投资思路转变，巴菲特减持沃尔玛

沃伦·巴菲特几乎已经将资金完全撤出了沃尔玛。

今年早些时候，巴菲特已经削减了对沃尔玛（Walmart）的持股，而在这家零售商宣布收购电子商务初创公司Jet.com引发众议后，他又出售了剩有股权的70%。根据证券监管机构的最新文件，比起今年年中的近30亿美元持股，如今巴菲特如今在沃尔玛的股票价值仅有不足10亿美元。

2016年至今，沃尔玛的股价上涨了15%，不过这种态势到最近已是强弩之末：巴菲特减持的第三季度，沃尔玛的股价出现了轻微下跌，而在过去三个月里，股价有了近5%的滑坡。早在一年前，这家零售巨头调低其收益预期之时，这位著名投资者就已经开始减少沃尔玛股票的持有量了。

在今年4月伯克希尔·哈撒韦（Berkshire Hathaway）的年度股东会议上，巴菲特承认沃尔玛等传统零售商正与电商巨头亚马逊（Amazon）展开竞争，他们的日子很不好过。

与此同时，这位奥马哈的先知开始入手各大航空公司的股票，包括美国航空（American Airlines）、达美航空（Delta）和联合大陆航空（United Continental）。这三家公司在巴菲特入手股票后升值显著，在周一的合计市值达到了16亿美元。实际上，从9月底至今，他们已经给巴菲特挣了超过2.8亿美元，巴菲特对他们投资回报率达到了21%。

这次投资明显标志着巴菲特思路的转变。因为他在2013年的伯克希尔-哈撒韦年度股东会议上，对航空公司做出了悲惨的预测：“100年来，投资者把钱砸在航空公司和飞机制造商上，结果却十分糟糕。对投资者而言，这是一个危险的领域。”

据美国全国广播公司财经频道（CNBC）报道，近来，巴菲特还购入了西南航空的股票。购入时间应该是在一个半月以内，因为在最新的第三季度文件中，没有披露购入的股票。(财富中文网)

译者：严匡正

Warren Buffett has almost completely checked out of Walmart .

After trimming some of his stake in the retailer earlier this year, Buffett slashed his remaining Walmart stock by nearly 70% as the discount store announced its controversial deal to buy e-commerce startup Jet.com. Buffett’s stake in Walmart is now worth less than $1 billion, down from nearly $3 billion in the middle of this year, according to new securities filings.

Walmart stock is up 15% so far in 2016, but it has recently begun to falter: The shares declined slightly during the third quarter when Buffett reduced his stake, and the stock has fallen nearly 5% in the last three months. The renowned investor had begun paring down his Walmart holding a year earlier as the retail giant lowered its earnings forecast.

At his annual Berkshire Hathaway shareholder meeting in April, Buffett had acknowledged that traditional retailers such as Walmart were having a difficult time competing with e-commerce powerhouse Amazon .

Meanwhile, the Oracle of Omaha has gotten on board with all the major airline stocks, buying new stakes in American Airlines , Delta and United Continental. Together, those positions were worth nearly $1.6 billion on Monday, having appreciated considerably since Buffett bought the stocks. In fact, shares of the three airlines have already earned Buffett more than $280 million—or a return of 21% return on the new stakes—since the end of September.

The new stakes apparently mark a shift in Buffett’s thinking, as the Oracle expressed a dire outlook for airline companies at his annual Berkshire Hathaway shareholder meeting in 2013: “Investors have poured their money into airlines and airline manufacturers for 100 years with terrible results,” Buffett said at the time. “It’s been a death trap for investors.”

More recently, Buffett also bought Southwest Airlines stock, CNBC reported, though he must have made the purchase just in the last month and a half, as the shares were not disclosed in his new third-quarter filing.