<p>以下列出的对冲基金亿万富翁在第一季度出售了 <strong>苹果</strong>(AAPL 0.07%)，并购买了 <strong>O'Reilly Automotive</strong>(ORLY -0.49%)，这是一家在过去十年中股价飙升 510% 的公司，导致其在 6 月初进行了 15 对 1 的股票拆分。</p>
<ul>
<li>大卫·肖的 D.E. Shaw &amp; Co.出售了 340,900 股苹果，减少了 6% 的持股。该对冲基金还增加了 19,000 股 O'Reilly Automotive 的股份，但仍然是一个非常小的持仓。</li>
<li>路易斯·贝肯的 Moore Capital Management 出售了 495,800 股苹果，减少了 97% 的持股。该对冲基金还购买了 240 股 O'Reilly Automotive，开始了一个非常小的头寸。</li>
</ul>
<p>重要的是，这两家对冲基金仍然持有苹果的股份，并且在 O'Reilly Automotive 的持仓也不算特别大。但投资者仍然应该考虑这两笔交易对他们自己投资组合的影响。原因如下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY2NzkvYnVsbC1hbmQtYmVhci03LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY2NzkvYnVsbC1hbmQtYmVhci03LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. 苹果</h2>
<p>苹果拥有基于设计专业知识的持久品牌护城河，涵盖硬件和软件。该公司在 3 月份的季度中再次在智能手机收入方面领先市场，并且由于广告、App Store 和云存储的强劲表现，其服务部门的销售增长达到了两位数。但其整体表现仍然令人失望。收入增长 5% 至 950 亿美元，按照公认会计原则 (GAAP) 计算的净收入增长 5% 至 248 亿美元。</p>
<p>重要的是，苹果在将人工智能 (AI) 融入其业务方面遇到了困难。分析师认为去年新增的一系列生成性 AI 功能（即 Apple Intelligence）将催生一轮大规模的 iPhone 升级周期，但消费者的反应迄今为止却不尽如人意，这可能是因为该公司多次推迟备受期待的 AI 升级，尤其是其数字助手 Siri 的升级。</p>
<p>苹果未能将 AI 货币化反映出一个更大的问题：该公司似乎失去了创新的能力。在经历了一段非常成功的产品发布期后——2007 年的 iPhone，2010 年的 iPad，2015 年的 Apple Watch，以及 2017 年的 AirPods——苹果现在已经超过七年没有推出值得注意的新产品。而且，它未能利用对 AI 日益增长的需求，这一模式的延续令人担忧。</p>
<p>华尔街预计苹果的收益将在未来三年内每年增长 11%。这使得当前 33 倍的市盈率看起来相对昂贵，但分析师可能高估了这一点。在过去三年中，尽管公司回购了 8% 的流通股，苹果的收益年复合增长率不到 2%。</p>
<p>换句话说，如果苹果在过去三年中没有回购任何股票，收益在此期间将下降近 5%。而且在没有明确催化剂的情况下，未来几年的收益增长可能会微薄。投资者现在应该避免购买该股票，持有特别大头寸的股东应考虑减持。</p>
<h2>2. O'Reilly Automotive</h2>
<p>O'Reilly Automotive 是北美最大的汽车零部件、工具、设备和配件的专业零售商之一。该公司在北美运营超过 6,400 家门店，服务于 DIY（自己动手）和专业客户。它还拥有强大的分销网络，能够 “及时获取广泛的产品”，这帮助公司留住客户。</p>
<p>重要的是，虽然 O'Reilly 将受到进口汽车和零部件关税的影响，但特朗普政府征收的关税实际上可能对公司是一个净利好。这是因为对进口汽车征收的 25% 税收将提高汽车价格，鼓励消费者维修旧车而不是购买新车。此外，美国汽车贷款的平均利率在过去四年中几乎翻了一番。</p>
<p>O'Reilly 报告了令人鼓舞的第二季度财务结果。收入增长 6% 至 45 亿美元，得益于 67 家新店的开业和 4.1% 的同店销售增长。同时，GAAP 收益跃升 11% 至每股稀释后 0.78 美元，超出收入增长，因为公司回购了 680 万股股票。管理层还提高了全年指引，预计 2025 年的收益将增长 9%。</p>
<p>华尔街预计 O'Reilly 的收益将在未来三到五年内每年增长 10%。这使得当前 36 倍的市盈率看起来相对昂贵。然而，我认为投资者今天应该考虑在这只股票中建立一个小头寸。如果股价下跌，他们应该考虑在更合理的市盈率倍数下增加持仓。</p>

苹果

<p>对冲基金亿万富翁们出售了苹果股票，并购买了 O'Reilly Automotive，该公司在过去十年中增长了 510%。D.E. Shaw & Co.将其苹果股份减少了 6%，并在 O'Reilly 中获得了少量股份，而 Moore Capital Management 则将其苹果股份削减了 97%，并同样购买了少量 O'Reilly 的股票。分析师建议避免投资苹果，原因是其创新停滞和盈利增长被高估，同时推荐在 O'Reilly 进行小额投资，预计该公司在未来几年将实现 10% 的年盈利增长</p>

<p>The hedge fund billionaires listed below sold <strong>Apple</strong>(AAPL 0.07%) during the first quarter and bought <strong>O'Reilly Automotive</strong>(ORLY -0.49%), a company whose share price rocketed 510% over the last decade, leading to a 15-for-1 stock split in early June.</p>
<div class="lb-trans"><p>以下列出的对冲基金亿万富翁在第一季度出售了 <strong>苹果</strong>(AAPL 0.07%)，并购买了 <strong>O'Reilly Automotive</strong>(ORLY -0.49%)，这是一家在过去十年中股价飙升 510% 的公司，导致其在 6 月初进行了 15 对 1 的股票拆分。</p>
</div><ul>
<li>David Shaw's D.E. Shaw &amp; Co. sold 340,900 shares of Apple, trimming its stake by 6%. The hedge fund also added 19,000 shares of O'Reilly Automotive, though it remains a very small holding.</li>
<li>Louis Bacon's Moore Capital Management sold 495,800 shares of Apple, cutting its stake 97%. The hedge fund also purchased 240 shares of O'Reilly Automotive, starting a very small position.</li>
</ul>
<div class="lb-trans"><ul>
<li>大卫·肖的 D.E. Shaw &amp; Co.出售了 340,900 股苹果，减少了 6% 的持股。该对冲基金还增加了 19,000 股 O'Reilly Automotive 的股份，但仍然是一个非常小的持仓。</li>
<li>路易斯·贝肯的 Moore Capital Management 出售了 495,800 股苹果，减少了 97% 的持股。该对冲基金还购买了 240 股 O'Reilly Automotive，开始了一个非常小的头寸。</li>
</ul>
</div><p>Importantly, both hedge funds still have exposure to Apple, and neither has an especially large position in O'Reilly Automotive. But investors should still consider both trades for their own portfolios. Here's why.</p>
<div class="lb-trans"><p>重要的是，这两家对冲基金仍然持有苹果的股份，并且在 O'Reilly Automotive 的持仓也不算特别大。但投资者仍然应该考虑这两笔交易对他们自己投资组合的影响。原因如下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY2NzkvYnVsbC1hbmQtYmVhci03LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826679%2Fbull-and-bear-7.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>1. Apple</h2>
<div class="lb-trans"><h2>1. 苹果</h2>
</div><p>Apple has durable brand moat built on design expertise that spans hardware and software. The company once again led the market in smartphone revenue in the March quarter, and it posted double-digit sales growth in its services segment due to strength in advertising, the App Store, and cloud storage. But its overall performance was still uninspiring. Revenue rose 5% to $95 billion, and generally accepted accounting principles (GAAP) net income climbed 5% to $24.8 billion.</p>
<div class="lb-trans"><p>苹果拥有基于设计专业知识的持久品牌护城河，涵盖硬件和软件。该公司在 3 月份的季度中再次在智能手机收入方面领先市场，并且由于广告、App Store 和云存储的强劲表现，其服务部门的销售增长达到了两位数。但其整体表现仍然令人失望。收入增长 5% 至 950 亿美元，按照公认会计原则 (GAAP) 计算的净收入增长 5% 至 248 亿美元。</p>
</div><p>Importantly, Apple has struggled to incorporate artificial intelligence (AI) into its business. Analysts thought the suite of generative AI features added last year (i.e., Apple Intelligence) would catalyze a massive iPhone upgrade cycle, but the consumer response has so far been underwhelming, perhaps because the company has repeatedly delayed highly anticipated AI upgrades to its digital assistant Siri.</p>
<div class="lb-trans"><p>重要的是，苹果在将人工智能 (AI) 融入其业务方面遇到了困难。分析师认为去年新增的一系列生成性 AI 功能（即 Apple Intelligence）将催生一轮大规模的 iPhone 升级周期，但消费者的反应迄今为止却不尽如人意，这可能是因为该公司多次推迟备受期待的 AI 升级，尤其是其数字助手 Siri 的升级。</p>
</div><p>Apple's failure to monetize AI speaks to a larger problem: The company has seemingly lost its capacity for innovation. After a long stint of very successful product launches -- the iPhone in 2007, the iPad in 2010, the Apple Watch in 2015, and AirPods in 2017 -- Apple has now gone seven-plus years without a noteworthy new product. And its inability to capitalize on soaring demand for AI is a troubling continuation of that pattern.</p>
<div class="lb-trans"><p>苹果未能将 AI 货币化反映出一个更大的问题：该公司似乎失去了创新的能力。在经历了一段非常成功的产品发布期后——2007 年的 iPhone，2010 年的 iPad，2015 年的 Apple Watch，以及 2017 年的 AirPods——苹果现在已经超过七年没有推出值得注意的新产品。而且，它未能利用对 AI 日益增长的需求，这一模式的延续令人担忧。</p>
</div><p>Wall Street expects Apple's earnings to increase at 11% annually over the next three years. That already makes the current valuation of 33 times earnings look expensive, but analysts may be overestimating. Apple's earnings compounded at less than 2% annually during the last three years despite the company repurchasing 8% of its outstanding shares.</p>
<div class="lb-trans"><p>华尔街预计苹果的收益将在未来三年内每年增长 11%。这使得当前 33 倍的市盈率看起来相对昂贵，但分析师可能高估了这一点。在过去三年中，尽管公司回购了 8% 的流通股，苹果的收益年复合增长率不到 2%。</p>
</div><p>Put differently, had Apple not repurchased any stock during the last three years, earnings would have declined nearly 5% in that period. And with no clear catalysts on the horizon, earnings growth is likely to be meager in the coming years. Investors should avoid the stock right now, and shareholders with especially large positions should consider trimming.</p>
<div class="lb-trans"><p>换句话说，如果苹果在过去三年中没有回购任何股票，收益在此期间将下降近 5%。而且在没有明确催化剂的情况下，未来几年的收益增长可能会微薄。投资者现在应该避免购买该股票，持有特别大头寸的股东应考虑减持。</p>
</div><h2>2. O'Reilly Automotive</h2>
<div class="lb-trans"><h2>2. O'Reilly Automotive</h2>
</div><p>O'Reilly Automotive is one of the largest specialty retailers of aftermarket automative parts, tools, equipment, and accessories. The company operates more than 6,400 stores across North America, serving both do-it-yourself (DIY) and professional customers. It also has a robust distribution network that allows &#34;timely access to a broad range of products,&#34; which helps the company retain customers.</p>
<div class="lb-trans"><p>O'Reilly Automotive 是北美最大的汽车零部件、工具、设备和配件的专业零售商之一。该公司在北美运营超过 6,400 家门店，服务于 DIY（自己动手）和专业客户。它还拥有强大的分销网络，能够 “及时获取广泛的产品”，这帮助公司留住客户。</p>
</div><p>Importantly, while O'Reilly will be impacted by tariffs on imported automobiles and parts, duties imposed by the Trump administration could actually be a net win for the company. That's because the 25% tax on imported automobiles will raise car prices, encouraging consumers to service older vehicles rather than purchasing new ones. Furthermore, the average interest rate on U.S. auto loans has almost doubled in the last four years.</p>
<div class="lb-trans"><p>重要的是，虽然 O'Reilly 将受到进口汽车和零部件关税的影响，但特朗普政府征收的关税实际上可能对公司是一个净利好。这是因为对进口汽车征收的 25% 税收将提高汽车价格，鼓励消费者维修旧车而不是购买新车。此外，美国汽车贷款的平均利率在过去四年中几乎翻了一番。</p>
</div><p>O'Reilly reported encouraging Q2 financial results. Revenue rose 6% to $4.5 billion, driven by 67 new store openings and 4.1% same-store sales growth. Meanwhile, GAAP earnings jumped 11% to $0.78 per diluted share, outpacing revenue growth because the company repurchased 6.8 million shares. Management also raised full-year guidance, such that earnings are forecast to increase 9% in 2025.</p>
<div class="lb-trans"><p>O'Reilly 报告了令人鼓舞的第二季度财务结果。收入增长 6% 至 45 亿美元，得益于 67 家新店的开业和 4.1% 的同店销售增长。同时，GAAP 收益跃升 11% 至每股稀释后 0.78 美元，超出收入增长，因为公司回购了 680 万股股票。管理层还提高了全年指引，预计 2025 年的收益将增长 9%。</p>
</div><p>Wall Street expects O'Reilly's earnings to increase at 10% annually during the next three to five years. That makes the current valuation of 36 times earnings look relatively expensive. Nevertheless, I think investors should consider buying a small position in this stock today. And if the share price declines, they should consider building a bigger position at a more reasonable valuation multiple.</p>
<div class="lb-trans"><p>华尔街预计 O'Reilly 的收益将在未来三到五年内每年增长 10%。这使得当前 36 倍的市盈率看起来相对昂贵。然而，我认为投资者今天应该考虑在这只股票中建立一个小头寸。如果股价下跌，他们应该考虑在更合理的市盈率倍数下增加持仓。</p>
</div>

Billionaires Sell Apple Stock and Buy a Stock-Split Stock Up 510% in the Last Decade

- 对冲基金在第一季度出售了苹果股票，购买了 O'Reilly Automotive。  
- 苹果的收入增长乏力，面临创新能力下降的问题。  
- O'Reilly Automotive 财报表现良好，预计未来几年盈利将持续增长。

亿万富翁们出售苹果股票，并购买过去十年上涨 510% 的拆股股票