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只是一个疯狂的巧合,抑或不是?
伯克希尔-哈撒韦公司(Berkshire Hathaway)股票投资组合中的一个引人注目的细节引起了华尔街的注意,原因是投资者正在寻找首席执行官沃伦·巴菲特(Warren Buffett)下一步可能采取的行动的线索。
马里兰大学(University of Maryland)罗伯特·H·史密斯商学院金融学教授大卫·卡斯(David Kass)上周三发推表示:“截至2024年6月30日,伯克希尔-哈撒韦公司持有4亿股苹果公司股票和4亿股可口可乐公司(Coca-Cola)股票。如果巴菲特喜欢整数,那么他可能不会计划出售额外的苹果公司股票。”
在给《财富》杂志的一封电子邮件中,卡斯承认,数字可能只是巧合,但他表示,他认为巴菲特是在暗示他已经完成了抛售,并“计划无限期持有苹果股票”,就像他持有可口可乐的股票一样。
他补充说:“既然巴菲特说过首席执行官是首席风险官,我认为巴菲特将苹果在投资组合中的比重从50%降至30%,是一种谨慎的做法。”他指出,伯克希尔-哈撒韦公司最初对苹果的投资约为300亿美元,如今已增至约1800亿美元。
本月早些时候,巴菲特宣布将其所持苹果公司股份减持近50%,巴菲特的追随者以及所有投资者一直对巴菲特的潜在意图感到困惑。虽然分析师认为他不会完全抛售剩余的苹果股份,但第二季度的大幅减持引发了人们对进一步减持的质疑。
诚然,虽然伯克希尔-哈撒韦公司目前持有的苹果和可口可乐股份数量相同,但这些股份的价值却大不相同。截至上周五收盘价,苹果股份价值904亿美元,而可口可乐股份价值277亿美元。
据卡斯称,截至第二季度末,苹果占伯克希尔-哈撒韦公司股票投资的近50%,而可口可乐只占9%。
但由于可口可乐是巴菲特持仓时间最长、历史最悠久的股票,而且几十年来一直保持稳定,其持有的苹果股票的对称性太过显著,不容忽视,美国消费者新闻与商业频道(CNBC)和《华尔街日报》上周也对卡斯的推文进行了报道。
此外,巴菲特还是可口可乐的铁杆粉丝,据报道,他每天要喝五罐可乐,同时他也是iPhone用户,并称赞苹果公司的用户忠诚度很高。
伯克希尔-哈撒韦公司的代表没有立即回复置评请求。
分析师将苹果股票出售视为一种风险管理举措,他们指出,按估值计算,苹果股票已在其投资组合中占据了很大比重。事实上,在此之前,伯克希尔-哈撒韦公司也采取了削减投资组合的举措。今年5月,伯克希尔-哈撒韦公司披露出售了1亿股苹果股票,占当时所持股份的13%。
CFRA Research分析师凯茜·塞弗特(Cathy Seifert)上周对《财富》杂志表示,苹果最近的股票抛售代表了“典型的投资组合再平衡”。
她解释说,由于伯克希尔-哈撒韦公司的投资组合严重偏向苹果等少数几只股票,存在过度集中的风险。这也可能涉及一些获利回吐,因为此次抛售发生在大盘屡创新高的时候。
截至第二季度末,股票抛售使伯克希尔-哈撒韦公司的现金储备达到了2770亿美元的新高,卡斯在X上指出,这几乎相当于其2850亿美元的股票投资总额。
不过,尽管巴菲特最近采取了一些举措,但人们仍认为他更倾向于买入并持有,而且与同行相比,他并没有进行过多的重组。
卡斯发推表示:“在过去的十年里,伯克希尔-哈撒韦公司的投资组合平均周转率一直很低,通常在每年5%到10%之间。过去10年,大型资本管理股票基金的平均周转率通常在每年30%至60%之间。”(财富中文网)
译者:中慧言-王芳
只是一个疯狂的巧合,抑或不是?
伯克希尔-哈撒韦公司(Berkshire Hathaway)股票投资组合中的一个引人注目的细节引起了华尔街的注意,原因是投资者正在寻找首席执行官沃伦·巴菲特(Warren Buffett)下一步可能采取的行动的线索。
马里兰大学(University of Maryland)罗伯特·H·史密斯商学院金融学教授大卫·卡斯(David Kass)上周三发推表示:“截至2024年6月30日,伯克希尔-哈撒韦公司持有4亿股苹果公司股票和4亿股可口可乐公司(Coca-Cola)股票。如果巴菲特喜欢整数,那么他可能不会计划出售额外的苹果公司股票。”
在给《财富》杂志的一封电子邮件中,卡斯承认,数字可能只是巧合,但他表示,他认为巴菲特是在暗示他已经完成了抛售,并“计划无限期持有苹果股票”,就像他持有可口可乐的股票一样。
他补充说:“既然巴菲特说过首席执行官是首席风险官,我认为巴菲特将苹果在投资组合中的比重从50%降至30%,是一种谨慎的做法。”他指出,伯克希尔-哈撒韦公司最初对苹果的投资约为300亿美元,如今已增至约1800亿美元。
本月早些时候,巴菲特宣布将其所持苹果公司股份减持近50%,巴菲特的追随者以及所有投资者一直对巴菲特的潜在意图感到困惑。虽然分析师认为他不会完全抛售剩余的苹果股份,但第二季度的大幅减持引发了人们对进一步减持的质疑。
诚然,虽然伯克希尔-哈撒韦公司目前持有的苹果和可口可乐股份数量相同,但这些股份的价值却大不相同。截至上周五收盘价,苹果股份价值904亿美元,而可口可乐股份价值277亿美元。
据卡斯称,截至第二季度末,苹果占伯克希尔-哈撒韦公司股票投资的近50%,而可口可乐只占9%。
但由于可口可乐是巴菲特持仓时间最长、历史最悠久的股票,而且几十年来一直保持稳定,其持有的苹果股票的对称性太过显著,不容忽视,美国消费者新闻与商业频道(CNBC)和《华尔街日报》上周也对卡斯的推文进行了报道。
此外,巴菲特还是可口可乐的铁杆粉丝,据报道,他每天要喝五罐可乐,同时他也是iPhone用户,并称赞苹果公司的用户忠诚度很高。
伯克希尔-哈撒韦公司的代表没有立即回复置评请求。
分析师将苹果股票出售视为一种风险管理举措,他们指出,按估值计算,苹果股票已在其投资组合中占据了很大比重。事实上,在此之前,伯克希尔-哈撒韦公司也采取了削减投资组合的举措。今年5月,伯克希尔-哈撒韦公司披露出售了1亿股苹果股票,占当时所持股份的13%。
CFRA Research分析师凯茜·塞弗特(Cathy Seifert)上周对《财富》杂志表示,苹果最近的股票抛售代表了“典型的投资组合再平衡”。
她解释说,由于伯克希尔-哈撒韦公司的投资组合严重偏向苹果等少数几只股票,存在过度集中的风险。这也可能涉及一些获利回吐,因为此次抛售发生在大盘屡创新高的时候。
截至第二季度末,股票抛售使伯克希尔-哈撒韦公司的现金储备达到了2770亿美元的新高,卡斯在X上指出,这几乎相当于其2850亿美元的股票投资总额。
不过,尽管巴菲特最近采取了一些举措,但人们仍认为他更倾向于买入并持有,而且与同行相比,他并没有进行过多的重组。
卡斯发推表示:“在过去的十年里,伯克希尔-哈撒韦公司的投资组合平均周转率一直很低,通常在每年5%到10%之间。过去10年,大型资本管理股票基金的平均周转率通常在每年30%至60%之间。”(财富中文网)
译者:中慧言-王芳
Just a crazy coincidence, or not?
A striking detail in Berkshire Hathaway’s stock portfolio has caught the attention of Wall Street as investors look for clues on what CEO Warren Buffett could do next.
“Berkshire owned exactly 400,000,000 shares of Apple and 400,000,000 shares of Coca-Cola as of June 30, 2024,” David Kass, a finance professor at the University of Maryland’s Robert H. Smith School of Business, tweeted on Wednesday. “If Buffett likes round numbers, he may not be planning to sell additional shares of Apple.”
In an email to Fortune, Kass acknowledged that the numbers by may just be a coincidence but said he believes that Buffett is signaling he’s done selling and “plans to hold his Apple shares indefinitely,” similar to his Coca-Cola stock.
“Since Buffett has said that the CEO is the chief risk officer, I believe Buffett has been acting in a prudent fashion by reducing Apple’s portfolio weight from 50% down to 30%,” he added, noting that Berkshire’s initial Apple investment of about $30 billion had appreciated to around $180 billion.
Buffett followers—and investors overall—have been puzzling over his possible intentions after the conglomerate revealed a nearly 50% cut in its Apple stake earlier this month. While analysts don’t think he will completely unload the rest of his Apple shares, the dramatic cut in the second quarter raised questions about further reductions.
Of course, while Berkshire now holds the same number of shares in Apple and Coca-Cola, the value of those stakes are wildly different. As of Friday’s closing prices, the Apple stake was worth $90.4 billion, while the Coke stake was worth $27.7 billion.
According to Kass, Apple accounted for almost 50% of Berkshire’s equity investments at the end of the second quarter, while Coca-Cola represented 9%.
But because Coca-Cola is Buffett’s oldest and longest stock position, which has remained steady for decades, the symmetry in his Apple shares has been too juicy to ignore, as CNBC and the Wall Street Journal also picked up on Kass’s tweet this past week.
In addition, Buffett is a hard-core fan of Coca-Cola, reportedly drinking five cans of Coke a day, while he is also an iPhone user and has praised Apple for how loyal its customers are.
Representatives for Berkshire Hathaway didn’t immediately respond to a request for comment.
Analysts viewed the Apple stock sale as a risk-management move, noting that it had grown to take up a massive chunk of the portfolio by valuation. In fact, it followed earlier moves to trim the portfolio. In May, Berkshire disclosed the sale of 100 million Apple shares, amounting to 13% of its stake at the time.
CFRA Research analyst Cathy Seifert told Fortune last week that the latest Apple stock sale represents a “classic rebalancing of the portfolio.”
With Berkshire’s portfolio skewed so heavily toward a handful of stocks like Apple, there was the risk of too much concentration, she explained. Some profit-taking also could have been involved, as the sales occurred when the broader stock market was notching record high after record high.
The stock dump helped boost Berkshire’s cash pile to a fresh high of $277 billion by the end of the second quarter, and Kass pointed out on X that it almost equals its $285 billion investments in equities overall.
But despite his latest moves, Buffett is still considered more of a buy-and-hold investor and hasn’t done that much reshuffling compared to his peers.
“Over the past decade, Berkshire’s average portfolio turnover rate has been quite low, often ranging between 5% to 10% per year,” Kass tweeted. “The average turnover rate for large-capitalization managed equity funds over the past 10 years typically ranges from 30% to 60% per year.”