<p>对于投资界来说，没有什么数据发布比季度向证券交易委员会提交的 13F 表格更令人兴奋或更有价值。</p>
<p>13F 是一个强制性文件，要求资产管理规模至少为 1 亿美元的机构投资者在季度结束后的 45 个日历日内提交。简单来说，它允许投资者窥视华尔街最聪明的资金经理的肩膀，看看他们在买卖什么。</p>
<p>没有哪个资产管理者的交易活动比沃伦·巴菲特更受关注。自六十年前接任 <strong>伯克希尔哈撒韦</strong>(BRK.A -0.20%) (BRK.B -0.35%) 的首席执行官以来，这位奥马哈的先知见证了他公司的 A 类股票（BRK.A）在总回报（包括股息）方面超过基准 <strong>标准普尔 500</strong> 指数 134 次！换句话说，跟随巴菲特的交易活动是通往长期财富的途径。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjkvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjkvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA"/></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新提交的 6 月结束季度的 13F，巴菲特非常忙碌。他继续出售第三大持股 <strong>美国银行</strong>(BAC -1.67%)，但也增持了一家自 21 年前首次公开募股（IPO）以来上涨超过 7200% 的知名消费公司。</p>
<h2>沃伦·巴菲特自 2024 年 7 月以来持续出售美国银行股票</h2>
<p>尽管我们常常认为沃伦·巴菲特是一个买入并持有优秀企业的投资者，但在过去近三年里，他在净基础上持续出售股票。在过去的 11 个季度（2022 年 10 月 1 日–2025 年 6 月 30 日）中，巴菲特出售的股票数量超过了购买的股票，总计达到 1774 亿美元。</p>
<p>导致这一 1774 亿美元数字的最大贡献股票之一是美国银行，通常被称为&#34;BofA&#34;。自 2024 年 7 月 17 日以来，巴菲特监督出售了 427,584,631 股 BofA 股票，累计减少了 41%。在 6 月结束的季度中，大约 2630 万股被送上了砍价台。</p>
<p>持续出售活动的最简单解释是，伯克希尔的亿万富翁首席执行官正在以税收优惠的利率锁定收益。</p>
<p>在 2024 年 5 月的伯克希尔哈撒韦年度股东大会上，巴菲特表示，考虑到边际企业所得税率处于数十年来的低点，出售 <strong>苹果</strong> 的股份是有意义的。尽管巴菲特在讨论企业所得税时没有提到美国银行，但苹果和 BofA 占据了伯克希尔未实现收益的相当大一部分。以有利的税率兑现收益，事后来看，应该被伯克希尔的股东视为积极的举措。</p>
<p>令人担忧的是，这一出售活动可能并非表面上看起来那么简单。</p>
<p>没有哪个市场领域是奥马哈的先知比金融领域更了解的。巴菲特在 BofA 的持续出售活动可能表明他对公司未来几个季度净利息收入可能下降的担忧。</p>
<p>没有哪家美国大型银行对利率变化的敏感度比美国银行更高。当国家中央银行在 2022 年 3 月至 2023 年 7 月之间以数十年来最快的速度提高联邦基金利率时，BofA 的净利息收入飙升。但随着美联储现在进入一个漫长的降息周期，美国银行的净利息收入可能会受到比同行更大的打击。</p>
<p>沃伦·巴菲特也是一个坚定的价值投资者，而美国银行不再是曾经的绝佳交易。</p>
<p>当伯克希尔哈撒韦在 2011 年 8 月首次向 BofA 优先股投资 50 亿美元时，美国银行的普通股以 68% 的折扣交易于其账面价值。截止到 2023 年 8 月 14 日收盘时，美国银行的交易价格已高于其账面价值 28%。尽管这并不算过高，但在历史上高价的股市中，这已不再是明显的价格错位。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjkvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjkvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>奥马哈的先知连续第四个季度获得更大份额</h2>
<p>在另一端，伯克希尔的首席执行官在第二季度开设了六家新公司的头寸——包括揭示他的神秘股票——并增加了对六家现有持股的投资。</p>
<p>在连续第四个季度中，知名快餐连锁店 <strong>达美乐比萨</strong>(DPZ 0.15%) 出现在购买名单上。包括支付的股息，达美乐自首次公开募股以来的回报超过 7200%。尽管在第二季度仅增加了 13,255 股达美乐的股份，但这仍然将伯克希尔在该公司的持股比例提高至 7.8%！</p>
<p>奥马哈的先知和他的团队继续想要在这家面向消费者的巨头中获得更大份额的原因有很多。</p>
<p>首先，达美乐比萨随着时间的推移建立了消费者的信任，这在商业世界中是无价的。虽然并非所有的道歉广告活动都能取得成功，但达美乐在 2000 年代末承认了自己的错误，并发誓要做得更好。在过去 15 年多的时间里，其信息和产品开发的开放性使品牌赢得了消费者的喜爱。</p>
<p>伯克希尔的亿万富翁投资者可能还欣赏达美乐在五年增长计划中达到或超过目标的能力。达美乐目前的五年计划于 2023 年底推出，名为&#34;Hungry for MORE&#34;。达美乐依靠人工智能（AI）来改善其供应链和产出，同时依靠其忠诚奖励计划和特许经营商来维持和/或建立品牌。</p>
<p>另一个可能促使达美乐比萨股票连续四个季度买入的催化剂是其资本回报计划。沃伦·巴菲特是一个热衷于奖励股东并激励长期投资的企业的忠实粉丝，这一点并不是什么秘密。达美乐已经连续十多年在增加其基础年度分红，并且以相对规律的方式回购股票。对于净收入稳定或增长的企业来说，回购可以提高每股收益，使其股票在基本面上对投资者更具吸引力。</p>
<p>总结一下，达美乐比萨的股票估值低于其过去五年平均前瞻市盈率（P/E）的折扣。其前瞻市盈率略高于 23，相较于自 2020 年以来的平均前瞻市盈率有 16% 的折扣。在历史上高价的股市中，巴菲特无疑在寻找便宜货。</p>

美国银行

达美乐比萨

伯克希尔哈撒韦-B

伯克希尔哈撒韦-A

<p>沃伦·巴菲特已出售伯克希尔哈撒韦在美国银行的 41% 股份，继续了过去三年净卖出的趋势，总计达到 1774 亿美元。这一出售可能表明他对美国银行未来净利息收入下降的担忧，尤其是在降息周期中。相反，巴菲特增加了对达美乐比萨的投资，该公司自首次公开募股以来股价飙升了 7200%，标志着他向消费品牌的转变。巴菲特的交易活动受到投资者的密切关注，反映了他在市场上的长期成功</p>

<p>Few data releases are more exciting or valuable for the investing community than the quarterly filing of Form 13Fs with the Securities and Exchange Commission.</p>
<div class="lb-trans"><p>对于投资界来说，没有什么数据发布比季度向证券交易委员会提交的 13F 表格更令人兴奋或更有价值。</p>
</div><p>A 13F is a required filing no later than 45 calendar days following the end to a quarter by institutional investors with at least $100 million in assets under management. In simple terms, it allows investors to look over the shoulders of Wall Street's brightest money managers to see what they've been buying and selling.</p>
<div class="lb-trans"><p>13F 是一个强制性文件，要求资产管理规模至少为 1 亿美元的机构投资者在季度结束后的 45 个日历日内提交。简单来说，它允许投资者窥视华尔街最聪明的资金经理的肩膀，看看他们在买卖什么。</p>
</div><p>No asset manager's trading activity is more closely followed than that of Warren Buffett. Since taking the reins as CEO of <strong>Berkshire Hathaway</strong>(BRK.A -0.20%) (BRK.B -0.35%) six decades ago, the Oracle of Omaha has witnessed his company's Class A shares (BRK.A) lap the benchmark <strong>S&amp;P 500</strong> index in the total return column, including dividends, 134 times! In other words, mirroring Buffett's trading activity has been a pathway to long-term riches.</p>
<div class="lb-trans"><p>没有哪个资产管理者的交易活动比沃伦·巴菲特更受关注。自六十年前接任 <strong>伯克希尔哈撒韦</strong>(BRK.A -0.20%) (BRK.B -0.35%) 的首席执行官以来，这位奥马哈的先知见证了他公司的 A 类股票（BRK.A）在总回报（包括股息）方面超过基准 <strong>标准普尔 500</strong> 指数 134 次！换句话说，跟随巴菲特的交易活动是通往长期财富的途径。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjkvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829529%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 newly filed 13F for the June-ended quarter, Buffett was a busy bee. He continued to be a seller of No. 3 holding <strong>Bank of America</strong>(BAC -1.67%), but also added to a brand-name, consumer-facing company that's soared more than 7,200% since its initial public offering (IPO) 21 years ago.</p>
<div class="lb-trans"><p>根据伯克希尔哈撒韦新提交的 6 月结束季度的 13F，巴菲特非常忙碌。他继续出售第三大持股 <strong>美国银行</strong>(BAC -1.67%)，但也增持了一家自 21 年前首次公开募股（IPO）以来上涨超过 7200% 的知名消费公司。</p>
</div><h2>Warren Buffett has been a persistent seller of BofA stock since July 2024</h2>
<div class="lb-trans"><h2>沃伦·巴菲特自 2024 年 7 月以来持续出售美国银行股票</h2>
</div><p>Though we often think of Warren Buffett as a buy-and-hold investor of phenomenal businesses, he's been nothing short of a persistent seller of stocks, on a net basis, for almost three years. In each of the last 11 quarters (Oct. 1, 2022 – June 30, 2025), Buffett has sold more stocks than he's purchased, to the cumulative tune of $177.4 billion.</p>
<div class="lb-trans"><p>尽管我们常常认为沃伦·巴菲特是一个买入并持有优秀企业的投资者，但在过去近三年里，他在净基础上持续出售股票。在过去的 11 个季度（2022 年 10 月 1 日–2025 年 6 月 30 日）中，巴菲特出售的股票数量超过了购买的股票，总计达到 1774 亿美元。</p>
</div><p>One of the largest contributing stocks to this $177.4 billion figure is Bank of America, which is commonly known as &#34;BofA.&#34; Since July 17, 2024, Buffett has overseen the sale of 427,584,631 shares of BofA stock, equating to a 41% aggregate reduction. During the June-ended quarter, roughly 26.3 million shares were sent to the chopping block.</p>
<div class="lb-trans"><p>导致这一 1774 亿美元数字的最大贡献股票之一是美国银行，通常被称为&#34;BofA&#34;。自 2024 年 7 月 17 日以来，巴菲特监督出售了 427,584,631 股 BofA 股票，累计减少了 41%。在 6 月结束的季度中，大约 2630 万股被送上了砍价台。</p>
</div><p>The simplest explanation for this continued selling activity is that Berkshire's billionaire chief is locking in gains at a tax-advantaged rate.</p>
<div class="lb-trans"><p>持续出售活动的最简单解释是，伯克希尔的亿万富翁首席执行官正在以税收优惠的利率锁定收益。</p>
</div><p>During Berkshire Hathaway's annual shareholder meeting in May 2024, Buffett opined that selling shares of <strong>Apple</strong>, his company's top holding, made sense given that the peak marginal corporate income tax rate was at a multidecade low. Although Buffett didn't make any mention of Bank of America during his corporate income tax discussion, Apple and BofA account for a significant chunk of Berkshire's unrealized gains. Cashing in his chips at an advantageous tax rate should, in hindsight, be viewed as a positive by Berkshire's shareholders.</p>
<div class="lb-trans"><p>在 2024 年 5 月的伯克希尔哈撒韦年度股东大会上，巴菲特表示，考虑到边际企业所得税率处于数十年来的低点，出售 <strong>苹果</strong> 的股份是有意义的。尽管巴菲特在讨论企业所得税时没有提到美国银行，但苹果和 BofA 占据了伯克希尔未实现收益的相当大一部分。以有利的税率兑现收益，事后来看，应该被伯克希尔的股东视为积极的举措。</p>
</div><p>The worry is there may be more to this selling activity than meets the eye.</p>
<div class="lb-trans"><p>令人担忧的是，这一出售活动可能并非表面上看起来那么简单。</p>
</div><p>There's not a sector of the market the Oracle of Omaha understands better than financials. Buffett's ongoing selling activity in BofA may signal concern about a potential decline in the company's net interest income in future quarters.</p>
<div class="lb-trans"><p>没有哪个市场领域是奥马哈的先知比金融领域更了解的。巴菲特在 BofA 的持续出售活动可能表明他对公司未来几个季度净利息收入可能下降的担忧。</p>
</div><p>No U.S. money-center bank is more sensitive to changes in interest rates than Bank of America. When the nation's central bank lifted the federal funds rate at its quickest pace in decades between March 2022 and July 2023, it sent BofA's net interest income skyrocketing higher. But with the Federal Reserve now in a drawn-out rate-easing cycle, Bank of America's net interest income may take a bigger hit than its peers'.</p>
<div class="lb-trans"><p>没有哪家美国大型银行对利率变化的敏感度比美国银行更高。当国家中央银行在 2022 年 3 月至 2023 年 7 月之间以数十年来最快的速度提高联邦基金利率时，BofA 的净利息收入飙升。但随着美联储现在进入一个漫长的降息周期，美国银行的净利息收入可能会受到比同行更大的打击。</p>
</div><p>Warren Buffett is also an unwavering value investor, and Bank of America isn't the screaming bargain it once was.</p>
<div class="lb-trans"><p>沃伦·巴菲特也是一个坚定的价值投资者，而美国银行不再是曾经的绝佳交易。</p>
</div><p>When Berkshire Hathaway initially invested $5 billion into BofA preferred stock in August 2011, Bank of America's common stock was valued at a 68% discount to its book value. As of the closing bell on Aug. 14, Bank of America was trading at a 28% <em>premium</em> to its book value. Though this isn't egregiously high, it's no longer a clear price dislocation amid a historically pricey stock market.</p>
<div class="lb-trans"><p>当伯克希尔哈撒韦在 2011 年 8 月首次向 BofA 优先股投资 50 亿美元时，美国银行的普通股以 68% 的折扣交易于其账面价值。截止到 2023 年 8 月 14 日收盘时，美国银行的交易价格已高于其账面价值 28%。尽管这并不算过高，但在历史上高价的股市中，这已不再是明显的价格错位。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjkvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829529%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 takes a bigger piece of the pie for a fourth straight quarter</h2>
<div class="lb-trans"><h2>奥马哈的先知连续第四个季度获得更大份额</h2>
</div><p>On the other end of the spectrum, Berkshire's boss opened positions in six new companies during the second quarter -- including the reveal of his mystery stock -- and upped his company's stakes in a half-dozen existing holdings.</p>
<div class="lb-trans"><p>在另一端，伯克希尔的首席执行官在第二季度开设了六家新公司的头寸——包括揭示他的神秘股票——并增加了对六家现有持股的投资。</p>
</div><p>For a fourth consecutive quarter, well-known fast-food restaurant chain <strong>Domino's Pizza</strong>(DPZ 0.15%) was on the buy list. Inclusive of dividends paid, Domino's has returned more than 7,200% since its IPO. Though only 13,255 shares of Domino's were added during the second quarter, it nevertheless increased Berkshire's stake in the company to 7.8%!</p>
<div class="lb-trans"><p>在连续第四个季度中，知名快餐连锁店 <strong>达美乐比萨</strong>(DPZ 0.15%) 出现在购买名单上。包括支付的股息，达美乐自首次公开募股以来的回报超过 7200%。尽管在第二季度仅增加了 13,255 股达美乐的股份，但这仍然将伯克希尔在该公司的持股比例提高至 7.8%！</p>
</div><p>There are a number of reasons why the Oracle of Omaha and his team continue to want a bigger slice of the pie with this consumer-facing colossus.</p>
<div class="lb-trans"><p>奥马哈的先知和他的团队继续想要在这家面向消费者的巨头中获得更大份额的原因有很多。</p>
</div><p>To begin with, Domino's Pizza has built trust with consumers over time, which is invaluable in the business world. While not all <em>mea culpa</em> advertising campaigns prove successful, Domino's admitted its mistakes in the late 2000s and vowed to do better. The openness of its messaging and product development over the last 15-plus years has endeared the brand to consumers.</p>
<div class="lb-trans"><p>首先，达美乐比萨随着时间的推移建立了消费者的信任，这在商业世界中是无价的。虽然并非所有的道歉广告活动都能取得成功，但达美乐在 2000 年代末承认了自己的错误，并发誓要做得更好。在过去 15 年多的时间里，其信息和产品开发的开放性使品牌赢得了消费者的喜爱。</p>
</div><p>Something else Berkshire's billionaire investor has likely come to appreciate about Domino's is its ability to meet or exceed five-year growth initiatives. Domino's current five-year plan, which was introduced in late 2023, is dubbed &#34;Hungry for MORE.&#34; Domino's is leaning on artificial intelligence (AI) to improve its supply chain and output, while also relying on its loyalty rewards program and its franchisees to maintain and/or build the brand.</p>
<div class="lb-trans"><p>伯克希尔的亿万富翁投资者可能还欣赏达美乐在五年增长计划中达到或超过目标的能力。达美乐目前的五年计划于 2023 年底推出，名为&#34;Hungry for MORE&#34;。达美乐依靠人工智能（AI）来改善其供应链和产出，同时依靠其忠诚奖励计划和特许经营商来维持和/或建立品牌。</p>
</div><p>Another catalyst that may be responsible for spurring four consecutive quarters of buying in Domino's Pizza stock is its capital-return program. It's no secret that Warren Buffett is a big fan of businesses that reward their shareholders and incent long-term investing. Domino's has been growing its base annual payout for more than a decade, and it's been repurchasing its stock on a somewhat regular basis. For businesses with steady or growing net income, buybacks can increase earnings per share and make their stock more fundamentally attractive to investors.</p>
<div class="lb-trans"><p>另一个可能促使达美乐比萨股票连续四个季度买入的催化剂是其资本回报计划。沃伦·巴菲特是一个热衷于奖励股东并激励长期投资的企业的忠实粉丝，这一点并不是什么秘密。达美乐已经连续十多年在增加其基础年度分红，并且以相对规律的方式回购股票。对于净收入稳定或增长的企业来说，回购可以提高每股收益，使其股票在基本面上对投资者更具吸引力。</p>
</div><p>Rounding things out, Domino's Pizza stock is valued at a discount to its average forward price-to-earnings (P/E) ratio over the trailing half-decade. Its forward P/E of just over 23 works out to a 16% discount to its average forward P/E ratio since 2020. Amid a historically pricey stock market, Buffett is definitely on the lookout for bargains.</p>
<div class="lb-trans"><p>总结一下，达美乐比萨的股票估值低于其过去五年平均前瞻市盈率（P/E）的折扣。其前瞻市盈率略高于 23，相较于自 2020 年以来的平均前瞻市盈率有 16% 的折扣。在历史上高价的股市中，巴菲特无疑在寻找便宜货。</p>
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Billionaire Warren Buffett Sold 41% of Berkshire's Stake in Bank of America and Is Piling Into a Famed Consumer Brand That's Soared 7,200% Since Its IPO

- 巴菲特在最新的 13F 报告中继续减持美国银行股票。  
- 他在过去 11 个季度内净卖出股票达 1774 亿美元。  
- 同时，巴菲特增持了多米诺比萨，显示出对该品牌的信心。

亿万富翁沃伦·巴菲特出售了伯克希尔哈撒韦在美国银行 41% 的股份，并正在投资一个自 IPO 以来股价飙升了 7200% 的知名消费品牌