<p>沃倫·巴菲特將 <strong>伯克希爾哈撒韋</strong>（BRK.A 0.66%）（BRK.B 0.63%）打造成了一家萬億美元的公司，主要是通過投資股票。巴菲特在他最近給股東的信中寫道：“這種偏好不會改變。”</p>
<p>但巴菲特在當前市場中面臨挑戰，難以找到股票的巨大價值。在近三年的每個季度，他從伯克希爾的公開交易投資組合中出售的股票數量超過了購買的數量。隨着估值持續攀升，出售伯克希爾最大持股的理由增多，而用收益和公司運營現金流購買新頭寸的理由則減少。因此，截至 6 月底，巴菲特看到公司的現金頭寸膨脹至 3440 億美元。</p>
<p>儘管市場困難，巴菲特在上個季度還是找到了一些機會。伯克希爾購買了價值 39 億美元的股票，包括在其向證券交易委員會（SEC）提交的季度 13F 文件中披露的 10 只公開交易股票。以下是巴菲特最近購買的所有 10 只股票，其中一隻看起來是目前投資者的最佳機會。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0NjMvYnVmZmV0dDktdG1mLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0NjMvYnVmZmV0dDktdG1mLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：The Motley Fool。</p>
<h2>巴菲特的購買清單</h2>
<p>伯克希爾哈撒韋於 8 月 14 日向 SEC 提交了 13F 表格，披露了巴菲特和他的投資組合經理在第二季度所做的所有交易。該文件還包括對公司第一季度 13F 的修訂，詳細説明了之前未披露的購買。</p>
<p>總的來説，伯克希爾在上個季度建立或增加了 10 個頭寸：</p>
<ul>
<li><strong>聯合健康</strong>（UNH 2.48%）</li>
<li><strong>紐柯</strong>（NUE -0.65%）</li>
<li><strong>倫納</strong>（LEN 0.01%）（LEN.B）</li>
<li><strong>星座品牌</strong>（STZ 1.70%）</li>
<li><strong>泳池公司</strong></li>
<li><strong>拉馬廣告</strong></li>
<li><strong>阿爾吉昂</strong></li>
<li><strong>海科</strong></li>
<li><strong>雪佛龍</strong></li>
<li><strong>達美樂比薩</strong></li>
</ul>
<p>修訂後的文件還披露，伯克希爾在第一季度建立了家居建築商 <strong>D.R.霍頓</strong>（NYSE: DHI）的新頭寸，但在第二季度略微減少了持股。</p>
<p>在伯克希爾哈撒韋的投資組合中新購買的股票中，有很多優秀的投資候選。</p>
<p>在聯合健康的新頭寸出現時，該股票因一系列糟糕的財務結果和消費者信心下降而受到打擊。它正面臨對潛在的醫療保險優勢欺詐的調查，這可能導致數十億美元的收入追回和罰款。同時，醫療成本和使用率的增加也對其盈利能力造成了壓力。這隻股票看起來像是巴菲特經典的 “在他人恐懼時貪婪” 的購買。</p>
<p>紐柯是另一個有趣的投資，因為許多人將其視為隱形的人工智能股票。作為美國領先的鋼鐵供應商，該公司在全國新數據中心建設中處於有利位置。由於特朗普總統對鋼鐵進口徵收 50% 的關税，這可能有利於紐柯的定價。近期成本對紐柯造成了壓力，但來自外國供應商的競爭減少可能為未來更大的利潤打開了大門，尤其是在數據中心建設需求增加的情況下。</p>
<p>家居建築商倫納和 D.R.霍頓在當前市場中受到壓力。高房價與高利率的結合導致購買活動下降，迫使他們向買家提供激勵措施，例如降低抵押貸款利率。這對他們的收入和利潤率造成了壓力，進而影響了他們的股價。但住房短缺問題並沒有消失，這可能使現在成為購買其中一家家居建築商的機會。</p>
<p>但巴菲特購買清單上的另一隻股票看起來比其他股票更具價值，難怪他已經連續三個季度在購買該股票。</p>
<h2>最佳選擇</h2>
<p>沃倫·巴菲特喜歡具有廣泛護城河的公司。在巴菲特的購買清單中，具有極強競爭優勢的公司之一是星座品牌。</p>
<p>該公司擁有許多最受歡迎的墨西哥啤酒品牌的獨家分銷權，包括 Modelo 和 Corona。它努力擴大其產品組合並建立強大的分銷關係，使其在過去十年中獲得了市場份額。現在，它是美國第二大啤酒供應商，主導着高端進口類別。</p>
<p>儘管啤酒行業面臨逆風，星座品牌在上個季度仍繼續獲得市場份額。管理層表示，啤酒業務捕獲了 0.6 個百分點的美元銷售份額。這一增長得益於分銷的擴大和持續的戰略營銷支出，以將客户基礎擴展到更多非西班牙裔飲酒者。這使其在消費者支出回暖時能夠很好地把握機會。</p>
<p>然而，星座品牌的葡萄酒和烈酒業務對其業績造成了拖累。為此，管理層在 6 月剝離了該細分市場的低端品牌，現在運營着一個更精簡的高端品牌組合。儘管如此，管理層預計該細分市場在一段時間內將對利潤造成壓力，因為其正在調整運營規模。</p>
<p>重要的是，星座品牌產生了可觀的自由現金流，預計今年將達到 15 億至 16 億美元。它應該能夠每年持續產生這一水平的現金流，伴隨穩定的銷售增長和最低的資本支出需求。這支持其股票回購計劃和季度股息。管理層在上個季度回購了價值 3.06 億美元的股票，同時通過股息返還了額外的 1.82 億美元。</p>
<p>自去年年底巴菲特首次購買以來，股價已經下跌。由於啤酒行業面臨壓力，股價一直保持在低位，目前的交易價格不到預期市盈率的 13 倍。儘管業務增長緩慢，但公司在繼續實現穩定增長和超越同行方面處於良好位置。結合股票回購，它應該能夠產生可觀的每股收益增長。這使得其當前估值非常具有吸引力，特別是對於喜歡追隨巴菲特價值投資風格的投資者。</p>

伯克希爾哈撒韋-B

星座品牌-A

伯克希爾哈撒韋-A

<p>沃倫·巴菲特的伯克希爾哈撒韋在最近的 SEC 文件中披露投資了 39 億美元於 10 只股票。儘管市場面臨挑戰，巴菲特識別出了一些機會，特別是在 UnitedHealth、Nucor 和星座品牌方面。UnitedHealth 面臨審查，但可能被低估，而 Nucor 可能會受益於減少的外國競爭。星座品牌在高端啤酒市場佔有強大份額，由於其競爭優勢，被視為一項突出的投資。總體而言，巴菲特的策略反映了在充滿挑戰的市場中謹慎而又 opportunistic 的方法</p>

<p>Warren Buffett turned <strong>Berkshire Hathaway</strong>(BRK.A 0.66%)(BRK.B 0.63%) into a trillion-dollar company primarily by investing in stocks. &#34;That preference won't change,&#34; Buffett wrote in his most recent letter to shareholders.</p>
<div class="lb-trans"><p>沃倫·巴菲特將 <strong>伯克希爾哈撒韋</strong>（BRK.A 0.66%）（BRK.B 0.63%）打造成了一家萬億美元的公司，主要是通過投資股票。巴菲特在他最近給股東的信中寫道：“這種偏好不會改變。”</p>
</div><p>But Buffett has been challenged by the current market to find great value in equities. He's sold more stocks from Berkshire's publicly traded portfolio than he bought every quarter for nearly three straight years. As valuations continue to climb higher, there's more reason to sell Berkshire's biggest holdings, and fewer reasons to buy new positions with the proceeds and the company's operating cash flow. As a result, Buffett's seen his company's cash position balloon to $344 billion as of the end of June.</p>
<div class="lb-trans"><p>但巴菲特在當前市場中面臨挑戰，難以找到股票的巨大價值。在近三年的每個季度，他從伯克希爾的公開交易投資組合中出售的股票數量超過了購買的數量。隨着估值持續攀升，出售伯克希爾最大持股的理由增多，而用收益和公司運營現金流購買新頭寸的理由則減少。因此，截至 6 月底，巴菲特看到公司的現金頭寸膨脹至 3440 億美元。</p>
</div><p>Despite the difficult market, Buffett did find a few opportunities last quarter. Berkshire bought $3.9 billion worth of equities, including 10 publicly traded stocks disclosed in its quarterly 13F filing with the Securities and Exchange Commission (SEC). Here are all 10 of Buffett's recent buys, including the one that looks like the best opportunity for investors right now.</p>
<div class="lb-trans"><p>儘管市場困難，巴菲特在上個季度還是找到了一些機會。伯克希爾購買了價值 39 億美元的股票，包括在其向證券交易委員會（SEC）提交的季度 13F 文件中披露的 10 只公開交易股票。以下是巴菲特最近購買的所有 10 只股票，其中一隻看起來是目前投資者的最佳機會。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0NjMvYnVmZmV0dDktdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831463%2Fbuffett9-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><h2>Buffett's buy list</h2>
<div class="lb-trans"><h2>巴菲特的購買清單</h2>
</div><p>Berkshire Hathaway filed form 13F with the SEC on Aug. 14, revealing all of the moves Buffett and his fellow portfolio managers made during the second quarter. The filing also included an amendment to the company's first-quarter 13F, which detailed previously undisclosed purchases.</p>
<div class="lb-trans"><p>伯克希爾哈撒韋於 8 月 14 日向 SEC 提交了 13F 表格，披露了巴菲特和他的投資組合經理在第二季度所做的所有交易。該文件還包括對公司第一季度 13F 的修訂，詳細説明了之前未披露的購買。</p>
</div><p>All told, Berkshire established or added to 10 of its positions last quarter:</p>
<div class="lb-trans"><p>總的來説，伯克希爾在上個季度建立或增加了 10 個頭寸：</p>
</div><ul>
<li><strong>UnitedHealth</strong>(UNH 2.48%)</li>
<li><strong>Nucor</strong>(NUE -0.65%)</li>
<li><strong>Lennar</strong>(LEN 0.01%)(LEN.B)</li>
<li><strong>Constellation</strong> <strong>Brands</strong>(STZ 1.70%)</li>
<li><strong>Pool</strong> <strong>Corp</strong></li>
<li><strong>Lamar Advertising</strong></li>
<li><strong>Allegion</strong></li>
<li><strong>Heico</strong></li>
<li><strong>Chevron</strong></li>
<li><strong>Dominos Pizza</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>聯合健康</strong>（UNH 2.48%）</li>
<li><strong>紐柯</strong>（NUE -0.65%）</li>
<li><strong>倫納</strong>（LEN 0.01%）（LEN.B）</li>
<li><strong>星座品牌</strong>（STZ 1.70%）</li>
<li><strong>泳池公司</strong></li>
<li><strong>拉馬廣告</strong></li>
<li><strong>阿爾吉昂</strong></li>
<li><strong>海科</strong></li>
<li><strong>雪佛龍</strong></li>
<li><strong>達美樂比薩</strong></li>
</ul>
</div><p>The amended filing also disclosed that Berkshire established a new position in homebuilder <strong>D.R. Horton</strong>(NYSE: DHI) in the first quarter, but trimmed back shares slightly in the second quarter.</p>
<div class="lb-trans"><p>修訂後的文件還披露，伯克希爾在第一季度建立了家居建築商 <strong>D.R.霍頓</strong>（NYSE: DHI）的新頭寸，但在第二季度略微減少了持股。</p>
</div><p>There are a lot of great investment candidates among the new purchases in Berkshire Hathaway's portfolio.</p>
<div class="lb-trans"><p>在伯克希爾哈撒韋的投資組合中新購買的股票中，有很多優秀的投資候選。</p>
</div><p>The new position in UnitedHealth comes at a time when the stock has been beaten down by a series of poor financial results and declining consumer sentiment. It's facing an investigation into potential Medicare Advantage fraud, which could result in billions in revenue clawbacks and penalties. At the same time, medical costs and utilization have increased, weighing on its profitability. The stock looks like a classic &#34;be greedy when others are fearful&#34; purchase from Buffett.</p>
<div class="lb-trans"><p>在聯合健康的新頭寸出現時，該股票因一系列糟糕的財務結果和消費者信心下降而受到打擊。它正面臨對潛在的醫療保險優勢欺詐的調查，這可能導致數十億美元的收入追回和罰款。同時，醫療成本和使用率的增加也對其盈利能力造成了壓力。這隻股票看起來像是巴菲特經典的 “在他人恐懼時貪婪” 的購買。</p>
</div><p>Nucor is another interesting investment, as many see it as a stealth artificial intelligence stock. As a leading U.S. steel supplier, the company is well-positioned to capitalize on new data center construction across the country. And with President Donald Trump imposing a 50% tariff on steel imports, it could benefit Nucor's pricing. Costs have weighed on Nucor recently, but less competition from foreign suppliers could open the door for bigger profits going forward, especially as demand increases with data center buildouts.</p>
<div class="lb-trans"><p>紐柯是另一個有趣的投資，因為許多人將其視為隱形的人工智能股票。作為美國領先的鋼鐵供應商，該公司在全國新數據中心建設中處於有利位置。由於特朗普總統對鋼鐵進口徵收 50% 的關税，這可能有利於紐柯的定價。近期成本對紐柯造成了壓力，但來自外國供應商的競爭減少可能為未來更大的利潤打開了大門，尤其是在數據中心建設需求增加的情況下。</p>
</div><p>Homebuilders Lennar and D.R. Horton have been pressured by the current market. High home prices combined with high interest rates have led to a drop in buying activity, forcing them to offer incentives to buyers like buying down their mortgage rates. That's weighed on both revenue and profit margins, which in turn has weighed on their stock prices. But the housing shortage isn't going away, and that could make right now an opportunity to buy one of the homebuilders.</p>
<div class="lb-trans"><p>家居建築商倫納和 D.R.霍頓在當前市場中受到壓力。高房價與高利率的結合導致購買活動下降，迫使他們向買家提供激勵措施，例如降低抵押貸款利率。這對他們的收入和利潤率造成了壓力，進而影響了他們的股價。但住房短缺問題並沒有消失，這可能使現在成為購買其中一家家居建築商的機會。</p>
</div><p>But another stock on Buffett's buy list looks like an even better value than the rest, and it's no wonder he's been buying shares for three straight quarters.</p>
<div class="lb-trans"><p>但巴菲特購買清單上的另一隻股票看起來比其他股票更具價值，難怪他已經連續三個季度在購買該股票。</p>
</div><h2>The best of the bunch</h2>
<div class="lb-trans"><h2>最佳選擇</h2>
</div><p>Warren Buffett loves a company with a wide moat. And one of the companies with extremely strong competitive advantages on Buffett's buy list is Constellation Brands.</p>
<div class="lb-trans"><p>沃倫·巴菲特喜歡具有廣泛護城河的公司。在巴菲特的購買清單中，具有極強競爭優勢的公司之一是星座品牌。</p>
</div><p>The company owns the exclusive distribution rights to many of the most popular Mexican beer brands, including Modelo and Corona. It's worked to expand its portfolio and build strong distribution relations that have led it to gain market share over the last decade. It's now the second biggest beer vendor in the United States, dominating the premium import category.</p>
<div class="lb-trans"><p>該公司擁有許多最受歡迎的墨西哥啤酒品牌的獨家分銷權，包括 Modelo 和 Corona。它努力擴大其產品組合並建立強大的分銷關係，使其在過去十年中獲得了市場份額。現在，它是美國第二大啤酒供應商，主導着高端進口類別。</p>
</div><p>Despite headwinds for the beer industry, Constellation continued to gain market share last quarter. Management said the beer business captured 0.6 points of dollar sales share. That growth was supported by expanding distribution and continuing to spend on strategic marketing to expand its customer base to more non-Hispanic drinkers. That positions it well to capitalize when consumer spending turns around.</p>
<div class="lb-trans"><p>儘管啤酒行業面臨逆風，星座品牌在上個季度仍繼續獲得市場份額。管理層表示，啤酒業務捕獲了 0.6 個百分點的美元銷售份額。這一增長得益於分銷的擴大和持續的戰略營銷支出，以將客户基礎擴展到更多非西班牙裔飲酒者。這使其在消費者支出回暖時能夠很好地把握機會。</p>
</div><p>Constellation's wine and spirits business has been a drag on its results, though. To that end, management divested its low-end brands in the segment in June, and it now operates a leaner portfolio of premium brands. Still, management expects the segment to weigh on profits for some time as it resizes the operations.</p>
<div class="lb-trans"><p>然而，星座品牌的葡萄酒和烈酒業務對其業績造成了拖累。為此，管理層在 6 月剝離了該細分市場的低端品牌，現在運營着一個更精簡的高端品牌組合。儘管如此，管理層預計該細分市場在一段時間內將對利潤造成壓力，因為其正在調整運營規模。</p>
</div><p>Importantly, Constellation generates significant free cash flow, with expectations for $1.5 billion to $1.6 billion this year. It should be able to consistently generate that level of cash flow every year with steady sales growth and minimal capital expenditure needs. That supports its share repurchase program and quarterly dividend. Management bought back $306 million worth of shares last quarter while returning an additional $182 million through its dividend.</p>
<div class="lb-trans"><p>重要的是，星座品牌產生了可觀的自由現金流，預計今年將達到 15 億至 16 億美元。它應該能夠每年持續產生這一水平的現金流，伴隨穩定的銷售增長和最低的資本支出需求。這支持其股票回購計劃和季度股息。管理層在上個季度回購了價值 3.06 億美元的股票，同時通過股息返還了額外的 1.82 億美元。</p>
</div><p>The stock price has dropped since Buffett's initial purchase at the end of last year. With the pressure on the beer industry, the stock price has remained low, and shares now trade for less than 13 times forward earnings estimates. Despite the slow growth of the business, it's well-positioned to continue making steady gains and outperforming its peers. Combined with share repurchases, it should be able to generate respectable earnings-per-share growth. That makes its current valuation very attractive, especially for investors who like to follow Buffett's value investing style.</p>
<div class="lb-trans"><p>自去年年底巴菲特首次購買以來，股價已經下跌。由於啤酒行業面臨壓力，股價一直保持在低位，目前的交易價格不到預期市盈率的 13 倍。儘管業務增長緩慢，但公司在繼續實現穩定增長和超越同行方面處於良好位置。結合股票回購，它應該能夠產生可觀的每股收益增長。這使得其當前估值非常具有吸引力，特別是對於喜歡追隨巴菲特價值投資風格的投資者。</p>
</div>

Warren Buffett Just Spent $3.9 Billion Investing in 10 Different Stocks. Here's the Best of the Bunch.

- 巴菲特通過股票投資使伯克希爾哈撒韋成為萬億公司。  
- 儘管市場挑戰，伯克希爾在第二季度仍購入 39 億美元股票。  
- 其中，康斯特拉申品牌被視為具有強大競爭優勢的投資機會。

沃倫·巴菲特剛剛斥資 39 億美元投資於 10 只不同的股票。以下是其中表現最好的