<p>每个季度，投资者都焦急地等待沃伦·巴菲特的公司 <strong>伯克希尔哈撒韦</strong> 向证券交易委员会提交的 13F 报告，披露伯克希尔在季度末持有的股票，因此也揭示了公司在任何给定季度买入和卖出的股票。投资者总是希望能一窥巴菲特及其投资团队的智慧，尤其是巴菲特将在年底辞去公司首席执行官职务。</p>
<p>尽管伯克希尔在最近几个季度保持沉默，但这家大型综合企业在第二季度做出了一些显著的举动。伯克希尔最近出售了其两大主要持股的一部分，同时大量增持了一只在今年遭遇巨大困难的医疗保健股票。</p>
<h2>削减苹果和美国银行的持股</h2>
<p>在第二季度，伯克希尔继续削减其最大持股 <strong>苹果</strong>(AAPL -0.55%) 和第三大持股 <strong>美国银行</strong>(BAC -1.67%)。在这一季度，伯克希尔出售了其在苹果中 7% 的股份和在美国银行中 4% 的股份。在过去一年中，伯克希尔已将其在苹果中的持股减少了 30%，在美国银行中的持股减少了 41%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MDYvYnVmZmV0dDE5LXRtZi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MDYvYnVmZmV0dDE5LXRtZi5qcGcmdz03MDA"/></p>
<p>图片来源：The Motley Fool。</p>
<p>尽管牛市已经持续了超过 2.5 年，伯克希尔却一直谨慎行事，囤积了数千亿美元的现金及现金等价物，出售的股票多于购买的股票，甚至最近还放弃了股票回购。考虑到估值过高和股市的巨大涨幅，许多投资者认为巴菲特和他的团队并没有看到有吸引力的机会。</p>
<p>还有人讨论伯克希尔保持保守是为了准备巴菲特辞去首席执行官职务但仍保留董事会主席职务的重大过渡。长期以来的伯克希尔老将格雷格·阿贝尔将接替巴菲特的重要职位。伯克希尔的股票在今年开局良好，但自从宣布过渡后表现不佳。</p>
<p>苹果今年一直在处理与关税相关的问题。巴菲特和伯克希尔可能在唐纳德·特朗普赢得选举后就预见到了这一点，从而削减了他们的持股。如果伯克希尔对经济感到担忧，那么削减一些银行持股也许是合理的，因为银行通常是周期性的。</p>
<h2>在这家医疗巨头上采取逆向投资策略</h2>
<p>在第二季度，伯克希尔在美国最大的医疗保险公司 <strong>联合健康集团</strong>(UNH 12.04%) 中建立了 15.7 亿美元的持股。联合健康的股票今年遭受重创，下降了约 46%。然而，在伯克希尔购买该股票的消息公布后，股价在盘后交易中上涨了近 9.5%。</p>
<p>联合健康今年面临一系列问题，包括医疗保险成本上升，这是该行业普遍存在的趋势。在第二季度，联合健康的管理层将其之前的全年预期下调至每股调整后收益 16 美元，远低于华尔街年初的共识预期。</p>
<p>主要原因是医疗成本，管理层认为这将比之前预期高出 65 亿美元。该行业在老龄化人口、服务利用率和费用上升、药品价格上涨以及通货膨胀的压力下苦苦挣扎。</p>
<p>此外，美国司法部正在对联合健康进行刑事调查，调查其在医疗保险优势计划中向客户收费的方式。《华尔街日报》此前报道了涉嫌增加公司支付的可疑账单做法。联合健康在 7 月底的一份声明中表示，它正在配合司法部的调查，但对其做法 “充满信心，并承诺在整个过程中与司法部合作”。</p>
<p>从根本上说，巴菲特和他的团队是价值投资者，这意味着他们寻找市场价值低于公司内在价值的股票。尽管联合健康面临困境，并预测今年收益将大幅下降，但管理层仍预计到 2025 年将实现两位数的收入增长。此外，该公司的资产负债表似乎稳健。虽然公司债务较高，但在今年前六个月，运营收益约为 143 亿美元，仍然是债务利息支出的 7 倍多。</p>
<p>此外，联合健康的股息收益率现在约为 3.25%，而公司的自由现金流收益率超过 10%，显示公司可以轻松覆盖未来可预见的股息。事实上，联合健康最近将季度股息提高了 5%。</p>
<p>最终，尽管预计今年收益将大幅下降，联合健康的前瞻市盈率仍低于通常水平，且市销率不到 1 倍。巴菲特和他的团队重视强大的护城河，因此，考虑到联合健康在医疗保险行业仍然控制着市场份额，他们可能认为这是一个具有吸引力的风险回报机会。</p>

苹果

联合健康

伯克希尔哈撒韦-B

伯克希尔哈撒韦-A

<p>沃伦·巴菲特的伯克希尔哈撒韦在过去一年中出售了苹果和美国银行的股份，分别减少了 30% 和 41% 的持股比例。相比之下，该公司在联合健康集团投资了 15.7 亿美元，尽管该医疗股票今年下跌了 46%，但在公告后股价上涨了 9.5%。尽管面临挑战，预计到 2025 年联合健康的收入将实现两位数增长，并且拥有稳健的资产负债表，这使其成为巴菲特价值投资策略的一个有吸引力的投资选择</p>

<p>Each quarter, investors anxiously await Warren Buffett's company <strong>B</strong> <strong>erkshire Hathaway</strong> filing its 13F filing with the Securities and Exchange Commission, divulging what stocks Berkshire held at the end of the quarter, and, therefore, what stocks the company bought and sold in any given quarter. Investors are always looking for a glimpse into the genius of Buffett and his team of investors, especially with Buffett set to step down as CEO of the company at the end of the year.</p>
<div class="lb-trans"><p>每个季度，投资者都焦急地等待沃伦·巴菲特的公司 <strong>伯克希尔哈撒韦</strong> 向证券交易委员会提交的 13F 报告，披露伯克希尔在季度末持有的股票，因此也揭示了公司在任何给定季度买入和卖出的股票。投资者总是希望能一窥巴菲特及其投资团队的智慧，尤其是巴菲特将在年底辞去公司首席执行官职务。</p>
</div><p>While Berkshire has been quiet in recent quarters, the large conglomerate made some notable moves in the second quarter. Berkshire recently sold some shares in two of its largest positions, while piling into an embattled healthcare stock that has struggled immensely this year.</p>
<div class="lb-trans"><p>尽管伯克希尔在最近几个季度保持沉默，但这家大型综合企业在第二季度做出了一些显著的举动。伯克希尔最近出售了其两大主要持股的一部分，同时大量增持了一只在今年遭遇巨大困难的医疗保健股票。</p>
</div><h2>Trimming Apple and Bank of America</h2>
<div class="lb-trans"><h2>削减苹果和美国银行的持股</h2>
</div><p>In the second quarter, Berkshire continued to trim its largest position, <strong>Apple</strong>(AAPL -0.55%), and its third-largest holding, <strong>Bank of America</strong>(BAC -1.67%). In the quarter, Berkshire sold 7% of its stake in Apple and 4% of its stake in Bank of America. Over the past year, Berkshire has reduced its stake in Apple by 30% and Bank of America by 41%.</p>
<div class="lb-trans"><p>在第二季度，伯克希尔继续削减其最大持股 <strong>苹果</strong>(AAPL -0.55%) 和第三大持股 <strong>美国银行</strong>(BAC -1.67%)。在这一季度，伯克希尔出售了其在苹果中 7% 的股份和在美国银行中 4% 的股份。在过去一年中，伯克希尔已将其在苹果中的持股减少了 30%，在美国银行中的持股减少了 41%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MDYvYnVmZmV0dDE5LXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829506%2Fbuffett19-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><p>While the bull market has raged for more than 2.5 years, Berkshire has plodded along conservatively, hoarding hundreds of billions of dollars in cash and cash equivalents, selling more stocks than it buys, and even turning away from share repurchases more recently. Given stretched valuations and the stock market's big run, many investors simply think Buffett and his team are not seeing compelling opportunities.</p>
<div class="lb-trans"><p>尽管牛市已经持续了超过 2.5 年，伯克希尔却一直谨慎行事，囤积了数千亿美元的现金及现金等价物，出售的股票多于购买的股票，甚至最近还放弃了股票回购。考虑到估值过高和股市的巨大涨幅，许多投资者认为巴菲特和他的团队并没有看到有吸引力的机会。</p>
</div><p>There's also talk that Berkshire is staying conservative to prepare for the big transition that will see Buffett step down as CEO but retain his role as chairman of the board of directors. Longtime Berkshire veteran Greg Abel is set to step into Buffett's big shoes. Berkshire's stock got off to a terrific start this year but has floundered since the transition was announced.</p>
<div class="lb-trans"><p>还有人讨论伯克希尔保持保守是为了准备巴菲特辞去首席执行官职务但仍保留董事会主席职务的重大过渡。长期以来的伯克希尔老将格雷格·阿贝尔将接替巴菲特的重要职位。伯克希尔的股票在今年开局良好，但自从宣布过渡后表现不佳。</p>
</div><p>Apple has been dealing with tariff-related issues all year. Buffett and Berkshire may have foreseen this once President Donald Trump won the election, leading them to pare back their position. If Berkshire is concerned about the economy, perhaps paring back some of their bank holdings makes sense as well, as banks are typically cyclical.</p>
<div class="lb-trans"><p>苹果今年一直在处理与关税相关的问题。巴菲特和伯克希尔可能在唐纳德·特朗普赢得选举后就预见到了这一点，从而削减了他们的持股。如果伯克希尔对经济感到担忧，那么削减一些银行持股也许是合理的，因为银行通常是周期性的。</p>
</div><h2>Playing contrarian on this healthcare giant</h2>
<div class="lb-trans"><h2>在这家医疗巨头上采取逆向投资策略</h2>
</div><p>In the second quarter, Berkshire initiated a $1.57 billion position in the nation's largest healthcare insurer, <strong>UnitedHealth Group</strong>(UNH 12.04%). UnitedHealth's stock has been crushed this year and is down about 46%. However, after the news came out about Berkshire buying the stock, shares increased close to 9.5% in after-hours trading.</p>
<div class="lb-trans"><p>在第二季度，伯克希尔在美国最大的医疗保险公司 <strong>联合健康集团</strong>(UNH 12.04%) 中建立了 15.7 亿美元的持股。联合健康的股票今年遭受重创，下降了约 46%。然而，在伯克希尔购买该股票的消息公布后，股价在盘后交易中上涨了近 9.5%。</p>
</div><p>UnitedHealth has dealt with a flurry of issues this year, including higher medical insurance costs, which is a common trend across the sector. In the second quarter, management at UnitedHealth revised its prior full-year outlook down to $16 adjusted earnings per share, significantly below Wall Street's consensus estimates coming into the year.</p>
<div class="lb-trans"><p>联合健康今年面临一系列问题，包括医疗保险成本上升，这是该行业普遍存在的趋势。在第二季度，联合健康的管理层将其之前的全年预期下调至每股调整后收益 16 美元，远低于华尔街年初的共识预期。</p>
</div><p>The main culprit is medical costs, which management thinks will come in $6.5 billion higher than previously expected. The sector has struggled in the face of an aging population, higher utilization of and more expensive services, higher drug prices, and inflation.</p>
<div class="lb-trans"><p>主要原因是医疗成本，管理层认为这将比之前预期高出 65 亿美元。该行业在老龄化人口、服务利用率和费用上升、药品价格上涨以及通货膨胀的压力下苦苦挣扎。</p>
</div><p>Additionally, the U.S. Department of Justice (DOJ) is probing UnitedHealth in a criminal investigation over the way it charges customers in its Medicare Advantage program. The Wall Street Journal has previously reported on suspicious billing practices that allegedly increase payouts to the company. In a statement in late July, UnitedHealth said it is cooperating with the DOJ but has &#34;full confidence in its practices and is committed to working cooperatively with the Department throughout this process.&#34;</p>
<div class="lb-trans"><p>此外，美国司法部正在对联合健康进行刑事调查，调查其在医疗保险优势计划中向客户收费的方式。《华尔街日报》此前报道了涉嫌增加公司支付的可疑账单做法。联合健康在 7 月底的一份声明中表示，它正在配合司法部的调查，但对其做法 “充满信心，并承诺在整个过程中与司法部合作”。</p>
</div><p>At their core, Buffett and his team are value investors, meaning they look for stocks with a market value below a company's perceived intrinsic value. While UnitedHealth has struggled and is forecasting a significant earnings decline this year, management is still projecting double-digit revenue growth in 2025. Furthermore, the company's balance sheet seems to be on solid footing. Sure, the company has high debt, but through the first six months of the year, earnings from operations of about $14.3 billion are still more than 7 times debt interest expense.</p>
<div class="lb-trans"><p>从根本上说，巴菲特和他的团队是价值投资者，这意味着他们寻找市场价值低于公司内在价值的股票。尽管联合健康面临困境，并预测今年收益将大幅下降，但管理层仍预计到 2025 年将实现两位数的收入增长。此外，该公司的资产负债表似乎稳健。虽然公司债务较高，但在今年前六个月，运营收益约为 143 亿美元，仍然是债务利息支出的 7 倍多。</p>
</div><p>Additionally, UnitedHealth's dividend yield is now roughly 3.25%, while the company's trailing free-cash-flow yield is above 10%, showing the company can easily cover the dividend for the foreseeable future. In fact, UnitedHealth recently increased its quarterly dividend by 5%.</p>
<div class="lb-trans"><p>此外，联合健康的股息收益率现在约为 3.25%，而公司的自由现金流收益率超过 10%，显示公司可以轻松覆盖未来可预见的股息。事实上，联合健康最近将季度股息提高了 5%。</p>
</div><p>Ultimately, UnitedHealth trades at a lower-than-usual forward price-to-earnings ratio, despite expectations of much lower earnings this year, and at less than 1 times revenue. Buffett and his team value strong moats, so with UnitedHealth still controlling market share in the healthcare insurance industry, they likely see an attractive risk-reward proposition.</p>
<div class="lb-trans"><p>最终，尽管预计今年收益将大幅下降，联合健康的前瞻市盈率仍低于通常水平，且市销率不到 1 倍。巴菲特和他的团队重视强大的护城河，因此，考虑到联合健康在医疗保险行业仍然控制着市场份额，他们可能认为这是一个具有吸引力的风险回报机会。</p>
</div>

Warren Buffett Is Selling Apple and Bank of America Stock and Piling Into an Embattled Healthcare Stock Down 46% This Year

- 伯克希尔哈撒韦在第二季度减持苹果和美国银行股份。  
- 同时，增持了医疗保险公司联合健康集团，投资额为 15.7 亿美元。  
- 联合健康面临高医疗成本和调查，但预计 2025 年收入将实现双位数增长。  

沃伦·巴菲特正在抛售苹果和美国银行的股票，并增持今年下跌 46% 的一个陷入困境的医疗保健股票