<p>沃伦·巴菲特将 <strong>伯克希尔哈撒韦</strong>（BRK.A 0.66%）（BRK.B 0.63%）打造成了一家万亿美元的公司，主要是通过投资股票。巴菲特在他最近给股东的信中写道：“这种偏好不会改变。”</p>
<p>但巴菲特在当前市场中面临挑战，难以找到股票的巨大价值。在近三年的每个季度，他从伯克希尔的公开交易投资组合中出售的股票数量超过了购买的数量。随着估值持续攀升，出售伯克希尔最大持股的理由增多，而用收益和公司运营现金流购买新头寸的理由则减少。因此，截至 6 月底，巴菲特看到公司的现金头寸膨胀至 3440 亿美元。</p>
<p>尽管市场困难，巴菲特在上个季度还是找到了一些机会。伯克希尔购买了价值 39 亿美元的股票，包括在其向证券交易委员会（SEC）提交的季度 13F 文件中披露的 10 只公开交易股票。以下是巴菲特最近购买的所有 10 只股票，其中一只看起来是目前投资者的最佳机会。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0NjMvYnVmZmV0dDktdG1mLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0NjMvYnVmZmV0dDktdG1mLmpwZyZ3PTcwMA"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>巴菲特的购买清单</h2>
<p>伯克希尔哈撒韦于 8 月 14 日向 SEC 提交了 13F 表格，披露了巴菲特和他的投资组合经理在第二季度所做的所有交易。该文件还包括对公司第一季度 13F 的修订，详细说明了之前未披露的购买。</p>
<p>总的来说，伯克希尔在上个季度建立或增加了 10 个头寸：</p>
<ul>
<li><strong>联合健康</strong>（UNH 2.48%）</li>
<li><strong>纽柯</strong>（NUE -0.65%）</li>
<li><strong>伦纳</strong>（LEN 0.01%）（LEN.B）</li>
<li><strong>星座品牌</strong>（STZ 1.70%）</li>
<li><strong>泳池公司</strong></li>
<li><strong>拉马广告</strong></li>
<li><strong>阿尔吉昂</strong></li>
<li><strong>海科</strong></li>
<li><strong>雪佛龙</strong></li>
<li><strong>达美乐比萨</strong></li>
</ul>
<p>修订后的文件还披露，伯克希尔在第一季度建立了家居建筑商 <strong>D.R.霍顿</strong>（NYSE: DHI）的新头寸，但在第二季度略微减少了持股。</p>
<p>在伯克希尔哈撒韦的投资组合中新购买的股票中，有很多优秀的投资候选。</p>
<p>在联合健康的新头寸出现时，该股票因一系列糟糕的财务结果和消费者信心下降而受到打击。它正面临对潜在的医疗保险优势欺诈的调查，这可能导致数十亿美元的收入追回和罚款。同时，医疗成本和使用率的增加也对其盈利能力造成了压力。这只股票看起来像是巴菲特经典的 “在他人恐惧时贪婪” 的购买。</p>
<p>纽柯是另一个有趣的投资，因为许多人将其视为隐形的人工智能股票。作为美国领先的钢铁供应商，该公司在全国新数据中心建设中处于有利位置。由于特朗普总统对钢铁进口征收 50% 的关税，这可能有利于纽柯的定价。近期成本对纽柯造成了压力，但来自外国供应商的竞争减少可能为未来更大的利润打开了大门，尤其是在数据中心建设需求增加的情况下。</p>
<p>家居建筑商伦纳和 D.R.霍顿在当前市场中受到压力。高房价与高利率的结合导致购买活动下降，迫使他们向买家提供激励措施，例如降低抵押贷款利率。这对他们的收入和利润率造成了压力，进而影响了他们的股价。但住房短缺问题并没有消失，这可能使现在成为购买其中一家家居建筑商的机会。</p>
<p>但巴菲特购买清单上的另一只股票看起来比其他股票更具价值，难怪他已经连续三个季度在购买该股票。</p>
<h2>最佳选择</h2>
<p>沃伦·巴菲特喜欢具有广泛护城河的公司。在巴菲特的购买清单中，具有极强竞争优势的公司之一是星座品牌。</p>
<p>该公司拥有许多最受欢迎的墨西哥啤酒品牌的独家分销权，包括 Modelo 和 Corona。它努力扩大其产品组合并建立强大的分销关系，使其在过去十年中获得了市场份额。现在，它是美国第二大啤酒供应商，主导着高端进口类别。</p>
<p>尽管啤酒行业面临逆风，星座品牌在上个季度仍继续获得市场份额。管理层表示，啤酒业务捕获了 0.6 个百分点的美元销售份额。这一增长得益于分销的扩大和持续的战略营销支出，以将客户基础扩展到更多非西班牙裔饮酒者。这使其在消费者支出回暖时能够很好地把握机会。</p>
<p>然而，星座品牌的葡萄酒和烈酒业务对其业绩造成了拖累。为此，管理层在 6 月剥离了该细分市场的低端品牌，现在运营着一个更精简的高端品牌组合。尽管如此，管理层预计该细分市场在一段时间内将对利润造成压力，因为其正在调整运营规模。</p>
<p>重要的是，星座品牌产生了可观的自由现金流，预计今年将达到 15 亿至 16 亿美元。它应该能够每年持续产生这一水平的现金流，伴随稳定的销售增长和最低的资本支出需求。这支持其股票回购计划和季度股息。管理层在上个季度回购了价值 3.06 亿美元的股票，同时通过股息返还了额外的 1.82 亿美元。</p>
<p>自去年年底巴菲特首次购买以来，股价已经下跌。由于啤酒行业面临压力，股价一直保持在低位，目前的交易价格不到预期市盈率的 13 倍。尽管业务增长缓慢，但公司在继续实现稳定增长和超越同行方面处于良好位置。结合股票回购，它应该能够产生可观的每股收益增长。这使得其当前估值非常具有吸引力，特别是对于喜欢追随巴菲特价值投资风格的投资者。</p>

伯克希尔哈撒韦-B

星座品牌-A

伯克希尔哈撒韦-A

<p>沃伦·巴菲特的伯克希尔哈撒韦在最近的 SEC 文件中披露投资了 39 亿美元于 10 只股票。尽管市场面临挑战，巴菲特识别出了一些机会，特别是在 UnitedHealth、Nucor 和星座品牌方面。UnitedHealth 面临审查，但可能被低估，而 Nucor 可能会受益于减少的外国竞争。星座品牌在高端啤酒市场占有强大份额，由于其竞争优势，被视为一项突出的投资。总体而言，巴菲特的策略反映了在充满挑战的市场中谨慎而又 opportunistic 的方法</p>

<p>Warren Buffett turned <strong>Berkshire Hathaway</strong>(BRK.A 0.66%)(BRK.B 0.63%) into a trillion-dollar company primarily by investing in stocks. &#34;That preference won't change,&#34; Buffett wrote in his most recent letter to shareholders.</p>
<div class="lb-trans"><p>沃伦·巴菲特将 <strong>伯克希尔哈撒韦</strong>（BRK.A 0.66%）（BRK.B 0.63%）打造成了一家万亿美元的公司，主要是通过投资股票。巴菲特在他最近给股东的信中写道：“这种偏好不会改变。”</p>
</div><p>But Buffett has been challenged by the current market to find great value in equities. He's sold more stocks from Berkshire's publicly traded portfolio than he bought every quarter for nearly three straight years. As valuations continue to climb higher, there's more reason to sell Berkshire's biggest holdings, and fewer reasons to buy new positions with the proceeds and the company's operating cash flow. As a result, Buffett's seen his company's cash position balloon to $344 billion as of the end of June.</p>
<div class="lb-trans"><p>但巴菲特在当前市场中面临挑战，难以找到股票的巨大价值。在近三年的每个季度，他从伯克希尔的公开交易投资组合中出售的股票数量超过了购买的数量。随着估值持续攀升，出售伯克希尔最大持股的理由增多，而用收益和公司运营现金流购买新头寸的理由则减少。因此，截至 6 月底，巴菲特看到公司的现金头寸膨胀至 3440 亿美元。</p>
</div><p>Despite the difficult market, Buffett did find a few opportunities last quarter. Berkshire bought $3.9 billion worth of equities, including 10 publicly traded stocks disclosed in its quarterly 13F filing with the Securities and Exchange Commission (SEC). Here are all 10 of Buffett's recent buys, including the one that looks like the best opportunity for investors right now.</p>
<div class="lb-trans"><p>尽管市场困难，巴菲特在上个季度还是找到了一些机会。伯克希尔购买了价值 39 亿美元的股票，包括在其向证券交易委员会（SEC）提交的季度 13F 文件中披露的 10 只公开交易股票。以下是巴菲特最近购买的所有 10 只股票，其中一只看起来是目前投资者的最佳机会。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0NjMvYnVmZmV0dDktdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831463%2Fbuffett9-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><h2>Buffett's buy list</h2>
<div class="lb-trans"><h2>巴菲特的购买清单</h2>
</div><p>Berkshire Hathaway filed form 13F with the SEC on Aug. 14, revealing all of the moves Buffett and his fellow portfolio managers made during the second quarter. The filing also included an amendment to the company's first-quarter 13F, which detailed previously undisclosed purchases.</p>
<div class="lb-trans"><p>伯克希尔哈撒韦于 8 月 14 日向 SEC 提交了 13F 表格，披露了巴菲特和他的投资组合经理在第二季度所做的所有交易。该文件还包括对公司第一季度 13F 的修订，详细说明了之前未披露的购买。</p>
</div><p>All told, Berkshire established or added to 10 of its positions last quarter:</p>
<div class="lb-trans"><p>总的来说，伯克希尔在上个季度建立或增加了 10 个头寸：</p>
</div><ul>
<li><strong>UnitedHealth</strong>(UNH 2.48%)</li>
<li><strong>Nucor</strong>(NUE -0.65%)</li>
<li><strong>Lennar</strong>(LEN 0.01%)(LEN.B)</li>
<li><strong>Constellation</strong> <strong>Brands</strong>(STZ 1.70%)</li>
<li><strong>Pool</strong> <strong>Corp</strong></li>
<li><strong>Lamar Advertising</strong></li>
<li><strong>Allegion</strong></li>
<li><strong>Heico</strong></li>
<li><strong>Chevron</strong></li>
<li><strong>Dominos Pizza</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>联合健康</strong>（UNH 2.48%）</li>
<li><strong>纽柯</strong>（NUE -0.65%）</li>
<li><strong>伦纳</strong>（LEN 0.01%）（LEN.B）</li>
<li><strong>星座品牌</strong>（STZ 1.70%）</li>
<li><strong>泳池公司</strong></li>
<li><strong>拉马广告</strong></li>
<li><strong>阿尔吉昂</strong></li>
<li><strong>海科</strong></li>
<li><strong>雪佛龙</strong></li>
<li><strong>达美乐比萨</strong></li>
</ul>
</div><p>The amended filing also disclosed that Berkshire established a new position in homebuilder <strong>D.R. Horton</strong>(NYSE: DHI) in the first quarter, but trimmed back shares slightly in the second quarter.</p>
<div class="lb-trans"><p>修订后的文件还披露，伯克希尔在第一季度建立了家居建筑商 <strong>D.R.霍顿</strong>（NYSE: DHI）的新头寸，但在第二季度略微减少了持股。</p>
</div><p>There are a lot of great investment candidates among the new purchases in Berkshire Hathaway's portfolio.</p>
<div class="lb-trans"><p>在伯克希尔哈撒韦的投资组合中新购买的股票中，有很多优秀的投资候选。</p>
</div><p>The new position in UnitedHealth comes at a time when the stock has been beaten down by a series of poor financial results and declining consumer sentiment. It's facing an investigation into potential Medicare Advantage fraud, which could result in billions in revenue clawbacks and penalties. At the same time, medical costs and utilization have increased, weighing on its profitability. The stock looks like a classic &#34;be greedy when others are fearful&#34; purchase from Buffett.</p>
<div class="lb-trans"><p>在联合健康的新头寸出现时，该股票因一系列糟糕的财务结果和消费者信心下降而受到打击。它正面临对潜在的医疗保险优势欺诈的调查，这可能导致数十亿美元的收入追回和罚款。同时，医疗成本和使用率的增加也对其盈利能力造成了压力。这只股票看起来像是巴菲特经典的 “在他人恐惧时贪婪” 的购买。</p>
</div><p>Nucor is another interesting investment, as many see it as a stealth artificial intelligence stock. As a leading U.S. steel supplier, the company is well-positioned to capitalize on new data center construction across the country. And with President Donald Trump imposing a 50% tariff on steel imports, it could benefit Nucor's pricing. Costs have weighed on Nucor recently, but less competition from foreign suppliers could open the door for bigger profits going forward, especially as demand increases with data center buildouts.</p>
<div class="lb-trans"><p>纽柯是另一个有趣的投资，因为许多人将其视为隐形的人工智能股票。作为美国领先的钢铁供应商，该公司在全国新数据中心建设中处于有利位置。由于特朗普总统对钢铁进口征收 50% 的关税，这可能有利于纽柯的定价。近期成本对纽柯造成了压力，但来自外国供应商的竞争减少可能为未来更大的利润打开了大门，尤其是在数据中心建设需求增加的情况下。</p>
</div><p>Homebuilders Lennar and D.R. Horton have been pressured by the current market. High home prices combined with high interest rates have led to a drop in buying activity, forcing them to offer incentives to buyers like buying down their mortgage rates. That's weighed on both revenue and profit margins, which in turn has weighed on their stock prices. But the housing shortage isn't going away, and that could make right now an opportunity to buy one of the homebuilders.</p>
<div class="lb-trans"><p>家居建筑商伦纳和 D.R.霍顿在当前市场中受到压力。高房价与高利率的结合导致购买活动下降，迫使他们向买家提供激励措施，例如降低抵押贷款利率。这对他们的收入和利润率造成了压力，进而影响了他们的股价。但住房短缺问题并没有消失，这可能使现在成为购买其中一家家居建筑商的机会。</p>
</div><p>But another stock on Buffett's buy list looks like an even better value than the rest, and it's no wonder he's been buying shares for three straight quarters.</p>
<div class="lb-trans"><p>但巴菲特购买清单上的另一只股票看起来比其他股票更具价值，难怪他已经连续三个季度在购买该股票。</p>
</div><h2>The best of the bunch</h2>
<div class="lb-trans"><h2>最佳选择</h2>
</div><p>Warren Buffett loves a company with a wide moat. And one of the companies with extremely strong competitive advantages on Buffett's buy list is Constellation Brands.</p>
<div class="lb-trans"><p>沃伦·巴菲特喜欢具有广泛护城河的公司。在巴菲特的购买清单中，具有极强竞争优势的公司之一是星座品牌。</p>
</div><p>The company owns the exclusive distribution rights to many of the most popular Mexican beer brands, including Modelo and Corona. It's worked to expand its portfolio and build strong distribution relations that have led it to gain market share over the last decade. It's now the second biggest beer vendor in the United States, dominating the premium import category.</p>
<div class="lb-trans"><p>该公司拥有许多最受欢迎的墨西哥啤酒品牌的独家分销权，包括 Modelo 和 Corona。它努力扩大其产品组合并建立强大的分销关系，使其在过去十年中获得了市场份额。现在，它是美国第二大啤酒供应商，主导着高端进口类别。</p>
</div><p>Despite headwinds for the beer industry, Constellation continued to gain market share last quarter. Management said the beer business captured 0.6 points of dollar sales share. That growth was supported by expanding distribution and continuing to spend on strategic marketing to expand its customer base to more non-Hispanic drinkers. That positions it well to capitalize when consumer spending turns around.</p>
<div class="lb-trans"><p>尽管啤酒行业面临逆风，星座品牌在上个季度仍继续获得市场份额。管理层表示，啤酒业务捕获了 0.6 个百分点的美元销售份额。这一增长得益于分销的扩大和持续的战略营销支出，以将客户基础扩展到更多非西班牙裔饮酒者。这使其在消费者支出回暖时能够很好地把握机会。</p>
</div><p>Constellation's wine and spirits business has been a drag on its results, though. To that end, management divested its low-end brands in the segment in June, and it now operates a leaner portfolio of premium brands. Still, management expects the segment to weigh on profits for some time as it resizes the operations.</p>
<div class="lb-trans"><p>然而，星座品牌的葡萄酒和烈酒业务对其业绩造成了拖累。为此，管理层在 6 月剥离了该细分市场的低端品牌，现在运营着一个更精简的高端品牌组合。尽管如此，管理层预计该细分市场在一段时间内将对利润造成压力，因为其正在调整运营规模。</p>
</div><p>Importantly, Constellation generates significant free cash flow, with expectations for $1.5 billion to $1.6 billion this year. It should be able to consistently generate that level of cash flow every year with steady sales growth and minimal capital expenditure needs. That supports its share repurchase program and quarterly dividend. Management bought back $306 million worth of shares last quarter while returning an additional $182 million through its dividend.</p>
<div class="lb-trans"><p>重要的是，星座品牌产生了可观的自由现金流，预计今年将达到 15 亿至 16 亿美元。它应该能够每年持续产生这一水平的现金流，伴随稳定的销售增长和最低的资本支出需求。这支持其股票回购计划和季度股息。管理层在上个季度回购了价值 3.06 亿美元的股票，同时通过股息返还了额外的 1.82 亿美元。</p>
</div><p>The stock price has dropped since Buffett's initial purchase at the end of last year. With the pressure on the beer industry, the stock price has remained low, and shares now trade for less than 13 times forward earnings estimates. Despite the slow growth of the business, it's well-positioned to continue making steady gains and outperforming its peers. Combined with share repurchases, it should be able to generate respectable earnings-per-share growth. That makes its current valuation very attractive, especially for investors who like to follow Buffett's value investing style.</p>
<div class="lb-trans"><p>自去年年底巴菲特首次购买以来，股价已经下跌。由于啤酒行业面临压力，股价一直保持在低位，目前的交易价格不到预期市盈率的 13 倍。尽管业务增长缓慢，但公司在继续实现稳定增长和超越同行方面处于良好位置。结合股票回购，它应该能够产生可观的每股收益增长。这使得其当前估值非常具有吸引力，特别是对于喜欢追随巴菲特价值投资风格的投资者。</p>
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Warren Buffett Just Spent $3.9 Billion Investing in 10 Different Stocks. Here's the Best of the Bunch.

- 巴菲特通过股票投资使伯克希尔哈撒韦成为万亿公司。  
- 尽管市场挑战，伯克希尔在第二季度仍购入 39 亿美元股票。  
- 其中，康斯特拉申品牌被视为具有强大竞争优势的投资机会。

沃伦·巴菲特刚刚斥资 39 亿美元投资于 10 只不同的股票。以下是其中表现最好的