<p>每個季度，投資者都焦急地等待沃倫·巴菲特的公司 <strong>伯克希爾哈撒韋</strong> 向證券交易委員會提交的 13F 報告，披露伯克希爾在季度末持有的股票，因此也揭示了公司在任何給定季度買入和賣出的股票。投資者總是希望能一窺巴菲特及其投資團隊的智慧，尤其是巴菲特將在年底辭去公司首席執行官職務。</p>
<p>儘管伯克希爾在最近幾個季度保持沉默，但這家大型綜合企業在第二季度做出了一些顯著的舉動。伯克希爾最近出售了其兩大主要持股的一部分，同時大量增持了一隻在今年遭遇巨大困難的醫療保健股票。</p>
<h2>削減蘋果和美國銀行的持股</h2>
<p>在第二季度，伯克希爾繼續削減其最大持股 <strong>蘋果</strong>(AAPL -0.55%) 和第三大持股 <strong>美國銀行</strong>(BAC -1.67%)。在這一季度，伯克希爾出售了其在蘋果中 7% 的股份和在美國銀行中 4% 的股份。在過去一年中，伯克希爾已將其在蘋果中的持股減少了 30%，在美國銀行中的持股減少了 41%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MDYvYnVmZmV0dDE5LXRtZi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MDYvYnVmZmV0dDE5LXRtZi5qcGcmdz03MDA"/></p>
<p>圖片來源：The Motley Fool。</p>
<p>儘管牛市已經持續了超過 2.5 年，伯克希爾卻一直謹慎行事，囤積了數千億美元的現金及現金等價物，出售的股票多於購買的股票，甚至最近還放棄了股票回購。考慮到估值過高和股市的巨大漲幅，許多投資者認為巴菲特和他的團隊並沒有看到有吸引力的機會。</p>
<p>還有人討論伯克希爾保持保守是為了準備巴菲特辭去首席執行官職務但仍保留董事會主席職務的重大過渡。長期以來的伯克希爾老將格雷格·阿貝爾將接替巴菲特的重要職位。伯克希爾的股票在今年開局良好，但自從宣佈過渡後表現不佳。</p>
<p>蘋果今年一直在處理與關税相關的問題。巴菲特和伯克希爾可能在唐納德·特朗普贏得選舉後就預見到了這一點，從而削減了他們的持股。如果伯克希爾對經濟感到擔憂，那麼削減一些銀行持股也許是合理的，因為銀行通常是週期性的。</p>
<h2>在這家醫療巨頭上採取逆向投資策略</h2>
<p>在第二季度，伯克希爾在美國最大的醫療保險公司 <strong>聯合健康集團</strong>(UNH 12.04%) 中建立了 15.7 億美元的持股。聯合健康的股票今年遭受重創，下降了約 46%。然而，在伯克希爾購買該股票的消息公佈後，股價在盤後交易中上漲了近 9.5%。</p>
<p>聯合健康今年面臨一系列問題，包括醫療保險成本上升，這是該行業普遍存在的趨勢。在第二季度，聯合健康的管理層將其之前的全年預期下調至每股調整後收益 16 美元，遠低於華爾街年初的共識預期。</p>
<p>主要原因是醫療成本，管理層認為這將比之前預期高出 65 億美元。該行業在老齡化人口、服務利用率和費用上升、藥品價格上漲以及通貨膨脹的壓力下苦苦掙扎。</p>
<p>此外，美國司法部正在對聯合健康進行刑事調查，調查其在醫療保險優勢計劃中向客户收費的方式。《華爾街日報》此前報道了涉嫌增加公司支付的可疑賬單做法。聯合健康在 7 月底的一份聲明中表示，它正在配合司法部的調查，但對其做法 “充滿信心，並承諾在整個過程中與司法部合作”。</p>
<p>從根本上説，巴菲特和他的團隊是價值投資者，這意味着他們尋找市場價值低於公司內在價值的股票。儘管聯合健康面臨困境，並預測今年收益將大幅下降，但管理層仍預計到 2025 年將實現兩位數的收入增長。此外，該公司的資產負債表似乎穩健。雖然公司債務較高，但在今年前六個月，運營收益約為 143 億美元，仍然是債務利息支出的 7 倍多。</p>
<p>此外，聯合健康的股息收益率現在約為 3.25%，而公司的自由現金流收益率超過 10%，顯示公司可以輕鬆覆蓋未來可預見的股息。事實上，聯合健康最近將季度股息提高了 5%。</p>
<p>最終，儘管預計今年收益將大幅下降，聯合健康的前瞻市盈率仍低於通常水平，且市銷率不到 1 倍。巴菲特和他的團隊重視強大的護城河，因此，考慮到聯合健康在醫療保險行業仍然控制着市場份額，他們可能認為這是一個具有吸引力的風險回報機會。</p>

蘋果

聯合健康

伯克希爾哈撒韋-B

伯克希爾哈撒韋-A

<p>沃倫·巴菲特的伯克希爾哈撒韋在過去一年中出售了蘋果和美國銀行的股份，分別減少了 30% 和 41% 的持股比例。相比之下，該公司在聯合健康集團投資了 15.7 億美元，儘管該醫療股票今年下跌了 46%，但在公告後股價上漲了 9.5%。儘管面臨挑戰，預計到 2025 年聯合健康的收入將實現兩位數增長，並且擁有穩健的資產負債表，這使其成為巴菲特價值投資策略的一個有吸引力的投資選擇</p>

<p>Each quarter, investors anxiously await Warren Buffett's company <strong>B</strong> <strong>erkshire Hathaway</strong> filing its 13F filing with the Securities and Exchange Commission, divulging what stocks Berkshire held at the end of the quarter, and, therefore, what stocks the company bought and sold in any given quarter. Investors are always looking for a glimpse into the genius of Buffett and his team of investors, especially with Buffett set to step down as CEO of the company at the end of the year.</p>
<div class="lb-trans"><p>每個季度，投資者都焦急地等待沃倫·巴菲特的公司 <strong>伯克希爾哈撒韋</strong> 向證券交易委員會提交的 13F 報告，披露伯克希爾在季度末持有的股票，因此也揭示了公司在任何給定季度買入和賣出的股票。投資者總是希望能一窺巴菲特及其投資團隊的智慧，尤其是巴菲特將在年底辭去公司首席執行官職務。</p>
</div><p>While Berkshire has been quiet in recent quarters, the large conglomerate made some notable moves in the second quarter. Berkshire recently sold some shares in two of its largest positions, while piling into an embattled healthcare stock that has struggled immensely this year.</p>
<div class="lb-trans"><p>儘管伯克希爾在最近幾個季度保持沉默，但這家大型綜合企業在第二季度做出了一些顯著的舉動。伯克希爾最近出售了其兩大主要持股的一部分，同時大量增持了一隻在今年遭遇巨大困難的醫療保健股票。</p>
</div><h2>Trimming Apple and Bank of America</h2>
<div class="lb-trans"><h2>削減蘋果和美國銀行的持股</h2>
</div><p>In the second quarter, Berkshire continued to trim its largest position, <strong>Apple</strong>(AAPL -0.55%), and its third-largest holding, <strong>Bank of America</strong>(BAC -1.67%). In the quarter, Berkshire sold 7% of its stake in Apple and 4% of its stake in Bank of America. Over the past year, Berkshire has reduced its stake in Apple by 30% and Bank of America by 41%.</p>
<div class="lb-trans"><p>在第二季度，伯克希爾繼續削減其最大持股 <strong>蘋果</strong>(AAPL -0.55%) 和第三大持股 <strong>美國銀行</strong>(BAC -1.67%)。在這一季度，伯克希爾出售了其在蘋果中 7% 的股份和在美國銀行中 4% 的股份。在過去一年中，伯克希爾已將其在蘋果中的持股減少了 30%，在美國銀行中的持股減少了 41%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MDYvYnVmZmV0dDE5LXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829506%2Fbuffett19-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>圖片來源：The Motley Fool。</p>
</div><p>While the bull market has raged for more than 2.5 years, Berkshire has plodded along conservatively, hoarding hundreds of billions of dollars in cash and cash equivalents, selling more stocks than it buys, and even turning away from share repurchases more recently. Given stretched valuations and the stock market's big run, many investors simply think Buffett and his team are not seeing compelling opportunities.</p>
<div class="lb-trans"><p>儘管牛市已經持續了超過 2.5 年，伯克希爾卻一直謹慎行事，囤積了數千億美元的現金及現金等價物，出售的股票多於購買的股票，甚至最近還放棄了股票回購。考慮到估值過高和股市的巨大漲幅，許多投資者認為巴菲特和他的團隊並沒有看到有吸引力的機會。</p>
</div><p>There's also talk that Berkshire is staying conservative to prepare for the big transition that will see Buffett step down as CEO but retain his role as chairman of the board of directors. Longtime Berkshire veteran Greg Abel is set to step into Buffett's big shoes. Berkshire's stock got off to a terrific start this year but has floundered since the transition was announced.</p>
<div class="lb-trans"><p>還有人討論伯克希爾保持保守是為了準備巴菲特辭去首席執行官職務但仍保留董事會主席職務的重大過渡。長期以來的伯克希爾老將格雷格·阿貝爾將接替巴菲特的重要職位。伯克希爾的股票在今年開局良好，但自從宣佈過渡後表現不佳。</p>
</div><p>Apple has been dealing with tariff-related issues all year. Buffett and Berkshire may have foreseen this once President Donald Trump won the election, leading them to pare back their position. If Berkshire is concerned about the economy, perhaps paring back some of their bank holdings makes sense as well, as banks are typically cyclical.</p>
<div class="lb-trans"><p>蘋果今年一直在處理與關税相關的問題。巴菲特和伯克希爾可能在唐納德·特朗普贏得選舉後就預見到了這一點，從而削減了他們的持股。如果伯克希爾對經濟感到擔憂，那麼削減一些銀行持股也許是合理的，因為銀行通常是週期性的。</p>
</div><h2>Playing contrarian on this healthcare giant</h2>
<div class="lb-trans"><h2>在這家醫療巨頭上採取逆向投資策略</h2>
</div><p>In the second quarter, Berkshire initiated a $1.57 billion position in the nation's largest healthcare insurer, <strong>UnitedHealth Group</strong>(UNH 12.04%). UnitedHealth's stock has been crushed this year and is down about 46%. However, after the news came out about Berkshire buying the stock, shares increased close to 9.5% in after-hours trading.</p>
<div class="lb-trans"><p>在第二季度，伯克希爾在美國最大的醫療保險公司 <strong>聯合健康集團</strong>(UNH 12.04%) 中建立了 15.7 億美元的持股。聯合健康的股票今年遭受重創，下降了約 46%。然而，在伯克希爾購買該股票的消息公佈後，股價在盤後交易中上漲了近 9.5%。</p>
</div><p>UnitedHealth has dealt with a flurry of issues this year, including higher medical insurance costs, which is a common trend across the sector. In the second quarter, management at UnitedHealth revised its prior full-year outlook down to $16 adjusted earnings per share, significantly below Wall Street's consensus estimates coming into the year.</p>
<div class="lb-trans"><p>聯合健康今年面臨一系列問題，包括醫療保險成本上升，這是該行業普遍存在的趨勢。在第二季度，聯合健康的管理層將其之前的全年預期下調至每股調整後收益 16 美元，遠低於華爾街年初的共識預期。</p>
</div><p>The main culprit is medical costs, which management thinks will come in $6.5 billion higher than previously expected. The sector has struggled in the face of an aging population, higher utilization of and more expensive services, higher drug prices, and inflation.</p>
<div class="lb-trans"><p>主要原因是醫療成本，管理層認為這將比之前預期高出 65 億美元。該行業在老齡化人口、服務利用率和費用上升、藥品價格上漲以及通貨膨脹的壓力下苦苦掙扎。</p>
</div><p>Additionally, the U.S. Department of Justice (DOJ) is probing UnitedHealth in a criminal investigation over the way it charges customers in its Medicare Advantage program. The Wall Street Journal has previously reported on suspicious billing practices that allegedly increase payouts to the company. In a statement in late July, UnitedHealth said it is cooperating with the DOJ but has &#34;full confidence in its practices and is committed to working cooperatively with the Department throughout this process.&#34;</p>
<div class="lb-trans"><p>此外，美國司法部正在對聯合健康進行刑事調查，調查其在醫療保險優勢計劃中向客户收費的方式。《華爾街日報》此前報道了涉嫌增加公司支付的可疑賬單做法。聯合健康在 7 月底的一份聲明中表示，它正在配合司法部的調查，但對其做法 “充滿信心，並承諾在整個過程中與司法部合作”。</p>
</div><p>At their core, Buffett and his team are value investors, meaning they look for stocks with a market value below a company's perceived intrinsic value. While UnitedHealth has struggled and is forecasting a significant earnings decline this year, management is still projecting double-digit revenue growth in 2025. Furthermore, the company's balance sheet seems to be on solid footing. Sure, the company has high debt, but through the first six months of the year, earnings from operations of about $14.3 billion are still more than 7 times debt interest expense.</p>
<div class="lb-trans"><p>從根本上説，巴菲特和他的團隊是價值投資者，這意味着他們尋找市場價值低於公司內在價值的股票。儘管聯合健康面臨困境，並預測今年收益將大幅下降，但管理層仍預計到 2025 年將實現兩位數的收入增長。此外，該公司的資產負債表似乎穩健。雖然公司債務較高，但在今年前六個月，運營收益約為 143 億美元，仍然是債務利息支出的 7 倍多。</p>
</div><p>Additionally, UnitedHealth's dividend yield is now roughly 3.25%, while the company's trailing free-cash-flow yield is above 10%, showing the company can easily cover the dividend for the foreseeable future. In fact, UnitedHealth recently increased its quarterly dividend by 5%.</p>
<div class="lb-trans"><p>此外，聯合健康的股息收益率現在約為 3.25%，而公司的自由現金流收益率超過 10%，顯示公司可以輕鬆覆蓋未來可預見的股息。事實上，聯合健康最近將季度股息提高了 5%。</p>
</div><p>Ultimately, UnitedHealth trades at a lower-than-usual forward price-to-earnings ratio, despite expectations of much lower earnings this year, and at less than 1 times revenue. Buffett and his team value strong moats, so with UnitedHealth still controlling market share in the healthcare insurance industry, they likely see an attractive risk-reward proposition.</p>
<div class="lb-trans"><p>最終，儘管預計今年收益將大幅下降，聯合健康的前瞻市盈率仍低於通常水平，且市銷率不到 1 倍。巴菲特和他的團隊重視強大的護城河，因此，考慮到聯合健康在醫療保險行業仍然控制着市場份額，他們可能認為這是一個具有吸引力的風險回報機會。</p>
</div>

Warren Buffett Is Selling Apple and Bank of America Stock and Piling Into an Embattled Healthcare Stock Down 46% This Year

- 伯克希爾哈撒韋在第二季度減持蘋果和美國銀行股份。  
- 同時，增持了醫療保險公司聯合健康集團，投資額為 15.7 億美元。  
- 聯合健康面臨高醫療成本和調查，但預計 2025 年收入將實現雙位數增長。  

沃倫·巴菲特正在拋售蘋果和美國銀行的股票，並增持今年下跌 46% 的一個陷入困境的醫療保健股票