<p>沒有哪個資金經理能比億萬富翁沃倫·巴菲特更能吸引投資界的關注。在他擔任 <strong>伯克希爾哈撒韋</strong>(BRK.A) (BRK.B 0.55%) 首席執行官近六十年的時間裏，這位被稱為 “奧馬哈的先知” 的領導者，管理的公司 A 類股票（BRK.A）截至 11 月 14 日的累計回報超過了 5,660,000%。</p>
<p>巴菲特在長期內持續超越華爾街主要指數的能力，使一些投資者渴望跟隨他的投資腳步。得益於向證券交易委員會提交的 13F 表格，這一過程相對簡單。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc5ODQvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc5ODQvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA"/></p>
<p>伯克希爾哈撒韋首席執行官沃倫·巴菲特。圖片來源：The Motley Fool。</p>
<p>13F 是機構投資者必須提交的文件，要求管理的資產至少達到 1 億美元。它為投資者提供了華爾街最聰明的資金經理在最新季度購買和出售的股票快照。11 月 14 日是披露截至 9 月季度交易活動的提交截止日期。</p>
<p>與伯克希爾哈撒韋過去兩年的 13F 文件一致，巴菲特和他的團隊一直是股票的淨賣方，並且非常挑剔地進行購買。根據最新一輪的 13F 文件，一項主要持股繼續被拋棄，而另一家受歡迎的消費品品牌突然成為熱門購買。</p>
<h2>伯克希爾的主要持股繼續被拋棄</h2>
<p>根據伯克希爾哈撒韋的合併現金流量表，巴菲特和他的團隊在連續八個季度內出售的股票數量超過了購買的數量（自 2022 年 10 月 1 日起），總計達到 1662 億美元。在這 1662 億美元中，沒有哪隻股票佔比更高於頂級消費品牌 <strong>蘋果</strong>(AAPL -1.41%)。</p>
<p>截至 9 月 30 日的過去一年，伯克希爾哈撒韋已出售 615,560,382 股蘋果股票，使其在華爾街第二大公司的持股比例驚人地減少了 67%。請記住，即使在拋售了 615.56 百萬股蘋果股票後，它仍然是伯克希爾最大的持股，市值幾乎高出 250 億美元。</p>
<p>在伯克希爾哈撒韋的年度股東大會上，巴菲特在與投資者的問答環節中表示，企業所得税率可能會提高。因此，他暗示出售蘋果股票是伯克希爾以有利税率鎖定可觀未實現收益的一種方式。</p>
<p>然而，隨着唐納德·特朗普贏得總統選舉，且共和黨控制了國會兩院，企業所得税的增加在未來四年內看起來將堅決不再提上日程。考慮到蘋果股票因巴菲特的拋售而在人工智能（AI）期望上大幅上漲，可以公平地説，伯克希爾哈撒韋錯過了可觀的收益。</p>
<p>但這次拋售活動可能並非表面上看起來那麼簡單。</p>
<p>儘管沃倫·巴菲特在伯克希爾的年度股東大會上暗示與税務相關的拋售，但他可能對蘋果的估值並不太滿意。這位奧馬哈的先知是一位堅定的價值投資者，而蘋果目前的交易價格是過去 12 個月收益的 38 倍。蘋果歷史上高的估值倍數與 <strong>標普 500</strong> 的席勒市盈率（P/E）相當，後者在回溯至 1871 年 1 月時達到了第三高的估值倍數。</p>
<p>此外，蘋果的實體產品銷售在過去兩年中停滯不前。儘管訂閲服務的增長強勁，但對 iPhone、Mac、iPad 和配件的需求充其量也只是温和。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc5ODQvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc5ODQvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>沃倫·巴菲特的新寵兒</h2>
<p>儘管在 2024 年成為大規模淨賣方，沃倫·巴菲特和他的頂級投資顧問託德·科姆斯和泰德·韋施勒進行了非常挑剔的購買。例子包括增加他們在華爾街最受歡迎的反向股票拆分公司 <strong>Sirius XM Holdings</strong> 的持股，以及增加對財產和意外險公司 <strong>Chubb</strong> 的投資，後者在 5 月中旬之前是伯克希爾的保密持股。</p>
<p>在截至 9 月的季度中，巴菲特和他的團隊幾乎沒有進行購買……只有一個例外。第三季度最大的購買是開設一個全新的持倉，投資於受歡迎的快餐連鎖店 <strong>達美樂比薩</strong>(DPZ -1.27%)。購買的 1,277,256 股相當於截至 9 月底的市場價值近 5.5 億美元。</p>
<p>自 2004 年首次公開募股（IPO）以來，達美樂比薩一直是華爾街表現最好的股票之一。自 2004 年 7 月 13 日首次亮相以來，考慮到股息和與伯克希爾哈撒韋的 13F 文件相關的強勁盤後走勢，股價已上漲超過 7000%。</p>
<p>去年 12 月，達美樂推出了其五年計劃，稱為 “渴望更多”（Hungry for MORE）。之所以將 “MORE” 大寫，是因為它代表了公司計劃在未來幾年內提高運營效率和客户忠誠度的方式的首字母縮寫。</p>
<p>達美樂的 “M” 代表創造 “最美味的食物”，靈感來自於新的菜單產品和食品準備過程的一致性。“O” 代表 “運營卓越”，專注於食品一致性和通過其專有的技術驅動操作系統最大化產出。“R” 代表 “著名價值”，與公司的獎勵計劃相關，旨在保持客户對品牌的忠誠。最後，“E” 代表通過其特許經營商 “提升” 品牌的價值。</p>
<p>沃倫·巴菲特非常欣賞那些對自己的成功和失敗都負責的管理團隊。達美樂比薩的成功真正始於 2010 年代初期，其廣告活動以自我批評為主題。該公司毫不畏懼地承認過去的錯誤（即其比薩質量不佳），並通過誠實的營銷成功與消費者建立了良好的關係。</p>
<p>奧馬哈的先知同樣被那些對股東友好的資本回報計劃所吸引。達美樂比薩在十多年來不斷增加其基礎年度分紅，並在幾乎所有季度中回購了自己的股票。伯克希爾哈撒韋的大部分持股都是經過時間考驗的分紅支付者。</p>
<p>儘管很難否認達美樂比薩的卓越回報，但 27 倍的前瞻市盈率並不便宜。未來幾個季度，奧馬哈的先知和他的團隊是否會在這個位置上繼續加碼，值得關注。</p>

伯克希爾哈撒韋-A

伯克希爾哈撒韋-B

蘋果

達美樂比薩

<p>億萬富翁沃倫·巴菲特已出售伯克希爾哈撒韋在蘋果公司的 67% 股份，減少了超過 6.15 億股的持有量。這標誌着巴菲特淨賣出的趨勢，他對蘋果公司的高估值和停滯不前的產品銷售持謹慎態度。相比之下，巴菲特在達美樂比薩上進行了重大新投資，購買了超過 120 萬股，自 2004 年上市以來，該公司的股價已上漲了驚人的 7000%。這一變化反映了巴菲特在更廣泛的賣出趨勢中採取的選擇性買入策略</p>

<p>There isn't a money manager who commands more attention from the investment community than billionaire Warren Buffett. In his nearly six decades as CEO of <strong>Berkshire Hathaway</strong>(BRK.A) (BRK.B 0.55%), the aptly dubbed &#34;Oracle of Omaha&#34; has overseen a cumulative return in his company's Class A shares (BRK.A) of greater than 5,660,000%, as of the closing bell on Nov. 14.</p>
<div class="lb-trans"><p>沒有哪個資金經理能比億萬富翁沃倫·巴菲特更能吸引投資界的關注。在他擔任 <strong>伯克希爾哈撒韋</strong>(BRK.A) (BRK.B 0.55%) 首席執行官近六十年的時間裏，這位被稱為 “奧馬哈的先知” 的領導者，管理的公司 A 類股票（BRK.A）截至 11 月 14 日的累計回報超過了 5,660,000%。</p>
</div><p>Buffett's ability to consistently outperform Wall Street's major indexes over lengthy timelines has some investors eager to ride his coattails. Thanks to Form 13F filings with the Securities and Exchange Commission, this can be done with relative ease.</p>
<div class="lb-trans"><p>巴菲特在長期內持續超越華爾街主要指數的能力，使一些投資者渴望跟隨他的投資腳步。得益於向證券交易委員會提交的 13F 表格，這一過程相對簡單。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc5ODQvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F797984%2Fbuffett8-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.</p>
<div class="lb-trans"><p>伯克希爾哈撒韋首席執行官沃倫·巴菲特。圖片來源：The Motley Fool。</p>
</div><p>A 13F is a required filing by institutional investors with at least $100 million in assets under management. It provides investors with a snapshot of which stocks Wall Street's smartest money managers purchased and sold in the latest quarter. Nov. 14 was the filing deadline to disclose trading activity for the September-ended quarter.</p>
<div class="lb-trans"><p>13F 是機構投資者必須提交的文件，要求管理的資產至少達到 1 億美元。它為投資者提供了華爾街最聰明的資金經理在最新季度購買和出售的股票快照。11 月 14 日是披露截至 9 月季度交易活動的提交截止日期。</p>
</div><p>Consistent with Berkshire Hathaway's 13Fs over the last two years, Buffett and his team have been net sellers of equities and very selective buyers. Based on the latest round of 13Fs, one top holding continues to get the heave-ho, while another beloved consumer goods brand is suddenly a popular buy.</p>
<div class="lb-trans"><p>與伯克希爾哈撒韋過去兩年的 13F 文件一致，巴菲特和他的團隊一直是股票的淨賣方，並且非常挑剔地進行購買。根據最新一輪的 13F 文件，一項主要持股繼續被拋棄，而另一家受歡迎的消費品品牌突然成為熱門購買。</p>
</div><h2>Shares of Berkshire's top holding continue to be shown to the door</h2>
<div class="lb-trans"><h2>伯克希爾的主要持股繼續被拋棄</h2>
</div><p>Based on Berkshire Hathaway's consolidated cash flow statements, Buffett and his team have sold more stocks than they've purchased for eight consecutive quarters (dating back to Oct. 1, 2022), totaling an aggregate of $166.2 billion. No stock accounts for a greater percentage of this $166.2 billion than top consumer brand <strong>Apple</strong>(AAPL -1.41%).</p>
<div class="lb-trans"><p>根據伯克希爾哈撒韋的合併現金流量表，巴菲特和他的團隊在連續八個季度內出售的股票數量超過了購買的數量（自 2022 年 10 月 1 日起），總計達到 1662 億美元。在這 1662 億美元中，沒有哪隻股票佔比更高於頂級消費品牌 <strong>蘋果</strong>(AAPL -1.41%)。</p>
</div><p>Over the trailing year, ended Sept. 30, Berkshire Hathaway has sold 615,560,382 shares of Apple, which reduced its stake in Wall Street's second-largest company by a staggering 67%. Keep in mind that even after dumping 615.56 million shares of Apple, it's still Berkshire's largest holding by almost $25 billion in market value.</p>
<div class="lb-trans"><p>截至 9 月 30 日的過去一年，伯克希爾哈撒韋已出售 615,560,382 股蘋果股票，使其在華爾街第二大公司的持股比例驚人地減少了 67%。請記住，即使在拋售了 615.56 百萬股蘋果股票後，它仍然是伯克希爾最大的持股，市值幾乎高出 250 億美元。</p>
</div><p>During Berkshire Hathaway's annual shareholder meeting in early May, Buffett opined during the question-and-answer session with investors that the corporate income tax rate would likely head higher. He thus intimated that selling Apple's stock was a way for Berkshire to lock in sizable unrealized gains at a favorable tax rate.</p>
<div class="lb-trans"><p>在伯克希爾哈撒韋的年度股東大會上，巴菲特在與投資者的問答環節中表示，企業所得税率可能會提高。因此，他暗示出售蘋果股票是伯克希爾以有利税率鎖定可觀未實現收益的一種方式。</p>
</div><p>However, with Donald Trump winning the presidency and Republicans controlling both houses of Congress, corporate income tax increases look to be firmly off the table for at least the next four years. Considering that Apple's stock has risen significantly on its artificial intelligence (AI) aspirations as Buffett has sold, it's fair to say that Berkshire Hathaway has missed out on a pretty penny in gains.</p>
<div class="lb-trans"><p>然而，隨着唐納德·特朗普贏得總統選舉，且共和黨控制了國會兩院，企業所得税的增加在未來四年內看起來將堅決不再提上日程。考慮到蘋果股票因巴菲特的拋售而在人工智能（AI）期望上大幅上漲，可以公平地説，伯克希爾哈撒韋錯過了可觀的收益。</p>
</div><p>But there may be more to this selling activity than meets the eye.</p>
<div class="lb-trans"><p>但這次拋售活動可能並非表面上看起來那麼簡單。</p>
</div><p>Even though Warren Buffett hinted at tax-related selling at Berkshire's annual shareholder meeting, he might be less than impressed with Apple's valuation. The Oracle of Omaha is an ardent value investor, and Apple is currently trading at 38 times trailing-12-month earnings. Apple's historically high valuation multiple is on par with the <strong>S&amp;P 500</strong>'s Shiller price-to-earnings (P/E) ratio hitting its third-highest valuation multiple, when back-tested to January 1871.</p>
<div class="lb-trans"><p>儘管沃倫·巴菲特在伯克希爾的年度股東大會上暗示與税務相關的拋售，但他可能對蘋果的估值並不太滿意。這位奧馬哈的先知是一位堅定的價值投資者，而蘋果目前的交易價格是過去 12 個月收益的 38 倍。蘋果歷史上高的估值倍數與 <strong>標普 500</strong> 的席勒市盈率（P/E）相當，後者在回溯至 1871 年 1 月時達到了第三高的估值倍數。</p>
</div><p>Additionally, Apple's physical product sales have stalled over the last two years. While subscription services growth has been robust, demand for iPhone, Mac, iPad, and accessories has been lukewarm, at best.</p>
<div class="lb-trans"><p>此外，蘋果的實體產品銷售在過去兩年中停滯不前。儘管訂閲服務的增長強勁，但對 iPhone、Mac、iPad 和配件的需求充其量也只是温和。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc5ODQvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F797984%2Femployees-eat-pizza-conference-room-business-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>There's a new apple of Warren Buffett's eye</h2>
<div class="lb-trans"><h2>沃倫·巴菲特的新寵兒</h2>
</div><p>Despite being a big-time net seller of stocks in 2024, Warren Buffett and his top investment advisors, Todd Combs and Ted Weschler, have done some very selective buying. Examples include building up their stake in Wall Street's most-popular reverse stock split, <strong>Sirius XM Holdings</strong>, as well as adding to property and casualty insurer <strong>Chubb</strong>, which was Berkshire's confidential holding until mid-May.</p>
<div class="lb-trans"><p>儘管在 2024 年成為大規模淨賣方，沃倫·巴菲特和他的頂級投資顧問託德·科姆斯和泰德·韋施勒進行了非常挑剔的購買。例子包括增加他們在華爾街最受歡迎的反向股票拆分公司 <strong>Sirius XM Holdings</strong> 的持股，以及增加對財產和意外險公司 <strong>Chubb</strong> 的投資，後者在 5 月中旬之前是伯克希爾的保密持股。</p>
</div><p>During the September-ended quarter, Buffett and his team did very little buying... with one exception. The largest purchase of the third quarter was to open a brand-new position in beloved fast-food restaurant chain <strong>Domino's Pizza</strong>(DPZ -1.27%). The 1,277,256 shares purchased equated to almost $550 million in market value, as of the end of September.</p>
<div class="lb-trans"><p>在截至 9 月的季度中，巴菲特和他的團隊幾乎沒有進行購買……只有一個例外。第三季度最大的購買是開設一個全新的持倉，投資於受歡迎的快餐連鎖店 <strong>達美樂比薩</strong>(DPZ -1.27%)。購買的 1,277,256 股相當於截至 9 月底的市場價值近 5.5 億美元。</p>
</div><p>Domino's Pizza has been one of the top-performing stocks on Wall Street since its initial public offering (IPO) in 2004. Since its debut on July 13, 2004, shares have catapulted higher by more than 7,000%, factoring in dividends and the robust after-hours move associated with Berkshire Hathaway's 13F filing.</p>
<div class="lb-trans"><p>自 2004 年首次公開募股（IPO）以來，達美樂比薩一直是華爾街表現最好的股票之一。自 2004 年 7 月 13 日首次亮相以來，考慮到股息和與伯克希爾哈撒韋的 13F 文件相關的強勁盤後走勢，股價已上漲超過 7000%。</p>
</div><p>In December of last year, Domino's introduced its five-year plan that it dubbed &#34;Hungry for MORE.&#34; The reason &#34;MORE&#34; is capitalized is because it represents an acronym for the ways the company aims to improve its operating efficiency and customer loyalty in the years to come.</p>
<div class="lb-trans"><p>去年 12 月，達美樂推出了其五年計劃，稱為 “渴望更多”（Hungry for MORE）。之所以將 “MORE” 大寫，是因為它代表了公司計劃在未來幾年內提高運營效率和客户忠誠度的方式的首字母縮寫。</p>
</div><p>Domino's &#34;M&#34; is about creating the &#34;most delicious food,&#34; and is inspired by new menu offerings and the consistency of its food-prep process. The &#34;O&#34; stands for &#34;operational excellence&#34; and is focused on food consistency and maximizing output through its proprietary tech-driven operating system. The &#34;R&#34; is about &#34;renowned value&#34; and relates to the company's rewards program, which is designed to keep customers loyal to the brand. Lastly, the &#34;E&#34; is for &#34;enhancing&#34; the brand's value through its franchisees.</p>
<div class="lb-trans"><p>達美樂的 “M” 代表創造 “最美味的食物”，靈感來自於新的菜單產品和食品準備過程的一致性。“O” 代表 “運營卓越”，專注於食品一致性和通過其專有的技術驅動操作系統最大化產出。“R” 代表 “著名價值”，與公司的獎勵計劃相關，旨在保持客户對品牌的忠誠。最後，“E” 代表通過其特許經營商 “提升” 品牌的價值。</p>
</div><p>Warren Buffett is a huge fan of management teams that own their successes <em>and</em> their failures. Domino's success really kicked off in the early 2010s with its <em>mea culpa</em> advertising campaign. The company hasn't been afraid to admit past mistakes (i.e., that its pizza was subpar) and has successfully built rapport with consumers through its honest marketing.</p>
<div class="lb-trans"><p>沃倫·巴菲特非常欣賞那些對自己的成功和失敗都負責的管理團隊。達美樂比薩的成功真正始於 2010 年代初期，其廣告活動以自我批評為主題。該公司毫不畏懼地承認過去的錯誤（即其比薩質量不佳），並通過誠實的營銷成功與消費者建立了良好的關係。</p>
</div><p>The Oracle of Omaha is also attracted to companies with shareholder-friendly capital-return programs. Domino's has increased its base annual payout for more than a decade and has repurchased its shares in all but a handful of quarters. A majority of Berkshire Hathaway's holdings are time-tested dividend payers.</p>
<div class="lb-trans"><p>奧馬哈的先知同樣被那些對股東友好的資本回報計劃所吸引。達美樂比薩在十多年來不斷增加其基礎年度分紅，並在幾乎所有季度中回購了自己的股票。伯克希爾哈撒韋的大部分持股都是經過時間考驗的分紅支付者。</p>
</div><p>Although it's hard to argue against Domino's stellar return, a forward P/E ratio of 27 isn't exactly cheap. It'll be interesting to see if the Oracle of Omaha and his team build on this position in the quarters to come.</p>
<div class="lb-trans"><p>儘管很難否認達美樂比薩的卓越回報，但 27 倍的前瞻市盈率並不便宜。未來幾個季度，奧馬哈的先知和他的團隊是否會在這個位置上繼續加碼，值得關注。</p>
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Billionaire Warren Buffett Sold 67% of Berkshire's Stake in Apple and Is Piling Into a Beloved Consumer Brand Whose Stock Has Soared by 7,000% Since Its IPO

- 沃倫·巴菲特在伯克希爾哈撒韋的管理下，股票回報超過 5,660,000%。  
- 巴菲特近期出售了大量蘋果股票，減少持股 67%。  
- 新增投資包括多米諾比薩，顯示出對管理團隊的認可。  

億萬富翁沃倫·巴菲特出售了伯克希爾哈撒韋在蘋果公司 67% 的股份，並且正在大量投資一個備受喜愛的消費品牌，該品牌自首次公開募股以來股價已經飆升了 7000%