伯克希尔·哈撒韦公司自7月初以来，将其对美国第二大住宅建筑商莱纳（Lennar）的持股量几乎增加了一倍，加大了对美国低迷房地产市场长期复苏的押注。
Berkshire Hathaway has increased its bet on a long-term recovery for the struggling U.S. housing market by nearly doubling its stake in Lennar the nation's second largest homebuilder, since the beginning of July.
截至上周五，伯克希尔报告持有近2540万股莱纳股票，以及另外54.9万股B类超级投票权股票，总计2590万股，目前市值为21亿美元。这占莱纳两类股票合计约2.38亿股流通股的10.9%。
As of late Friday, Berkshire reports owning almost 25.4 million shares of and another 549 thousand of its Class B super-voting shares for a total of 25.9 million shares, currently valued at $2.1 billion That's 10.9% of Lennar's roughly 238 million shares outstanding for both classes.
根据该公司8月中旬提交的第二季度13F投资组合快照文件，截至6月30日，伯克希尔持有1340万股，此次增持幅度达93%。
And it's a 93% increase from the 13.4 million shares Berkshire owned as of June 30, according to the company's mid-August SEC 13F portfolio snapshot filing for its second quarter.
尽管增持幅度巨大，但按照伯克希尔的标准，这仍属于中小规模的持仓，且很可能是投资组合经理泰德·韦斯勒（Ted Weschler）的操作。
Despite the big increase, it's still a medium-to-small sized position by Berkshire standards and is likely the work of portfolio manager Ted Weschler.
对于其投资组合中的大多数股票，我们需要等到11月中旬的下一份13F文件，才能了解伯克希尔在本周三结束的第三季度期间是买入还是卖出。
For most of the stocks in its portfolio, we will have to wait until mid-November for the next 13F to find out whether Berkshire was buying or selling during its third quarter ending this coming Wednesday.
然而，在这种情况下，根据美国证券交易委员会（SEC）的一项规则，伯克希尔必须在9月21日迅速披露其持股比例已达到10%。该规则将持股比例达到或超过这一触发点的持有者定义为“内部人士”，认为其可能“改变或影响公司管理层和政策”。该规则还要求任何额外交易必须在两个工作日内披露。
In this case, however, Berkshire had to quickly disclose its stake had hit 10% on September 21 under an SEC rule that defines any holder at or above that trigger as an "insider" potentially able to "change or influence company management and policies." The rule also requires that any additional transactions must be disclosed within two business days.
周一，伯克希尔披露在9月17日至9月21日期间购买了价值2.124亿美元的莱纳股票。
On Monday, buying Lennar shares worth $212.4 million between September 17 and September 21.
周五收盘后的另一份文件披露，周三、周四和周五又额外购买了价值1.364亿美元的股票。
Another filing after Friday's closing bell disclosed an additional $136.4 million of purchases Wednesday, Thursday, and Friday.
在首份文件于前夜发布后，莱纳股价在周二交易中一度上涨6.8%，并维持了大部分涨幅，实现四日累计上涨5.2%。
Lennar's stock price was up as much as 6.8% in Tuesday's trading after the first filing the night before and held much of it for a four-day gain of 5.2%.
伯克希尔的第三季度买入发生在股价下跌期间，截至周五收盘，莱纳股价下跌9.2%。今年以来，该股已累计下跌20.1%。上周，莱纳的季度业绩低于华尔街预期，营收下降8%。
Berkshire's Q3 buying came as the stock fell 9.2% through Friday's close. It's down 20.1% so far this year. Last week, Lennar's quarterly earnings came in below Wall Street's forecast and revenue fell 8%.
该公司对本季度的业绩预测同样令人失望，首席执行官告诉分析师，住房可负担性下降，且具备30年期抵押贷款资格的买家数量减少。CNBC.com引用CFRA Research分析师凯西·塞弗特（Cathy Seifert）的话称，这是一笔“典型的伯克希尔价值投资”。她指出，在首席执行官格雷格·阿贝尔（Greg Abel）于6月宣布以68亿美元收购泰勒·莫里森住宅公司（Taylor Morrison Home）之后，伯克希尔在住房领域拥有“相当重要的布局”。他计划将其业务与伯克希尔旗下的克莱顿住宅公司（Clayton Homes）进行整合。
Its forecast for the current quarter was also disappointing, with the CEO telling analysts houses are less affordable and there are fewer qualified buyers with 30-year mortgages hitting 7% CNBC.com quotes CFRA Research analyst Cathy Seifert as saying it's a "classic Berkshire value play." She points out Berkshire has a "pretty significant presence" in housing following CEO Greg Abel's $6.8 billion acquisition of Taylor Morrison Home, announced in June He plans to combine its operations with Berkshire's Clayton Homes. Earlier this month, Abel said in a CNBC interview that while he does not see "any type of immediate recovery" for U.S. homebuilders, he expects Taylor Morrison will be a "very strong asset" five to 10 years from now because the "American dream will continue to exist." The company's other housing and home improvement subsidiaries include Shaw Industries Johns Manville Benjamin Moore Andrew Bary suggests Berkshire "probably would like to buy all of Lennar," and could afford it at a cost of approximately $25 billion, but may be coming up against Chairman and CEO Stuart Miller's 70% ownership of the company's controlling Class B shares. "One issue could be that the Millers think Lennar stock is undervalued-trading for less than half its 2024 high of almost $200 and below book value-and aren't interested in selling even at a premium to the currently depressed price."
本月早些时候，阿贝尔在接受CNBC采访时表示，虽然他不认为美国住宅建筑商会出现“任何形式的即时复苏”，但他预计泰勒·莫里森在5到10年后将成为一项“非常强劲的资产”，因为“美国梦将继续存在”。该公司的其他住房和家居改善子公司包括肖工业公司（Shaw Industries）、约翰斯·曼维尔（Johns Manville）和本杰明·摩尔（Benjamin Moore）。
GEICO joining Macy's Thanksgiving Day parade for first time The GEICO Gekko and several of the insurer's other advertising characters, including the Caveman Caleb the "Hump Day" camel will be featured on a "Road Trip to Parade" float at this year's Macy's Thanksgiving Day Parade according to a news release this week It is the first time the Berkshire Hathaway subsidiary, which is celebrating its 90th anniversary, has participated in the event. first parade was in 1924 but it was canceled during World War II, so this is the department store's 100th march along the streets of Manhattan. Before the parade, the Gecko will headline a 10-week promotional tour from San Francisco to New York, stopping in 12 cities. BUFFETT & BERKSHIRE AROUND THE INTERNET
安德鲁·巴里（Andrew Bary）认为，伯克希尔“可能希望收购伦纳公司（Lennar）的全部股份”，以约250亿美元的成本完全可以负担得起，但可能会遇到董事长兼首席执行官斯图尔特·米勒（Stuart Miller）持有该公司70%具有控制权的B类股份这一障碍。
Some links may require a subscription: Associated Press: Even as trading and markets moved faster, Warren Buffett made patience profitable and cool
“其中一个问题可能是，米勒家族认为伦纳公司的股票被低估了——其股价不到2024年近200美元高点的二分之一，且低于账面价值——因此即使以高于当前低迷价格的溢价出售，他们也不感兴趣。”
The Wall Street Journal on MSN: Why Warren Buffett's son Howie, Berkshire's new chairman, is also its guardian Bloomberg Opinion (subscription):
GEICO首次加入梅西百货感恩节游行。根据本周发布的一份新闻稿，GEICO的吉祥物“Gekko”以及该保险公司的其他几个广告角色，包括“穴居人”卡莱布（Caveman Caleb）和“半程日”骆驼（"Hump Day" camel），将出现在今年梅西百货感恩节游行的“公路旅行至游行”花车上。这是伯克希尔·哈撒韦旗下这家正在庆祝成立90周年的子公司首次参与该活动。
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梅西百货感恩节游行始于1924年，但在二战期间曾取消，因此这是该百货公司在曼哈顿街头举行的第100次游行。
BNN Bloomberg video: Berkshire Hathaway will 'be able to do things in the future that we just don't foresee yet': Sneddon
在游行开始前，盖可壁虎（Gecko）将领衔一场为期10周的宣传巡演，从旧金山出发前往纽约，途经12个城市。互联网上的巴菲特与伯克希尔部分链接可能需要订阅：美联社：即便交易和市场节奏不断加快，沃伦·巴菲特依然让耐心变得有利可图且酷劲十足MSN上的《华尔街日报》：为什么沃伦·巴菲特的儿子霍华德（Howie）——伯克希尔的新任董事长，同时也是它的守护者彭博社观点（需订阅）：霍华德·巴菲特是“裙带关系”受益者中的正确人选《华尔街日报》市场早间通讯：你无法成为沃伦·巴菲特——就连他自己也无法再复制一次CBS新闻视频（通过芝加哥WBBM电视台）：沃伦·巴菲特的一些投资经验BNN彭博社视频：斯内登（Sneddon）：伯克希尔·哈撒韦公司“未来将能够做一些我们目前还无法预见的事情”雅虎财经视频：沃伦·巴菲特将作为“史上最伟大的投资者”载入史册MSN上的《巴伦周刊》：沃伦·巴菲特讨厌债券——而伯克希尔的投资组合目前正因他而受益晨星（Morningstar）：难怪伯克希尔·哈撒韦今年大举买入Alphabet股票WMTW-TV（缅因州波特兰）：沃伦·巴菲特的“最差交易”如何成为缅因州历史性的胜利Benzinga：没有沃伦·巴菲特也没问题：前对冲基金经理称伯克希尔股票“未来五年内很可能跑赢标普500指数”《时代报》（澳大利亚）：沃伦·巴菲特刚刚对他一手打造的1.5万亿澳元巨头冒了一次大险塞拉俱乐部（Sierra Club）：塞拉俱乐部的公用事业报告卡显示，中美能源（MidAmerican）和IPL在减少污染方面表现不及格伯克希尔股票观察十二个月BRK.A股价：758,505.68美元BRK.B市盈率（TTM）：12.71伯克希尔市值：1,082,225,722,347美元截至6月30日伯克希尔现金储备：3655亿美元（较3月31日下降8.0%）剔除铁路现金并减去应付国库券：3592亿美元（较3月31日下降3.8%）伯克希尔在2026年第二季度回购了45亿美元的股票。
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伯克希尔·哈撒韦主要股票持仓 - 2026年9月25日根据最新收盘价，按市值计算，伯克希尔·哈撒韦在美国和日本披露的公开上市股票主要持仓。
WMTW-TV (Portland, ME): How Warren Buffett's 'worst deal' became a historic win for the state of Maine Benzinga:
持仓数据截至2026年6月30日，源自伯克希尔·哈撒韦于2026年8月14日提交的13F文件，但以下情况除外：三菱的持仓数据截至2026年4月30日。完整的持仓列表及当前市值可在CNBC.com的伯克希尔·哈撒韦投资组合追踪器中查阅。问题或评论请将关于本通讯的任何问题或评论发送至 alex.crippen@cnbc.com。如果您尚未订阅本通讯，可在此处注册。此外，强烈推荐阅读巴菲特的年度致股东信，这些信件已收录在伯克希尔的官方网站上。
No Warren Buffett, No Problem: Former Hedge Funder Says Berkshire Stock 'Likely to Beat the S&P 500 Over the Next Five Years' The Age (Australia): Warren Buffett just took a big risk with the $1.5 trillion [AU$] giant he built Sierra Club: Sierra Club's Utility Report Card Shows MidAmerican and IPL Failing to Reduce Pollution BERKSHIRE STOCK WATCH Twelve months BRK.A stock price: $758,505.68 BRK.B P/E (TTM): 12.71 Berkshire market capitalization: $1,082,225,722,347 Berkshire Cash as of June 30: $365.5 billion (Down 8.0% from March 31) Excluding Rail Cash and Subtracting T-Bills Payable: $359.2 billion (Down 3.8% from March 31) Berkshire repurchased $4.5 billion of its shares in Q2 2026. BERKSHIRE'S TOP EQUITY HOLDINGS - Sep. 25, 2026 Berkshire's top holdings of disclosed publicly traded stocks in the U.S. and Japan, by market value, based on the latest closing prices. Holdings are as of June 30, 2026, as reported in Berkshire Hathaway's 13F filing on August 14, 2026, except for:
亚历克斯·克里彭（Alex Crippen），《沃伦·巴菲特观察》编辑在Google上将CNBC设为您的首选新闻源，不错过来自最值得信赖的商业新闻品牌的任何时刻。
Mitsubishi which is as of April 30, 2026 The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker QUESTIONS OR COMMENTS Please send any questions or comments about the newsletter to me at alex.crippen@cnbc.com If you aren't alreadyd to this newsletter, you can sign up here Also, Buffett's annual letters to shareholders are highly recommended reading. There are collected here on Berkshire's website Alex Crippen, Editor, Warren Buffett Watch