最
近，备受瞩目的基金经理和投资者的选股思路出现重大分歧：比如，一个投资者重仓有限电视运营商康卡斯特（Comcast），持仓量是原来的三倍，但另一名投资者则悉数抛售了这支股票。如果投资者的投资额度超过1亿美元，那么在每个季度结束后的45天内，这名投资者必须披露其持有某些种类的证券数量，包括股票在内。一年必须披露四次。
这个被称作"13F"的披露条款让普通投资者得以一窥主要基金经理投资组合相对较新的情况，比如对冲基金SAC Capital Advisors的负责人科恩（Steven Cohen）以及伯克希尔哈撒韦公司（Berkshire Hathaway）的巴菲特（Warren Buffett）。此次披露的是截至去年12月31日的季度持仓情况。
科恩的投资组合：
科恩管理的SAC Capital Advisors披露说，其在Sprint Nextel Corp.的持仓量增加了一倍，同时大量买入时代华纳公司（Time Warner Inc.）、康卡斯特（Comcast Corp.）以及直播电视集团（DirecTV Group Inc.）的股票。SAC Capital Advisors正极力应对一起内幕交易调查造成的影响。
最近几个月，科恩和他管理的备受关注的SAC Capital Advisors一直在接受审查。上周，SAC的两名前雇员在一起针对内幕交易的联邦调查中落网。SAC的一名发言人上周表示，该公司对前雇员被指控的行为非常愤怒，正配合调查。
巴菲特的投资组合：
巴菲特的伯克希尔哈撒韦公司四季度增持了富国银行（Wells Fargo & Co.）的股票，同时将美国银行（Bank of America Corp）等的几支股票平仓。
除了美国银行，伯克希尔公司还完全卖出了如下几支股票：医疗产品供应商Becton Dickinson & Co.；有限电视运营商康卡斯特；IT供应商Fiserv Inc.；家装材料零售商Lowe's Cos.；纳尔科公司（Nalco Holding Co.）；耐克公司（Nike Inc.）以及雀巢公司的美国存托凭证。
被伯克希尔公司清空头寸的几支股票似乎是汽车保险商Geico Corp.投资组合的一部分，Geico Corp.是伯克希尔旗下的子公司，去年底从Geico Corp.退休的辛普森（Louis Simpson）曾长期管理该公司的投资组合。
此次悉数抛售股票销售是向库姆斯移交权力的象征。库姆斯曾经是一名对冲基金经理，如今部分负责伯克希尔公司的投资决策。40岁的库姆斯最近以投资经理的身份加入伯克希尔公司，其最初有望掌管20亿至30亿美元的投资额度。
伯克希尔公司526亿美元的美股投资组合现在只包括25支股票，是几年来最少的。
Liz Moyer / Erik Holm / Serena Ng
（本文版权归道琼斯公司所有，未经许可不得翻译或转载。）
High-profile money managers and investors zigged and zagged during the latest period, with one investor tripling his stake in Comcast, for example, and another exiting from the cable company entirely.
Four times a year, many investors who manage more than $100 million are required to disclose holdings in certain types of securities, including stocks, within 45 days of the end of a given quarter.
The so-called 13F disclosures, this time for the quarter ended Dec. 31, give the public a relatively fresh look inside the portfolios of major money managers such as SAC Capital Advisors' Steven Cohen and Berkshire Hathaway's Warren Buffett.
Steven Cohen
Investor Steven Cohen's SAC Capital Advisors LP, which has been wrestling with fallout from an insider-trading investigation, reported that it doubled its stake in Sprint Nextel Corp. and also loaded up on Time Warner Inc., Comcast Corp. and DirecTV Group Inc.
Mr. Cohen and his closely watched hedge fund have drawn scrutiny in recent months. Last week, two of SAC's former employees were ensnared in a federal probe of insider trading. A spokesman for the fund said last week the firm is 'outraged' by the former employees' alleged actions and that it was cooperating in the investigation.
-- Liz Moyer
Warren Buffett
Warren Buffett's Berkshire Hathaway Inc. added to its holdings of Wells Fargo & Co. in the fourth quarter, while eliminating positions in several other stocks including Bank of America Corp.
Besides Bank of America, Berkshire sold all its shares of Becton Dickinson & Co., Comcast, Fiserv Inc., Lowe's Cos., Nalco Holding Co., Nike Inc. and American depositary receipts of Nestle SA.
The positions that Berkshire sold off appeared to be part of the investment portfolio of car insurer Geico Corp., a subsidiary whose portfolio was long managed by Louis Simpson, who retired from the company late last year.
The stock sales are part of a passing of the guard to Todd Combs, a former hedge-fund manager who is taking over a portion of the investment duties at Berkshire. The 40-year-old Combs, who recently joined Berkshire as an investment manager, is expected to get $2 billion to $3 billion to invest initially.
Berkshire's $52.6 billion U.S. equity portfolio now includes just 25 stocks, the fewest in several years.
-- Erik Holm and Serena Ng
-0-
Four times a year, many investors who manage more than $100 million are required to disclose holdings in certain types of securities, including stocks, within 45 days of the end of a given quarter.
The so-called 13F disclosures, this time for the quarter ended Dec. 31, give the public a relatively fresh look inside the portfolios of major money managers such as SAC Capital Advisors' Steven Cohen and Berkshire Hathaway's Warren Buffett.
Steven Cohen
Investor Steven Cohen's SAC Capital Advisors LP, which has been wrestling with fallout from an insider-trading investigation, reported that it doubled its stake in Sprint Nextel Corp. and also loaded up on Time Warner Inc., Comcast Corp. and DirecTV Group Inc.
Mr. Cohen and his closely watched hedge fund have drawn scrutiny in recent months. Last week, two of SAC's former employees were ensnared in a federal probe of insider trading. A spokesman for the fund said last week the firm is 'outraged' by the former employees' alleged actions and that it was cooperating in the investigation.
-- Liz Moyer
Warren Buffett
Warren Buffett's Berkshire Hathaway Inc. added to its holdings of Wells Fargo & Co. in the fourth quarter, while eliminating positions in several other stocks including Bank of America Corp.
Besides Bank of America, Berkshire sold all its shares of Becton Dickinson & Co., Comcast, Fiserv Inc., Lowe's Cos., Nalco Holding Co., Nike Inc. and American depositary receipts of Nestle SA.
The positions that Berkshire sold off appeared to be part of the investment portfolio of car insurer Geico Corp., a subsidiary whose portfolio was long managed by Louis Simpson, who retired from the company late last year.
The stock sales are part of a passing of the guard to Todd Combs, a former hedge-fund manager who is taking over a portion of the investment duties at Berkshire. The 40-year-old Combs, who recently joined Berkshire as an investment manager, is expected to get $2 billion to $3 billion to invest initially.
Berkshire's $52.6 billion U.S. equity portfolio now includes just 25 stocks, the fewest in several years.
-- Erik Holm and Serena Ng
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