<p>神秘的投資傳奇人物塞思·克拉曼經營着總資產約 270 億美元的波士頓 <strong>Baupost Group</strong> 對沖基金。</p>
<p>這位億萬富翁是本傑明·格雷厄姆式的價值投資者，被認為是價值投資之父。沃倫·巴菲特也是格雷厄姆的追隨者。然而，與奧馬哈的神諭喜歡公開演講和分享投資智慧不同，克拉曼更加隱秘，很少發表演講。</p>
<p>然而，對於想要學習這位華爾街奇才智慧的投資者，可以購買他的經典著作《安全邊際》的副本，這本書自 1982 年創立以來，已在亞馬遜上售價高達 3000 美元。而且這還是一本二手書。</p>
<p>克拉曼在 Baupost Group 持有大約兩打股票，但最近宣佈了一項重大變化。根據《HedgeWeek》的報道，這位億萬富翁向投資者發出了一封信，宣佈他正在重組對沖基金，將重點放在股票和房地產上。他還將增加對 “困境債務、特殊情況、事件驅動股票、私人投資和資本解決方案” 的投資。</p>
<p>為此，他進行了一些新的股票購買，同時賣掉了幾家公司的股票。以下是他進行的兩筆最大交易之一以及他的一筆最大賣出交易。</p>
<h2>本文要點：</h2>
<ul>
<li>著名價值投資者塞思·克拉曼傾向於避開公眾視線，但他通過他的投資成功來證明自己。他的 <strong>Blaupost Group</strong> 自 1982 年以來的年化回報率為 20%。</li>
<li>克拉曼正在調整他的對沖基金的重點，集中關注某些領域，這意味着他根據新的思路購買了幾隻新股票，同時將其他股票從投資組合中剔除。</li>
<li>如果您正在尋找一些潛力巨大的股票，請務必獲取我們全新的 “下一個英偉達” 報告的免費副本。其中包括我們有信心的軟件股票，具有 10 倍潛力。</li>
</ul>
<h2>股票購買 No.1：休曼納（HUM）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2021/08/imageForEntry14-ctL.jpg?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://247wallst.com/wp-content/uploads/2021/08/imageForEntry14-ctL.jpg"/></p>
<p>休曼納標誌在世界總部大樓上</p>
<p>醫療保險公司 <strong>休曼納</strong>（NYSE:HUM）是克拉曼投資組合中最大的新加倉股。他購買了 42 萬股，目前價值 1.57 億美元，佔 Baupost 總持股的 4%，位列第八大持倉。克拉曼的平均買入價為 360 美元，目前下跌了 13%。</p>
<p>有充分理由相信未來情況會好轉。像休曼納這樣的醫療保健股目前處於低迷，原因是圍繞醫療保險計劃的不確定性以及其不斷變化的准入規則和報銷率。例如，<strong>Cigna</strong>（NYSE:CI）剛剛以 37 億美元的價格出售了其醫療保險業務，以擺脱合規的變數。</p>
<p>由於休曼納與傳統醫療保險商收費相同，它試圖改善被保險人的健康狀況，同時提供額外的福利，以實現盈利。因此，它試圖將用户與提供基於價值的安排的醫生聯繫起來，激勵他們提供更好的護理和降低成本。</p>
<p>由於休曼納擁有最大的家庭醫療實踐，它認為這是一個關鍵的競爭優勢。考慮到美國的人口趨勢以及醫療保險計劃在市場中的深入滲透程度，這對休曼納未來是一個重大增長機會。</p>
<h2>Solventum（SOLV）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2021/09/imageForEntry33-QnP.jpg?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://247wallst.com/wp-content/uploads/2021/09/imageForEntry33-QnP.jpg"/></p>
<p>醫療保健工作者照顧醫療用品</p>
<p>醫療產品製造商 <strong>Solventum</strong>（NYSE:SOLV）是克拉曼在第二季度進行的第二大購買，購買了 180 萬股，價值 9600 萬美元。它佔投資組合的 2.7%，但平均買入價為每股 16 美元，迄今為止漲幅達 14%。</p>
<p>Solventum 相對較新進入市場，於今年 4 月從工業集團 <strong>3M</strong>（NYSE:MMM）中分拆出來。它起步並不順利。股價開始在每股 69 美元左右交易，隨後迅速下跌，最終跌至每股 47 美元。然而，自低點以來，SOLV 股價上漲了近 50%，儘管自分拆以來仍處於虧損狀態。</p>
<p>該公司是醫療用品的最大供應商之一，如消毒設備、敷料、膠帶和其他消耗品。它在 2023 年為 3M 創造了 82 億美元的收入，2024 年有機銷售額增長了 1.3%。</p>
<p>Solventum 面臨的最大問題之一是 3M 給它帶來的債務負擔。在第二季度末，其長期債務為 83 億美元，現金及等價物僅為 8.97 億美元。然而，管理層專注於在未來兩年內償還這筆金額。它還提高了全年指導。</p>
<p>該公司希望有多達 1% 的有機銷售增長，並預計調整後的每股收益為 6.30 至 6.50 美元，而之前的預期是銷售下降最多 2%，調整後利潤為每股 6.10 至 6.40 美元。</p>
<p>隨着銷售和利潤的增長以及管理層致力於減少債務負擔，Solventum 看起來是一個長期的贏家。</p>
<h2>股票出售 No.1：Theravance Biopharma（TBPH）</h2>
<p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2019/01/imageforentry1-2nc.jpg?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://247wallst.com/wp-content/uploads/2019/01/imageforentry1-2nc.jpg"/></p>
<p>女性研究科學家正在觀察顯微鏡</p>
<p>克拉曼完全清倉了他在生物製藥公司 <strong>Theravance Biopharma</strong>（NASDAQ:TBPH）的重要持股。他曾擁有 420 萬股該公司股票，並以每股 8.25 美元的平均價格出售。</p>
<p>儘管這次出售可能更多地與 Baupost Group 的方向變化有關，而不是公司本身出現了什麼問題，但 Theravance 股票今年迄今下跌了 30%。克拉曼仍然持有生物技術股票，包括 <strong>Jazz Pharmaceuticals</strong>（NASDAQ:JAZZ）（前十大持倉）和 <strong>Fortrea Holdings</strong>（NASDAQ:FTRE）。值得注意的是，這些頭寸也出現了兩位數的虧損。</p>
<p>儘管 Theravance 擁有多種上市療法，但該公司仍在持續虧損。投資者曾希望其治療產品線能夠縮小虧損，但當這家生物科技公司報告稱治療潰瘍性結腸炎藥物 izencitinib 的 2 期臨牀試驗未能達到預期結果時，投資者感到失望。由於這一情況發生在 Klarman 出售股份之後，他倖免於股價單日暴跌 34%。</p>
<h2><strong>準備好退休（贊助內容）</strong></h2>
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<p>這篇文章來源於 24/7 Wall St.：與華爾街傳奇人物 Seth Klarman 一起投資：他購買的兩隻新股和拋售的一隻股票。</p>

休曼納

SOLV

<p>傳奇投資者、Baupost Group 負責人塞思·克拉曼（Seth Klarman）正在重組他的對沖基金，專注於股票和房地產，增加對困境債務和私人投資的曝光。最近，他進行了重大股票購買，包括價值 6000 萬美元的 Humana（HUM）42 萬股和價值 3000 萬美元的 Solventum（SOLV）180 萬股。Humana 佔他的投資組合的 4%，而 Solventum 佔 2.7%。自 1982 年以來，克拉曼的對沖基金年化回報率約為 20%</p>

<p>Enigmatic investing legend Seth Klarman runs the Boston-based <strong>Baupost Group</strong> hedge fund that has around $27 billion in assets under management.</p>
<div class="lb-trans"><p>神秘的投資傳奇人物塞思·克拉曼經營着總資產約 270 億美元的波士頓 <strong>Baupost Group</strong> 對沖基金。</p>
</div><p>The billionaire is a value investor in the vein of Benjamin Graham, considered the father of value investing. Warren Buffett is a Graham disciple, too. Yet where the Oracle of Omaha likes to be out front giving speeches and publicly sharing his investment wisdom, Klarman is much more elusive and rarely gives addresses.</p>
<div class="lb-trans"><p>這位億萬富翁是本傑明·格雷厄姆式的價值投資者，被認為是價值投資之父。沃倫·巴菲特也是格雷厄姆的追隨者。然而，與奧馬哈的神諭喜歡公開演講和分享投資智慧不同，克拉曼更加隱秘，很少發表演講。</p>
</div><p>Yet for investors wanting to learn the wisdom of this Wall Street wunderkind whose hedge fund has generated annualized returns of about 20% since its founding in 1982, they can pick up a copy of his cult classic book <em>Margin of Safety</em> that will set you back a cool $3,000 on Amazon. And that’s for a <em>used</em> copy.</p>
<div class="lb-trans"><p>然而，對於想要學習這位華爾街奇才智慧的投資者，可以購買他的經典著作《安全邊際》的副本，這本書自 1982 年創立以來，已在亞馬遜上售價高達 3000 美元。而且這還是一本二手書。</p>
</div><p>Klarman holds some two dozen stocks in Baupost Group, but recently announced a change in focus. According to <em>HedgeWeek</em>, the billionaire sent a letter to investors announcing he was restructuring the hedge fund to narrowly focus on equities and real estate. He would also be increasing his “exposure to distressed debt, special situations, event-driven equities, private investments, and capital solutions.”</p>
<div class="lb-trans"><p>克拉曼在 Baupost Group 持有大約兩打股票，但最近宣佈了一項重大變化。根據《HedgeWeek》的報道，這位億萬富翁向投資者發出了一封信，宣佈他正在重組對沖基金，將重點放在股票和房地產上。他還將增加對 “困境債務、特殊情況、事件驅動股票、私人投資和資本解決方案” 的投資。</p>
</div><p>To do so, he made a number of new stock purchases while selling off several others. Below are two of the biggest buys he made and one of his largest sells.</p>
<div class="lb-trans"><p>為此，他進行了一些新的股票購買，同時賣掉了幾家公司的股票。以下是他進行的兩筆最大交易之一以及他的一筆最大賣出交易。</p>
</div><h2>Key Points About This Article:</h2>
<ul>
<li>Famed value investor Seth Klarman tends to shy away from the public spotlight, but he lets his investing success talk for him. His <strong>Blaupost Group</strong> has annualized returns of 20% stretching back to 1982.</li>
<li>Klarman is changing the focus of his hedge fund to narrowly concentrate on certain areas, meaning he bought several new stocks in line with his new thinking while jettisoning others from the portfolio.</li>
<li>If you’re looking for some stocks with huge potential, make sure to grab a free copy of our brand-new “The Next NVIDIA” report. It features a software stock we’re confident has 10X potential.</li>
</ul>
<div class="lb-trans"><h2>本文要點：</h2>
<ul>
<li>著名價值投資者塞思·克拉曼傾向於避開公眾視線，但他通過他的投資成功來證明自己。他的 <strong>Blaupost Group</strong> 自 1982 年以來的年化回報率為 20%。</li>
<li>克拉曼正在調整他的對沖基金的重點，集中關注某些領域，這意味着他根據新的思路購買了幾隻新股票，同時將其他股票從投資組合中剔除。</li>
<li>如果您正在尋找一些潛力巨大的股票，請務必獲取我們全新的 “下一個英偉達” 報告的免費副本。其中包括我們有信心的軟件股票，具有 10 倍潛力。</li>
</ul>
</div><h2>Stock Buy No. 1: Humana (HUM)</h2>
<div class="lb-trans"><h2>股票購買 No.1：休曼納（HUM）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2021/08/imageForEntry14-ctL.jpg" alt="" original-src="https://247wallst.com/wp-content/uploads/2021/08/imageForEntry14-ctL.jpg"/></p>
<p>Humana sign on world headquarters building</p>
<div class="lb-trans"><p>休曼納標誌在世界總部大樓上</p>
</div><p>Health insurer <strong>Humana</strong> (NYSE:HUM) was the largest new addition to Klarman’s portfolio. He bought 420,000 shares that are currently valued at $157 million, good for 4% of Baupost’s total holdings, which places it as his eighth largest position. With an average buy price of $360, Klarman is down 13% at the moment.</p>
<div class="lb-trans"><p>醫療保險公司 <strong>休曼納</strong>（NYSE:HUM）是克拉曼投資組合中最大的新加倉股。他購買了 42 萬股，目前價值 1.57 億美元，佔 Baupost 總持股的 4%，位列第八大持倉。克拉曼的平均買入價為 360 美元，目前下跌了 13%。</p>
</div><p>There is good reason to believe this could change for the better in the future. Healthcare stocks like Humana are currently depressed because of the uncertainty surrounding the Medicare Advantage program and its changing admission rules and reimbursement rates. <strong>Cigna</strong> (NYSE:CI), for example, just sold its Medicare Advantage business for $3.7 billion to free itself from the vagaries of compliance.</p>
<div class="lb-trans"><p>有充分理由相信未來情況會好轉。像休曼納這樣的醫療保健股目前處於低迷，原因是圍繞醫療保險計劃的不確定性以及其不斷變化的准入規則和報銷率。例如，<strong>Cigna</strong>（NYSE:CI）剛剛以 37 億美元的價格出售了其醫療保險業務，以擺脱合規的變數。</p>
</div><p>Because Humana is paid the same rate as traditional Medicare insurers, it tries to improve the health of the insured while offering additional benefits in an effort to be profitable. So it tries to place users with doctors offering value-based arrangements, incentivizing them to give better care and lower costs.</p>
<div class="lb-trans"><p>由於休曼納與傳統醫療保險商收費相同，它試圖改善被保險人的健康狀況，同時提供額外的福利，以實現盈利。因此，它試圖將用户與提供基於價值的安排的醫生聯繫起來，激勵他們提供更好的護理和降低成本。</p>
</div><p>As Humana owns the largest home healthcare practice, it sees this as a key competitive advantage. Considering U.S. demographic trends and how deep Medicare Advantage is penetrating the market, this is a major growth opportunity for Humana going forward.</p>
<div class="lb-trans"><p>由於休曼納擁有最大的家庭醫療實踐，它認為這是一個關鍵的競爭優勢。考慮到美國的人口趨勢以及醫療保險計劃在市場中的深入滲透程度，這對休曼納未來是一個重大增長機會。</p>
</div><h2>Solventum (SOLV)</h2>
<div class="lb-trans"><h2>Solventum（SOLV）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2021/09/imageForEntry33-QnP.jpg" alt="" original-src="https://247wallst.com/wp-content/uploads/2021/09/imageForEntry33-QnP.jpg"/></p>
<p>Healthcare worker with care of medical supplies</p>
<div class="lb-trans"><p>醫療保健工作者照顧醫療用品</p>
</div><p>Healthcare products maker <strong>Solventum</strong> (NYSE:SOLV) was the second-biggest purchase Klarman made in the second quarter, buying 1.8 million shares valued at $96 million. It represents 2.7% of the portfolio, but with an average buy price of $16 per share, he is sitting on a 14% gain to date.</p>
<div class="lb-trans"><p>醫療產品製造商 <strong>Solventum</strong>（NYSE:SOLV）是克拉曼在第二季度進行的第二大購買，購買了 180 萬股，價值 9600 萬美元。它佔投資組合的 2.7%，但平均買入價為每股 16 美元，迄今為止漲幅達 14%。</p>
</div><p>Solventum is relatively new to the market, having been spun off in April from industrial conglomerate <strong>3M</strong> (NYSE:MMM). It got off to an inauspicious start. Shares began trading at around $69 each and promptly fell, ultimately declining to $47 a stub. Yet since the low point, SOLV stock is up almost 50% even if it is still in the red since the separation.</p>
<div class="lb-trans"><p>Solventum 相對較新進入市場，於今年 4 月從工業集團 <strong>3M</strong>（NYSE:MMM）中分拆出來。它起步並不順利。股價開始在每股 69 美元左右交易，隨後迅速下跌，最終跌至每股 47 美元。然而，自低點以來，SOLV 股價上漲了近 50%，儘管自分拆以來仍處於虧損狀態。</p>
</div><p>The company is one of the largest providers of medical supplies such as sterilization devices, dressings, tapes, and other consumables. It generated some $8.2 billion for 3M in 2023, and organic sales are up 1.3% in 2024.</p>
<div class="lb-trans"><p>該公司是醫療用品的最大供應商之一，如消毒設備、敷料、膠帶和其他消耗品。它在 2023 年為 3M 創造了 82 億美元的收入，2024 年有機銷售額增長了 1.3%。</p>
</div><p>One of Solventum’s biggest issues weighing it down is the debt 3M saddled it with. At the end of the second quarter it had $8.3 billion in long-term debt and just $897 million in cash and equivalents. However, management is focused on paying down that figure over the next two years. It also raised its full-year guidance.</p>
<div class="lb-trans"><p>Solventum 面臨的最大問題之一是 3M 給它帶來的債務負擔。在第二季度末，其長期債務為 83 億美元，現金及等價物僅為 8.97 億美元。然而，管理層專注於在未來兩年內償還這筆金額。它還提高了全年指導。</p>
</div><p>The company is looking for sales growth of as much as 1% organically with adjusted earnings of $6.30 to $6.50 per share compared to its previous outlook of as much as a 2% decline in sales and adjusted profits of $6.10 to $6.40 per share.</p>
<div class="lb-trans"><p>該公司希望有多達 1% 的有機銷售增長，並預計調整後的每股收益為 6.30 至 6.50 美元，而之前的預期是銷售下降最多 2%，調整後利潤為每股 6.10 至 6.40 美元。</p>
</div><p>With sales and profits growth in store and management committed to reducing its debt load, Solventum looks like a good long-term winner.</p>
<div class="lb-trans"><p>隨着銷售和利潤的增長以及管理層致力於減少債務負擔，Solventum 看起來是一個長期的贏家。</p>
</div><h2>Stock Sale No. 1: Theravance Biopharma (TBPH)</h2>
<div class="lb-trans"><h2>股票出售 No.1：Theravance Biopharma（TBPH）</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://247wallst.com/wp-content/uploads/2019/01/imageforentry1-2nc.jpg" alt="" original-src="https://247wallst.com/wp-content/uploads/2019/01/imageforentry1-2nc.jpg"/></p>
<p>Female research scientist looking into a microscope</p>
<div class="lb-trans"><p>女性研究科學家正在觀察顯微鏡</p>
</div><p>Klarman completely sold off his significant stake in biopharmaceutical stock <strong>Theravance Biopharma</strong> (NASDAQ:TBPH). He had owned 4.2 million shares of the stock and sold them at an average price of $8.25 per share.</p>
<div class="lb-trans"><p>克拉曼完全清倉了他在生物製藥公司 <strong>Theravance Biopharma</strong>（NASDAQ:TBPH）的重要持股。他曾擁有 420 萬股該公司股票，並以每股 8.25 美元的平均價格出售。</p>
</div><p>While the sale probably has more to do with the change in Baupost Group’s change in direction than with anything wrong at the company, Theravance stock is down 30% year-to-date. Klarman still owns biotech stocks, including <strong>Jazz Pharmaceuticals</strong> (NASDAQ:JAZZ) (a top 10 holding) and <strong>Fortrea Holdings</strong> (NASDAQ:FTRE). Notably, those positions are also in the red by double-digit percentages.</p>
<div class="lb-trans"><p>儘管這次出售可能更多地與 Baupost Group 的方向變化有關，而不是公司本身出現了什麼問題，但 Theravance 股票今年迄今下跌了 30%。克拉曼仍然持有生物技術股票，包括 <strong>Jazz Pharmaceuticals</strong>（NASDAQ:JAZZ）（前十大持倉）和 <strong>Fortrea Holdings</strong>（NASDAQ:FTRE）。值得注意的是，這些頭寸也出現了兩位數的虧損。</p>
</div><p>While Theravance has several marketed therapies, the company is still producing significant losses. Investors had been hoping its pipeline of treatments could narrow the losses, but were disappointed when the biotech reported a Phase 2 trial for izencitinib, an ulcerative colitis drug, failed to meet its endpoints. As it occurred after Klarman sold his shares, he was spared the 34% single-day drop in the stock.</p>
<div class="lb-trans"><p>儘管 Theravance 擁有多種上市療法，但該公司仍在持續虧損。投資者曾希望其治療產品線能夠縮小虧損，但當這家生物科技公司報告稱治療潰瘍性結腸炎藥物 izencitinib 的 2 期臨牀試驗未能達到預期結果時，投資者感到失望。由於這一情況發生在 Klarman 出售股份之後，他倖免於股價單日暴跌 34%。</p>
</div><h2><strong>Get Ready To Retire (Sponsored)</strong></h2>
<div class="lb-trans"><h2><strong>準備好退休（贊助內容）</strong></h2>
</div><p>Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.</p>
<div class="lb-trans"><p>從 SmartAsset 開始，參加一項快速退休測驗，將在 5 分鐘內為您匹配最多 3 位為您提供服務的理財顧問，覆蓋您所在地區及更廣泛範圍。</p>
</div><p>Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.</p>
<div class="lb-trans"><p>每位顧問均經過 SmartAsset 的審核，並被要求遵守受託責任標準，以最符合您利益的方式行事。</p>
</div><p>Here’s how it works:</p>
<p>1. Answer SmartAsset advisor match quiz</p>
<p>2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.</p>
<p>3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future</p>
<div class="lb-trans"><p>操作步驟如下：</p>
<p>1. 完成 SmartAsset 顧問匹配測驗</p>
<p>2. 自由查看您預先篩選的匹配結果。查看顧問的個人資料。</p>
<p>3. 與顧問免費交流。通過電話進行初步通話或面對面介紹，並選擇未來合作的對象。</p>
</div><p>Get started right here.</p>
<div class="lb-trans"><p>立即開始。</p>
</div><p>The post Invest Alongside Wall Street Legend Seth Klarman: 2 New Stocks He Bought and 1 He Dumped appeared first on 24/7 Wall St..</p>
<div class="lb-trans"><p>這篇文章來源於 24/7 Wall St.：與華爾街傳奇人物 Seth Klarman 一起投資：他購買的兩隻新股和拋售的一隻股票。</p>
</div>

與華爾街傳奇人物塞思·克拉曼一起投資：他新買入的兩隻股票和他拋售的一隻股票