<p>在華爾街，鮮有投資者能像 <strong>伯克希爾哈撒韋</strong>(BRK.A -0.58%)(BRK.B -0.64%) 的首席執行官沃倫·巴菲特那樣引起如此多的關注，原因很簡單：他的業績優異。在大約 60 年的時間裏，這位奧馬哈的先知擔任首席執行官，伯克希爾哈撒韋的 A 類股票（BRK.A）截至 2 月 19 日收盤的累計回報率達到了 5,864,600%。</p>
<p>投資者也逐漸欣賞巴菲特的坦誠。他每年給股東的信以及伯克希爾在奧馬哈的年度會議為巴菲特提供了一個表達他對美國經濟、股市以及偶爾對公司投資組合中特定持股看法的平台。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgzNjkvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgzNjkvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA"/></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>但投資者有機會更頻繁地瞭解沃倫·巴菲特的想法，而不僅僅是一年一次。在每個季度結束後的 45 天內，管理資產至少為 1 億美元的機構投資經理必須向證券交易委員會提交 13F 表格。13F 表格允許投資者查看最聰明的資產管理者在最近一個季度買入和賣出的股票。</p>
<p>伯克希爾哈撒韋的億萬富翁首席執行官正在管理一個包含 44 只股票、價值 2990 億美元的投資組合，因此需要提供季度 13F，以便投資者跟蹤他的交易活動。</p>
<p>在截至 12 月的季度中，沃倫·巴菲特大幅減持了三家銀行業頂尖金融機構的股票。同時，他在一個新頭寸上投入了超過 12 億美元，這反映了奧馬哈先知的價值導向根基。</p>
<h2>巴菲特正在拋售三隻領先銀行股票</h2>
<p>儘管巴菲特在第四季度完全退出了三項頭寸，並減少了九項頭寸，但最引人注目的是他在三隻頂級銀行股票中的拋售活動：</p>
<ul>
<li><strong>美國銀行</strong>(BAC -1.08%) <strong>:</strong> 117,449,720 股出售（減少 15%）</li>
<li><strong>花旗集團</strong>(C -2.08%) <strong>:</strong> 40,605,295 股出售（減少 74%）</li>
<li><strong>資本一金融</strong>(COF -2.52%) <strong>:</strong> 1,650,000 股出售（減少 18%）</li>
</ul>
<p>在截至 12 月 31 日的過去一年中，伯克希爾在美國銀行、花旗集團和資本一金融的持股分別減少了 34%、74% 和 40%。</p>
<p>這些拋售活動特別引人注目，因為巴菲特最喜歡投資的領域是金融。如果伯克希爾的首席執行官正在拋售他最大的金融股票，這似乎向華爾街發出了一個非常明確的警告：麻煩正在醖釀。</p>
<p>公平地説，沒有人確切知道巴菲特在想什麼，這種拋售活動可能是無害的。換句話説，巴菲特可能是在利用歷史上較低的邊際企業所得税率，鎖定可觀的未實現收益。但這種拋售背後可能有更多原因，而不僅僅是為了獲利了結。</p>
<p>一個可能的角度是，伯克希爾的首席執行官試圖提前應對美聯儲貨幣政策的變化。當國家中央銀行在與四十年來最高的通貨膨脹率作鬥爭，並在 2022 年迅速提高利率時，銀行股票受益於更高的淨利息收入。美國銀行是國內貨幣中心銀行中對利率最敏感的，而資本一金融是美國最大的信用卡發行商之一。</p>
<p>然而，美聯儲已經轉向降息週期。儘管最近的通貨膨脹數據表明，國家中央銀行將在 2025 年逐步減息，但進一步降息的前景可能會對美國銀行、花旗集團和資本一金融的底線造成壓力。</p>
<p>或許對奧馬哈先知來説，更大的問題是銀行股票的價值不再像以前那樣令人驚豔。大約在去年這個時候，投資者可以以接近其賬面價值的價格購買美國銀行的股票，而資本一和花旗的股票則遠低於各自的賬面價值。</p>
<p>如今，美國銀行和資本一的估值分別比其賬面價值高出 29% 和 32%。儘管花旗仍以 17% 的折扣交易於其賬面價值，但它仍在應對與大蕭條相關的成本削減挫折和糟糕的市場情緒。銀行股票曾經提供的價值主張變得越來越難以驗證。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgzNjkvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgzNjkvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>這隻歷史上便宜的飲料股票是巴菲特的新寵</h2>
<p>儘管沃倫·巴菲特已經連續九個季度淨賣出股票，但他在此過程中發現了少數幾隻值得投資的股票。在第四季度真正引起關注的購買是啤酒、葡萄酒和烈酒巨頭 <strong>康斯特 ellation Brands</strong>(STZ 2.11%)。伯克希爾的 13F 顯示購買了 5,624,324 股，總市值超過 12 億美元。</p>
<p>儘管牛市持續升温，但康斯特 ellation Brands 的股票卻停滯不前。在過去兩年中，<strong>標準普爾 500 指數</strong>(^GSPC -1.71%) 的表現比康斯特 ellation Brands 的股票高出驚人的 75 個百分點——51% 對比（24%）。</p>
<p>康斯特 ellation Brands 的顯著表現不佳可能部分是由於對特朗普總統實施關税的擔憂。在特朗普上任不久後，他實施了（並迅速暫停）對從墨西哥進口商品的 25% 關税。如果這些關税生效，將使康斯特 ellation 的核心啤酒品牌（如 Corona 和 Modelo）變得更貴，這可能會降低它們在美國消費者中的受歡迎程度。</p>
<p>此外，總統還在推動他的 “讓美國再次健康” 倡議，旨在改善美國兒童的健康狀況並逆轉慢性疾病。目前尚不清楚像康斯坦丁品牌這樣的酒類生產商在這一敍述中扮演什麼角色。</p>
<p>最後一塊拼圖是公司不利的價格和價值導向組合，這在其葡萄酒和烈酒部門中表現得尤為明顯。</p>
<p>儘管面臨這些挑戰，康斯坦丁品牌仍然具備巴菲特在投資中尋找的三大特徵。首先，它的運營模式易於理解，消費者的購買習慣相對可預測。巴菲特通常非常喜歡那些能夠激勵客户忠誠度的企業。</p>
<p>其次，伯克希爾哈撒韋的老闆通常傾向於那些擁有豐厚資本回報計劃的公司。那些通過分紅或股票回購定期向投資者返還資本的企業幾乎總是持續盈利、經過時間考驗，並能夠提供透明的長期增長前景。康斯坦丁每季度支付超過 1 美元的每股分紅，並且也在穩步回購股票。</p>
<p>第三個可能吸引巴菲特關注康斯坦丁品牌的特徵是其估值。在歷史上價格較高的股市中，康斯坦丁的股票目前可以以低於 2026 財年預測收益的 12 倍的價格購買（公司的財年在 2 月底結束），這比過去五年的平均前瞻性收益倍數低 38%。</p>
<p>沃倫·巴菲特是一位堅定的價值投資者，看來他在飲料巨頭康斯坦丁品牌中找到了新的心頭好。</p>

伯克希爾哈撒韋-B

伯克希爾哈撒韋-A

<p>沃倫·巴菲特，伯克希爾哈撒韋的首席執行官，已在三家主要銀行出售了大量股份：美國銀行（減少 15%）、花旗集團（減少 74%）和資本一金融（減少 18%）。這一出售趨勢引發了對銀行業潛在問題的擔憂，尤其是巴菲特通常偏好金融股票。相反，他在星座品牌投資超過 12 億美元，表明他的投資策略發生了變化。巴菲特最近的舉動表明，他可能正在對經濟條件的變化以及銀行股票的價值吸引力下降做出反應</p>

<p>There aren't too many investors on Wall Street who garner as much attention as <strong>Berkshire Hathaway</strong>(BRK.A -0.58%)(BRK.B -0.64%) CEO Warren Buffett, and the reason why is simple: He outperforms. In the roughly 60 years the Oracle of Omaha has been CEO, he's led Berkshire Hathaway's Class A shares (BRK.A) to a cumulative return of 5,864,600%, as of the closing bell on Feb. 19.</p>
<div class="lb-trans"><p>在華爾街，鮮有投資者能像 <strong>伯克希爾哈撒韋</strong>(BRK.A -0.58%)(BRK.B -0.64%) 的首席執行官沃倫·巴菲特那樣引起如此多的關注，原因很簡單：他的業績優異。在大約 60 年的時間裏，這位奧馬哈的先知擔任首席執行官，伯克希爾哈撒韋的 A 類股票（BRK.A）截至 2 月 19 日收盤的累計回報率達到了 5,864,600%。</p>
</div><p>Investors have also come to appreciate Buffett's candidness. His annual letter to shareholders and Berkshire's yearly meeting in Omaha provides a forum for Buffett to express his thoughts on the U.S. economy, stock market, and occasionally specific holdings in his company's investment portfolio.</p>
<div class="lb-trans"><p>投資者也逐漸欣賞巴菲特的坦誠。他每年給股東的信以及伯克希爾在奧馬哈的年度會議為巴菲特提供了一個表達他對美國經濟、股市以及偶爾對公司投資組合中特定持股看法的平台。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgzNjkvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F808369%2Fbuffett6-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>But investors have the opportunity to pick Warren Buffett's brain more often than just once a year. No later than 45 days following the end of a quarter, institutional money managers with at least $100 million in assets under management are required to file Form 13F with the Securities and Exchange Commission. A 13F allows investors to see which stocks the smartest asset managers bought and sold in the most recent quarter.</p>
<div class="lb-trans"><p>但投資者有機會更頻繁地瞭解沃倫·巴菲特的想法，而不僅僅是一年一次。在每個季度結束後的 45 天內，管理資產至少為 1 億美元的機構投資經理必須向證券交易委員會提交 13F 表格。13F 表格允許投資者查看最聰明的資產管理者在最近一個季度買入和賣出的股票。</p>
</div><p>Berkshire Hathaway's billionaire chief is overseeing a 44-stock, $299 billion investment portfolio, and is therefore required to provide a quarterly 13F that allows investors to track his trading activity.</p>
<div class="lb-trans"><p>伯克希爾哈撒韋的億萬富翁首席執行官正在管理一個包含 44 只股票、價值 2990 億美元的投資組合，因此需要提供季度 13F，以便投資者跟蹤他的交易活動。</p>
</div><p>During the December-ended quarter, Warren Buffett was a big-time seller of three of the banking industry's top financial institutions. Meanwhile, he piled more than $1.2 billion into a new position that speaks to the Oracle of Omaha's value-oriented roots.</p>
<div class="lb-trans"><p>在截至 12 月的季度中，沃倫·巴菲特大幅減持了三家銀行業頂尖金融機構的股票。同時，他在一個新頭寸上投入了超過 12 億美元，這反映了奧馬哈先知的價值導向根基。</p>
</div><h2>Buffett is dumping shares of three leading bank stocks</h2>
<div class="lb-trans"><h2>巴菲特正在拋售三隻領先銀行股票</h2>
</div><p>Though Buffett completely exited three positions and reduced nine others during the fourth quarter, what stands out the most is the selling activity in a trio of top-tier bank stocks:</p>
<div class="lb-trans"><p>儘管巴菲特在第四季度完全退出了三項頭寸，並減少了九項頭寸，但最引人注目的是他在三隻頂級銀行股票中的拋售活動：</p>
</div><ul>
<li><strong>Bank of America</strong>(BAC -1.08%) <strong>:</strong> 117,449,720 shares sold (15% reduction)</li>
<li><strong>Citigroup</strong>(C -2.08%) <strong>:</strong> 40,605,295 shares sold (74% reduction)</li>
<li><strong>Capital One Financial</strong>(COF -2.52%) <strong>:</strong> 1,650,000 shares sold (18% reduction)</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>美國銀行</strong>(BAC -1.08%) <strong>:</strong> 117,449,720 股出售（減少 15%）</li>
<li><strong>花旗集團</strong>(C -2.08%) <strong>:</strong> 40,605,295 股出售（減少 74%）</li>
<li><strong>資本一金融</strong>(COF -2.52%) <strong>:</strong> 1,650,000 股出售（減少 18%）</li>
</ul>
</div><p>Over the trailing year (ended Dec. 31), Berkshire's respective stakes in BofA, Citigroup, and Capital One Financial have been reduced by 34%, 74%, and 40%.</p>
<div class="lb-trans"><p>在截至 12 月 31 日的過去一年中，伯克希爾在美國銀行、花旗集團和資本一金融的持股分別減少了 34%、74% 和 40%。</p>
</div><p>What's particularly intriguing about these sales is that Buffett's favorite sector to invest in is financials. If Berkshire's chief is dumping shares of his largest financial stocks, it would appear to mark a very clear warning to Wall Street that trouble is brewing.</p>
<div class="lb-trans"><p>這些拋售活動特別引人注目，因為巴菲特最喜歡投資的領域是金融。如果伯克希爾的首席執行官正在拋售他最大的金融股票，這似乎向華爾街發出了一個非常明確的警告：麻煩正在醖釀。</p>
</div><p>To be fair, no one knows exactly what Buffett is thinking, and it's possible this selling activity is benign. In other words, Buffett could be taking advantage of a historically low peak marginal corporate income tax rate and locking in sizable unrealized gains. But there's likely more to this selling than simple profit-taking.</p>
<div class="lb-trans"><p>公平地説，沒有人確切知道巴菲特在想什麼，這種拋售活動可能是無害的。換句話説，巴菲特可能是在利用歷史上較低的邊際企業所得税率，鎖定可觀的未實現收益。但這種拋售背後可能有更多原因，而不僅僅是為了獲利了結。</p>
</div><p>One possible angle is that Berkshire's chief is attempting to front-run shifts in the Federal Reserve's monetary policy. When the nation's central bank was combatting the highest prevailing inflation rate in four decades and rapidly increased interest rates in 2022, bank stocks benefited in the form of higher net interest income. Bank of America is the most interest-sensitive among domestic money-center banks, while Capital One Financial is one of the largest credit card issuers in the country.</p>
<div class="lb-trans"><p>一個可能的角度是，伯克希爾的首席執行官試圖提前應對美聯儲貨幣政策的變化。當國家中央銀行在與四十年來最高的通貨膨脹率作鬥爭，並在 2022 年迅速提高利率時，銀行股票受益於更高的淨利息收入。美國銀行是國內貨幣中心銀行中對利率最敏感的，而資本一金融是美國最大的信用卡發行商之一。</p>
</div><p>However, the Fed has shifted to a rate-easing cycle. While recent inflation data suggests the nation's central bank will slow-step rate cuts in 2025, the prospect of further rate reductions can weigh on the bottom lines of Bank of America, Citigroup, and Capital One Financial.</p>
<div class="lb-trans"><p>然而，美聯儲已經轉向降息週期。儘管最近的通貨膨脹數據表明，國家中央銀行將在 2025 年逐步減息，但進一步降息的前景可能會對美國銀行、花旗集團和資本一金融的底線造成壓力。</p>
</div><p>Perhaps the bigger issue for the Oracle of Omaha is that bank stocks aren't the jaw-dropping value they once were. Around this time last year, investors could purchase shares of BofA for right around its book value, while Capital One and Citigroup changed hands <em>well</em> <em>below</em> their respective book value.</p>
<div class="lb-trans"><p>或許對奧馬哈先知來説，更大的問題是銀行股票的價值不再像以前那樣令人驚豔。大約在去年這個時候，投資者可以以接近其賬面價值的價格購買美國銀行的股票，而資本一和花旗的股票則遠低於各自的賬面價值。</p>
</div><p>Today, Bank of America and Capital One are respectively valued at a 29% and 32% <em>premium</em> to their book value. Though Citigroup still trades at a 17% discount to its book value, it continues to deal with cost-cutting setbacks and poor sentiment tied to the Great Recession. The value proposition that bank stocks once offered is becoming tougher to validate.</p>
<div class="lb-trans"><p>如今，美國銀行和資本一的估值分別比其賬面價值高出 29% 和 32%。儘管花旗仍以 17% 的折扣交易於其賬面價值，但它仍在應對與大蕭條相關的成本削減挫折和糟糕的市場情緒。銀行股票曾經提供的價值主張變得越來越難以驗證。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgzNjkvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F808369%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>This historically inexpensive beverage stock is the new apple of Buffett's eye</h2>
<div class="lb-trans"><h2>這隻歷史上便宜的飲料股票是巴菲特的新寵</h2>
</div><p>Though Warren Buffett has been a net seller of stocks for nine consecutive quarters, he's found a select few values to wet his whistle along the way. The purchase that truly raised eyebrows during the fourth quarter is that of beer, wine, and spirits giant <strong>Constellation Brands</strong>(STZ 2.11%). Berkshire's 13F shows that 5,624,324 shares were purchased, totaling more than $1.2 billion in market value.</p>
<div class="lb-trans"><p>儘管沃倫·巴菲特已經連續九個季度淨賣出股票，但他在此過程中發現了少數幾隻值得投資的股票。在第四季度真正引起關注的購買是啤酒、葡萄酒和烈酒巨頭 <strong>康斯特 ellation Brands</strong>(STZ 2.11%)。伯克希爾的 13F 顯示購買了 5,624,324 股，總市值超過 12 億美元。</p>
</div><p>Whereas the bull market has continued to gain traction, shares of Constellation Brands have gone flat. Over the trailing-two-year period, the <strong>S&amp;P 500</strong>(^GSPC -1.71%) has outperformed Constellation Brands' stock by a staggering 75 percentage points -- 51% vs. (24%).</p>
<div class="lb-trans"><p>儘管牛市持續升温，但康斯特 ellation Brands 的股票卻停滯不前。在過去兩年中，<strong>標準普爾 500 指數</strong>(^GSPC -1.71%) 的表現比康斯特 ellation Brands 的股票高出驚人的 75 個百分點——51% 對比（24%）。</p>
</div><p>Constellation Brands' significant underperformance may be partially due to concerns about President Donald Trump instituting tariffs. Shortly after Trump took office, he implemented (and quickly stayed) a 25% tariff on goods imported from Mexico. If these tariffs were to go into effect, it would make Constellation's core beer brands pricier, such as Corona and Modelo, which might reduce their popularity with U.S. consumers.</p>
<div class="lb-trans"><p>康斯特 ellation Brands 的顯著表現不佳可能部分是由於對特朗普總統實施關税的擔憂。在特朗普上任不久後，他實施了（並迅速暫停）對從墨西哥進口商品的 25% 關税。如果這些關税生效，將使康斯特 ellation 的核心啤酒品牌（如 Corona 和 Modelo）變得更貴，這可能會降低它們在美國消費者中的受歡迎程度。</p>
</div><p>To add, the president is also pushing his &#34;Make America Healthy Again&#34; initiative, which is focused on improving the health of America's children and reversing chronic diseases. It's unclear how alcohol producers like Constellation Brands fit into this narrative.</p>
<div class="lb-trans"><p>此外，總統還在推動他的 “讓美國再次健康” 倡議，旨在改善美國兒童的健康狀況並逆轉慢性疾病。目前尚不清楚像康斯坦丁品牌這樣的酒類生產商在這一敍述中扮演什麼角色。</p>
</div><p>The final piece of the puzzle has been the company's unfavorable price and value-oriented mix, seen with its wine and spirits segment.</p>
<div class="lb-trans"><p>最後一塊拼圖是公司不利的價格和價值導向組合，這在其葡萄酒和烈酒部門中表現得尤為明顯。</p>
</div><p>Despite these headwinds, Constellation Brands offers three traits Buffett looks for in an investment. For starters, it's an easy-to-understand operating model, with relatively predictable consumer buying habits. Buffett tends to be a big fan of businesses whose products incent loyalty among customers.</p>
<div class="lb-trans"><p>儘管面臨這些挑戰，康斯坦丁品牌仍然具備巴菲特在投資中尋找的三大特徵。首先，它的運營模式易於理解，消費者的購買習慣相對可預測。巴菲特通常非常喜歡那些能夠激勵客户忠誠度的企業。</p>
</div><p>Secondly, Berkshire Hathaway's boss often gravitates to companies that have hearty capital-return programs. Businesses that regularly return capital to investors via dividends or share buybacks are almost always recurringly profitable, time-tested, and capable of providing transparent long-term growth outlooks. Constellation is paying more than $1 per share in quarterly dividends, and is also steadily buying back its stock.</p>
<div class="lb-trans"><p>其次，伯克希爾哈撒韋的老闆通常傾向於那些擁有豐厚資本回報計劃的公司。那些通過分紅或股票回購定期向投資者返還資本的企業幾乎總是持續盈利、經過時間考驗，並能夠提供透明的長期增長前景。康斯坦丁每季度支付超過 1 美元的每股分紅，並且也在穩步回購股票。</p>
</div><p>The third characteristic that likely attracted Buffett to Constellation Brands amid a historically pricey stock market is its valuation. Shares of Constellation can be scooped up right now for less than 12 times forecast earnings in fiscal 2026 (the company's fiscal year ends in late February), which represents a 38% discount to its average forward-year earnings multiple over the last half-decade.</p>
<div class="lb-trans"><p>第三個可能吸引巴菲特關注康斯坦丁品牌的特徵是其估值。在歷史上價格較高的股市中，康斯坦丁的股票目前可以以低於 2026 財年預測收益的 12 倍的價格購買（公司的財年在 2 月底結束），這比過去五年的平均前瞻性收益倍數低 38%。</p>
</div><p>Warren Buffett is an unwavering value investor, and it appears he's found the new apple of his eye in beverage giant Constellation Brands.</p>
<div class="lb-trans"><p>沃倫·巴菲特是一位堅定的價值投資者，看來他在飲料巨頭康斯坦丁品牌中找到了新的心頭好。</p>
</div>

Billionaire Warren Buffett Is Selling Shares of 3 Banking Giants and Has Plowed More Than $1.2 Billion Into the New Apple of His Eye

- 巴菲特在第四季度大幅減持三家銀行股，顯示出市場警示信號。  
- 同時，他以超過 12 億美元增持了釀酒巨頭康斯特 ellation Brands。  
- 這些交易反映出巴菲特對金融股價值的擔憂及對新投資機會的把握。

億萬富翁沃倫·巴菲特正在出售三家銀行巨頭的股票，並已將超過 12 億美元投入到他的新寵——蘋果公司中