<p>当 <strong>Prem Watsa</strong> 采取行动时，市场往往会关注——这并不是因为它引人注目，而是因为它通常是耐心、深思熟虑且充满信念的。</p>
<p>• <strong>在此跟踪 UA 股票 这里。</strong></p>
<p>这就是为什么他最近对 <strong>Under Armour Inc</strong> (NYSE: UA) 的押注在华尔街引起了关注。</p>
<p>通过 <strong>Fairfax Financial Holdings</strong>，Watsa——常被称为 “加拿大的 沃伦·巴菲特”——将其 Under Armour 的股份 增加了超过 560%，使其成为 Fairfax 投资组合的近 10%。</p>
<p>这不是投资组合的微调。这是一种声明。</p>
<p><strong>另请阅读: Under Armour 股票在大额内部购买后飙升</strong></p>
<h2><strong>为什么这不是一次交易</strong></h2>
<p>Watsa 并不以追逐短期动量而闻名。他的风格更倾向于在预期低迷且需要耐心时购买被误解的公司。如此规模的持仓表明他认为 Under Armour 明显被低估——并相信下行风险越来越有限。</p>
<p>换句话说，这看起来像是一次转机押注，而不是反弹操作。</p>
<h2><strong>Watsa 可能看到的是什么</strong></h2>
<p>Under Armour 在过去几年里一直在做一些不光彩的工作：削减多余库存，退出不盈利的渠道，并重新聚焦于性能服装而非时尚周期。虽然收入增长并不令人印象深刻，但成本控制和资产负债表的清理却悄然改善。</p>
<p>对于价值投资者来说，机会往往在于——不是当头条新闻变得积极时，而是当运营风险开始稳定时。</p>
<h2><strong>风险并未消失</strong></h2>
<p>这还不是一个干净的复苏故事。Under Armour 仍面临来自更大竞争对手的激烈竞争、不均衡的消费者需求和利润压力。一个大型投资者的介入并不保证执行会跟上。</p>
<p>转机也需要时间——而且在此过程中股票可能会保持波动。</p>
<h2><strong>这很重要</strong></h2>
<p>Watsa 的激进增持并不意味着 Under Armour 的问题已经解决。但这确实表明聪明的钱相信风险与回报的关系已经发生了变化。</p>
<p>对于投资者来说，问题不在于 UA 明天是否会反弹——而在于这是否是长期复苏悄然开始的阶段。</p>
<p><strong>下一步阅读：</strong></p>
<ul>
<li><strong>沃伦·巴菲特退出伯克希尔·哈撒韦：复制奥马哈神谕的 3 条简单规则</strong></li>
</ul>
<p>图片来源于 Urban Images via Shutterstock</p>

安德玛-A

安德玛-C

FRFHF

<p>被誉为 “加拿大的沃伦·巴菲特” 的 Prem Watsa 大幅增加了对安德玛的持股，增幅超过 560%，现在占据 Fairfax Financial 投资组合的近 10%。这一举动表明他认为该公司被低估，并相信其潜在的反弹能力。安德玛正专注于性能服装和改善其资产负债表，尽管仍面临竞争和市场挑战。Watsa 的投资表明风险与回报动态的转变，促使投资者考虑 UA 股票的长期复苏潜力</p>

<p>When <strong>Prem Watsa</strong> makes a move, markets tend to pay attention — not because it's flashy, but because it's usually patient, deliberate and deeply conviction-driven.</p>
<div class="lb-trans"><p>当 <strong>Prem Watsa</strong> 采取行动时，市场往往会关注——这并不是因为它引人注目，而是因为它通常是耐心、深思熟虑且充满信念的。</p>
</div><p>• <strong>Track UA stock here.</strong></p>
<div class="lb-trans"><p>• <strong>在此跟踪 UA 股票 这里。</strong></p>
</div><p>That's why his latest bet on <strong>Under Armour Inc</strong> (NYSE: UA) is raising eyebrows across Wall Street.</p>
<div class="lb-trans"><p>这就是为什么他最近对 <strong>Under Armour Inc</strong> (NYSE: UA) 的押注在华尔街引起了关注。</p>
</div><p>Through <strong>Fairfax Financial Holdings</strong>, Watsa — often dubbed the &#34; Warren Buffett of Canada&#34; — boosted his Under Armour stake by more than 560%, turning it into nearly 10% of Fairfax's portfolio.</p>
<div class="lb-trans"><p>通过 <strong>Fairfax Financial Holdings</strong>，Watsa——常被称为 “加拿大的 沃伦·巴菲特”——将其 Under Armour 的股份 增加了超过 560%，使其成为 Fairfax 投资组合的近 10%。</p>
</div><p>That's not portfolio tinkering. It's a statement.</p>
<div class="lb-trans"><p>这不是投资组合的微调。这是一种声明。</p>
</div><p><strong>Read Also: Under Armour Stock Surges After Large Insider Purchase</strong></p>
<div class="lb-trans"><p><strong>另请阅读: Under Armour 股票在大额内部购买后飙升</strong></p>
</div><h2><strong>Why This Isn't A Trade</strong></h2>
<div class="lb-trans"><h2><strong>为什么这不是一次交易</strong></h2>
</div><p>Watsa isn't known for chasing short-term momentum. His style leans heavily toward buying misunderstood companies when expectations are low and patience is required. A position of this size suggests he sees Under Armour as materially undervalued — and believes the downside is increasingly limited.</p>
<div class="lb-trans"><p>Watsa 并不以追逐短期动量而闻名。他的风格更倾向于在预期低迷且需要耐心时购买被误解的公司。如此规模的持仓表明他认为 Under Armour 明显被低估——并相信下行风险越来越有限。</p>
</div><p>In other words, this looks like a turnaround bet, not a bounce play.</p>
<div class="lb-trans"><p>换句话说，这看起来像是一次转机押注，而不是反弹操作。</p>
</div><h2><strong>What Watsa May Be Seeing</strong></h2>
<div class="lb-trans"><h2><strong>Watsa 可能看到的是什么</strong></h2>
</div><p>Under Armour has spent the last few years doing the unglamorous work: cutting excess inventory, exiting unprofitable channels and refocusing on performance apparel rather than fashion cycles. Revenue growth hasn't impressed, but cost discipline and balance-sheet cleanup have quietly improved.</p>
<div class="lb-trans"><p>Under Armour 在过去几年里一直在做一些不光彩的工作：削减多余库存，退出不盈利的渠道，并重新聚焦于性能服装而非时尚周期。虽然收入增长并不令人印象深刻，但成本控制和资产负债表的清理却悄然改善。</p>
</div><p>For value investors, that's often where opportunity starts — not when headlines turn positive, but when operational risk begins to stabilize.</p>
<div class="lb-trans"><p>对于价值投资者来说，机会往往在于——不是当头条新闻变得积极时，而是当运营风险开始稳定时。</p>
</div><h2><strong>The Risks Haven't Disappeared</strong></h2>
<div class="lb-trans"><h2><strong>风险并未消失</strong></h2>
</div><p>This isn't a clean comeback story yet. Under Armour still faces intense competition from bigger rivals, uneven consumer demand, and margin pressure. A large investor stepping in doesn't guarantee execution follows.</p>
<div class="lb-trans"><p>这还不是一个干净的复苏故事。Under Armour 仍面临来自更大竞争对手的激烈竞争、不均衡的消费者需求和利润压力。一个大型投资者的介入并不保证执行会跟上。</p>
</div><p>Turnarounds also take time — and the stock can stay volatile along the way.</p>
<div class="lb-trans"><p>转机也需要时间——而且在此过程中股票可能会保持波动。</p>
</div><h2><strong>Why It Matters</strong></h2>
<div class="lb-trans"><h2><strong>这很重要</strong></h2>
</div><p>Watsa's aggressive accumulation doesn't mean Under Armour's problems are solved. But it does suggest that smart money believes the risk-reward has shifted.</p>
<div class="lb-trans"><p>Watsa 的激进增持并不意味着 Under Armour 的问题已经解决。但这确实表明聪明的钱相信风险与回报的关系已经发生了变化。</p>
</div><p>For investors, the question isn't whether UA rallies tomorrow — it's whether this is the phase where long-term recoveries quietly begin.</p>
<div class="lb-trans"><p>对于投资者来说，问题不在于 UA 明天是否会反弹——而在于这是否是长期复苏悄然开始的阶段。</p>
</div><p><strong>Read Next:</strong></p>
<div class="lb-trans"><p><strong>下一步阅读：</strong></p>
</div><ul>
<li><strong>Warren Buffett Exits Berkshire Hathaway: 3 Simple Rules To Copy Oracle Of Omaha</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>沃伦·巴菲特退出伯克希尔·哈撒韦：复制奥马哈神谕的 3 条简单规则</strong></li>
</ul>
</div><p>Photo by Urban Images via Shutterstock</p>
<div class="lb-trans"><p>图片来源于 Urban Images via Shutterstock</p>
</div>

被誉为加拿大的沃伦·巴菲特的大举押注安德玛：UA 股票是否真的迎来了转机？