Cloivette
2021-08-18
Great offers for Warren Buffett
What Will It Take to Get Warren Buffett to Buy Stocks?<blockquote>怎样才能让沃伦·巴菲特购买股票？</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":833510020,"tweetId":"833510020","gmtCreate":1629249315660,"gmtModify":1631883815160,"author":{"id":4091018116118440,"idStr":"4091018116118440","authorId":4091018116118440,"authorIdStr":"4091018116118440","name":"Cloivette","avatar":"https://static.tigerbbs.com/ad2a0efb1d679fbe4fa2f053d2e03abb","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":12,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Great offers for Warren Buffett</p></body></html>","htmlText":"<html><head></head><body><p>Great offers for Warren Buffett</p></body></html>","text":"Great offers for Warren Buffett","highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/833510020","repostId":1116780100,"repostType":4,"repost":{"id":"1116780100","kind":"news","pubTimestamp":1629248489,"share":"https://www.laohu8.com/m/news/1116780100?lang=zh_CN&edition=full","pubTime":"2021-08-18 09:01","market":"us","language":"en","title":"What Will It Take to Get Warren Buffett to Buy Stocks?<blockquote>怎样才能让沃伦·巴菲特购买股票？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116780100","media":"Barrons","summary":"It may take a major selloff in the stock market to get Warren Buffett to make any major equity purch","content":"<p>It may take a major selloff in the stock market to get Warren Buffett to make any major equity purchases.</p><p><blockquote>沃伦·巴菲特可能需要股市大幅抛售才能进行任何重大股票购买。</blockquote></p><p> But even that might not be enough to get Buffett to scoop up stocks given his inactivity in the spring of 2020 during the sharp Covid-related selloff when the S&P 500 index bottomed at half its current level.</p><p><blockquote>但即便如此，也可能不足以让巴菲特买入股票，因为巴菲特在2020年春季与新冠疫情相关的大幅抛售期间无所作为，当时标普500指数跌至当前水平的一半。</blockquote></p><p> Buffett, the longtime CEO of Berkshire Hathaway(ticker BRK.A and BRK.B), apparently doesn’t see a lot of value in stocks—and hasn’t for several quarters—and would rather buy something he knows and likes, Berkshire stock.</p><p><blockquote>巴菲特是伯克希尔哈撒韦公司（股票代码BRK.A和BRK.B）的长期首席执行官，他显然没有看到股票有多大价值——而且已经有几个季度没有看到——而是宁愿购买他了解和喜欢的东西，伯克希尔股票。</blockquote></p><p> Berkshire’s regulatory filing Monday detailing its $300 billion-plus of equity holdings as of June 30 showed no notable changes. The company pared stakes in three drugmakers—AbbVie(ABBV),Bristol Myers Squibb(BMY), and Merck(MRK)—while reducing its holding in General Motors (GM) by seven million shares to 60 million shares now worth more than $3 billion.</p><p><blockquote>伯克希尔周一向监管机构提交的文件详细介绍了截至6月30日其持有的超过3000亿美元的股票，显示没有显着变化。该公司减持了艾伯维(ABBV)、百时美施贵宝(BMY)和默克(MRK)三家制药商的股份，同时将其在通用汽车(GM)的持股减少了700万股，至6000万股，目前价值超过30亿美元。</blockquote></p><p> Berkshire added to its stake in Kroger(KR), now holding almost $3 billion of the grocer. It made no changes to its largest holdings,Apple(AAPL) now at around $134 billion and Bank of America(BAC) at $41 billion.</p><p><blockquote>伯克希尔哈撒韦增持了克罗格(KR)的股份，目前持有这家杂货商近30亿美元的股份。它没有改变其最大持股，苹果(AAPL)目前约为1,340亿美元，美国银行(BAC)为410亿美元。</blockquote></p><p> Buffett’s inactivity hasn’t hurt Berkshire’s stock this year. The class A shares were up 0.1%, to $435,695 in early trading Tuesday, while the class B shares were unchanged, at $289.45. Both share classes are up about 25% this year, ahead of the S&P 500 index’s total return of about 20%. Investors are excited about Berkshire’s exposure to a strengthening U.S. economy.</p><p><blockquote>巴菲特今年的不作为并没有损害伯克希尔的股票。周二早盘，A类股上涨0.1%，至435,695美元，而B类股持平，至289.45美元。这两个股票类别今年都上涨了约25%，领先于标准普尔500指数约20%的总回报率。投资者对伯克希尔对美国经济走强的敞口感到兴奋。</blockquote></p><p> Berkshire showed a new holding in Organon(OGN) of about 1.5 million shares in the second quarter, but that was likely the result of Merck’s spinoff of the drug outfit in the spring rather than an open-market purchase. Merck holders got one share of Organon for every 10 Merck shares.<i>Barron’s</i> has been bullish on the prospects for Organon, noting its relatively inexpensive valuation.</p><p><blockquote>伯克希尔哈撒韦公司第二季度新持有Organon(OGN)约150万股，但这可能是默克公司春季分拆该制药公司的结果，而不是公开市场收购的结果。默克股东每持有10股默克股票即可获得1股Organon股票。<i>巴伦周刊</i>一直看好Organon的前景，指出其估值相对较低。</blockquote></p><p> During the second quarter, Berkshire was a net seller of about $1 billion of stocks according to its 10-Q filing, making this the fourth out of the past five quarters when the company was a net seller of stocks. Edward Jones analyst James Shanahan calculates that Berkshire was a net seller of $13.6 billion of stocks since early 2019.</p><p><blockquote>根据其10-Q文件，伯克希尔第二季度净卖出约10亿美元的股票，这是该公司过去五个季度中第四个净卖出股票的季度。Edward Jones分析师James Shanahan计算出，自2019年初以来，伯克希尔哈撒韦公司净卖出了136亿美元的股票。</blockquote></p><p> Buffett also isn’t showing a lot of patience with some of the newer equity holdings, which has surprised some Berkshire watchers who recall that his oft-stated favorite holding period is forever.</p><p><blockquote>巴菲特对一些新持有的股票也没有表现出太多耐心，这让一些伯克希尔观察人士感到惊讶，他们记得他经常说的最喜欢的持有期是永远。</blockquote></p><p> The company accumulated roughly $2 billion stakes in AbbVie, Bristol Myers, and Merck during 2020 and sold them down in the second quarter. The Merck holding has been cut for two consecutive quarters and is down to 9.2 million shares from 28.7 million at year-end, a decline of about two thirds.</p><p><blockquote>该公司在2020年期间积累了艾伯维、百时美施贵宝和默克约20亿美元的股份，并在第二季度出售了这些股份。默克持股已连续两个季度被减持，从年底的2870万股降至920万股，降幅约三分之二。</blockquote></p><p> Berkshire slightly reduced its holding in Chevron in the second quarter, to 23.1 million shares, a decline of about 600,000 shares, after cutting it roughly in half in the first quarter. The Chevron stake is now worth about $2.4 billion.</p><p><blockquote>伯克希尔哈撒韦公司在第二季度小幅减持了雪佛龙的股份，至2310万股，减少了约60万股，第一季度将其减持了大约一半。雪佛龙股份目前价值约24亿美元。</blockquote></p><p> It is notable that Buffett made use of a confidential filing with the Securities and Exchange Commission to accumulate the Chevron stake in 2020 only to cut it in half this year.</p><p><blockquote>值得注意的是，巴菲特利用向美国证券交易委员会提交的机密文件在2020年增持了雪佛龙股份，但今年却将其减半。</blockquote></p><p> Buffett’s investment moves since the start of 2020 have been underwhelming, including the sale of four airline stocks near the market bottom in April 2020.</p><p><blockquote>自2020年初以来，巴菲特的投资举措并不令人印象深刻，包括在2020年4月接近市场底部时出售了四只航空公司股票。</blockquote></p><p> He eliminated once sizable holdings in JPMorgan Chase(JPM) and Goldman Sachs Group(GS) last year at significantly below current prices and has virtually eliminated a formerly large stake in Wells Fargo(WFC) at considerably below its current price. Buffett probably has left well over $10 billion on the table with those financial-stock sales.</p><p><blockquote>去年，他以远低于当前价格的价格出售了摩根大通（JPM）和高盛集团（GS）曾经持有的大量股份，并几乎以远低于当前价格的价格出售了富国银行（WFC）以前的大量股份。巴菲特出售这些金融股可能留下了超过100亿美元的资金。</blockquote></p><p> Berkshire has also been quiet with acquisitions for several years. The last major deal was the $30 billion-plus purchase of Precision Castpartsin 2016.</p><p><blockquote>伯克希尔多年来也一直对收购保持沉默。最后一笔重大交易是2016年斥资300多亿美元收购Precision Castpartsin。</blockquote></p><p> Buffett said at Berkshire’s annual meeting in May that he was ready to invest. Berkshire is sitting on about $144 billion in cash and equivalents, mostly Treasury bills.</p><p><blockquote>巴菲特在5月份的伯克希尔年会上表示，他已经做好了投资的准备。伯克希尔持有约1,440亿美元现金及等价物，其中大部分是国库券。</blockquote></p><p> “But we’ve got more than we –we’ve got probably $70 billion or $80 billion, something like that maybe, that we’d love to put to work,” Buffett told shareholders. “But that’s 10% of our assets, roughly. And we probably won’t — we won’t get a chance to do it under these conditions, but conditions change very, very, very rapidly sometimes in markets.”</p><p><blockquote>巴菲特告诉股东：“但我们拥有的比我们拥有的更多——我们可能有700亿或800亿美元，也许类似的东西，我们很乐意投入使用。”“但这大约是我们资产的10%。我们可能不会——在这种情况下我们不会有机会这样做，但有时市场上的情况变化非常、非常、非常快。”</blockquote></p><p> For the time being, Buffett seems content to plow Berkshire’s operating earnings, now running at more than $25 billion annually after taxes, into buybacks and keep a big cash pile in the event that markets turn and opportunities arise.</p><p><blockquote>目前，巴菲特似乎满足于将伯克希尔的营业利润（目前税后每年超过250亿美元）投入回购，并在市场转向和机会出现时保留大量现金储备。</blockquote></p><p> Berkshire has bought back about $6 billion of stock in each of the past two quarters or about 1% of the shares outstanding in each period.</p><p><blockquote>伯克希尔在过去两个季度每个季度都回购了约60亿美元的股票，约占每个时期已发行股票的1%。</blockquote></p><p></p><p> With Buffett turning 91 later this month, it’s an open question about whether he will get that big an opportunity while at the helm of the company he has led since 1965.</p><p><blockquote>随着巴菲特本月晚些时候迎来91岁生日，他在执掌他自1965年以来领导的公司期间是否会获得如此大的机会还是一个悬而未决的问题。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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 Will It Take to Get Warren Buffett to Buy Stocks?<blockquote>怎样才能让沃伦·巴菲特购买股票？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-18 09:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It may take a major selloff in the stock market to get Warren Buffett to make any major equity purchases.</p><p><blockquote>沃伦·巴菲特可能需要股市大幅抛售才能进行任何重大股票购买。</blockquote></p><p> But even that might not be enough to get Buffett to scoop up stocks given his inactivity in the spring of 2020 during the sharp Covid-related selloff when the S&P 500 index bottomed at half its current level.</p><p><blockquote>但即便如此，也可能不足以让巴菲特买入股票，因为巴菲特在2020年春季与新冠疫情相关的大幅抛售期间无所作为，当时标普500指数跌至当前水平的一半。</blockquote></p><p> Buffett, the longtime CEO of Berkshire Hathaway(ticker BRK.A and BRK.B), apparently doesn’t see a lot of value in stocks—and hasn’t for several quarters—and would rather buy something he knows and likes, Berkshire stock.</p><p><blockquote>巴菲特是伯克希尔哈撒韦公司（股票代码BRK.A和BRK.B）的长期首席执行官，他显然没有看到股票有多大价值——而且已经有几个季度没有看到——而是宁愿购买他了解和喜欢的东西，伯克希尔股票。</blockquote></p><p> Berkshire’s regulatory filing Monday detailing its $300 billion-plus of equity holdings as of June 30 showed no notable changes. The company pared stakes in three drugmakers—AbbVie(ABBV),Bristol Myers Squibb(BMY), and Merck(MRK)—while reducing its holding in General Motors (GM) by seven million shares to 60 million shares now worth more than $3 billion.</p><p><blockquote>伯克希尔周一向监管机构提交的文件详细介绍了截至6月30日其持有的超过3000亿美元的股票，显示没有显着变化。该公司减持了艾伯维(ABBV)、百时美施贵宝(BMY)和默克(MRK)三家制药商的股份，同时将其在通用汽车(GM)的持股减少了700万股，至6000万股，目前价值超过30亿美元。</blockquote></p><p> Berkshire added to its stake in Kroger(KR), now holding almost $3 billion of the grocer. It made no changes to its largest holdings,Apple(AAPL) now at around $134 billion and Bank of America(BAC) at $41 billion.</p><p><blockquote>伯克希尔哈撒韦增持了克罗格(KR)的股份，目前持有这家杂货商近30亿美元的股份。它没有改变其最大持股，苹果(AAPL)目前约为1,340亿美元，美国银行(BAC)为410亿美元。</blockquote></p><p> Buffett’s inactivity hasn’t hurt Berkshire’s stock this year. The class A shares were up 0.1%, to $435,695 in early trading Tuesday, while the class B shares were unchanged, at $289.45. Both share classes are up about 25% this year, ahead of the S&P 500 index’s total return of about 20%. Investors are excited about Berkshire’s exposure to a strengthening U.S. economy.</p><p><blockquote>巴菲特今年的不作为并没有损害伯克希尔的股票。周二早盘，A类股上涨0.1%，至435,695美元，而B类股持平，至289.45美元。这两个股票类别今年都上涨了约25%，领先于标准普尔500指数约20%的总回报率。投资者对伯克希尔对美国经济走强的敞口感到兴奋。</blockquote></p><p> Berkshire showed a new holding in Organon(OGN) of about 1.5 million shares in the second quarter, but that was likely the result of Merck’s spinoff of the drug outfit in the spring rather than an open-market purchase. Merck holders got one share of Organon for every 10 Merck shares.<i>Barron’s</i> has been bullish on the prospects for Organon, noting its relatively inexpensive valuation.</p><p><blockquote>伯克希尔哈撒韦公司第二季度新持有Organon(OGN)约150万股，但这可能是默克公司春季分拆该制药公司的结果，而不是公开市场收购的结果。默克股东每持有10股默克股票即可获得1股Organon股票。<i>巴伦周刊</i>一直看好Organon的前景，指出其估值相对较低。</blockquote></p><p> During the second quarter, Berkshire was a net seller of about $1 billion of stocks according to its 10-Q filing, making this the fourth out of the past five quarters when the company was a net seller of stocks. Edward Jones analyst James Shanahan calculates that Berkshire was a net seller of $13.6 billion of stocks since early 2019.</p><p><blockquote>根据其10-Q文件，伯克希尔第二季度净卖出约10亿美元的股票，这是该公司过去五个季度中第四个净卖出股票的季度。Edward Jones分析师James Shanahan计算出，自2019年初以来，伯克希尔哈撒韦公司净卖出了136亿美元的股票。</blockquote></p><p> Buffett also isn’t showing a lot of patience with some of the newer equity holdings, which has surprised some Berkshire watchers who recall that his oft-stated favorite holding period is forever.</p><p><blockquote>巴菲特对一些新持有的股票也没有表现出太多耐心，这让一些伯克希尔观察人士感到惊讶，他们记得他经常说的最喜欢的持有期是永远。</blockquote></p><p> The company accumulated roughly $2 billion stakes in AbbVie, Bristol Myers, and Merck during 2020 and sold them down in the second quarter. The Merck holding has been cut for two consecutive quarters and is down to 9.2 million shares from 28.7 million at year-end, a decline of about two thirds.</p><p><blockquote>该公司在2020年期间积累了艾伯维、百时美施贵宝和默克约20亿美元的股份，并在第二季度出售了这些股份。默克持股已连续两个季度被减持，从年底的2870万股降至920万股，降幅约三分之二。</blockquote></p><p> Berkshire slightly reduced its holding in Chevron in the second quarter, to 23.1 million shares, a decline of about 600,000 shares, after cutting it roughly in half in the first quarter. The Chevron stake is now worth about $2.4 billion.</p><p><blockquote>伯克希尔哈撒韦公司在第二季度小幅减持了雪佛龙的股份，至2310万股，减少了约60万股，第一季度将其减持了大约一半。雪佛龙股份目前价值约24亿美元。</blockquote></p><p> It is notable that Buffett made use of a confidential filing with the Securities and Exchange Commission to accumulate the Chevron stake in 2020 only to cut it in half this year.</p><p><blockquote>值得注意的是，巴菲特利用向美国证券交易委员会提交的机密文件在2020年增持了雪佛龙股份，但今年却将其减半。</blockquote></p><p> Buffett’s investment moves since the start of 2020 have been underwhelming, including the sale of four airline stocks near the market bottom in April 2020.</p><p><blockquote>自2020年初以来，巴菲特的投资举措并不令人印象深刻，包括在2020年4月接近市场底部时出售了四只航空公司股票。</blockquote></p><p> He eliminated once sizable holdings in JPMorgan Chase(JPM) and Goldman Sachs Group(GS) last year at significantly below current prices and has virtually eliminated a formerly large stake in Wells Fargo(WFC) at considerably below its current price. Buffett probably has left well over $10 billion on the table with those financial-stock sales.</p><p><blockquote>去年，他以远低于当前价格的价格出售了摩根大通（JPM）和高盛集团（GS）曾经持有的大量股份，并几乎以远低于当前价格的价格出售了富国银行（WFC）以前的大量股份。巴菲特出售这些金融股可能留下了超过100亿美元的资金。</blockquote></p><p> Berkshire has also been quiet with acquisitions for several years. The last major deal was the $30 billion-plus purchase of Precision Castpartsin 2016.</p><p><blockquote>伯克希尔多年来也一直对收购保持沉默。最后一笔重大交易是2016年斥资300多亿美元收购Precision Castpartsin。</blockquote></p><p> Buffett said at Berkshire’s annual meeting in May that he was ready to invest. Berkshire is sitting on about $144 billion in cash and equivalents, mostly Treasury bills.</p><p><blockquote>巴菲特在5月份的伯克希尔年会上表示，他已经做好了投资的准备。伯克希尔持有约1,440亿美元现金及等价物，其中大部分是国库券。</blockquote></p><p> “But we’ve got more than we –we’ve got probably $70 billion or $80 billion, something like that maybe, that we’d love to put to work,” Buffett told shareholders. “But that’s 10% of our assets, roughly. And we probably won’t — we won’t get a chance to do it under these conditions, but conditions change very, very, very rapidly sometimes in markets.”</p><p><blockquote>巴菲特告诉股东：“但我们拥有的比我们拥有的更多——我们可能有700亿或800亿美元，也许类似的东西，我们很乐意投入使用。”“但这大约是我们资产的10%。我们可能不会——在这种情况下我们不会有机会这样做，但有时市场上的情况变化非常、非常、非常快。”</blockquote></p><p> For the time being, Buffett seems content to plow Berkshire’s operating earnings, now running at more than $25 billion annually after taxes, into buybacks and keep a big cash pile in the event that markets turn and opportunities arise.</p><p><blockquote>目前，巴菲特似乎满足于将伯克希尔的营业利润（目前税后每年超过250亿美元）投入回购，并在市场转向和机会出现时保留大量现金储备。</blockquote></p><p> Berkshire has bought back about $6 billion of stock in each of the past two quarters or about 1% of the shares outstanding in each period.</p><p><blockquote>伯克希尔在过去两个季度每个季度都回购了约60亿美元的股票，约占每个时期已发行股票的1%。</blockquote></p><p></p><p> With Buffett turning 91 later this month, it’s an open question about whether he will get that big an opportunity while at the helm of the company he has led since 1965.</p><p><blockquote>随着巴菲特本月晚些时候迎来91岁生日，他在执掌他自1965年以来领导的公司期间是否会获得如此大的机会还是一个悬而未决的问题。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/warren-buffett-stocks-51629213020?mod=hp_LEAD_1_B_3&tesla=y\">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/warren-buffett-stocks-51629213020?mod=hp_LEAD_1_B_3&tesla=y","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116780100","content_text":"It may take a major selloff in the stock market to get Warren Buffett to make any major equity purchases.\nBut even that might not be enough to get Buffett to scoop up stocks given his inactivity in the spring of 2020 during the sharp Covid-related selloff when the S&P 500 index bottomed at half its current level.\nBuffett, the longtime CEO of Berkshire Hathaway(ticker BRK.A and BRK.B), apparently doesn’t see a lot of value in stocks—and hasn’t for several quarters—and would rather buy something he knows and likes, Berkshire stock.\nBerkshire’s regulatory filing Monday detailing its $300 billion-plus of equity holdings as of June 30 showed no notable changes. The company pared stakes in three drugmakers—AbbVie(ABBV),Bristol Myers Squibb(BMY), and Merck(MRK)—while reducing its holding in General Motors (GM) by seven million shares to 60 million shares now worth more than $3 billion.\nBerkshire added to its stake in Kroger(KR), now holding almost $3 billion of the grocer. It made no changes to its largest holdings,Apple(AAPL) now at around $134 billion and Bank of America(BAC) at $41 billion.\nBuffett’s inactivity hasn’t hurt Berkshire’s stock this year. The class A shares were up 0.1%, to $435,695 in early trading Tuesday, while the class B shares were unchanged, at $289.45. Both share classes are up about 25% this year, ahead of the S&P 500 index’s total return of about 20%. Investors are excited about Berkshire’s exposure to a strengthening U.S. economy.\nBerkshire showed a new holding in Organon(OGN) of about 1.5 million shares in the second quarter, but that was likely the result of Merck’s spinoff of the drug outfit in the spring rather than an open-market purchase. Merck holders got one share of Organon for every 10 Merck shares.Barron’s has been bullish on the prospects for Organon, noting its relatively inexpensive valuation.\nDuring the second quarter, Berkshire was a net seller of about $1 billion of stocks according to its 10-Q filing, making this the fourth out of the past five quarters when the company was a net seller of stocks. Edward Jones analyst James Shanahan calculates that Berkshire was a net seller of $13.6 billion of stocks since early 2019.\nBuffett also isn’t showing a lot of patience with some of the newer equity holdings, which has surprised some Berkshire watchers who recall that his oft-stated favorite holding period is forever.\nThe company accumulated roughly $2 billion stakes in AbbVie, Bristol Myers, and Merck during 2020 and sold them down in the second quarter. The Merck holding has been cut for two consecutive quarters and is down to 9.2 million shares from 28.7 million at year-end, a decline of about two thirds.\nBerkshire slightly reduced its holding in Chevron in the second quarter, to 23.1 million shares, a decline of about 600,000 shares, after cutting it roughly in half in the first quarter. The Chevron stake is now worth about $2.4 billion.\nIt is notable that Buffett made use of a confidential filing with the Securities and Exchange Commission to accumulate the Chevron stake in 2020 only to cut it in half this year.\nBuffett’s investment moves since the start of 2020 have been underwhelming, including the sale of four airline stocks near the market bottom in April 2020.\nHe eliminated once sizable holdings in JPMorgan Chase(JPM) and Goldman Sachs Group(GS) last year at significantly below current prices and has virtually eliminated a formerly large stake in Wells Fargo(WFC) at considerably below its current price. Buffett probably has left well over $10 billion on the table with those financial-stock sales.\nBerkshire has also been quiet with acquisitions for several years. The last major deal was the $30 billion-plus purchase of Precision Castpartsin 2016.\nBuffett said at Berkshire’s annual meeting in May that he was ready to invest. Berkshire is sitting on about $144 billion in cash and equivalents, mostly Treasury bills.\n“But we’ve got more than we –we’ve got probably $70 billion or $80 billion, something like that maybe, that we’d love to put to work,” Buffett told shareholders. “But that’s 10% of our assets, roughly. And we probably won’t — we won’t get a chance to do it under these conditions, but conditions change very, very, very rapidly sometimes in markets.”\nFor the time being, Buffett seems content to plow Berkshire’s operating earnings, now running at more than $25 billion annually after taxes, into buybacks and keep a big cash pile in the event that markets turn and opportunities arise.\nBerkshire has bought back about $6 billion of stock in each of the past two quarters or about 1% of the shares outstanding in each period.\nWith Buffett turning 91 later this month, it’s an open question about whether he will get that big an opportunity while at the helm of the company he has led since 1965.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":543,"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":27,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/833510020"}
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