<p>你可能沒有意識到，但 8 月 14 日星期四可以説是本季度對投資者來説最重要的一天。儘管財報季可以讓投資者瞭解華爾街領先企業的健康狀況，但 13F 表格同樣具有重要價值。</p>
<p>13F 是一個必需的文件，必須在季度結束後不超過 45 個日曆天內提交（8 月 14 日），適用於管理資產至少為 1 億美元的機構投資者。它為投資者提供了華爾街最聰明和最成功的資金經理在最新季度（在這種情況下是 6 月結束的季度）買入和賣出的股票的簡明快照。</p>
<p>雖然華爾街充滿了知名的資產管理公司，但沒有一家能像 <strong>伯克希爾哈撒韋</strong>（BRK.A -0.26%）（BRK.B -0.35%）的首席執行官沃倫·巴菲特那樣吸引投資者的注意。模仿這位被稱為 “奧馬哈的先知” 的買賣活動一直是創造財富的經過驗證的策略。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjMvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjMvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA"/></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>儘管巴菲特的交易活動的每一個方面都往往受到專業和普通投資者的嚴格審視，但這份季度 13F 是獨特的。它揭示了伯克希爾的億萬富翁老闆在秘密掩護下購買的神秘股票——這並不是華爾街任何人所預期的。</p>
<h2>沃倫·巴菲特在 “保密處理” 標籤下大舉買入</h2>
<p>在少數情況下，監管機構會授予知名資金經理在一個或多個證券中建立股份的能力，採用 “保密處理” 標籤。保密證券不需要在 13F 上報告，這背後是有原因的。</p>
<p>當像沃倫·巴菲特這樣的高知名度資產管理者在某隻股票中開倉時，股價飆升並不罕見，因為投資者紛紛湧入。獲得保密處理的許可使這些知名投資者（如巴菲特）能夠以更具吸引力的成本基礎建立頭寸。</p>
<p>在過去十年中，奧馬哈的先知曾幾次獲得保密處理標籤：</p>
<ul>
<li>在 2015 年，伯克希爾獲得了這一豁免，以建立對能源巨頭 <strong>菲利普斯 66</strong> 的股份。</li>
<li>在 COVID-19 疫情初期，巴菲特及其團隊利用保密處理標籤在 <strong>威瑞森通訊</strong> 和 <strong>雪佛龍</strong> 中創建了數十億美元的頭寸，後者仍然是核心持股。</li>
<li>在 2023 年下半年和 2024 年第一季度，這個特殊標籤被用於增持財產與意外保險公司 <strong>查布</strong>。</li>
<li>在 2025 年上半年也獲得了這一標籤，用於一隻在伯克希爾第二季度 13F 提交後揭示的神秘股票。</li>
</ul>
<p>儘管有成千上萬的上市公司，伯克希爾哈撒韋的季度運營結果為這隻神秘股票的所在提供了重要線索。每個季度，巴菲特的公司都會提供其投資組合中證券的成本基礎分解，分為三個類別：</p>
<ul>
<li>銀行、保險和金融</li>
<li>消費品</li>
<li>商業、工業及其他</li>
</ul>
<p>前兩個類別的成本基礎一直在下降，而商業、工業及其他則在上升。換句話説，很明顯巴菲特的神秘買入不是金融股或消費品公司。</p>
<p>我們還知道，從歷史上看，伯克希爾的億萬富翁首席執行官往往避免投資科技和醫療保健行業。巴菲特並不是最懂科技的人，跟進臨牀試驗數據也不是他最關注的事情。所有跡象都指向他在 2025 年上半年大舉購買的是一隻工業股……但華爾街卻大錯特錯！</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjMvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjMvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>奧馬哈的先知揭開了他的神秘股票的面紗</h2>
<p>儘管伯克希爾的老闆在連續 11 個季度中一直是淨賣出股票，金額高達 1774 億美元，但他在截至 6 月的季度中進行了相當多的買入。伯克希爾的 13F 顯示開設了六個新頭寸，並增加了六個現有持股。</p>
<p>然而，唯一一項必定引起關注和驚訝的新購買是神秘股票的揭示：<strong>聯合健康集團</strong>（UNH 12.04%）。巴菲特監督購買了 5,039,564 股聯合健康，價值接近 16 億美元，截止到 6 月底。</p>
<p>沒有哪個行業比金融行業更能讓沃倫·巴菲特理解或感到舒適。雖然銀行和信用服務提供商可能是聽到 “金融” 一詞時首先想到的，但它還包括各種保險公司，如查布。</p>
<p>聯合健康的大部分業務涉及健康保險。儘管聯合健康並不保護財產，但保險公司的基本原則在各個領域是相似的。他們收取保費並支出資本以覆蓋會員索賠，期望收取的保費遠遠超過支出給會員的金額。</p>
<p>通常，保險公司擁有卓越的定價能力。由於災難和高索賠期是不可避免的，保險公司通常有理由幾乎每年提高保費。當保險公司沒有支出收取的保費來覆蓋索賠時，這些資金會投資於安全的、帶息的資產以增加利潤。</p>
<p>但聯合健康集團不僅僅是一家領先的健康保險公司。其醫療服務部門 Optum 已經成為一個增長更快、利潤率更高的業務夥伴，提供從護理交付和藥房護理服務到他們使用的軟件的各種服務。</p>
<p>沃倫·巴菲特的操作模式是等待價格失調的出現。在一個歷史上價格昂貴的股市中，尋找價值幾乎是不可能的。然而，自四月中旬以來，聯合健康集團的股票價值損失超過一半，出現了一個罕見的價格失調。</p>
<p>然而，聯合健康的股票並不是憑空下跌 54%。其糟糕的表現反映了與公司醫療保險優勢部門（也稱為醫療保險 C 部分）相關的更高成本。雖然許多聯合健康的同行預計在 2025 年這一私人醫療保險部門的支出會增加，但聯合健康並沒有預見到，現在正為此付出代價。</p>
<p>好消息是，聯合健康集團曾經經歷過這樣的挑戰環境，而且這些環境通常不會持續很長時間。公司應該能夠調整即將到來的年度的保費，並努力降低成本。</p>
<p>聯合健康集團的前瞻市盈率為 14（在巴菲特揭示其為神秘股票之前），相比過去五年的平均前瞻市盈率折扣達 26%。這也是一家擁有強大資本回報計劃的公司，表現為不斷增長的股息和豐厚的股票回購。</p>
<p>儘管醫療保健股票可能是華爾街最不期待的，但聯合健康集團符合價值導向的奧馬哈先知的所有標準。</p>

聯合健康

<p>沃倫·巴菲特最近的 13F 文件顯示了一項令人驚訝的新投資：聯合健康集團，伯克希爾·哈撒韋購買了超過 500 萬股，價值約 16 億美元。這標誌着一個顯著的轉變，因為巴菲特在過去 11 個季度一直是淨賣出股票。該文件還強調了對某些股票購買使用 “保密處理”，這使巴菲特能夠在不立即影響市場的情況下建立頭寸。聯合健康作為神秘股票的揭示與對工業焦點的預期形成對比，展示了巴菲特在醫療保健領域的戰略投資</p>

<p>You might not realize it, but Thursday, Aug. 14, was arguably the most important day of the quarter for investors. Although earnings season can clue investors in to the health of Wall Street's leading businesses, Form 13Fs are equally valuable.</p>
<div class="lb-trans"><p>你可能沒有意識到，但 8 月 14 日星期四可以説是本季度對投資者來説最重要的一天。儘管財報季可以讓投資者瞭解華爾街領先企業的健康狀況，但 13F 表格同樣具有重要價值。</p>
</div><p>A 13F is a required filing due no later than 45 calendar days following the end of a quarter (Aug. 14) for institutional investors with at least $100 million in assets under management. It provides investors with a concise snapshot of which stocks Wall Street's smartest and most successful money managers bought and sold in the latest quarter (in this instance, the quarter that ended in June).</p>
<div class="lb-trans"><p>13F 是一個必需的文件，必須在季度結束後不超過 45 個日曆天內提交（8 月 14 日），適用於管理資產至少為 1 億美元的機構投資者。它為投資者提供了華爾街最聰明和最成功的資金經理在最新季度（在這種情況下是 6 月結束的季度）買入和賣出的股票的簡明快照。</p>
</div><p>While Wall Street is packed with brand-name asset managers, none garners the attention of investors quite like <strong>Berkshire Hathaway</strong>(BRK.A -0.26%) (BRK.B -0.35%) CEO Warren Buffett. Mirroring the aptly dubbed Oracle of Omaha's buying and selling activity has been a time-tested strategy for wealth creation.</p>
<div class="lb-trans"><p>雖然華爾街充滿了知名的資產管理公司，但沒有一家能像 <strong>伯克希爾哈撒韋</strong>（BRK.A -0.26%）（BRK.B -0.35%）的首席執行官沃倫·巴菲特那樣吸引投資者的注意。模仿這位被稱為 “奧馬哈的先知” 的買賣活動一直是創造財富的經過驗證的策略。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjMvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829523%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>Although every facet of Buffett's trading activity tends to be put under the microscope by professional and everyday investors, this quarterly 13F was unique. It revealed the mystery stock that Berkshire's billionaire boss had been buying under the guise of secrecy -- and it's not what anyone on Wall Street had been expecting.</p>
<div class="lb-trans"><p>儘管巴菲特的交易活動的每一個方面都往往受到專業和普通投資者的嚴格審視，但這份季度 13F 是獨特的。它揭示了伯克希爾的億萬富翁老闆在秘密掩護下購買的神秘股票——這並不是華爾街任何人所預期的。</p>
</div><h2>Warren Buffett buys big under the &#34;confidential treatment&#34; tag</h2>
<div class="lb-trans"><h2>沃倫·巴菲特在 “保密處理” 標籤下大舉買入</h2>
</div><p>On rare occasions, regulators grant prominent money managers the ability to build up a stake in one or more securities under the &#34;confidential treatment&#34; tag. Confidential securities don't need to be reported on a 13F, and there's a purpose behind this.</p>
<div class="lb-trans"><p>在少數情況下，監管機構會授予知名資金經理在一個或多個證券中建立股份的能力，採用 “保密處理” 標籤。保密證券不需要在 13F 上報告，這背後是有原因的。</p>
</div><p>When a high-profile asset manager like Warren Buffett opens a position in a stock, it's not uncommon for its share price to surge as investors pile in. Being granted confidential treatment allows these prominent investors (like Buffett) to build up a position at a more attractive cost basis.</p>
<div class="lb-trans"><p>當像沃倫·巴菲特這樣的高知名度資產管理者在某隻股票中開倉時，股價飆升並不罕見，因為投資者紛紛湧入。獲得保密處理的許可使這些知名投資者（如巴菲特）能夠以更具吸引力的成本基礎建立頭寸。</p>
</div><p>The Oracle of Omaha has been granted the confidential treatment tag on a couple of occasions over the last decade:</p>
<div class="lb-trans"><p>在過去十年中，奧馬哈的先知曾幾次獲得保密處理標籤：</p>
</div><ul>
<li>In 2015, Berkshire was afforded this exclusion to build up a stake in energy giant <strong>Phillips 66</strong>.</li>
<li>During the early stages of the COVID-19 pandemic, the confidential treatment tag was used by Buffett and his team to create multibillion-dollar positions in <strong>Verizon Communications</strong> and <strong>Chevron</strong>, the latter of which remains a core holding.</li>
<li>In the second half of 2023 and during the first quarter of 2024, this special tag was used to pile into property &amp; casualty insurer <strong>Chubb</strong>.</li>
<li>It was also granted during the first half of 2025 for a mystery stock that's now been revealed following Berkshire's second-quarter 13F filing.</li>
</ul>
<div class="lb-trans"><ul>
<li>在 2015 年，伯克希爾獲得了這一豁免，以建立對能源巨頭 <strong>菲利普斯 66</strong> 的股份。</li>
<li>在 COVID-19 疫情初期，巴菲特及其團隊利用保密處理標籤在 <strong>威瑞森通訊</strong> 和 <strong>雪佛龍</strong> 中創建了數十億美元的頭寸，後者仍然是核心持股。</li>
<li>在 2023 年下半年和 2024 年第一季度，這個特殊標籤被用於增持財產與意外保險公司 <strong>查布</strong>。</li>
<li>在 2025 年上半年也獲得了這一標籤，用於一隻在伯克希爾第二季度 13F 提交後揭示的神秘股票。</li>
</ul>
</div><p>Though there are thousands of publicly traded companies, Berkshire Hathaway's quarterly operating results have offered big clues as to where this mystery stock resides. Every quarter, Buffett's company provides a cost basis breakdown of the securities held in its investment portfolio from three categories:</p>
<div class="lb-trans"><p>儘管有成千上萬的上市公司，伯克希爾哈撒韋的季度運營結果為這隻神秘股票的所在提供了重要線索。每個季度，巴菲特的公司都會提供其投資組合中證券的成本基礎分解，分為三個類別：</p>
</div><ul>
<li>Banks, insurance and finance</li>
<li>Consumer products</li>
<li>Commercial, industrial and other</li>
</ul>
<div class="lb-trans"><ul>
<li>銀行、保險和金融</li>
<li>消費品</li>
<li>商業、工業及其他</li>
</ul>
</div><p>The cost bases for the first two segments have been declining, while commercial, industrial and other has been climbing. In other words, it was pretty clear that Buffett's mystery buy wasn't a financial stock or consumer staples company.</p>
<div class="lb-trans"><p>前兩個類別的成本基礎一直在下降，而商業、工業及其他則在上升。換句話説，很明顯巴菲特的神秘買入不是金融股或消費品公司。</p>
</div><p>We also know that, historically speaking, Berkshire's billionaire chief tends to avoid the tech and healthcare sectors. Buffett isn't the most tech-savvy, and keeping up on clinical-trial data isn't high on his list of things to do. All signs were pointing to an industrial stock being his big purchase during the first half of 2025...but Wall Street was <em>way</em> off!</p>
<div class="lb-trans"><p>我們還知道，從歷史上看，伯克希爾的億萬富翁首席執行官往往避免投資科技和醫療保健行業。巴菲特並不是最懂科技的人，跟進臨牀試驗數據也不是他最關注的事情。所有跡象都指向他在 2025 年上半年大舉購買的是一隻工業股……但華爾街卻大錯特錯！</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjMvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829523%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>The Oracle of Omaha lifts the curtain on his mystery stock</h2>
<div class="lb-trans"><h2>奧馬哈的先知揭開了他的神秘股票的面紗</h2>
</div><p>Even though Berkshire's boss has been a persistent net seller of stocks for 11 consecutive quarters, to the tune of $177.4 billion, he did quite a bit of buying during the quarter ending in June. Berkshire's 13F shows six new positions were opened, with a half-dozen existing holdings being added to.</p>
<div class="lb-trans"><p>儘管伯克希爾的老闆在連續 11 個季度中一直是淨賣出股票，金額高達 1774 億美元，但他在截至 6 月的季度中進行了相當多的買入。伯克希爾的 13F 顯示開設了六個新頭寸，並增加了六個現有持股。</p>
</div><p>However, the one new purchase that's bound to raise eyebrows and drop jaws is the reveal of the mystery stock: <strong>UnitedHealth Group</strong>(UNH 12.04%). Buffett oversaw the purchase of 5,039,564 shares of UnitedHealth, worth close to $1.6 billion at the end of June.</p>
<div class="lb-trans"><p>然而，唯一一項必定引起關注和驚訝的新購買是神秘股票的揭示：<strong>聯合健康集團</strong>（UNH 12.04%）。巴菲特監督購買了 5,039,564 股聯合健康，價值接近 16 億美元，截止到 6 月底。</p>
</div><p>There's not a sector Warren Buffett understands better or feels more comfortable investing in than financials. While banks and credit service providers might be the first that come to mind when hearing the word &#34;financials,&#34; it also includes an assortment of insurance companies, such as Chubb.</p>
<div class="lb-trans"><p>沒有哪個行業比金融行業更能讓沃倫·巴菲特理解或感到舒適。雖然銀行和信用服務提供商可能是聽到 “金融” 一詞時首先想到的，但它還包括各種保險公司，如查布。</p>
</div><p>A substantial portion of UnitedHealth's business involves health insurance. Though UnitedHealth isn't protecting property, the premise of insurance companies is similar across the board. They collect premiums and outlay capital to cover member claims, with the expectation being that premiums collected will far outweigh the amount spent on its members.</p>
<div class="lb-trans"><p>聯合健康的大部分業務涉及健康保險。儘管聯合健康並不保護財產，但保險公司的基本原則在各個領域是相似的。他們收取保費並支出資本以覆蓋會員索賠，期望收取的保費遠遠超過支出給會員的金額。</p>
</div><p>Typically, insurers possess exceptional pricing power. Since catastrophes and higher claim periods are inevitable, insurers are often justified in raising their premiums on a near-annual basis. When insurers aren't outlaying their collected premium to cover claims, it's invested in safe, interest-bearing assets to bolster profits.</p>
<div class="lb-trans"><p>通常，保險公司擁有卓越的定價能力。由於災難和高索賠期是不可避免的，保險公司通常有理由幾乎每年提高保費。當保險公司沒有支出收取的保費來覆蓋索賠時，這些資金會投資於安全的、帶息的資產以增加利潤。</p>
</div><p>But UnitedHealth Group is more than just a leading health insurance company. Its healthcare services segment, Optum, has been a faster-growing and higher-margin counterpart for quite some time. Optum provides healthcare companies with everything from care delivery and pharmacy care services to the software they use.</p>
<div class="lb-trans"><p>但聯合健康集團不僅僅是一家領先的健康保險公司。其醫療服務部門 Optum 已經成為一個增長更快、利潤率更高的業務夥伴，提供從護理交付和藥房護理服務到他們使用的軟件的各種服務。</p>
</div><p>Warren Buffett's modus operandi is to wait for price dislocations to present themselves. In a historically pricey stock market, locating value has been virtually impossible. Yet, with UnitedHealth Group stock losing more than half its value since the midpoint of April, a rare price dislocation has emerged.</p>
<div class="lb-trans"><p>沃倫·巴菲特的操作模式是等待價格失調的出現。在一個歷史上價格昂貴的股市中，尋找價值幾乎是不可能的。然而，自四月中旬以來，聯合健康集團的股票價值損失超過一半，出現了一個罕見的價格失調。</p>
</div><p>However, UnitedHealth stock didn't dive 54% on a whim. Its poor performance is a reflection of higher costs associated with the company's Medicare Advantage segment (also known as Medicare Part C). Whereas many of UnitedHealth's peers anticipated higher expenses in this private Medicare segment in 2025, UnitedHealth did not and is now paying the price.</p>
<div class="lb-trans"><p>然而，聯合健康的股票並不是憑空下跌 54%。其糟糕的表現反映了與公司醫療保險優勢部門（也稱為醫療保險 C 部分）相關的更高成本。雖然許多聯合健康的同行預計在 2025 年這一私人醫療保險部門的支出會增加，但聯合健康並沒有預見到，現在正為此付出代價。</p>
</div><p>The good news is that UnitedHealth Group has endured challenging environments like this before, and they rarely last for any significant length of time. The company should be able to address premiums for the upcoming year and work to lower its costs.</p>
<div class="lb-trans"><p>好消息是，聯合健康集團曾經經歷過這樣的挑戰環境，而且這些環境通常不會持續很長時間。公司應該能夠調整即將到來的年度的保費，並努力降低成本。</p>
</div><p>UnitedHealth Group's forward price-to-earnings (P/E) ratio of 14 (prior to Buffett revealing it as his mystery stock) represents a 26% discount to its average forward-year earnings multiple over the trailing-five-year period. It's also a company with a robust capital-return program, highlighted by a growing dividend and hearty share buybacks.</p>
<div class="lb-trans"><p>聯合健康集團的前瞻市盈率為 14（在巴菲特揭示其為神秘股票之前），相比過去五年的平均前瞻市盈率折扣達 26%。這也是一家擁有強大資本回報計劃的公司，表現為不斷增長的股息和豐厚的股票回購。</p>
</div><p>Though a healthcare stock is probably the last thing Wall Street was expecting, UnitedHealth Group checks all the right boxes for the value-oriented Oracle of Omaha.</p>
<div class="lb-trans"><p>儘管醫療保健股票可能是華爾街最不期待的，但聯合健康集團符合價值導向的奧馬哈先知的所有標準。</p>
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沃倫·巴菲特的神秘股票已經揭曉，這對華爾街來説是一個巨大的驚喜