<p>對於投資界來説，沒有什麼數據發佈比季度向證券交易委員會提交的 13F 表格更令人興奮或更有價值。</p>
<p>13F 是一個強制性文件，要求資產管理規模至少為 1 億美元的機構投資者在季度結束後的 45 個日曆日內提交。簡單來説，它允許投資者窺視華爾街最聰明的資金經理的肩膀，看看他們在買賣什麼。</p>
<p>沒有哪個資產管理者的交易活動比沃倫·巴菲特更受關注。自六十年前接任 <strong>伯克希爾哈撒韋</strong>(BRK.A -0.20%) (BRK.B -0.35%) 的首席執行官以來，這位奧馬哈的先知見證了他公司的 A 類股票（BRK.A）在總回報（包括股息）方面超過基準 <strong>標準普爾 500</strong> 指數 134 次！換句話説，跟隨巴菲特的交易活動是通往長期財富的途徑。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjkvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjkvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA"/></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新提交的 6 月結束季度的 13F，巴菲特非常忙碌。他繼續出售第三大持股 <strong>美國銀行</strong>(BAC -1.67%)，但也增持了一家自 21 年前首次公開募股（IPO）以來上漲超過 7200% 的知名消費公司。</p>
<h2>沃倫·巴菲特自 2024 年 7 月以來持續出售美國銀行股票</h2>
<p>儘管我們常常認為沃倫·巴菲特是一個買入並持有優秀企業的投資者，但在過去近三年裏，他在淨基礎上持續出售股票。在過去的 11 個季度（2022 年 10 月 1 日–2025 年 6 月 30 日）中，巴菲特出售的股票數量超過了購買的股票，總計達到 1774 億美元。</p>
<p>導致這一 1774 億美元數字的最大貢獻股票之一是美國銀行，通常被稱為&#34;BofA&#34;。自 2024 年 7 月 17 日以來，巴菲特監督出售了 427,584,631 股 BofA 股票，累計減少了 41%。在 6 月結束的季度中，大約 2630 萬股被送上了砍價台。</p>
<p>持續出售活動的最簡單解釋是，伯克希爾的億萬富翁首席執行官正在以税收優惠的利率鎖定收益。</p>
<p>在 2024 年 5 月的伯克希爾哈撒韋年度股東大會上，巴菲特表示，考慮到邊際企業所得税率處於數十年來的低點，出售 <strong>蘋果</strong> 的股份是有意義的。儘管巴菲特在討論企業所得税時沒有提到美國銀行，但蘋果和 BofA 佔據了伯克希爾未實現收益的相當大一部分。以有利的税率兑現收益，事後來看，應該被伯克希爾的股東視為積極的舉措。</p>
<p>令人擔憂的是，這一出售活動可能並非表面上看起來那麼簡單。</p>
<p>沒有哪個市場領域是奧馬哈的先知比金融領域更瞭解的。巴菲特在 BofA 的持續出售活動可能表明他對公司未來幾個季度淨利息收入可能下降的擔憂。</p>
<p>沒有哪家美國大型銀行對利率變化的敏感度比美國銀行更高。當國家中央銀行在 2022 年 3 月至 2023 年 7 月之間以數十年來最快的速度提高聯邦基金利率時，BofA 的淨利息收入飆升。但隨着美聯儲現在進入一個漫長的降息週期，美國銀行的淨利息收入可能會受到比同行更大的打擊。</p>
<p>沃倫·巴菲特也是一個堅定的價值投資者，而美國銀行不再是曾經的絕佳交易。</p>
<p>當伯克希爾哈撒韋在 2011 年 8 月首次向 BofA 優先股投資 50 億美元時，美國銀行的普通股以 68% 的折扣交易於其賬面價值。截止到 2023 年 8 月 14 日收盤時，美國銀行的交易價格已高於其賬面價值 28%。儘管這並不算過高，但在歷史上高價的股市中，這已不再是明顯的價格錯位。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjkvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjkvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>奧馬哈的先知連續第四個季度獲得更大份額</h2>
<p>在另一端，伯克希爾的首席執行官在第二季度開設了六家新公司的頭寸——包括揭示他的神秘股票——並增加了對六家現有持股的投資。</p>
<p>在連續第四個季度中，知名快餐連鎖店 <strong>達美樂比薩</strong>(DPZ 0.15%) 出現在購買名單上。包括支付的股息，達美樂自首次公開募股以來的回報超過 7200%。儘管在第二季度僅增加了 13,255 股達美樂的股份，但這仍然將伯克希爾在該公司的持股比例提高至 7.8%！</p>
<p>奧馬哈的先知和他的團隊繼續想要在這家面向消費者的巨頭中獲得更大份額的原因有很多。</p>
<p>首先，達美樂比薩隨着時間的推移建立了消費者的信任，這在商業世界中是無價的。雖然並非所有的道歉廣告活動都能取得成功，但達美樂在 2000 年代末承認了自己的錯誤，併發誓要做得更好。在過去 15 年多的時間裏，其信息和產品開發的開放性使品牌贏得了消費者的喜愛。</p>
<p>伯克希爾的億萬富翁投資者可能還欣賞達美樂在五年增長計劃中達到或超過目標的能力。達美樂目前的五年計劃於 2023 年底推出，名為&#34;Hungry for MORE&#34;。達美樂依靠人工智能（AI）來改善其供應鏈和產出，同時依靠其忠誠獎勵計劃和特許經營商來維持和/或建立品牌。</p>
<p>另一個可能促使達美樂比薩股票連續四個季度買入的催化劑是其資本回報計劃。沃倫·巴菲特是一個熱衷於獎勵股東並激勵長期投資的企業的忠實粉絲，這一點並不是什麼秘密。達美樂已經連續十多年在增加其基礎年度分紅，並且以相對規律的方式回購股票。對於淨收入穩定或增長的企業來説，回購可以提高每股收益，使其股票在基本面上對投資者更具吸引力。</p>
<p>總結一下，達美樂比薩的股票估值低於其過去五年平均前瞻市盈率（P/E）的折扣。其前瞻市盈率略高於 23，相較於自 2020 年以來的平均前瞻市盈率有 16% 的折扣。在歷史上高價的股市中，巴菲特無疑在尋找便宜貨。</p>

美國銀行

達美樂比薩

伯克希爾哈撒韋-B

伯克希爾哈撒韋-A

<p>沃倫·巴菲特已出售伯克希爾哈撒韋在美國銀行的 41% 股份，繼續了過去三年淨賣出的趨勢，總計達到 1774 億美元。這一出售可能表明他對美國銀行未來淨利息收入下降的擔憂，尤其是在降息週期中。相反，巴菲特增加了對達美樂比薩的投資，該公司自首次公開募股以來股價飆升了 7200%，標誌着他向消費品牌的轉變。巴菲特的交易活動受到投資者的密切關注，反映了他在市場上的長期成功</p>

<p>Few data releases are more exciting or valuable for the investing community than the quarterly filing of Form 13Fs with the Securities and Exchange Commission.</p>
<div class="lb-trans"><p>對於投資界來説，沒有什麼數據發佈比季度向證券交易委員會提交的 13F 表格更令人興奮或更有價值。</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. In simple terms, it allows investors to look over the shoulders of Wall Street's brightest money managers to see what they've been buying and selling.</p>
<div class="lb-trans"><p>13F 是一個強制性文件，要求資產管理規模至少為 1 億美元的機構投資者在季度結束後的 45 個日曆日內提交。簡單來説，它允許投資者窺視華爾街最聰明的資金經理的肩膀，看看他們在買賣什麼。</p>
</div><p>No asset manager's trading activity is more closely followed than that of Warren Buffett. Since taking the reins as CEO of <strong>Berkshire Hathaway</strong>(BRK.A -0.20%) (BRK.B -0.35%) six decades ago, the Oracle of Omaha has witnessed his company's Class A shares (BRK.A) lap the benchmark <strong>S&amp;P 500</strong> index in the total return column, including dividends, 134 times! In other words, mirroring Buffett's trading activity has been a pathway to long-term riches.</p>
<div class="lb-trans"><p>沒有哪個資產管理者的交易活動比沃倫·巴菲特更受關注。自六十年前接任 <strong>伯克希爾哈撒韋</strong>(BRK.A -0.20%) (BRK.B -0.35%) 的首席執行官以來，這位奧馬哈的先知見證了他公司的 A 類股票（BRK.A）在總回報（包括股息）方面超過基準 <strong>標準普爾 500</strong> 指數 134 次！換句話説，跟隨巴菲特的交易活動是通往長期財富的途徑。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjkvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829529%2Fbuffett13-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 newly filed 13F for the June-ended quarter, Buffett was a busy bee. He continued to be a seller of No. 3 holding <strong>Bank of America</strong>(BAC -1.67%), but also added to a brand-name, consumer-facing company that's soared more than 7,200% since its initial public offering (IPO) 21 years ago.</p>
<div class="lb-trans"><p>根據伯克希爾哈撒韋新提交的 6 月結束季度的 13F，巴菲特非常忙碌。他繼續出售第三大持股 <strong>美國銀行</strong>(BAC -1.67%)，但也增持了一家自 21 年前首次公開募股（IPO）以來上漲超過 7200% 的知名消費公司。</p>
</div><h2>Warren Buffett has been a persistent seller of BofA stock since July 2024</h2>
<div class="lb-trans"><h2>沃倫·巴菲特自 2024 年 7 月以來持續出售美國銀行股票</h2>
</div><p>Though we often think of Warren Buffett as a buy-and-hold investor of phenomenal businesses, he's been nothing short of a persistent seller of stocks, on a net basis, for almost three years. In each of the last 11 quarters (Oct. 1, 2022 – June 30, 2025), Buffett has sold more stocks than he's purchased, to the cumulative tune of $177.4 billion.</p>
<div class="lb-trans"><p>儘管我們常常認為沃倫·巴菲特是一個買入並持有優秀企業的投資者，但在過去近三年裏，他在淨基礎上持續出售股票。在過去的 11 個季度（2022 年 10 月 1 日–2025 年 6 月 30 日）中，巴菲特出售的股票數量超過了購買的股票，總計達到 1774 億美元。</p>
</div><p>One of the largest contributing stocks to this $177.4 billion figure is Bank of America, which is commonly known as &#34;BofA.&#34; Since July 17, 2024, Buffett has overseen the sale of 427,584,631 shares of BofA stock, equating to a 41% aggregate reduction. During the June-ended quarter, roughly 26.3 million shares were sent to the chopping block.</p>
<div class="lb-trans"><p>導致這一 1774 億美元數字的最大貢獻股票之一是美國銀行，通常被稱為&#34;BofA&#34;。自 2024 年 7 月 17 日以來，巴菲特監督出售了 427,584,631 股 BofA 股票，累計減少了 41%。在 6 月結束的季度中，大約 2630 萬股被送上了砍價台。</p>
</div><p>The simplest explanation for this continued selling activity is that Berkshire's billionaire chief is locking in gains at a tax-advantaged rate.</p>
<div class="lb-trans"><p>持續出售活動的最簡單解釋是，伯克希爾的億萬富翁首席執行官正在以税收優惠的利率鎖定收益。</p>
</div><p>During Berkshire Hathaway's annual shareholder meeting in May 2024, Buffett opined that selling shares of <strong>Apple</strong>, his company's top holding, made sense given that the peak marginal corporate income tax rate was at a multidecade low. Although Buffett didn't make any mention of Bank of America during his corporate income tax discussion, Apple and BofA account for a significant chunk of Berkshire's unrealized gains. Cashing in his chips at an advantageous tax rate should, in hindsight, be viewed as a positive by Berkshire's shareholders.</p>
<div class="lb-trans"><p>在 2024 年 5 月的伯克希爾哈撒韋年度股東大會上，巴菲特表示，考慮到邊際企業所得税率處於數十年來的低點，出售 <strong>蘋果</strong> 的股份是有意義的。儘管巴菲特在討論企業所得税時沒有提到美國銀行，但蘋果和 BofA 佔據了伯克希爾未實現收益的相當大一部分。以有利的税率兑現收益，事後來看，應該被伯克希爾的股東視為積極的舉措。</p>
</div><p>The worry is there may be more to this selling activity than meets the eye.</p>
<div class="lb-trans"><p>令人擔憂的是，這一出售活動可能並非表面上看起來那麼簡單。</p>
</div><p>There's not a sector of the market the Oracle of Omaha understands better than financials. Buffett's ongoing selling activity in BofA may signal concern about a potential decline in the company's net interest income in future quarters.</p>
<div class="lb-trans"><p>沒有哪個市場領域是奧馬哈的先知比金融領域更瞭解的。巴菲特在 BofA 的持續出售活動可能表明他對公司未來幾個季度淨利息收入可能下降的擔憂。</p>
</div><p>No U.S. money-center bank is more sensitive to changes in interest rates than Bank of America. When the nation's central bank lifted the federal funds rate at its quickest pace in decades between March 2022 and July 2023, it sent BofA's net interest income skyrocketing higher. But with the Federal Reserve now in a drawn-out rate-easing cycle, Bank of America's net interest income may take a bigger hit than its peers'.</p>
<div class="lb-trans"><p>沒有哪家美國大型銀行對利率變化的敏感度比美國銀行更高。當國家中央銀行在 2022 年 3 月至 2023 年 7 月之間以數十年來最快的速度提高聯邦基金利率時，BofA 的淨利息收入飆升。但隨着美聯儲現在進入一個漫長的降息週期，美國銀行的淨利息收入可能會受到比同行更大的打擊。</p>
</div><p>Warren Buffett is also an unwavering value investor, and Bank of America isn't the screaming bargain it once was.</p>
<div class="lb-trans"><p>沃倫·巴菲特也是一個堅定的價值投資者，而美國銀行不再是曾經的絕佳交易。</p>
</div><p>When Berkshire Hathaway initially invested $5 billion into BofA preferred stock in August 2011, Bank of America's common stock was valued at a 68% discount to its book value. As of the closing bell on Aug. 14, Bank of America was trading at a 28% <em>premium</em> to its book value. Though this isn't egregiously high, it's no longer a clear price dislocation amid a historically pricey stock market.</p>
<div class="lb-trans"><p>當伯克希爾哈撒韋在 2011 年 8 月首次向 BofA 優先股投資 50 億美元時，美國銀行的普通股以 68% 的折扣交易於其賬面價值。截止到 2023 年 8 月 14 日收盤時，美國銀行的交易價格已高於其賬面價值 28%。儘管這並不算過高，但在歷史上高價的股市中，這已不再是明顯的價格錯位。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjkvZW1wbG95ZWVzLWVhdC1waXp6YS1jb25mZXJlbmNlLXJvb20tYnVzaW5lc3MtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829529%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 takes a bigger piece of the pie for a fourth straight quarter</h2>
<div class="lb-trans"><h2>奧馬哈的先知連續第四個季度獲得更大份額</h2>
</div><p>On the other end of the spectrum, Berkshire's boss opened positions in six new companies during the second quarter -- including the reveal of his mystery stock -- and upped his company's stakes in a half-dozen existing holdings.</p>
<div class="lb-trans"><p>在另一端，伯克希爾的首席執行官在第二季度開設了六家新公司的頭寸——包括揭示他的神秘股票——並增加了對六家現有持股的投資。</p>
</div><p>For a fourth consecutive quarter, well-known fast-food restaurant chain <strong>Domino's Pizza</strong>(DPZ 0.15%) was on the buy list. Inclusive of dividends paid, Domino's has returned more than 7,200% since its IPO. Though only 13,255 shares of Domino's were added during the second quarter, it nevertheless increased Berkshire's stake in the company to 7.8%!</p>
<div class="lb-trans"><p>在連續第四個季度中，知名快餐連鎖店 <strong>達美樂比薩</strong>(DPZ 0.15%) 出現在購買名單上。包括支付的股息，達美樂自首次公開募股以來的回報超過 7200%。儘管在第二季度僅增加了 13,255 股達美樂的股份，但這仍然將伯克希爾在該公司的持股比例提高至 7.8%！</p>
</div><p>There are a number of reasons why the Oracle of Omaha and his team continue to want a bigger slice of the pie with this consumer-facing colossus.</p>
<div class="lb-trans"><p>奧馬哈的先知和他的團隊繼續想要在這家面向消費者的巨頭中獲得更大份額的原因有很多。</p>
</div><p>To begin with, Domino's Pizza has built trust with consumers over time, which is invaluable in the business world. While not all <em>mea culpa</em> advertising campaigns prove successful, Domino's admitted its mistakes in the late 2000s and vowed to do better. The openness of its messaging and product development over the last 15-plus years has endeared the brand to consumers.</p>
<div class="lb-trans"><p>首先，達美樂比薩隨着時間的推移建立了消費者的信任，這在商業世界中是無價的。雖然並非所有的道歉廣告活動都能取得成功，但達美樂在 2000 年代末承認了自己的錯誤，併發誓要做得更好。在過去 15 年多的時間裏，其信息和產品開發的開放性使品牌贏得了消費者的喜愛。</p>
</div><p>Something else Berkshire's billionaire investor has likely come to appreciate about Domino's is its ability to meet or exceed five-year growth initiatives. Domino's current five-year plan, which was introduced in late 2023, is dubbed &#34;Hungry for MORE.&#34; Domino's is leaning on artificial intelligence (AI) to improve its supply chain and output, while also relying on its loyalty rewards program and its franchisees to maintain and/or build the brand.</p>
<div class="lb-trans"><p>伯克希爾的億萬富翁投資者可能還欣賞達美樂在五年增長計劃中達到或超過目標的能力。達美樂目前的五年計劃於 2023 年底推出，名為&#34;Hungry for MORE&#34;。達美樂依靠人工智能（AI）來改善其供應鏈和產出，同時依靠其忠誠獎勵計劃和特許經營商來維持和/或建立品牌。</p>
</div><p>Another catalyst that may be responsible for spurring four consecutive quarters of buying in Domino's Pizza stock is its capital-return program. It's no secret that Warren Buffett is a big fan of businesses that reward their shareholders and incent long-term investing. Domino's has been growing its base annual payout for more than a decade, and it's been repurchasing its stock on a somewhat regular basis. For businesses with steady or growing net income, buybacks can increase earnings per share and make their stock more fundamentally attractive to investors.</p>
<div class="lb-trans"><p>另一個可能促使達美樂比薩股票連續四個季度買入的催化劑是其資本回報計劃。沃倫·巴菲特是一個熱衷於獎勵股東並激勵長期投資的企業的忠實粉絲，這一點並不是什麼秘密。達美樂已經連續十多年在增加其基礎年度分紅，並且以相對規律的方式回購股票。對於淨收入穩定或增長的企業來説，回購可以提高每股收益，使其股票在基本面上對投資者更具吸引力。</p>
</div><p>Rounding things out, Domino's Pizza stock is valued at a discount to its average forward price-to-earnings (P/E) ratio over the trailing half-decade. Its forward P/E of just over 23 works out to a 16% discount to its average forward P/E ratio since 2020. Amid a historically pricey stock market, Buffett is definitely on the lookout for bargains.</p>
<div class="lb-trans"><p>總結一下，達美樂比薩的股票估值低於其過去五年平均前瞻市盈率（P/E）的折扣。其前瞻市盈率略高於 23，相較於自 2020 年以來的平均前瞻市盈率有 16% 的折扣。在歷史上高價的股市中，巴菲特無疑在尋找便宜貨。</p>
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Billionaire Warren Buffett Sold 41% of Berkshire's Stake in Bank of America and Is Piling Into a Famed Consumer Brand That's Soared 7,200% Since Its IPO

- 巴菲特在最新的 13F 報告中繼續減持美國銀行股票。  
- 他在過去 11 個季度內淨賣出股票達 1774 億美元。  
- 同時，巴菲特增持了多米諾比薩，顯示出對該品牌的信心。

億萬富翁沃倫·巴菲特出售了伯克希爾哈撒韋在美國銀行 41% 的股份，並正在投資一個自 IPO 以來股價飆升了 7200% 的知名消費品牌