<p>正如許多股市觀察者所知，沃倫·巴菲特的 <strong>伯克希爾哈撒韋</strong> 一直是股票的淨賣方。最顯著的出售是 <strong>蘋果</strong>。這一頭寸曾佔據投資組合的 40% 以上，但現在已降至約 22%。</p>
<p>投資者需要理解的是，出售並不意味着巴菲特的團隊完全沒有購買股票。最近一個顯著的購買是 <strong>達美樂比薩</strong>（DPZ -0.03%）。該股票過去的收益和其價值主張可能激勵了這一投資，這種樂觀情緒值得對該業務和股票進行更深入的研究，以判斷其是否適合普通投資者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY1MzgvZnJpZW5kcy1lYXRpbmctcGl6emEtdG9nZXRoZXIuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY1MzgvZnJpZW5kcy1lYXRpbmctcGl6emEtdG9nZXRoZXIuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>伯克希爾哈撒韋與達美樂</h2>
<p>自 2004 年上市以來，達美樂的股票收益和股息支付超過了 6500%。大多數投資者，包括伯克希爾哈撒韋，錯過了大部分收益，但伯克希爾的投資可能表明仍然存在顯著的上漲空間。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/660385573e0e3b0cf2fe735267a74eb1.png?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://media.ycharts.com/charts/660385573e0e3b0cf2fe735267a74eb1.png"/></p>
<p>DPZ 總回報水平數據來自 YCharts</p>
<p>巴菲特的公司在 2024 年第三季度開始購買達美樂的股票，並在此後的每個季度都增加了持倉規模。如今，它持有超過 260 萬股，約佔流通股的 7.75%。</p>
<p>伯克希爾對達美樂投資的另一個可能因素是，它是全球最大的比薩連鎖店，截至財年第三季度末在全球擁有 21,750 個門店。儘管取得了這樣的成功，投資者可能會質疑為什麼投資者會想要進入像比薩這樣的業務，理論上説，這個行業的進入壁壘較低。</p>
<p>然而，沒有其他比薩企業能夠達到同樣的規模，仔細觀察達美樂時，可以發現吸引像巴菲特這樣的投資者的競爭優勢。</p>
<p>達美樂的一個關鍵部分是其特許經營模式。這使得該連鎖店能夠以相對較少的資本開設大量門店，利用高品牌認知度來推動業務。</p>
<p>此外，它提供數字優先的方式，使得訂購更為便捷，並利用路線規劃實現更快的配送。此外，高效的供應鏈有助於標準化食品質量和成本，提高各個門店的一致性。</p>
<p>此外，儘管在全球範圍內，達美樂會根據當地口味調整菜單，新推出的如帕爾馬乾酪填充的外殼或增加的定製選項使得顧客不斷迴歸達美樂。</p>
<h2>達美樂的財務理由</h2>
<p>巴菲特的團隊可能也被其財務指標所吸引。確實，憑藉其全球業務，公司的成熟度使其更像是一隻價值股。</p>
<p>在 2025 財年的前九個月（截至 9 月 8 日），收入為 34 億美元，同比增長 4%。儘管如此，在此期間，其自由現金流為 4.96 億美元，較同期激增 32%。資產收益和較低的資本支出增強了現金狀況。</p>
<p>此外，這一自由現金流輕鬆覆蓋了公司在財年頭九個月的 1.19 億美元股息支出。每股 6.96 美元的股息收益率為 1.6%，遠高於 <strong>標準普爾 500</strong> 的 1.2% 平均水平。巴菲特的團隊也可能喜歡其 13 年的派息增長曆史，這一趨勢使得未來的年度派息增長更有可能繼續。</p>
<p>投資者還應注意比薩連鎖店的估值。其市盈率為 25，低於公司五年平均市盈率 30。此外，自 2010 年代初以來，其市盈率並未顯著低於 25，因此可以認為達美樂的股票以合理的價格出售。</p>
<h2>你應該跟隨伯克希爾哈撒韋投資達美樂股票嗎？</h2>
<p>考慮到公司的狀況，投資者很可能通過跟隨伯克希爾哈撒韋投資達美樂股票做出明智的決策。</p>
<p>確實，股票歷史上 6500% 的總回報可能會讓一些潛在買家卻步，特別是考慮到比薩行業的競爭性質。</p>
<p>然而，達美樂的品牌認知度以及其專注於特許經營、運營效率和強大的供應鏈為公司提供了競爭優勢。此外，投資者可以以相對合理的價格購買該股票，並獲得高於平均水平的股息收益率。</p>
<p>最終，即使達美樂未能激發興奮，該股票在未來可能會帶來不斷上升的股息和超越市場的回報。</p>

伯克希爾哈撒韋-B

伯克希爾哈撒韋-A

達美樂比薩

<p>沃倫·巴菲特的伯克希爾哈撒韋已經出售了其蘋果公司的股票，之前這部分股票佔其投資組合的 40% 以上，現在減少到 22%。相比之下，巴菲特投資了達美樂比薩，自 2004 年上市以來，該公司的回報率達到了 6500%。伯克希爾目前持有 260 萬股達美樂比薩，因其特許經營模式、數字優先的策略以及強勁的財務指標（包括 1.6% 的股息收益率）而受到吸引。分析師建議，跟隨巴菲特投資達美樂比薩可能是一個明智的選擇，因為該公司具有競爭優勢和合理的估值</p>

<p>As many stock market observers know, Warren Buffett's <strong>Berkshire Hathaway</strong> has been a net seller of stocks. The most notable sale has been <strong>Apple</strong>. That position made up over 40% of the portfolio at one time, but the share has since fallen to around 22%.</p>
<div class="lb-trans"><p>正如許多股市觀察者所知，沃倫·巴菲特的 <strong>伯克希爾哈撒韋</strong> 一直是股票的淨賣方。最顯著的出售是 <strong>蘋果</strong>。這一頭寸曾佔據投資組合的 40% 以上，但現在已降至約 22%。</p>
</div><p>What investors need to understand is that the selling does not mean Buffett's team isn't buying stocks at all. One notable recent purchase has been <strong>Domino's Pizza</strong>(DPZ -0.03%). The stock's past gains and its value proposition have likely inspired this investment, and such optimism warrants a closer look at the business and the stock to see if it is a suitable choice for average investors.</p>
<div class="lb-trans"><p>投資者需要理解的是，出售並不意味着巴菲特的團隊完全沒有購買股票。最近一個顯著的購買是 <strong>達美樂比薩</strong>（DPZ -0.03%）。該股票過去的收益和其價值主張可能激勵了這一投資，這種樂觀情緒值得對該業務和股票進行更深入的研究，以判斷其是否適合普通投資者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY1MzgvZnJpZW5kcy1lYXRpbmctcGl6emEtdG9nZXRoZXIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836538%2Ffriends-eating-pizza-together.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>Berkshire Hathaway and Domino's</h2>
<div class="lb-trans"><h2>伯克希爾哈撒韋與達美樂</h2>
</div><p>Domino's has returned more than 6,500% in stock gains and dividend payments since it went public in 2004. Most investors, including Berkshire Hathaway, have missed out on most of those gains, but Berkshire's bets could indicate that significant upside remains.</p>
<div class="lb-trans"><p>自 2004 年上市以來，達美樂的股票收益和股息支付超過了 6500%。大多數投資者，包括伯克希爾哈撒韋，錯過了大部分收益，但伯克希爾的投資可能表明仍然存在顯著的上漲空間。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/660385573e0e3b0cf2fe735267a74eb1.png" alt="" original-src="https://media.ycharts.com/charts/660385573e0e3b0cf2fe735267a74eb1.png"/></p>
<p>DPZ Total Return Level data by YCharts</p>
<div class="lb-trans"><p>DPZ 總回報水平數據來自 YCharts</p>
</div><p>Buffett's company began buying Domino's shares in the third quarter of 2024 and has increased its position size in every quarter since that time. Today, it holds just over 2.6 million shares, or about 7.75% of the outstanding shares.</p>
<div class="lb-trans"><p>巴菲特的公司在 2024 年第三季度開始購買達美樂的股票，並在此後的每個季度都增加了持倉規模。如今，它持有超過 260 萬股，約佔流通股的 7.75%。</p>
</div><p>Another possible factor in Berkshire's investment in Domino's is that it is the world's largest pizza chain, boasting 21,750 locations globally as of the end of fiscal Q3. Despite that success, investors may question why an investor would want to get into a business like pizza, which at least in theory, has low barriers to entry.</p>
<div class="lb-trans"><p>伯克希爾對達美樂投資的另一個可能因素是，它是全球最大的比薩連鎖店，截至財年第三季度末在全球擁有 21,750 個門店。儘管取得了這樣的成功，投資者可能會質疑為什麼投資者會想要進入像比薩這樣的業務，理論上説，這個行業的進入壁壘較低。</p>
</div><p>However, no other pizza business has grown to the same size, and one can find the kinds of competitive advantages that attract investors like Buffett when looking at Domino's more closely.</p>
<div class="lb-trans"><p>然而，沒有其他比薩企業能夠達到同樣的規模，仔細觀察達美樂時，可以發現吸引像巴菲特這樣的投資者的競爭優勢。</p>
</div><p>One key part of Domino's is its franchise model. This enables the chain to open a large number of locations with a relatively small amount of capital, leveraging high brand recognition to drive business.</p>
<div class="lb-trans"><p>達美樂的一個關鍵部分是其特許經營模式。這使得該連鎖店能夠以相對較少的資本開設大量門店，利用高品牌認知度來推動業務。</p>
</div><p>Moreover, it offers a digital-first approach, which makes ordering easier and capitalizes on route planning for faster deliveries. Additionally, an efficient supply chain helps standardize food quality and costs, increasing consistency across locations.</p>
<div class="lb-trans"><p>此外，它提供數字優先的方式，使得訂購更為便捷，並利用路線規劃實現更快的配送。此外，高效的供應鏈有助於標準化食品質量和成本，提高各個門店的一致性。</p>
</div><p>Furthermore, despite a global footprint, Domino's adapts its menu to suit local tastes, and new offerings such as parmesan-stuffed crust or added customization options keep its customers coming back to Domino's.</p>
<div class="lb-trans"><p>此外，儘管在全球範圍內，達美樂會根據當地口味調整菜單，新推出的如帕爾馬乾酪填充的外殼或增加的定製選項使得顧客不斷迴歸達美樂。</p>
</div><h2>The financial case for Domino's</h2>
<div class="lb-trans"><h2>達美樂的財務理由</h2>
</div><p>Buffett's team was likely also drawn by its financial metrics. Indeed, with its global footprint, the maturity of the business appears to make it more of a value stock.</p>
<div class="lb-trans"><p>巴菲特的團隊可能也被其財務指標所吸引。確實，憑藉其全球業務，公司的成熟度使其更像是一隻價值股。</p>
</div><p>In the first nine months of fiscal 2025 (ended Sept. 8), revenue of $3.4 billion rose by 4%. Nonetheless, during that time, its free cash flow of $496 million surged 32% higher over the same timeframe. Gains on assets and lower capital expenditures bolstered that cash position.</p>
<div class="lb-trans"><p>在 2025 財年的前九個月（截至 9 月 8 日），收入為 34 億美元，同比增長 4%。儘管如此，在此期間，其自由現金流為 4.96 億美元，較同期激增 32%。資產收益和較低的資本支出增強了現金狀況。</p>
</div><p>Additionally, that free cash flow easily covered the company's $119 million in dividend costs in the first nine months of the fiscal year. At $6.96 per share, its 1.6% dividend yield is well above the 1.2% average for the <strong>S&amp;P 500</strong>. Buffett's team also probably liked its 13-year history of payout hikes, a trend that makes further annual payout hikes likely to continue.</p>
<div class="lb-trans"><p>此外，這一自由現金流輕鬆覆蓋了公司在財年頭九個月的 1.19 億美元股息支出。每股 6.96 美元的股息收益率為 1.6%，遠高於 <strong>標準普爾 500</strong> 的 1.2% 平均水平。巴菲特的團隊也可能喜歡其 13 年的派息增長曆史，這一趨勢使得未來的年度派息增長更有可能繼續。</p>
</div><p>Investors should also take note of the pizza chain's valuation. Its P/E ratio of 25 is below the company's five-year average earnings multiple of 30. Also, since its P/E ratio has not fallen significantly below 25 since the early 2010s, one can assume that Domino's stock sells at a reasonable price.</p>
<div class="lb-trans"><p>投資者還應注意比薩連鎖店的估值。其市盈率為 25，低於公司五年平均市盈率 30。此外，自 2010 年代初以來，其市盈率並未顯著低於 25，因此可以認為達美樂的股票以合理的價格出售。</p>
</div><h2>Should you follow Berkshire Hathaway into Domino's stock?</h2>
<div class="lb-trans"><h2>你應該跟隨伯克希爾哈撒韋投資達美樂股票嗎？</h2>
</div><p>Given the state of the company, investors can likely make a prudent move by following Berkshire Hathaway into Domino's stock.</p>
<div class="lb-trans"><p>考慮到公司的狀況，投資者很可能通過跟隨伯克希爾哈撒韋投資達美樂股票做出明智的決策。</p>
</div><p>Indeed, a 6,500% total return over the stock's history may cause some prospective buyers to shy away, particularly because of the competitive nature of the pizza industry.</p>
<div class="lb-trans"><p>確實，股票歷史上 6500% 的總回報可能會讓一些潛在買家卻步，特別是考慮到比薩行業的競爭性質。</p>
</div><p>However, Domino's brand recognition and its focus on franchising, operational efficiency, and a robust supply chain give the company a competitive advantage. Moreover, investors can buy the stock at a relatively reasonable price and collect an above-average dividend yield.</p>
<div class="lb-trans"><p>然而，達美樂的品牌認知度以及其專注於特許經營、運營效率和強大的供應鏈為公司提供了競爭優勢。此外，投資者可以以相對合理的價格購買該股票，並獲得高於平均水平的股息收益率。</p>
</div><p>In the end, even if Domino's does not generate excitement, the stock is likely to cook up rising dividends and market-beating returns over time.</p>
<div class="lb-trans"><p>最終，即使達美樂未能激發興奮，該股票在未來可能會帶來不斷上升的股息和超越市場的回報。</p>
</div>

Warren Buffett Sells Apple Stock and Buys a Restaurant Stock Up Over 6,500% Since Its IPO

- 巴菲特的伯克希爾哈撒韋近期出售了蘋果股票，持股比例降至約 22%。  
- 該公司在 2024 年第三季度開始增持達美樂，現持有約 7.75% 的流通股。  
- 達美樂的品牌優勢和財務指標吸引了投資者，預計將繼續提供穩定的回報。  

沃倫·巴菲特出售了蘋果股票，併購買了一隻自 IPO 以來上漲超過 6500% 的餐飲股票