<p>儘管人工智能（AI）一直是推動華爾街三大股指創下歷史收盤新高的不容錯過的創新，但股票分拆的狂熱在 2024 年也被認為同樣重要。</p>
<p>股票分拆允許上市公司通過相同的比例調整股價和流通股數量，這些變化在本質上是表面的，不會影響公司的市值或經營業績。</p>
<p>股票分拆有兩種變體，投資者更傾向於其中一種。一方面，有逆向股票分拆，旨在提高公司的股價。逆向分拆通常是為了確保公司的股票符合主要交易所持續的最低掛牌標準。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODc0NDgvc3RvY2stY2VydGlmaWNhdGUtaW52ZXN0bWVudC1yZXRpcmUtaGVpcmxvb20tZG9uYXRlLWNhcGl0YWwtZ2FpbnMtdGF4LWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODc0NDgvc3RvY2stY2VydGlmaWNhdGUtaW52ZXN0bWVudC1yZXRpcmUtaGVpcmxvb20tZG9uYXRlLWNhcGl0YWwtZ2FpbnMtdGF4LWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>另一方面，正向股票分拆用於降低上市公司的名義股價。由於正向分拆幾乎總是由那些在創新和執行方面超越競爭對手的公司進行，這是大多數投資者湧向的股票分拆類型。</p>
<p>在過去的六個月中，有 13 家知名企業宣佈或完成了股票分拆，其中有 12 家是正向分拆。然而，您可能會驚訝地發現，沃倫·巴菲特無法停止購買的股票——除了自己公司和石油天然氣巨頭 <strong>Occidental Petroleum</strong> 的股票之外——是這 13 家公司中唯一宣佈進行逆向分拆的公司。</p>
<h2>奧馬哈的先知近兩年來一直是大手筆的股票賣家</h2>
<p>在深入探討巴菲特一直在大舉購買的 <strong>伯克希爾哈撒韋</strong> 獨特股票分拆股票之前，需要一些背景信息。</p>
<p>儘管奧馬哈的先知以長期投資方式著稱，並多次宣稱他不會&#34;押注美國&#34;，但他和他的頂級投資助手在較短時期內所做的事情並不總是與他在伯克希爾的年度股東信和公司年度會議中所宣揚的一致。</p>
<p>在過去的七個季度中，巴菲特及其團隊一直是股票淨賣家。</p>
<p>總體而言，伯克希爾最聰明的投資頭腦在 2022 年 10 月 1 日至 2024 年 6 月 30 日期間賣出的股票比他們共同購買的股票多了 1,316 億美元。自第三季度開始，巴菲特已經賣出了價值超過 38 億美元的 <strong>美國銀行</strong> 股票，伯克希爾的投資團隊看起來正在朝着第八個連續季度的淨賣出活動邁進。</p>
<p>儘管沃倫·巴菲特偶爾會按下購買按鈕，但他和他的團隊在近兩年來對購買非常謹慎。這使得他大舉投資一家實施逆向股票分拆的知名公司變得更加有趣。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODc0NDgvYnV5LWxvdy1zZWxsLWhpZ2gtc3RvY2stbWFya2V0LWNoYXJ0LWludmVzdGluZy1yZXRpcmVtZW50LWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODc0NDgvYnV5LWxvdy1zZWxsLWhpZ2gtc3RvY2stbWFya2V0LWNoYXJ0LWludmVzdGluZy1yZXRpcmVtZW50LWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>認識巴菲特正在大舉投資的法定壟斷股票分拆股票</h2>
<p>儘管巴菲特在第二季度購買了七種證券，包括在 <strong>Ulta Beauty</strong> 和 <strong>HEICO</strong> 開設新頭寸，但大約增持了 9620 萬股衞星廣播運營商 <strong>天狼星 XM 控股</strong>(SIRI -0.83%) 的股票才是引人注目的。這使伯克希爾在天狼星 XM 的持股量從上一個季度增加了 262%。</p>
<p>正如我之前提到的，大多數逆向分拆旨在使公司的股票繼續在主要股票交易所上市。但天狼星 XM 並不會因此被摘牌，這使其在進行逆向股票分拆的公司中顯得獨特。</p>
<p>到第三季度末，天狼星 XM 應該會完成與自由傳媒的天狼星 XM 跟蹤股票 <strong>自由天狼星 XM 集團</strong>(LSXMA 0.32%) (LSXMB -0.18%) (LSXMK 0.32%) 的合併，從而創建一個類別的流通股。但由於天狼星 XM 已經擁有大約 38.5 億股流通股，其董事會宣佈在合併完成時進行 1 比 10 的逆向分拆。換句話説，這不是出於弱勢而進行的股票分拆，這通常是逆向分拆所觀察到的情況。</p>
<p>除了天狼星 XM 股票和自由天狼星 XM 集團股票之間可能存在的套利機會外，還有許多競爭優勢使天狼星 XM 對沃倫·巴菲特及其頂級投資助手泰德·韋施勒和託德·康姆斯具有吸引力。</p>
<p>首先顯而易見的是，天狼星 XM 是唯一持有衞星廣播運營許可的公司。需要明確的是，這並不意味着它沒有競爭。天狼星 XM 與地面和在線廣播提供商一起爭奪聽眾。但作為衞星廣播服務的唯一合法壟斷者，它為公司提供了異常的訂閲定價權，用以保持在通貨膨脹曲線之前。</p>
<p>天狼星 XM 與傳統廣播運營商之間的另一個關鍵區別是它們如何產生收入。大多數地面和在線廣播提供商幾乎全部收入來自廣告。這種方式在經濟收縮或衰退時效果很好。但一旦經濟出現問題，企業就會毫不猶豫地在第一個跡象出現時削減營銷預算。</p>
<p>截至 2024 年上半年，天狼星 XM 的收入中不到 20% 來自廣告（通過 Pandora）。相比之下，幾乎 77% 的淨銷售額來自訂閲。與企業大幅削減廣告預算相比，訂閲者在經濟衰退期間取消服務的可能性要小得多。簡而言之，天狼星 XM 的現金流通常比陸地和在線廣播提供商更可預測。</p>
<p>天狼星 XM 的成本結構也比同行更可預測。雖然有些費用會按季度波動，比如版税，但傳輸和設備成本往往是相對固定的，無論天狼星 XM 的平台上有多少訂閲者。</p>
<p>謎底的最後一塊是，在非常昂貴的股市背景下，天狼星 XM 的股票歷史上便宜。在截至 6 月的季度，股票的前瞻年度收益不到 8 倍，可以輕鬆購入，這是天狼星 XM 作為上市公司 30 年來從未達到的水平。最棒的是公司的 3.7% 股息率。</p>
<p>沃倫·巴菲特總是有辦法脱穎而出；購買華爾街獨特的股票分拆股票就是一種方法。</p>

伯克希爾哈撒韋-A

天狼星XM廣播

伯克希爾哈撒韋-B

<p>沃倫·巴菲特大幅增加了他在天狼星 XM 廣播的持股比例，購買了約 9620 萬股額外股份，較上一季度增加了 262%。這次購買引人注目的地方在於，天狼星 XM 正在實施 1 比 10 的股票逆向拆分，這對於一個沒有面臨摘牌問題的公司來説是不尋常的。儘管大多數逆向拆分都與公司業績下滑有關，但天狼星 XM 獨特之處在於它是衞星廣播的合法壟斷者，儘管面臨競爭，但仍能保持強大的訂閲定價能力</p>

<p>Although artificial intelligence (AI) has been the can't-miss innovation that's powered all three of Wall Street's major stock indexes to record-closing highs, stock-split euphoria has, arguably, been just as important in 2024.</p>
<div class="lb-trans"><p>儘管人工智能（AI）一直是推動華爾街三大股指創下歷史收盤新高的不容錯過的創新，但股票分拆的狂熱在 2024 年也被認為同樣重要。</p>
</div><p>A stock split allows publicly traded companies the opportunity to superficially adjust their share price and outstanding share count by the same factor. These changes are cosmetic in the sense that they don't affect a company's market cap or its operating performance.</p>
<div class="lb-trans"><p>股票分拆允許上市公司通過相同的比例調整股價和流通股數量，這些變化在本質上是表面的，不會影響公司的市值或經營業績。</p>
</div><p>Splits come in two variations, with investors gravitating to one far more than the other. On one hand, there are reverse-stock splits, which are geared toward increasing a company's share price. Reverse splits are often effected to ensure a company's stock meets the continued minimum listing standards on a major exchange.</p>
<div class="lb-trans"><p>股票分拆有兩種變體，投資者更傾向於其中一種。一方面，有逆向股票分拆，旨在提高公司的股價。逆向分拆通常是為了確保公司的股票符合主要交易所持續的最低掛牌標準。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODc0NDgvc3RvY2stY2VydGlmaWNhdGUtaW52ZXN0bWVudC1yZXRpcmUtaGVpcmxvb20tZG9uYXRlLWNhcGl0YWwtZ2FpbnMtdGF4LWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F787448%2Fstock-certificate-investment-retire-heirloom-donate-capital-gains-tax-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><p>On the other hand, forward-stock splits are used to decrease the nominal share price for a publicly traded company. Since forward splits are almost universally conducted by companies that are out-innovating and out-executing their competition, this is the type of stock split most investors flock to.</p>
<div class="lb-trans"><p>另一方面，正向股票分拆用於降低上市公司的名義股價。由於正向分拆幾乎總是由那些在創新和執行方面超越競爭對手的公司進行，這是大多數投資者湧向的股票分拆類型。</p>
</div><p>Over the last six months, 13 brand-name businesses have announced or completed stock splits, 12 of which are forward splits. However, you might be surprised to learn that the stock Warren Buffett can't stop buying for <strong>Berkshire Hathaway</strong>(BRK.A 0.91%) (BRK.B 0.83%) -- aside from shares of his own company and oil and gas goliath <strong>Occidental Petroleum</strong>-- is the only one of the 13 that's announced a reverse split.</p>
<div class="lb-trans"><p>在過去的六個月中，有 13 家知名企業宣佈或完成了股票分拆，其中有 12 家是正向分拆。然而，您可能會驚訝地發現，沃倫·巴菲特無法停止購買的股票——除了自己公司和石油天然氣巨頭 <strong>Occidental Petroleum</strong> 的股票之外——是這 13 家公司中唯一宣佈進行逆向分拆的公司。</p>
</div><h2>The Oracle of Omaha has been a <em>big-time</em> seller of stocks for nearly two years</h2>
<div class="lb-trans"><h2>奧馬哈的先知近兩年來一直是大手筆的股票賣家</h2>
</div><p>Before digging into the details of the unique stock-split stock that Buffett has been buying hand over fist for Berkshire Hathaway, some context is needed.</p>
<div class="lb-trans"><p>在深入探討巴菲特一直在大舉購買的 <strong>伯克希爾哈撒韋</strong> 獨特股票分拆股票之前，需要一些背景信息。</p>
</div><p>Although the Oracle of Omaha is known for touting a long-term investment approach, and has proclaimed on multiple occasions that he wouldn't &#34;bet against America,&#34; what he and his top investment aides do over shorter periods may not always align with what he preaches in Berkshire's annual letter to shareholders and during his company's annual meetings.</p>
<div class="lb-trans"><p>儘管奧馬哈的先知以長期投資方式著稱，並多次宣稱他不會&#34;押注美國&#34;，但他和他的頂級投資助手在較短時期內所做的事情並不總是與他在伯克希爾的年度股東信和公司年度會議中所宣揚的一致。</p>
</div><p>In each of the last seven quarters, Buffett and his crew have been big-time net-sellers of equity securities.</p>
<div class="lb-trans"><p>在過去的七個季度中，巴菲特及其團隊一直是股票淨賣家。</p>
</div><p>Altogether, Berkshire's brightest investment minds have sold $131.6 billion more in stocks than they've collectively purchased between Oct. 1, 2022 and June 30, 2024. With Buffett selling more than $3.8 billion worth of <strong>Bank of America</strong> shares since the third quarter began, Berkshire's investment team looks to be well on its way to making it an eighth straight quarter of net-selling activity.</p>
<div class="lb-trans"><p>總體而言，伯克希爾最聰明的投資頭腦在 2022 年 10 月 1 日至 2024 年 6 月 30 日期間賣出的股票比他們共同購買的股票多了 1,316 億美元。自第三季度開始，巴菲特已經賣出了價值超過 38 億美元的 <strong>美國銀行</strong> 股票，伯克希爾的投資團隊看起來正在朝着第八個連續季度的淨賣出活動邁進。</p>
</div><p>While Warren Buffett has pressed the buy button on occasion, he and his team have been <em>very</em> selective about their purchases for nearly two years. This is what makes him piling into a popular company enacting a reverse-stock split all the more intriguing.</p>
<div class="lb-trans"><p>儘管沃倫·巴菲特偶爾會按下購買按鈕，但他和他的團隊在近兩年來對購買非常謹慎。這使得他大舉投資一家實施逆向股票分拆的知名公司變得更加有趣。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODc0NDgvYnV5LWxvdy1zZWxsLWhpZ2gtc3RvY2stbWFya2V0LWNoYXJ0LWludmVzdGluZy1yZXRpcmVtZW50LWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F787448%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>圖片來源：Getty Images。</p>
</div><h2>Meet the legal monopoly stock-split stock Warren Buffett is piling into</h2>
<div class="lb-trans"><h2>認識巴菲特正在大舉投資的法定壟斷股票分拆股票</h2>
</div><p>Though Buffett purchased shares of seven securities during the second quarter, including opening new positions in <strong>Ulta Beauty</strong> and <strong>HEICO</strong>, it's the roughly 96.2 million additional shares of satellite-radio operator <strong>Sirius XM Holdings</strong>(SIRI -0.83%) that's the eye-popper. This increased Berkshire's stake in Sirius XM by 262% from the sequential quarter.</p>
<div class="lb-trans"><p>儘管巴菲特在第二季度購買了七種證券，包括在 <strong>Ulta Beauty</strong> 和 <strong>HEICO</strong> 開設新頭寸，但大約增持了 9620 萬股衞星廣播運營商 <strong>天狼星 XM 控股</strong>(SIRI -0.83%) 的股票才是引人注目的。這使伯克希爾在天狼星 XM 的持股量從上一個季度增加了 262%。</p>
</div><p>As I alluded to earlier, most reverse splits are aimed at keeping a company's shares listed on a major stock exchange. But Sirius XM is in no danger of delisting, which makes it unique among companies conducting reverse-stock splits.</p>
<div class="lb-trans"><p>正如我之前提到的，大多數逆向分拆旨在使公司的股票繼續在主要股票交易所上市。但天狼星 XM 並不會因此被摘牌，這使其在進行逆向股票分拆的公司中顯得獨特。</p>
</div><p>By the end of the third quarter, Sirius XM should complete its merger with Liberty Media's Sirius XM tracking stock, <strong>Liberty Sirius XM Group</strong>(LSXMA 0.32%) (LSXMB -0.18%) (LSXMK 0.32%), which will create a single class of outstanding shares. But with Sirius XM sporting so many outstanding shares already (around 3.85 billion), its board announced a 1-for-10 reverse split that'll be conducted upon consummation of the merger. In other words, this isn't a stock split being enacted out of weakness, which is typically what's observed with reverse splits.</p>
<div class="lb-trans"><p>到第三季度末，天狼星 XM 應該會完成與自由傳媒的天狼星 XM 跟蹤股票 <strong>自由天狼星 XM 集團</strong>(LSXMA 0.32%) (LSXMB -0.18%) (LSXMK 0.32%) 的合併，從而創建一個類別的流通股。但由於天狼星 XM 已經擁有大約 38.5 億股流通股，其董事會宣佈在合併完成時進行 1 比 10 的逆向分拆。換句話説，這不是出於弱勢而進行的股票分拆，這通常是逆向分拆所觀察到的情況。</p>
</div><p>Aside from whatever arbitrage opportunities might exist between shares of Sirius XM and Liberty Sirius XM Group, there are quite a few competitive advantages that would make Sirius XM attractive to Warren Buffett and his top investment aides, Ted Weschler and Todd Combs.</p>
<div class="lb-trans"><p>除了天狼星 XM 股票和自由天狼星 XM 集團股票之間可能存在的套利機會外，還有許多競爭優勢使天狼星 XM 對沃倫·巴菲特及其頂級投資助手泰德·韋施勒和託德·康姆斯具有吸引力。</p>
</div><p>To start with the obvious, Sirius XM is the only licensed satellite-radio operator. To be clear, this doesn't mean it's devoid of competition. Sirius XM is fighting for listeners right alongside terrestrial and online radio providers. But as the only legal monopoly for satellite-radio services, it affords the company exceptional subscription pricing power, which it uses to stay ahead of the inflationary curve.</p>
<div class="lb-trans"><p>首先顯而易見的是，天狼星 XM 是唯一持有衞星廣播運營許可的公司。需要明確的是，這並不意味着它沒有競爭。天狼星 XM 與地面和在線廣播提供商一起爭奪聽眾。但作為衞星廣播服務的唯一合法壟斷者，它為公司提供了異常的訂閲定價權，用以保持在通貨膨脹曲線之前。</p>
</div><p>Another key difference between Sirius XM and traditional radio operators is how the two generate revenue. Most terrestrial and online radio providers generate almost all of their sales from advertising. This approach works great until an economic contraction or recession comes along. Businesses aren't shy about paring back their marketing budgets at the first sign of trouble.</p>
<div class="lb-trans"><p>天狼星 XM 與傳統廣播運營商之間的另一個關鍵區別是它們如何產生收入。大多數地面和在線廣播提供商幾乎全部收入來自廣告。這種方式在經濟收縮或衰退時效果很好。但一旦經濟出現問題，企業就會毫不猶豫地在第一個跡象出現時削減營銷預算。</p>
</div><p>Through the first half of 2024, less than 20% of Sirius XM's revenue was traced back to ads (via Pandora). Comparatively, almost 77% of net sales came from subscriptions. There's a considerably smaller chance of subscribers cancelling their service during economic downturns than there is of businesses meaningfully reducing their ad budgets. In short, Sirius XM's cash flow tends to be far more predictable than terrestrial and online radio providers.</p>
<div class="lb-trans"><p>截至 2024 年上半年，天狼星 XM 的收入中不到 20% 來自廣告（通過 Pandora）。相比之下，幾乎 77% 的淨銷售額來自訂閲。與企業大幅削減廣告預算相比，訂閲者在經濟衰退期間取消服務的可能性要小得多。簡而言之，天狼星 XM 的現金流通常比陸地和在線廣播提供商更可預測。</p>
</div><p>Sirius XM's cost structure is more predictable than its peers, too. While there are certain expenses that are going to ebb and flow on a quarterly basis, such as royalties, transmission and equipment costs tend to be relatively fixed no matter how many subscribers Sirius XM has on its platform.</p>
<div class="lb-trans"><p>天狼星 XM 的成本結構也比同行更可預測。雖然有些費用會按季度波動，比如版税，但傳輸和設備成本往往是相對固定的，無論天狼星 XM 的平台上有多少訂閲者。</p>
</div><p>The final piece of the puzzle is that Sirius XM's stock is historically cheap amid the backdrop of a <em>very</em> expensive stock market. Shares could easily have been scooped up during the June-ended quarter for less than 8 times forward-year earnings -- a level Sirius XM hasn't traded at in its 30 years as a public company. The cherry on top is the company's 3.7% dividend yield.</p>
<div class="lb-trans"><p>謎底的最後一塊是，在非常昂貴的股市背景下，天狼星 XM 的股票歷史上便宜。在截至 6 月的季度，股票的前瞻年度收益不到 8 倍，可以輕鬆購入，這是天狼星 XM 作為上市公司 30 年來從未達到的水平。最棒的是公司的 3.7% 股息率。</p>
</div><p>Warren Buffett always finds a way to stand out; and buying Wall Street's unique stock-split stock is one way to do it.</p>
<div class="lb-trans"><p>沃倫·巴菲特總是有辦法脱穎而出；購買華爾街獨特的股票分拆股票就是一種方法。</p>
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Meet the Unique Stock-Split Stock Warren Buffett Has More Than Tripled His Stake In

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認識一下沃倫·巴菲特增持超過三倍的獨特拆股股票