<p>对于许多投资者来说，财报季是每个季度的亮点。这是一个大约六周的时间段，在此期间，大多数 <strong>标准普尔 500</strong> 成分股会报告其运营结果，并让投资者深入了解美国企业的 “健康” 状况。</p>
<p>但财报季并不是每个季度对投资者来说唯一重要的事件。向证券交易委员会提交的 13F 表格同样具有重要价值。</p>
<p>13F 提供了华尔街最聪明的资金经理在最新季度购买和出售的股票、交易所交易基金（ETF）和期权的简明快照。这是对管理资产至少为 1 亿美元的机构投资者的强制性申报，必须在季度结束后的 45 天内提交。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYxNzgvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYxNzgvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>虽然沃伦·巴菲特是所有资金经理中最著名的，但他并不是唯一一位拥有令人印象深刻投资记录的亿万富翁。Duquesne Family Office 的亿万富翁老板斯坦利·德鲁肯米勒对发现隐藏在明面上的绝佳交易有独到的见解。</p>
<p>在过去的四个 13F 报告中（2024 年 7 月 1 日至 2025 年 6 月 30 日），德鲁肯米勒开设了 45 个新头寸，增加了 11 个现有持股，减少了 Duquesne 在 13 只股票中的持股，并看到 40 只证券完全退出投资组合。在这些数十笔交易中，有四笔尤为突出。</p>
<p>特别是，德鲁肯米勒将其基金在华尔街最热门的人工智能（AI）股票 <strong>英伟达</strong>(NVDA -0.77%) 和 <strong>Palantir Technologies</strong>(PLTR -7.29%) 的全部持股抛售。同时，他在连续四个季度中不断增持两只出色的股票。</p>
<h2>AI 超级明星英伟达和 Palantir 的股票被送上了砧板</h2>
<p>自 2023 年开始以来，鲜有公司能像英伟达和 Palantir 那样让华尔街和投资者惊艳。英伟达的股票飙升近 1200%，该公司距离成为首个市值 5 万亿美元的企业仅差 4000 亿美元。至于 Palantir，其股价在同一时间段内上涨超过 2800%，成为美国交易所第 20 大上市公司。</p>
<p>这些令人瞩目的涨幅反映了两家公司所享有的竞争优势和可持续护城河。英伟达是企业数据中心中部署的 AI 图形处理单元（GPU）的主要供应商。没有其他外部 GPU 供应商能够接近英伟达的 Hopper（H100）、Blackwell 和 Blackwell Ultra 芯片的计算能力。</p>
<p>至于 Palantir，其两个基于 AI 和机器学习的软件即服务平台在规模上是不可替代的。Gotham 帮助联邦政府规划和监督军事任务，并通常从美国政府及其盟友那里获得多年合同。另一个运营平台 Foundry 是一项基于订阅的服务，帮助企业理解其数据并优化其运营。</p>
<p>由于英伟达和 Palantir 不必担心外部竞争，两者都蓬勃发展。</p>
<p>然而，这并没有阻止斯坦利·德鲁肯米勒将两者送上砧板。Duquesne 的亿万富翁首席在 2024 年第三季度出售了所有 214,060 股英伟达，并在 2024 年 6 月 30 日至 2025 年 3 月 31 日的九个月内抛售了近 770,000 股 Palantir。</p>
<p>简单的获利了结可能是此次抛售活动的一个原因。随着这两只股票在 AI 革命中迅速攀升，德鲁肯米勒作为相对活跃的交易者，在机会出现时兑现利润是很常见的。但这次抛售可能还有更深层的原因。</p>
<p>在 2024 年 5 月接受 CNBC 采访时，德鲁肯米勒表示：“AI 现在可能有点被过度炒作，但从长远来看却被低估。” 这表明，在过去三十多年中，每一次颠覆性技术创新在扩张初期都经历过泡沫破裂事件。由于大多数企业尚未优化其 AI 解决方案或从 AI 投资中获得正回报，泡沫事件将对英伟达和 Palantir 造成重大麻烦。</p>
<p>德鲁肯米勒面临的另一个潜在问题是英伟达和 Palantir 的估值。从历史上看，处于颠覆性趋势前沿的巨型公司，其市销率（P/S）通常在 30 到 40 之间波动。英伟达的市销率再次接近 30。而 Palantir 的市销率则高达惊人的 137！这两个数字在巨型公司中从未得到过长期支持。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYxNzgvYnV5LWxvdy1zZWxsLWhpZ2gtc3RvY2stbWFya2V0LWNoYXJ0LWludmVzdGluZy1yZXRpcmVtZW50LWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYxNzgvYnV5LWxvdy1zZWxsLWhpZ2gtc3RvY2stbWFya2V0LWNoYXJ0LWludmVzdGluZy1yZXRpcmVtZW50LWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>亿万富翁斯坦利·德鲁肯米勒在 TSMC 和 Teva 上连续四个季度增持</h2>
<p>在另一端，我们发现了两只 Duquesne Family Office 的老板根本无法满足的股票：全球领先的芯片制造公司 <strong>台湾半导体制造</strong>(TSM 1.50%)，通常被称为 TSMC，以及制药开发公司 <strong>Teva Pharmaceutical Industries</strong>(TEVA -0.20%)。这两只股票在过去四个季度中均被德鲁肯米勒购买。</p>
<p>TSMC 迅速成为 Duquesne 的第五大持股：</p>
<ul>
<li><strong>2024 年第三季度</strong>：购买 57,355 股</li>
<li><strong>2024 年第四季度</strong>：购买 50,160 股</li>
<li><strong>2025 年第一季度</strong>：购买 491,265 股</li>
<li><strong>2025 年第二季度</strong>：购买 166,305 股（总持股 765,085 股）</li>
</ul>
<p>毫无疑问，人工智能的演变是台积电最大的催化剂和吸引力。英伟达和其他外部 GPU 供应商正转向台湾半导体公司生产推动人工智能加速数据中心瞬时决策的芯片。台积电正在以惊人的速度扩展其晶圆级封装能力，但仍无法满足似乎永无止境的硬件需求。</p>
<p>但台积电的伟大之处在于，它不仅仅是一只人工智能股票。这个相对较新的万亿俱乐部成员还提供用于下一代智能手机、物联网设备，甚至汽车的芯片，随着时间的推移，这些汽车对技术的依赖程度越来越高。如果人工智能泡沫形成并破裂，台积电似乎比英伟达更能抵御风暴。</p>
<p>德鲁肯米勒关注的另一个重点是品牌药和仿制药开发商 Teva Pharmaceutical，该公司已跃升为杜克恩资本的第二大持股，按市值计算：</p>
<ul>
<li><strong>2024 年第三季度</strong>：购买 1,427,950 股</li>
<li><strong>2024 年第四季度</strong>：购买 7,569,450 股</li>
<li><strong>2025 年第一季度</strong>：购买 5,882,350 股</li>
<li><strong>2025 年第二季度</strong>：购买 1,089,185 股（总持股 15,968,935 股）</li>
</ul>
<p>Teva 在过去十年中因一系列问题而受到压制，这些问题包括其在阿片类药物危机中的角色相关诉讼，以及失去前畅销多发性硬化症药物 Copaxone 的销售独占权。Teva 还（事后看来）为仿制药公司 Actavis 支付了过高的价格，导致其债务大幅增加。</p>
<p>好消息是，Teva 已经果断解决了所有问题。管理层监督了非核心资产的出售，并利用运营现金流显著减少了净债务。它的财务灵活性比过去十年更强。</p>
<p>首席执行官理查德·弗朗西斯还监督了一项运营转变，更加重视新药开发。尽管品牌药物的销售独占期是有限的，但它们的增长潜力和利润率远远优于仿制药。迟发性运动障碍药物 Austedo 有望在今年达到或超过 20 亿美元的销售额，并且在过去几年中一直是 Teva 的明星产品。</p>
<p>也许最重要的是，Teva 已将其诉讼问题抛在了身后。在 2023 年初，它与 48 个州达成了 42.5 亿美元的阿片类药物和解协议，分 13 年支付，其中包括价值高达 12 亿美元的仿制 Narcan（阿片类药物过量逆转药物）交付给各州。随着这一和解的量化，Teva 的微小前瞻市盈率得以扩展。</p>

PLTR

英伟达

<p>亿万富翁投资者斯坦利·德鲁肯米勒已出售他在英伟达和 Palantir 这两只领先的人工智能股票中的全部股份，获利颇丰。在过去四个季度中，他开设了 45 个新头寸，并减少了对 13 只股票的持有。德鲁肯米勒最近的举动包括关注台湾半导体制造公司和泰瓦制药，显示出他投资组合的战略转变。他出售英伟达和 Palantir 的决定可能反映了获利了结以及对人工智能领域潜在市场调整的担忧，因为这两家公司都经历了非凡的股价上涨</p>

<p>For a lot of investors, earnings season is the highlight of every quarter. It's the roughly six-week period where most <strong>S&amp;P 500</strong> components report their operating results and give investors an inside look at how &#34;healthy&#34; corporate America really is.</p>
<div class="lb-trans"><p>对于许多投资者来说，财报季是每个季度的亮点。这是一个大约六周的时间段，在此期间，大多数 <strong>标准普尔 500</strong> 成分股会报告其运营结果，并让投资者深入了解美国企业的 “健康” 状况。</p>
</div><p>But earnings season is far from the only important event each quarter for investors. The filing of Form 13Fs with the Securities and Exchange Commission can be equally valuable.</p>
<div class="lb-trans"><p>但财报季并不是每个季度对投资者来说唯一重要的事件。向证券交易委员会提交的 13F 表格同样具有重要价值。</p>
</div><p>A 13F provides a concise snapshot of which stocks, exchange-traded funds (ETFs), and options Wall Street's savviest money managers purchased and sold in the latest quarter. It's a required filing for institutional investors with at least $100 million in assets under management no later than 45 days following the end to a quarter.</p>
<div class="lb-trans"><p>13F 提供了华尔街最聪明的资金经理在最新季度购买和出售的股票、交易所交易基金（ETF）和期权的简明快照。这是对管理资产至少为 1 亿美元的机构投资者的强制性申报，必须在季度结束后的 45 天内提交。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYxNzgvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836178%2Fmoney-manager-stock-chart-reflection-glasses-laptop-buy-sell-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><p>While Warren Buffett is the most-prominent of all money managers, he's not the only billionaire with an impressive investing track record. Duquesne Family Office's billionaire boss Stanley Druckenmiller knows a thing or two about spotting amazing deals hiding in plain sight.</p>
<div class="lb-trans"><p>虽然沃伦·巴菲特是所有资金经理中最著名的，但他并不是唯一一位拥有令人印象深刻投资记录的亿万富翁。Duquesne Family Office 的亿万富翁老板斯坦利·德鲁肯米勒对发现隐藏在明面上的绝佳交易有独到的见解。</p>
</div><p>Over the last four 13Fs (July 1, 2024 – June 30, 2025), Druckenmiller has opened 45 new positions, added to 11 existing holdings, pared down Duquesne's stakes in 13 stocks, and has seen 40 securities leave the portfolio in their entirety. Among these dozens of trades, four stand out.</p>
<div class="lb-trans"><p>在过去的四个 13F 报告中（2024 年 7 月 1 日至 2025 年 6 月 30 日），德鲁肯米勒开设了 45 个新头寸，增加了 11 个现有持股，减少了 Duquesne 在 13 只股票中的持股，并看到 40 只证券完全退出投资组合。在这些数十笔交易中，有四笔尤为突出。</p>
</div><p>In particular, Druckenmiller sent his fund's entire stakes in Wall Street's hottest artificial intelligence (AI) stocks packing, <strong>Nvidia</strong>(NVDA -0.77%) and <strong>Palantir Technologies</strong>(PLTR -7.29%). At the same time, he's been building up a position in two phenomenal stocks for four consecutive quarters.</p>
<div class="lb-trans"><p>特别是，德鲁肯米勒将其基金在华尔街最热门的人工智能（AI）股票 <strong>英伟达</strong>(NVDA -0.77%) 和 <strong>Palantir Technologies</strong>(PLTR -7.29%) 的全部持股抛售。同时，他在连续四个季度中不断增持两只出色的股票。</p>
</div><h2>Shares of AI superstars Nvidia and Palantir were sent to the chopping block</h2>
<div class="lb-trans"><h2>AI 超级明星英伟达和 Palantir 的股票被送上了砧板</h2>
</div><p>Few companies have dazzled Wall Street and investors since 2023 began quite like Nvidia and Palantir. Shares of Nvidia have catapulted close to 1,200%, with the company now just $400 billion away from becoming the first $5 trillion business. As for Palantir, it's rocketed higher by more than 2,800% over the same time frame and is the 20th-biggest public company traded on U.S. exchanges.</p>
<div class="lb-trans"><p>自 2023 年开始以来，鲜有公司能像英伟达和 Palantir 那样让华尔街和投资者惊艳。英伟达的股票飙升近 1200%，该公司距离成为首个市值 5 万亿美元的企业仅差 4000 亿美元。至于 Palantir，其股价在同一时间段内上涨超过 2800%，成为美国交易所第 20 大上市公司。</p>
</div><p>These truly jaw-dropping gains reflect the competitive advantages and sustainable moats both companies enjoy. Nvidia is the premier supplier of AI-graphics processing units (GPUs) deployed in enterprise data centers. No external GPU providers have come close to matching the compute abilities of Nvidia's Hopper (H100), Blackwell, and Blackwell Ultra chips.</p>
<div class="lb-trans"><p>这些令人瞩目的涨幅反映了两家公司所享有的竞争优势和可持续护城河。英伟达是企业数据中心中部署的 AI 图形处理单元（GPU）的主要供应商。没有其他外部 GPU 供应商能够接近英伟达的 Hopper（H100）、Blackwell 和 Blackwell Ultra 芯片的计算能力。</p>
</div><p>As for Palantir, neither of its AI- and machine learning-driven software-as-a-service platforms are replaceable at scale. Gotham helps federal governments plan and supervise military missions and typically secures multiyear contracts from the U.S. government and its allies. The other operating platform, Foundry, is a subscription-based service that assists businesses with understanding their data and streamlining their operations.</p>
<div class="lb-trans"><p>至于 Palantir，其两个基于 AI 和机器学习的软件即服务平台在规模上是不可替代的。Gotham 帮助联邦政府规划和监督军事任务，并通常从美国政府及其盟友那里获得多年合同。另一个运营平台 Foundry 是一项基于订阅的服务，帮助企业理解其数据并优化其运营。</p>
</div><p>With Nvidia and Palantir not having to look over their proverbial shoulders, both have thrived.</p>
<div class="lb-trans"><p>由于英伟达和 Palantir 不必担心外部竞争，两者都蓬勃发展。</p>
</div><p>Nevertheless, this hasn't stopped Stanley Druckenmiller from sending both to the chopping block. Duquesne's billionaire chief disposed of all 214,060 shares of Nvidia during the third quarter of 2024, and sent nearly 770,000 shares of Palantir packing over a nine-month stretch from June 30, 2024 to March 31, 2025.</p>
<div class="lb-trans"><p>然而，这并没有阻止斯坦利·德鲁肯米勒将两者送上砧板。Duquesne 的亿万富翁首席在 2024 年第三季度出售了所有 214,060 股英伟达，并在 2024 年 6 月 30 日至 2025 年 3 月 31 日的九个月内抛售了近 770,000 股 Palantir。</p>
</div><p>Simple profit-taking is one possible reason for this selling activity. With both stocks rapidly climbing amid the AI revolution, and Druckenmiller being a relatively active trader, cashing in his chips when the opportunity presents itself is common. But there may be more to this selling than initially meets the eye.</p>
<div class="lb-trans"><p>简单的获利了结可能是此次抛售活动的一个原因。随着这两只股票在 AI 革命中迅速攀升，德鲁肯米勒作为相对活跃的交易者，在机会出现时兑现利润是很常见的。但这次抛售可能还有更深层的原因。</p>
</div><p>During a May 2024 interview with CNBC, Druckenmiller stated that, &#34;AI might be a little overhyped now, but under-hyped long term.&#34; This speaks to the idea that every game-changing technological innovation for more than three decades has endured a bubble-bursting event early in its expansion. With most businesses not yet optimizing their AI solutions nor generating a positive return on their AI investments, a bubble event would be big-time trouble for Nvidia and Palantir.</p>
<div class="lb-trans"><p>在 2024 年 5 月接受 CNBC 采访时，德鲁肯米勒表示：“AI 现在可能有点被过度炒作，但从长远来看却被低估。” 这表明，在过去三十多年中，每一次颠覆性技术创新在扩张初期都经历过泡沫破裂事件。由于大多数企业尚未优化其 AI 解决方案或从 AI 投资中获得正回报，泡沫事件将对英伟达和 Palantir 造成重大麻烦。</p>
</div><p>The other potential issue for Druckenmiller is the respective valuations of Nvidia and Palantir. Historically, megacap companies on the leading edge of game-changing trends have topped out at price-to-sales (P/S) ratios of 30 to 40, give or take a little bit in each direction. Nvidia has a P/S ratio that's, once again, approaching 30. Meanwhile, Palantir's P/S ratio is a mind-blowing 137! Neither figure has ever been supported by a megacap company for an extended period.</p>
<div class="lb-trans"><p>德鲁肯米勒面临的另一个潜在问题是英伟达和 Palantir 的估值。从历史上看，处于颠覆性趋势前沿的巨型公司，其市销率（P/S）通常在 30 到 40 之间波动。英伟达的市销率再次接近 30。而 Palantir 的市销率则高达惊人的 137！这两个数字在巨型公司中从未得到过长期支持。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzYxNzgvYnV5LWxvdy1zZWxsLWhpZ2gtc3RvY2stbWFya2V0LWNoYXJ0LWludmVzdGluZy1yZXRpcmVtZW50LWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836178%2Fbuy-low-sell-high-stock-market-chart-investing-retirement-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>Billionaire Stanley Druckenmiller has piled into TSMC and Teva for four consecutive quarters</h2>
<div class="lb-trans"><h2>亿万富翁斯坦利·德鲁肯米勒在 TSMC 和 Teva 上连续四个季度增持</h2>
</div><p>At the other end of the spectrum, we find two stocks that Duquesne Family Office's boss simply can't get enough of: world-leading chip fabrication company <strong>Taiwan Semiconductor Manufacturing</strong>(TSM 1.50%), which is commonly known as TSMC, and drug developer <strong>Teva Pharmaceutical Industries</strong>(TEVA -0.20%). Both stocks have been purchased by Druckenmiller for four straight quarters.</p>
<div class="lb-trans"><p>在另一端，我们发现了两只 Duquesne Family Office 的老板根本无法满足的股票：全球领先的芯片制造公司 <strong>台湾半导体制造</strong>(TSM 1.50%)，通常被称为 TSMC，以及制药开发公司 <strong>Teva Pharmaceutical Industries</strong>(TEVA -0.20%)。这两只股票在过去四个季度中均被德鲁肯米勒购买。</p>
</div><p>TSMC has quickly become Duquesne's fifth-largest holding:</p>
<div class="lb-trans"><p>TSMC 迅速成为 Duquesne 的第五大持股：</p>
</div><ul>
<li><strong>Q3 2024</strong>: 57,355 shares purchased</li>
<li><strong>Q4 2024</strong>: 50,160 shares purchased</li>
<li><strong>Q1 2025</strong>: 491,265 shares purchased</li>
<li><strong>Q2 2025</strong>: 166,305 shares purchased (765,085 total shares held)</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>2024 年第三季度</strong>：购买 57,355 股</li>
<li><strong>2024 年第四季度</strong>：购买 50,160 股</li>
<li><strong>2025 年第一季度</strong>：购买 491,265 股</li>
<li><strong>2025 年第二季度</strong>：购买 166,305 股（总持股 765,085 股）</li>
</ul>
</div><p>There's no question that the evolution of AI is TSMC's biggest catalyst and attraction. Nvidia and other external GPU providers are turning to Taiwan Semiconductor to produce the chips that fuel split-second decision-making in AI-accelerated data centers. TSMC is expanding its chip-on-wafer-on-substrate capacity at a breakneck pace and still can't keep up with seemingly insatiable hardware demand.</p>
<div class="lb-trans"><p>毫无疑问，人工智能的演变是台积电最大的催化剂和吸引力。英伟达和其他外部 GPU 供应商正转向台湾半导体公司生产推动人工智能加速数据中心瞬时决策的芯片。台积电正在以惊人的速度扩展其晶圆级封装能力，但仍无法满足似乎永无止境的硬件需求。</p>
</div><p>But what's great about TSMC is that it's much more than just an AI stock. This relatively new member of the trillion-dollar club also provides chips used in next-generation smartphones, Internet of Things devices, and even automobiles, which are becoming more tech-dependent with each passing year. If an AI bubble were to form and burst, TSMC would seemingly be in better shape than Nvidia to weather the storm.</p>
<div class="lb-trans"><p>但台积电的伟大之处在于，它不仅仅是一只人工智能股票。这个相对较新的万亿俱乐部成员还提供用于下一代智能手机、物联网设备，甚至汽车的芯片，随着时间的推移，这些汽车对技术的依赖程度越来越高。如果人工智能泡沫形成并破裂，台积电似乎比英伟达更能抵御风暴。</p>
</div><p>The other apple of Druckenmiller's eye is brand-name and generic-drug developer Teva Pharmaceutical, which has vaulted to Duquesne's No. 2 holding by market value:</p>
<div class="lb-trans"><p>德鲁肯米勒关注的另一个重点是品牌药和仿制药开发商 Teva Pharmaceutical，该公司已跃升为杜克恩资本的第二大持股，按市值计算：</p>
</div><ul>
<li><strong>Q3 2024</strong>: 1,427,950 shares purchased</li>
<li><strong>Q4 2024</strong>: 7,569,450 shares purchased</li>
<li><strong>Q1 2025</strong>: 5,882,350 shares purchased</li>
<li><strong>Q2 2025</strong>: 1,089,185 shares purchased (15,968,935 total shares held)</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>2024 年第三季度</strong>：购买 1,427,950 股</li>
<li><strong>2024 年第四季度</strong>：购买 7,569,450 股</li>
<li><strong>2025 年第一季度</strong>：购买 5,882,350 股</li>
<li><strong>2025 年第二季度</strong>：购买 1,089,185 股（总持股 15,968,935 股）</li>
</ul>
</div><p>Teva had been held down for the better part of a decade by a slew of issues, ranging from litigation concerning its role in the opioid crisis to the loss of sales exclusivity for former blockbuster multiple sclerosis drug Copaxone. Teva also (in hindsight) grossly overpaid for generic-drug company Actavis, which ballooned its outstanding debt.</p>
<div class="lb-trans"><p>Teva 在过去十年中因一系列问题而受到压制，这些问题包括其在阿片类药物危机中的角色相关诉讼，以及失去前畅销多发性硬化症药物 Copaxone 的销售独占权。Teva 还（事后看来）为仿制药公司 Actavis 支付了过高的价格，导致其债务大幅增加。</p>
</div><p>The good news is Teva has decisively addressed all of its issues. Management has overseen the sale of non-core assets and used cash flow from operations to meaningfully reduce its net debt. It has better financial flexibility than it's had over the last decade.</p>
<div class="lb-trans"><p>好消息是，Teva 已经果断解决了所有问题。管理层监督了非核心资产的出售，并利用运营现金流显著减少了净债务。它的财务灵活性比过去十年更强。</p>
</div><p>CEO Richard Francis has also overseen an operating shift that places more emphasis on novel-drug development. Even though brand-name drugs have finite periods of sales exclusivity, their growth potential and margins are far superior to generic therapies. Tardive dyskinesia drug Austedo is on track to meet or surpass $2 billion in sales this year and has been Teva's star performer the last few years.</p>
<div class="lb-trans"><p>首席执行官理查德·弗朗西斯还监督了一项运营转变，更加重视新药开发。尽管品牌药物的销售独占期是有限的，但它们的增长潜力和利润率远远优于仿制药。迟发性运动障碍药物 Austedo 有望在今年达到或超过 20 亿美元的销售额，并且在过去几年中一直是 Teva 的明星产品。</p>
</div><p>Perhaps most importantly, Teva firmly placed its litigation concerns in the rearview mirror. In early 2023, it agreed on a $4.25 billion opioid settlement with 48 states to be spread across 13 years that includes up to $1.2 billion worth of generic Narcan (the opioid overdose reversal drug) delivered to states. With this settlement quantified, it now allows Teva's microscopic forward price-to-earnings ratio to expand.</p>
<div class="lb-trans"><p>也许最重要的是，Teva 已将其诉讼问题抛在了身后。在 2023 年初，它与 48 个州达成了 42.5 亿美元的阿片类药物和解协议，分 13 年支付，其中包括价值高达 12 亿美元的仿制 Narcan（阿片类药物过量逆转药物）交付给各州。随着这一和解的量化，Teva 的微小前瞻市盈率得以扩展。</p>
</div>

Billionaire Stanley Druckenmiller Sold His Fund's Stakes in Nvidia and Palantir, and Has Piled Into These 2 Phenomenal Stocks for 4 Straight Quarters

- 投资者关注的财报季节和 13F 表格同样重要。  
- Stanley Druckenmiller 在四个季度内出售 Nvidia 和 Palantir 股票。  
- 他持续增持 TSMC 和 Teva，显示出对 AI 和制药行业的信心。

亿万富翁 Stanley Druckenmiller 出售了他基金在 NVIDIA 和 Palantir Tech 的股份，并连续四个季度增持这两只表现卓越的股票