<p>你可能没有意识到，但 8 月 14 日星期四可以说是本季度对投资者来说最重要的一天。尽管财报季可以让投资者了解华尔街领先企业的健康状况，但 13F 表格同样具有重要价值。</p>
<p>13F 是一个必需的文件，必须在季度结束后不超过 45 个日历天内提交（8 月 14 日），适用于管理资产至少为 1 亿美元的机构投资者。它为投资者提供了华尔街最聪明和最成功的资金经理在最新季度（在这种情况下是 6 月结束的季度）买入和卖出的股票的简明快照。</p>
<p>虽然华尔街充满了知名的资产管理公司，但没有一家能像 <strong>伯克希尔哈撒韦</strong>（BRK.A -0.26%）（BRK.B -0.35%）的首席执行官沃伦·巴菲特那样吸引投资者的注意。模仿这位被称为 “奥马哈的先知” 的买卖活动一直是创造财富的经过验证的策略。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjMvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjMvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA"/></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>尽管巴菲特的交易活动的每一个方面都往往受到专业和普通投资者的严格审视，但这份季度 13F 是独特的。它揭示了伯克希尔的亿万富翁老板在秘密掩护下购买的神秘股票——这并不是华尔街任何人所预期的。</p>
<h2>沃伦·巴菲特在 “保密处理” 标签下大举买入</h2>
<p>在少数情况下，监管机构会授予知名资金经理在一个或多个证券中建立股份的能力，采用 “保密处理” 标签。保密证券不需要在 13F 上报告，这背后是有原因的。</p>
<p>当像沃伦·巴菲特这样的高知名度资产管理者在某只股票中开仓时，股价飙升并不罕见，因为投资者纷纷涌入。获得保密处理的许可使这些知名投资者（如巴菲特）能够以更具吸引力的成本基础建立头寸。</p>
<p>在过去十年中，奥马哈的先知曾几次获得保密处理标签：</p>
<ul>
<li>在 2015 年，伯克希尔获得了这一豁免，以建立对能源巨头 <strong>菲利普斯 66</strong> 的股份。</li>
<li>在 COVID-19 疫情初期，巴菲特及其团队利用保密处理标签在 <strong>威瑞森通讯</strong> 和 <strong>雪佛龙</strong> 中创建了数十亿美元的头寸，后者仍然是核心持股。</li>
<li>在 2023 年下半年和 2024 年第一季度，这个特殊标签被用于增持财产与意外保险公司 <strong>查布</strong>。</li>
<li>在 2025 年上半年也获得了这一标签，用于一只在伯克希尔第二季度 13F 提交后揭示的神秘股票。</li>
</ul>
<p>尽管有成千上万的上市公司，伯克希尔哈撒韦的季度运营结果为这只神秘股票的所在提供了重要线索。每个季度，巴菲特的公司都会提供其投资组合中证券的成本基础分解，分为三个类别：</p>
<ul>
<li>银行、保险和金融</li>
<li>消费品</li>
<li>商业、工业及其他</li>
</ul>
<p>前两个类别的成本基础一直在下降，而商业、工业及其他则在上升。换句话说，很明显巴菲特的神秘买入不是金融股或消费品公司。</p>
<p>我们还知道，从历史上看，伯克希尔的亿万富翁首席执行官往往避免投资科技和医疗保健行业。巴菲特并不是最懂科技的人，跟进临床试验数据也不是他最关注的事情。所有迹象都指向他在 2025 年上半年大举购买的是一只工业股……但华尔街却大错特错！</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjMvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjMvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>奥马哈的先知揭开了他的神秘股票的面纱</h2>
<p>尽管伯克希尔的老板在连续 11 个季度中一直是净卖出股票，金额高达 1774 亿美元，但他在截至 6 月的季度中进行了相当多的买入。伯克希尔的 13F 显示开设了六个新头寸，并增加了六个现有持股。</p>
<p>然而，唯一一项必定引起关注和惊讶的新购买是神秘股票的揭示：<strong>联合健康集团</strong>（UNH 12.04%）。巴菲特监督购买了 5,039,564 股联合健康，价值接近 16 亿美元，截止到 6 月底。</p>
<p>没有哪个行业比金融行业更能让沃伦·巴菲特理解或感到舒适。虽然银行和信用服务提供商可能是听到 “金融” 一词时首先想到的，但它还包括各种保险公司，如查布。</p>
<p>联合健康的大部分业务涉及健康保险。尽管联合健康并不保护财产，但保险公司的基本原则在各个领域是相似的。他们收取保费并支出资本以覆盖会员索赔，期望收取的保费远远超过支出给会员的金额。</p>
<p>通常，保险公司拥有卓越的定价能力。由于灾难和高索赔期是不可避免的，保险公司通常有理由几乎每年提高保费。当保险公司没有支出收取的保费来覆盖索赔时，这些资金会投资于安全的、带息的资产以增加利润。</p>
<p>但联合健康集团不仅仅是一家领先的健康保险公司。其医疗服务部门 Optum 已经成为一个增长更快、利润率更高的业务伙伴，提供从护理交付和药房护理服务到他们使用的软件的各种服务。</p>
<p>沃伦·巴菲特的操作模式是等待价格失调的出现。在一个历史上价格昂贵的股市中，寻找价值几乎是不可能的。然而，自四月中旬以来，联合健康集团的股票价值损失超过一半，出现了一个罕见的价格失调。</p>
<p>然而，联合健康的股票并不是凭空下跌 54%。其糟糕的表现反映了与公司医疗保险优势部门（也称为医疗保险 C 部分）相关的更高成本。虽然许多联合健康的同行预计在 2025 年这一私人医疗保险部门的支出会增加，但联合健康并没有预见到，现在正为此付出代价。</p>
<p>好消息是，联合健康集团曾经经历过这样的挑战环境，而且这些环境通常不会持续很长时间。公司应该能够调整即将到来的年度的保费，并努力降低成本。</p>
<p>联合健康集团的前瞻市盈率为 14（在巴菲特揭示其为神秘股票之前），相比过去五年的平均前瞻市盈率折扣达 26%。这也是一家拥有强大资本回报计划的公司，表现为不断增长的股息和丰厚的股票回购。</p>
<p>尽管医疗保健股票可能是华尔街最不期待的，但联合健康集团符合价值导向的奥马哈先知的所有标准。</p>

联合健康

<p>沃伦·巴菲特最近的 13F 文件显示了一项令人惊讶的新投资：联合健康集团，伯克希尔·哈撒韦购买了超过 500 万股，价值约 16 亿美元。这标志着一个显著的转变，因为巴菲特在过去 11 个季度一直是净卖出股票。该文件还强调了对某些股票购买使用 “保密处理”，这使巴菲特能够在不立即影响市场的情况下建立头寸。联合健康作为神秘股票的揭示与对工业焦点的预期形成对比，展示了巴菲特在医疗保健领域的战略投资</p>

<p>You might not realize it, but Thursday, Aug. 14, was arguably the most important day of the quarter for investors. Although earnings season can clue investors in to the health of Wall Street's leading businesses, Form 13Fs are equally valuable.</p>
<div class="lb-trans"><p>你可能没有意识到，但 8 月 14 日星期四可以说是本季度对投资者来说最重要的一天。尽管财报季可以让投资者了解华尔街领先企业的健康状况，但 13F 表格同样具有重要价值。</p>
</div><p>A 13F is a required filing due no later than 45 calendar days following the end of a quarter (Aug. 14) for institutional investors with at least $100 million in assets under management. It provides investors with a concise snapshot of which stocks Wall Street's smartest and most successful money managers bought and sold in the latest quarter (in this instance, the quarter that ended in June).</p>
<div class="lb-trans"><p>13F 是一个必需的文件，必须在季度结束后不超过 45 个日历天内提交（8 月 14 日），适用于管理资产至少为 1 亿美元的机构投资者。它为投资者提供了华尔街最聪明和最成功的资金经理在最新季度（在这种情况下是 6 月结束的季度）买入和卖出的股票的简明快照。</p>
</div><p>While Wall Street is packed with brand-name asset managers, none garners the attention of investors quite like <strong>Berkshire Hathaway</strong>(BRK.A -0.26%) (BRK.B -0.35%) CEO Warren Buffett. Mirroring the aptly dubbed Oracle of Omaha's buying and selling activity has been a time-tested strategy for wealth creation.</p>
<div class="lb-trans"><p>虽然华尔街充满了知名的资产管理公司，但没有一家能像 <strong>伯克希尔哈撒韦</strong>（BRK.A -0.26%）（BRK.B -0.35%）的首席执行官沃伦·巴菲特那样吸引投资者的注意。模仿这位被称为 “奥马哈的先知” 的买卖活动一直是创造财富的经过验证的策略。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjMvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829523%2Fbuffett8-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>Although every facet of Buffett's trading activity tends to be put under the microscope by professional and everyday investors, this quarterly 13F was unique. It revealed the mystery stock that Berkshire's billionaire boss had been buying under the guise of secrecy -- and it's not what anyone on Wall Street had been expecting.</p>
<div class="lb-trans"><p>尽管巴菲特的交易活动的每一个方面都往往受到专业和普通投资者的严格审视，但这份季度 13F 是独特的。它揭示了伯克希尔的亿万富翁老板在秘密掩护下购买的神秘股票——这并不是华尔街任何人所预期的。</p>
</div><h2>Warren Buffett buys big under the &#34;confidential treatment&#34; tag</h2>
<div class="lb-trans"><h2>沃伦·巴菲特在 “保密处理” 标签下大举买入</h2>
</div><p>On rare occasions, regulators grant prominent money managers the ability to build up a stake in one or more securities under the &#34;confidential treatment&#34; tag. Confidential securities don't need to be reported on a 13F, and there's a purpose behind this.</p>
<div class="lb-trans"><p>在少数情况下，监管机构会授予知名资金经理在一个或多个证券中建立股份的能力，采用 “保密处理” 标签。保密证券不需要在 13F 上报告，这背后是有原因的。</p>
</div><p>When a high-profile asset manager like Warren Buffett opens a position in a stock, it's not uncommon for its share price to surge as investors pile in. Being granted confidential treatment allows these prominent investors (like Buffett) to build up a position at a more attractive cost basis.</p>
<div class="lb-trans"><p>当像沃伦·巴菲特这样的高知名度资产管理者在某只股票中开仓时，股价飙升并不罕见，因为投资者纷纷涌入。获得保密处理的许可使这些知名投资者（如巴菲特）能够以更具吸引力的成本基础建立头寸。</p>
</div><p>The Oracle of Omaha has been granted the confidential treatment tag on a couple of occasions over the last decade:</p>
<div class="lb-trans"><p>在过去十年中，奥马哈的先知曾几次获得保密处理标签：</p>
</div><ul>
<li>In 2015, Berkshire was afforded this exclusion to build up a stake in energy giant <strong>Phillips 66</strong>.</li>
<li>During the early stages of the COVID-19 pandemic, the confidential treatment tag was used by Buffett and his team to create multibillion-dollar positions in <strong>Verizon Communications</strong> and <strong>Chevron</strong>, the latter of which remains a core holding.</li>
<li>In the second half of 2023 and during the first quarter of 2024, this special tag was used to pile into property &amp; casualty insurer <strong>Chubb</strong>.</li>
<li>It was also granted during the first half of 2025 for a mystery stock that's now been revealed following Berkshire's second-quarter 13F filing.</li>
</ul>
<div class="lb-trans"><ul>
<li>在 2015 年，伯克希尔获得了这一豁免，以建立对能源巨头 <strong>菲利普斯 66</strong> 的股份。</li>
<li>在 COVID-19 疫情初期，巴菲特及其团队利用保密处理标签在 <strong>威瑞森通讯</strong> 和 <strong>雪佛龙</strong> 中创建了数十亿美元的头寸，后者仍然是核心持股。</li>
<li>在 2023 年下半年和 2024 年第一季度，这个特殊标签被用于增持财产与意外保险公司 <strong>查布</strong>。</li>
<li>在 2025 年上半年也获得了这一标签，用于一只在伯克希尔第二季度 13F 提交后揭示的神秘股票。</li>
</ul>
</div><p>Though there are thousands of publicly traded companies, Berkshire Hathaway's quarterly operating results have offered big clues as to where this mystery stock resides. Every quarter, Buffett's company provides a cost basis breakdown of the securities held in its investment portfolio from three categories:</p>
<div class="lb-trans"><p>尽管有成千上万的上市公司，伯克希尔哈撒韦的季度运营结果为这只神秘股票的所在提供了重要线索。每个季度，巴菲特的公司都会提供其投资组合中证券的成本基础分解，分为三个类别：</p>
</div><ul>
<li>Banks, insurance and finance</li>
<li>Consumer products</li>
<li>Commercial, industrial and other</li>
</ul>
<div class="lb-trans"><ul>
<li>银行、保险和金融</li>
<li>消费品</li>
<li>商业、工业及其他</li>
</ul>
</div><p>The cost bases for the first two segments have been declining, while commercial, industrial and other has been climbing. In other words, it was pretty clear that Buffett's mystery buy wasn't a financial stock or consumer staples company.</p>
<div class="lb-trans"><p>前两个类别的成本基础一直在下降，而商业、工业及其他则在上升。换句话说，很明显巴菲特的神秘买入不是金融股或消费品公司。</p>
</div><p>We also know that, historically speaking, Berkshire's billionaire chief tends to avoid the tech and healthcare sectors. Buffett isn't the most tech-savvy, and keeping up on clinical-trial data isn't high on his list of things to do. All signs were pointing to an industrial stock being his big purchase during the first half of 2025...but Wall Street was <em>way</em> off!</p>
<div class="lb-trans"><p>我们还知道，从历史上看，伯克希尔的亿万富翁首席执行官往往避免投资科技和医疗保健行业。巴菲特并不是最懂科技的人，跟进临床试验数据也不是他最关注的事情。所有迹象都指向他在 2025 年上半年大举购买的是一只工业股……但华尔街却大错特错！</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjMvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829523%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>The Oracle of Omaha lifts the curtain on his mystery stock</h2>
<div class="lb-trans"><h2>奥马哈的先知揭开了他的神秘股票的面纱</h2>
</div><p>Even though Berkshire's boss has been a persistent net seller of stocks for 11 consecutive quarters, to the tune of $177.4 billion, he did quite a bit of buying during the quarter ending in June. Berkshire's 13F shows six new positions were opened, with a half-dozen existing holdings being added to.</p>
<div class="lb-trans"><p>尽管伯克希尔的老板在连续 11 个季度中一直是净卖出股票，金额高达 1774 亿美元，但他在截至 6 月的季度中进行了相当多的买入。伯克希尔的 13F 显示开设了六个新头寸，并增加了六个现有持股。</p>
</div><p>However, the one new purchase that's bound to raise eyebrows and drop jaws is the reveal of the mystery stock: <strong>UnitedHealth Group</strong>(UNH 12.04%). Buffett oversaw the purchase of 5,039,564 shares of UnitedHealth, worth close to $1.6 billion at the end of June.</p>
<div class="lb-trans"><p>然而，唯一一项必定引起关注和惊讶的新购买是神秘股票的揭示：<strong>联合健康集团</strong>（UNH 12.04%）。巴菲特监督购买了 5,039,564 股联合健康，价值接近 16 亿美元，截止到 6 月底。</p>
</div><p>There's not a sector Warren Buffett understands better or feels more comfortable investing in than financials. While banks and credit service providers might be the first that come to mind when hearing the word &#34;financials,&#34; it also includes an assortment of insurance companies, such as Chubb.</p>
<div class="lb-trans"><p>没有哪个行业比金融行业更能让沃伦·巴菲特理解或感到舒适。虽然银行和信用服务提供商可能是听到 “金融” 一词时首先想到的，但它还包括各种保险公司，如查布。</p>
</div><p>A substantial portion of UnitedHealth's business involves health insurance. Though UnitedHealth isn't protecting property, the premise of insurance companies is similar across the board. They collect premiums and outlay capital to cover member claims, with the expectation being that premiums collected will far outweigh the amount spent on its members.</p>
<div class="lb-trans"><p>联合健康的大部分业务涉及健康保险。尽管联合健康并不保护财产，但保险公司的基本原则在各个领域是相似的。他们收取保费并支出资本以覆盖会员索赔，期望收取的保费远远超过支出给会员的金额。</p>
</div><p>Typically, insurers possess exceptional pricing power. Since catastrophes and higher claim periods are inevitable, insurers are often justified in raising their premiums on a near-annual basis. When insurers aren't outlaying their collected premium to cover claims, it's invested in safe, interest-bearing assets to bolster profits.</p>
<div class="lb-trans"><p>通常，保险公司拥有卓越的定价能力。由于灾难和高索赔期是不可避免的，保险公司通常有理由几乎每年提高保费。当保险公司没有支出收取的保费来覆盖索赔时，这些资金会投资于安全的、带息的资产以增加利润。</p>
</div><p>But UnitedHealth Group is more than just a leading health insurance company. Its healthcare services segment, Optum, has been a faster-growing and higher-margin counterpart for quite some time. Optum provides healthcare companies with everything from care delivery and pharmacy care services to the software they use.</p>
<div class="lb-trans"><p>但联合健康集团不仅仅是一家领先的健康保险公司。其医疗服务部门 Optum 已经成为一个增长更快、利润率更高的业务伙伴，提供从护理交付和药房护理服务到他们使用的软件的各种服务。</p>
</div><p>Warren Buffett's modus operandi is to wait for price dislocations to present themselves. In a historically pricey stock market, locating value has been virtually impossible. Yet, with UnitedHealth Group stock losing more than half its value since the midpoint of April, a rare price dislocation has emerged.</p>
<div class="lb-trans"><p>沃伦·巴菲特的操作模式是等待价格失调的出现。在一个历史上价格昂贵的股市中，寻找价值几乎是不可能的。然而，自四月中旬以来，联合健康集团的股票价值损失超过一半，出现了一个罕见的价格失调。</p>
</div><p>However, UnitedHealth stock didn't dive 54% on a whim. Its poor performance is a reflection of higher costs associated with the company's Medicare Advantage segment (also known as Medicare Part C). Whereas many of UnitedHealth's peers anticipated higher expenses in this private Medicare segment in 2025, UnitedHealth did not and is now paying the price.</p>
<div class="lb-trans"><p>然而，联合健康的股票并不是凭空下跌 54%。其糟糕的表现反映了与公司医疗保险优势部门（也称为医疗保险 C 部分）相关的更高成本。虽然许多联合健康的同行预计在 2025 年这一私人医疗保险部门的支出会增加，但联合健康并没有预见到，现在正为此付出代价。</p>
</div><p>The good news is that UnitedHealth Group has endured challenging environments like this before, and they rarely last for any significant length of time. The company should be able to address premiums for the upcoming year and work to lower its costs.</p>
<div class="lb-trans"><p>好消息是，联合健康集团曾经经历过这样的挑战环境，而且这些环境通常不会持续很长时间。公司应该能够调整即将到来的年度的保费，并努力降低成本。</p>
</div><p>UnitedHealth Group's forward price-to-earnings (P/E) ratio of 14 (prior to Buffett revealing it as his mystery stock) represents a 26% discount to its average forward-year earnings multiple over the trailing-five-year period. It's also a company with a robust capital-return program, highlighted by a growing dividend and hearty share buybacks.</p>
<div class="lb-trans"><p>联合健康集团的前瞻市盈率为 14（在巴菲特揭示其为神秘股票之前），相比过去五年的平均前瞻市盈率折扣达 26%。这也是一家拥有强大资本回报计划的公司，表现为不断增长的股息和丰厚的股票回购。</p>
</div><p>Though a healthcare stock is probably the last thing Wall Street was expecting, UnitedHealth Group checks all the right boxes for the value-oriented Oracle of Omaha.</p>
<div class="lb-trans"><p>尽管医疗保健股票可能是华尔街最不期待的，但联合健康集团符合价值导向的奥马哈先知的所有标准。</p>
</div>

沃伦·巴菲特的神秘股票已经揭晓，这对华尔街来说是一个巨大的惊喜