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2021-04-27
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Berkshire Hathaway’s Annual Meeting Is Saturday. Here’s What Warren Buffett Is Likely to Be Asked About.<blockquote>伯克希尔哈撒韦公司的年会是周六。以下是沃伦·巴菲特可能会被问到的问题。</blockquote>
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Appreciated!","highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/374461011","repostId":1184991623,"repostType":4,"repost":{"id":"1184991623","kind":"news","pubTimestamp":1619448590,"share":"https://www.laohu8.com/m/news/1184991623?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:49","market":"us","language":"en","title":"Berkshire Hathaway’s Annual Meeting Is Saturday. Here’s What Warren Buffett Is Likely to Be Asked About.<blockquote>伯克希尔哈撒韦公司的年会是周六。以下是沃伦·巴菲特可能会被问到的问题。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184991623","media":"MarketWatch","summary":"Berkshire HathawayCEO Warren Buffett may field shareholder questions about the company’s stock buyba","content":"<p>Berkshire HathawayCEO Warren Buffett may field shareholder questions about the company’s stock buyback program, investment activity, the acquisition environment, key subsidiaries, succession, and topics like Bitcoin and the SPAC mania at the company’s annual meeting on Saturday.</p><p><blockquote>Berkshire Hathaway首席执行官Warren Buffett可能会在周六的公司年会上回答股东有关公司股票回购计划、投资活动、收购环境、关键子公司、继任以及比特币和SPAC狂热等话题的问题。</blockquote></p><p> The meeting, normally in Omaha, will take place virtually from Los Angeles, enabling longtime vice chairman Charlie Munger, 97, to join the 90-year-old Buffett for 3½ hours of shareholder questions starting at 1:30 p.m. Eastern time.</p><p><blockquote>会议通常在奥马哈举行，但实际上将在洛杉矶举行，97岁的长期副主席查理·芒格(Charlie Munger)能够与90岁的巴菲特一起从下午1:30开始接受3.5小时的股东提问。东部时间。</blockquote></p><p> Buffett is hoping to resume the Omaha extravaganza, which he calls a “Woodstock for Capitalists,” in 2022. The outspoken Munger, who didn’t participate in last year’s meeting, is popular with the Berkshire faithful. Buffett has run Berkshire for 56 years.</p><p><blockquote>巴菲特希望在2022年恢复奥马哈盛宴，他将奥马哈评级为“资本家的伍德斯托克音乐节”。直言不讳的芒格没有参加去年的会议，但他很受伯克希尔忠实粉丝的欢迎。巴菲特经营伯克希尔已经56年了。</blockquote></p><p> Berkshire shareholders will likely be in a good mood with the stock on a roll this year. The class A shares hit a record Monday and are up 0.9% to $412,365 on the session. The class B stock is up 0.7% to $273.96 Monday. The class A stock is up 18% this year, comfortably ahead of the S&P 500’s 12% total return, after badly lagging behind the index in both 2019 and 2020.</p><p><blockquote>伯克希尔股东可能会对该股今年的上涨感到高兴。A类股周一创下历史新高，盘中上涨0.9%，至412,365美元。周一，B类股票上涨0.7%，至273.96美元。该A类股在2019年和2020年严重落后于该指数后，今年上涨了18%，轻松领先于标普500 12%的总回报率。</blockquote></p><p> Berkshire’s aggressive stock repurchase program will probably be a major topic at the meeting. Investors are interested in Buffett’s current appetite for buybacks given the stock’s rally this year.</p><p><blockquote>伯克希尔激进的股票回购计划可能会成为会议的一个主要话题。鉴于该股今年的反弹，投资者对巴菲特目前的回购兴趣很感兴趣。</blockquote></p><p> The company ramped up its buybacks in the second half of 2020, with about $9 billion repurchased in each of the final two quarters of 2020, up from a total of nearly $7 billion in the first half of the year.</p><p><blockquote>该公司在2020年下半年加大了回购力度，2020年最后两个季度每个季度回购约90亿美元，高于上半年的近70亿美元。</blockquote></p><p> Before the meeting on Saturday, Berkshire will release its first-quarter earnings, and investors will be focused on the buyback. The company’s operating profits are expected to be up 6%, to $2.55 a class B share, according to FactSet.</p><p><blockquote>在周六会议之前，伯克希尔将发布第一季度财报，投资者将关注回购事宜。FactSet的数据显示，该公司的营业利润预计将增长6%，达到每股B类股2.55美元。</blockquote></p><p> <i>Barron’s</i>has estimated that Berkshire bought back about $5 billion of stock from year-end through early March based on the share count disclosed in the recent proxy statement. Investors will look to see how much more stock Berkshire repurchased during the rest of March as the share price rose. Our guess is that Berkshire probably didn’t match the fourth-quarter total of $9 billion in the first quarter.</p><p><blockquote><i>巴伦周刊</i>根据最近的委托书中披露的股票数量，估计伯克希尔从年底到3月初回购了约50亿美元的股票。随着股价上涨，投资者将关注伯克希尔哈撒韦公司在3月份剩余时间内回购了多少股票。我们的猜测是，伯克希尔哈撒韦公司可能没有达到第一季度90亿美元的第四季度总额。</blockquote></p><p> “I’m interested to see their enthusiasm for the buyback program given the performance of the stock,” says James Shanahan, an Edward Jones analyst, referring to Buffett and Munger.</p><p><blockquote>爱德华·琼斯(Edward Jones)分析师詹姆斯·沙纳汉(James Shanahan)在谈到巴菲特和芒格时表示：“鉴于该股的表现，我有兴趣看到他们对回购计划的热情。”</blockquote></p><p> Buffett has said Berkshire will be price conscious about buybacks, but has not provided any specifics.</p><p><blockquote>巴菲特曾表示，伯克希尔将对回购保持价格意识，但没有提供任何细节。</blockquote></p><p> Shanahan sees a rise in the book value to $296,000 a class A share on March 31 from $287,000 at year-end 2020. The stock now trades for about 1.4 times that March 31 estimate, up from a low of around 1.1 times book a year ago and close to the five-year average.</p><p><blockquote>沙纳汉预计A类股的账面价值将从2020年底的287,000美元升至3月31日的296,000美元。该股目前的交易价格约为3月31日预期的1.4倍，高于一年前约1.1倍的低点，接近五年平均水平。</blockquote></p><p> There could also be shareholder questions about climate change and diversity at Berkshire. The company has recommended that shareholders reject proposals about providing more disclosure about both issues.</p><p><blockquote>股东还可能对伯克希尔的气候变化和多样性提出疑问。该公司建议股东拒绝就这两个问题提供更多信息的提议。</blockquote></p><p> Buffett is likely to weigh in on the current investment landscape.</p><p><blockquote>巴菲特可能会对当前的投资格局发表意见。</blockquote></p><p> He wasn’t aggressive on making new investments in 2020, as Berkshire sold a net $8 billion of stocks, including a group of airlines, and stakes inJPMorgan Chase(JPM) andGoldman Sachs Group(GS).</p><p><blockquote>他在2020年并没有积极进行新投资，伯克希尔哈撒韦净出售了80亿美元的股票，其中包括一组航空公司，以及摩根大通(JPM)和高盛集团(GS)的股份。</blockquote></p><p> This disappointed many holders who hoped Buffett would have been a big buyer of stocks during the selloff and follow his maxim to be “fearful when others are greedy, and greedy when others are fearful.”</p><p><blockquote>这让许多持有者感到失望，他们希望巴菲特在抛售期间成为股票的大买家，并遵循他的格言“当别人贪婪时恐惧，当别人恐惧时贪婪”。</blockquote></p><p> Berkshire did establish sizable stakes inVerizon Communications(VZ) andChevron(CVX). Buffett may be asked about those purchases and the outlook for bank stocks and the overall market, which is now trading at lofty valuation, with the S&P 500 at around 23 times projected 2021 earnings.</p><p><blockquote>伯克希尔确实在瑞森通信公司（VZ）和雪佛龙公司（CVX）持有了大量股份。巴菲特可能会被问及这些购买以及银行股和整体市场的前景，巴菲特目前估值很高，标普500约为2021年预计市盈率的23倍。</blockquote></p><p> Berkshire has also been quiet on acquisitions with only one notable deal in 2020, a roughly $10 billion purchase ofDominion Energy’s(D) natural-gas pipeline business by Berkshire Hathaway’s big utility unit, Berkshire Hathaway Energy.</p><p><blockquote>伯克希尔哈撒韦公司在收购方面也一直保持沉默，2020年只有一笔值得注意的交易，即伯克希尔哈撒韦公司的大型公用事业部门伯克希尔哈撒韦能源公司以约100亿美元收购了Dominion Energy(D)的天然气管道业务。</blockquote></p><p> Buffett has long sought to land what he has called an “elephant,” or a large acquisition, but that has proven elusive. Berkshire’s only big deal in the past decade was its $33 billion purchase of Precision Castparts in 2016. The deal for the aircraft-parts maker hasn’t gone well, with the company hit by the aerospace downturn in 2020, forcing Berkshire to take a roughly $11 billion write-down. Amid an improving aerospace market, Buffett might be queried about the outlook for Precision Castparts.</p><p><blockquote>巴菲特长期以来一直寻求实现他所谓的“大象”或大型收购，但事实证明这是难以实现的。伯克希尔在过去十年中唯一的一笔大交易是2016年斥资330亿美元收购Precision Castparts。这家飞机零部件制造商的交易进展并不顺利，该公司在2020年受到了航空航天低迷的打击，迫使伯克希尔哈撒韦公司进行了约110亿美元的减记。在航空航天市场不断改善的情况下，巴菲特可能会被问及精密铸件的前景。</blockquote></p><p> Buffett has complained in the past that aggressive private-equity firms have made it tough for Berkshire to land big deals. Now, the acquisition environment is even tougher amid record stock prices and a big new buyer of private companies in SPACs, or special-purpose acquisition companies, that have raised about $100 billion this year alone to pursue deals.</p><p><blockquote>巴菲特过去曾抱怨过，激进的私募股权公司让伯克希尔很难达成大交易。现在，在创纪录的股价和SPAC（特殊目的收购公司）私营公司的新大买家中，收购环境变得更加严峻，仅今年一年就筹集了约1000亿美元来寻求交易。</blockquote></p><p></p><p> “It’s unlikely there will be a major acquisition soon,” Shanahan says. Berkshire handicaps itself by refusing to participate in corporate auctions. Buffett prefers old-style handshake deals and tells potential sellers that Berkshire’s generally hands-off approach to its dozens of subsidiaries makes it an ideal home for their businesses.</p><p><blockquote>“短期内不太可能进行重大收购，”沙纳汉说。伯克希尔通过拒绝参与公司拍卖来阻碍自己。巴菲特更喜欢老式的握手交易，并告诉潜在卖家，伯克希尔对其数十家子公司普遍不干涉的态度使其成为他们企业的理想家园。</blockquote></p><p> Investors may ask Buffett about trends in the reinsurance business, an important part of Berkshire’s big property and casualty insurance operations. Pricing has been improving in the P&C market. Investors also may query him about Berkshire’s Geico unit, which has been losing ground to its chief auto-insurance rival,Progressive(PGR) in the past year. Geico and Progressive are the two best-run auto insurers in the country and now rank second and third, respectively, behind State Farm.</p><p><blockquote>投资者可能会向巴菲特询问再保险业务的趋势，再保险业务是伯克希尔大型财产和意外险业务的重要组成部分。P&C市场的定价一直在改善。投资者还可能向他询问伯克希尔哈撒韦公司的Geico部门，该部门在过去一年中一直输给其主要汽车保险竞争对手Progressive(PGR)。Geico和Progressive是美国运营最好的两家汽车保险公司，目前分别排名第二和第三，仅次于State Farm。</blockquote></p><p> In a surprise move, Berkshire decided to name one of Buffett’s top investment lieutenants, Todd Combs, as CEO of Geico at the start of 2020. Investors may want to know how long Combs plans to stay at Geico.</p><p><blockquote>伯克希尔出人意料地决定在2020年初任命巴菲特的高级投资副手之一托德·库姆斯(Todd Combs)担任Geico首席执行官。投资者可能想知道库姆斯计划在Geico呆多久。</blockquote></p><p> There also may be questions about the investment performance of Combs and Ted Weschler, who together run an estimated 10% of Berkshire’s $295 billion equity investment portfolio. The two are a good bet to run the entire equity portfolio in the post-Buffett era.</p><p><blockquote>库姆斯和特德·韦施勒的投资表现也可能存在疑问，他们共同管理着伯克希尔2950亿美元股权投资组合的约10%。在后巴菲特时代，这两家公司是管理整个股票投资组合的绝佳选择。</blockquote></p><p> Another topic is likely to be the railroad industry given the bidding war forKansas City Southern(KSU) by two leading Canadian railroads. Berkshire owns Burlington Northern Santa Fe, one of the big four railroads in the country. Berkshire is unlikely to get involved in the contest for Kansas City Southern.</p><p><blockquote>另一个话题可能是铁路行业，因为加拿大两家主要铁路公司对堪萨斯城南方铁路（KSU）的竞购战。伯克希尔拥有美国四大铁路之一的伯灵顿北圣达菲铁路公司。伯克希尔不太可能参与堪萨斯城南方银行的竞争。</blockquote></p><p> BNSF is probably the single most valuable division within Berkshire and would be worth close to $150 billion, in line with its public rivalUnion Pacific(UNP), if it were a stand-alone company. Berkshire is now valued at around $625 billion.</p><p><blockquote>BNSF可能是伯克希尔旗下最有价值的部门，如果是一家独立公司，其价值将接近1500亿美元，与其上市竞争对手联合太平洋公司(UNP)持平。伯克希尔目前的估值约为6250亿美元。</blockquote></p><p> Buffett has been a prominent Bitcoin skeptic, having called it “rat poison squared” and not a legitimate asset class. Shareholders may ask what he thinks now that Bitcoin has soared.</p><p><blockquote>巴菲特一直是著名的比特币怀疑论者，称其为“老鼠药的平方”，而不是合法的资产类别。股东可能会问，现在比特币大涨了，他是怎么想的。</blockquote></p><p> Also on hand to answer questions will be Berkshire’s vice chairmen, Ajit Jain and Greg Abel, who head Berkshire’s insurance and non-insurance operations, respectively.<i>Barron’s</i>has identified Abel as the most likely successor to Buffett as CEO.</p><p><blockquote>伯克希尔的副主席阿吉特·贾恩(Ajit Jain)和格雷格·阿贝尔(Greg Abel)也将到场回答问题，他们分别负责伯克希尔的保险和非保险业务。<i>巴伦周刊</i>已确定阿贝尔是最有可能接替巴菲特担任首席执行官的人。</blockquote></p><p> Some investors—and<i>Barron’s</i>—would like to see Jain, Abel, Combs, and Weschler get more exposure at the meeting as the likely next generation of leadership at Berkshire. But Buffett is a creature of habit and he likes the Warren and Charlie show. So that’s what it will be.</p><p><blockquote>一些投资者——以及<i>巴伦周刊</i>——希望看到贾恩、阿贝尔、库姆斯和韦施勒作为伯克希尔下一代领导人在会议上获得更多曝光。但巴菲特是一个习惯性的生物，他喜欢沃伦和查理秀。所以事情就是这样。</blockquote></p><p></p>","source":"lsy1603348471595","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’s Annual Meeting Is Saturday. Here’s What Warren Buffett Is Likely to Be Asked About.<blockquote>伯克希尔哈撒韦公司的年会是周六。以下是沃伦·巴菲特可能会被问到的问题。</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’s Annual Meeting Is Saturday. Here’s What Warren Buffett Is Likely to Be Asked About.<blockquote>伯克希尔哈撒韦公司的年会是周六。以下是沃伦·巴菲特可能会被问到的问题。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-26 22:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Berkshire HathawayCEO Warren Buffett may field shareholder questions about the company’s stock buyback program, investment activity, the acquisition environment, key subsidiaries, succession, and topics like Bitcoin and the SPAC mania at the company’s annual meeting on Saturday.</p><p><blockquote>Berkshire Hathaway首席执行官Warren Buffett可能会在周六的公司年会上回答股东有关公司股票回购计划、投资活动、收购环境、关键子公司、继任以及比特币和SPAC狂热等话题的问题。</blockquote></p><p> The meeting, normally in Omaha, will take place virtually from Los Angeles, enabling longtime vice chairman Charlie Munger, 97, to join the 90-year-old Buffett for 3½ hours of shareholder questions starting at 1:30 p.m. Eastern time.</p><p><blockquote>会议通常在奥马哈举行，但实际上将在洛杉矶举行，97岁的长期副主席查理·芒格(Charlie Munger)能够与90岁的巴菲特一起从下午1:30开始接受3.5小时的股东提问。东部时间。</blockquote></p><p> Buffett is hoping to resume the Omaha extravaganza, which he calls a “Woodstock for Capitalists,” in 2022. The outspoken Munger, who didn’t participate in last year’s meeting, is popular with the Berkshire faithful. Buffett has run Berkshire for 56 years.</p><p><blockquote>巴菲特希望在2022年恢复奥马哈盛宴，他将奥马哈评级为“资本家的伍德斯托克音乐节”。直言不讳的芒格没有参加去年的会议，但他很受伯克希尔忠实粉丝的欢迎。巴菲特经营伯克希尔已经56年了。</blockquote></p><p> Berkshire shareholders will likely be in a good mood with the stock on a roll this year. The class A shares hit a record Monday and are up 0.9% to $412,365 on the session. The class B stock is up 0.7% to $273.96 Monday. The class A stock is up 18% this year, comfortably ahead of the S&P 500’s 12% total return, after badly lagging behind the index in both 2019 and 2020.</p><p><blockquote>伯克希尔股东可能会对该股今年的上涨感到高兴。A类股周一创下历史新高，盘中上涨0.9%，至412,365美元。周一，B类股票上涨0.7%，至273.96美元。该A类股在2019年和2020年严重落后于该指数后，今年上涨了18%，轻松领先于标普500 12%的总回报率。</blockquote></p><p> Berkshire’s aggressive stock repurchase program will probably be a major topic at the meeting. Investors are interested in Buffett’s current appetite for buybacks given the stock’s rally this year.</p><p><blockquote>伯克希尔激进的股票回购计划可能会成为会议的一个主要话题。鉴于该股今年的反弹，投资者对巴菲特目前的回购兴趣很感兴趣。</blockquote></p><p> The company ramped up its buybacks in the second half of 2020, with about $9 billion repurchased in each of the final two quarters of 2020, up from a total of nearly $7 billion in the first half of the year.</p><p><blockquote>该公司在2020年下半年加大了回购力度，2020年最后两个季度每个季度回购约90亿美元，高于上半年的近70亿美元。</blockquote></p><p> Before the meeting on Saturday, Berkshire will release its first-quarter earnings, and investors will be focused on the buyback. The company’s operating profits are expected to be up 6%, to $2.55 a class B share, according to FactSet.</p><p><blockquote>在周六会议之前，伯克希尔将发布第一季度财报，投资者将关注回购事宜。FactSet的数据显示，该公司的营业利润预计将增长6%，达到每股B类股2.55美元。</blockquote></p><p> <i>Barron’s</i>has estimated that Berkshire bought back about $5 billion of stock from year-end through early March based on the share count disclosed in the recent proxy statement. Investors will look to see how much more stock Berkshire repurchased during the rest of March as the share price rose. Our guess is that Berkshire probably didn’t match the fourth-quarter total of $9 billion in the first quarter.</p><p><blockquote><i>巴伦周刊</i>根据最近的委托书中披露的股票数量，估计伯克希尔从年底到3月初回购了约50亿美元的股票。随着股价上涨，投资者将关注伯克希尔哈撒韦公司在3月份剩余时间内回购了多少股票。我们的猜测是，伯克希尔哈撒韦公司可能没有达到第一季度90亿美元的第四季度总额。</blockquote></p><p> “I’m interested to see their enthusiasm for the buyback program given the performance of the stock,” says James Shanahan, an Edward Jones analyst, referring to Buffett and Munger.</p><p><blockquote>爱德华·琼斯(Edward Jones)分析师詹姆斯·沙纳汉(James Shanahan)在谈到巴菲特和芒格时表示：“鉴于该股的表现，我有兴趣看到他们对回购计划的热情。”</blockquote></p><p> Buffett has said Berkshire will be price conscious about buybacks, but has not provided any specifics.</p><p><blockquote>巴菲特曾表示，伯克希尔将对回购保持价格意识，但没有提供任何细节。</blockquote></p><p> Shanahan sees a rise in the book value to $296,000 a class A share on March 31 from $287,000 at year-end 2020. The stock now trades for about 1.4 times that March 31 estimate, up from a low of around 1.1 times book a year ago and close to the five-year average.</p><p><blockquote>沙纳汉预计A类股的账面价值将从2020年底的287,000美元升至3月31日的296,000美元。该股目前的交易价格约为3月31日预期的1.4倍，高于一年前约1.1倍的低点，接近五年平均水平。</blockquote></p><p> There could also be shareholder questions about climate change and diversity at Berkshire. The company has recommended that shareholders reject proposals about providing more disclosure about both issues.</p><p><blockquote>股东还可能对伯克希尔的气候变化和多样性提出疑问。该公司建议股东拒绝就这两个问题提供更多信息的提议。</blockquote></p><p> Buffett is likely to weigh in on the current investment landscape.</p><p><blockquote>巴菲特可能会对当前的投资格局发表意见。</blockquote></p><p> He wasn’t aggressive on making new investments in 2020, as Berkshire sold a net $8 billion of stocks, including a group of airlines, and stakes inJPMorgan Chase(JPM) andGoldman Sachs Group(GS).</p><p><blockquote>他在2020年并没有积极进行新投资，伯克希尔哈撒韦净出售了80亿美元的股票，其中包括一组航空公司，以及摩根大通(JPM)和高盛集团(GS)的股份。</blockquote></p><p> This disappointed many holders who hoped Buffett would have been a big buyer of stocks during the selloff and follow his maxim to be “fearful when others are greedy, and greedy when others are fearful.”</p><p><blockquote>这让许多持有者感到失望，他们希望巴菲特在抛售期间成为股票的大买家，并遵循他的格言“当别人贪婪时恐惧，当别人恐惧时贪婪”。</blockquote></p><p> Berkshire did establish sizable stakes inVerizon Communications(VZ) andChevron(CVX). Buffett may be asked about those purchases and the outlook for bank stocks and the overall market, which is now trading at lofty valuation, with the S&P 500 at around 23 times projected 2021 earnings.</p><p><blockquote>伯克希尔确实在瑞森通信公司（VZ）和雪佛龙公司（CVX）持有了大量股份。巴菲特可能会被问及这些购买以及银行股和整体市场的前景，巴菲特目前估值很高，标普500约为2021年预计市盈率的23倍。</blockquote></p><p> Berkshire has also been quiet on acquisitions with only one notable deal in 2020, a roughly $10 billion purchase ofDominion Energy’s(D) natural-gas pipeline business by Berkshire Hathaway’s big utility unit, Berkshire Hathaway Energy.</p><p><blockquote>伯克希尔哈撒韦公司在收购方面也一直保持沉默，2020年只有一笔值得注意的交易，即伯克希尔哈撒韦公司的大型公用事业部门伯克希尔哈撒韦能源公司以约100亿美元收购了Dominion Energy(D)的天然气管道业务。</blockquote></p><p> Buffett has long sought to land what he has called an “elephant,” or a large acquisition, but that has proven elusive. Berkshire’s only big deal in the past decade was its $33 billion purchase of Precision Castparts in 2016. The deal for the aircraft-parts maker hasn’t gone well, with the company hit by the aerospace downturn in 2020, forcing Berkshire to take a roughly $11 billion write-down. Amid an improving aerospace market, Buffett might be queried about the outlook for Precision Castparts.</p><p><blockquote>巴菲特长期以来一直寻求实现他所谓的“大象”或大型收购，但事实证明这是难以实现的。伯克希尔在过去十年中唯一的一笔大交易是2016年斥资330亿美元收购Precision Castparts。这家飞机零部件制造商的交易进展并不顺利，该公司在2020年受到了航空航天低迷的打击，迫使伯克希尔哈撒韦公司进行了约110亿美元的减记。在航空航天市场不断改善的情况下，巴菲特可能会被问及精密铸件的前景。</blockquote></p><p> Buffett has complained in the past that aggressive private-equity firms have made it tough for Berkshire to land big deals. Now, the acquisition environment is even tougher amid record stock prices and a big new buyer of private companies in SPACs, or special-purpose acquisition companies, that have raised about $100 billion this year alone to pursue deals.</p><p><blockquote>巴菲特过去曾抱怨过，激进的私募股权公司让伯克希尔很难达成大交易。现在，在创纪录的股价和SPAC（特殊目的收购公司）私营公司的新大买家中，收购环境变得更加严峻，仅今年一年就筹集了约1000亿美元来寻求交易。</blockquote></p><p></p><p> “It’s unlikely there will be a major acquisition soon,” Shanahan says. Berkshire handicaps itself by refusing to participate in corporate auctions. Buffett prefers old-style handshake deals and tells potential sellers that Berkshire’s generally hands-off approach to its dozens of subsidiaries makes it an ideal home for their businesses.</p><p><blockquote>“短期内不太可能进行重大收购，”沙纳汉说。伯克希尔通过拒绝参与公司拍卖来阻碍自己。巴菲特更喜欢老式的握手交易，并告诉潜在卖家，伯克希尔对其数十家子公司普遍不干涉的态度使其成为他们企业的理想家园。</blockquote></p><p> Investors may ask Buffett about trends in the reinsurance business, an important part of Berkshire’s big property and casualty insurance operations. Pricing has been improving in the P&C market. Investors also may query him about Berkshire’s Geico unit, which has been losing ground to its chief auto-insurance rival,Progressive(PGR) in the past year. Geico and Progressive are the two best-run auto insurers in the country and now rank second and third, respectively, behind State Farm.</p><p><blockquote>投资者可能会向巴菲特询问再保险业务的趋势，再保险业务是伯克希尔大型财产和意外险业务的重要组成部分。P&C市场的定价一直在改善。投资者还可能向他询问伯克希尔哈撒韦公司的Geico部门，该部门在过去一年中一直输给其主要汽车保险竞争对手Progressive(PGR)。Geico和Progressive是美国运营最好的两家汽车保险公司，目前分别排名第二和第三，仅次于State Farm。</blockquote></p><p> In a surprise move, Berkshire decided to name one of Buffett’s top investment lieutenants, Todd Combs, as CEO of Geico at the start of 2020. Investors may want to know how long Combs plans to stay at Geico.</p><p><blockquote>伯克希尔出人意料地决定在2020年初任命巴菲特的高级投资副手之一托德·库姆斯(Todd Combs)担任Geico首席执行官。投资者可能想知道库姆斯计划在Geico呆多久。</blockquote></p><p> There also may be questions about the investment performance of Combs and Ted Weschler, who together run an estimated 10% of Berkshire’s $295 billion equity investment portfolio. The two are a good bet to run the entire equity portfolio in the post-Buffett era.</p><p><blockquote>库姆斯和特德·韦施勒的投资表现也可能存在疑问，他们共同管理着伯克希尔2950亿美元股权投资组合的约10%。在后巴菲特时代，这两家公司是管理整个股票投资组合的绝佳选择。</blockquote></p><p> Another topic is likely to be the railroad industry given the bidding war forKansas City Southern(KSU) by two leading Canadian railroads. Berkshire owns Burlington Northern Santa Fe, one of the big four railroads in the country. Berkshire is unlikely to get involved in the contest for Kansas City Southern.</p><p><blockquote>另一个话题可能是铁路行业，因为加拿大两家主要铁路公司对堪萨斯城南方铁路（KSU）的竞购战。伯克希尔拥有美国四大铁路之一的伯灵顿北圣达菲铁路公司。伯克希尔不太可能参与堪萨斯城南方银行的竞争。</blockquote></p><p> BNSF is probably the single most valuable division within Berkshire and would be worth close to $150 billion, in line with its public rivalUnion Pacific(UNP), if it were a stand-alone company. Berkshire is now valued at around $625 billion.</p><p><blockquote>BNSF可能是伯克希尔旗下最有价值的部门，如果是一家独立公司，其价值将接近1500亿美元，与其上市竞争对手联合太平洋公司(UNP)持平。伯克希尔目前的估值约为6250亿美元。</blockquote></p><p> Buffett has been a prominent Bitcoin skeptic, having called it “rat poison squared” and not a legitimate asset class. Shareholders may ask what he thinks now that Bitcoin has soared.</p><p><blockquote>巴菲特一直是著名的比特币怀疑论者，称其为“老鼠药的平方”，而不是合法的资产类别。股东可能会问，现在比特币大涨了，他是怎么想的。</blockquote></p><p> Also on hand to answer questions will be Berkshire’s vice chairmen, Ajit Jain and Greg Abel, who head Berkshire’s insurance and non-insurance operations, respectively.<i>Barron’s</i>has identified Abel as the most likely successor to Buffett as CEO.</p><p><blockquote>伯克希尔的副主席阿吉特·贾恩(Ajit Jain)和格雷格·阿贝尔(Greg Abel)也将到场回答问题，他们分别负责伯克希尔的保险和非保险业务。<i>巴伦周刊</i>已确定阿贝尔是最有可能接替巴菲特担任首席执行官的人。</blockquote></p><p> Some investors—and<i>Barron’s</i>—would like to see Jain, Abel, Combs, and Weschler get more exposure at the meeting as the likely next generation of leadership at Berkshire. But Buffett is a creature of habit and he likes the Warren and Charlie show. So that’s what it will be.</p><p><blockquote>一些投资者——以及<i>巴伦周刊</i>——希望看到贾恩、阿贝尔、库姆斯和韦施勒作为伯克希尔下一代领导人在会议上获得更多曝光。但巴菲特是一个习惯性的生物，他喜欢沃伦和查理秀。所以事情就是这样。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/berkshire-hathaways-annual-meeting-is-saturday-heres-what-to-expect-51619447849?mod=mw_latestnews\">MarketWatch</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.marketwatch.com/articles/berkshire-hathaways-annual-meeting-is-saturday-heres-what-to-expect-51619447849?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184991623","content_text":"Berkshire HathawayCEO Warren Buffett may field shareholder questions about the company’s stock buyback program, investment activity, the acquisition environment, key subsidiaries, succession, and topics like Bitcoin and the SPAC mania at the company’s annual meeting on Saturday.\nThe meeting, normally in Omaha, will take place virtually from Los Angeles, enabling longtime vice chairman Charlie Munger, 97, to join the 90-year-old Buffett for 3½ hours of shareholder questions starting at 1:30 p.m. Eastern time.\nBuffett is hoping to resume the Omaha extravaganza, which he calls a “Woodstock for Capitalists,” in 2022. The outspoken Munger, who didn’t participate in last year’s meeting, is popular with the Berkshire faithful. Buffett has run Berkshire for 56 years.\nBerkshire shareholders will likely be in a good mood with the stock on a roll this year. The class A shares hit a record Monday and are up 0.9% to $412,365 on the session. The class B stock is up 0.7% to $273.96 Monday. The class A stock is up 18% this year, comfortably ahead of the S&P 500’s 12% total return, after badly lagging behind the index in both 2019 and 2020.\nBerkshire’s aggressive stock repurchase program will probably be a major topic at the meeting. Investors are interested in Buffett’s current appetite for buybacks given the stock’s rally this year.\nThe company ramped up its buybacks in the second half of 2020, with about $9 billion repurchased in each of the final two quarters of 2020, up from a total of nearly $7 billion in the first half of the year.\nBefore the meeting on Saturday, Berkshire will release its first-quarter earnings, and investors will be focused on the buyback. The company’s operating profits are expected to be up 6%, to $2.55 a class B share, according to FactSet.\nBarron’shas estimated that Berkshire bought back about $5 billion of stock from year-end through early March based on the share count disclosed in the recent proxy statement. Investors will look to see how much more stock Berkshire repurchased during the rest of March as the share price rose. Our guess is that Berkshire probably didn’t match the fourth-quarter total of $9 billion in the first quarter.\n“I’m interested to see their enthusiasm for the buyback program given the performance of the stock,” says James Shanahan, an Edward Jones analyst, referring to Buffett and Munger.\nBuffett has said Berkshire will be price conscious about buybacks, but has not provided any specifics.\nShanahan sees a rise in the book value to $296,000 a class A share on March 31 from $287,000 at year-end 2020. The stock now trades for about 1.4 times that March 31 estimate, up from a low of around 1.1 times book a year ago and close to the five-year average.\nThere could also be shareholder questions about climate change and diversity at Berkshire. The company has recommended that shareholders reject proposals about providing more disclosure about both issues.\nBuffett is likely to weigh in on the current investment landscape.\nHe wasn’t aggressive on making new investments in 2020, as Berkshire sold a net $8 billion of stocks, including a group of airlines, and stakes inJPMorgan Chase(JPM) andGoldman Sachs Group(GS).\nThis disappointed many holders who hoped Buffett would have been a big buyer of stocks during the selloff and follow his maxim to be “fearful when others are greedy, and greedy when others are fearful.”\nBerkshire did establish sizable stakes inVerizon Communications(VZ) andChevron(CVX). Buffett may be asked about those purchases and the outlook for bank stocks and the overall market, which is now trading at lofty valuation, with the S&P 500 at around 23 times projected 2021 earnings.\nBerkshire has also been quiet on acquisitions with only one notable deal in 2020, a roughly $10 billion purchase ofDominion Energy’s(D) natural-gas pipeline business by Berkshire Hathaway’s big utility unit, Berkshire Hathaway Energy.\nBuffett has long sought to land what he has called an “elephant,” or a large acquisition, but that has proven elusive. Berkshire’s only big deal in the past decade was its $33 billion purchase of Precision Castparts in 2016. The deal for the aircraft-parts maker hasn’t gone well, with the company hit by the aerospace downturn in 2020, forcing Berkshire to take a roughly $11 billion write-down. Amid an improving aerospace market, Buffett might be queried about the outlook for Precision Castparts.\nBuffett has complained in the past that aggressive private-equity firms have made it tough for Berkshire to land big deals. Now, the acquisition environment is even tougher amid record stock prices and a big new buyer of private companies in SPACs, or special-purpose acquisition companies, that have raised about $100 billion this year alone to pursue deals.\n“It’s unlikely there will be a major acquisition soon,” Shanahan says. Berkshire handicaps itself by refusing to participate in corporate auctions. Buffett prefers old-style handshake deals and tells potential sellers that Berkshire’s generally hands-off approach to its dozens of subsidiaries makes it an ideal home for their businesses.\nInvestors may ask Buffett about trends in the reinsurance business, an important part of Berkshire’s big property and casualty insurance operations. Pricing has been improving in the P&C market. Investors also may query him about Berkshire’s Geico unit, which has been losing ground to its chief auto-insurance rival,Progressive(PGR) in the past year. Geico and Progressive are the two best-run auto insurers in the country and now rank second and third, respectively, behind State Farm.\nIn a surprise move, Berkshire decided to name one of Buffett’s top investment lieutenants, Todd Combs, as CEO of Geico at the start of 2020. Investors may want to know how long Combs plans to stay at Geico.\nThere also may be questions about the investment performance of Combs and Ted Weschler, who together run an estimated 10% of Berkshire’s $295 billion equity investment portfolio. The two are a good bet to run the entire equity portfolio in the post-Buffett era.\nAnother topic is likely to be the railroad industry given the bidding war forKansas City Southern(KSU) by two leading Canadian railroads. Berkshire owns Burlington Northern Santa Fe, one of the big four railroads in the country. Berkshire is unlikely to get involved in the contest for Kansas City Southern.\nBNSF is probably the single most valuable division within Berkshire and would be worth close to $150 billion, in line with its public rivalUnion Pacific(UNP), if it were a stand-alone company. Berkshire is now valued at around $625 billion.\nBuffett has been a prominent Bitcoin skeptic, having called it “rat poison squared” and not a legitimate asset class. Shareholders may ask what he thinks now that Bitcoin has soared.\nAlso on hand to answer questions will be Berkshire’s vice chairmen, Ajit Jain and Greg Abel, who head Berkshire’s insurance and non-insurance operations, respectively.Barron’shas identified Abel as the most likely successor to Buffett as CEO.\nSome investors—andBarron’s—would like to see Jain, Abel, Combs, and Weschler get more exposure at the meeting as the likely next generation of leadership at Berkshire. But Buffett is a creature of habit and he likes the Warren and Charlie show. So that’s what it will be.","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":281,"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":33,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/374461011"}
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