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2021-04-27

Always interesting to listen in to Berkshire AGM

Berkshire Hathaway’s Annual Meeting Is Saturday. Here’s What Warren Buffett Is Likely to Be Asked About.<blockquote>伯克希尔-哈撒韦公司的年会将于周六举行。以下是沃伦-巴菲特可能会被问到的问题。</blockquote>

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Here’s What Warren Buffett Is Likely to Be Asked About.<blockquote>伯克希尔-哈撒韦公司的年会将于周六举行。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":"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.<blockquote>伯克希尔-哈撒韦公司（Berkshire Hathaway）首席执行官沃伦-巴菲特（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、主要子公司、继任以及比特币和 SPAC 狂热等话题的问题。</blockquote> 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.<blockquote>会议通常在奥马哈举行，将在洛杉矶举行，使 97 岁的长期副董事长查理·芒格 (Charlie Munger) 能够与 90 岁的巴菲特一起从下午 1:30 开始进行 3.5 小时的股东提问。东部时间。</blockquote> 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.<blockquote>巴菲特希望在 2022 年恢复奥马哈盛会，他将奥马哈盛会评级为 “资本家的伍德斯托克”。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信徒的欢迎。巴菲特经营伯克希尔已经56年了。</blockquote> 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&amp;P 500’s 12% total return, after badly lagging behind the index in both 2019 and 2020.<blockquote>随着该股今年的上涨，伯克希尔股东可能会心情很好。A 类股周一创下历史新高，盘中上涨 0.9%，至 412,365 美元。B类股周一上涨0.7%，至273.96美元。A 类股今年上涨了 18%，轻松领先于标普500 12% 的总回报率，而 2019 年和 2020 年都严重落后于该指数。</blockquote> 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.<blockquote>伯克希尔积极的股票回购计划可能会成为会议的一个主要议题。鉴于巴菲特今年的股价上涨，投资者对巴菲特目前的回购意愿很感兴趣。</blockquote> 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.<blockquote>该公司在2020年下半年加大了回购力度，2020年最后两个季度的回购总额约为90亿美元，高于上半年的近70亿美元。</blockquote> 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.<blockquote>在周六的会议之前，伯克希尔将发布第一季度财报，投资者将关注此次回购。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> Barron’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.<blockquote>巴伦根据最近委托书中披露的股份数量，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，伯克希尔可能没有达到第一季度 90 亿美元的第四季度总额。</blockquote> “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.<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说：”鉴于股票的表现，我很想看看他们对回购计划的热情。</blockquote> Buffett has said Berkshire will be price conscious about buybacks, but has not provided any specifics.<blockquote>巴菲特表示，伯克希尔将关注回购的价格，但没有提供任何细节。</blockquote> 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.<blockquote>Shanahan 预计 3 月 31 日 A 类股票的账面价值将从 2020 年底的 287,000 美元升至 296,000 美元。该股目前的交易价格约为 3 月 31 日估计的 1.4 倍，高于一年前约 1.1 倍的低点，接近五年平均水平。</blockquote> 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.<blockquote>伯克希尔的股东也可能会对伯克希尔的气候变化和多元化提出疑问。该公司建议股东拒绝就这两个问题提供更多披露的提议。</blockquote> Buffett is likely to weigh in on the current investment landscape.<blockquote>巴菲特可能会对当前的投资格局发表意见。</blockquote> 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).<blockquote>伯克希尔在 2020 年并没有积极进行新的投资，因为伯克希尔净出售了 80 亿美元的股票，其中包括一批航空公司，并持有摩根大通（JPM）和高盛集团（GS）的股份。</blockquote> 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.”<blockquote>这让许多持有者感到失望，他们希望巴菲特能在抛售期间成为股票的大买家，并遵循他的格言，即 “别人贪婪时恐惧，别人恐惧时贪婪 ”。</blockquote> 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&amp;P 500 at around 23 times projected 2021 earnings.<blockquote>伯克希尔确实持有 inVerizon Communications (VZ) 和雪佛龙 (CVX) 的大量股份。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，目前整个市场的估值很高，标普500约为 2021 年预期收益的 23 倍。</blockquote> 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.<blockquote>伯克希尔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（Berkshire Hathaway）的大型公用事业部门伯克希尔-哈撒韦能源公司（Berkshire Hathaway Energy）以约 100 亿美元收购 Dominion Energy（D）的天然气管道业务。</blockquote> 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.<blockquote>巴菲特长期以来一直在寻求收购他所谓的 “大象 ”或大型收购，但事实证明这难以实现。伯克希尔在过去十年中唯一的一笔大交易是在 2016 年以 330 亿美元收购了 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 年受到航空航天业低迷的打击，迫使伯克希尔公司减记了约 110 亿美元的资产。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> 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.<blockquote>巴菲特过去曾抱怨说，激进的私募股权公司使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）中私营公司的大型新买家中，收购环境变得更加艰难，仅今年一年就筹集了约1000亿美元来进行交易。</blockquote> “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.<blockquote>“沙纳汉说：”不太可能很快进行重大收购。伯克希尔拒绝参与公司拍卖，从而使自己陷入困境。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通常采取不干涉的态度，使其成为他们业务的理想基地。</blockquote> 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&amp;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.<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庞大的财产和意外伤害保险业务的重要组成部分。P&amp;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旗下的 Geico 部门，该部门在过去一年中一直在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> 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.<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）为 Geico 的首席执行官。投资者可能想知道库姆斯计划在 Geico 待多久。</blockquote> 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.<blockquote>库姆斯和特德-韦施勒（Ted Weschler）的投资业绩也可能受到质疑，他们共同管理着伯克希尔2950亿美元股票投资组合的约10%。这两者是后巴菲特时代管理整个股票投资组合的好选择。</blockquote> 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.<blockquote>另一个话题可能是铁路行业，因为加拿大两家领先的铁路公司对堪萨斯城南部（KSU）的竞购战。伯克希尔拥有伯灵顿北圣达菲铁路公司，这是美国四大铁路公司之一。伯克希尔不太可能参与堪萨斯城南方的竞争。</blockquote> 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.<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，与其公共竞争对手联合太平洋 (UNP) 持平。伯克希尔目前的估值约为 6250 亿美元。</blockquote> 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.<blockquote>巴菲特一直是比特币的著名怀疑论者，称其为 “老鼠药的平方”，而不是合法的资产类别。股东们可能会问，既然比特币已经飙升，他怎么看。</blockquote> 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.Barron’shas identified Abel as the most likely successor to Buffett as CEO.<blockquote>伯克希尔副董事长阿吉特-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。巴伦已确定阿贝尔是巴菲特最有可能的首席执行官继任者。</blockquote> Some 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.<blockquote>一些投资者——以及巴伦——希望看到贾恩、阿贝尔、库姆斯和韦施勒作为伯克希尔可能的下一代领导层，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。这就是它的样子。</blockquote>","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-哈撒韦公司的年会将于周六举行。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-哈撒韦公司的年会将于周六举行。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\nMarketWatch2021-04-26 22:49\n\n</h4>\n</header>\n<article>\nBerkshire 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.<blockquote>伯克希尔-哈撒韦公司（Berkshire Hathaway）首席执行官沃伦-巴菲特（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、主要子公司、继任以及比特币和 SPAC 狂热等话题的问题。</blockquote> 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.<blockquote>会议通常在奥马哈举行，将在洛杉矶举行，使 97 岁的长期副董事长查理·芒格 (Charlie Munger) 能够与 90 岁的巴菲特一起从下午 1:30 开始进行 3.5 小时的股东提问。东部时间。</blockquote> 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.<blockquote>巴菲特希望在 2022 年恢复奥马哈盛会，他将奥马哈盛会评级为 “资本家的伍德斯托克”。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信徒的欢迎。巴菲特经营伯克希尔已经56年了。</blockquote> 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&amp;P 500’s 12% total return, after badly lagging behind the index in both 2019 and 2020.<blockquote>随着该股今年的上涨，伯克希尔股东可能会心情很好。A 类股周一创下历史新高，盘中上涨 0.9%，至 412,365 美元。B类股周一上涨0.7%，至273.96美元。A 类股今年上涨了 18%，轻松领先于标普500 12% 的总回报率，而 2019 年和 2020 年都严重落后于该指数。</blockquote> 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.<blockquote>伯克希尔积极的股票回购计划可能会成为会议的一个主要议题。鉴于巴菲特今年的股价上涨，投资者对巴菲特目前的回购意愿很感兴趣。</blockquote> 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.<blockquote>该公司在2020年下半年加大了回购力度，2020年最后两个季度的回购总额约为90亿美元，高于上半年的近70亿美元。</blockquote> 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.<blockquote>在周六的会议之前，伯克希尔将发布第一季度财报，投资者将关注此次回购。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> Barron’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.<blockquote>巴伦根据最近委托书中披露的股份数量，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，伯克希尔可能没有达到第一季度 90 亿美元的第四季度总额。</blockquote> “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.<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说：”鉴于股票的表现，我很想看看他们对回购计划的热情。</blockquote> Buffett has said Berkshire will be price conscious about buybacks, but has not provided any specifics.<blockquote>巴菲特表示，伯克希尔将关注回购的价格，但没有提供任何细节。</blockquote> 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.<blockquote>Shanahan 预计 3 月 31 日 A 类股票的账面价值将从 2020 年底的 287,000 美元升至 296,000 美元。该股目前的交易价格约为 3 月 31 日估计的 1.4 倍，高于一年前约 1.1 倍的低点，接近五年平均水平。</blockquote> 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.<blockquote>伯克希尔的股东也可能会对伯克希尔的气候变化和多元化提出疑问。该公司建议股东拒绝就这两个问题提供更多披露的提议。</blockquote> Buffett is likely to weigh in on the current investment landscape.<blockquote>巴菲特可能会对当前的投资格局发表意见。</blockquote> 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).<blockquote>伯克希尔在 2020 年并没有积极进行新的投资，因为伯克希尔净出售了 80 亿美元的股票，其中包括一批航空公司，并持有摩根大通（JPM）和高盛集团（GS）的股份。</blockquote> 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.”<blockquote>这让许多持有者感到失望，他们希望巴菲特能在抛售期间成为股票的大买家，并遵循他的格言，即 “别人贪婪时恐惧，别人恐惧时贪婪 ”。</blockquote> 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&amp;P 500 at around 23 times projected 2021 earnings.<blockquote>伯克希尔确实持有 inVerizon Communications (VZ) 和雪佛龙 (CVX) 的大量股份。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，目前整个市场的估值很高，标普500约为 2021 年预期收益的 23 倍。</blockquote> 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.<blockquote>伯克希尔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（Berkshire Hathaway）的大型公用事业部门伯克希尔-哈撒韦能源公司（Berkshire Hathaway Energy）以约 100 亿美元收购 Dominion Energy（D）的天然气管道业务。</blockquote> 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.<blockquote>巴菲特长期以来一直在寻求收购他所谓的 “大象 ”或大型收购，但事实证明这难以实现。伯克希尔在过去十年中唯一的一笔大交易是在 2016 年以 330 亿美元收购了 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 年受到航空航天业低迷的打击，迫使伯克希尔公司减记了约 110 亿美元的资产。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> 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.<blockquote>巴菲特过去曾抱怨说，激进的私募股权公司使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）中私营公司的大型新买家中，收购环境变得更加艰难，仅今年一年就筹集了约1000亿美元来进行交易。</blockquote> “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.<blockquote>“沙纳汉说：”不太可能很快进行重大收购。伯克希尔拒绝参与公司拍卖，从而使自己陷入困境。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通常采取不干涉的态度，使其成为他们业务的理想基地。</blockquote> 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&amp;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.<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庞大的财产和意外伤害保险业务的重要组成部分。P&amp;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旗下的 Geico 部门，该部门在过去一年中一直在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> 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.<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）为 Geico 的首席执行官。投资者可能想知道库姆斯计划在 Geico 待多久。</blockquote> 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.<blockquote>库姆斯和特德-韦施勒（Ted Weschler）的投资业绩也可能受到质疑，他们共同管理着伯克希尔2950亿美元股票投资组合的约10%。这两者是后巴菲特时代管理整个股票投资组合的好选择。</blockquote> 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.<blockquote>另一个话题可能是铁路行业，因为加拿大两家领先的铁路公司对堪萨斯城南部（KSU）的竞购战。伯克希尔拥有伯灵顿北圣达菲铁路公司，这是美国四大铁路公司之一。伯克希尔不太可能参与堪萨斯城南方的竞争。</blockquote> 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.<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，与其公共竞争对手联合太平洋 (UNP) 持平。伯克希尔目前的估值约为 6250 亿美元。</blockquote> 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.<blockquote>巴菲特一直是比特币的著名怀疑论者，称其为 “老鼠药的平方”，而不是合法的资产类别。股东们可能会问，既然比特币已经飙升，他怎么看。</blockquote> 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.Barron’shas identified Abel as the most likely successor to Buffett as CEO.<blockquote>伯克希尔副董事长阿吉特-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。巴伦已确定阿贝尔是巴菲特最有可能的首席执行官继任者。</blockquote> Some 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.<blockquote>一些投资者——以及巴伦——希望看到贾恩、阿贝尔、库姆斯和韦施勒作为伯克希尔可能的下一代领导层，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。这就是它的样子。</blockquote>\n<div class=\"bt-text\">\n\n\n 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>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"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.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":1431,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["BRK.A","BRK.B"],"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":41,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/374529245"}