<p>在華爾街，數據是最有價值的東西。投資者面臨的唯一問題是，跟上最新數據發佈是一項艱鉅的任務，可能會讓一些重要信息被忽視。</p>
<p>例如，可以説第二季度最重要的數據發佈發生在 5 月 15 日。但由於這正值財報季的開始，並且與聯邦政府的重要經濟數據發佈緊密相連，投資者可能會忽視 5 月 15 日向證券交易委員會提交的 13F 表格的截止日期。</p>
<p>13F 是機構投資者在季度結束後不遲於 45 個日曆日內必須提交的文件，管理資產規模至少為 1 億美元（AUM）。它提供了華爾街知名資金經理在最新季度購買和出售的股票的簡明快照。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI4MzEvc3RvY2stdHJhZGVyLWFuYWx5c3QtZnVuZC1tYW5hZ2VyLWJ1eS1zZWxsLWNoYXJ0LWRlY2xpbmUtYmVhci1tYXJrZXQtc21hcnRwaG9uZS1nZXR0eS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI4MzEvc3RvY2stdHJhZGVyLWFuYWx5c3QtZnVuZC1tYW5hZ2VyLWJ1eS1zZWxsLWNoYXJ0LWRlY2xpbmUtYmVhci1tYXJrZXQtc21hcnRwaG9uZS1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<p>儘管 13F 文件遠非完美——因為它們在季度結束後最多提交 45 個日曆日，可能會為活躍的對沖基金提供過時的快照——但它們提供了關於哪些股票和趨勢引起華爾街最成功資產管理者興趣的關鍵洞察。</p>
<p>雖然沃倫·巴菲特是股市上最著名的億萬富翁投資者，但他並不是唯一以其卓越回報或關鍵洞察而聞名的基金經理。第三點的億萬富翁首席丹·洛布是另一位資產管理者，投資者通常會密切關注他的價值眼光。</p>
<p>在截至 3 月的季度中，洛布果斷地拋售了四隻 “七大奇蹟” 股票，其中 <strong>特斯拉</strong>(TSLA -0.54%) 可能是最引人注目的。同時，專注於價值的洛布則大量購買了一隻品牌知名、高收益的分紅股票，該股票在不到兩年的時間裏價值翻了一番。</p>
<h2>億萬富翁丹·洛布將特斯拉的股票送上了 chopping block</h2>
<p>在討論之前，丹·洛布經營着一隻相對活躍的基金，該基金在 3 月季度結束時的管理資產超過 65 億美元，分佈在 45 個頭寸中。洛布在這 45 個頭寸中的平均持有時間僅為 4.5 個季度，或大約 13.5 個月。簡而言之，他表現出在證券出現明顯上漲時鎖定收益的意願。</p>
<p>在 2024 年第三季度，即第三點首次收購電動車製造商特斯拉的股份時，到 2025 年第一季度，所有 500,000 股特斯拉股票被出售時，這一頭寸在某個時刻價值翻了一番。洛布有充足的動力來鎖定其基金的短期收益。</p>
<p>根據洛布的初始投資和賣出活動的時機，他基金在特斯拉的持股可能是基於對公司在 11 月受益於唐納德·特朗普勝利的預期。特斯拉首席執行官埃隆·馬斯克被認為在特朗普政府中扮演了角色——他後來成為政府效率部（DOGE）的特別員工——這被認為對他公司的長期增長目標是積極的。</p>
<p>但隨着這個故事的發展，特斯拉運營中出現的一些紅旗可能促使億萬富翁丹·洛布選擇撤退。</p>
<p>特斯拉麪臨的一個更明顯的問題是公司的車輛利潤率下降。儘管更高的能源和儲存收入在一定程度上幫助抵消了電動車需求的疲軟，但由於競爭加劇，特斯拉的電動車系列經歷了超過六次大幅降價，導致其車輛利潤率受到侵蝕。</p>
<p>更糟糕的是，特斯拉的 Cybertruck 似乎是一場失敗。儘管馬斯克此前聲稱他的公司有超過 100 萬份 Cybertruck 的預訂，但在 3 月宣佈的召回中，涉及 2023 年 11 月 13 日至 2025 年 2 月 27 日生產的 Cybertruck，召回的車輛數量僅接近 46,100 輛。這與馬斯克曾聲稱的 “需求超出預期” 相去甚遠。</p>
<p>這反映了馬斯克的創新（通常）未能實現的更廣泛問題。儘管馬斯克監督推出了一些新電動車，並將特斯拉多元化為能源生產和儲存提供商，但他對 “明年” 實現的 5 級自動駕駛的承諾已經連續 11 年未能兑現。此外，位於德克薩斯州奧斯汀的初始機器人出租車推出僅限於 10 輛車輛，並且地理圍欄限制在一個小範圍內。</p>
<p>如果將馬斯克未兑現的承諾從特斯拉的估值中剔除，其股價和近 120 的天文數字前瞻市盈率將會暴跌。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI4MzEvd29tYW4tdGFsay1zbWFydHBob25lLWNpdHktd2lyZWxlc3MtNWctNGctZGF0YS12b2ljZW1haWwtZ2V0dHkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI4MzEvd29tYW4tdGFsay1zbWFydHBob25lLWNpdHktd2lyZWxlc3MtNWctNGctZGF0YS12b2ljZW1haWwtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>洛布的第三點已大量投資於一只不可阻擋的高收益分紅股票</h2>
<p>然而，第三點的億萬富翁首席在截至 3 月的季度中也購買了部分股票。儘管開設了近十個新頭寸，但可以説沒有哪一隻股票比購買了 3,775,000 股高收益分紅股票 <strong>AT&amp;T</strong>(T 0.41%) 更引人注目。</p>
<p>兩年前，投資者似乎對 AT&amp;T 和大型電信公司毫無興趣。2023 年 7 月，《華爾街日報》的一份報告稱，AT&amp;T 和其他美國電信公司擁有一張包裹在有毒鉛中的遺留電纜網絡。《華爾街日報》暗示，清理成本和健康責任可能對遺留電信公司來説是巨大的。</p>
<p>最終，AT&amp;T 及其同行否認了報告的發現。即使美國傳統電信提供商在未來可能面臨某種形式的責任，這幾乎肯定會在美國法院系統中裁定，而該系統以緩慢著稱。2023 年 7 月被視為對 AT&amp;T 的嚴重威脅的事情迅速被視為短期噪音。自那時以來，AT&amp;T 的股價已從 2023 年 7 月的低點翻了一番。</p>
<p>儘管 AT&amp;T 最輝煌的增長時期早已過去，但仍然有一些催化因素對公司有利。</p>
<p>例如，AT&amp;T 升級並穩步擴展其 5G 網絡的覆蓋範圍，導致了持續的後付費手機新增用户和移動銷售增長，通常在低到中個位數之間。由於智能手機和互聯網的接入實際上已演變為基本需求，AT&amp;T 享有歷史上低於 1% 的後付費手機流失率。</p>
<p>此外，自 5G 推出以來，寬帶註冊人數也出現了復甦。AT&amp;T 在連續 21 個季度（超過五年）中至少增加了 200,000 名寬帶服務淨客户，接近 3000 萬的 AT&amp;T Fiber 消費者和商業用户。儘管寬帶不再是世紀初的增長故事，但它仍然是運營現金流的一個極佳來源，並可以用作鼓勵高利潤服務捆綁的工具。</p>
<p>或許最重要的是，自 2022 年剝離其內容部門華納媒體以來，AT&amp;T 顯著改善了其財務靈活性。這次剝離使華納媒體與 Discovery 合併，形成了 <strong>華納兄弟探索</strong>，導致該新媒體實體承擔了某些債務。2022 年 3 月 31 日，AT&amp;T 的淨債務為 1690 億美元，而三年後的今天已降至 1191 億美元。</p>
<p>最後，AT&amp;T 提供近 4% 的年收益率，並在歷史上高價的股市中擁有合理的前瞻市盈率 12.7。</p>

特斯拉

2 倍做空特斯拉 ETF - GraniteShares

2 倍做多特斯拉 ETF - Direxion

2 倍做空特斯拉 ETF - Tradr

XI二南特斯-U

南方兩倍做多特斯拉

南方兩倍做空特斯拉

2 倍做多 TSLA ETF - GraniteShares

<p>億萬富翁丹·洛布出售了第三點公司在特斯拉的全部股份，該股份自他最初投資以來價值翻了一番，轉而投資於高收益的分紅股票。洛布的決定是在對特斯拉車輛利潤下降和 Cybertruck 表現不佳的擔憂中做出的。儘管最初對特斯拉與政治因素相關的增長潛力持樂觀態度，但持續的運營問題和首席執行官埃隆·馬斯克未兑現的承諾導致對該投資的重新評估。洛布的基金以其積極的管理風格而聞名，繼續尋求更穩定投資中的價值</p>

<p>Nothing is more valuable on Wall Street than data. The only problem for investors is that keeping atop the latest data releases is a daunting task that can allow something of importance to slip through the cracks.</p>
<div class="lb-trans"><p>在華爾街，數據是最有價值的東西。投資者面臨的唯一問題是，跟上最新數據發佈是一項艱鉅的任務，可能會讓一些重要信息被忽視。</p>
</div><p>For example, what can arguably be described as the most important data dump of the second quarter occurred on May 15. But because it was at the start of earnings season and packaged so closely to important economic data releases from the federal government, investors might have overlooked the May 15 filing deadline for Form 13Fs with the Securities and Exchange Commission.</p>
<div class="lb-trans"><p>例如，可以説第二季度最重要的數據發佈發生在 5 月 15 日。但由於這正值財報季的開始，並且與聯邦政府的重要經濟數據發佈緊密相連，投資者可能會忽視 5 月 15 日向證券交易委員會提交的 13F 表格的截止日期。</p>
</div><p>A 13F is a required filing no later than 45 calendar days following the end to a quarter by institutional investors with at least $100 million in assets under management (AUM). It provides a concise snapshot of which stocks Wall Street's prominent money managers purchased and sold in the latest quarter.</p>
<div class="lb-trans"><p>13F 是機構投資者在季度結束後不遲於 45 個日曆日內必須提交的文件，管理資產規模至少為 1 億美元（AUM）。它提供了華爾街知名資金經理在最新季度購買和出售的股票的簡明快照。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI4MzEvc3RvY2stdHJhZGVyLWFuYWx5c3QtZnVuZC1tYW5hZ2VyLWJ1eS1zZWxsLWNoYXJ0LWRlY2xpbmUtYmVhci1tYXJrZXQtc21hcnRwaG9uZS1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822831%2Fstock-trader-analyst-fund-manager-buy-sell-chart-decline-bear-market-smartphone-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>Even though 13Fs are far from perfect -- since they're filed up to 45 calendar days following the end to a quarter, they may present a stale snapshot for an active hedge fund -- they offer key insights as to which stocks and trends have piqued the interest of Wall Street's most-successful asset managers.</p>
<div class="lb-trans"><p>儘管 13F 文件遠非完美——因為它們在季度結束後最多提交 45 個日曆日，可能會為活躍的對沖基金提供過時的快照——但它們提供了關於哪些股票和趨勢引起華爾街最成功資產管理者興趣的關鍵洞察。</p>
</div><p>While Warren Buffett is the stock market's most famous billionaire investor, he's not the only fund manager known for their phenomenal returns or key insights. Third Point's billionaire chief Dan Loeb is another asset manager with a keen eye for value that investors usually keep close tabs on.</p>
<div class="lb-trans"><p>雖然沃倫·巴菲特是股市上最著名的億萬富翁投資者，但他並不是唯一以其卓越回報或關鍵洞察而聞名的基金經理。第三點的億萬富翁首席丹·洛布是另一位資產管理者，投資者通常會密切關注他的價值眼光。</p>
</div><p>During the March-ended quarter, Loeb was a decisive seller of four &#34;Magnificent Seven&#34; stocks, perhaps none of which stands out more than <strong>Tesla</strong>(TSLA -0.54%). Meanwhile, the value-focused Loeb piled into a brand-name, high-yield dividend stock that's managed to double in value in less than two years.</p>
<div class="lb-trans"><p>在截至 3 月的季度中，洛布果斷地拋售了四隻 “七大奇蹟” 股票，其中 <strong>特斯拉</strong>(TSLA -0.54%) 可能是最引人注目的。同時，專注於價值的洛布則大量購買了一隻品牌知名、高收益的分紅股票，該股票在不到兩年的時間裏價值翻了一番。</p>
</div><h2>Billionaire Dan Loeb sent shares of Tesla to the chopping block</h2>
<div class="lb-trans"><h2>億萬富翁丹·洛布將特斯拉的股票送上了 chopping block</h2>
</div><p>To preface this discussion, Dan Loeb operates a relatively active fund that ended the March quarter with more than $6.5 billion in AUM spread across 45 positions. Loeb's average hold time among these 45 positions is just 4.5 quarters, or roughly 13.5 months. In short, he's demonstrated a willingness to lock in gains when presented with a decisive move higher in a security.</p>
<div class="lb-trans"><p>在討論之前，丹·洛布經營着一隻相對活躍的基金，該基金在 3 月季度結束時的管理資產超過 65 億美元，分佈在 45 個頭寸中。洛布在這 45 個頭寸中的平均持有時間僅為 4.5 個季度，或大約 13.5 個月。簡而言之，他表現出在證券出現明顯上漲時鎖定收益的意願。</p>
</div><p>Between the third quarter of 2024, which is when Third Point first acquired shares of electric-vehicle (EV) maker Tesla, and the first quarter of 2025, which is when all 500,000 shares of Tesla were sold, this position, at one point, more than doubled in value. Loeb had ample incentive to lock in his fund's short-term gains.</p>
<div class="lb-trans"><p>在 2024 年第三季度，即第三點首次收購電動車製造商特斯拉的股份時，到 2025 年第一季度，所有 500,000 股特斯拉股票被出售時，這一頭寸在某個時刻價值翻了一番。洛布有充足的動力來鎖定其基金的短期收益。</p>
</div><p>Based on the timing of Loeb's initial investment and selling activity, it's possible his fund's stake in Tesla was based on the expectation of the company benefiting from a Donald Trump victory in November. Tesla CEO Elon Musk was touted as having a role in the Trump administration -- he went on to be a special employee for the Department of Government Efficiency, or DOGE -- which was expected to be a positive for his company's long-term growth ambitions.</p>
<div class="lb-trans"><p>根據洛布的初始投資和賣出活動的時機，他基金在特斯拉的持股可能是基於對公司在 11 月受益於唐納德·特朗普勝利的預期。特斯拉首席執行官埃隆·馬斯克被認為在特朗普政府中扮演了角色——他後來成為政府效率部（DOGE）的特別員工——這被認為對他公司的長期增長目標是積極的。</p>
</div><p>But with this story having been played out, a number of red flags associated with Tesla's operations may have encouraged billionaire Dan Loeb to head for the hills.</p>
<div class="lb-trans"><p>但隨着這個故事的發展，特斯拉運營中出現的一些紅旗可能促使億萬富翁丹·洛布選擇撤退。</p>
</div><p>One of the more glaring issues with Tesla has been the company's declining vehicle margin. Though higher energy and storage revenue has helped to somewhat offset EV demand weakness, more than a half-dozen sweeping price cuts on Tesla's fleet of EVs from growing competition has sapped its vehicle margin.</p>
<div class="lb-trans"><p>特斯拉麪臨的一個更明顯的問題是公司的車輛利潤率下降。儘管更高的能源和儲存收入在一定程度上幫助抵消了電動車需求的疲軟，但由於競爭加劇，特斯拉的電動車系列經歷了超過六次大幅降價，導致其車輛利潤率受到侵蝕。</p>
</div><p>To add fuel to the fire, Tesla's Cybertruck looks to be a flop. Despite Musk previously claiming that his company had over 1 million reservations for Cybertruck, a recall announced in March of Cybertrucks manufactured from Nov. 13, 2023 to Feb. 27, 2025 showed this recall covered just shy of 46,100 vehicles. That's a far cry from &#34;demand being off the charts,&#34; as Musk once touted.</p>
<div class="lb-trans"><p>更糟糕的是，特斯拉的 Cybertruck 似乎是一場失敗。儘管馬斯克此前聲稱他的公司有超過 100 萬份 Cybertruck 的預訂，但在 3 月宣佈的召回中，涉及 2023 年 11 月 13 日至 2025 年 2 月 27 日生產的 Cybertruck，召回的車輛數量僅接近 46,100 輛。這與馬斯克曾聲稱的 “需求超出預期” 相去甚遠。</p>
</div><p>This speaks to the broader issue of Musk's innovations (usually) failing to materialize. While Musk has overseen the launch of a handful of new EVs and diversified Tesla into an energy generation and storage provider, his Level 5 autonomy claims by &#34;next year&#34; have fallen flat for 11 consecutive years. Furthermore, the initial robotaxi launch in Austin, TX, is limited to just 10 vehicles and geofenced to a small coverage area.</p>
<div class="lb-trans"><p>這反映了馬斯克的創新（通常）未能實現的更廣泛問題。儘管馬斯克監督推出了一些新電動車，並將特斯拉多元化為能源生產和儲存提供商，但他對 “明年” 實現的 5 級自動駕駛的承諾已經連續 11 年未能兑現。此外，位於德克薩斯州奧斯汀的初始機器人出租車推出僅限於 10 輛車輛，並且地理圍欄限制在一個小範圍內。</p>
</div><p>If Musk's unfulfilled promises were backed out of Tesla's valuation, its share price, and astronomical forward price-to-earnings (P/E) ratio of almost 120, would plummet.</p>
<div class="lb-trans"><p>如果將馬斯克未兑現的承諾從特斯拉的估值中剔除，其股價和近 120 的天文數字前瞻市盈率將會暴跌。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjI4MzEvd29tYW4tdGFsay1zbWFydHBob25lLWNpdHktd2lyZWxlc3MtNWctNGctZGF0YS12b2ljZW1haWwtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822831%2Fwoman-talk-smartphone-city-wireless-5g-4g-data-voicemail-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>Loeb's Third Point has piled into an unstoppable high-yield dividend stock</h2>
<div class="lb-trans"><h2>洛布的第三點已大量投資於一只不可阻擋的高收益分紅股票</h2>
</div><p>However, Third Point's billionaire chief was also a buyer of select stocks during the March-ended quarter. Though nearly a dozen new positions were opened, arguably none stands out more than the 3,775,000 shares purchased of high-octane dividend stock <strong>AT&amp;T</strong>(T 0.41%).</p>
<div class="lb-trans"><p>然而，第三點的億萬富翁首席在截至 3 月的季度中也購買了部分股票。儘管開設了近十個新頭寸，但可以説沒有哪一隻股票比購買了 3,775,000 股高收益分紅股票 <strong>AT&amp;T</strong>(T 0.41%) 更引人注目。</p>
</div><p>Two years ago, investors seemingly wanted nothing to do with AT&amp;T and large telecom companies. In July 2023, a report from <em>The Wall Street Journal</em> alleged that AT&amp;T and other U.S. telecom companies had a network of legacy cables wrapped in toxic lead. The <em>WSJ</em> intimated that cleanup costs and health liabilities could be sizable for legacy telecom companies.</p>
<div class="lb-trans"><p>兩年前，投資者似乎對 AT&amp;T 和大型電信公司毫無興趣。2023 年 7 月，《華爾街日報》的一份報告稱，AT&amp;T 和其他美國電信公司擁有一張包裹在有毒鉛中的遺留電纜網絡。《華爾街日報》暗示，清理成本和健康責任可能對遺留電信公司來説是巨大的。</p>
</div><p>Ultimately, AT&amp;T and its peers refuted the findings of the report. Even if there is some form of future liability for America's legacy telecom providers, it's something that would almost certainly be determined in the U.S. court system, which is notoriously slow. What was viewed as a serious threat to AT&amp;T in July 2023 quickly passed as short-term white noise. AT&amp;T's shares have since doubled in value from their July 2023 lows.</p>
<div class="lb-trans"><p>最終，AT&amp;T 及其同行否認了報告的發現。即使美國傳統電信提供商在未來可能面臨某種形式的責任，這幾乎肯定會在美國法院系統中裁定，而該系統以緩慢著稱。2023 年 7 月被視為對 AT&amp;T 的嚴重威脅的事情迅速被視為短期噪音。自那時以來，AT&amp;T 的股價已從 2023 年 7 月的低點翻了一番。</p>
</div><p>Although AT&amp;T's best growth days are long gone, there <em>are</em> still catalysts working in the company's favor.</p>
<div class="lb-trans"><p>儘管 AT&amp;T 最輝煌的增長時期早已過去，但仍然有一些催化因素對公司有利。</p>
</div><p>For example, AT&amp;T upgrading and steadily expanding the reach of its 5G network has resulted in ongoing postpaid phone additions and mobility sales growth that typically ranges in the low-to-mid single digits. Since access to a smartphone and the internet has effectively evolved into a basic necessity, AT&amp;T is enjoying historically low postpaid phone churn rates that are below 1%.</p>
<div class="lb-trans"><p>例如，AT&amp;T 升級並穩步擴展其 5G 網絡的覆蓋範圍，導致了持續的後付費手機新增用户和移動銷售增長，通常在低到中個位數之間。由於智能手機和互聯網的接入實際上已演變為基本需求，AT&amp;T 享有歷史上低於 1% 的後付費手機流失率。</p>
</div><p>Additionally, there's been a resurgence in broadband signups since the rollout of 5G. AT&amp;T has added at least 200,000 net customers to its broadband service for 21 consecutive quarters (more than five straight years) and is nearing 30 million cumulative consumer and business AT&amp;T Fiber subscribers. Even with broadband no longer being the growth story it was when the century began, it's still a phenomenal source of operating cash flow and can be used as a tool to encourage high-margin service bundling.</p>
<div class="lb-trans"><p>此外，自 5G 推出以來，寬帶註冊人數也出現了復甦。AT&amp;T 在連續 21 個季度（超過五年）中至少增加了 200,000 名寬帶服務淨客户，接近 3000 萬的 AT&amp;T Fiber 消費者和商業用户。儘管寬帶不再是世紀初的增長故事，但它仍然是運營現金流的一個極佳來源，並可以用作鼓勵高利潤服務捆綁的工具。</p>
</div><p>Perhaps best of all, AT&amp;T has dramatically improved its financial flexibility since spinning out its content division, WarnerMedia, in 2022. This spinoff, which saw WarnerMedia merge with Discovery to create <strong>Warner Bros. Discovery</strong>, led to the assumption of certain debt lots by this new media entity. Whereas net debt for AT&amp;T stood at $169 billion on March 31, 2022, it's fallen to $119.1 billion precisely three years later.</p>
<div class="lb-trans"><p>或許最重要的是，自 2022 年剝離其內容部門華納媒體以來，AT&amp;T 顯著改善了其財務靈活性。這次剝離使華納媒體與 Discovery 合併，形成了 <strong>華納兄弟探索</strong>，導致該新媒體實體承擔了某些債務。2022 年 3 月 31 日，AT&amp;T 的淨債務為 1690 億美元，而三年後的今天已降至 1191 億美元。</p>
</div><p>Lastly, AT&amp;T is dishing out a nearly 4% annual yield and sports a reasonable forward P/E ratio of 12.7 amid a historically pricey stock market.</p>
<div class="lb-trans"><p>最後，AT&amp;T 提供近 4% 的年收益率，並在歷史上高價的股市中擁有合理的前瞻市盈率 12.7。</p>
</div>

Billionaire Dan Loeb Sold Third Point's Entire Stake in Tesla in Favor of a High-Yield Dividend Stock That's Doubled in Under 2 Years

- 文章討論了華爾街數據的重要性及其對投資者的影響。  
- Dan Loeb 在 2025 年第一季度出售特斯拉股票，同時增持 AT&T。  
- AT&T 的財務靈活性改善，股價在過去兩年中翻倍。  

億萬富翁丹·勒布出售了 Third Point 在特斯拉的全部股份，轉而投資於一種在不到兩年內翻倍的高收益股息股票