大举押注能源股，高通胀时代股神巴菲特的思路是什么？

华尔街见闻2022-05-17

近期美国股市的暴跌对大多数投资者来说都是灾难，但对股神巴菲特来说却不是如此。巴菲特旗下伯克希尔哈撒韦公司周一向美国证监会（SEC）提交的13F持仓报告显示，截止3月31日该公司一季度持仓规模达3635.54亿美元，较上季度3309.53亿美元规模增加9.8%，十大重仓股集中度为87.20%。此外，该公司一季度共增持7个标的、减持4个标的、新建仓8个标的、清仓3个标的。伯克希尔哈撒韦公司利用股市暴跌...

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免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

夜袭女儿国
2022-05-18
夜袭女儿国
国际油价就是这个老东西推高的
点点的小爸爸
2022-05-17
点点的小爸爸
巴菲特一直在买入，难道现在已经到底了？
梓坚
2022-05-17
梓坚
股神就是股神，太厉害了👍👍👍
谷岳HZ
2022-05-17
谷岳HZ
。。。。。
谷岳HZ
2022-05-17
谷岳HZ
nice
_0_0_0_0_0_
2022-05-17
_0_0_0_0_0_
看看吧

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What is Warren Buffett's thinking in the era of high inflation?","themeId":"","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/65a54212f831adcc182c0b6c2ffe6dfa","symbols_score_info":{"C":0.9,"OXY":0.9},"content_text":"近期美国股市的暴跌对大多数投资者来说都是灾难，但对股神巴菲特来说却不是如此。巴菲特旗下伯克希尔哈撒韦公司周一向美国证监会（SEC）提交的13F持仓报告显示，截止3月31日该公司一季度持仓规模达3635.54亿美元，较上季度3309.53亿美元规模增加9.8%，十大重仓股集中度为87.20%。此外，该公司一季度共增持7个标的、减持4个标的、新建仓8个标的、清仓3个标的。伯克希尔哈撒韦公司利用股市暴跌的机会增加了股票投资。相比上个季度现金储备总额为1457亿美元来看，截至一季度末，伯克希尔的现金储备为1063亿美元，为2018年第三季度以来的最低水平。“大手笔挥霍”在过去几个月，美国通胀持续飙升，4月，美国消费者价格飙升8.3%，略低于3月的8.5%，但仍接近40年高位。作为价值投资的长期拥护者，巴菲特一直建议投资者“在市场恐惧的时候要贪婪”。高通胀使得投资者纷纷抛售手里的股票，而伯克希尔公司却选择在市场动荡的时候大举买入。今年一季度，伯克希尔在市场暴跌期间购买了超过510亿美元的股票，包括雪佛龙、惠普和西方石油公司。这与去年的操作形成巨大反差：2021年伯克希尔股票净抛售74亿美元。此外，伯克希尔做多了西方石油公司，花旗集团，派拉蒙B类股，McKesson等8只股票；清仓富国银行，艾伯维，百时美施贵宝这三只股票；增持苹果，雪佛龙，动视暴雪，通用汽车等7只股票；减持威瑞森和Kroger等4只股票；重仓股包括苹果，美国银行，美国运通，雪佛龙和可口可乐。如何在高通胀时期选择公司在1981年致股东的一封信中，巴菲特强调了投资者在试图对抗通货膨胀时应该寻找的两个商业特征：（1）拥有轻松提高价格的能力；（2） 能够在不过度支出的情况下开展更多业务。从伯克希尔持有的几家公司中，我们正好可以看到以上两个特征。西方石油和雪佛龙能源股是今年标准普尔500指数中表现最好的板块，受益于俄乌冲突引发对石油和天然气供应链中断的担忧，大宗商品价格开始飙升。雪佛龙股价今年上涨了47%，而西方石油股价上涨了134%。相比之下，标准普尔500指数下跌了16%。据华尔街日报，Ariel Investments全球股票首席投资官Rupal Bhansali认为，伯克希尔对雪佛龙和西方石油的投资是对冲通胀的主要工具，同时反映了伯克希尔对商品价格将在一段时间内保持高位的押注。Bhansali女士管理着Ariel的全球共同基金，该基金拥有伯克希尔的股票。Edward Jones的高级股票研究分析师Jim Shanahan对华尔街日报表示，能源股还具有巴菲特一直偏爱的两大特征——低估值，以股票回购和现金股利形式的股利发放。派息类股今年的表现优于标准普尔500指数，部分原因是受市场波动影响的投资者寻求能够提供稳定现金回报的股票。雪佛龙一季度支付了每股1.42美元的股息，年收益率为3.4%。西方石油将2022年第一季度的季度股息提高至每股0.13美元，并于4月15日支付。可口可乐可口可乐是巴菲特持有长达30年的股票，也是他最爱喝的饮料。几乎不管出现在什么场合，巴菲特的手中似乎都少不了一瓶可口可乐。可口可乐公司也是抗衰退企业的典型例子。无论是繁荣还是衰退，一罐可乐对于大多数人来说还是负担得起的。可口可乐根深蒂固的市场地位、庞大的规模和标志性品牌组合，包括Sprite、Fresca、Dasani和Smartwater等品牌，都为其提供了充足的定价权。如今，伯克希尔哈撒韦持有可口可乐4亿股股票，价值约258亿美元。苹果自从跨过3万亿美元的门槛之后，苹果并没有一路高歌继续上行。过去一个多月的时间里，苹果股价跌超20%，市值已经跌至2.35万亿美元。也因为股价的下跌，苹果失去了全球市值第一的宝座，被沙特阿美超越。但巴菲特仍在苹果一季度下跌时买入6亿美金的苹果股票，此前他还在伯克希尔股东大会上感叹道：“如果股价不会涨，我本可以买更多。”去年早些时候，苹果管理层透露，该公司的硬件安装基数已超过16.5亿台设备，其中包括超过10亿部iPhone。虽然竞争对手提供了更便宜的设备，但许多消费者不想离开苹果的生态系统。这意味着，随着通胀飙升，苹果可以将更高的成本转嫁给全球消费者，而不必太担心销量下降。如今，苹果是巴菲特最大的公开交易股票，按市值计算占伯克希尔投资组合的近40%。过去五年里，这家科技巨头的股价飙升了280%以上。美国运通和花旗伯克希尔加大了对银行股的购买力度，这些银行股也往往以相对较低的估值交易并提供股息。去年，美国运通展示了其强大的定价权，将铂金卡的年费从550美元提高到695美元。美国运通的大部分收入来自于折扣费——商家从每笔美国运通信用卡交易中收取一定比例的费用。随着商品和服务价格的上涨，公司将从大额账单中获得分成。今年第一季度，该公司营收同比增长29%，达到117亿美元。伯克希尔持有1.516亿股美国运通股票，价值近240亿美元。此外，伯克希尔在一季度购买了花旗集团5500万股股票，价值约30亿美元来押注花旗银行调整银行业务。自2018年以来，该公司股价一直低于账面价值。随着新管理层的接任，花旗集团新任CEO Fraser试图重新专注于财富管理和国债发行等回报更高的业务。伯克希尔或将持续买入股票由于股票波动性仍然居高不下，许多投资者和分析师预计巴菲特以及伯克希尔哈撒韦投资组合经理Ted Weschler和Todd Combs将在未来几个月继续将现金投入市场。巴菲特在二月份的年度信函中表示，伯克希尔去年年底手头有一大笔现金，但因为找不到似乎值得长期投资的公司一直没有动用。截至3月31日，它拥有1063亿美元的现金，低于2021年底的1467亿美元。据华尔街日报，马里兰大学罗伯特史密斯商学院金融学教授David 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