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2021-03-09
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Berkshire Hathaway Class A Shares Have Become More Actively Traded. Why That’s Important<blockquote>伯克希尔哈撒韦A类股的交易变得更加活跃。为什么这很重要</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":329547758,"tweetId":"329547758","gmtCreate":1615263542874,"gmtModify":1703486441062,"author":{"id":3576200119242145,"idStr":"3576200119242145","authorId":3576200119242145,"authorIdStr":"3576200119242145","name":"Yang79","avatar":"https://static.tigerbbs.com/1efb9cfbfc86766faf0f3faba7060b5a","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":15,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Ok</p></body></html>","htmlText":"<html><head></head><body><p>Ok</p></body></html>","text":"Ok","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/329547758","repostId":1185392550,"repostType":4,"repost":{"id":"1185392550","kind":"news","pubTimestamp":1615260305,"share":"https://www.laohu8.com/m/news/1185392550?lang=zh_CN&edition=full","pubTime":"2021-03-09 11:25","market":"us","language":"en","title":"Berkshire Hathaway Class A Shares Have Become More Actively Traded. Why That’s Important<blockquote>伯克希尔哈撒韦A类股的交易变得更加活跃。为什么这很重要</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185392550","media":"Barrons","summary":"(March 9) Berkshire Hathaway’s Class A shares have had unusually high trading activity of late. And ","content":"<p>(March 9) Berkshire Hathaway’s Class A shares have had unusually high trading activity of late. And that could mean that an investor is accumulating the high-vote stock, whose dominant holder is CEO Warren Buffett.</p><p><blockquote>（3月9日）伯克希尔哈撒韦公司的A类股最近交易活动异常活跃。这可能意味着投资者正在积累高投票权股票，其主要持有人是首席执行官沃伦·巴菲特。</blockquote></p><p>The Class A shares (ticker BRK.A) normally trade on light volume, reflecting their high price—the stock finished Friday at $381,600—and a preference among institutional and retail investors for the more liquid Class B shares (BRK.B), which ended Friday at $253.15. The Class B stock is in the S&P 500 index.</p><p><blockquote>A类股（股票代码BRK.A）通常交易量较少，反映出其价格较高（该股周五收盘价为381,600美元），以及机构和散户投资者对流动性更强的B类股（BRK.B）的偏好。周五收于253.15美元。B类股票在标普500指数中。</blockquote></p><p>In recent weeks, however, trading in the Class A shares has been elevated at an average of more than 2,000 shares a day—and 2,500 a day in past five sessions—against an average of fewer than 500 shares daily in 2020. The difference translates into about $800 million of additional daily trades in the Class A stock. Trading activity in the Class B shares, meanwhile, has not been elevated—an average of about five million shares a day in the past month, against six million in the last 12 months.</p><p><blockquote>然而，最近几周，A类股的交易量已升至平均每天超过2,000股，过去五个交易日为每天2,500股，而2020年平均每天不到500股。这一差异意味着A类股票的每日交易量增加了约8亿美元。与此同时，B类股的交易活动并未增加——过去一个月平均每天约500万股，而过去12个月为600万股。</blockquote></p><p>Berkshire shares have bested the S&P 500 this year with the Class A stock up 9.7% through Friday, against a 2.5% rise in the index after trailing the index by a total of over 40 percentage points in 2019 and 2020. Wall Street has warmed to Berkshire thanks to its relatively low valuation versus book value and as a reopening play given its many economically sensitive businesses.</p><p><blockquote>伯克希尔股价今年跑赢了标普500，截至周五，伯克希尔A类股上涨了9.7%，而该指数在2019年和2020年总共落后该指数40多个百分点后上涨了2.5%。由于伯克希尔的估值相对于账面价值相对较低，而且考虑到其许多对经济敏感的业务，华尔街对伯克希尔哈撒韦公司重新开放。</blockquote></p><p>The shares continued their recent rally on Monday, with the Class A shares up 1.6%, to a near record of $387,840, and the Class B stock 1.4% higher, at $256.65.</p><p><blockquote>周一，该股延续了近期的涨势，A类股上涨1.6%，至接近历史新高的387,840美元，B类股上涨1.4%，至256.65美元。</blockquote></p><p>Investors will probably have to wait until mid-May, when institutional holders file their March 31 equity investments, for the identity of the possible buyer of the Class A stock to be known, unless the purchaser gets to a 5% stake, which would trigger a quicker regulatory filing.</p><p><blockquote>投资者可能要等到5月中旬，当机构持有人提交3月31日的股权投资时，才能知道A类股票可能买家的身份，除非买家获得5%的股份，这将触发更快的监管备案。</blockquote></p><p>WSJ Jobs Summmit | Succeed in the Search | March 4</p><p><blockquote>华尔街日报就业峰会|成功搜索|3月4日</blockquote></p><p>Berkshire’s Class B stock is equal to 1/1500 of a share of the Class A shares, but it carries just 1/10,000 of the vote.</p><p><blockquote>伯克希尔的B类股票相当于A类股票的1/1500，但它只有1/10,000的投票权。</blockquote></p><p>This has helped Buffett maintain control of the company as his economic interest declines because of his large annual gifts of Berkshire stock to the Bill & Melinda Gates Foundation and other charitable organizations over the past 15 years. Buffett gave way $2.9 billion to the various foundations last year. The Class A is the original Berkshire stock, while the Class B was created in 1996.</p><p><blockquote>这有助于巴菲特在经济利益下降时保持对公司的控制，因为在过去15年里，巴菲特每年都会向《比尔及梅琳达·盖茨基金会》和其他慈善组织捐赠大量伯克希尔股票。巴菲特去年向各个基金会捐赠了29亿美元。A类股票是最初的伯克希尔股票，而B类股票创建于1996年。</blockquote></p><p>Buffett holds 248,734 Class A shares, a 16% economic interest in the company, but roughly 30% of the vote. Buffett owns 39% of the Class A stock. Around 40% of Berkshire’s stock is held in the Class A shares, with the rest in the Class B. Berkshire’s market value is around $580 billion.</p><p><blockquote>巴菲特持有248,734股A类股票，占该公司16%的经济权益，但拥有大约30%的投票权。巴菲特拥有39%的A类股票。伯克希尔约40%的股票为A类股，其余为B类股。伯克希尔的市值约为5800亿美元。</blockquote></p><p>It is notable that when Buffett gives away stock annually, he converts his Class A stock to Class B stock. The Class B stock is more liquid than the A, simplifying subsequent sales by the Gates foundation and others. But in converting the A shares, Buffett ensures that other investors won’t get their hands on the supervoting shares.</p><p><blockquote>值得注意的是，当巴菲特每年赠送股票时，他会将A类股票转换为B类股票。B类股票比A类股票更具流动性，简化了盖茨基金会和其他机构的后续销售。但在转换A股时，巴菲特确保其他投资者不会获得超级投票权股票。</blockquote></p><p>That could be important in the post-Buffett era, because it means whoever is overseeing his estate should have a sizable voting interest in Berkshire. Buffett has said that his Berkshire stake would be given away in the 12 years after his death.</p><p><blockquote>这在后巴菲特时代可能很重要，因为这意味着无论谁监管他的遗产，都应该在伯克希尔拥有相当大的投票权。巴菲特曾表示，他持有的伯克希尔股份将在他去世后12年内赠送出去。</blockquote></p><p>Berkshire could face pressure from activists after Buffett’s death to break up the company, something that the CEO opposes. Buffett has said that he doubts any breakup will occur because sufficient stock is likely to be in friendly hands after his death.</p><p><blockquote>巴菲特去世后，伯克希尔可能会面临来自活动人士的压力，要求拆分公司，但首席执行官反对这一点。巴菲特曾表示，他怀疑是否会发生任何分手，因为在他死后，足够的股票可能会落入友好的手中。</blockquote></p><p>The Class A stock can be converted into 1,500 shares of the Class B stock, but not the other way around. As a result, the Class A stock can trade at a premium to the Class B. With the recent buying activity in the A stock, it ended Friday at a roughly 0.5% premium to the B shares, against virtual parity at year-end 2020.</p><p><blockquote>A类股票可以转换为1,500股B类股票，但不能反过来。因此，A类股票的交易价格可能高于B类股票。随着近期A股的买盘活动，周五收盘时A股较B股溢价约0.5%，而2020年底几乎平价。</blockquote></p><p>There are few sizable holders of the Class A stock besides Buffett. Fidelity parent FMR is the only other owner of more than 5%. Much of the Fidelity stake is held by Fidelity Contrafund (FCNTX), whose manager, Will Danoff, is a longtime Berkshire fan and holder.</p><p><blockquote>除了巴菲特之外，很少有A类股票的大规模持有者。富达母公司FMR是唯一持股超过5%的其他所有者。富达的大部分股份由富达Contrafund(FCNTX)持有，其经理威尔·丹诺夫(Will Danoff)是伯克希尔的长期粉丝和持有者。</blockquote></p><p>Buffett discussed the Class A and Class B stock in a 1999 memo to Berkshire holders that was last updated in 2010.</p><p><blockquote>巴菲特在1999年给伯克希尔持有人的备忘录中讨论了A类和B类股票，最后一次更新是在2010年。</blockquote></p><p>Here’s what Buffett wrote:</p><p><blockquote>巴菲特是这样写的：</blockquote></p><p></p><p>When there is more demand for the B (relative to supply) than for the A, the B will sell at roughly 1/1,500th of the price of A. When there’s a lesser demand, it will fall to a discount. In my opinion, most of the time, the demand for the B will be such that it will trade at about 1/1,500th of the price of the A.However, from time to time, a different supply-demand situation will prevail and the B will sell at some discount. In my opinion, again, when the B is at a discount of more than say, 1%, it offers a better buy than the A. When the two are at parity, however, anyone wishing to buy 1,500 or more B should consider buying A instead.</p><p><blockquote>当对B的需求（相对于供应）大于对A的需求时，B的售价大约是A的1/1,500。当需求较小时，它会打折。在我看来，大多数时候，对B的需求会是这样的，它的交易价格大约是A的1/1500。然而，有时会出现不同的供需情况，B会以一定的折扣出售。在我看来，当B的折扣超过1%时，它比A更划算。然而，当两者持平时，任何希望购买1,500或更多B的人都应该考虑购买A。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire Hathaway Class A Shares Have Become More Actively Traded. Why That’s Important<blockquote>伯克希尔哈撒韦A类股的交易变得更加活跃。为什么这很重要</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway Class A Shares Have Become More Actively Traded. Why That’s Important<blockquote>伯克希尔哈撒韦A类股的交易变得更加活跃。为什么这很重要</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-09 11:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(March 9) Berkshire Hathaway’s Class A shares have had unusually high trading activity of late. And that could mean that an investor is accumulating the high-vote stock, whose dominant holder is CEO Warren Buffett.</p><p><blockquote>（3月9日）伯克希尔哈撒韦公司的A类股最近交易活动异常活跃。这可能意味着投资者正在积累高投票权股票，其主要持有人是首席执行官沃伦·巴菲特。</blockquote></p><p>The Class A shares (ticker BRK.A) normally trade on light volume, reflecting their high price—the stock finished Friday at $381,600—and a preference among institutional and retail investors for the more liquid Class B shares (BRK.B), which ended Friday at $253.15. The Class B stock is in the S&P 500 index.</p><p><blockquote>A类股（股票代码BRK.A）通常交易量较少，反映出其价格较高（该股周五收盘价为381,600美元），以及机构和散户投资者对流动性更强的B类股（BRK.B）的偏好。周五收于253.15美元。B类股票在标普500指数中。</blockquote></p><p>In recent weeks, however, trading in the Class A shares has been elevated at an average of more than 2,000 shares a day—and 2,500 a day in past five sessions—against an average of fewer than 500 shares daily in 2020. The difference translates into about $800 million of additional daily trades in the Class A stock. Trading activity in the Class B shares, meanwhile, has not been elevated—an average of about five million shares a day in the past month, against six million in the last 12 months.</p><p><blockquote>然而，最近几周，A类股的交易量已升至平均每天超过2,000股，过去五个交易日为每天2,500股，而2020年平均每天不到500股。这一差异意味着A类股票的每日交易量增加了约8亿美元。与此同时，B类股的交易活动并未增加——过去一个月平均每天约500万股，而过去12个月为600万股。</blockquote></p><p>Berkshire shares have bested the S&P 500 this year with the Class A stock up 9.7% through Friday, against a 2.5% rise in the index after trailing the index by a total of over 40 percentage points in 2019 and 2020. Wall Street has warmed to Berkshire thanks to its relatively low valuation versus book value and as a reopening play given its many economically sensitive businesses.</p><p><blockquote>伯克希尔股价今年跑赢了标普500，截至周五，伯克希尔A类股上涨了9.7%，而该指数在2019年和2020年总共落后该指数40多个百分点后上涨了2.5%。由于伯克希尔的估值相对于账面价值相对较低，而且考虑到其许多对经济敏感的业务，华尔街对伯克希尔哈撒韦公司重新开放。</blockquote></p><p>The shares continued their recent rally on Monday, with the Class A shares up 1.6%, to a near record of $387,840, and the Class B stock 1.4% higher, at $256.65.</p><p><blockquote>周一，该股延续了近期的涨势，A类股上涨1.6%，至接近历史新高的387,840美元，B类股上涨1.4%，至256.65美元。</blockquote></p><p>Investors will probably have to wait until mid-May, when institutional holders file their March 31 equity investments, for the identity of the possible buyer of the Class A stock to be known, unless the purchaser gets to a 5% stake, which would trigger a quicker regulatory filing.</p><p><blockquote>投资者可能要等到5月中旬，当机构持有人提交3月31日的股权投资时，才能知道A类股票可能买家的身份，除非买家获得5%的股份，这将触发更快的监管备案。</blockquote></p><p>WSJ Jobs Summmit | Succeed in the Search | March 4</p><p><blockquote>华尔街日报就业峰会|成功搜索|3月4日</blockquote></p><p>Berkshire’s Class B stock is equal to 1/1500 of a share of the Class A shares, but it carries just 1/10,000 of the vote.</p><p><blockquote>伯克希尔的B类股票相当于A类股票的1/1500，但它只有1/10,000的投票权。</blockquote></p><p>This has helped Buffett maintain control of the company as his economic interest declines because of his large annual gifts of Berkshire stock to the Bill & Melinda Gates Foundation and other charitable organizations over the past 15 years. Buffett gave way $2.9 billion to the various foundations last year. The Class A is the original Berkshire stock, while the Class B was created in 1996.</p><p><blockquote>这有助于巴菲特在经济利益下降时保持对公司的控制，因为在过去15年里，巴菲特每年都会向《比尔及梅琳达·盖茨基金会》和其他慈善组织捐赠大量伯克希尔股票。巴菲特去年向各个基金会捐赠了29亿美元。A类股票是最初的伯克希尔股票，而B类股票创建于1996年。</blockquote></p><p>Buffett holds 248,734 Class A shares, a 16% economic interest in the company, but roughly 30% of the vote. Buffett owns 39% of the Class A stock. Around 40% of Berkshire’s stock is held in the Class A shares, with the rest in the Class B. Berkshire’s market value is around $580 billion.</p><p><blockquote>巴菲特持有248,734股A类股票，占该公司16%的经济权益，但拥有大约30%的投票权。巴菲特拥有39%的A类股票。伯克希尔约40%的股票为A类股，其余为B类股。伯克希尔的市值约为5800亿美元。</blockquote></p><p>It is notable that when Buffett gives away stock annually, he converts his Class A stock to Class B stock. The Class B stock is more liquid than the A, simplifying subsequent sales by the Gates foundation and others. But in converting the A shares, Buffett ensures that other investors won’t get their hands on the supervoting shares.</p><p><blockquote>值得注意的是，当巴菲特每年赠送股票时，他会将A类股票转换为B类股票。B类股票比A类股票更具流动性，简化了盖茨基金会和其他机构的后续销售。但在转换A股时，巴菲特确保其他投资者不会获得超级投票权股票。</blockquote></p><p>That could be important in the post-Buffett era, because it means whoever is overseeing his estate should have a sizable voting interest in Berkshire. Buffett has said that his Berkshire stake would be given away in the 12 years after his death.</p><p><blockquote>这在后巴菲特时代可能很重要，因为这意味着无论谁监管他的遗产，都应该在伯克希尔拥有相当大的投票权。巴菲特曾表示，他持有的伯克希尔股份将在他去世后12年内赠送出去。</blockquote></p><p>Berkshire could face pressure from activists after Buffett’s death to break up the company, something that the CEO opposes. Buffett has said that he doubts any breakup will occur because sufficient stock is likely to be in friendly hands after his death.</p><p><blockquote>巴菲特去世后，伯克希尔可能会面临来自活动人士的压力，要求拆分公司，但首席执行官反对这一点。巴菲特曾表示，他怀疑是否会发生任何分手，因为在他死后，足够的股票可能会落入友好的手中。</blockquote></p><p>The Class A stock can be converted into 1,500 shares of the Class B stock, but not the other way around. As a result, the Class A stock can trade at a premium to the Class B. With the recent buying activity in the A stock, it ended Friday at a roughly 0.5% premium to the B shares, against virtual parity at year-end 2020.</p><p><blockquote>A类股票可以转换为1,500股B类股票，但不能反过来。因此，A类股票的交易价格可能高于B类股票。随着近期A股的买盘活动，周五收盘时A股较B股溢价约0.5%，而2020年底几乎平价。</blockquote></p><p>There are few sizable holders of the Class A stock besides Buffett. Fidelity parent FMR is the only other owner of more than 5%. Much of the Fidelity stake is held by Fidelity Contrafund (FCNTX), whose manager, Will Danoff, is a longtime Berkshire fan and holder.</p><p><blockquote>除了巴菲特之外，很少有A类股票的大规模持有者。富达母公司FMR是唯一持股超过5%的其他所有者。富达的大部分股份由富达Contrafund(FCNTX)持有，其经理威尔·丹诺夫(Will Danoff)是伯克希尔的长期粉丝和持有者。</blockquote></p><p>Buffett discussed the Class A and Class B stock in a 1999 memo to Berkshire holders that was last updated in 2010.</p><p><blockquote>巴菲特在1999年给伯克希尔持有人的备忘录中讨论了A类和B类股票，最后一次更新是在2010年。</blockquote></p><p>Here’s what Buffett wrote:</p><p><blockquote>巴菲特是这样写的：</blockquote></p><p></p><p>When there is more demand for the B (relative to supply) than for the A, the B will sell at roughly 1/1,500th of the price of A. When there’s a lesser demand, it will fall to a discount. In my opinion, most of the time, the demand for the B will be such that it will trade at about 1/1,500th of the price of the A.However, from time to time, a different supply-demand situation will prevail and the B will sell at some discount. In my opinion, again, when the B is at a discount of more than say, 1%, it offers a better buy than the A. When the two are at parity, however, anyone wishing to buy 1,500 or more B should consider buying A instead.</p><p><blockquote>当对B的需求（相对于供应）大于对A的需求时，B的售价大约是A的1/1,500。当需求较小时，它会打折。在我看来，大多数时候，对B的需求会是这样的，它的交易价格大约是A的1/1500。然而，有时会出现不同的供需情况，B会以一定的折扣出售。在我看来，当B的折扣超过1%时，它比A更划算。然而，当两者持平时，任何希望购买1,500或更多B的人都应该考虑购买A。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-has-seen-trading-activity-rise-in-its-class-a-stock-51615219961?mod=hp_LEADSUPP_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-has-seen-trading-activity-rise-in-its-class-a-stock-51615219961?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185392550","content_text":"(March 9) Berkshire Hathaway’s Class A shares have had unusually high trading activity of late. And that could mean that an investor is accumulating the high-vote stock, whose dominant holder is CEO Warren Buffett.The Class A shares (ticker BRK.A) normally trade on light volume, reflecting their high price—the stock finished Friday at $381,600—and a preference among institutional and retail investors for the more liquid Class B shares (BRK.B), which ended Friday at $253.15. The Class B stock is in the S&P 500 index.In recent weeks, however, trading in the Class A shares has been elevated at an average of more than 2,000 shares a day—and 2,500 a day in past five sessions—against an average of fewer than 500 shares daily in 2020. The difference translates into about $800 million of additional daily trades in the Class A stock. Trading activity in the Class B shares, meanwhile, has not been elevated—an average of about five million shares a day in the past month, against six million in the last 12 months.Berkshire shares have bested the S&P 500 this year with the Class A stock up 9.7% through Friday, against a 2.5% rise in the index after trailing the index by a total of over 40 percentage points in 2019 and 2020. Wall Street has warmed to Berkshire thanks to its relatively low valuation versus book value and as a reopening play given its many economically sensitive businesses.The shares continued their recent rally on Monday, with the Class A shares up 1.6%, to a near record of $387,840, and the Class B stock 1.4% higher, at $256.65.Investors will probably have to wait until mid-May, when institutional holders file their March 31 equity investments, for the identity of the possible buyer of the Class A stock to be known, unless the purchaser gets to a 5% stake, which would trigger a quicker regulatory filing.WSJ Jobs Summmit | Succeed in the Search | March 4Berkshire’s Class B stock is equal to 1/1500 of a share of the Class A shares, but it carries just 1/10,000 of the vote.This has helped Buffett maintain control of the company as his economic interest declines because of his large annual gifts of Berkshire stock to the Bill & Melinda Gates Foundation and other charitable organizations over the past 15 years. Buffett gave way $2.9 billion to the various foundations last year. The Class A is the original Berkshire stock, while the Class B was created in 1996.Buffett holds 248,734 Class A shares, a 16% economic interest in the company, but roughly 30% of the vote. Buffett owns 39% of the Class A stock. Around 40% of Berkshire’s stock is held in the Class A shares, with the rest in the Class B. Berkshire’s market value is around $580 billion.It is notable that when Buffett gives away stock annually, he converts his Class A stock to Class B stock. The Class B stock is more liquid than the A, simplifying subsequent sales by the Gates foundation and others. But in converting the A shares, Buffett ensures that other investors won’t get their hands on the supervoting shares.That could be important in the post-Buffett era, because it means whoever is overseeing his estate should have a sizable voting interest in Berkshire. Buffett has said that his Berkshire stake would be given away in the 12 years after his death.Berkshire could face pressure from activists after Buffett’s death to break up the company, something that the CEO opposes. Buffett has said that he doubts any breakup will occur because sufficient stock is likely to be in friendly hands after his death.The Class A stock can be converted into 1,500 shares of the Class B stock, but not the other way around. As a result, the Class A stock can trade at a premium to the Class B. With the recent buying activity in the A stock, it ended Friday at a roughly 0.5% premium to the B shares, against virtual parity at year-end 2020.There are few sizable holders of the Class A stock besides Buffett. Fidelity parent FMR is the only other owner of more than 5%. Much of the Fidelity stake is held by Fidelity Contrafund (FCNTX), whose manager, Will Danoff, is a longtime Berkshire fan and holder.Buffett discussed the Class A and Class B stock in a 1999 memo to Berkshire holders that was last updated in 2010.Here’s what Buffett wrote:When there is more demand for the B (relative to supply) than for the A, the B will sell at roughly 1/1,500th of the price of A. When there’s a lesser demand, it will fall to a discount. In my opinion, most of the time, the demand for the B will be such that it will trade at about 1/1,500th of the price of the A.However, from time to time, a different supply-demand situation will prevail and the B will sell at some discount. In my opinion, again, when the B is at a discount of more than say, 1%, it offers a better buy than the A. When the two are at parity, however, anyone wishing to buy 1,500 or more B should consider buying A instead.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":504,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/329547758"}
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