爲何巴菲特Q4大幅拋售臺積電
巴菲特旗下伯克希爾哈撒韋(BRK.B.US)的持倉文件顯示,伯克希爾在去年四季度減持臺積電(TSM.US)5176.8萬股,減持比例高達86%。值得注意的是,臺積電是伯克希爾在去年三季度剛建倉的。彼時,伯克希爾建倉臺積電,持股6006萬股,是該公司去年三季度末第十大重倉股。
雖然企業重新平衡投資組合並不罕見,但這種放棄與巴菲特的哲學背道而馳。畢竟巴菲特曾經說過,“只買那些即使市場停擺10年你也非常樂意持有的東西。”換句話說,巴菲特鼓勵長期眼光,而不是反動的短期策略。在這樣的背景下,臺積電股票的拋售就更加令人好奇了。
拋售指令的規模自然引起了華爾街的注意。臺新證券投資諮詢公司副總裁Tony Huang在接受採訪時表示,“伯克希爾在短短一個季度內減持如此之多,這與過去長期投資和繼續增持的做法不同,令人驚訝。”
臺積電股票存在風險,但也有機會
投資者現在正在猜測伯克希爾可能拋售TSM股票的原因。首先,最明顯的解釋是,相對於新冠疫情時期的峯值估值,個人電腦和服務器芯片的需求正在下降。此外,對利率上升和通脹居高不下的擔憂對科技股來說不是好兆頭。
其次,爲了應對更廣泛的供應鏈緊張關係,美國政府正在積極推動臺積電在美國建立本土生產能力。作爲迴應,臺積電計劃向其位於亞利桑那州的子公司注資35億美元。此外,該公司正在考慮在歐洲開設第一家工廠,在日本開設第二家工廠。然而,這樣的努力可能會推高成本,並會對臺積電庫存產生負面影響。
不過,臺新證券的HuangHuang認爲,此次風波可能是一個機會。他表示,“隨着其基本面的改善,包括更好的利用率和在先進技術領域的領導地位,許多全球投資者繼續增持其股票。”
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