10 Stocks Warren Buffett Is Selling (And 4 He’s Buying)
Berkshire Hathaway CEO Warren Buffett kept up his bearish streak in Q3 2021, but he did add a pair of positions from two of his favored industries.
伯克希尔哈撒韦公司首席执行官沃伦巴菲特在 2021 年第三季度继续看跌，但他确实增加了两个他喜欢的行业头寸。
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U.S. Bancorp
美国银行
- Action:Reduced stake
- 行动：减持
- Shares held:126,417,887 (-1% from Q2 2021)
- 持有的股份：126,417,887（比 2021 年第二季度 -1%）
- Value of stake:$7.5 billion
- 股权价值：75亿美元
U.S. Bancorp (USB, $60.46) is the nation’s fifth-largest bank by assets and America’s biggest regional bank. It’s also one of the oldest Buffett stocks in the Berkshire Hathaway portfolio; the Oracle of Omaha initiated his position in the first quarter of 2006.
美国银行（USB，60.46 美元）是美国资产规模第五大的银行，也是美国最大的地区银行。它也是伯克希尔哈撒韦投资组合中历史最悠久的巴菲特股票之一；巴菲特这样的先知（形容巴菲特对市场经济的把握预测）于 2006 年第一季度开始担任职务。
Buffett is notoriously tight-lipped about U.S. Bancorp and, at least historically speaking, has rarely touched the position. But he clipped it by another 1% in Q3, or by 2.5 million shares, following trimmings of 0.6% and 1.1% in Q2 and Q1, respectively.
众所周知，巴菲特对 U.S. Bancorp 守口如瓶，至少从历史上看，他很少碰这个仓位。但在第二季度和第一季度分别削减 0.6% 和 1.1% 之后，他在第三季度又削减了 1%，即 250 万股。
Scraping just a bit off the USB stake for three consecutive quarters stands in stark contrast to what Buffett has done with so many of Berkshire’s other bank stocks over the past year or so. Indeed, he mostly has taken a hatchet to his financial-sector holdings. And it’s not like the regional lender’s returns have justified holding on when Buffett has abandoned so many of its peers.
连续三个季度从 USB 股份中削减一点点与巴菲特在过去一年左右的时间里对伯克希尔哈撒韦的许多其他银行股所做的形成鲜明对比。事实上，他主要是对他持有的金融部门持斧头。当巴菲特放弃了如此多的同行时，这家地区性银行的回报并没有理由坚持下去。
True, USB’s total return beats the broader market by 6.6 percentage points so far in 2021, but it lags considerably over the past three-, five-, 10- and 15-year periods.
诚然，到 2021 年为止，USB 的总回报比大盘高出 6.6 个百分点，但在过去的三年、五年、10 年和 15 年期间明显滞后。
U.S. Bancorp shareholders no doubt appreciate Berkshire’s vote of confidence. The holding company’s 8.5% stake makes it the largest institutional shareholder, ahead of Vanguard (7.3%) and BlackRock (6.3%).
美国银行的股东无疑对伯克希尔的信任投票表示赞赏。控股公司 8.5% 的股份使其成为最大的机构股东，领先于先锋 (7.3%) 和贝莱德 (6.3%)。
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Visa
- Action:Reduced stake
- 行动：减持
- Shares held:9,562,460 (-4% from Q2 2021)
- 持有股份：9,562,460 股（2021 年第二季度-4%）
- Value of stake:$2.1 billion
- 股权价值：21亿美元
Warren Buffett, analysts and hedge fund managers are all big fans of Visa (V, $212.30), the world’s largest payments processor, thanks to the runaway growth in digital mobile transactions globally. The pandemic actually accelerated businesses’ and consumers’ interest in cashless transactions, no doubt thanks to the perception that paper bills are “dirty.”
由于全球数字移动交易的迅猛增长，沃伦巴菲特、分析师和对冲基金经理都是世界上最大的支付处理器 Visa（V，212.30 美元）的忠实粉丝。大流行实际上加速了企业和消费者对无现金交易的兴趣，这无疑是由于人们认为纸质账单“肮脏”。
But as bright as Visa’s growth prospects might be, that didn’t prevent Buffett from slightly reducing BRK.B’s exposure to the Dow stock during the third quarter. The holding company reduced its stake by 4%, or 425,000 shares, bringing its total ownership down to 0.6% of Visa’s shares outstanding.
但是，尽管 Visa 的增长前景可能光明，但这并没有阻止巴菲特在第三季度略微减少 BRK.B 对道指股票的敞口。该控股公司将其股份减少 4%，即 425,000 股，使其总所有权降至 Visa 已发行股份的 0.6%。
Berkshire’s remaining stake of 9.6 million shares was worth $2.1 billion as of Sept. 30 and accounted for 0.7% of its total portfolio value. That’s down from 0.8% at the end of Q2.
截至 9 月 30 日，伯克希尔持有的 960 万股剩余股份价值 21 亿美元，占其投资组合总价值的 0.7%。这比第二季度末的 0.8% 有所下降。
Berkshire Hathaway first bought Visa in the third quarter of 2011, and Buffett admits it was actually the idea of lieutenants Todd Combs and/or Ted Weschler. Buffett won’t say who the responsible party was, but he has said he wishes it was his own stock pick, and that Berkshire had bought even more.
伯克希尔哈撒韦公司于 2011 年第三季度首次购买了 Visa，巴菲特承认这实际上是托德库姆斯和/或泰德韦施勒中尉的想法。巴菲特不会透露责任方是谁，但他曾表示，他希望这是他自己挑选的股票，而且伯克希尔哈撒韦购买的股票更多。
“If I had been as smart as Ted or Todd, I would have (bought Visa),” Buffett told shareholders at the 2018 annual meeting.
“如果我像 Ted 或 Todd 一样聪明，我就会（购买 Visa），”巴菲特在 2018 年年会上告诉股东。
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Mastercard
万事达信用卡
- Action:Reduced stake
- 行动：减持
- Shares held:4,288,648 (-6% from Q2 2021)
- 所持股份：4,288,648（比 2021 年第二季度-6%）
- Value of stake:$1.5 billion
- 股权价值：15亿美元
As with Visa, Mastercard (MA, $361.36) was the idea of lieutenants Todd Combs and/or Ted Weschler (Buffett won’t tell). And like Visa, Buffett wishes Berkshire had bought more.
与 Visa 一样，万事达卡（MA，361.36 美元）是 Todd Combs 和/或 Ted Weschler 中尉（巴菲特不会说的）的想法。和 Visa 一样，巴菲特希望伯克希尔哈撒韦购买更多。
And again, just as with Visa, Berkshire Hathaway reduced its exposure to Mastercard in Q3. The holding company cut its stake by 6%, or 276,108 shares, bringing its total holdings down to 4.3 million. The stake, worth $1.5 billion as of Sept. 30, accounts for 0.5% of Berkshire Hathaway’s equity portfolio, down incrementally from the second quarter.
再之，就像 Visa 一样，伯克希尔哈撒韦公司在第三季度减少了对万事达卡的敞口。控股公司减持6%，即276,108股，总持股量降至430万股。截至 9 月 30 日，该股权价值 15 亿美元，占伯克希尔哈撒韦公司股票投资组合的 0.5%，较第二季度有所下降。
Mastercard is another bet on the global growth of digital transactions, and it too is a Wall Street and hedge fund darling. Analysts credit MA’s long-term outperformance to its “powerful brand, vast global acceptance network and strong business model.” Substantial barriers to entry, thanks to Mastercard’s massive scale, global reach, security and data management skills, information intelligence and trust, have also served it well.
万事达卡是对全球数字交易增长的另一个赌注，它也是华尔街和对冲基金的宠儿。分析师将 MA 的长期表现归功于其“强大的品牌、庞大的全球接受网络和强大的商业模式”。由于万事达卡的庞大规模、全球影响力、安全和数据管理技能、信息智能和信任，巨大的进入壁垒也对其起到了很好的作用。
Shares in Mastercard and Visa have lagged the performance of the broader market in 2021, hurt in part by uncertainty created by the pandemic. The spread of COVID-19 greatly curtailed cross-border spending, as well as billings related to travel and entertainment.
万事达卡和维萨卡的股价在 2021 年落后于大盘的表现，部分原因是大流行带来的不确定性。 COVID-19 的传播大大减少了跨境支出以及与旅行和娱乐相关的账单。
“If I had been as smart as Ted or Todd, I would have (bought Visa),” Buffett told shareholders at the 2018 annual meeting.
“如果我像 Ted 或 Todd 一样聪明，我就会（购买 Visa），”巴菲特在 2018 年年会上告诉股东。
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Bristol Myers Squibb
百时美施贵宝
- Action:Reduced stake
- 行动：减持
- Shares held:22,046,936 (-16% from Q2 2021)
- 持有股份：22,046,936（比2021年第二季度-16%）
- Value of stake:$1.3 billion
- 股权价值：13亿美元
Warren Buffett reversed course on Bristol Myers Squibb (BMY, $59.62) for a third consecutive quarter, cutting Berkshire Hathaway’s stake by another 16% in Q3.
沃伦巴菲特连续第三个季度改变了对百时美施贵宝（BMY，59.62 美元）的投资，在第三季度将伯克希尔哈撒韦公司的股份再削减 16%。
Buffett shed 4.2 million shares in the pharmaceutical giant over the three months ended Sept. 30. The haircut followed a 15% reduction in the second quarter and a 7% cut in Q1. That represents a 180 for Berkshire Hathaway, which first bought in Q3 of last year and bulked up its position in Q4.
在截至 9 月 30 日的三个月内，巴菲特减持了这家制药巨头的 420 万股股票。继第二季度减持 15% 和第一季度减持 7% 之后，巴菲特又减持了 420 万股股票。这对伯克希尔哈撒韦公司来说是 180 点，该公司于去年第三季度首次购买，并在第四季度扩大了头寸。
The moves come as part of a general retreat by Berkshire Hathaway’s on bets in the pharmaceutical sector. In the case of BMY, its late 2019 acquisition of pharmaceutical giant Celgene was thought to be a big part of Buffett’s attraction to the stock. The deal brought in a pair of blockbuster multiple myeloma treatments: Pomalyst and Revlimid, the latter of which also treats mantle cell lymphoma and myelodysplastic syndromes.
这些举措是伯克希尔哈撒韦公司对制药行业押注全面撤退的一部分。就 BMY 而言，其 2019 年底收购制药巨头新基 (Celgene) 被认为是巴菲特对该股吸引力的重要组成部分。这笔交易带来了一对重磅多发性骨髓瘤治疗药物：Pomalyst 和 Revlimid，后者还治疗套细胞淋巴瘤和骨髓增生异常综合征。
A long track record of successful acquisitions has kept the pharma company’s pipeline primed with big-name drugs over the years. But if the past three quarters of selling are any indication, Buffett seems to have reset his expectations for BMY – and the broader sector – going forward.
多年来，成功收购的长期记录使这家制药公司的产品线以大牌药物为基础。但如果过去三个季度的抛售有任何迹象，巴菲特似乎已经重新设定了他对 BMY 以及更广泛行业的预期。
BMY now accounts for 0.4% of Berkshire Hathaway’s portfolio value, down from 0.6% in Q2.
BMY 现在占伯克希尔哈撒韦公司投资组合价值的 0.4%，低于第二季度的 0.6%。
翻译: Thomas J. Zhang
编辑：张晋
