<p>沃倫·巴菲特因其耐心和以價值為導向的投資理念而在美國曆史上樹立了偉大的投資者聲譽。在他的領導下，<strong>伯克希爾哈撒韋</strong> 的股票在過去 60 年中幾乎以兩倍於 <strong>標準普爾 500 指數</strong>(^GSPC -0.64%) 的速度增長。</p>
<p>巴菲特和共同投資經理託德·科姆斯及泰德·韋施勒在第二季度再次出售了 <strong>蘋果</strong>(AAPL -0.19%) 的股票。自 2023 年第三季度首次出售股票以來，他們已將該頭寸削減了 69%。與此同時，巴菲特和他的助手們連續第三個季度購買了 <strong>達美樂比薩</strong>(DPZ 2.08%)，這是一家自 2005 年以來回報率達到 4270% 的餐飲股票。</p>
<p>投資者應該瞭解關於蘋果和達美樂比薩的以下信息。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1NTYvYnV5LXNlbGwtMy5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1NTYvYnV5LXNlbGwtMy5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>蘋果：沃倫·巴菲特在第二季度出售的股票</h2>
<p>蘋果在 6 月季度報告了令人鼓舞的財務結果，收入和利潤均超出預期。收入增長 10% 至 940 億美元，是自 2021 年以來最快的增速，主要得益於 iPhone 和服務部門的強勁增長。GAAP 每股攤薄收益增長 12% 至 1.57 美元。</p>
<p>蘋果的投資論點集中在品牌權威性上，這源於其在硬件和軟件方面的設計專長，使公司擁有定價權。蘋果在智能手機市場的銷售領先，平均 iPhone 的售價始終是平均 <strong>三星</strong> 手機的三倍。其超過 23 億台設備的安裝基礎也使公司能夠從人工智能（AI）中獲利，儘管迄今為止尚未實現。</p>
<p>蘋果面臨幾項逆風。歐洲的數字市場法案迫使公司允許第三方應用商店在其設備上運行，這可能會通過削減自家 App Store 的銷售來減少服務收入。此外，涉及 <strong>字母表</strong> 的反壟斷訴訟可能會限制蘋果收取費用的能力，以使谷歌成為其設備的默認搜索引擎，這可能會根據 <strong>傑富瑞</strong> 分析師的説法，削減 7% 的税前利潤。</p>
<p>蘋果還面臨估值問題。華爾街預計其收益在未來三年將以 10% 的速度增長。這使得其當前 35 倍的市盈率顯得昂貴。這些數字使得市盈率與增長比（PEG）達到 3.5，遠高於其他大型科技公司。例如，<strong>亞馬遜</strong>、<strong>英偉達</strong> 和字母表的 PEG 比率均低於 2。因此，我認為投資者應該避免購買蘋果股票，股東們也應考慮削減持倉。</p>
<h2>達美樂比薩：沃倫·巴菲特在第二季度購買的股票</h2>
<p>達美樂在第二季度報告了令人鼓舞的財務結果。收入增長 4% 至 11 億美元，得益於 3.4% 的同店銷售增長和 178 家新店的開業。同時，GAAP 每股攤薄收益下降 6% 至 3.81 美元，但這是由於戰略投資的損失。更相關的營業收入增長 15% 至 2.25 億美元。</p>
<p>達美樂的投資論點集中在規模和品牌權威性上。它是全球最大的比薩公司，按銷售額計算，在 90 個國家擁有超過 21,500 家門店。該公司通過技術領導力脱穎而出；例如，它利用人工智能確保訂單質量並在線跟蹤消費者情緒。因此，其同店銷售始終超過最大的競爭對手。</p>
<p>達美樂在 2023 年推出了 “渴望更多” 戰略，這是一個為期五年的框架，目標是到 2028 年實現每年 7% 的零售銷售增長和 8% 的營業收入增長。該公司計劃通過開設 5500 家新店以及通過促銷活動和菜單創新吸引更多顧客到現有門店來實現這些目標。</p>
<p>首席執行官拉斯·維納在第二季度的財報電話會議上告訴分析師：“我們的渴望更多戰略支柱正在共同發揮作用，以實現更多銷售、更多門店和更多利潤。” 他表示，最近推出的帕爾馬奶酪填充邊比薩是公司歷史上最受歡迎的新菜單項目之一。維納還提到與 <strong>DoorDash</strong> 和 <strong>Uber</strong> 的整合，他相信這 “將在未來幾年內提升知名度”。</p>
<p>華爾街預計達美樂的收益在未來三年將以 10% 的速度增長。這使得當前 27 倍的市盈率顯得相當昂貴。我認為長期投資者如果渴望跟隨沃倫·巴菲特的腳步，可以今天購買少量股票。但伯克希爾在達美樂的持倉非常小——不到其投資組合的 1%，因此我建議保持購買量非常小。</p>

達美樂比薩

伯克希爾哈撒韋-B

伯克希爾哈撒韋-A

蘋果

<p>沃倫·巴菲特的伯克希爾哈撒韋已經出售了其蘋果公司 69% 的股票，儘管該公司的財務表現強勁，包括第二季度收入增長 10%。分析師建議避免投資蘋果，原因是其估值過高和麪臨監管挑戰。相反，巴菲特增加了對達美樂比薩的投資，自 2005 年以來，該公司的回報率達 4270%。達美樂報告了 4% 的收入增長，並計劃作為其增長戰略的一部分開設 5500 家新店。儘管其當前估值也被認為較高，但長期投資者可能會考慮購買該公司的股票</p>

<p>Warren Buffett has cultivated a reputation as one of the greatest investors in American history due to his patient, value-oriented philosophies. Under his leadership, <strong>Berkshire Hathaway</strong> stock has appreciated nearly twice as fast as the <strong>S&amp;P 500</strong>(^GSPC -0.64%) over the past 60 years.</p>
<div class="lb-trans"><p>沃倫·巴菲特因其耐心和以價值為導向的投資理念而在美國曆史上樹立了偉大的投資者聲譽。在他的領導下，<strong>伯克希爾哈撒韋</strong> 的股票在過去 60 年中幾乎以兩倍於 <strong>標準普爾 500 指數</strong>(^GSPC -0.64%) 的速度增長。</p>
</div><p>Buffett and co-investment managers Todd Combs and Ted Weschler once again sold <strong>Apple</strong>(AAPL -0.19%) in the second quarter. In total, they have cut the position 69% since first selling shares in Q3 2023. Meanwhile, Buffett and his understudies bought <strong>Domino's Pizza</strong>(DPZ 2.08%) for the third straight quarter, a restaurant stock that has returned 4,270% since 2005.</p>
<div class="lb-trans"><p>巴菲特和共同投資經理託德·科姆斯及泰德·韋施勒在第二季度再次出售了 <strong>蘋果</strong>(AAPL -0.19%) 的股票。自 2023 年第三季度首次出售股票以來，他們已將該頭寸削減了 69%。與此同時，巴菲特和他的助手們連續第三個季度購買了 <strong>達美樂比薩</strong>(DPZ 2.08%)，這是一家自 2005 年以來回報率達到 4270% 的餐飲股票。</p>
</div><p>Here's what investors should know about Apple and Domino's.</p>
<div class="lb-trans"><p>投資者應該瞭解關於蘋果和達美樂比薩的以下信息。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1NTYvYnV5LXNlbGwtMy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831556%2Fbuy-sell-3.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>Apple: The stock Warren Buffett's Berkshire Hathaway sold in the second quarter</h2>
<div class="lb-trans"><h2>蘋果：沃倫·巴菲特在第二季度出售的股票</h2>
</div><p>Apple reported encouraging financial results in the June quarter, beating estimates on the top and bottom lines. Revenue increased 10% to $94 billion, the fastest pace since 2021, because of particularly strong growth in the iPhone and services segments. GAAP earnings increased 12% to $1.57 per diluted share.</p>
<div class="lb-trans"><p>蘋果在 6 月季度報告了令人鼓舞的財務結果，收入和利潤均超出預期。收入增長 10% 至 940 億美元，是自 2021 年以來最快的增速，主要得益於 iPhone 和服務部門的強勁增長。GAAP 每股攤薄收益增長 12% 至 1.57 美元。</p>
</div><p>The investment thesis for Apple centers on brand authority arising from design expertise that spans hardware and software, which affords the company pricing power. Apple is the sales leader in the smartphone market, and the average iPhone consistently sells for three times more than the average <strong>Samsung</strong> phone. Its installed base exceeding 2.3 billion devices also positions the company to profit from artificial intelligence (AI), though it has so far failed to do so.</p>
<div class="lb-trans"><p>蘋果的投資論點集中在品牌權威性上，這源於其在硬件和軟件方面的設計專長，使公司擁有定價權。蘋果在智能手機市場的銷售領先，平均 iPhone 的售價始終是平均 <strong>三星</strong> 手機的三倍。其超過 23 億台設備的安裝基礎也使公司能夠從人工智能（AI）中獲利，儘管迄今為止尚未實現。</p>
</div><p>Apple is battling several headwinds. The Digital Markets Act in Europe compels the company to let third-party application stores on its devices, which could reduce services revenue by cutting into sales from its own App Store. Also, an ongoing antitrust lawsuit involving <strong>Alphabet</strong> could curb Apple's ability to collect fees for making Google the default search engine on its devices, which could trim pre-tax profits by 7%, according to <strong>Jefferies</strong> analysts.</p>
<div class="lb-trans"><p>蘋果面臨幾項逆風。歐洲的數字市場法案迫使公司允許第三方應用商店在其設備上運行，這可能會通過削減自家 App Store 的銷售來減少服務收入。此外，涉及 <strong>字母表</strong> 的反壟斷訴訟可能會限制蘋果收取費用的能力，以使谷歌成為其設備的默認搜索引擎，這可能會根據 <strong>傑富瑞</strong> 分析師的説法，削減 7% 的税前利潤。</p>
</div><p>Apple also has a valuation problem. Wall Street estimates its earnings will increase at 10% annually in the next three years. That makes its current valuation of 35 times earnings look expensive. Those numbers give a price-to-earnings-to-growth (PEG) ratio of 3.5, a material premium to other big technology companies. For instance, <strong>Amazon</strong>, <strong>Nvidia</strong>, and Alphabet have PEG ratios below 2. For that reason, I think investors should avoid Apple stock and shareholders should consider trimming their positions.</p>
<div class="lb-trans"><p>蘋果還面臨估值問題。華爾街預計其收益在未來三年將以 10% 的速度增長。這使得其當前 35 倍的市盈率顯得昂貴。這些數字使得市盈率與增長比（PEG）達到 3.5，遠高於其他大型科技公司。例如，<strong>亞馬遜</strong>、<strong>英偉達</strong> 和字母表的 PEG 比率均低於 2。因此，我認為投資者應該避免購買蘋果股票，股東們也應考慮削減持倉。</p>
</div><h2>Domino's Pizza: The stock Warren Buffett's Berkshire Hathaway bought in the second quarter</h2>
<div class="lb-trans"><h2>達美樂比薩：沃倫·巴菲特在第二季度購買的股票</h2>
</div><p>Domino's reported encouraging financial results in the second quarter. Revenue increased 4% to $1.1 billion due to a combination of 3.4% same-store sales growth and 178 net new store openings. Meanwhile, GAAP earnings fell 6% to $3.81 per diluted share, but that was due to losses on strategic investments. Operating income, the more relevant metric, increased 15% to $225 million.</p>
<div class="lb-trans"><p>達美樂在第二季度報告了令人鼓舞的財務結果。收入增長 4% 至 11 億美元，得益於 3.4% 的同店銷售增長和 178 家新店的開業。同時，GAAP 每股攤薄收益下降 6% 至 3.81 美元，但這是由於戰略投資的損失。更相關的營業收入增長 15% 至 2.25 億美元。</p>
</div><p>The investment thesis for Domino's centers on scale and brand authority. It is the largest pizza company in the world as measured by sales, with over 21,500 stores across 90 countries. The company has distinguished itself through technological leadership; as one example, it uses AI to ensure order quality and track consumer sentiment online. In turn, its same-store sales have consistently outpaced its largest competitors.</p>
<div class="lb-trans"><p>達美樂的投資論點集中在規模和品牌權威性上。它是全球最大的比薩公司，按銷售額計算，在 90 個國家擁有超過 21,500 家門店。該公司通過技術領導力脱穎而出；例如，它利用人工智能確保訂單質量並在線跟蹤消費者情緒。因此，其同店銷售始終超過最大的競爭對手。</p>
</div><p>Domino's in 2023 introduced its &#34;Hungry for More&#34; strategy, a five-year framework targeting 7% annual retail sales growth and 8% annual operating income growth through 2028. The company plans to reach those goals by opening 5,500 new stores, as well as drawing more customers to existing stores through promotional deals and menu innovation.</p>
<div class="lb-trans"><p>達美樂在 2023 年推出了 “渴望更多” 戰略，這是一個為期五年的框架，目標是到 2028 年實現每年 7% 的零售銷售增長和 8% 的營業收入增長。該公司計劃通過開設 5500 家新店以及通過促銷活動和菜單創新吸引更多顧客到現有門店來實現這些目標。</p>
</div><p>CEO Russ Weiner told analysts on the second-quarter earnings call, &#34;Our Hungry for More strategic pillars are working together to deliver more sales, more stores, and more profit.&#34; He said recently introduced Parmesan Stuffed Crust Pizza has been one of the most popular new menu items in company history. Weiner also mentioned integrations with <strong>DoorDash</strong> and <strong>Uber</strong>, which he believes &#34;will build awareness&#34; in the years ahead.</p>
<div class="lb-trans"><p>首席執行官拉斯·維納在第二季度的財報電話會議上告訴分析師：“我們的渴望更多戰略支柱正在共同發揮作用，以實現更多銷售、更多門店和更多利潤。” 他表示，最近推出的帕爾馬奶酪填充邊比薩是公司歷史上最受歡迎的新菜單項目之一。維納還提到與 <strong>DoorDash</strong> 和 <strong>Uber</strong> 的整合，他相信這 “將在未來幾年內提升知名度”。</p>
</div><p>Wall Street expects Domino's earnings to increase at 10% annually during the next three years. That makes the current valuation of 27 times earnings look rather expensive. I think long-term investors can buy a few shares today if they are eager to follow Warren Buffett's lead. But Berkshire has a very small position in Domino's -- less than 1% of its portfolio -- so I suggest keeping the purchase very small.</p>
<div class="lb-trans"><p>華爾街預計達美樂的收益在未來三年將以 10% 的速度增長。這使得當前 27 倍的市盈率顯得相當昂貴。我認為長期投資者如果渴望跟隨沃倫·巴菲特的腳步，可以今天購買少量股票。但伯克希爾在達美樂的持倉非常小——不到其投資組合的 1%，因此我建議保持購買量非常小。</p>
</div>

Warren Buffett Sells Apple Stock and Buys a Restaurant Stock Up 4,270% Since 2005

- 巴菲特的伯克希爾哈撒韋在第二季度減持蘋果股票 69%。  
- 蘋果第二季度營收增長 10%，但面臨多重挑戰。  
- 伯克希爾在第二季度增持了多米諾比薩，預計未來三年收益增長 10%。

沃倫·巴菲特出售蘋果股票，併購買了一隻自 2005 年以來上漲了 4,270% 的餐廳股票