投資思路轉變，巴菲特減持沃爾瑪

沃倫·巴菲特幾乎已經將資金完全撤出了沃爾瑪。

今年早些時候，巴菲特已經削減了對沃爾瑪（Walmart）的持股，而在這家零售商宣布收購電子商務初創公司Jet.com引發眾議后，他又出售了剩有股權的70%。根據證券監管機構的最新文件，比起今年年中的近30億美元持股，如今巴菲特如今在沃爾瑪的股票價值僅有不足10億美元。

2016年至今，沃爾瑪的股價上漲了15%，不過這種態勢到最近已是強弩之末：巴菲特減持的第三季度，沃爾瑪的股價出現了輕微下跌，而在過去三個月里，股價有了近5%的滑坡。早在一年前，這家零售巨頭調低其收益預期之時，這位著名投資者就已經開始減少沃爾瑪股票的持有量了。

在今年4月伯克希爾·哈撒韋（Berkshire Hathaway）的年度股東會議上，巴菲特承認沃爾瑪等傳統零售商正與電商巨頭亞馬遜（Amazon）展開競爭，他們的日子很不好過。

與此同時，這位奧馬哈的先知開始入手各大航空公司的股票，包括美國航空（American Airlines）、達美航空（Delta）和聯合大陸航空（United Continental）。這三家公司在巴菲特入手股票后升值顯著，在周一的合計市值達到了16億美元。實際上，從9月底至今，他們已經給巴菲特掙了超過2.8億美元，巴菲特對他們投資回報率達到了21%。

這次投資明顯標志著巴菲特思路的轉變。因為他在2013年的伯克希爾-哈撒韋年度股東會議上，對航空公司做出了悲慘的預測：“100年來，投資者把錢砸在航空公司和飛機制造商上，結果卻十分糟糕。對投資者而言，這是一個危險的領域?！?/p>

據美國全國廣播公司財經頻道（CNBC）報道，近來，巴菲特還購入了西南航空的股票。購入時間應該是在一個半月以內，因為在最新的第三季度文件中，沒有披露購入的股票。(財富中文網)

譯者：嚴匡正

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.