<p>自 1960 年代中期以來，<strong>伯克希爾哈撒韋</strong>（BRK.A 0.29%）（BRK.B 0.10%）的沃倫·巴菲特在華爾街的表現一直出色。這位被稱為 “奧馬哈的先知” 的投資者，至 2023 年 7 月 17 日收盤時，其公司 A 類股票（BRK.A）的累計回報率達到了 5,732,279%。</p>
<p>憑藉如此令人印象深刻的業績，投資者試圖模仿他的交易活動，以期獲得可觀的長期收益，這並不令人驚訝。</p>
<p>由於向證券交易委員會提交的 13F 表格，追蹤巴菲特的交易相對容易。13F 是一個必須在季度結束後不超過 45 個日曆日內提交的報告，允許投資者查看華爾街最聰明的資產管理者正在買入、賣出和持有哪些股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU3MTAvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU3MTAvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA"/></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>根據伯克希爾哈撒韋的季度 13F 報告，我們知道自 2022 年 10 月以來，巴菲特的賣出遠遠超過買入。這一賣出行為在伯克希爾的主要持股——科技巨頭 <strong>蘋果</strong>（AAPL 0.46%）中得到了顯著體現。但與此同時，這位奧馬哈的先知也在尋找一些引人注目的投資機會，正如他連續三個季度增持的消費類股票所示。</p>
<h2>巴菲特告別超過 6.15 億股蘋果股票</h2>
<p>到 2023 年第三季度結束時，沃倫·巴菲特在其公司的投資組合中持有 915,560,382 股蘋果股票。但在接下來的 12 個月裏，伯克希爾的億萬富翁首席執行官處置了 615,560,382 股，下降幅度達到 67%。巴菲特仍持有 3 億股蘋果股票，這仍然是他公司按市值計算的第一大持股。</p>
<p>百萬美元的問題是：“為什麼華爾街最受尊敬的資金經理會將其在蘋果的三分之二股份送上砧板？”</p>
<p>一個可能的答案與企業所得税率有關。在 2024 年 5 月的伯克希爾哈撒韋年度股東大會上，早在唐納德·特朗普總統 11 月勝選之前，巴菲特就曾表示，未來邊際企業所得税率可能會上升。因此，鎖定蘋果的可觀未實現收益，從事後看來，將受到投資者的青睞。</p>
<p>自從發表這一聲明以來，國會通過了《一項偉大的美麗法案》，並由特朗普總統簽署成為法律，使 21% 的邊際企業所得税率成為永久性。</p>
<p>但這次賣出活動可能還有更多深意。</p>
<p>首先，蘋果的增長引擎在過去幾年中停滯不前。儘管與訂閲服務相關的收入持續以令人印象深刻的速度增長，且服務在淨銷售中佔比越來越大，但蘋果的實體設備銷售（iPhone、Mac、iPad 及各種可穿戴設備，包括 Apple Watch）卻停滯不前或下降。</p>
<p>在 2021 財年（截至 2021 年 9 月 25 日），蘋果報告淨收入為 947 億美元，每股收益（EPS）為 5.67 美元。三年後，蘋果的淨收入為 937 億美元，每股收益為 6.11 美元。蘋果的淨收入有所下降，其全球領先的股票回購計劃則是其每股收益增長的唯一原因。</p>
<p>巴菲特的另一個擔憂可能是蘋果的估值。伯克希爾的億萬富翁首席執行官不願妥協的少數幾條不成文規則之一就是他希望獲得一個好交易。不幸的是，蘋果的前瞻市盈率（P/E）表明，它絕對不是一個好交易。</p>
<p>儘管蘋果的利潤增長停滯不前，但其股票在過去三年中上漲了 40%，而其前瞻市盈率則相對激進，達到了 27。儘管蘋果依然非常盈利，管理層支持積極的股票回購，但蘋果股票的價值主張顯然並不存在。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU3MTAvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="477" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU3MTAvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>奧馬哈的先知連續三個季度購買這家消費巨頭的股票</h2>
<p>儘管沃倫·巴菲特在 2022 年 10 月 1 日至 2025 年 3 月 31 日期間，累計賣出股票的金額比購買的多出 1744 億美元，但他發現了幾家值得大量投資的特殊企業。其中一家頂級公司是餐飲連鎖店 <strong>達美樂比薩</strong>（DPZ -0.55%），自 2004 年 7 月首次公開募股（IPO）以來，其股價已上漲超過 7400%，包括分紅。</p>
<p>在 2024 年中期，伯克希爾哈撒韋並未持有達美樂比薩的任何股份。從那時起，奧馬哈的先知監督了以下購買：</p>
<ul>
<li><strong>2024 年第三季度</strong>：1,277,256 股</li>
<li><strong>2024 年第四季度</strong>：1,104,744 股</li>
<li><strong>2025 年第一季度</strong>：238,613 股（總持股 2,620,613 股）</li>
</ul>
<p>巴菲特並不是偶然進入十億美元的投資。他對達美樂比薩的興趣可能與其在較長時間內實現或超越增長目標的能力有關。</p>
<p>達美樂管理層提出的最新五年計劃，名為 “渴望更多”，優先考慮通過人工智能和供應鏈改進來推動創新。還特別關注公司的特許經營商及其在提升品牌價值方面的責任。</p>
<p>例如，2024 年是達美樂國際門店連續第 31 年實現同店銷售增長。如果公司的品牌傳播沒有打動消費者，海外的有機銷售不會如此持續增長。</p>
<p>巴菲特可能還欣賞的是達美樂比薩與其消費者基礎建立的信任。在 2000 年代末，達美樂發起了一場自我反省的宣傳活動，承認其比薩質量不佳，並承諾會做得更好。儘管這種類型的廣告活動並不總是有效，但達美樂在過去 15 年中展現的透明度與其客户產生了共鳴，並使許多人對該品牌保持忠誠。</p>
<p>此外，達美樂比薩已經連續十多年提高其基礎年度股息，並偶爾回購自己的股票。巴菲特這位億萬富翁投資者通常非常喜歡那些獎勵/激勵其長期股東的企業。</p>
<p>對達美樂比薩唯一的批評是，其股票以 24 倍的未來年度收益率並不便宜。然而，巴菲特對消費者行為有敏鋭的洞察力，必定對達美樂的 “渴望更多” 戰略增長計劃感到滿意。</p>

達美樂比薩

伯克希爾哈撒韋-B

伯克希爾哈撒韋-A

蘋果

2 倍做多 AAPL ETF - GraniteShares

蘋果每日 1 倍做空 ETF - Direxion

蘋果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

<p>沃倫·巴菲特已出售伯克希爾哈撒韋在蘋果公司的 67% 股份，將其持股從超過 9.15 億股減少至 3 億股。這一決定是在對蘋果公司增長停滯和高估值的擔憂中做出的，其前瞻市盈率為 27。儘管如此，巴菲特仍然投資於達美樂比薩，自 2024 年中以來已收購超過 260 萬股，因其自上市以來的出色增長而受到吸引</p>

<p>Since the mid-1960s, <strong>Berkshire Hathaway</strong>'s (BRK.A 0.29%) (BRK.B 0.10%) Warren Buffett has had a knack for outperforming for Wall Street. The aptly named Oracle of Omaha has overseen a cumulative return in his company's Class A shares (BRK.A) of 5,732,279%, as of the closing bell on July 17.</p>
<div class="lb-trans"><p>自 1960 年代中期以來，<strong>伯克希爾哈撒韋</strong>（BRK.A 0.29%）（BRK.B 0.10%）的沃倫·巴菲特在華爾街的表現一直出色。這位被稱為 “奧馬哈的先知” 的投資者，至 2023 年 7 月 17 日收盤時，其公司 A 類股票（BRK.A）的累計回報率達到了 5,732,279%。</p>
</div><p>With a track record this impressive, it's not surprising that investors attempt to mirror his trading activity and ride his coattails to substantive long-term gains.</p>
<div class="lb-trans"><p>憑藉如此令人印象深刻的業績，投資者試圖模仿他的交易活動，以期獲得可觀的長期收益，這並不令人驚訝。</p>
</div><p>Tracking Buffett's trades is relatively easy, thanks to Form 13F filings with the Securities and Exchange Commission. A 13F is a required filing no later than 45 calendar days following the end to a quarter that allows investors to see which stocks Wall Street's smartest asset managers have been buying, selling, and holding.</p>
<div class="lb-trans"><p>由於向證券交易委員會提交的 13F 表格，追蹤巴菲特的交易相對容易。13F 是一個必須在季度結束後不超過 45 個日曆日內提交的報告，允許投資者查看華爾街最聰明的資產管理者正在買入、賣出和持有哪些股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU3MTAvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825710%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>Based on Berkshire Hathaway's quarterly 13Fs, we know Buffett has been doing far more selling than buying since October 2022. This selling has been highlighted by a significant pare down in Berkshire's top holding, tech goliath <strong>Apple</strong>(AAPL 0.46%). But at the same time, the Oracle of Omaha is finding pockets of intrigue, as evidenced by the consumer-facing stock he's loaded up on for three consecutive quarters.</p>
<div class="lb-trans"><p>根據伯克希爾哈撒韋的季度 13F 報告，我們知道自 2022 年 10 月以來，巴菲特的賣出遠遠超過買入。這一賣出行為在伯克希爾的主要持股——科技巨頭 <strong>蘋果</strong>（AAPL 0.46%）中得到了顯著體現。但與此同時，這位奧馬哈的先知也在尋找一些引人注目的投資機會，正如他連續三個季度增持的消費類股票所示。</p>
</div><h2>Buffett bids adieu to more than 615 million shares of Apple</h2>
<div class="lb-trans"><h2>巴菲特告別超過 6.15 億股蘋果股票</h2>
</div><p>When the third quarter of 2023 came to an end, Warren Buffett oversaw 915,560,382 shares of Apple in his company's investment portfolio. But over the following 12 months, Berkshire's billionaire chief disposed of 615,560,382 shares, equating to a decline of 67%. Buffett still holds 300 million shares of Apple, and it remains his company's No. 1 holding by market value.</p>
<div class="lb-trans"><p>到 2023 年第三季度結束時，沃倫·巴菲特在其公司的投資組合中持有 915,560,382 股蘋果股票。但在接下來的 12 個月裏，伯克希爾的億萬富翁首席執行官處置了 615,560,382 股，下降幅度達到 67%。巴菲特仍持有 3 億股蘋果股票，這仍然是他公司按市值計算的第一大持股。</p>
</div><p>The million-dollar question is: &#34;Why did Wall Street's most esteemed money manager send two-thirds of his stake in Apple to the chopping block?&#34;</p>
<div class="lb-trans"><p>百萬美元的問題是：“為什麼華爾街最受尊敬的資金經理會將其在蘋果的三分之二股份送上砧板？”</p>
</div><p>One possible answer has to do with corporate income tax rates. In May 2024, during Berkshire Hathaway's annual shareholder meeting and well before President Donald Trump's November victory, Buffett opined that the peak marginal corporate income tax rate was likely to climb in the future. Therefore, locking in sizable unrealized gains in Apple would, in hindsight, be viewed favorably by investors.</p>
<div class="lb-trans"><p>一個可能的答案與企業所得税率有關。在 2024 年 5 月的伯克希爾哈撒韋年度股東大會上，早在唐納德·特朗普總統 11 月勝選之前，巴菲特就曾表示，未來邊際企業所得税率可能會上升。因此，鎖定蘋果的可觀未實現收益，從事後看來，將受到投資者的青睞。</p>
</div><p>Since making this statement, Congress passed and President Trump signed the One, Big, Beautiful Bill into law, which makes the 21% peak marginal corporate income tax rate permanent.</p>
<div class="lb-trans"><p>自從發表這一聲明以來，國會通過了《一項偉大的美麗法案》，並由特朗普總統簽署成為法律，使 21% 的邊際企業所得税率成為永久性。</p>
</div><p>But there might be more to this selling activity than meets the eye.</p>
<div class="lb-trans"><p>但這次賣出活動可能還有更多深意。</p>
</div><p>For starters, Apple's growth engine has stalled over the last couple of years. Although revenue tied to subscription services has continued to climb at an impressive pace, and services are becoming a larger percentage of net sales, Apple's physical device sales (iPhone, Mac, iPad, and various wearables, including Apple Watch) have been stagnant or down.</p>
<div class="lb-trans"><p>首先，蘋果的增長引擎在過去幾年中停滯不前。儘管與訂閲服務相關的收入持續以令人印象深刻的速度增長，且服務在淨銷售中佔比越來越大，但蘋果的實體設備銷售（iPhone、Mac、iPad 及各種可穿戴設備，包括 Apple Watch）卻停滯不前或下降。</p>
</div><p>In fiscal 2021 (ended Sept. 25, 2021), Apple reported $94.7 billion in net income and $5.67 in earnings per share (EPS). Three years later, Apple delivered $93.7 billion in net income and $6.11 in EPS. Apple's net income has declined, with its world-leading share repurchase program responsible for the entirety of its EPS growth.</p>
<div class="lb-trans"><p>在 2021 財年（截至 2021 年 9 月 25 日），蘋果報告淨收入為 947 億美元，每股收益（EPS）為 5.67 美元。三年後，蘋果的淨收入為 937 億美元，每股收益為 6.11 美元。蘋果的淨收入有所下降，其全球領先的股票回購計劃則是其每股收益增長的唯一原因。</p>
</div><p>The other concern for Warren Buffett might be Apple's valuation. One of the few unwritten rules that Berkshire's billionaire chief wont waver on is his desire to get a good deal. Unfortunately, Apple's forward price-to-earnings (P/E) ratio suggests it's anything but a good deal.</p>
<div class="lb-trans"><p>巴菲特的另一個擔憂可能是蘋果的估值。伯克希爾的億萬富翁首席執行官不願妥協的少數幾條不成文規則之一就是他希望獲得一個好交易。不幸的是，蘋果的前瞻市盈率（P/E）表明，它絕對不是一個好交易。</p>
</div><p>In spite of Apple's profit growth being stagnant, its stock is up 40% over the trailing-three-year period, and its forward P/E ratio is a fairly aggressive 27. Though Apple remains very profitable and management supports aggressive share buybacks, the value proposition with Apple stock simply isn't there.</p>
<div class="lb-trans"><p>儘管蘋果的利潤增長停滯不前，但其股票在過去三年中上漲了 40%，而其前瞻市盈率則相對激進，達到了 27。儘管蘋果依然非常盈利，管理層支持積極的股票回購，但蘋果股票的價值主張顯然並不存在。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU3MTAvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825710%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>The Oracle of Omaha has purchased shares of this consumer giant for three consecutive quarters</h2>
<div class="lb-trans"><h2>奧馬哈的先知連續三個季度購買這家消費巨頭的股票</h2>
</div><p>Though Warren Buffett has, collectively, sold $174.4 billion more in stocks than he's purchased between Oct. 1, 2022 and March 31, 2025, he's found a couple of special businesses worth piling into. One of those premier companies is restaurant chain <strong>Domino's Pizza</strong>(DPZ -0.55%), which has soared more than 7,400% since its July 2004 initial public offering (IPO), including dividends.</p>
<div class="lb-trans"><p>儘管沃倫·巴菲特在 2022 年 10 月 1 日至 2025 年 3 月 31 日期間，累計賣出股票的金額比購買的多出 1744 億美元，但他發現了幾家值得大量投資的特殊企業。其中一家頂級公司是餐飲連鎖店 <strong>達美樂比薩</strong>（DPZ -0.55%），自 2004 年 7 月首次公開募股（IPO）以來，其股價已上漲超過 7400%，包括分紅。</p>
</div><p>At the midpoint of 2024, Berkshire Hathaway didn't own a single share of Domino's Pizza. Since then, the Oracle of Omaha has overseen the purchase of:</p>
<div class="lb-trans"><p>在 2024 年中期，伯克希爾哈撒韋並未持有達美樂比薩的任何股份。從那時起，奧馬哈的先知監督了以下購買：</p>
</div><ul>
<li><strong>Q3 2024</strong>: 1,277,256 shares</li>
<li><strong>Q4 2024</strong>: 1,104,744 shares</li>
<li><strong>Q1 2025</strong>: 238,613 shares (2,620,613 total shares held)</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>2024 年第三季度</strong>：1,277,256 股</li>
<li><strong>2024 年第四季度</strong>：1,104,744 股</li>
<li><strong>2025 年第一季度</strong>：238,613 股（總持股 2,620,613 股）</li>
</ul>
</div><p>Buffett doesn't enter billion-dollar stakes by accident. His fascination with Domino's Pizza likely has to do with its ability to meet or exceed growth initiatives over an extended period.</p>
<div class="lb-trans"><p>巴菲特並不是偶然進入十億美元的投資。他對達美樂比薩的興趣可能與其在較長時間內實現或超越增長目標的能力有關。</p>
</div><p>The newest five-year plan laid out by Domino's management, known as &#34;Hungry for MORE,&#34; prioritizes innovation through the use of artificial intelligence and supply chain improvements. There's also added focus on the company's franchisees and the responsibility they hold in building up the value of the brand.</p>
<div class="lb-trans"><p>達美樂管理層提出的最新五年計劃，名為 “渴望更多”，優先考慮通過人工智能和供應鏈改進來推動創新。還特別關注公司的特許經營商及其在提升品牌價值方面的責任。</p>
</div><p>For instance, 2024 marked the 31st consecutive year of same-store sales growth for Domino's international locations. Organic sales wouldn't grow overseas with such consistency if the company's brand messaging wasn't hitting home with consumers.</p>
<div class="lb-trans"><p>例如，2024 年是達美樂國際門店連續第 31 年實現同店銷售增長。如果公司的品牌傳播沒有打動消費者，海外的有機銷售不會如此持續增長。</p>
</div><p>Something else Buffett probably appreciates is the trust Domino's Pizza has built up with its consumer base. In the late 2000s, Domino's kicked off a <em>mea culpa</em> campaign where it admitted its pizza was subpar and vowed to do better. Though this type of advertising campaign doesn't always work, the transparency Domino's has demonstrated over the last 15-plus years has resonated with its customers and kept many loyal to the brand.</p>
<div class="lb-trans"><p>巴菲特可能還欣賞的是達美樂比薩與其消費者基礎建立的信任。在 2000 年代末，達美樂發起了一場自我反省的宣傳活動，承認其比薩質量不佳，並承諾會做得更好。儘管這種類型的廣告活動並不總是有效，但達美樂在過去 15 年中展現的透明度與其客户產生了共鳴，並使許多人對該品牌保持忠誠。</p>
</div><p>Furthermore, Domino's Pizza has increased its base annual dividend for more than a decade and occasionally repurchases its own stock. Berkshire's billionaire investor tends to be a huge fan of businesses that reward/incent their long-term shareholders.</p>
<div class="lb-trans"><p>此外，達美樂比薩已經連續十多年提高其基礎年度股息，並偶爾回購自己的股票。巴菲特這位億萬富翁投資者通常非常喜歡那些獎勵/激勵其長期股東的企業。</p>
</div><p>The only knock against Domino's Pizza is that its stock isn't cheap at 24 times forward-year earnings. However, Buffett has a keen eye for consumer behaviors and must like what he sees from Domino's Hungry for MORE strategic growth plan.</p>
<div class="lb-trans"><p>對達美樂比薩唯一的批評是，其股票以 24 倍的未來年度收益率並不便宜。然而，巴菲特對消費者行為有敏鋭的洞察力，必定對達美樂的 “渴望更多” 戰略增長計劃感到滿意。</p>
</div>

Billionaire Warren Buffett Sold 67% of Berkshire's Stake in Apple and Has Loaded Up On a Consumer Favorite That's Rallied 7,400% Since Its IPO

- 巴菲特自 1960 年代中期以來表現優於華爾街，BRK.A 累計回報達 5,732,279%。
- 自 2022 年 10 月以來，巴菲特出售了超過 615 百萬股蘋果股票，持股降至 300 百萬股。
- 他連續三季度增持多米諾比薩，顯示出對其長期增長潛力的信心。

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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，並增持了一家自 IPO 以來股價上漲了 7400% 的消費者熱門公司