of Tiger Cubs is full of great investors, many of whom have created vast amounts of wealth for themselves and those who bought into their hedge funds. One such investor, Karthik Sarma, got his start at Tiger Cub Chase Coleman's Tiger Global hedge fund in 2001. In 2006, he started his own hedge fund SRS Investment Management. Today, Sarma manages a portfolio of investments worth over $10 billion for himself and his investors, and his net worth has climbed to $2.9 billion.</p>
<div class="lb-trans"><p>老虎幼崽的传承中充满了伟大的投资者，他们中的许多人为自己和那些投资于他们对冲基金的人创造了巨额财富。其中一位投资者卡尔蒂克·萨尔玛于 2001 年在老虎幼崽查斯·科尔曼的老虎全球对冲基金开始了他的职业生涯。2006 年，他创办了自己的对冲基金 SRS 投资管理。如今，萨尔玛为自己和他的投资者管理着超过 100 亿美元的投资组合，他的净资产已攀升至 29 亿美元。</p>
</div><p>Sarma usually likes to hold positions in his favorite companies for the long run. But he recently disposed of a position in <strong>Nvidia</strong>(NVDA 0.53%) after holding at least some of the stock for less than two years. Instead, he's piling SRS' cash into another high-flying stock that's more than doubled in the last 12 months.</p>
<div class="lb-trans"><p>萨尔玛通常喜欢长期持有他最喜欢公司的股票。但他最近在持有至少部分股票不到两年的情况下，出售了 <strong>Nvidia</strong>(NVDA 0.53%) 的股份。相反，他将 SRS 的现金投入到另一只在过去 12 个月中翻了一番的高飞股票中。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ2MzQvZ2V0dHlpbWFnZXMtbWFuLXBvaW50aW5nLWF0LXNjcmVlbi1jaGFydHMtcGhvbmUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824634%2Fgettyimages-man-pointing-at-screen-charts-phone.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>Taking winnings off the table</h2>
<div class="lb-trans"><h2>从桌子上拿走盈利</h2>
</div><p>Sarma didn't buy into Nvidia super early, but he got into the stock early enough to make a considerable profit. Sarma bought the stock in the second quarter of 2023 when it traded between $26 and $44 (on a split-adjusted basis).</p>
<div class="lb-trans"><p>萨尔玛并没有在 Nvidia 的早期就买入，但他在足够早的时候进入了这只股票，从中获得了可观的利润。萨尔玛在 2023 年第二季度以每股 26 到 44 美元（经过拆股调整）的价格买入了这只股票。</p>
</div><p>Sarma has since sold off his Nvidia shares in stages, starting in 2024's Q1. His selling appears to be motivated primarily by the rising valuation of the stock. Its forward price-to-earnings (P/E) ratio climbed above 40 in late 2023 and early 2024. A strong outlook at the start of that year from management pushed investors to revise their earnings estimates higher, but they quickly pushed the stock's valuation well above a 40-times forward earnings multiple again by mid-year when Sarma sold more. Nvidia reach a forward P/E of more than 50x at the start of 2025, the quarter when Sarma sold the rest of SRS' Nvidia shares.</p>
<div class="lb-trans"><p>自那以后，萨尔玛分阶段出售了他的 Nvidia 股份，从 2024 年第一季度开始。他的出售主要是由于股票估值的上升。到 2023 年底和 2024 年初，其前瞻性市盈率（P/E）比率超过了 40。年初管理层对前景的强劲展望促使投资者上调了盈利预期，但在萨尔玛更多出售股票的年中，股票的估值迅速再次超过了 40 倍的前瞻性市盈率。Nvidia 在 2025 年初达到了超过 50 倍的前瞻性市盈率，那是萨尔玛出售其余 SRS 的 Nvidia 股份的季度。</p>
</div><p>Indeed, Nvidia is one of the top chipmakers in the world. It's unlikely that its position as the leading graphics processing unit (GPU) maker will be displaced anytime soon. However, there are some signs that competition could eat into its market share over the next few years as both GPU makers and custom silicon designs displace some of the work Nvidia has come to specialize in.</p>
<div class="lb-trans"><p>确实，Nvidia 是全球顶尖的芯片制造商之一。其作为领先图形处理单元（GPU）制造商的地位在短期内不太可能被取代。然而，有一些迹象表明，竞争可能会在未来几年侵蚀其市场份额，因为 GPU 制造商和定制硅设计将取代 Nvidia 所专注的一些工作。</p>
</div><p>The sell-off in shares of Nvidia in Q1 appeared to be a great buying opportunity for anyone brave enough to buy the volatile stock amid growing uncertainty. The stock is once again trading at an all-time high. But that also has resulted in its forward P/E once again coming up against that 40-times forward earnings multiple where Sarma has sold the stock. It currently trades around 38 times analysts' estimates for earnings over the next four quarters.</p>
<div class="lb-trans"><p>在第一季度，Nvidia 股票的抛售似乎为任何敢于在日益不确定的情况下购买这只波动股票的人提供了一个绝佳的买入机会。该股票再次交易于历史最高点。但这也导致其前瞻性市盈率再次接近萨尔玛出售股票时的 40 倍前瞻性市盈率。目前，它的交易价格约为分析师对未来四个季度盈利预期的 38 倍。</p>
</div><p>So, instead of buying Nvidia, Sarma has put his fund's cash to work buying a totally different company. It's up 135% in the past year while Nvidia shares are up just 24% as of July 10.</p>
<div class="lb-trans"><p>因此，萨尔玛没有购买 Nvidia，而是将基金的现金投入到一家完全不同的公司。该公司在过去一年中上涨了 135%，而截至 7 月 10 日，Nvidia 的股票仅上涨了 24%。</p>
</div><h2>The high-end stock Sarma's buying instead of Nvidia</h2>
<div class="lb-trans"><h2>萨尔玛购买的高端股票而非 Nvidia</h2>
</div><p>Sarma's biggest purchase in Q1 is about as far away from the AI industry as it gets. Instead, he's put money into <strong>Tapestry</strong>(TPR 0.89%), the company behind luxury handbag brands Coach and Kate Spade.</p>
<div class="lb-trans"><p>萨尔玛在第一季度的最大购买与人工智能行业几乎没有关系。相反，他将资金投入了 <strong>Tapestry</strong>(TPR 0.89%)，这家公司旗下拥有奢侈手袋品牌 Coach 和 Kate Spade。</p>
</div><p>Coach is far and away Tapestry's cash cow. The brand accounted for nearly 80% of sales over the first nine months of fiscal 2025. And it'll play an even bigger role in 2026 following the sale of the Stuart Weitzman brand. Coach is making up for declining sales for Kate Spade and Stuart Weitzman, and producing better profit margins, too.</p>
<div class="lb-trans"><p>Coach 无疑是 Tapestry 的摇钱树。该品牌在 2025 财年的前九个月中占据了近 80% 的销售额。随着 Stuart Weitzman 品牌的出售，它将在 2026 年发挥更大的作用。Coach 正在弥补 Kate Spade 和 Stuart Weitzman 的销售下滑，并且也在提高利润率。</p>
</div><p>That said, there's potential for Kate Spade to turn around. Management is strategically closing retail stores and improving inventory management to reduce the number of price reductions. (Tapestry primarily takes a direct-to-consumer approach with its brands, which gives it more control over inventory and pricing.) That should lift profitability for the brand over time. If it can reinvigorate brand growth with international expansion and more strategic store locations, it could produce very strong growth for the company in the future. That said, the Kate Spade brand might not have the pricing power of the Coach brand since it's not considered as high-end.</p>
<div class="lb-trans"><p>尽管如此，Kate Spade 仍有扭转的潜力。管理层正在战略性地关闭零售店，并改善库存管理，以减少降价的数量。（Tapestry 主要采取直接面向消费者的方式，这使其对库存和定价有更多的控制。）这应该会随着时间的推移提高该品牌的盈利能力。如果它能够通过国际扩张和更具战略性的店铺位置重新激活品牌增长，未来可能会为公司带来非常强劲的增长。不过，Kate Spade 品牌的定价能力可能不如 Coach 品牌，因为它不被视为高端品牌。</p>
</div><p>Cash generated by Coach and the sale of Stuart Weitzman will support management's share-repurchase program. It announced an accelerated share repurchase of $2 billion in November after regulators struck down its proposed acquisition of Capri (which would've added brands like Michael Kors and Versace). Strong cash flows should support continued capital returns, which will show up in earnings per share. Management expects free cash flow of $1.3 billion this year, up from $1.1 billion last year.</p>
<div class="lb-trans"><p>Coach 产生的现金流和 Stuart Weitzman 的出售将支持管理层的股票回购计划。它在 11 月宣布了一项 20 亿美元的加速股票回购计划，此前监管机构否决了其收购 Capri 的提议（该提议将增加 Michael Kors 和 Versace 等品牌）。强劲的现金流应支持持续的资本回报，这将反映在每股收益中。管理层预计今年的自由现金流为 13 亿美元，高于去年的 11 亿美元。</p>
</div><p>Shares continued to climb higher since Q1 when Sharma added the stock to SRS' portfolio. The stock now trades at a forward P/E of 18. While that's well below Nvidia's 38-times earnings multiple, it's the highest valuation it's traded for in years. As such, it might be worth waiting for a pullback in price before following the billionaire into the luxury handbag stock.</p>
<div class="lb-trans"><p>自从萨尔玛在第一季度将该股票纳入 SRS 的投资组合以来，股价持续上涨。该股票目前的前瞻性市盈率为 18。虽然这远低于 Nvidia 的 38 倍市盈率，但这是多年来的最高估值。因此，在跟随这位亿万富翁投资奢侈手袋股票之前，可能值得等待价格回调。</p>
</div>

Self-Made Billionaire Karthik Sarma Sold His Entire Stake in Nvidia and Bought This Incredible Stock Up More Than 100% in 12 Months

- 投资者 Karthik Sarma 从 Nvidia 转向 Tapestry，后者销售奢侈品牌手袋。  
- Sarma 在 2023 年第二季度购入 Nvidia，随后因估值上升逐步卖出。  
- Tapestry 预计将通过强劲现金流和股票回购计划实现增长。  

自制亿万富翁卡尔蒂克·萨尔玛出售了他在英伟达的全部股份，并购入了一只在过去 12 个月内上涨超过 100% 的令人惊叹的股票