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2021-02-26
Interesting
What to Watch for in Berkshire Hathaway’s Earnings Report<blockquote>伯克希尔哈撒韦公司收益报告中值得关注的内容</blockquote>
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A) stepped up its stock buybacks in the third quarter, cheering investors who wanted to see a signal from Buffett that the stock was inexpensive after badly trailing the S&P 500 in 2019 and 2020 by a total of more than 40 percentage points.</p><p><blockquote>伯克希尔哈撒韦公司（股票代码：BRK.B和BRK.A）在第三季度加大了股票回购力度，让那些希望看到巴菲特发出信号的投资者欢呼雀跃，表明该股在2019年和2020年严重落后于标普500后股价便宜。超过40个百分点。</blockquote></p><p> The fourth-quarter buybacks will offer a read on whether Buffett felt the stock remained cheap as it appreciated during the period. News of a sizable buyback could buoy investors and lift Berkshire shares next week.</p><p><blockquote>第四季度的回购将让我们了解巴菲特是否认为该股在此期间升值时仍然便宜。大规模回购的消息可能会提振投资者并提振下周伯克希尔股价。</blockquote></p><p> Berkshire’s class A shares finished 2020 at $348,000, up 10% from Sept. 30. The stock has rallied further in 2021, gaining 6.5%, to $371,200 and topping the S&P 500’s 3.5% total return. Shares were down 1% on Thursday after hitting a record high of more than $377,000. The class B shares were 0.9% lower Thursday, at $246.26.</p><p><blockquote>伯克希尔哈撒韦A类股2020年收盘价为348,000美元，较9月30日上涨10%。该股在2021年进一步上涨，上涨6.5%，至371,200美元，超过了标普500 3.5%的总回报率。周四，股价在创下超过377,000美元的历史新高后下跌1%。B类股周四下跌0.9%，至246.26美元。</blockquote></p><p> Berkshire bought back a record $9 billion in the third quarter, or nearly 2% of its shares outstanding, up from $5 billion in the second quarter. For the first nine months of 2020, Berkshire repurchased $15.7 billion, more than the $5 billion in all of 2019.</p><p><blockquote>伯克希尔第三季度回购了创纪录的90亿美元，占其已发行股票的近2%，高于第二季度的50亿美元。2020年前9个月，伯克希尔回购了157亿美元，超过了2019年全年的50亿美元。</blockquote></p><p> The company continued to repurchase stock during October, buying back more than $2 billion, based on data from the third-quarter 10-Q filing.</p><p><blockquote>根据第三季度10-Q文件的数据，该公司在10月份继续回购股票，回购了超过20亿美元。</blockquote></p><p> It’s difficult to peg the fourth-quarter buybacks but a figure of about $7 billion wouldn’t be surprising.</p><p><blockquote>很难确定第四季度的回购，但约70亿美元的数字并不令人惊讶。</blockquote></p><p> Buffett may address the stepped-up repurchase activity in his shareholder letter.In an article last week,<i>Barron’s</i>urged Berkshire to initiate a 2% dividend—it now pays nothing—and to provide greater financial disclosure about major divisions like Precision Castparts, a maker of aircraft parts that has been hard hit by the aerospace downturn.</p><p><blockquote>巴菲特可能会在股东信中谈到加强回购活动。在上周的一篇文章中，<i>巴伦周刊</i>敦促伯克希尔哈撒韦公司开始派发2%的股息（目前不支付任何股息），并提供有关Precision Castparts等主要部门的更多财务信息，Precision Castparts是一家飞机零部件制造商，受到航空航天低迷的严重打击。</blockquote></p><p> The CEO is price conscious and won’t pay any price for Berkshire shares. The good news for shareholders is that book value likely rose smartly in the fourth quarter, thanks to big gains in Berkshire’s $270 billion equity portfolio—appreciation could have approached $40 billion. Paper gains and losses in the equity portfolio are reflected in both book value and earnings.</p><p><blockquote>首席执行官有价格意识，不会为伯克希尔股票支付任何价格。对股东来说，好消息是，由于伯克希尔2700亿美元股票投资组合的大幅上涨，第四季度账面价值可能会大幅上涨——升值可能接近400亿美元。股票投资组合的账面收益和损失反映在账面价值和收益中。</blockquote></p><p> Apple(AAPL), the largest holding at nearly 900 million shares, rose by more than $15 billion in the fourth quarter, and other big investments appreciated, includingBank of America(BAC),Coca-Cola(KO), andAmerican Express(AXP).</p><p><blockquote>苹果(AAPL)是最大持股，持有近9亿股，第四季度股价上涨超过150亿美元，其他大型投资也有所升值，包括美国银行(BAC)、可口可乐(KO)和美国运通(AXP)。</blockquote></p><p> Book value is estimated to have ended 2020 at around $287,000 per class A share, according to Edward Jones analyst James Shanahan. That would be up about 9% from the Sept. 30 level of $264,000.</p><p><blockquote>Edward Jones分析师詹姆斯·沙纳汉(James Shanahan)表示，截至2020年底，每股A类股的账面价值估计约为287,000美元。这将比9月30日264,000美元的水平上涨约9%。</blockquote></p><p> Book value at the end of the current quarter could approach $295,000 per class A share, boosted by operating earnings of about $4,000 a class A share and some appreciation in the equity portfolio. Apple is down about 7% so far in 2021 to $124, which will weigh on overall gains in the portfolio.</p><p><blockquote>由于每股A类股约4,000美元的营业收益以及股票投资组合的一些升值，本季度末的账面价值可能接近每股A类股295,000美元。苹果2021年迄今已下跌约7%至124美元，这将拖累投资组合的整体涨幅。</blockquote></p><p> Berkshire stock now trades nearly 1.3 times projected March 31 book value—assuming no major changes in the stock market. That is below the average of 1.4 times book value in the past five years and is likely below by a comfortable margin what Buffett calls the company’s intrinsic value.</p><p><blockquote>假设股市没有重大变化，伯克希尔股票目前的交易价格几乎是3月31日预计账面价值的1.3倍。这低于过去五年账面价值1.4倍的平均水平，也可能远低于巴菲特评级公司的内在价值。</blockquote></p><p> It will be interesting to see whether Buffett has been willing to buy back much stock in the current quarter given the appreciation. Investors won’t find that out until May, when the company releases first-quarter earnings and its 10-Q for the period.</p><p><blockquote>鉴于股价升值，看看巴菲特是否愿意在本季度回购大量股票将会很有趣。投资者要到5月份才会发现这一点，届时该公司将发布第一季度收益和该期间的第十季度财报。</blockquote></p><p> Berkshire’s fourth-quarter operating earnings—excluding changes in the equity portfolio—are expected to be up about 25% in the period, to $3,368 a class A share and $2.25 a class B share.</p><p><blockquote>伯克希尔第四季度营业收益（不包括股票投资组合的变化）预计将在此期间增长约25%，达到A类股3,368美元，B类股2.25美元。</blockquote></p><p> Berkshire stock has gotten a lift as investors anticipate solid growth in the company’s earnings this year, driven by a raft of economically sensitive businesses including the Burlington Northern Santa Fe railroad and a group of housing-related units, including Shaw Industries (carpet and flooring), Benjamin Moore (paints), and Clayton Homes, a big producer of manufactured housing.</p><p><blockquote>伯克希尔股价上涨，因为投资者预计该公司今年的盈利将稳健增长，这得益于大量对经济敏感的业务，包括伯灵顿北圣达菲铁路公司和一组住房相关部门，包括Shaw Industries（地毯和地板））、Benjamin Moore（油漆）和大型活动房屋生产商Clayton Homes。</blockquote></p><p> The overall earnings for the fourth quarter will likely be enormous because of paper gains in the stock portfolio that run through the income statement.</p><p><blockquote>由于贯穿损益表的股票投资组合的账面收益，第四季度的整体收益可能会非常巨大。</blockquote></p><p> <i>Barron’s</i> has argued that Berkshirelooks appealing, thanks to its relatively low valuation and strong profit outlook.</p><p><blockquote><i>巴伦周刊</i>认为伯克希尔看起来很有吸引力，这要归功于其相对较低的估值和强劲的利润前景。</blockquote></p><p> In the letter, Buffett may address what was a disappointing year for investment activity in 2020. Berkshire failed to make a major acquisition—continuing a multiyear period without one. And the company failed to capitalize on the stock-market turmoil in the spring to make big purchases. That’s despite Berkshire sitting on $146 billion in cash as of the end of third quarter.</p><p><blockquote>在信中，巴菲特可能会谈到2020年投资活动令人失望的一年。伯克希尔未能进行重大收购——连续多年没有进行收购。该公司也未能利用春季股市动荡进行大额收购。尽管截至第三季度末，伯克希尔哈撒韦公司拥有1,460亿美元现金。</blockquote></p><p></p><p> In fact, Berkshire was likely a net seller of around $9 billion worth of stocks last year, as it liquidated holdings inJPMorgan Chase(JPM) andGoldman Sachs Group(GS) at considerably below current prices and significantly cut its stake inWells Fargo(WFC).</p><p><blockquote>事实上，伯克希尔去年可能净卖出了价值约90亿美元的股票，因为它以远低于当前价格的价格清算了摩根大通(JPM)和高盛集团(GS)的股份，并大幅削减了富国银行(WFC)的股份。</blockquote></p><p> Buffett unloaded Berkshire’s airline investments near the market bottom in April for about $6 billion. Former holdingsSouthwest Airlines(LUV) andDelta Air Lines(DAL) have nearly doubled since then.</p><p><blockquote>巴菲特在4月份接近市场底部时以约60亿美元的价格抛售了伯克希尔的航空投资。此后，前控股的西南航空（LUV）和达美航空（DAL）股价几乎翻了一番。</blockquote></p><p> Succession is also on the minds of investors, with Buffett having turned 90 in August.</p><p><blockquote>随着巴菲特八月份就满90岁了，继任也是投资者关心的问题。</blockquote></p><p> <i>Barron’s</i> has argued that Buffett mightwant to give up the CEO jobto Berkshire senior executive Greg Abel while remaining chairman and overseeing the investment portfolio. Buffett has said little about succession in his recent annual letters so it would be notable if he does address the topic.</p><p><blockquote><i>巴伦周刊</i>认为巴菲特可能希望将首席执行官的职位让给伯克希尔高级管理人员格雷格·阿贝尔，同时继续担任董事长并监督投资组合。巴菲特在最近的年度信件中很少谈到继承问题，因此如果他确实谈到这个话题，那将是值得注意的。</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>What to Watch for in Berkshire Hathaway’s Earnings Report<blockquote>伯克希尔哈撒韦公司收益报告中值得关注的内容</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\">\nWhat to Watch for in Berkshire Hathaway’s Earnings Report<blockquote>伯克希尔哈撒韦公司收益报告中值得关注的内容</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-26 10:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Berkshire Hathaway’s share repurchases will be a major investor focus when the company reports its fourth-quarter earnings on Saturday in conjunction with CEO Warren Buffett’s eagerly awaited shareholder letter and the company’s annual report.</p><p><blockquote>伯克希尔哈撒韦公司将于周六公布第四季度财报，同时公布首席执行官沃伦·巴菲特期待已久的股东信和公司年报，届时该公司的股票回购将成为投资者关注的主要焦点。</blockquote></p><p> Berkshire (ticker: BRK.B and BRK. A) stepped up its stock buybacks in the third quarter, cheering investors who wanted to see a signal from Buffett that the stock was inexpensive after badly trailing the S&P 500 in 2019 and 2020 by a total of more than 40 percentage points.</p><p><blockquote>伯克希尔哈撒韦公司（股票代码：BRK.B和BRK.A）在第三季度加大了股票回购力度，让那些希望看到巴菲特发出信号的投资者欢呼雀跃，表明该股在2019年和2020年严重落后于标普500后股价便宜。超过40个百分点。</blockquote></p><p> The fourth-quarter buybacks will offer a read on whether Buffett felt the stock remained cheap as it appreciated during the period. News of a sizable buyback could buoy investors and lift Berkshire shares next week.</p><p><blockquote>第四季度的回购将让我们了解巴菲特是否认为该股在此期间升值时仍然便宜。大规模回购的消息可能会提振投资者并提振下周伯克希尔股价。</blockquote></p><p> Berkshire’s class A shares finished 2020 at $348,000, up 10% from Sept. 30. The stock has rallied further in 2021, gaining 6.5%, to $371,200 and topping the S&P 500’s 3.5% total return. Shares were down 1% on Thursday after hitting a record high of more than $377,000. The class B shares were 0.9% lower Thursday, at $246.26.</p><p><blockquote>伯克希尔哈撒韦A类股2020年收盘价为348,000美元，较9月30日上涨10%。该股在2021年进一步上涨，上涨6.5%，至371,200美元，超过了标普500 3.5%的总回报率。周四，股价在创下超过377,000美元的历史新高后下跌1%。B类股周四下跌0.9%，至246.26美元。</blockquote></p><p> Berkshire bought back a record $9 billion in the third quarter, or nearly 2% of its shares outstanding, up from $5 billion in the second quarter. For the first nine months of 2020, Berkshire repurchased $15.7 billion, more than the $5 billion in all of 2019.</p><p><blockquote>伯克希尔第三季度回购了创纪录的90亿美元，占其已发行股票的近2%，高于第二季度的50亿美元。2020年前9个月，伯克希尔回购了157亿美元，超过了2019年全年的50亿美元。</blockquote></p><p> The company continued to repurchase stock during October, buying back more than $2 billion, based on data from the third-quarter 10-Q filing.</p><p><blockquote>根据第三季度10-Q文件的数据，该公司在10月份继续回购股票，回购了超过20亿美元。</blockquote></p><p> It’s difficult to peg the fourth-quarter buybacks but a figure of about $7 billion wouldn’t be surprising.</p><p><blockquote>很难确定第四季度的回购，但约70亿美元的数字并不令人惊讶。</blockquote></p><p> Buffett may address the stepped-up repurchase activity in his shareholder letter.In an article last week,<i>Barron’s</i>urged Berkshire to initiate a 2% dividend—it now pays nothing—and to provide greater financial disclosure about major divisions like Precision Castparts, a maker of aircraft parts that has been hard hit by the aerospace downturn.</p><p><blockquote>巴菲特可能会在股东信中谈到加强回购活动。在上周的一篇文章中，<i>巴伦周刊</i>敦促伯克希尔哈撒韦公司开始派发2%的股息（目前不支付任何股息），并提供有关Precision Castparts等主要部门的更多财务信息，Precision Castparts是一家飞机零部件制造商，受到航空航天低迷的严重打击。</blockquote></p><p> The CEO is price conscious and won’t pay any price for Berkshire shares. The good news for shareholders is that book value likely rose smartly in the fourth quarter, thanks to big gains in Berkshire’s $270 billion equity portfolio—appreciation could have approached $40 billion. Paper gains and losses in the equity portfolio are reflected in both book value and earnings.</p><p><blockquote>首席执行官有价格意识，不会为伯克希尔股票支付任何价格。对股东来说，好消息是，由于伯克希尔2700亿美元股票投资组合的大幅上涨，第四季度账面价值可能会大幅上涨——升值可能接近400亿美元。股票投资组合的账面收益和损失反映在账面价值和收益中。</blockquote></p><p> Apple(AAPL), the largest holding at nearly 900 million shares, rose by more than $15 billion in the fourth quarter, and other big investments appreciated, includingBank of America(BAC),Coca-Cola(KO), andAmerican Express(AXP).</p><p><blockquote>苹果(AAPL)是最大持股，持有近9亿股，第四季度股价上涨超过150亿美元，其他大型投资也有所升值，包括美国银行(BAC)、可口可乐(KO)和美国运通(AXP)。</blockquote></p><p> Book value is estimated to have ended 2020 at around $287,000 per class A share, according to Edward Jones analyst James Shanahan. That would be up about 9% from the Sept. 30 level of $264,000.</p><p><blockquote>Edward Jones分析师詹姆斯·沙纳汉(James Shanahan)表示，截至2020年底，每股A类股的账面价值估计约为287,000美元。这将比9月30日264,000美元的水平上涨约9%。</blockquote></p><p> Book value at the end of the current quarter could approach $295,000 per class A share, boosted by operating earnings of about $4,000 a class A share and some appreciation in the equity portfolio. Apple is down about 7% so far in 2021 to $124, which will weigh on overall gains in the portfolio.</p><p><blockquote>由于每股A类股约4,000美元的营业收益以及股票投资组合的一些升值，本季度末的账面价值可能接近每股A类股295,000美元。苹果2021年迄今已下跌约7%至124美元，这将拖累投资组合的整体涨幅。</blockquote></p><p> Berkshire stock now trades nearly 1.3 times projected March 31 book value—assuming no major changes in the stock market. That is below the average of 1.4 times book value in the past five years and is likely below by a comfortable margin what Buffett calls the company’s intrinsic value.</p><p><blockquote>假设股市没有重大变化，伯克希尔股票目前的交易价格几乎是3月31日预计账面价值的1.3倍。这低于过去五年账面价值1.4倍的平均水平，也可能远低于巴菲特评级公司的内在价值。</blockquote></p><p> It will be interesting to see whether Buffett has been willing to buy back much stock in the current quarter given the appreciation. Investors won’t find that out until May, when the company releases first-quarter earnings and its 10-Q for the period.</p><p><blockquote>鉴于股价升值，看看巴菲特是否愿意在本季度回购大量股票将会很有趣。投资者要到5月份才会发现这一点，届时该公司将发布第一季度收益和该期间的第十季度财报。</blockquote></p><p> Berkshire’s fourth-quarter operating earnings—excluding changes in the equity portfolio—are expected to be up about 25% in the period, to $3,368 a class A share and $2.25 a class B share.</p><p><blockquote>伯克希尔第四季度营业收益（不包括股票投资组合的变化）预计将在此期间增长约25%，达到A类股3,368美元，B类股2.25美元。</blockquote></p><p> Berkshire stock has gotten a lift as investors anticipate solid growth in the company’s earnings this year, driven by a raft of economically sensitive businesses including the Burlington Northern Santa Fe railroad and a group of housing-related units, including Shaw Industries (carpet and flooring), Benjamin Moore (paints), and Clayton Homes, a big producer of manufactured housing.</p><p><blockquote>伯克希尔股价上涨，因为投资者预计该公司今年的盈利将稳健增长，这得益于大量对经济敏感的业务，包括伯灵顿北圣达菲铁路公司和一组住房相关部门，包括Shaw Industries（地毯和地板））、Benjamin Moore（油漆）和大型活动房屋生产商Clayton Homes。</blockquote></p><p> The overall earnings for the fourth quarter will likely be enormous because of paper gains in the stock portfolio that run through the income statement.</p><p><blockquote>由于贯穿损益表的股票投资组合的账面收益，第四季度的整体收益可能会非常巨大。</blockquote></p><p> <i>Barron’s</i> has argued that Berkshirelooks appealing, thanks to its relatively low valuation and strong profit outlook.</p><p><blockquote><i>巴伦周刊</i>认为伯克希尔看起来很有吸引力，这要归功于其相对较低的估值和强劲的利润前景。</blockquote></p><p> In the letter, Buffett may address what was a disappointing year for investment activity in 2020. Berkshire failed to make a major acquisition—continuing a multiyear period without one. And the company failed to capitalize on the stock-market turmoil in the spring to make big purchases. That’s despite Berkshire sitting on $146 billion in cash as of the end of third quarter.</p><p><blockquote>在信中，巴菲特可能会谈到2020年投资活动令人失望的一年。伯克希尔未能进行重大收购——连续多年没有进行收购。该公司也未能利用春季股市动荡进行大额收购。尽管截至第三季度末，伯克希尔哈撒韦公司拥有1,460亿美元现金。</blockquote></p><p></p><p> In fact, Berkshire was likely a net seller of around $9 billion worth of stocks last year, as it liquidated holdings inJPMorgan Chase(JPM) andGoldman Sachs Group(GS) at considerably below current prices and significantly cut its stake inWells Fargo(WFC).</p><p><blockquote>事实上，伯克希尔去年可能净卖出了价值约90亿美元的股票，因为它以远低于当前价格的价格清算了摩根大通(JPM)和高盛集团(GS)的股份，并大幅削减了富国银行(WFC)的股份。</blockquote></p><p> Buffett unloaded Berkshire’s airline investments near the market bottom in April for about $6 billion. Former holdingsSouthwest Airlines(LUV) andDelta Air Lines(DAL) have nearly doubled since then.</p><p><blockquote>巴菲特在4月份接近市场底部时以约60亿美元的价格抛售了伯克希尔的航空投资。此后，前控股的西南航空（LUV）和达美航空（DAL）股价几乎翻了一番。</blockquote></p><p> Succession is also on the minds of investors, with Buffett having turned 90 in August.</p><p><blockquote>随着巴菲特八月份就满90岁了，继任也是投资者关心的问题。</blockquote></p><p> <i>Barron’s</i> has argued that Buffett mightwant to give up the CEO jobto Berkshire senior executive Greg Abel while remaining chairman and overseeing the investment portfolio. Buffett has said little about succession in his recent annual letters so it would be notable if he does address the topic.</p><p><blockquote><i>巴伦周刊</i>认为巴菲特可能希望将首席执行官的职位让给伯克希尔高级管理人员格雷格·阿贝尔，同时继续担任董事长并监督投资组合。巴菲特在最近的年度信件中很少谈到继承问题，因此如果他确实谈到这个话题，那将是值得注意的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/what-to-watch-for-in-the-earnings-of-warren-buffetts-berkshire-hathaway-51614280771?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":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://www.barrons.com/articles/what-to-watch-for-in-the-earnings-of-warren-buffetts-berkshire-hathaway-51614280771?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168093489","content_text":"Berkshire Hathaway’s share repurchases will be a major investor focus when the company reports its fourth-quarter earnings on Saturday in conjunction with CEO Warren Buffett’s eagerly awaited shareholder letter and the company’s annual report.\nBerkshire (ticker: BRK.B and BRK. A) stepped up its stock buybacks in the third quarter, cheering investors who wanted to see a signal from Buffett that the stock was inexpensive after badly trailing the S&P 500 in 2019 and 2020 by a total of more than 40 percentage points.\nThe fourth-quarter buybacks will offer a read on whether Buffett felt the stock remained cheap as it appreciated during the period. News of a sizable buyback could buoy investors and lift Berkshire shares next week.\nBerkshire’s class A shares finished 2020 at $348,000, up 10% from Sept. 30. The stock has rallied further in 2021, gaining 6.5%, to $371,200 and topping the S&P 500’s 3.5% total return. Shares were down 1% on Thursday after hitting a record high of more than $377,000. The class B shares were 0.9% lower Thursday, at $246.26.\nBerkshire bought back a record $9 billion in the third quarter, or nearly 2% of its shares outstanding, up from $5 billion in the second quarter. For the first nine months of 2020, Berkshire repurchased $15.7 billion, more than the $5 billion in all of 2019.\nThe company continued to repurchase stock during October, buying back more than $2 billion, based on data from the third-quarter 10-Q filing.\nIt’s difficult to peg the fourth-quarter buybacks but a figure of about $7 billion wouldn’t be surprising.\nBuffett may address the stepped-up repurchase activity in his shareholder letter.In an article last week,Barron’surged Berkshire to initiate a 2% dividend—it now pays nothing—and to provide greater financial disclosure about major divisions like Precision Castparts, a maker of aircraft parts that has been hard hit by the aerospace downturn.\nThe CEO is price conscious and won’t pay any price for Berkshire shares. The good news for shareholders is that book value likely rose smartly in the fourth quarter, thanks to big gains in Berkshire’s $270 billion equity portfolio—appreciation could have approached $40 billion. Paper gains and losses in the equity portfolio are reflected in both book value and earnings.\nApple(AAPL), the largest holding at nearly 900 million shares, rose by more than $15 billion in the fourth quarter, and other big investments appreciated, includingBank of America(BAC),Coca-Cola(KO), andAmerican Express(AXP).\nBook value is estimated to have ended 2020 at around $287,000 per class A share, according to Edward Jones analyst James Shanahan. That would be up about 9% from the Sept. 30 level of $264,000.\nBook value at the end of the current quarter could approach $295,000 per class A share, boosted by operating earnings of about $4,000 a class A share and some appreciation in the equity portfolio. Apple is down about 7% so far in 2021 to $124, which will weigh on overall gains in the portfolio.\nBerkshire stock now trades nearly 1.3 times projected March 31 book value—assuming no major changes in the stock market. That is below the average of 1.4 times book value in the past five years and is likely below by a comfortable margin what Buffett calls the company’s intrinsic value.\nIt will be interesting to see whether Buffett has been willing to buy back much stock in the current quarter given the appreciation. Investors won’t find that out until May, when the company releases first-quarter earnings and its 10-Q for the period.\nBerkshire’s fourth-quarter operating earnings—excluding changes in the equity portfolio—are expected to be up about 25% in the period, to $3,368 a class A share and $2.25 a class B share.\nBerkshire stock has gotten a lift as investors anticipate solid growth in the company’s earnings this year, driven by a raft of economically sensitive businesses including the Burlington Northern Santa Fe railroad and a group of housing-related units, including Shaw Industries (carpet and flooring), Benjamin Moore (paints), and Clayton Homes, a big producer of manufactured housing.\nThe overall earnings for the fourth quarter will likely be enormous because of paper gains in the stock portfolio that run through the income statement.\nBarron’s has argued that Berkshirelooks appealing, thanks to its relatively low valuation and strong profit outlook.\nIn the letter, Buffett may address what was a disappointing year for investment activity in 2020. Berkshire failed to make a major acquisition—continuing a multiyear period without one. And the company failed to capitalize on the stock-market turmoil in the spring to make big purchases. That’s despite Berkshire sitting on $146 billion in cash as of the end of third quarter.\nIn fact, Berkshire was likely a net seller of around $9 billion worth of stocks last year, as it liquidated holdings inJPMorgan Chase(JPM) andGoldman Sachs Group(GS) at considerably below current prices and significantly cut its stake inWells Fargo(WFC).\nBuffett unloaded Berkshire’s airline investments near the market bottom in April for about $6 billion. Former holdingsSouthwest Airlines(LUV) andDelta Air Lines(DAL) have nearly doubled since then.\nSuccession is also on the minds of investors, with Buffett having turned 90 in August.\nBarron’s has argued that Buffett mightwant to give up the CEO jobto Berkshire senior executive Greg Abel while remaining chairman and overseeing the investment portfolio. Buffett has said little about succession in his recent annual letters so it would be notable if he does address the topic.","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":481,"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":11,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/368689496"}
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