在有些人看來(lái),伯克希爾-哈撒韋(Berkshire Hathaway Inc.)減持蘋(píng)果公司(Apple Inc.)的股份,,可以解釋為該公司對(duì)iPhone手機(jī)生產(chǎn)商的增長(zhǎng)故事缺乏信心,。但許多華爾街人士呼吁投資者不要理會(huì)這則消息,并保持冷靜,。
沃倫·巴菲特領(lǐng)導(dǎo)的龐然大物伯克希爾-哈撒韋上周六披露,,其在第二季度出售了在科技巨頭蘋(píng)果的近半持股。目前其持股的價(jià)值約為840億美元,遠(yuǎn)低于3月底的約1,400億美元,。此次減持正值美股的一波火爆行情,,使蘋(píng)果股價(jià)上漲了23%,標(biāo)普500指數(shù)屢創(chuàng)新高,。
自2016年沃倫·巴菲特首次披露其在蘋(píng)果的持股以來(lái),,蘋(píng)果股價(jià)暴漲約900%,鞏固了其在業(yè)內(nèi)的主導(dǎo)地位,,同時(shí)為沃倫·巴菲特創(chuàng)造了價(jià)值數(shù)十億美元的未實(shí)現(xiàn)利潤(rùn),。
Integrity Asset Management的高級(jí)投資組合經(jīng)理喬·吉爾伯特表示:“巴菲特減持蘋(píng)果股份只是為了管理風(fēng)險(xiǎn)。如果巴菲特對(duì)評(píng)估的長(zhǎng)期可行性有任何顧慮,,他可以直接清倉(cāng),。與巴菲特其他減持操作類似,巴菲特在蘋(píng)果公司有大量未實(shí)現(xiàn)收益,?!?/p>
就在伯克希爾公布其投資組合的幾天前,蘋(píng)果公司幾天前剛剛發(fā)布了季度業(yè)績(jī),。蘋(píng)果的業(yè)績(jī)報(bào)告顯示,,公司恢復(fù)了收入增長(zhǎng),并暗示未來(lái)幾個(gè)季度新人工智能功能將刺激iPhone手機(jī)的銷量,。營(yíng)收?qǐng)?bào)告公布后,,盡管市場(chǎng)上出現(xiàn)整體拋售,但蘋(píng)果股價(jià)穩(wěn)定,,最終在上周結(jié)束時(shí)上漲,。
巴菲特一直被譽(yù)為“奧馬哈先知”。雖然他的投資策略確實(shí)不容忽視,,但近幾年,,伯克希爾在蘋(píng)果的持股規(guī)模龐大,因此一些投資者開(kāi)始猜測(cè)伯克希爾是否應(yīng)該通過(guò)減持來(lái)平衡持股,。即使在減持之后,,蘋(píng)果依舊是伯克希爾規(guī)模最大的單一持股。
美國(guó)財(cái)務(wù)研究分析中心(CFRA)的研究分析師凱西·塞弗特表示:“當(dāng)你的持倉(cāng)規(guī)模過(guò)大時(shí),,你可以兌現(xiàn)一部分利潤(rùn),,并減少集中風(fēng)險(xiǎn)?!彼a(bǔ)充說(shuō):“伯克希爾-哈撒韋的投資組合依舊相當(dāng)集中,。”
這也并非伯克希爾首次減持蘋(píng)果股份,。在5月召開(kāi)的年度會(huì)議上,,該公司公布在今年第一季度已經(jīng)進(jìn)行過(guò)減持。當(dāng)時(shí),巴菲特向投資者暗示,,稅務(wù)影響可能是此次減持的決定因素之一,。
蘋(píng)果和伯克希爾-哈撒韋的代表均未回應(yīng)在周日正常工作時(shí)間以外發(fā)出的置評(píng)請(qǐng)求。
在最新的公告發(fā)布之際,,人們普遍擔(dān)心美國(guó)可能即將陷入經(jīng)濟(jì)衰退,。上周五公布的就業(yè)數(shù)據(jù)不及預(yù)期,引發(fā)了人們對(duì)美聯(lián)儲(chǔ)降息可能已經(jīng)等待太久的擔(dān)憂,,使納斯達(dá)克100指數(shù)進(jìn)入了技術(shù)性回調(diào),,芝加哥期權(quán)交易所波動(dòng)率指數(shù)(Cboe Volatility Index)接近25。
微軟(Microsoft Corp.),、亞馬遜(Amazon.com Inc.)和Alphabet等其他大盤股均低于7月初的歷史最高水平,。同期納斯達(dá)克100成分股的市值共縮水超過(guò)3萬(wàn)億美元,英偉達(dá)(Nvidia Corp.)和特斯拉(Tesla Inc.)的市值縮水超過(guò)了20%,。而蘋(píng)果公司的市值較歷史最高點(diǎn)下降了約6%,。
扎克投資管理公司(Zacks Investment Management)的客戶組合經(jīng)理布萊恩·馬爾伯里認(rèn)為,伯克希爾與越來(lái)越多投資者一樣,,希望看到更多證據(jù),證明蘋(píng)果的人工智能投資能夠帶來(lái)收入增長(zhǎng),,并且他們認(rèn)為人工智能投資帶來(lái)回報(bào)的速度不夠快,。
彭博社匯總的數(shù)據(jù)顯示,截至7月中旬,,蘋(píng)果公司的估值倍數(shù)為未來(lái)利潤(rùn)的33倍,,比標(biāo)普500指數(shù)高出11點(diǎn),上一次出現(xiàn)這種差異還是在新冠疫情和金融危機(jī)之后,。盡管蘋(píng)果的估值較高,,但馬爾伯里認(rèn)為,投資者持有蘋(píng)果股份依舊是明智的選擇,。他表示:“蘋(píng)果公司的資產(chǎn)負(fù)債表狀況依舊健康,,而且其收益增長(zhǎng)速度仍將快于市場(chǎng)整體增長(zhǎng)速度?!?/p>
包括維德布什(Wedbush)分析師丹·埃弗斯在內(nèi)的其他人提到了蘋(píng)果公司的品牌忠誠(chéng)度和未來(lái)增長(zhǎng),。他認(rèn)為蘋(píng)果即將迎來(lái)一次重要的升級(jí)周期,將在2025年和2026年推動(dòng)收入增長(zhǎng),。
埃弗斯表示:“雖然有人可能將巴菲特減持解讀為對(duì)信心的擔(dān)憂,,但蘋(píng)果剛剛交出了一份強(qiáng)勁的季度業(yè)績(jī),并且即將進(jìn)入一個(gè)由人工智能驅(qū)動(dòng)的超級(jí)周期,,我們并不認(rèn)為現(xiàn)在是退出的恰當(dāng)時(shí)機(jī),。”
當(dāng)然,蘋(píng)果并非伯克希爾最近減持的唯一一支股票,。自7月中旬以來(lái),,該公司將美國(guó)銀行的股份減持8.8%。有人認(rèn)為,,這表明巴菲特并不認(rèn)為這兩家公司存在任何問(wèn)題,,而是押注美國(guó)消費(fèi)者和整體經(jīng)濟(jì)即將陷入疲軟。
Clearstead Advisors公司的高級(jí)董事總經(jīng)理吉姆·阿瓦德表示:“巴菲特可能感覺(jué)美國(guó)經(jīng)濟(jì)即將陷入衰退,,因此現(xiàn)在籌集現(xiàn)金,,未來(lái)可以以較低的價(jià)格進(jìn)行收購(gòu)?;蛟S他嗅到了未來(lái)的商機(jī),。”(財(cái)富中文網(wǎng))
譯者:劉進(jìn)龍
審校:汪皓
在有些人看來(lái),,伯克希爾-哈撒韋(Berkshire Hathaway Inc.)減持蘋(píng)果公司(Apple Inc.)的股份,,可以解釋為該公司對(duì)iPhone手機(jī)生產(chǎn)商的增長(zhǎng)故事缺乏信心。但許多華爾街人士呼吁投資者不要理會(huì)這則消息,,并保持冷靜,。
沃倫·巴菲特領(lǐng)導(dǎo)的龐然大物伯克希爾-哈撒韋上周六披露,其在第二季度出售了在科技巨頭蘋(píng)果的近半持股,。目前其持股的價(jià)值約為840億美元,,遠(yuǎn)低于3月底的約1,400億美元。此次減持正值美股的一波火爆行情,,使蘋(píng)果股價(jià)上漲了23%,,標(biāo)普500指數(shù)屢創(chuàng)新高。
自2016年沃倫·巴菲特首次披露其在蘋(píng)果的持股以來(lái),,蘋(píng)果股價(jià)暴漲約900%,,鞏固了其在業(yè)內(nèi)的主導(dǎo)地位,同時(shí)為沃倫·巴菲特創(chuàng)造了價(jià)值數(shù)十億美元的未實(shí)現(xiàn)利潤(rùn),。
Integrity Asset Management的高級(jí)投資組合經(jīng)理喬·吉爾伯特表示:“巴菲特減持蘋(píng)果股份只是為了管理風(fēng)險(xiǎn),。如果巴菲特對(duì)評(píng)估的長(zhǎng)期可行性有任何顧慮,他可以直接清倉(cāng),。與巴菲特其他減持操作類似,,巴菲特在蘋(píng)果公司有大量未實(shí)現(xiàn)收益?!?/p>
就在伯克希爾公布其投資組合的幾天前,,蘋(píng)果公司幾天前剛剛發(fā)布了季度業(yè)績(jī)。蘋(píng)果的業(yè)績(jī)報(bào)告顯示,,公司恢復(fù)了收入增長(zhǎng),,并暗示未來(lái)幾個(gè)季度新人工智能功能將刺激iPhone手機(jī)的銷量,。營(yíng)收?qǐng)?bào)告公布后,盡管市場(chǎng)上出現(xiàn)整體拋售,,但蘋(píng)果股價(jià)穩(wěn)定,,最終在上周結(jié)束時(shí)上漲。
巴菲特一直被譽(yù)為“奧馬哈先知”,。雖然他的投資策略確實(shí)不容忽視,,但近幾年,伯克希爾在蘋(píng)果的持股規(guī)模龐大,,因此一些投資者開(kāi)始猜測(cè)伯克希爾是否應(yīng)該通過(guò)減持來(lái)平衡持股,。即使在減持之后,蘋(píng)果依舊是伯克希爾規(guī)模最大的單一持股,。
美國(guó)財(cái)務(wù)研究分析中心(CFRA)的研究分析師凱西·塞弗特表示:“當(dāng)你的持倉(cāng)規(guī)模過(guò)大時(shí),,你可以兌現(xiàn)一部分利潤(rùn),并減少集中風(fēng)險(xiǎn),?!彼a(bǔ)充說(shuō):“伯克希爾-哈撒韋的投資組合依舊相當(dāng)集中?!?/p>
這也并非伯克希爾首次減持蘋(píng)果股份,。在5月召開(kāi)的年度會(huì)議上,該公司公布在今年第一季度已經(jīng)進(jìn)行過(guò)減持,。當(dāng)時(shí),,巴菲特向投資者暗示,稅務(wù)影響可能是此次減持的決定因素之一,。
蘋(píng)果和伯克希爾-哈撒韋的代表均未回應(yīng)在周日正常工作時(shí)間以外發(fā)出的置評(píng)請(qǐng)求,。
在最新的公告發(fā)布之際,,人們普遍擔(dān)心美國(guó)可能即將陷入經(jīng)濟(jì)衰退,。上周五公布的就業(yè)數(shù)據(jù)不及預(yù)期,引發(fā)了人們對(duì)美聯(lián)儲(chǔ)降息可能已經(jīng)等待太久的擔(dān)憂,,使納斯達(dá)克100指數(shù)進(jìn)入了技術(shù)性回調(diào),,芝加哥期權(quán)交易所波動(dòng)率指數(shù)(Cboe Volatility Index)接近25。
微軟(Microsoft Corp.),、亞馬遜(Amazon.com Inc.)和Alphabet等其他大盤股均低于7月初的歷史最高水平,。同期納斯達(dá)克100成分股的市值共縮水超過(guò)3萬(wàn)億美元,英偉達(dá)(Nvidia Corp.)和特斯拉(Tesla Inc.)的市值縮水超過(guò)了20%,。而蘋(píng)果公司的市值較歷史最高點(diǎn)下降了約6%,。
扎克投資管理公司(Zacks Investment Management)的客戶組合經(jīng)理布萊恩·馬爾伯里認(rèn)為,伯克希爾與越來(lái)越多投資者一樣,,希望看到更多證據(jù),,證明蘋(píng)果的人工智能投資能夠帶來(lái)收入增長(zhǎng),,并且他們認(rèn)為人工智能投資帶來(lái)回報(bào)的速度不夠快。
彭博社匯總的數(shù)據(jù)顯示,,截至7月中旬,,蘋(píng)果公司的估值倍數(shù)為未來(lái)利潤(rùn)的33倍,比標(biāo)普500指數(shù)高出11點(diǎn),,上一次出現(xiàn)這種差異還是在新冠疫情和金融危機(jī)之后,。盡管蘋(píng)果的估值較高,但馬爾伯里認(rèn)為,,投資者持有蘋(píng)果股份依舊是明智的選擇,。他表示:“蘋(píng)果公司的資產(chǎn)負(fù)債表狀況依舊健康,而且其收益增長(zhǎng)速度仍將快于市場(chǎng)整體增長(zhǎng)速度,?!?/p>
包括維德布什(Wedbush)分析師丹·埃弗斯在內(nèi)的其他人提到了蘋(píng)果公司的品牌忠誠(chéng)度和未來(lái)增長(zhǎng)。他認(rèn)為蘋(píng)果即將迎來(lái)一次重要的升級(jí)周期,,將在2025年和2026年推動(dòng)收入增長(zhǎng),。
埃弗斯表示:“雖然有人可能將巴菲特減持解讀為對(duì)信心的擔(dān)憂,但蘋(píng)果剛剛交出了一份強(qiáng)勁的季度業(yè)績(jī),,并且即將進(jìn)入一個(gè)由人工智能驅(qū)動(dòng)的超級(jí)周期,,我們并不認(rèn)為現(xiàn)在是退出的恰當(dāng)時(shí)機(jī)?!?/p>
當(dāng)然,,蘋(píng)果并非伯克希爾最近減持的唯一一支股票。自7月中旬以來(lái),,該公司將美國(guó)銀行的股份減持8.8%,。有人認(rèn)為,這表明巴菲特并不認(rèn)為這兩家公司存在任何問(wèn)題,,而是押注美國(guó)消費(fèi)者和整體經(jīng)濟(jì)即將陷入疲軟,。
Clearstead Advisors公司的高級(jí)董事總經(jīng)理吉姆·阿瓦德表示:“巴菲特可能感覺(jué)美國(guó)經(jīng)濟(jì)即將陷入衰退,因此現(xiàn)在籌集現(xiàn)金,,未來(lái)可以以較低的價(jià)格進(jìn)行收購(gòu),。或許他嗅到了未來(lái)的商機(jī),?!保ㄘ?cái)富中文網(wǎng))
譯者:劉進(jìn)龍
審校:汪皓
To some, Berkshire Hathaway Inc.’s gutting of its Apple Inc. stake could be interpreted as a lack of conviction in the iPhone maker’s growth story. But many on Wall Street are urging investors to look past the news and stay calm.
The Warren Buffett-led conglomerate revealed Saturday that it sold almost half of its position in the tech giant during the second quarter. Its stake now stands at roughly $84 billion, down from about $140 billion at the end of March. The selling took place during a torrid run in the stock market that sent Apple shares 23% higher and pushed the S&P 500 from one record to the next.
Since 2016, when Warren Buffett first disclosed its stake in Apple, its shares have soared almost 900% as the company cemented its grip on the industry, delivering Berkshire billions of dollars worth of unrealized profits along the way.
“Buffett’s reduction of his Apple stake is merely about risk management,” said Joe Gilbert, senior portfolio manager at Integrity Asset Management. “If there were any concerns about the longer-term viability of Apple, Buffett would have exited the entire position. Similar to Berkshire’s other stock position reductions, Buffett has meaningful unrealized gains.”
Berkshire’s portfolio reveal comes just days after Apple released its own quarterly results, which showed a return to revenue growth and signaled that new AI features will boost iPhone sales in the coming quarters. Apple shares were steady after the earnings report and ultimately ended the week higher despite the broader selloff.
While the investment strategy of Buffett — long known as the Oracle of Omaha — is hard to ignore, Berkshire’s stake in Apple had gotten so large in recent years that some investors had begun to wonder whether the firm would have to trim its position to balance out its holdings. Even after the unwind, Apple remains Berkshire’s largest single position.
“If you’ve got this outsized position you take some profits and you reduce some of your concentration risk,” said Cathy Seifert, a research analyst at CFRA. “They still have a fairly concentrated portfolio,” she added.
It’s also not the first time Berkshire has cut its stake in Apple. At its annual meeting in May, the firm revealed that it had reduced its position during the first quarter of the year. At the time, Buffett hinted to investors that tax implications may have played a role in the sale.
Representatives for Apple and Berkshire Hathaway didn’t respond to requests for comment outside of regular business hours on Sunday.
The latest announcement comes amid broader concern about the potential of an economic downturn ahead. Worse-than-expected jobs data on Friday stoked fears the Federal Reserve may have waited too long to start reducing interest rates, sending the Nasdaq 100 Index into a technical correction and the Cboe Volatility Index toward 25.
Megacap peers including Microsoft Corp., Amazon.com Inc. and Alphabet Inc. have all tumbled from record highs reached in early July. In total, Nasdaq 100 members have shed more than $3 trillion in value over that stretch with both Nvidia Corp. and Tesla Inc. each seeing declines of more than 20%. Apple, meanwhile, is down about 6% from its all-time high.
It’s possible that Berkshire, like an increasing number of investors, wants to see more proof that Apple’s AI investments will pay off with revenue growth and isn’t convinced that’s happening fast enough, according to Brian Mulberry, client portfolio manager at Zacks Investment Management.
Apple’s valuation multiple — at 33 times future profits as of mid-July — was 11 points higher than that of the broader S&P 500, a gap that was last seen in the aftermath of the pandemic and the financial crisis, data compiled by Bloomberg show. But despite the valuation premium, Mulberry thinks it still makes sense for investors to own Apple shares. “They’re still in a healthy balance sheet position and they’re still going to grow earnings faster than the broader market,” he said.
Others, including Wedbush analyst Dan Ives, point to Apple’s brand loyalty and future growth – it’s on the cusp of what he thinks is a major upgrade cycle that will drive revenue growth in 2025 and 2026.
“While some could read this as confidence worry, Apple just delivered a robust quarter with a massive AI driven super cycle ahead and we do not view this as the time to hit the exit button,” Ives said.
Of course, Apple isn’t the only stake that Berkshire has trimmed lately — it’s been unloading sharesof Bank of America Corp., cutting its position by 8.8% since mid-July. Some see that as a sign that Buffett doesn’t see any individual problems with either company, but is instead betting that the US consumer and broader economy are set to weaken.
“Buffett may feel we’re about to go into a recession, so by raising cash now he will be able to buy companies cheap later on,” said Jim Awad, senior managing director at Clearstead Advisors. “He may smell an opportunity coming.”