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2022-01-24

i see

抱歉，原内容已删除

2022-01-24

oooo

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2022-01-24

red sea

Netflix Slumps Another 6%, Jefferies Says Content Alone Isn't Cutting It for TV Streamer<blockquote>杰富瑞表示，Netflix 股价再下跌 6%，仅靠内容并不能削减电视流媒体的股价</blockquote>

2022-01-24

Its a red sea

2021-05-14

why

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2021-05-14

Why

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2021-04-30

cool

Why Warren Buffett invested in Coca-Cola and its lesson<blockquote>沃伦·巴菲特为何投资可口可乐及其教训</blockquote>

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Monday, and Jefferies analyst Andrew Uerkiwitz cut his rating on the company&#39;s stock.</li><li>Uerkwitz took his view of Netflix (NFLX) to hold from buy, saying there is &#34;too much uncertainty in the near term&#34; surrounding the company following its disappointing quarterly report and outlook last week. On Thursday, Netflix (NFLX) said it added 8.28 million new subscribers during the fourth quarter of 2021, which fell short of its earlier forecasts of 8.5 million subscriber additions. Netflix (NFLX) also said it expects to add just 2.5 million subscribers during the first quarter of this year.</li><li>Those numbers did Netflix (NFLX) no favors on Wall Street, as investors drove the company&#39;s shares down almost 22% on Friday.</li><li>On Monday, Uerkwitz joined in what was a mostly negative chorus in response to Netflix&#39;s (NFLX) subscriber numbers, saying that after &#34;thinking through potential scenarios for what happens next&#34; for the company, it appears Netflix&#39;s (NFLX) spending on new content could be coming to a head.</li><li>&#34;Netflix subscribers are going nowhere,&#34; Uerkwitz said. &#34;However, the cost of acquiring the incremental subscriber has likely become too high.&#34;</li><li>Ueurwitz added that it seems like Netflix (NFLX) can&#39;t just rely on creating a sense of prestige, or exclusivity, around its own original content to drive multitudes of new subscribers to its service.</li><li>&#34;The best content slate we&#39;ve seen is doing little to drive [subscriber] growth,&#34; Uerkwitz said. &#34;If slower subscriber growth is the new normal, we would need to see a change in content [and] captial allocation coupled with a focus on new revenue streams to leverage the large user base [and] content library.&#34;</li><li>Over the weekend, TV ratings-measurement company Nielsen(NYSE:NLSN)released data from its &#34;Streaming Unwrapped 2021&#34; report, which showed Netflix (NFLX) claiming the top nine slots for original programming streamed online. The show<i>Lucifer</i>, topped the chart,with 18.34 billion minutes streamed last year.</li></ul></body></html></p><p><blockquote><html><head></head><body><ul><li>投资者对 Netflix（纳斯达克股票代码：NFLX）的情绪在周末未能软化，导致这家流媒体电视巨头的股价周一下跌超过 6%，杰富瑞 (Jefferies) 分析师安德鲁·乌尔基维茨 (Andrew Uerkiwitz) 下调了该公司股票的评级。</li><li>Uerkwitz 对 Netflix (NFLX) 的看法为持有而非买入，并表示在上周令人失望的季度报告和前景之后，该公司“近期存在太多不确定性”。周四，Netflix (NFLX) 表示，2021 年第四季度新增用户 828 万，低于此前预测的新增用户 850 万。Netflix (NFLX) 还表示，预计今年第一季度仅新增 250 万用户。</li><li>这些数字对 Netflix (NFLX) 在华尔街没有任何好处，投资者周五推动该公司股价下跌近 22%。</li><li>周一，Uerkwitz 加入了对 Netflix (NFLX) 用户数量的负面评论，他表示，在“思考了该公司接下来会发生什么的潜在情景”后，Netflix (NFLX) 似乎在新内容上的支出可能会达到顶峰。</li><li>Netflix,Inc.用户哪儿也去不了，”乌尔克维茨说。“然而，获取增量用户的成本可能已经变得太高了。”</li><li>Ueurwitz 补充说，Netflix (NFLX) 似乎不能仅仅依靠围绕自己的原创内容创造声望感或排他性来吸引大量新用户使用其服务。</li><li>“我们见过的最好的内容清单在推动[订阅者]增长方面几乎没有什么作用，”Uerkwitz 说。“如果订户增长放缓是新常态，我们需要看到内容[和]资本分配的变化，同时关注新的收入流，以利用庞大的用户群[和]内容库。”</li><li>上周末，电视收视率测量公司尼尔森（纽约证券交易所股票代码：NLSN）发布了其“2021 年流媒体揭秘”报告中的数据，该报告显示 Netflix (NFLX) 占据了在线流媒体原创节目的前九名。节目<i>路西法</i>去年以183.4亿分钟的流媒体播放时间高居榜首。</li></ul></body></html></blockquote></p><p></p>","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>Netflix Slumps Another 6%, Jefferies Says Content Alone Isn't Cutting It for TV Streamer<blockquote>杰富瑞表示，Netflix 股价再下跌 6%，仅靠内容并不能削减电视流媒体的股价</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\">\nNetflix Slumps Another 6%, Jefferies Says Content Alone Isn't Cutting It for TV Streamer<blockquote>杰富瑞表示，Netflix 股价再下跌 6%，仅靠内容并不能削减电视流媒体的股价</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2022-01-24 22:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><ul><li>Investors sentiments about Netflix(NASDAQ:NFLX)failed to soften over the weekend as they sent the streaming TV giant&#39;s shares down more than 6%, Monday, and Jefferies analyst Andrew Uerkiwitz cut his rating on the company&#39;s stock.</li><li>Uerkwitz took his view of Netflix (NFLX) to hold from buy, saying there is &#34;too much uncertainty in the near term&#34; surrounding the company following its disappointing quarterly report and outlook last week. On Thursday, Netflix (NFLX) said it added 8.28 million new subscribers during the fourth quarter of 2021, which fell short of its earlier forecasts of 8.5 million subscriber additions. Netflix (NFLX) also said it expects to add just 2.5 million subscribers during the first quarter of this year.</li><li>Those numbers did Netflix (NFLX) no favors on Wall Street, as investors drove the company&#39;s shares down almost 22% on Friday.</li><li>On Monday, Uerkwitz joined in what was a mostly negative chorus in response to Netflix&#39;s (NFLX) subscriber numbers, saying that after &#34;thinking through potential scenarios for what happens next&#34; for the company, it appears Netflix&#39;s (NFLX) spending on new content could be coming to a head.</li><li>&#34;Netflix subscribers are going nowhere,&#34; Uerkwitz said. &#34;However, the cost of acquiring the incremental subscriber has likely become too high.&#34;</li><li>Ueurwitz added that it seems like Netflix (NFLX) can&#39;t just rely on creating a sense of prestige, or exclusivity, around its own original content to drive multitudes of new subscribers to its service.</li><li>&#34;The best content slate we&#39;ve seen is doing little to drive [subscriber] growth,&#34; Uerkwitz said. &#34;If slower subscriber growth is the new normal, we would need to see a change in content [and] captial allocation coupled with a focus on new revenue streams to leverage the large user base [and] content library.&#34;</li><li>Over the weekend, TV ratings-measurement company Nielsen(NYSE:NLSN)released data from its &#34;Streaming Unwrapped 2021&#34; report, which showed Netflix (NFLX) claiming the top nine slots for original programming streamed online. The show<i>Lucifer</i>, topped the chart,with 18.34 billion minutes streamed last year.</li></ul></body></html></p><p><blockquote><html><head></head><body><ul><li>投资者对 Netflix（纳斯达克股票代码：NFLX）的情绪在周末未能软化，导致这家流媒体电视巨头的股价周一下跌超过 6%，杰富瑞 (Jefferies) 分析师安德鲁·乌尔基维茨 (Andrew Uerkiwitz) 下调了该公司股票的评级。</li><li>Uerkwitz 对 Netflix (NFLX) 的看法为持有而非买入，并表示在上周令人失望的季度报告和前景之后，该公司“近期存在太多不确定性”。周四，Netflix (NFLX) 表示，2021 年第四季度新增用户 828 万，低于此前预测的新增用户 850 万。Netflix (NFLX) 还表示，预计今年第一季度仅新增 250 万用户。</li><li>这些数字对 Netflix (NFLX) 在华尔街没有任何好处，投资者周五推动该公司股价下跌近 22%。</li><li>周一，Uerkwitz 加入了对 Netflix (NFLX) 用户数量的负面评论，他表示，在“思考了该公司接下来会发生什么的潜在情景”后，Netflix (NFLX) 似乎在新内容上的支出可能会达到顶峰。</li><li>Netflix,Inc.用户哪儿也去不了，”乌尔克维茨说。“然而，获取增量用户的成本可能已经变得太高了。”</li><li>Ueurwitz 补充说，Netflix (NFLX) 似乎不能仅仅依靠围绕自己的原创内容创造声望感或排他性来吸引大量新用户使用其服务。</li><li>“我们见过的最好的内容清单在推动[订阅者]增长方面几乎没有什么作用，”Uerkwitz 说。“如果订户增长放缓是新常态，我们需要看到内容[和]资本分配的变化，同时关注新的收入流，以利用庞大的用户群[和]内容库。”</li><li>上周末，电视收视率测量公司尼尔森（纽约证券交易所股票代码：NLSN）发布了其“2021 年流媒体揭秘”报告中的数据，该报告显示 Netflix (NFLX) 占据了在线流媒体原创节目的前九名。节目<i>路西法</i>去年以183.4亿分钟的流媒体播放时间高居榜首。</li></ul></body></html></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3790719-netflix-slumps-another-6-jefferies-says-content-alone-isnt-cutting-it-for-tv-streamer\">Seeking Alpha</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":{"NFLX":"奈飞"},"source_url":"https://seekingalpha.com/news/3790719-netflix-slumps-another-6-jefferies-says-content-alone-isnt-cutting-it-for-tv-streamer","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153487783","content_text":"Investors sentiments about Netflix(NASDAQ:NFLX)failed to soften over the weekend as they sent the streaming TV giant's shares down more than 6%, Monday, and Jefferies analyst Andrew Uerkiwitz cut his rating on the company's stock.Uerkwitz took his view of Netflix (NFLX) to hold from buy, saying there is \"too much uncertainty in the near term\" surrounding the company following its disappointing quarterly report and outlook last week. On Thursday, Netflix (NFLX) said it added 8.28 million new subscribers during the fourth quarter of 2021, which fell short of its earlier forecasts of 8.5 million subscriber additions. Netflix (NFLX) also said it expects to add just 2.5 million subscribers during the first quarter of this year.Those numbers did Netflix (NFLX) no favors on Wall Street, as investors drove the company's shares down almost 22% on Friday.On Monday, Uerkwitz joined in what was a mostly negative chorus in response to Netflix's (NFLX) subscriber numbers, saying that after \"thinking through potential scenarios for what happens next\" for the company, it appears Netflix's (NFLX) spending on new content could be coming to a head.\"Netflix subscribers are going nowhere,\" Uerkwitz said. \"However, the cost of acquiring the incremental subscriber has likely become too high.\"Ueurwitz added that it seems like Netflix (NFLX) can't just rely on creating a sense of prestige, or exclusivity, around its own original content to drive multitudes of new subscribers to its service.\"The best content slate we've seen is doing little to drive [subscriber] growth,\" Uerkwitz said. \"If slower subscriber growth is the new normal, we would need to see a change in content [and] captial allocation coupled with a focus on new revenue streams to leverage the large user base [and] content library.\"Over the weekend, TV ratings-measurement company Nielsen(NYSE:NLSN)released data from its \"Streaming Unwrapped 2021\" report, which showed Netflix (NFLX) claiming the top nine slots for original programming streamed online. The showLucifer, topped the chart,with 18.34 billion minutes streamed last year.","news_type":1,"symbols_score_info":{"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":3067,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":630795888,"gmtCreate":1643036867740,"gmtModify":1643036867845,"author":{"id":"3581985173466044","authorId":"3581985173466044","name":"ivanna07","avatar":"https://static.tigerbbs.com/12573b652574ce4e21cbfedfe59712f2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581985173466044","authorIdStr":"3581985173466044"},"themes":[],"title":"","htmlText":"Its a red sea","listText":"Its a red sea","text":"Its a red sea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/630795888","isVote":1,"tweetType":1,"viewCount":3513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":198256963,"gmtCreate":1620964136752,"gmtModify":1634194907117,"author":{"id":"3581985173466044","authorId":"3581985173466044","name":"ivanna07","avatar":"https://static.tigerbbs.com/12573b652574ce4e21cbfedfe59712f2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581985173466044","authorIdStr":"3581985173466044"},"themes":[],"title":"","htmlText":"why","listText":"why","text":"why","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/198256963","repostId":"1142985145","repostType":4,"isVote":1,"tweetType":1,"viewCount":1903,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":198259584,"gmtCreate":1620963890048,"gmtModify":1634194909334,"author":{"id":"3581985173466044","authorId":"3581985173466044","name":"ivanna07","avatar":"https://static.tigerbbs.com/12573b652574ce4e21cbfedfe59712f2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581985173466044","authorIdStr":"3581985173466044"},"themes":[],"title":"","htmlText":"Why","listText":"Why","text":"Why","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/198259584","repostId":"1142985145","repostType":4,"isVote":1,"tweetType":1,"viewCount":2141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103658824,"gmtCreate":1619780595068,"gmtModify":1634209996312,"author":{"id":"3581985173466044","authorId":"3581985173466044","name":"ivanna07","avatar":"https://static.tigerbbs.com/12573b652574ce4e21cbfedfe59712f2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581985173466044","authorIdStr":"3581985173466044"},"themes":[],"title":"","htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103658824","repostId":"1198321864","repostType":4,"repost":{"id":"1198321864","kind":"news","pubTimestamp":1619776602,"share":"https://www.laohunote.com/m/news/1198321864?lang=zh_CN&edition=full","pubTime":"2021-04-30 17:56","market":"us","language":"en","title":"Why Warren Buffett invested in Coca-Cola and its lesson<blockquote>沃伦·巴菲特为何投资可口可乐及其教训</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198321864","media":"Yahoo","summary":"Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing ","content":"<p>Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing some of the best returns, with the stock up over 2,000% since the Oracle of Omaha started buying it 33 years ago. Modern investors looking to navigate the next decade would be well-served to learn how Buffett made this profitable calculation.</p><p><blockquote>可口可乐 (KO) 是沃伦·巴菲特在伯克希尔·哈撒韦公司最古老的股票头寸。它还提供了一些最好的回报，自33年前奥马哈先知开始购买它以来，该股上涨了2000%以上。希望驾驭下一个十年的现代投资者最好了解巴菲特是如何进行这一有利可图的计算的。</blockquote></p><p> At a recentYahoo Finance Plus webinar, Bill Smead, chief investment officer at Smead Capital Management, began the lesson by explaining how Buffett manages growth and value in the Berkshire portfolio.</p><p><blockquote>在最近的 Yahoo Finance Plus 网络研讨会上，Smead Capital Management 首席投资官 Bill Smead 首先解释了巴菲特如何管理伯克希尔投资组合的增长和价值。</blockquote></p><p> \"To Buffett and [Charlie] Munger, all investing is value investing. They want to buy the bird in the hand, which is worth two in the bush. They want to buy something for well less than they think it's worth. So the ideal thing in investing is based on the mathematics of common stock investing. If you buy a stock for $30 and you pay cash, the worst thing that could possibly happen to you is it goes to zero. But the best thing that could possibly happen to you is exponential,\" says Smead.</p><p><blockquote>“对巴菲特和芒格来说，所有投资都是价值投资。他们想买到手中的鸟，而这只鸟的价值比他们认为的要低得多。因此，投资中理想的做法是基于普通股投资的数学原理。”如果您以 30 美元购买一只股票并支付现金，那么可能发生在您身上的最糟糕的事情就是它跌至零。但可能发生在你身上的最好的事情是指数级的，”斯米德说。</blockquote></p><p> Smead explains how Buffett and Munger differ from legendary value investor Benjamin Graham and why value and growth aren't mutually exclusive. Graham would \"buy 200 cigar butts at half the price that they're worth, and through the market's movements [would] get wealthier doing that,\" says Smead.</p><p><blockquote>斯米德解释了巴菲特和芒格与传奇价值投资者本杰明·格雷厄姆的不同之处，以及为什么价值和增长并不相互排斥。斯米德说，格雷厄姆“会以原价的一半购买 200 根雪茄烟头，并通过市场走势变得更加富有”。</blockquote></p><p> Buffett, on the other hand, wants to \"buy a business that is growing over the decades at a time when other people are scared to death or don't understand why it's going to be such a good thing over the next 20 or 30 years — and then enjoy a double whammy, which is the re-evaluation.\" Smead explains this is \"the price that people are willing to pay for each dollar of earnings growth as well as the earnings number [itself] grows.\"</p><p><blockquote>另一方面，巴菲特希望“在其他人吓死或不明白为什么它会在未来 20 年或 30 年内成为如此好的时候，收购一家几十年来一直在增长的企业——然后享受双重打击，这就是重新评估。”斯米德解释说，这是“人们愿意为每一美元的收入增长以及收入数字（本身）的增长付出的代价。”</blockquote></p><p> Coca-Cola a risky bet</p><p><blockquote>可口可乐是一个冒险的赌注</blockquote></p><p> Berkshire first bought Coke stock from 1988 to 1989,scooping upover 23 million shares. WhenBuffett first started buying in the first quarter, many investors were still skittish from the Black Monday crash in October 1987. Buffett going big on the stock was considered risky, especially because it was not a typical Berkshire investment.</p><p><blockquote>伯克希尔在1988年至1989年首次购买可口可乐股票，持有超过2300万股。当巴菲特在第一季度首次开始买入时，许多投资者仍然对 1987 年 10 月的黑色星期一崩盘感到不安。巴菲特大举投资该股票被认为是有风险的，特别是因为这不是典型的伯克希尔投资。</blockquote></p><p> Buffett defended the position in the 1988 annual Berkshire letter to shareholders with what would become one of hismost famous aphorisms. \"In 1988 we made major purchases of Federal Home Loan Mortgage ... and Coca Cola. We expect to hold these securities for a long time. In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,\" said Buffett.</p><p><blockquote>巴菲特在 1988 年伯克希尔致股东的年度信中用后来成为他最著名的格言之一来捍卫这一立场。“1988 年，我们大量收购了联邦住房贷款抵押贷款……和可口可乐。我们预计将长期持有这些证券。事实上，当我们拥有优秀管理层的优秀企业的一部分时，我们最喜欢的持有期是永远，”巴菲特说。</blockquote></p><p> Berkshire more than quadrupled the position to 100 million shares by 1994 and to this day hasn't sold any. After two stock splits, the share count is now 400 million, but Berkshire's cost basis has remained $1.3 billion since 1994. As of year-end 2020, the investment was worth $21.5 billion, a return of 1550%, not including dividends. (Berkshire owns 9.3% of all Coke shares outstanding as of 2020 year-end.)</p><p><blockquote>到 1994 年，伯克希尔的持仓量增加了两倍多，达到 1 亿股，但至今仍未出售任何股票。经过两次股票分割后，目前股票数量为 4 亿股，但伯克希尔的成本基础自 1994 年以来一直保持在 13 亿美元。截至2020年底，该投资价值215亿美元，回报率为1550%，不包括股息。（截至 2020 年底，伯克希尔拥有所有可口可乐流通股的 9.3%。）</blockquote></p><p> But the 1987 crash hangover had faded for Buffett, and the world was changing. The Soviet empire was beginning to crumble, and the Berlin Wall was about to topple — which it finally did in November 1989.</p><p><blockquote>但对巴菲特来说，1987 年崩盘的后遗症已经消退，世界正在发生变化。苏联帝国开始崩溃，柏林墙即将倒塌——它最终在1989年11月做到了。</blockquote></p><p> Smead relates his own experience as a broker in the 1980s to Buffett, saying, \"Buffett [was buying] Coca-Cola in '89 at about 18 times earnings. Well, I started in the investment business in 1980 as a stockbroker at Drexel Burnham Lambert. And my first stock that I was pitching to people was Coca-Cola — $30 a share. It was at six times earnings paying a 5% dividend. When Buffett bought in eight years later, he paid six times what I was trying to pay for it.\"</p><p><blockquote>斯米德将他自己在20世纪80年代做经纪人的经历与巴菲特联系起来，他说：“巴菲特在89年以大约18倍的市盈率收购了可口可乐。嗯，我在1980年开始从事投资业务，在德雷克塞尔伯纳姆兰伯特公司做股票经纪人。我向人们推销的第一只股票是可口可乐——每股30美元。它是市盈率的六倍，支付5%的股息。八年后巴菲特买入时，他支付的价格是我试图支付的六倍。”</blockquote></p><p> Smead explains how investor sentiment changed throughout the 1980s, as memories of the tumultuous 1970s faded and morphed into optimism over abull marketthat would become one of history's longest and most profitable.</p><p><blockquote>斯米德解释了投资者情绪在整个 20 世纪 80 年代是如何变化的，因为对 20 世纪 70 年代动荡的记忆逐渐消退，并转变为对牛市的乐观态度，这将成为历史上持续时间最长、利润最高的牛市之一。</blockquote></p><p> \"I would be destitute and living in a tent in downtown Phoenix or Downtown Seattle if I kept pitching [Coca-Cola] stock because no one would buy it. Virtually, no one wanted it. Common stock ownership in 1981 was 8% of U.S. household assets — off the charts low. No one wanted that company,\" he says.</p><p><blockquote>“如果我继续推销（可口可乐）股票，因为没人会买，我会一贫如洗，住在凤凰城市中心或西雅图市中心的帐篷里。实际上，没有人想要它。1981 年，普通股所有权占美国家庭资产的 8%——创下历史新低。没有人想要那家公司，”他说。</blockquote></p><p> Smead explains how the changing political environment would also change the macro picture, providing new opportunities and markets for companies. \"[A] number of countries that used to be closed were going to open their doors. And the Coca-Cola corporation was going to be able to sell their beverages to a huge part of the population that they had never sold it to before. And in emerging markets and less wealthy countries, that 'clean, something to drink' was very valuable.\"</p><p><blockquote>Smead解释了不断变化的政治环境将如何改变宏观形势，为公司提供新的机会和市场。“[a]许多曾经关闭的国家将敞开大门。可口可乐公司将能够向他们以前从未卖过的大部分人口出售他们的饮料。在新兴市场和不太富裕的国家，这种‘干净、可以喝的东西’非常有价值。”</blockquote></p><p> New investment opportunities post-COVID</p><p><blockquote>新冠疫情后的新投资机会</blockquote></p><p> In the present day, the pandemic has thrown the macro picture into upheaval again, presenting investors with a new set of challenges. Smead assesses the demographic changes afoot and sets the stage for what he believes are new, secular investment opportunities.</p><p><blockquote>如今，疫情再次使宏观形势陷入动荡，给投资者带来了一系列新的挑战。斯米德评估了正在发生的人口变化，并为他认为是新的长期投资机会奠定了基础。</blockquote></p><p></p><p> \"We looked at the prior time when the 30- to 45-year-old-age group was dramatically larger than the previous group, the ones that preceded them. And that was the baby boomers taking the place of the silent generation in the 70s and 80s ... And we now have 90 million millennials — not too long from now, 95 million — that are going to take 65 million Gen Xers place in the 30- to 45-year-old age bracket. So that just creates a huge amount of demand for necessities,\" he says.</p><p><blockquote>“我们回顾了之前的时期，当时 30 至 45 岁的年龄组比之前的年龄组要大得多。那就是婴儿潮一代取代了 70 年代和 80 年代的沉默一代……我们现在有 9000 万千禧一代——不久之后，9500 万——他们将取代 6500 万 X 世代在 30 至 45 岁年龄段的位置。因此，这只会创造对必需品的巨大需求，”他说。</blockquote></p><p> Smead references research from Fundstrat Global Advisors that ranks the industries it expects millennials to disrupt as their spending eclipses that of boomers. \"At the top of that list is mortgage interest and finance charges. So long before it was in the news, long before it was popular to think about, we have been over-owning the homebuilders, knowing that we have years of building homes to make up the differential between demand for homes, that population will drive the existing homes for sale,\" Smead says.</p><p><blockquote>Smead 引用了 Fundstrat Global Advisors 的研究，该研究对千禧一代的支出超过婴儿潮一代时预计会颠覆的行业进行了排名。“排在首位的是抵押贷款利息和财务费用。早在它出现在新闻中之前，早在它流行之前，我们就一直过度拥有房屋建筑商，因为我们知道我们多年来一直在建造房屋来弥补住房需求之间的差额，这些人口将推动现有房屋的出售，”斯米德说。</blockquote></p><p> Smead expectsstock pickers to outperformpassive investors over the coming decade. He also sees the footwear and household furnishings and equipment industries to outperform based on the same demographic trends relating to homebuilders.</p><p><blockquote>斯米德预计，未来十年选股者的表现将优于被动投资者。他还认为，基于与房屋建筑商相关的相同人口趋势，鞋类、家居用品和设备行业的表现优于其他行业。</blockquote></p><p> \"[T]he irony of the pandemic is: It's actually catalyzed one of our most important themes, which is the necessity spending of the millennial age group,\" says Smead.</p><p><blockquote>“这一流行病的讽刺之处在于：它实际上催化了我们最重要的主题之一，即千禧一代的必需品支出，”斯米德说。</blockquote></p><p></p>","source":"lsy1584348713084","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>Why Warren Buffett invested in Coca-Cola and its lesson<blockquote>沃伦·巴菲特为何投资可口可乐及其教训</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\">\nWhy Warren Buffett invested in Coca-Cola and its lesson<blockquote>沃伦·巴菲特为何投资可口可乐及其教训</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo</strong><span class=\"h-time small\">2021-04-30 17:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing some of the best returns, with the stock up over 2,000% since the Oracle of Omaha started buying it 33 years ago. Modern investors looking to navigate the next decade would be well-served to learn how Buffett made this profitable calculation.</p><p><blockquote>可口可乐 (KO) 是沃伦·巴菲特在伯克希尔·哈撒韦公司最古老的股票头寸。它还提供了一些最好的回报，自33年前奥马哈先知开始购买它以来，该股上涨了2000%以上。希望驾驭下一个十年的现代投资者最好了解巴菲特是如何进行这一有利可图的计算的。</blockquote></p><p> At a recentYahoo Finance Plus webinar, Bill Smead, chief investment officer at Smead Capital Management, began the lesson by explaining how Buffett manages growth and value in the Berkshire portfolio.</p><p><blockquote>在最近的 Yahoo Finance Plus 网络研讨会上，Smead Capital Management 首席投资官 Bill Smead 首先解释了巴菲特如何管理伯克希尔投资组合的增长和价值。</blockquote></p><p> \"To Buffett and [Charlie] Munger, all investing is value investing. They want to buy the bird in the hand, which is worth two in the bush. They want to buy something for well less than they think it's worth. So the ideal thing in investing is based on the mathematics of common stock investing. If you buy a stock for $30 and you pay cash, the worst thing that could possibly happen to you is it goes to zero. But the best thing that could possibly happen to you is exponential,\" says Smead.</p><p><blockquote>“对巴菲特和芒格来说，所有投资都是价值投资。他们想买到手中的鸟，而这只鸟的价值比他们认为的要低得多。因此，投资中理想的做法是基于普通股投资的数学原理。”如果您以 30 美元购买一只股票并支付现金，那么可能发生在您身上的最糟糕的事情就是它跌至零。但可能发生在你身上的最好的事情是指数级的，”斯米德说。</blockquote></p><p> Smead explains how Buffett and Munger differ from legendary value investor Benjamin Graham and why value and growth aren't mutually exclusive. Graham would \"buy 200 cigar butts at half the price that they're worth, and through the market's movements [would] get wealthier doing that,\" says Smead.</p><p><blockquote>斯米德解释了巴菲特和芒格与传奇价值投资者本杰明·格雷厄姆的不同之处，以及为什么价值和增长并不相互排斥。斯米德说，格雷厄姆“会以原价的一半购买 200 根雪茄烟头，并通过市场走势变得更加富有”。</blockquote></p><p> Buffett, on the other hand, wants to \"buy a business that is growing over the decades at a time when other people are scared to death or don't understand why it's going to be such a good thing over the next 20 or 30 years — and then enjoy a double whammy, which is the re-evaluation.\" Smead explains this is \"the price that people are willing to pay for each dollar of earnings growth as well as the earnings number [itself] grows.\"</p><p><blockquote>另一方面，巴菲特希望“在其他人吓死或不明白为什么它会在未来 20 年或 30 年内成为如此好的时候，收购一家几十年来一直在增长的企业——然后享受双重打击，这就是重新评估。”斯米德解释说，这是“人们愿意为每一美元的收入增长以及收入数字（本身）的增长付出的代价。”</blockquote></p><p> Coca-Cola a risky bet</p><p><blockquote>可口可乐是一个冒险的赌注</blockquote></p><p> Berkshire first bought Coke stock from 1988 to 1989,scooping upover 23 million shares. WhenBuffett first started buying in the first quarter, many investors were still skittish from the Black Monday crash in October 1987. Buffett going big on the stock was considered risky, especially because it was not a typical Berkshire investment.</p><p><blockquote>伯克希尔在1988年至1989年首次购买可口可乐股票，持有超过2300万股。当巴菲特在第一季度首次开始买入时，许多投资者仍然对 1987 年 10 月的黑色星期一崩盘感到不安。巴菲特大举投资该股票被认为是有风险的，特别是因为这不是典型的伯克希尔投资。</blockquote></p><p> Buffett defended the position in the 1988 annual Berkshire letter to shareholders with what would become one of hismost famous aphorisms. \"In 1988 we made major purchases of Federal Home Loan Mortgage ... and Coca Cola. We expect to hold these securities for a long time. In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,\" said Buffett.</p><p><blockquote>巴菲特在 1988 年伯克希尔致股东的年度信中用后来成为他最著名的格言之一来捍卫这一立场。“1988 年，我们大量收购了联邦住房贷款抵押贷款……和可口可乐。我们预计将长期持有这些证券。事实上，当我们拥有优秀管理层的优秀企业的一部分时，我们最喜欢的持有期是永远，”巴菲特说。</blockquote></p><p> Berkshire more than quadrupled the position to 100 million shares by 1994 and to this day hasn't sold any. After two stock splits, the share count is now 400 million, but Berkshire's cost basis has remained $1.3 billion since 1994. As of year-end 2020, the investment was worth $21.5 billion, a return of 1550%, not including dividends. (Berkshire owns 9.3% of all Coke shares outstanding as of 2020 year-end.)</p><p><blockquote>到 1994 年，伯克希尔的持仓量增加了两倍多，达到 1 亿股，但至今仍未出售任何股票。经过两次股票分割后，目前股票数量为 4 亿股，但伯克希尔的成本基础自 1994 年以来一直保持在 13 亿美元。截至2020年底，该投资价值215亿美元，回报率为1550%，不包括股息。（截至 2020 年底，伯克希尔拥有所有可口可乐流通股的 9.3%。）</blockquote></p><p> But the 1987 crash hangover had faded for Buffett, and the world was changing. The Soviet empire was beginning to crumble, and the Berlin Wall was about to topple — which it finally did in November 1989.</p><p><blockquote>但对巴菲特来说，1987 年崩盘的后遗症已经消退，世界正在发生变化。苏联帝国开始崩溃，柏林墙即将倒塌——它最终在1989年11月做到了。</blockquote></p><p> Smead relates his own experience as a broker in the 1980s to Buffett, saying, \"Buffett [was buying] Coca-Cola in '89 at about 18 times earnings. Well, I started in the investment business in 1980 as a stockbroker at Drexel Burnham Lambert. And my first stock that I was pitching to people was Coca-Cola — $30 a share. It was at six times earnings paying a 5% dividend. When Buffett bought in eight years later, he paid six times what I was trying to pay for it.\"</p><p><blockquote>斯米德将他自己在20世纪80年代做经纪人的经历与巴菲特联系起来，他说：“巴菲特在89年以大约18倍的市盈率收购了可口可乐。嗯，我在1980年开始从事投资业务，在德雷克塞尔伯纳姆兰伯特公司做股票经纪人。我向人们推销的第一只股票是可口可乐——每股30美元。它是市盈率的六倍，支付5%的股息。八年后巴菲特买入时，他支付的价格是我试图支付的六倍。”</blockquote></p><p> Smead explains how investor sentiment changed throughout the 1980s, as memories of the tumultuous 1970s faded and morphed into optimism over abull marketthat would become one of history's longest and most profitable.</p><p><blockquote>斯米德解释了投资者情绪在整个 20 世纪 80 年代是如何变化的，因为对 20 世纪 70 年代动荡的记忆逐渐消退，并转变为对牛市的乐观态度，这将成为历史上持续时间最长、利润最高的牛市之一。</blockquote></p><p> \"I would be destitute and living in a tent in downtown Phoenix or Downtown Seattle if I kept pitching [Coca-Cola] stock because no one would buy it. Virtually, no one wanted it. Common stock ownership in 1981 was 8% of U.S. household assets — off the charts low. No one wanted that company,\" he says.</p><p><blockquote>“如果我继续推销（可口可乐）股票，因为没人会买，我会一贫如洗，住在凤凰城市中心或西雅图市中心的帐篷里。实际上，没有人想要它。1981 年，普通股所有权占美国家庭资产的 8%——创下历史新低。没有人想要那家公司，”他说。</blockquote></p><p> Smead explains how the changing political environment would also change the macro picture, providing new opportunities and markets for companies. \"[A] number of countries that used to be closed were going to open their doors. And the Coca-Cola corporation was going to be able to sell their beverages to a huge part of the population that they had never sold it to before. And in emerging markets and less wealthy countries, that 'clean, something to drink' was very valuable.\"</p><p><blockquote>Smead解释了不断变化的政治环境将如何改变宏观形势，为公司提供新的机会和市场。“[a]许多曾经关闭的国家将敞开大门。可口可乐公司将能够向他们以前从未卖过的大部分人口出售他们的饮料。在新兴市场和不太富裕的国家，这种‘干净、可以喝的东西’非常有价值。”</blockquote></p><p> New investment opportunities post-COVID</p><p><blockquote>新冠疫情后的新投资机会</blockquote></p><p> In the present day, the pandemic has thrown the macro picture into upheaval again, presenting investors with a new set of challenges. Smead assesses the demographic changes afoot and sets the stage for what he believes are new, secular investment opportunities.</p><p><blockquote>如今，疫情再次使宏观形势陷入动荡，给投资者带来了一系列新的挑战。斯米德评估了正在发生的人口变化，并为他认为是新的长期投资机会奠定了基础。</blockquote></p><p></p><p> \"We looked at the prior time when the 30- to 45-year-old-age group was dramatically larger than the previous group, the ones that preceded them. And that was the baby boomers taking the place of the silent generation in the 70s and 80s ... And we now have 90 million millennials — not too long from now, 95 million — that are going to take 65 million Gen Xers place in the 30- to 45-year-old age bracket. So that just creates a huge amount of demand for necessities,\" he says.</p><p><blockquote>“我们回顾了之前的时期，当时 30 至 45 岁的年龄组比之前的年龄组要大得多。那就是婴儿潮一代取代了 70 年代和 80 年代的沉默一代……我们现在有 9000 万千禧一代——不久之后，9500 万——他们将取代 6500 万 X 世代在 30 至 45 岁年龄段的位置。因此，这只会创造对必需品的巨大需求，”他说。</blockquote></p><p> Smead references research from Fundstrat Global Advisors that ranks the industries it expects millennials to disrupt as their spending eclipses that of boomers. \"At the top of that list is mortgage interest and finance charges. So long before it was in the news, long before it was popular to think about, we have been over-owning the homebuilders, knowing that we have years of building homes to make up the differential between demand for homes, that population will drive the existing homes for sale,\" Smead says.</p><p><blockquote>Smead 引用了 Fundstrat Global Advisors 的研究，该研究对千禧一代的支出超过婴儿潮一代时预计会颠覆的行业进行了排名。“排在首位的是抵押贷款利息和财务费用。早在它出现在新闻中之前，早在它流行之前，我们就一直过度拥有房屋建筑商，因为我们知道我们多年来一直在建造房屋来弥补住房需求之间的差额，这些人口将推动现有房屋的出售，”斯米德说。</blockquote></p><p> Smead expectsstock pickers to outperformpassive investors over the coming decade. He also sees the footwear and household furnishings and equipment industries to outperform based on the same demographic trends relating to homebuilders.</p><p><blockquote>斯米德预计，未来十年选股者的表现将优于被动投资者。他还认为，基于与房屋建筑商相关的相同人口趋势，鞋类、家居用品和设备行业的表现优于其他行业。</blockquote></p><p> \"[T]he irony of the pandemic is: It's actually catalyzed one of our most important themes, which is the necessity spending of the millennial age group,\" says Smead.</p><p><blockquote>“这一流行病的讽刺之处在于：它实际上催化了我们最重要的主题之一，即千禧一代的必需品支出，”斯米德说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/why-warren-buffett-invested-in-coca-cola-165914721.html\">Yahoo</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":{},"source_url":"https://finance.yahoo.com/news/why-warren-buffett-invested-in-coca-cola-165914721.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198321864","content_text":"Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing some of the best returns, with the stock up over 2,000% since the Oracle of Omaha started buying it 33 years ago. Modern investors looking to navigate the next decade would be well-served to learn how Buffett made this profitable calculation.\nAt a recentYahoo Finance Plus webinar, Bill Smead, chief investment officer at Smead Capital Management, began the lesson by explaining how Buffett manages growth and value in the Berkshire portfolio.\n\"To Buffett and [Charlie] Munger, all investing is value investing. They want to buy the bird in the hand, which is worth two in the bush. They want to buy something for well less than they think it's worth. So the ideal thing in investing is based on the mathematics of common stock investing. If you buy a stock for $30 and you pay cash, the worst thing that could possibly happen to you is it goes to zero. But the best thing that could possibly happen to you is exponential,\" says Smead.\nSmead explains how Buffett and Munger differ from legendary value investor Benjamin Graham and why value and growth aren't mutually exclusive. Graham would \"buy 200 cigar butts at half the price that they're worth, and through the market's movements [would] get wealthier doing that,\" says Smead.\nBuffett, on the other hand, wants to \"buy a business that is growing over the decades at a time when other people are scared to death or don't understand why it's going to be such a good thing over the next 20 or 30 years — and then enjoy a double whammy, which is the re-evaluation.\" Smead explains this is \"the price that people are willing to pay for each dollar of earnings growth as well as the earnings number [itself] grows.\"\nCoca-Cola a risky bet\nBerkshire first bought Coke stock from 1988 to 1989,scooping upover 23 million shares. WhenBuffett first started buying in the first quarter, many investors were still skittish from the Black Monday crash in October 1987. Buffett going big on the stock was considered risky, especially because it was not a typical Berkshire investment.\nBuffett defended the position in the 1988 annual Berkshire letter to shareholders with what would become one of hismost famous aphorisms. \"In 1988 we made major purchases of Federal Home Loan Mortgage ... and Coca Cola. We expect to hold these securities for a long time. In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,\" said Buffett.\nBerkshire more than quadrupled the position to 100 million shares by 1994 and to this day hasn't sold any. After two stock splits, the share count is now 400 million, but Berkshire's cost basis has remained $1.3 billion since 1994. As of year-end 2020, the investment was worth $21.5 billion, a return of 1550%, not including dividends. (Berkshire owns 9.3% of all Coke shares outstanding as of 2020 year-end.)\nBut the 1987 crash hangover had faded for Buffett, and the world was changing. The Soviet empire was beginning to crumble, and the Berlin Wall was about to topple — which it finally did in November 1989.\nSmead relates his own experience as a broker in the 1980s to Buffett, saying, \"Buffett [was buying] Coca-Cola in '89 at about 18 times earnings. Well, I started in the investment business in 1980 as a stockbroker at Drexel Burnham Lambert. And my first stock that I was pitching to people was Coca-Cola — $30 a share. It was at six times earnings paying a 5% dividend. When Buffett bought in eight years later, he paid six times what I was trying to pay for it.\"\nSmead explains how investor sentiment changed throughout the 1980s, as memories of the tumultuous 1970s faded and morphed into optimism over abull marketthat would become one of history's longest and most profitable.\n\"I would be destitute and living in a tent in downtown Phoenix or Downtown Seattle if I kept pitching [Coca-Cola] stock because no one would buy it. Virtually, no one wanted it. Common stock ownership in 1981 was 8% of U.S. household assets — off the charts low. No one wanted that company,\" he says.\nSmead explains how the changing political environment would also change the macro picture, providing new opportunities and markets for companies. \"[A] number of countries that used to be closed were going to open their doors. And the Coca-Cola corporation was going to be able to sell their beverages to a huge part of the population that they had never sold it to before. And in emerging markets and less wealthy countries, that 'clean, something to drink' was very valuable.\"\nNew investment opportunities post-COVID\nIn the present day, the pandemic has thrown the macro picture into upheaval again, presenting investors with a new set of challenges. Smead assesses the demographic changes afoot and sets the stage for what he believes are new, secular investment opportunities.\n\"We looked at the prior time when the 30- to 45-year-old-age group was dramatically larger than the previous group, the ones that preceded them. And that was the baby boomers taking the place of the silent generation in the 70s and 80s ... And we now have 90 million millennials — not too long from now, 95 million — that are going to take 65 million Gen Xers place in the 30- to 45-year-old age bracket. So that just creates a huge amount of demand for necessities,\" he says.\nSmead references research from Fundstrat Global Advisors that ranks the industries it expects millennials to disrupt as their spending eclipses that of boomers. \"At the top of that list is mortgage interest and finance charges. So long before it was in the news, long before it was popular to think about, we have been over-owning the homebuilders, knowing that we have years of building homes to make up the differential between demand for homes, that population will drive the existing homes for sale,\" Smead says.\nSmead expectsstock pickers to outperformpassive investors over the coming decade. He also sees the footwear and household furnishings and equipment industries to outperform based on the same demographic trends relating to homebuilders.\n\"[T]he irony of the pandemic is: It's actually catalyzed one of our most important themes, which is the necessity spending of the millennial age group,\" says Smead.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1777,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":630730404,"gmtCreate":1643037184918,"gmtModify":1643037241469,"author":{"id":"3581985173466044","authorId":"3581985173466044","name":"ivanna07","avatar":"https://static.tigerbbs.com/12573b652574ce4e21cbfedfe59712f2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581985173466044","authorIdStr":"3581985173466044"},"themes":[],"title":"","htmlText":"red sea","listText":"red sea","text":"red sea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/630730404","repostId":"1153487783","repostType":4,"repost":{"id":"1153487783","kind":"news","pubTimestamp":1643036174,"share":"https://www.laohunote.com/m/news/1153487783?lang=zh_CN&edition=full","pubTime":"2022-01-24 22:56","market":"us","language":"en","title":"Netflix Slumps Another 6%, Jefferies Says Content Alone Isn't Cutting It for TV Streamer<blockquote>杰富瑞表示，Netflix 股价再下跌 6%，仅靠内容并不能削减电视流媒体的股价</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153487783","media":"Seeking Alpha","summary":"Investors sentiments about Netflix(NASDAQ:NFLX)failed to soften over the weekend as they sent the st","content":"<p><html><head></head><body><ul><li>Investors sentiments about Netflix(NASDAQ:NFLX)failed to soften over the weekend as they sent the streaming TV giant&#39;s shares down more than 6%, Monday, and Jefferies analyst Andrew Uerkiwitz cut his rating on the company&#39;s stock.</li><li>Uerkwitz took his view of Netflix (NFLX) to hold from buy, saying there is &#34;too much uncertainty in the near term&#34; surrounding the company following its disappointing quarterly report and outlook last week. On Thursday, Netflix (NFLX) said it added 8.28 million new subscribers during the fourth quarter of 2021, which fell short of its earlier forecasts of 8.5 million subscriber additions. Netflix (NFLX) also said it expects to add just 2.5 million subscribers during the first quarter of this year.</li><li>Those numbers did Netflix (NFLX) no favors on Wall Street, as investors drove the company&#39;s shares down almost 22% on Friday.</li><li>On Monday, Uerkwitz joined in what was a mostly negative chorus in response to Netflix&#39;s (NFLX) subscriber numbers, saying that after &#34;thinking through potential scenarios for what happens next&#34; for the company, it appears Netflix&#39;s (NFLX) spending on new content could be coming to a head.</li><li>&#34;Netflix subscribers are going nowhere,&#34; Uerkwitz said. &#34;However, the cost of acquiring the incremental subscriber has likely become too high.&#34;</li><li>Ueurwitz added that it seems like Netflix (NFLX) can&#39;t just rely on creating a sense of prestige, or exclusivity, around its own original content to drive multitudes of new subscribers to its service.</li><li>&#34;The best content slate we&#39;ve seen is doing little to drive [subscriber] growth,&#34; Uerkwitz said. &#34;If slower subscriber growth is the new normal, we would need to see a change in content [and] captial allocation coupled with a focus on new revenue streams to leverage the large user base [and] content library.&#34;</li><li>Over the weekend, TV ratings-measurement company Nielsen(NYSE:NLSN)released data from its &#34;Streaming Unwrapped 2021&#34; report, which showed Netflix (NFLX) claiming the top nine slots for original programming streamed online. The show<i>Lucifer</i>, topped the chart,with 18.34 billion minutes streamed last year.</li></ul></body></html></p><p><blockquote><html><head></head><body><ul><li>投资者对 Netflix（纳斯达克股票代码：NFLX）的情绪在周末未能软化，导致这家流媒体电视巨头的股价周一下跌超过 6%，杰富瑞 (Jefferies) 分析师安德鲁·乌尔基维茨 (Andrew Uerkiwitz) 下调了该公司股票的评级。</li><li>Uerkwitz 对 Netflix (NFLX) 的看法为持有而非买入，并表示在上周令人失望的季度报告和前景之后，该公司“近期存在太多不确定性”。周四，Netflix (NFLX) 表示，2021 年第四季度新增用户 828 万，低于此前预测的新增用户 850 万。Netflix (NFLX) 还表示，预计今年第一季度仅新增 250 万用户。</li><li>这些数字对 Netflix (NFLX) 在华尔街没有任何好处，投资者周五推动该公司股价下跌近 22%。</li><li>周一，Uerkwitz 加入了对 Netflix (NFLX) 用户数量的负面评论，他表示，在“思考了该公司接下来会发生什么的潜在情景”后，Netflix (NFLX) 似乎在新内容上的支出可能会达到顶峰。</li><li>Netflix,Inc.用户哪儿也去不了，”乌尔克维茨说。“然而，获取增量用户的成本可能已经变得太高了。”</li><li>Ueurwitz 补充说，Netflix (NFLX) 似乎不能仅仅依靠围绕自己的原创内容创造声望感或排他性来吸引大量新用户使用其服务。</li><li>“我们见过的最好的内容清单在推动[订阅者]增长方面几乎没有什么作用，”Uerkwitz 说。“如果订户增长放缓是新常态，我们需要看到内容[和]资本分配的变化，同时关注新的收入流，以利用庞大的用户群[和]内容库。”</li><li>上周末，电视收视率测量公司尼尔森（纽约证券交易所股票代码：NLSN）发布了其“2021 年流媒体揭秘”报告中的数据，该报告显示 Netflix (NFLX) 占据了在线流媒体原创节目的前九名。节目<i>路西法</i>去年以183.4亿分钟的流媒体播放时间高居榜首。</li></ul></body></html></blockquote></p><p></p>","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>Netflix Slumps Another 6%, Jefferies Says Content Alone Isn't Cutting It for TV Streamer<blockquote>杰富瑞表示，Netflix 股价再下跌 6%，仅靠内容并不能削减电视流媒体的股价</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\">\nNetflix Slumps Another 6%, Jefferies Says Content Alone Isn't Cutting It for TV Streamer<blockquote>杰富瑞表示，Netflix 股价再下跌 6%，仅靠内容并不能削减电视流媒体的股价</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2022-01-24 22:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><ul><li>Investors sentiments about Netflix(NASDAQ:NFLX)failed to soften over the weekend as they sent the streaming TV giant&#39;s shares down more than 6%, Monday, and Jefferies analyst Andrew Uerkiwitz cut his rating on the company&#39;s stock.</li><li>Uerkwitz took his view of Netflix (NFLX) to hold from buy, saying there is &#34;too much uncertainty in the near term&#34; surrounding the company following its disappointing quarterly report and outlook last week. On Thursday, Netflix (NFLX) said it added 8.28 million new subscribers during the fourth quarter of 2021, which fell short of its earlier forecasts of 8.5 million subscriber additions. Netflix (NFLX) also said it expects to add just 2.5 million subscribers during the first quarter of this year.</li><li>Those numbers did Netflix (NFLX) no favors on Wall Street, as investors drove the company&#39;s shares down almost 22% on Friday.</li><li>On Monday, Uerkwitz joined in what was a mostly negative chorus in response to Netflix&#39;s (NFLX) subscriber numbers, saying that after &#34;thinking through potential scenarios for what happens next&#34; for the company, it appears Netflix&#39;s (NFLX) spending on new content could be coming to a head.</li><li>&#34;Netflix subscribers are going nowhere,&#34; Uerkwitz said. &#34;However, the cost of acquiring the incremental subscriber has likely become too high.&#34;</li><li>Ueurwitz added that it seems like Netflix (NFLX) can&#39;t just rely on creating a sense of prestige, or exclusivity, around its own original content to drive multitudes of new subscribers to its service.</li><li>&#34;The best content slate we&#39;ve seen is doing little to drive [subscriber] growth,&#34; Uerkwitz said. &#34;If slower subscriber growth is the new normal, we would need to see a change in content [and] captial allocation coupled with a focus on new revenue streams to leverage the large user base [and] content library.&#34;</li><li>Over the weekend, TV ratings-measurement company Nielsen(NYSE:NLSN)released data from its &#34;Streaming Unwrapped 2021&#34; report, which showed Netflix (NFLX) claiming the top nine slots for original programming streamed online. The show<i>Lucifer</i>, topped the chart,with 18.34 billion minutes streamed last year.</li></ul></body></html></p><p><blockquote><html><head></head><body><ul><li>投资者对 Netflix（纳斯达克股票代码：NFLX）的情绪在周末未能软化，导致这家流媒体电视巨头的股价周一下跌超过 6%，杰富瑞 (Jefferies) 分析师安德鲁·乌尔基维茨 (Andrew Uerkiwitz) 下调了该公司股票的评级。</li><li>Uerkwitz 对 Netflix (NFLX) 的看法为持有而非买入，并表示在上周令人失望的季度报告和前景之后，该公司“近期存在太多不确定性”。周四，Netflix (NFLX) 表示，2021 年第四季度新增用户 828 万，低于此前预测的新增用户 850 万。Netflix (NFLX) 还表示，预计今年第一季度仅新增 250 万用户。</li><li>这些数字对 Netflix (NFLX) 在华尔街没有任何好处，投资者周五推动该公司股价下跌近 22%。</li><li>周一，Uerkwitz 加入了对 Netflix (NFLX) 用户数量的负面评论，他表示，在“思考了该公司接下来会发生什么的潜在情景”后，Netflix (NFLX) 似乎在新内容上的支出可能会达到顶峰。</li><li>Netflix,Inc.用户哪儿也去不了，”乌尔克维茨说。“然而，获取增量用户的成本可能已经变得太高了。”</li><li>Ueurwitz 补充说，Netflix (NFLX) 似乎不能仅仅依靠围绕自己的原创内容创造声望感或排他性来吸引大量新用户使用其服务。</li><li>“我们见过的最好的内容清单在推动[订阅者]增长方面几乎没有什么作用，”Uerkwitz 说。“如果订户增长放缓是新常态，我们需要看到内容[和]资本分配的变化，同时关注新的收入流，以利用庞大的用户群[和]内容库。”</li><li>上周末，电视收视率测量公司尼尔森（纽约证券交易所股票代码：NLSN）发布了其“2021 年流媒体揭秘”报告中的数据，该报告显示 Netflix (NFLX) 占据了在线流媒体原创节目的前九名。节目<i>路西法</i>去年以183.4亿分钟的流媒体播放时间高居榜首。</li></ul></body></html></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3790719-netflix-slumps-another-6-jefferies-says-content-alone-isnt-cutting-it-for-tv-streamer\">Seeking Alpha</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":{"NFLX":"奈飞"},"source_url":"https://seekingalpha.com/news/3790719-netflix-slumps-another-6-jefferies-says-content-alone-isnt-cutting-it-for-tv-streamer","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153487783","content_text":"Investors sentiments about Netflix(NASDAQ:NFLX)failed to soften over the weekend as they sent the streaming TV giant's shares down more than 6%, Monday, and Jefferies analyst Andrew Uerkiwitz cut his rating on the company's stock.Uerkwitz took his view of Netflix (NFLX) to hold from buy, saying there is \"too much uncertainty in the near term\" surrounding the company following its disappointing quarterly report and outlook last week. On Thursday, Netflix (NFLX) said it added 8.28 million new subscribers during the fourth quarter of 2021, which fell short of its earlier forecasts of 8.5 million subscriber additions. Netflix (NFLX) also said it expects to add just 2.5 million subscribers during the first quarter of this year.Those numbers did Netflix (NFLX) no favors on Wall Street, as investors drove the company's shares down almost 22% on Friday.On Monday, Uerkwitz joined in what was a mostly negative chorus in response to Netflix's (NFLX) subscriber numbers, saying that after \"thinking through potential scenarios for what happens next\" for the company, it appears Netflix's (NFLX) spending on new content could be coming to a head.\"Netflix subscribers are going nowhere,\" Uerkwitz said. \"However, the cost of acquiring the incremental subscriber has likely become too high.\"Ueurwitz added that it seems like Netflix (NFLX) can't just rely on creating a sense of prestige, or exclusivity, around its own original content to drive multitudes of new subscribers to its service.\"The best content slate we've seen is doing little to drive [subscriber] growth,\" Uerkwitz said. \"If slower subscriber growth is the new normal, we would need to see a change in content [and] captial allocation coupled with a focus on new revenue streams to leverage the large user base [and] content library.\"Over the weekend, TV ratings-measurement company Nielsen(NYSE:NLSN)released data from its \"Streaming Unwrapped 2021\" report, which showed Netflix (NFLX) claiming the top nine slots for original programming streamed online. The showLucifer, topped the chart,with 18.34 billion minutes streamed last 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a red sea","listText":"Its a red sea","text":"Its a red sea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/630795888","isVote":1,"tweetType":1,"viewCount":3513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":103658824,"gmtCreate":1619780595068,"gmtModify":1634209996312,"author":{"id":"3581985173466044","authorId":"3581985173466044","name":"ivanna07","avatar":"https://static.tigerbbs.com/12573b652574ce4e21cbfedfe59712f2","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581985173466044","authorIdStr":"3581985173466044"},"themes":[],"title":"","htmlText":"cool","listText":"cool","text":"cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103658824","repostId":"1198321864","repostType":4,"repost":{"id":"1198321864","kind":"news","pubTimestamp":1619776602,"share":"https://www.laohunote.com/m/news/1198321864?lang=zh_CN&edition=full","pubTime":"2021-04-30 17:56","market":"us","language":"en","title":"Why Warren Buffett invested in Coca-Cola and its lesson<blockquote>沃伦·巴菲特为何投资可口可乐及其教训</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198321864","media":"Yahoo","summary":"Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing ","content":"<p>Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing some of the best returns, with the stock up over 2,000% since the Oracle of Omaha started buying it 33 years ago. Modern investors looking to navigate the next decade would be well-served to learn how Buffett made this profitable calculation.</p><p><blockquote>可口可乐 (KO) 是沃伦·巴菲特在伯克希尔·哈撒韦公司最古老的股票头寸。它还提供了一些最好的回报，自33年前奥马哈先知开始购买它以来，该股上涨了2000%以上。希望驾驭下一个十年的现代投资者最好了解巴菲特是如何进行这一有利可图的计算的。</blockquote></p><p> At a recentYahoo Finance Plus webinar, Bill Smead, chief investment officer at Smead Capital Management, began the lesson by explaining how Buffett manages growth and value in the Berkshire portfolio.</p><p><blockquote>在最近的 Yahoo Finance Plus 网络研讨会上，Smead Capital Management 首席投资官 Bill Smead 首先解释了巴菲特如何管理伯克希尔投资组合的增长和价值。</blockquote></p><p> \"To Buffett and [Charlie] Munger, all investing is value investing. They want to buy the bird in the hand, which is worth two in the bush. They want to buy something for well less than they think it's worth. So the ideal thing in investing is based on the mathematics of common stock investing. If you buy a stock for $30 and you pay cash, the worst thing that could possibly happen to you is it goes to zero. But the best thing that could possibly happen to you is exponential,\" says Smead.</p><p><blockquote>“对巴菲特和芒格来说，所有投资都是价值投资。他们想买到手中的鸟，而这只鸟的价值比他们认为的要低得多。因此，投资中理想的做法是基于普通股投资的数学原理。”如果您以 30 美元购买一只股票并支付现金，那么可能发生在您身上的最糟糕的事情就是它跌至零。但可能发生在你身上的最好的事情是指数级的，”斯米德说。</blockquote></p><p> Smead explains how Buffett and Munger differ from legendary value investor Benjamin Graham and why value and growth aren't mutually exclusive. Graham would \"buy 200 cigar butts at half the price that they're worth, and through the market's movements [would] get wealthier doing that,\" says Smead.</p><p><blockquote>斯米德解释了巴菲特和芒格与传奇价值投资者本杰明·格雷厄姆的不同之处，以及为什么价值和增长并不相互排斥。斯米德说，格雷厄姆“会以原价的一半购买 200 根雪茄烟头，并通过市场走势变得更加富有”。</blockquote></p><p> Buffett, on the other hand, wants to \"buy a business that is growing over the decades at a time when other people are scared to death or don't understand why it's going to be such a good thing over the next 20 or 30 years — and then enjoy a double whammy, which is the re-evaluation.\" Smead explains this is \"the price that people are willing to pay for each dollar of earnings growth as well as the earnings number [itself] grows.\"</p><p><blockquote>另一方面，巴菲特希望“在其他人吓死或不明白为什么它会在未来 20 年或 30 年内成为如此好的时候，收购一家几十年来一直在增长的企业——然后享受双重打击，这就是重新评估。”斯米德解释说，这是“人们愿意为每一美元的收入增长以及收入数字（本身）的增长付出的代价。”</blockquote></p><p> Coca-Cola a risky bet</p><p><blockquote>可口可乐是一个冒险的赌注</blockquote></p><p> Berkshire first bought Coke stock from 1988 to 1989,scooping upover 23 million shares. WhenBuffett first started buying in the first quarter, many investors were still skittish from the Black Monday crash in October 1987. Buffett going big on the stock was considered risky, especially because it was not a typical Berkshire investment.</p><p><blockquote>伯克希尔在1988年至1989年首次购买可口可乐股票，持有超过2300万股。当巴菲特在第一季度首次开始买入时，许多投资者仍然对 1987 年 10 月的黑色星期一崩盘感到不安。巴菲特大举投资该股票被认为是有风险的，特别是因为这不是典型的伯克希尔投资。</blockquote></p><p> Buffett defended the position in the 1988 annual Berkshire letter to shareholders with what would become one of hismost famous aphorisms. \"In 1988 we made major purchases of Federal Home Loan Mortgage ... and Coca Cola. We expect to hold these securities for a long time. In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,\" said Buffett.</p><p><blockquote>巴菲特在 1988 年伯克希尔致股东的年度信中用后来成为他最著名的格言之一来捍卫这一立场。“1988 年，我们大量收购了联邦住房贷款抵押贷款……和可口可乐。我们预计将长期持有这些证券。事实上，当我们拥有优秀管理层的优秀企业的一部分时，我们最喜欢的持有期是永远，”巴菲特说。</blockquote></p><p> Berkshire more than quadrupled the position to 100 million shares by 1994 and to this day hasn't sold any. After two stock splits, the share count is now 400 million, but Berkshire's cost basis has remained $1.3 billion since 1994. As of year-end 2020, the investment was worth $21.5 billion, a return of 1550%, not including dividends. (Berkshire owns 9.3% of all Coke shares outstanding as of 2020 year-end.)</p><p><blockquote>到 1994 年，伯克希尔的持仓量增加了两倍多，达到 1 亿股，但至今仍未出售任何股票。经过两次股票分割后，目前股票数量为 4 亿股，但伯克希尔的成本基础自 1994 年以来一直保持在 13 亿美元。截至2020年底，该投资价值215亿美元，回报率为1550%，不包括股息。（截至 2020 年底，伯克希尔拥有所有可口可乐流通股的 9.3%。）</blockquote></p><p> But the 1987 crash hangover had faded for Buffett, and the world was changing. The Soviet empire was beginning to crumble, and the Berlin Wall was about to topple — which it finally did in November 1989.</p><p><blockquote>但对巴菲特来说，1987 年崩盘的后遗症已经消退，世界正在发生变化。苏联帝国开始崩溃，柏林墙即将倒塌——它最终在1989年11月做到了。</blockquote></p><p> Smead relates his own experience as a broker in the 1980s to Buffett, saying, \"Buffett [was buying] Coca-Cola in '89 at about 18 times earnings. Well, I started in the investment business in 1980 as a stockbroker at Drexel Burnham Lambert. And my first stock that I was pitching to people was Coca-Cola — $30 a share. It was at six times earnings paying a 5% dividend. When Buffett bought in eight years later, he paid six times what I was trying to pay for it.\"</p><p><blockquote>斯米德将他自己在20世纪80年代做经纪人的经历与巴菲特联系起来，他说：“巴菲特在89年以大约18倍的市盈率收购了可口可乐。嗯，我在1980年开始从事投资业务，在德雷克塞尔伯纳姆兰伯特公司做股票经纪人。我向人们推销的第一只股票是可口可乐——每股30美元。它是市盈率的六倍，支付5%的股息。八年后巴菲特买入时，他支付的价格是我试图支付的六倍。”</blockquote></p><p> Smead explains how investor sentiment changed throughout the 1980s, as memories of the tumultuous 1970s faded and morphed into optimism over abull marketthat would become one of history's longest and most profitable.</p><p><blockquote>斯米德解释了投资者情绪在整个 20 世纪 80 年代是如何变化的，因为对 20 世纪 70 年代动荡的记忆逐渐消退，并转变为对牛市的乐观态度，这将成为历史上持续时间最长、利润最高的牛市之一。</blockquote></p><p> \"I would be destitute and living in a tent in downtown Phoenix or Downtown Seattle if I kept pitching [Coca-Cola] stock because no one would buy it. Virtually, no one wanted it. Common stock ownership in 1981 was 8% of U.S. household assets — off the charts low. No one wanted that company,\" he says.</p><p><blockquote>“如果我继续推销（可口可乐）股票，因为没人会买，我会一贫如洗，住在凤凰城市中心或西雅图市中心的帐篷里。实际上，没有人想要它。1981 年，普通股所有权占美国家庭资产的 8%——创下历史新低。没有人想要那家公司，”他说。</blockquote></p><p> Smead explains how the changing political environment would also change the macro picture, providing new opportunities and markets for companies. \"[A] number of countries that used to be closed were going to open their doors. And the Coca-Cola corporation was going to be able to sell their beverages to a huge part of the population that they had never sold it to before. And in emerging markets and less wealthy countries, that 'clean, something to drink' was very valuable.\"</p><p><blockquote>Smead解释了不断变化的政治环境将如何改变宏观形势，为公司提供新的机会和市场。“[a]许多曾经关闭的国家将敞开大门。可口可乐公司将能够向他们以前从未卖过的大部分人口出售他们的饮料。在新兴市场和不太富裕的国家，这种‘干净、可以喝的东西’非常有价值。”</blockquote></p><p> New investment opportunities post-COVID</p><p><blockquote>新冠疫情后的新投资机会</blockquote></p><p> In the present day, the pandemic has thrown the macro picture into upheaval again, presenting investors with a new set of challenges. Smead assesses the demographic changes afoot and sets the stage for what he believes are new, secular investment opportunities.</p><p><blockquote>如今，疫情再次使宏观形势陷入动荡，给投资者带来了一系列新的挑战。斯米德评估了正在发生的人口变化，并为他认为是新的长期投资机会奠定了基础。</blockquote></p><p></p><p> \"We looked at the prior time when the 30- to 45-year-old-age group was dramatically larger than the previous group, the ones that preceded them. And that was the baby boomers taking the place of the silent generation in the 70s and 80s ... And we now have 90 million millennials — not too long from now, 95 million — that are going to take 65 million Gen Xers place in the 30- to 45-year-old age bracket. So that just creates a huge amount of demand for necessities,\" he says.</p><p><blockquote>“我们回顾了之前的时期，当时 30 至 45 岁的年龄组比之前的年龄组要大得多。那就是婴儿潮一代取代了 70 年代和 80 年代的沉默一代……我们现在有 9000 万千禧一代——不久之后，9500 万——他们将取代 6500 万 X 世代在 30 至 45 岁年龄段的位置。因此，这只会创造对必需品的巨大需求，”他说。</blockquote></p><p> Smead references research from Fundstrat Global Advisors that ranks the industries it expects millennials to disrupt as their spending eclipses that of boomers. \"At the top of that list is mortgage interest and finance charges. So long before it was in the news, long before it was popular to think about, we have been over-owning the homebuilders, knowing that we have years of building homes to make up the differential between demand for homes, that population will drive the existing homes for sale,\" Smead says.</p><p><blockquote>Smead 引用了 Fundstrat Global Advisors 的研究，该研究对千禧一代的支出超过婴儿潮一代时预计会颠覆的行业进行了排名。“排在首位的是抵押贷款利息和财务费用。早在它出现在新闻中之前，早在它流行之前，我们就一直过度拥有房屋建筑商，因为我们知道我们多年来一直在建造房屋来弥补住房需求之间的差额，这些人口将推动现有房屋的出售，”斯米德说。</blockquote></p><p> Smead expectsstock pickers to outperformpassive investors over the coming decade. He also sees the footwear and household furnishings and equipment industries to outperform based on the same demographic trends relating to homebuilders.</p><p><blockquote>斯米德预计，未来十年选股者的表现将优于被动投资者。他还认为，基于与房屋建筑商相关的相同人口趋势，鞋类、家居用品和设备行业的表现优于其他行业。</blockquote></p><p> \"[T]he irony of the pandemic is: It's actually catalyzed one of our most important themes, which is the necessity spending of the millennial age group,\" says Smead.</p><p><blockquote>“这一流行病的讽刺之处在于：它实际上催化了我们最重要的主题之一，即千禧一代的必需品支出，”斯米德说。</blockquote></p><p></p>","source":"lsy1584348713084","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>Why Warren Buffett invested in Coca-Cola and its lesson<blockquote>沃伦·巴菲特为何投资可口可乐及其教训</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\">\nWhy Warren Buffett invested in Coca-Cola and its lesson<blockquote>沃伦·巴菲特为何投资可口可乐及其教训</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo</strong><span class=\"h-time small\">2021-04-30 17:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing some of the best returns, with the stock up over 2,000% since the Oracle of Omaha started buying it 33 years ago. Modern investors looking to navigate the next decade would be well-served to learn how Buffett made this profitable calculation.</p><p><blockquote>可口可乐 (KO) 是沃伦·巴菲特在伯克希尔·哈撒韦公司最古老的股票头寸。它还提供了一些最好的回报，自33年前奥马哈先知开始购买它以来，该股上涨了2000%以上。希望驾驭下一个十年的现代投资者最好了解巴菲特是如何进行这一有利可图的计算的。</blockquote></p><p> At a recentYahoo Finance Plus webinar, Bill Smead, chief investment officer at Smead Capital Management, began the lesson by explaining how Buffett manages growth and value in the Berkshire portfolio.</p><p><blockquote>在最近的 Yahoo Finance Plus 网络研讨会上，Smead Capital Management 首席投资官 Bill Smead 首先解释了巴菲特如何管理伯克希尔投资组合的增长和价值。</blockquote></p><p> \"To Buffett and [Charlie] Munger, all investing is value investing. They want to buy the bird in the hand, which is worth two in the bush. They want to buy something for well less than they think it's worth. So the ideal thing in investing is based on the mathematics of common stock investing. If you buy a stock for $30 and you pay cash, the worst thing that could possibly happen to you is it goes to zero. But the best thing that could possibly happen to you is exponential,\" says Smead.</p><p><blockquote>“对巴菲特和芒格来说，所有投资都是价值投资。他们想买到手中的鸟，而这只鸟的价值比他们认为的要低得多。因此，投资中理想的做法是基于普通股投资的数学原理。”如果您以 30 美元购买一只股票并支付现金，那么可能发生在您身上的最糟糕的事情就是它跌至零。但可能发生在你身上的最好的事情是指数级的，”斯米德说。</blockquote></p><p> Smead explains how Buffett and Munger differ from legendary value investor Benjamin Graham and why value and growth aren't mutually exclusive. Graham would \"buy 200 cigar butts at half the price that they're worth, and through the market's movements [would] get wealthier doing that,\" says Smead.</p><p><blockquote>斯米德解释了巴菲特和芒格与传奇价值投资者本杰明·格雷厄姆的不同之处，以及为什么价值和增长并不相互排斥。斯米德说，格雷厄姆“会以原价的一半购买 200 根雪茄烟头，并通过市场走势变得更加富有”。</blockquote></p><p> Buffett, on the other hand, wants to \"buy a business that is growing over the decades at a time when other people are scared to death or don't understand why it's going to be such a good thing over the next 20 or 30 years — and then enjoy a double whammy, which is the re-evaluation.\" Smead explains this is \"the price that people are willing to pay for each dollar of earnings growth as well as the earnings number [itself] grows.\"</p><p><blockquote>另一方面，巴菲特希望“在其他人吓死或不明白为什么它会在未来 20 年或 30 年内成为如此好的时候，收购一家几十年来一直在增长的企业——然后享受双重打击，这就是重新评估。”斯米德解释说，这是“人们愿意为每一美元的收入增长以及收入数字（本身）的增长付出的代价。”</blockquote></p><p> Coca-Cola a risky bet</p><p><blockquote>可口可乐是一个冒险的赌注</blockquote></p><p> Berkshire first bought Coke stock from 1988 to 1989,scooping upover 23 million shares. WhenBuffett first started buying in the first quarter, many investors were still skittish from the Black Monday crash in October 1987. Buffett going big on the stock was considered risky, especially because it was not a typical Berkshire investment.</p><p><blockquote>伯克希尔在1988年至1989年首次购买可口可乐股票，持有超过2300万股。当巴菲特在第一季度首次开始买入时，许多投资者仍然对 1987 年 10 月的黑色星期一崩盘感到不安。巴菲特大举投资该股票被认为是有风险的，特别是因为这不是典型的伯克希尔投资。</blockquote></p><p> Buffett defended the position in the 1988 annual Berkshire letter to shareholders with what would become one of hismost famous aphorisms. \"In 1988 we made major purchases of Federal Home Loan Mortgage ... and Coca Cola. We expect to hold these securities for a long time. In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,\" said Buffett.</p><p><blockquote>巴菲特在 1988 年伯克希尔致股东的年度信中用后来成为他最著名的格言之一来捍卫这一立场。“1988 年，我们大量收购了联邦住房贷款抵押贷款……和可口可乐。我们预计将长期持有这些证券。事实上，当我们拥有优秀管理层的优秀企业的一部分时，我们最喜欢的持有期是永远，”巴菲特说。</blockquote></p><p> Berkshire more than quadrupled the position to 100 million shares by 1994 and to this day hasn't sold any. After two stock splits, the share count is now 400 million, but Berkshire's cost basis has remained $1.3 billion since 1994. As of year-end 2020, the investment was worth $21.5 billion, a return of 1550%, not including dividends. (Berkshire owns 9.3% of all Coke shares outstanding as of 2020 year-end.)</p><p><blockquote>到 1994 年，伯克希尔的持仓量增加了两倍多，达到 1 亿股，但至今仍未出售任何股票。经过两次股票分割后，目前股票数量为 4 亿股，但伯克希尔的成本基础自 1994 年以来一直保持在 13 亿美元。截至2020年底，该投资价值215亿美元，回报率为1550%，不包括股息。（截至 2020 年底，伯克希尔拥有所有可口可乐流通股的 9.3%。）</blockquote></p><p> But the 1987 crash hangover had faded for Buffett, and the world was changing. The Soviet empire was beginning to crumble, and the Berlin Wall was about to topple — which it finally did in November 1989.</p><p><blockquote>但对巴菲特来说，1987 年崩盘的后遗症已经消退，世界正在发生变化。苏联帝国开始崩溃，柏林墙即将倒塌——它最终在1989年11月做到了。</blockquote></p><p> Smead relates his own experience as a broker in the 1980s to Buffett, saying, \"Buffett [was buying] Coca-Cola in '89 at about 18 times earnings. Well, I started in the investment business in 1980 as a stockbroker at Drexel Burnham Lambert. And my first stock that I was pitching to people was Coca-Cola — $30 a share. It was at six times earnings paying a 5% dividend. When Buffett bought in eight years later, he paid six times what I was trying to pay for it.\"</p><p><blockquote>斯米德将他自己在20世纪80年代做经纪人的经历与巴菲特联系起来，他说：“巴菲特在89年以大约18倍的市盈率收购了可口可乐。嗯，我在1980年开始从事投资业务，在德雷克塞尔伯纳姆兰伯特公司做股票经纪人。我向人们推销的第一只股票是可口可乐——每股30美元。它是市盈率的六倍，支付5%的股息。八年后巴菲特买入时，他支付的价格是我试图支付的六倍。”</blockquote></p><p> Smead explains how investor sentiment changed throughout the 1980s, as memories of the tumultuous 1970s faded and morphed into optimism over abull marketthat would become one of history's longest and most profitable.</p><p><blockquote>斯米德解释了投资者情绪在整个 20 世纪 80 年代是如何变化的，因为对 20 世纪 70 年代动荡的记忆逐渐消退，并转变为对牛市的乐观态度，这将成为历史上持续时间最长、利润最高的牛市之一。</blockquote></p><p> \"I would be destitute and living in a tent in downtown Phoenix or Downtown Seattle if I kept pitching [Coca-Cola] stock because no one would buy it. Virtually, no one wanted it. Common stock ownership in 1981 was 8% of U.S. household assets — off the charts low. No one wanted that company,\" he says.</p><p><blockquote>“如果我继续推销（可口可乐）股票，因为没人会买，我会一贫如洗，住在凤凰城市中心或西雅图市中心的帐篷里。实际上，没有人想要它。1981 年，普通股所有权占美国家庭资产的 8%——创下历史新低。没有人想要那家公司，”他说。</blockquote></p><p> Smead explains how the changing political environment would also change the macro picture, providing new opportunities and markets for companies. \"[A] number of countries that used to be closed were going to open their doors. And the Coca-Cola corporation was going to be able to sell their beverages to a huge part of the population that they had never sold it to before. And in emerging markets and less wealthy countries, that 'clean, something to drink' was very valuable.\"</p><p><blockquote>Smead解释了不断变化的政治环境将如何改变宏观形势，为公司提供新的机会和市场。“[a]许多曾经关闭的国家将敞开大门。可口可乐公司将能够向他们以前从未卖过的大部分人口出售他们的饮料。在新兴市场和不太富裕的国家，这种‘干净、可以喝的东西’非常有价值。”</blockquote></p><p> New investment opportunities post-COVID</p><p><blockquote>新冠疫情后的新投资机会</blockquote></p><p> In the present day, the pandemic has thrown the macro picture into upheaval again, presenting investors with a new set of challenges. Smead assesses the demographic changes afoot and sets the stage for what he believes are new, secular investment opportunities.</p><p><blockquote>如今，疫情再次使宏观形势陷入动荡，给投资者带来了一系列新的挑战。斯米德评估了正在发生的人口变化，并为他认为是新的长期投资机会奠定了基础。</blockquote></p><p></p><p> \"We looked at the prior time when the 30- to 45-year-old-age group was dramatically larger than the previous group, the ones that preceded them. And that was the baby boomers taking the place of the silent generation in the 70s and 80s ... And we now have 90 million millennials — not too long from now, 95 million — that are going to take 65 million Gen Xers place in the 30- to 45-year-old age bracket. So that just creates a huge amount of demand for necessities,\" he says.</p><p><blockquote>“我们回顾了之前的时期，当时 30 至 45 岁的年龄组比之前的年龄组要大得多。那就是婴儿潮一代取代了 70 年代和 80 年代的沉默一代……我们现在有 9000 万千禧一代——不久之后，9500 万——他们将取代 6500 万 X 世代在 30 至 45 岁年龄段的位置。因此，这只会创造对必需品的巨大需求，”他说。</blockquote></p><p> Smead references research from Fundstrat Global Advisors that ranks the industries it expects millennials to disrupt as their spending eclipses that of boomers. \"At the top of that list is mortgage interest and finance charges. So long before it was in the news, long before it was popular to think about, we have been over-owning the homebuilders, knowing that we have years of building homes to make up the differential between demand for homes, that population will drive the existing homes for sale,\" Smead says.</p><p><blockquote>Smead 引用了 Fundstrat Global Advisors 的研究，该研究对千禧一代的支出超过婴儿潮一代时预计会颠覆的行业进行了排名。“排在首位的是抵押贷款利息和财务费用。早在它出现在新闻中之前，早在它流行之前，我们就一直过度拥有房屋建筑商，因为我们知道我们多年来一直在建造房屋来弥补住房需求之间的差额，这些人口将推动现有房屋的出售，”斯米德说。</blockquote></p><p> Smead expectsstock pickers to outperformpassive investors over the coming decade. He also sees the footwear and household furnishings and equipment industries to outperform based on the same demographic trends relating to homebuilders.</p><p><blockquote>斯米德预计，未来十年选股者的表现将优于被动投资者。他还认为，基于与房屋建筑商相关的相同人口趋势，鞋类、家居用品和设备行业的表现优于其他行业。</blockquote></p><p> \"[T]he irony of the pandemic is: It's actually catalyzed one of our most important themes, which is the necessity spending of the millennial age group,\" says Smead.</p><p><blockquote>“这一流行病的讽刺之处在于：它实际上催化了我们最重要的主题之一，即千禧一代的必需品支出，”斯米德说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/why-warren-buffett-invested-in-coca-cola-165914721.html\">Yahoo</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":{},"source_url":"https://finance.yahoo.com/news/why-warren-buffett-invested-in-coca-cola-165914721.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198321864","content_text":"Coca-Cola (KO) is Warren Buffett's oldest stock position at Berkshire Hathaway. It's also providing some of the best returns, with the stock up over 2,000% since the Oracle of Omaha started buying it 33 years ago. Modern investors looking to navigate the next decade would be well-served to learn how Buffett made this profitable calculation.\nAt a recentYahoo Finance Plus webinar, Bill Smead, chief investment officer at Smead Capital Management, began the lesson by explaining how Buffett manages growth and value in the Berkshire portfolio.\n\"To Buffett and [Charlie] Munger, all investing is value investing. They want to buy the bird in the hand, which is worth two in the bush. They want to buy something for well less than they think it's worth. So the ideal thing in investing is based on the mathematics of common stock investing. If you buy a stock for $30 and you pay cash, the worst thing that could possibly happen to you is it goes to zero. But the best thing that could possibly happen to you is exponential,\" says Smead.\nSmead explains how Buffett and Munger differ from legendary value investor Benjamin Graham and why value and growth aren't mutually exclusive. Graham would \"buy 200 cigar butts at half the price that they're worth, and through the market's movements [would] get wealthier doing that,\" says Smead.\nBuffett, on the other hand, wants to \"buy a business that is growing over the decades at a time when other people are scared to death or don't understand why it's going to be such a good thing over the next 20 or 30 years — and then enjoy a double whammy, which is the re-evaluation.\" Smead explains this is \"the price that people are willing to pay for each dollar of earnings growth as well as the earnings number [itself] grows.\"\nCoca-Cola a risky bet\nBerkshire first bought Coke stock from 1988 to 1989,scooping upover 23 million shares. WhenBuffett first started buying in the first quarter, many investors were still skittish from the Black Monday crash in October 1987. Buffett going big on the stock was considered risky, especially because it was not a typical Berkshire investment.\nBuffett defended the position in the 1988 annual Berkshire letter to shareholders with what would become one of hismost famous aphorisms. \"In 1988 we made major purchases of Federal Home Loan Mortgage ... and Coca Cola. We expect to hold these securities for a long time. In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,\" said Buffett.\nBerkshire more than quadrupled the position to 100 million shares by 1994 and to this day hasn't sold any. After two stock splits, the share count is now 400 million, but Berkshire's cost basis has remained $1.3 billion since 1994. As of year-end 2020, the investment was worth $21.5 billion, a return of 1550%, not including dividends. (Berkshire owns 9.3% of all Coke shares outstanding as of 2020 year-end.)\nBut the 1987 crash hangover had faded for Buffett, and the world was changing. The Soviet empire was beginning to crumble, and the Berlin Wall was about to topple — which it finally did in November 1989.\nSmead relates his own experience as a broker in the 1980s to Buffett, saying, \"Buffett [was buying] Coca-Cola in '89 at about 18 times earnings. Well, I started in the investment business in 1980 as a stockbroker at Drexel Burnham Lambert. And my first stock that I was pitching to people was Coca-Cola — $30 a share. It was at six times earnings paying a 5% dividend. When Buffett bought in eight years later, he paid six times what I was trying to pay for it.\"\nSmead explains how investor sentiment changed throughout the 1980s, as memories of the tumultuous 1970s faded and morphed into optimism over abull marketthat would become one of history's longest and most profitable.\n\"I would be destitute and living in a tent in downtown Phoenix or Downtown Seattle if I kept pitching [Coca-Cola] stock because no one would buy it. Virtually, no one wanted it. Common stock ownership in 1981 was 8% of U.S. household assets — off the charts low. No one wanted that company,\" he says.\nSmead explains how the changing political environment would also change the macro picture, providing new opportunities and markets for companies. \"[A] number of countries that used to be closed were going to open their doors. And the Coca-Cola corporation was going to be able to sell their beverages to a huge part of the population that they had never sold it to before. And in emerging markets and less wealthy countries, that 'clean, something to drink' was very valuable.\"\nNew investment opportunities post-COVID\nIn the present day, the pandemic has thrown the macro picture into upheaval again, presenting investors with a new set of challenges. Smead assesses the demographic changes afoot and sets the stage for what he believes are new, secular investment opportunities.\n\"We looked at the prior time when the 30- to 45-year-old-age group was dramatically larger than the previous group, the ones that preceded them. And that was the baby boomers taking the place of the silent generation in the 70s and 80s ... And we now have 90 million millennials — not too long from now, 95 million — that are going to take 65 million Gen Xers place in the 30- to 45-year-old age bracket. So that just creates a huge amount of demand for necessities,\" he says.\nSmead references research from Fundstrat Global Advisors that ranks the industries it expects millennials to disrupt as their spending eclipses that of boomers. \"At the top of that list is mortgage interest and finance charges. So long before it was in the news, long before it was popular to think about, we have been over-owning the homebuilders, knowing that we have years of building homes to make up the differential between demand for homes, that population will drive the existing homes for sale,\" Smead says.\nSmead expectsstock pickers to outperformpassive investors over the coming decade. He also sees the footwear and household furnishings and equipment industries to outperform based on the same demographic trends relating to homebuilders.\n\"[T]he irony of the pandemic is: It's actually catalyzed one of our most important themes, which is the necessity spending of the millennial age group,\" says Smead.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1777,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}