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2021-04-12
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Charlie Munger Prefers Alibaba Stock to Treasury Bills. Here’s Why.<blockquote>查理·芒格更喜欢阿里巴巴-SW股票而不是国库券。原因如下。</blockquote>
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Here’s Why.<blockquote>查理·芒格更喜欢阿里巴巴-SW股票而不是国库券。原因如下。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1166514197","media":"Barrons","summary":"Warren Buffett’s longtime partner Charlie Munger recently disclosed a new investment in the Chinese ","content":"<p>Warren Buffett’s longtime partner Charlie Munger recently disclosed a new investment in the Chinese internet giant Alibaba Group Holding.</p><p><blockquote>Warren Buffett的长期合作伙伴Charlie Munger最近披露了对中国互联网巨头阿里巴巴-SW集团控股公司的一项新投资。</blockquote></p><p> Daily Journal (ticker: DJCO)—Munger has served as chairman since 1977, and provides the firm with investing expertise—disclosed last week in a Securities and Exchange Commission filing that it owned 165,320 Alibaba (BABA) American depositary receipts as of March 31. Daily Journal hadn’t owned any at the end of 2020.</p><p><blockquote>Daily Journal（股票代码：DJCO）——芒格自1977年以来一直担任董事长，并为公司提供投资专业知识——上周在美国证券交易委员会提交的文件中披露，截至3月31日，芒格拥有165,320张阿里巴巴-SW(BABA)美国存托凭证。截至2020年底，《每日日报》尚未拥有任何资产。</blockquote></p><p> In response to a request for comment on the investment, Munger, who is also the vice chairman ofBerkshire Hathaway(BRKb), provided a statement to<i>Barron’s</i>:</p><p><blockquote>在回应对该投资发表评论的请求时，兼任伯克希尔哈撒韦公司（BRKb）副董事长的芒格向<i>巴伦周刊</i>：</blockquote></p><p> “Daily Journal Corporation has and needs securities held as cash equivalents. These cash equivalents would normally be U.S. Treasury Bills. But, with returns on Treasury Bills now so low, the Company instead, invests in common stock. And, unless its long term prospects seem good, a common stock is not considered to be a good cash equivalent.</p><p><blockquote>“Daily Journal Corporation拥有并需要作为现金等价物持有的证券。这些现金等价物通常是美国国库券。但是，由于国库券的回报率现在如此之低，该公司转而投资普通股。而且，除非其长期前景良好，否则普通股不被认为是一种好的现金等价物。</blockquote></p><p> “A minor part of Daily Journal Corporation’s cash equivalents now consists of a tiny amount of Alibaba common stock.”</p><p><blockquote>“Daily Journal Corporation现金等价物的一小部分现在由少量阿里巴巴-SW普通股组成。”</blockquote></p><p> That “tiny amount” was valued at $37.5 million as of March 31. Daily Journal could have bought the Alibaba ADRs at any point in the first quarter. So far this year, the ADRs are down 4%, while theS&P 500index is up about 9.9%.</p><p><blockquote>截至3月31日，这笔“小额款项”的价值为3750万美元。Daily Journal本可以在第一季度的任何时候购买阿里巴巴-SW ADR。今年迄今为止，美国存托凭证下跌了4%，而标准普尔500指数上涨了约9.9%。</blockquote></p><p> Alibaba ADRs underperformed the market last year, only gaining 9.7% while the index rose 16.3%. The ADRs tumbled in December when an affiliate was forced by Chinese regulators toscuttle an initial public offering. Barron’s has written about a variety of risks ofinvesting in China.</p><p><blockquote>阿里巴巴-SW ADR去年表现逊于大盘，仅上涨9.7%，而该指数上涨16.3%。去年12月，当一家子公司被中国监管机构强迫取消首次公开募股时，美国存托凭证暴跌。《巴伦周刊》曾撰写过有关在中国投资的各种风险的文章。</blockquote></p><p> Daily Journal owns other stocks, as well, and its U.S.-traded investments totaled about $200 million as of March 31. Positions in other investments were unchanged, and the largest investments by dollar value remained Bank of America(BAC) stock at 2.3 million shares, and Wells Fargo(WFC) at 1.6 million shares; Daily Journal’s positions in those two bank stocks are unchanged since at least theend of 2013. The company was required to begin disclosing investment positions at that point because its U.S.-traded portfolio topped the threshold of $100 million.</p><p><blockquote>Daily Journal还拥有其他股票，截至3月31日，其在美国交易的投资总额约为2亿美元。其他投资头寸没有变化，按美元价值计算，最大的投资仍然是美国银行(BAC)股票，为230万股，富国银行(WFC)股票为160万股；至少自2013年底以来，Daily Journal对这两只银行股的头寸没有变化。该公司当时被要求开始披露投资头寸，因为其在美国交易的投资组合超过了1亿美元的门槛。</blockquote></p><p> Interestingly, Warren Buffett has recently overseen trades in both banks through Berkshire Hathaway’s portfolio. Berkshire Hathaway is Bank of America’s largest investor, with more than 1 billion shares after Buffett went ona buying spree last year. Berkshire Hathaway has also been slashing its investment in Wells Fargo. We estimated that cutting the Wells Fargo position, and that of other bank stocks, cost Berkshire Hathaway about $10 billion as the sector later rallied.</p><p><blockquote>有趣的是，沃伦·巴菲特最近通过伯克希尔·哈撒韦公司的投资组合监督了这两家银行的交易。伯克希尔哈撒韦公司是美国银行最大的投资者，在巴菲特去年疯狂买入后，伯克希尔哈撒韦公司持有超过10亿股股票。伯克希尔哈撒韦公司也一直在削减对富国银行的投资。我们估计，随着该行业后来的反弹，削减富国银行和其他银行股的头寸使伯克希尔哈撒韦公司损失了约100亿美元。</blockquote></p><p> Also, Berkshire Hathaway doesn’t own any Alibaba ADRs.</p><p><blockquote>此外，Berkshire Hathaway不拥有任何阿里巴巴-SW ADR。</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>Charlie Munger Prefers Alibaba Stock to Treasury Bills. Here’s Why.<blockquote>查理·芒格更喜欢阿里巴巴-SW股票而不是国库券。原因如下。</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\">\nCharlie Munger Prefers Alibaba Stock to Treasury Bills. Here’s Why.<blockquote>查理·芒格更喜欢阿里巴巴-SW股票而不是国库券。原因如下。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-12 11:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Warren Buffett’s longtime partner Charlie Munger recently disclosed a new investment in the Chinese internet giant Alibaba Group Holding.</p><p><blockquote>Warren Buffett的长期合作伙伴Charlie Munger最近披露了对中国互联网巨头阿里巴巴-SW集团控股公司的一项新投资。</blockquote></p><p> Daily Journal (ticker: DJCO)—Munger has served as chairman since 1977, and provides the firm with investing expertise—disclosed last week in a Securities and Exchange Commission filing that it owned 165,320 Alibaba (BABA) American depositary receipts as of March 31. Daily Journal hadn’t owned any at the end of 2020.</p><p><blockquote>Daily Journal（股票代码：DJCO）——芒格自1977年以来一直担任董事长，并为公司提供投资专业知识——上周在美国证券交易委员会提交的文件中披露，截至3月31日，芒格拥有165,320张阿里巴巴-SW(BABA)美国存托凭证。截至2020年底，《每日日报》尚未拥有任何资产。</blockquote></p><p> In response to a request for comment on the investment, Munger, who is also the vice chairman ofBerkshire Hathaway(BRKb), provided a statement to<i>Barron’s</i>:</p><p><blockquote>在回应对该投资发表评论的请求时，兼任伯克希尔哈撒韦公司（BRKb）副董事长的芒格向<i>巴伦周刊</i>：</blockquote></p><p> “Daily Journal Corporation has and needs securities held as cash equivalents. These cash equivalents would normally be U.S. Treasury Bills. But, with returns on Treasury Bills now so low, the Company instead, invests in common stock. And, unless its long term prospects seem good, a common stock is not considered to be a good cash equivalent.</p><p><blockquote>“Daily Journal Corporation拥有并需要作为现金等价物持有的证券。这些现金等价物通常是美国国库券。但是，由于国库券的回报率现在如此之低，该公司转而投资普通股。而且，除非其长期前景良好，否则普通股不被认为是一种好的现金等价物。</blockquote></p><p> “A minor part of Daily Journal Corporation’s cash equivalents now consists of a tiny amount of Alibaba common stock.”</p><p><blockquote>“Daily Journal Corporation现金等价物的一小部分现在由少量阿里巴巴-SW普通股组成。”</blockquote></p><p> That “tiny amount” was valued at $37.5 million as of March 31. Daily Journal could have bought the Alibaba ADRs at any point in the first quarter. So far this year, the ADRs are down 4%, while theS&P 500index is up about 9.9%.</p><p><blockquote>截至3月31日，这笔“小额款项”的价值为3750万美元。Daily Journal本可以在第一季度的任何时候购买阿里巴巴-SW ADR。今年迄今为止，美国存托凭证下跌了4%，而标准普尔500指数上涨了约9.9%。</blockquote></p><p> Alibaba ADRs underperformed the market last year, only gaining 9.7% while the index rose 16.3%. The ADRs tumbled in December when an affiliate was forced by Chinese regulators toscuttle an initial public offering. Barron’s has written about a variety of risks ofinvesting in China.</p><p><blockquote>阿里巴巴-SW ADR去年表现逊于大盘，仅上涨9.7%，而该指数上涨16.3%。去年12月，当一家子公司被中国监管机构强迫取消首次公开募股时，美国存托凭证暴跌。《巴伦周刊》曾撰写过有关在中国投资的各种风险的文章。</blockquote></p><p> Daily Journal owns other stocks, as well, and its U.S.-traded investments totaled about $200 million as of March 31. Positions in other investments were unchanged, and the largest investments by dollar value remained Bank of America(BAC) stock at 2.3 million shares, and Wells Fargo(WFC) at 1.6 million shares; Daily Journal’s positions in those two bank stocks are unchanged since at least theend of 2013. The company was required to begin disclosing investment positions at that point because its U.S.-traded portfolio topped the threshold of $100 million.</p><p><blockquote>Daily Journal还拥有其他股票，截至3月31日，其在美国交易的投资总额约为2亿美元。其他投资头寸没有变化，按美元价值计算，最大的投资仍然是美国银行(BAC)股票，为230万股，富国银行(WFC)股票为160万股；至少自2013年底以来，Daily Journal对这两只银行股的头寸没有变化。该公司当时被要求开始披露投资头寸，因为其在美国交易的投资组合超过了1亿美元的门槛。</blockquote></p><p> Interestingly, Warren Buffett has recently overseen trades in both banks through Berkshire Hathaway’s portfolio. Berkshire Hathaway is Bank of America’s largest investor, with more than 1 billion shares after Buffett went ona buying spree last year. Berkshire Hathaway has also been slashing its investment in Wells Fargo. We estimated that cutting the Wells Fargo position, and that of other bank stocks, cost Berkshire Hathaway about $10 billion as the sector later rallied.</p><p><blockquote>有趣的是，沃伦·巴菲特最近通过伯克希尔·哈撒韦公司的投资组合监督了这两家银行的交易。伯克希尔哈撒韦公司是美国银行最大的投资者，在巴菲特去年疯狂买入后，伯克希尔哈撒韦公司持有超过10亿股股票。伯克希尔哈撒韦公司也一直在削减对富国银行的投资。我们估计，随着该行业后来的反弹，削减富国银行和其他银行股的头寸使伯克希尔哈撒韦公司损失了约100亿美元。</blockquote></p><p> Also, Berkshire Hathaway doesn’t own any Alibaba ADRs.</p><p><blockquote>此外，Berkshire Hathaway不拥有任何阿里巴巴-SW ADR。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/berkshire-hathaway-charlie-munger-prefers-alibaba-stock-to-treasury-bills-51617813729?mod=RTA\">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":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"https://www.barrons.com/articles/berkshire-hathaway-charlie-munger-prefers-alibaba-stock-to-treasury-bills-51617813729?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166514197","content_text":"Warren Buffett’s longtime partner Charlie Munger recently disclosed a new investment in the Chinese internet giant Alibaba Group Holding.\nDaily Journal (ticker: DJCO)—Munger has served as chairman since 1977, and provides the firm with investing expertise—disclosed last week in a Securities and Exchange Commission filing that it owned 165,320 Alibaba (BABA) American depositary receipts as of March 31. Daily Journal hadn’t owned any at the end of 2020.\nIn response to a request for comment on the investment, Munger, who is also the vice chairman ofBerkshire Hathaway(BRKb), provided a statement toBarron’s:\n“Daily Journal Corporation has and needs securities held as cash equivalents. These cash equivalents would normally be U.S. Treasury Bills. But, with returns on Treasury Bills now so low, the Company instead, invests in common stock. And, unless its long term prospects seem good, a common stock is not considered to be a good cash equivalent.\n“A minor part of Daily Journal Corporation’s cash equivalents now consists of a tiny amount of Alibaba common stock.”\nThat “tiny amount” was valued at $37.5 million as of March 31. Daily Journal could have bought the Alibaba ADRs at any point in the first quarter. So far this year, the ADRs are down 4%, while theS&P 500index is up about 9.9%.\nAlibaba ADRs underperformed the market last year, only gaining 9.7% while the index rose 16.3%. The ADRs tumbled in December when an affiliate was forced by Chinese regulators toscuttle an initial public offering. Barron’s has written about a variety of risks ofinvesting in China.\nDaily Journal owns other stocks, as well, and its U.S.-traded investments totaled about $200 million as of March 31. Positions in other investments were unchanged, and the largest investments by dollar value remained Bank of America(BAC) stock at 2.3 million shares, and Wells Fargo(WFC) at 1.6 million shares; Daily Journal’s positions in those two bank stocks are unchanged since at least theend of 2013. The company was required to begin disclosing investment positions at that point because its U.S.-traded portfolio topped the threshold of $100 million.\nInterestingly, Warren Buffett has recently overseen trades in both banks through Berkshire Hathaway’s portfolio. Berkshire Hathaway is Bank of America’s largest investor, with more than 1 billion shares after Buffett went ona buying spree last year. Berkshire Hathaway has also been slashing its investment in Wells Fargo. We estimated that cutting the Wells Fargo position, and that of other bank stocks, cost Berkshire Hathaway about $10 billion as the sector later rallied.\nAlso, Berkshire Hathaway doesn’t own any Alibaba ADRs.","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":453,"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":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/342882094"}
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