<p>日曆的更替為零售投資者和億萬富翁資金經理帶來了新的機會。華爾街牛市的第二年，<strong>道瓊斯工業平均指數</strong>、<strong>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong> 分別上漲了 13%、23% 和 29%，這三大指數均創下了多個收盤新高。</p>
<p>儘管這一轟動的反彈，華爾街頂級億萬富翁投資者仍然在尋找被認為是便宜的股票。根據 13F 表格，投資者可以看到最聰明和最成功的資產管理者每季度買賣的股票，億萬富翁們正在為 2025 年湧入五家傑出公司——而人工智能（AI）巨頭 <strong>Nvidia</strong> 並不在其中。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDMyNjgvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDMyNjgvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>沃倫·巴菲特：達美樂比薩</h2>
<p>華爾街最著名的億萬富翁資金經理，<strong>伯克希爾哈撒韋</strong> 的沃倫·巴菲特，在過去八個季度（截至 2024 年 9 月 30 日）中淨賣出股票達 1662 億美元。但在這場拋售潮中，有一隻股票引起了他的興趣，那就是快餐連鎖店 <strong>達美樂比薩</strong>（DPZ 0.44%）。伯克希爾的 13F 顯示，巴菲特的公司在截至 9 月的季度購買了 1,277,256 股達美樂的股票。</p>
<p>達美樂比薩吸引奧馬哈先知注意的一個最可能的原因是其與顧客建立的信任。達美樂在 2000 年代末期改變了其營銷策略，承認之前的錯誤，併發誓要贏回飢餓的消費者。其透明的廣告活動、忠誠度計劃以及持續的流程和產品創新，至今取得了顯著成效。</p>
<p>達美樂比薩還在執行其增長計劃。最新的五年計劃名為 “渴望更多”，專注於新產品、以技術驅動的運營效率，旨在提高產出和公司的供應鏈，並依賴其特許經營商來提升達美樂品牌的價值。</p>
<p>隨着公司即將迎來國際同店銷售增長的第 31 個連續年，巴菲特顯然想要分一杯羹。</p>
<h2>特里·史密斯：蘋果</h2>
<p>被稱為 “英國的沃倫·巴菲特” 的億萬富翁特里·史密斯（Terry Smith）在 2024 年也在尋找良好的交易。有趣的是，他選擇了科技巨頭 <strong>蘋果</strong>（AAPL 0.20%），而這是沃倫·巴菲特在 2023 年 10 月 1 日至 2024 年 9 月 30 日之間賣出的超過 6.15 億股的股票。</p>
<p>史密斯在 2024 年監督購買了 224,004 股蘋果股票，這可能與公司市場領先的資本回報計劃有關。自 2013 財年開始（蘋果的財年在 9 月底結束），蘋果已回購超過 7250 億美元的自家股票，這對其每股收益（EPS）產生了顯著的積極影響。持續積極回購股票使蘋果對以價值為導向的投資者更具吸引力。</p>
<p>蘋果的服務部門也給投資者帶來了很多微笑的理由。儘管公司的實體產品銷售停滯不前，但服務收入卻以兩位數的百分比增長。專注於訂閲服務應該有助於提升蘋果的運營利潤率，並平滑通常伴隨主要 iPhone 升級週期的銷售波動。</p>
<p>需要注意的是，蘋果的股票歷史上價格較高。即使回購提升了其每股收益，蘋果的估值仍為過去 12 個月收益的 40 倍。除非 iPhone 銷售在 2025 財年顯著回升，否則這一估值將是一個難以接受的事實。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDMyNjgvY21nLW1lYWwtd2Vic2l0ZS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDMyNjgvY21nLW1lYWwtd2Vic2l0ZS5qcGcmdz03MDA"/></p>
<p>圖片來源：墨式燒烤。</p>
<h2>菲利普·拉豐：墨式燒烤</h2>
<p>億萬富翁菲利普·拉豐（Philippe Laffont）來自 Coatue Management，管理着近 270 億美元的資產，通常傾向於投資科技和醫療保健公司，但在第三季度偏離了常規，湧入了快休閒餐廳連鎖 <strong>墨式燒烤</strong>（CMG -0.12%）。Coatue 的 13F 顯示，購買了 4,575,054 股墨式燒烤的股票。</p>
<p>墨式燒烤承諾使用負責任養殖的肉類和當地採購的蔬菜（儘可能）贏得了顧客的認可。公司的管理團隊早已意識到，顧客願意為被認為更高質量的食物支付更多。因此，較高的食品成本從未成為墨式燒烤的主要擔憂。</p>
<p>創新在其持續成功中也發揮了關鍵作用。例如，2018 年推出的專用移動訂單自取車道（稱為 “Chipotlanes”）在疫情期間及之後幫助墨式燒烤蓬勃發展。</p>
<p>但與蘋果類似，墨式燒烤的巨大成功已經反映在其估值中。維持 44 倍的前瞻市盈率（P/E）以及中高個位數的同店銷售增長在新的一年中可能會面臨挑戰。</p>
<h2>崔斯·科爾曼：台灣半導體制造公司</h2>
<p>Tiger Global Management 的億萬富翁資產經理崔斯·科爾曼（Chase Coleman）管理着 234 億美元的資產，也傾向於將基金的資本投入高增長/藍籌科技和醫療保健股票。在第三季度，吸引科爾曼注意的傑出股票正是全球領先的芯片製造商 <strong>台灣半導體制造公司</strong>（TSM -2.03%）。科爾曼增加了 564,090 股，使其基金的持股超過 360 萬股。</p>
<p>雖然在過去兩年中，人工智能革命主要圍繞着英偉達展開，但現在故事正在向數據中心基礎設施和人工智能解決方案的實際應用（通過軟件）發展。台灣半導體公司是一個顯而易見的贏家，應該會享受到與人工智能崛起相關的健康訂單積壓。</p>
<p>台灣半導體公司還有更多值得關注的地方。雖然人工智能無疑是其當前的主要增長驅動力，但這家芯片製造領導者提供的不僅僅是高性能計算解決方案。例如，它是蘋果在國內市場占主導地位的 iPhone 所使用的處理芯片的主要供應商，以及一些最受歡迎的筆記本電腦和台式計算機的中央處理單元。</p>
<p>台灣半導體公司在 2025 年的主要擔憂是人工智能泡沫是否會破裂。儘管該公司享有豐厚的訂單積壓，並且如前所述，業務多元化，但過去三十年的每一個下一個重大投資都經歷過早期泡沫。</p>
<h2>比爾·阿克曼：耐克</h2>
<p>第五隻被億萬富翁投資者爭相購買的股票來自比爾·阿克曼的 Pershing Square Capital Management。阿克曼是一位激進投資者，以採取大規模頭寸來推動運營變革和/或獲得董事會席位而聞名。激進投資者的目標是為股東解鎖價值。在第三季度，阿克曼的 Pershing Square 大量購買了鞋類巨頭 <strong>耐克</strong>（NKE -1.11%）的 13,240,206 股股票。</p>
<p>儘管整體市場飆升，但耐克的股票卻遭遇了滑坡。前首席執行官約翰·多納霍最近辭職，他的目標是擁抱技術並建立耐克的直接面向消費者的平台。然而，多納霍缺乏顯著的零售鞋類經驗，他未能加強耐克的批發合作關係最終導致了問題。耐克在 2025 財年的銷售預計將下降 10%。</p>
<p>新任首席執行官埃利奧特·希爾正試圖通過專注於使耐克受到消費者歡迎的體育產品和營銷信息，將耐克帶回其根基。正如零售轉型活動常常所經歷的那樣，這將是一個過程，而不是瞬間發生的事情。</p>
<p>然而，如果耐克能夠扭轉局面並再次在美國和中國增加銷售，將會有一個引人注目的價值主張。耐克在 2024 財年交付了 3.95 美元的調整後每股收益。僅僅在未來幾年回到這個水平，將代表該公司很長一段時間以來最低的前瞻市盈率。</p>

達美樂比薩

伯克希爾哈撒韋-B

伯克希爾哈撒韋-A

墨式燒烤

<p>億萬富翁投資者正在瞄準五隻顯著的股票，2025 年將不包括英偉達。沃倫·巴菲特的伯克希爾哈撒韋投資了達美樂比薩，稱讚其客户信任和增長計劃。Fundsmith 的特里·史密斯購買了蘋果公司的股票，儘管其估值較高，但被其資本回報計劃所吸引。Coatue Management 的菲利普·拉豐投資了墨式燒烤，認可其對質量和創新的承諾。Tiger Global Management 的切斯·科爾曼也在進行重大投資，專注於具有強勁增長潛力的公司</p>

<p>The changing of the calendar brings new opportunities for retail investors and billionaire money managers alike. The second year of Wall Street's bull market rally saw the <strong>Dow Jones Industrial Average</strong> <strong>S&amp;P 500</strong>, and <strong>Nasdaq Composite</strong> respectively climb by 13% 23%, and 29%, with all three indexes reaching numerous record-closing highs.</p>
<div class="lb-trans"><p>日曆的更替為零售投資者和億萬富翁資金經理帶來了新的機會。華爾街牛市的第二年，<strong>道瓊斯工業平均指數</strong>、<strong>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong> 分別上漲了 13%、23% 和 29%，這三大指數均創下了多個收盤新高。</p>
</div><p>Despite this sensational rally, Wall Street's top billionaire investors continue to find perceived-to-be bargains. Based on Form 13Fs, which allow investors to see which stocks the smartest and most-successful asset managers have been buying and selling each quarter, billionaires are piling into five magnificent companies for 2025 -- and artificial intelligence (AI) juggernaut <strong>Nvidia</strong> isn't one of them.</p>
<div class="lb-trans"><p>儘管這一轟動的反彈，華爾街頂級億萬富翁投資者仍然在尋找被認為是便宜的股票。根據 13F 表格，投資者可以看到最聰明和最成功的資產管理者每季度買賣的股票，億萬富翁們正在為 2025 年湧入五家傑出公司——而人工智能（AI）巨頭 <strong>Nvidia</strong> 並不在其中。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDMyNjgvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F803268%2Fstock-market-candlestick-chart-circle-buy-dip-invest-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>Warren Buffett: Domino's Pizza</h2>
<div class="lb-trans"><h2>沃倫·巴菲特：達美樂比薩</h2>
</div><p>Wall Street's most-prominent billionaire money manager, <strong>Berkshire Hathaway</strong>'s Warren Buffett, has been a net seller of stocks to the tune of $166.2 billion over the previous eight quarters (ending Sept. 30, 2024). But one stock that's caught his fancy amid this selling spree is fast-food restaurant chain <strong>Domino's Pizza</strong>(DPZ 0.44%). Berkshire's 13F shows that Buffett's company purchased 1,277,256 shares of Domino's stock in the September-ended quarter.</p>
<div class="lb-trans"><p>華爾街最著名的億萬富翁資金經理，<strong>伯克希爾哈撒韋</strong> 的沃倫·巴菲特，在過去八個季度（截至 2024 年 9 月 30 日）中淨賣出股票達 1662 億美元。但在這場拋售潮中，有一隻股票引起了他的興趣，那就是快餐連鎖店 <strong>達美樂比薩</strong>（DPZ 0.44%）。伯克希爾的 13F 顯示，巴菲特的公司在截至 9 月的季度購買了 1,277,256 股達美樂的股票。</p>
</div><p>One of the likeliest reasons Domino's Pizza caught the attention of the Oracle of Omaha is the trust the former has built up with its customers. Domino's shifted its marketing strategy in the late 2000s to one that admitted prior mistakes and vowed to win back hungry consumers. Its transparent advertising campaigns, loyalty programs, and ongoing process and product innovation, have since worked wonders.</p>
<div class="lb-trans"><p>達美樂比薩吸引奧馬哈先知注意的一個最可能的原因是其與顧客建立的信任。達美樂在 2000 年代末期改變了其營銷策略，承認之前的錯誤，併發誓要贏回飢餓的消費者。其透明的廣告活動、忠誠度計劃以及持續的流程和產品創新，至今取得了顯著成效。</p>
</div><p>Domino's Pizza has also been executing on its growth initiatives. The newest five-year plan, dubbed &#34;Hungry for MORE,&#34; focuses on new products, tech-driven operating efficiency that's designed to improve output and the company's supply chain, and relies on its franchisees to enhance the value of the Domino's brand.</p>
<div class="lb-trans"><p>達美樂比薩還在執行其增長計劃。最新的五年計劃名為 “渴望更多”，專注於新產品、以技術驅動的運營效率，旨在提高產出和公司的供應鏈，並依賴其特許經營商來提升達美樂品牌的價值。</p>
</div><p>With the company well on its way to a 31st consecutive year of international same-store sales growth, Buffett clearly wanted his piece of the pie.</p>
<div class="lb-trans"><p>隨着公司即將迎來國際同店銷售增長的第 31 個連續年，巴菲特顯然想要分一杯羹。</p>
</div><h2>Terry Smith: Apple</h2>
<div class="lb-trans"><h2>特里·史密斯：蘋果</h2>
</div><p>The so-called &#34;Warren Buffett of the U.K.,&#34; billionaire Terry Smith of Fundsmith, was also on the hunt for a good deal throughout 2024. Interestingly enough, he settled on tech goliath <strong>Apple</strong>(AAPL 0.20%), which is a stock that Warren Buffett sold more than 615 million shares of between Oct. 1, 2023 and Sept. 30, 2024.</p>
<div class="lb-trans"><p>被稱為 “英國的沃倫·巴菲特” 的億萬富翁特里·史密斯（Terry Smith）在 2024 年也在尋找良好的交易。有趣的是，他選擇了科技巨頭 <strong>蘋果</strong>（AAPL 0.20%），而這是沃倫·巴菲特在 2023 年 10 月 1 日至 2024 年 9 月 30 日之間賣出的超過 6.15 億股的股票。</p>
</div><p>Smith oversaw the purchase of 224,004 shares of Apple stock in 2024, and it may well have to do with the company's market-leading capital-return program. Since the start of fiscal 2013 (Apple's fiscal year ends in late September), Apple has repurchased more than $725 billion worth of its own stock, which has had a notably positive impact on its earnings per share (EPS). Continuing to aggressively buy back its stock has made Apple more fundamentally attractive to value-focused investors.</p>
<div class="lb-trans"><p>史密斯在 2024 年監督購買了 224,004 股蘋果股票，這可能與公司市場領先的資本回報計劃有關。自 2013 財年開始（蘋果的財年在 9 月底結束），蘋果已回購超過 7250 億美元的自家股票，這對其每股收益（EPS）產生了顯著的積極影響。持續積極回購股票使蘋果對以價值為導向的投資者更具吸引力。</p>
</div><p>Apple's Services segment is giving investors plenty of reason to smile, as well. Although sales of the company's physical products have stagnated, Services revenue has been rising by a double-digit percentage. A focus on subscription services should help lift Apple's operating margin and smooth out the sales fluctuations that usually accompany major iPhone upgrade cycles.</p>
<div class="lb-trans"><p>蘋果的服務部門也給投資者帶來了很多微笑的理由。儘管公司的實體產品銷售停滯不前，但服務收入卻以兩位數的百分比增長。專注於訂閲服務應該有助於提升蘋果的運營利潤率，並平滑通常伴隨主要 iPhone 升級週期的銷售波動。</p>
</div><p>The one thing to note about Apple is that its stock is historically pricey. Even with buybacks boosting its EPS, Apple is valued at 40 times trailing-12-month earnings. Unless iPhone sales meaningfully pick up in fiscal 2025, this valuation is a tough pill to swallow.</p>
<div class="lb-trans"><p>需要注意的是，蘋果的股票歷史上價格較高。即使回購提升了其每股收益，蘋果的估值仍為過去 12 個月收益的 40 倍。除非 iPhone 銷售在 2025 財年顯著回升，否則這一估值將是一個難以接受的事實。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDMyNjgvY21nLW1lYWwtd2Vic2l0ZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F803268%2Fcmg-meal-website.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Chipotle Mexican Grill.</p>
<div class="lb-trans"><p>圖片來源：墨式燒烤。</p>
</div><h2>Philippe Laffont: Chipotle Mexican Grill</h2>
<div class="lb-trans"><h2>菲利普·拉豐：墨式燒烤</h2>
</div><p>Billionaire Philippe Laffont of Coatue Management, who's overseeing almost $27 billion in assets under management (AUM) and tends to gravitate to tech and healthcare companies, drifted from his norm during the third quarter and piled into fast-casual restaurant chain <strong>Chipotle Mexican Grill</strong>(CMG -0.12%). Coatue's 13F shows that 4,575,054 shares of Chipotle were purchased.</p>
<div class="lb-trans"><p>億萬富翁菲利普·拉豐（Philippe Laffont）來自 Coatue Management，管理着近 270 億美元的資產，通常傾向於投資科技和醫療保健公司，但在第三季度偏離了常規，湧入了快休閒餐廳連鎖 <strong>墨式燒烤</strong>（CMG -0.12%）。Coatue 的 13F 顯示，購買了 4,575,054 股墨式燒烤的股票。</p>
</div><p>Chipotle's promise to use responsibly raised meats and locally sourced vegetables (when possible) has resonated with its customers. The company's management team realized a long time ago that its customers would willingly pay more for food that's deemed to be higher quality. Thus, higher food costs have never been much of a concern for Chipotle Mexican Grill.</p>
<div class="lb-trans"><p>墨式燒烤承諾使用負責任養殖的肉類和當地採購的蔬菜（儘可能）贏得了顧客的認可。公司的管理團隊早已意識到，顧客願意為被認為更高質量的食物支付更多。因此，較高的食品成本從未成為墨式燒烤的主要擔憂。</p>
</div><p>Innovation has also played a key role in its ongoing success. For instance, the rollout of dedicated mobile-order drive-thru lanes (known as &#34;Chipotlanes&#34;) in 2018 really helped Chipotle thrive during and after the pandemic.</p>
<div class="lb-trans"><p>創新在其持續成功中也發揮了關鍵作用。例如，2018 年推出的專用移動訂單自取車道（稱為 “Chipotlanes”）在疫情期間及之後幫助墨式燒烤蓬勃發展。</p>
</div><p>But in similar fashion to Apple, Chipotle's overwhelming success is already reflected in its valuation. Maintaining a forward price-to-earnings (P/E) ratio of 44 with same-store sales growth in the mid-to-high single digits might prove difficult in the new year.</p>
<div class="lb-trans"><p>但與蘋果類似，墨式燒烤的巨大成功已經反映在其估值中。維持 44 倍的前瞻市盈率（P/E）以及中高個位數的同店銷售增長在新的一年中可能會面臨挑戰。</p>
</div><h2>Chase Coleman: Taiwan Semiconductor Manufacturing</h2>
<div class="lb-trans"><h2>崔斯·科爾曼：台灣半導體制造公司</h2>
</div><p>Tiger Global Management's billionaire asset manager Chase Coleman, who's overseeing $23.4 billion in AUM, also has a tendency to put his fund's capital to work in high-growth/blue-chip tech and healthcare stocks. During the third quarter, the magnificent stock that caught Coleman's attention was none other than world-leading chip fabricator <strong>Taiwan Semiconductor Manufacturing</strong>(TSM -2.03%). Coleman added 564,090 shares to increase his fund's stake to north of 3.6 million shares.</p>
<div class="lb-trans"><p>Tiger Global Management 的億萬富翁資產經理崔斯·科爾曼（Chase Coleman）管理着 234 億美元的資產，也傾向於將基金的資本投入高增長/藍籌科技和醫療保健股票。在第三季度，吸引科爾曼注意的傑出股票正是全球領先的芯片製造商 <strong>台灣半導體制造公司</strong>（TSM -2.03%）。科爾曼增加了 564,090 股，使其基金的持股超過 360 萬股。</p>
</div><p>While the AI revolution has predominantly revolved around Nvidia in each of the last two years, the story is now evolving to data center infrastructure and the practical application (via software) of AI solutions. One of the companies that stands out as a seemingly surefire winner is Taiwan Semi, which should enjoy a healthy backlog of orders tied to the rise of AI.</p>
<div class="lb-trans"><p>雖然在過去兩年中，人工智能革命主要圍繞着英偉達展開，但現在故事正在向數據中心基礎設施和人工智能解決方案的實際應用（通過軟件）發展。台灣半導體公司是一個顯而易見的贏家，應該會享受到與人工智能崛起相關的健康訂單積壓。</p>
</div><p>There's also more to Taiwan Semiconductor than meets the eye. While AI is undoubtedly its key growth driver at the moment, this chip-fab leader provides more than just high-performance computing solutions. For instance, it's the primarily provider of processing chips used in Apple's domestically dominant iPhone, as well as some of the most-popular central processing units for laptops and desktop computers.</p>
<div class="lb-trans"><p>台灣半導體公司還有更多值得關注的地方。雖然人工智能無疑是其當前的主要增長驅動力，但這家芯片製造領導者提供的不僅僅是高性能計算解決方案。例如，它是蘋果在國內市場占主導地位的 iPhone 所使用的處理芯片的主要供應商，以及一些最受歡迎的筆記本電腦和台式計算機的中央處理單元。</p>
</div><p>The big concern for Taiwan Semiconductor in 2025 is whether or not the AI bubble will burst. Although the company enjoys a hearty order backlog and is, as noted, operationally diverse, every next-big-thing investment spanning three decades has endured an early stage bubble.</p>
<div class="lb-trans"><p>台灣半導體公司在 2025 年的主要擔憂是人工智能泡沫是否會破裂。儘管該公司享有豐厚的訂單積壓，並且如前所述，業務多元化，但過去三十年的每一個下一個重大投資都經歷過早期泡沫。</p>
</div><h2>Bill Ackman: Nike</h2>
<div class="lb-trans"><h2>比爾·阿克曼：耐克</h2>
</div><p>The fifth magnificent stock that's being gobbled up by billionaire investors comes courtesy of Bill Ackman at Pershing Square Capital Management. Ackman is an activist investor known for taking sizable positions in an effort to effect operating changes and/or earn board seats. The goal for activist investors is to unlock value for shareholders. During the third quarter, Ackman's Pershing Square piled into footwear giant <strong>Nike</strong>(NKE -1.11%) by purchasing 13,240,206 shares.</p>
<div class="lb-trans"><p>第五隻被億萬富翁投資者爭相購買的股票來自比爾·阿克曼的 Pershing Square Capital Management。阿克曼是一位激進投資者，以採取大規模頭寸來推動運營變革和/或獲得董事會席位而聞名。激進投資者的目標是為股東解鎖價值。在第三季度，阿克曼的 Pershing Square 大量購買了鞋類巨頭 <strong>耐克</strong>（NKE -1.11%）的 13,240,206 股股票。</p>
</div><p>While the broader market has soared, shares of Nike have hit the skids. Former CEO John Donahoe, who recently stepped down, aimed to embrace technology and build Nike's direct-to-consumer platform. However, Donahoe lacked significant retail footwear experience, and his inability to reinforce Nike's wholesale partnerships came back to bite. Nike's fiscal 2025 sales are expected to decline by 10%.</p>
<div class="lb-trans"><p>儘管整體市場飆升，但耐克的股票卻遭遇了滑坡。前首席執行官約翰·多納霍最近辭職，他的目標是擁抱技術並建立耐克的直接面向消費者的平台。然而，多納霍缺乏顯著的零售鞋類經驗，他未能加強耐克的批發合作關係最終導致了問題。耐克在 2025 財年的銷售預計將下降 10%。</p>
</div><p>New CEO Elliott Hill is attempting to return Nike to its roots by focusing on the sports products and marketing messages that made it popular with consumers. As is often the case with retail turnaround campaigns, it'll be a process and not something that flips at the drop of a dime.</p>
<div class="lb-trans"><p>新任首席執行官埃利奧特·希爾正試圖通過專注於使耐克受到消費者歡迎的體育產品和營銷信息，將耐克帶回其根基。正如零售轉型活動常常所經歷的那樣，這將是一個過程，而不是瞬間發生的事情。</p>
</div><p>There is, however, an intriguing value proposition if Nike can right the ship and increase sales once more in the U.S. and China. Nike delivered $3.95 in adjusted EPS in fiscal 2024. Simply getting back to this level in the coming years would represent the company's lowest forward P/E ratio in a <em>long</em> time.</p>
<div class="lb-trans"><p>然而，如果耐克能夠扭轉局面並再次在美國和中國增加銷售，將會有一個引人注目的價值主張。耐克在 2024 財年交付了 3.95 美元的調整後每股收益。僅僅在未來幾年回到這個水平，將代表該公司很長一段時間以來最低的前瞻市盈率。</p>
</div>

5 Magnificent Stocks (Not Named Nvidia) Billionaire Money Managers Are Piling Into for 2025

- 2025 年，億萬富翁投資者關注五大公司，未包括 Nvidia。  
- 巴菲特增持 Domino's Pizza，因其客户信任和創新策略。  
- 其他投資者如 Smith、Laffont、Coleman 和 Ackman 也在尋找價值股。

Motley Fool

瑞豐動力

蘋果

強邦新材

亞歷山大房地產

老虎證券

荷蘭國際

創識科技

英偉達

華大酒店

愛普股份

億萬富翁資金經理們正在為 2025 年大量買入的 5 只非英偉達股票