<p>正如许多股市观察者所知，沃伦·巴菲特的 <strong>伯克希尔哈撒韦</strong> 一直是股票的净卖方。最显著的出售是 <strong>苹果</strong>。这一头寸曾占据投资组合的 40% 以上，但现在已降至约 22%。</p>
<p>投资者需要理解的是，出售并不意味着巴菲特的团队完全没有购买股票。最近一个显著的购买是 <strong>达美乐比萨</strong>（DPZ -0.03%）。该股票过去的收益和其价值主张可能激励了这一投资，这种乐观情绪值得对该业务和股票进行更深入的研究，以判断其是否适合普通投资者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY1MzgvZnJpZW5kcy1lYXRpbmctcGl6emEtdG9nZXRoZXIuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY1MzgvZnJpZW5kcy1lYXRpbmctcGl6emEtdG9nZXRoZXIuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>伯克希尔哈撒韦与达美乐</h2>
<p>自 2004 年上市以来，达美乐的股票收益和股息支付超过了 6500%。大多数投资者，包括伯克希尔哈撒韦，错过了大部分收益，但伯克希尔的投资可能表明仍然存在显著的上涨空间。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/660385573e0e3b0cf2fe735267a74eb1.png?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://media.ycharts.com/charts/660385573e0e3b0cf2fe735267a74eb1.png"/></p>
<p>DPZ 总回报水平数据来自 YCharts</p>
<p>巴菲特的公司在 2024 年第三季度开始购买达美乐的股票，并在此后的每个季度都增加了持仓规模。如今，它持有超过 260 万股，约占流通股的 7.75%。</p>
<p>伯克希尔对达美乐投资的另一个可能因素是，它是全球最大的比萨连锁店，截至财年第三季度末在全球拥有 21,750 个门店。尽管取得了这样的成功，投资者可能会质疑为什么投资者会想要进入像比萨这样的业务，理论上说，这个行业的进入壁垒较低。</p>
<p>然而，没有其他比萨企业能够达到同样的规模，仔细观察达美乐时，可以发现吸引像巴菲特这样的投资者的竞争优势。</p>
<p>达美乐的一个关键部分是其特许经营模式。这使得该连锁店能够以相对较少的资本开设大量门店，利用高品牌认知度来推动业务。</p>
<p>此外，它提供数字优先的方式，使得订购更为便捷，并利用路线规划实现更快的配送。此外，高效的供应链有助于标准化食品质量和成本，提高各个门店的一致性。</p>
<p>此外，尽管在全球范围内，达美乐会根据当地口味调整菜单，新推出的如帕尔马干酪填充的外壳或增加的定制选项使得顾客不断回归达美乐。</p>
<h2>达美乐的财务理由</h2>
<p>巴菲特的团队可能也被其财务指标所吸引。确实，凭借其全球业务，公司的成熟度使其更像是一只价值股。</p>
<p>在 2025 财年的前九个月（截至 9 月 8 日），收入为 34 亿美元，同比增长 4%。尽管如此，在此期间，其自由现金流为 4.96 亿美元，较同期激增 32%。资产收益和较低的资本支出增强了现金状况。</p>
<p>此外，这一自由现金流轻松覆盖了公司在财年头九个月的 1.19 亿美元股息支出。每股 6.96 美元的股息收益率为 1.6%，远高于 <strong>标准普尔 500</strong> 的 1.2% 平均水平。巴菲特的团队也可能喜欢其 13 年的派息增长历史，这一趋势使得未来的年度派息增长更有可能继续。</p>
<p>投资者还应注意比萨连锁店的估值。其市盈率为 25，低于公司五年平均市盈率 30。此外，自 2010 年代初以来，其市盈率并未显著低于 25，因此可以认为达美乐的股票以合理的价格出售。</p>
<h2>你应该跟随伯克希尔哈撒韦投资达美乐股票吗？</h2>
<p>考虑到公司的状况，投资者很可能通过跟随伯克希尔哈撒韦投资达美乐股票做出明智的决策。</p>
<p>确实，股票历史上 6500% 的总回报可能会让一些潜在买家却步，特别是考虑到比萨行业的竞争性质。</p>
<p>然而，达美乐的品牌认知度以及其专注于特许经营、运营效率和强大的供应链为公司提供了竞争优势。此外，投资者可以以相对合理的价格购买该股票，并获得高于平均水平的股息收益率。</p>
<p>最终，即使达美乐未能激发兴奋，该股票在未来可能会带来不断上升的股息和超越市场的回报。</p>

伯克希尔哈撒韦-B

伯克希尔哈撒韦-A

达美乐比萨

<p>沃伦·巴菲特的伯克希尔哈撒韦已经出售了其苹果公司的股票，之前这部分股票占其投资组合的 40% 以上，现在减少到 22%。相比之下，巴菲特投资了达美乐比萨，自 2004 年上市以来，该公司的回报率达到了 6500%。伯克希尔目前持有 260 万股达美乐比萨，因其特许经营模式、数字优先的策略以及强劲的财务指标（包括 1.6% 的股息收益率）而受到吸引。分析师建议，跟随巴菲特投资达美乐比萨可能是一个明智的选择，因为该公司具有竞争优势和合理的估值</p>

<p>As many stock market observers know, Warren Buffett's <strong>Berkshire Hathaway</strong> has been a net seller of stocks. The most notable sale has been <strong>Apple</strong>. That position made up over 40% of the portfolio at one time, but the share has since fallen to around 22%.</p>
<div class="lb-trans"><p>正如许多股市观察者所知，沃伦·巴菲特的 <strong>伯克希尔哈撒韦</strong> 一直是股票的净卖方。最显著的出售是 <strong>苹果</strong>。这一头寸曾占据投资组合的 40% 以上，但现在已降至约 22%。</p>
</div><p>What investors need to understand is that the selling does not mean Buffett's team isn't buying stocks at all. One notable recent purchase has been <strong>Domino's Pizza</strong>(DPZ -0.03%). The stock's past gains and its value proposition have likely inspired this investment, and such optimism warrants a closer look at the business and the stock to see if it is a suitable choice for average investors.</p>
<div class="lb-trans"><p>投资者需要理解的是，出售并不意味着巴菲特的团队完全没有购买股票。最近一个显著的购买是 <strong>达美乐比萨</strong>（DPZ -0.03%）。该股票过去的收益和其价值主张可能激励了这一投资，这种乐观情绪值得对该业务和股票进行更深入的研究，以判断其是否适合普通投资者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY1MzgvZnJpZW5kcy1lYXRpbmctcGl6emEtdG9nZXRoZXIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836538%2Ffriends-eating-pizza-together.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>Berkshire Hathaway and Domino's</h2>
<div class="lb-trans"><h2>伯克希尔哈撒韦与达美乐</h2>
</div><p>Domino's has returned more than 6,500% in stock gains and dividend payments since it went public in 2004. Most investors, including Berkshire Hathaway, have missed out on most of those gains, but Berkshire's bets could indicate that significant upside remains.</p>
<div class="lb-trans"><p>自 2004 年上市以来，达美乐的股票收益和股息支付超过了 6500%。大多数投资者，包括伯克希尔哈撒韦，错过了大部分收益，但伯克希尔的投资可能表明仍然存在显著的上涨空间。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/660385573e0e3b0cf2fe735267a74eb1.png" alt="" original-src="https://media.ycharts.com/charts/660385573e0e3b0cf2fe735267a74eb1.png"/></p>
<p>DPZ Total Return Level data by YCharts</p>
<div class="lb-trans"><p>DPZ 总回报水平数据来自 YCharts</p>
</div><p>Buffett's company began buying Domino's shares in the third quarter of 2024 and has increased its position size in every quarter since that time. Today, it holds just over 2.6 million shares, or about 7.75% of the outstanding shares.</p>
<div class="lb-trans"><p>巴菲特的公司在 2024 年第三季度开始购买达美乐的股票，并在此后的每个季度都增加了持仓规模。如今，它持有超过 260 万股，约占流通股的 7.75%。</p>
</div><p>Another possible factor in Berkshire's investment in Domino's is that it is the world's largest pizza chain, boasting 21,750 locations globally as of the end of fiscal Q3. Despite that success, investors may question why an investor would want to get into a business like pizza, which at least in theory, has low barriers to entry.</p>
<div class="lb-trans"><p>伯克希尔对达美乐投资的另一个可能因素是，它是全球最大的比萨连锁店，截至财年第三季度末在全球拥有 21,750 个门店。尽管取得了这样的成功，投资者可能会质疑为什么投资者会想要进入像比萨这样的业务，理论上说，这个行业的进入壁垒较低。</p>
</div><p>However, no other pizza business has grown to the same size, and one can find the kinds of competitive advantages that attract investors like Buffett when looking at Domino's more closely.</p>
<div class="lb-trans"><p>然而，没有其他比萨企业能够达到同样的规模，仔细观察达美乐时，可以发现吸引像巴菲特这样的投资者的竞争优势。</p>
</div><p>One key part of Domino's is its franchise model. This enables the chain to open a large number of locations with a relatively small amount of capital, leveraging high brand recognition to drive business.</p>
<div class="lb-trans"><p>达美乐的一个关键部分是其特许经营模式。这使得该连锁店能够以相对较少的资本开设大量门店，利用高品牌认知度来推动业务。</p>
</div><p>Moreover, it offers a digital-first approach, which makes ordering easier and capitalizes on route planning for faster deliveries. Additionally, an efficient supply chain helps standardize food quality and costs, increasing consistency across locations.</p>
<div class="lb-trans"><p>此外，它提供数字优先的方式，使得订购更为便捷，并利用路线规划实现更快的配送。此外，高效的供应链有助于标准化食品质量和成本，提高各个门店的一致性。</p>
</div><p>Furthermore, despite a global footprint, Domino's adapts its menu to suit local tastes, and new offerings such as parmesan-stuffed crust or added customization options keep its customers coming back to Domino's.</p>
<div class="lb-trans"><p>此外，尽管在全球范围内，达美乐会根据当地口味调整菜单，新推出的如帕尔马干酪填充的外壳或增加的定制选项使得顾客不断回归达美乐。</p>
</div><h2>The financial case for Domino's</h2>
<div class="lb-trans"><h2>达美乐的财务理由</h2>
</div><p>Buffett's team was likely also drawn by its financial metrics. Indeed, with its global footprint, the maturity of the business appears to make it more of a value stock.</p>
<div class="lb-trans"><p>巴菲特的团队可能也被其财务指标所吸引。确实，凭借其全球业务，公司的成熟度使其更像是一只价值股。</p>
</div><p>In the first nine months of fiscal 2025 (ended Sept. 8), revenue of $3.4 billion rose by 4%. Nonetheless, during that time, its free cash flow of $496 million surged 32% higher over the same timeframe. Gains on assets and lower capital expenditures bolstered that cash position.</p>
<div class="lb-trans"><p>在 2025 财年的前九个月（截至 9 月 8 日），收入为 34 亿美元，同比增长 4%。尽管如此，在此期间，其自由现金流为 4.96 亿美元，较同期激增 32%。资产收益和较低的资本支出增强了现金状况。</p>
</div><p>Additionally, that free cash flow easily covered the company's $119 million in dividend costs in the first nine months of the fiscal year. At $6.96 per share, its 1.6% dividend yield is well above the 1.2% average for the <strong>S&amp;P 500</strong>. Buffett's team also probably liked its 13-year history of payout hikes, a trend that makes further annual payout hikes likely to continue.</p>
<div class="lb-trans"><p>此外，这一自由现金流轻松覆盖了公司在财年头九个月的 1.19 亿美元股息支出。每股 6.96 美元的股息收益率为 1.6%，远高于 <strong>标准普尔 500</strong> 的 1.2% 平均水平。巴菲特的团队也可能喜欢其 13 年的派息增长历史，这一趋势使得未来的年度派息增长更有可能继续。</p>
</div><p>Investors should also take note of the pizza chain's valuation. Its P/E ratio of 25 is below the company's five-year average earnings multiple of 30. Also, since its P/E ratio has not fallen significantly below 25 since the early 2010s, one can assume that Domino's stock sells at a reasonable price.</p>
<div class="lb-trans"><p>投资者还应注意比萨连锁店的估值。其市盈率为 25，低于公司五年平均市盈率 30。此外，自 2010 年代初以来，其市盈率并未显著低于 25，因此可以认为达美乐的股票以合理的价格出售。</p>
</div><h2>Should you follow Berkshire Hathaway into Domino's stock?</h2>
<div class="lb-trans"><h2>你应该跟随伯克希尔哈撒韦投资达美乐股票吗？</h2>
</div><p>Given the state of the company, investors can likely make a prudent move by following Berkshire Hathaway into Domino's stock.</p>
<div class="lb-trans"><p>考虑到公司的状况，投资者很可能通过跟随伯克希尔哈撒韦投资达美乐股票做出明智的决策。</p>
</div><p>Indeed, a 6,500% total return over the stock's history may cause some prospective buyers to shy away, particularly because of the competitive nature of the pizza industry.</p>
<div class="lb-trans"><p>确实，股票历史上 6500% 的总回报可能会让一些潜在买家却步，特别是考虑到比萨行业的竞争性质。</p>
</div><p>However, Domino's brand recognition and its focus on franchising, operational efficiency, and a robust supply chain give the company a competitive advantage. Moreover, investors can buy the stock at a relatively reasonable price and collect an above-average dividend yield.</p>
<div class="lb-trans"><p>然而，达美乐的品牌认知度以及其专注于特许经营、运营效率和强大的供应链为公司提供了竞争优势。此外，投资者可以以相对合理的价格购买该股票，并获得高于平均水平的股息收益率。</p>
</div><p>In the end, even if Domino's does not generate excitement, the stock is likely to cook up rising dividends and market-beating returns over time.</p>
<div class="lb-trans"><p>最终，即使达美乐未能激发兴奋，该股票在未来可能会带来不断上升的股息和超越市场的回报。</p>
</div>

Warren Buffett Sells Apple Stock and Buys a Restaurant Stock Up Over 6,500% Since Its IPO

- 巴菲特的伯克希尔哈撒韦近期出售了苹果股票，持股比例降至约 22%。  
- 该公司在 2024 年第三季度开始增持达美乐，现持有约 7.75% 的流通股。  
- 达美乐的品牌优势和财务指标吸引了投资者，预计将继续提供稳定的回报。  

沃伦·巴菲特出售了苹果股票，并购买了一只自 IPO 以来上涨超过 6500% 的餐饮股票