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2021-09-04

hi

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2021-11-09

AMD YES

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2021-12-15

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2021-12-14

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2021-12-09

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2021-11-13

NICE

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2021-10-18

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Tesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&T、Netflix、ASML、Snap等本周值得投资者关注的股票</blockquote>

2021-12-23

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2021-10-20

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2022-02-27

q

Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value<blockquote>巴菲特完整年度信：苹果是推动巴菲特价值的“四大巨头”之一</blockquote>

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stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1649399100,"share":"https://www.laohu8.com/m/news/1133070824?lang=zh_CN&edition=full","pubTime":"2022-04-08 14:25","market":"us","language":"en","title":"Reminder: Holiday Trading Hours during Good Friday and Easter<blockquote>提醒：耶稣受难日和复活节期间的假日交易时间</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133070824","media":"Tiger Newspress","summary":"U.S. stock markets will be closed Friday, April 15in observance of Good Friday.The New York Stock Exchange and the Nasdaq will resume normal trading hours on Monday.The Securities Industry and Financi","content":"<p><html><head></head><body>U.S. stock markets will be closed Friday, April 15 in observance of Good Friday.</p><p><blockquote><html><head></head><body>美国股市将于4月15日星期五休市，以纪念耶稣受难日。</body></html></blockquote></p><p>The New York Stock Exchange and the Nasdaq will resume normal trading hours on Monday.</p><p><blockquote>纽约证券交易所和纳斯达克将于周一恢复正常交易时间。</blockquote></p><p>The Securities Industry and Financial Markets Association recommended the U.S. bond market close Friday. It also advised that the bond market shutter early on Thursday, April14 at 2 p.m. Eastern.</p><p><blockquote>美国证券业和金融市场协会建议美国债券市场周五休市。它还建议债券市场于4月14日星期四下午2点提前关闭。东部。</blockquote></p><p>U.S. commodities markets including gold and oil futures also won&#39;t be open for trading Friday.</p><p><blockquote>包括黄金和石油期货在内的美国大宗商品市场周五也不会开放交易。</blockquote></p><p>Singapore stock markets will also close on Good Friday.</p><p><blockquote>新加坡股市也将在耶稣受难日休市。</blockquote></p><p>Stock markets in Europe, Hong Kong and Australia will close on Good Friday and on Monday in observance of Easter.</p><p><blockquote>欧洲、香港和澳大利亚的股市将在耶稣受难日和复活节周一休市。</blockquote></p><p>A-shares (Northbound) will be closed to April 18 from April 14.</p><p><blockquote>A股（北向）自4月14日起休市至4月18日。</blockquote></p><p><img src=\"https://static.tigerbbs.com/8d9bbb655e7216a0c27a0cb94e0d0875\" tg-width=\"1482\" tg-height=\"1328\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>Good Friday commemorates the crucifixion of Jesus Christ. 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It also advised that the bond market shutter early on Thursday, April14 at 2 p.m. Eastern.</p><p><blockquote>美国证券业和金融市场协会建议美国债券市场周五休市。它还建议债券市场于4月14日星期四下午2点提前关闭。东部。</blockquote></p><p>U.S. commodities markets including gold and oil futures also won&#39;t be open for trading Friday.</p><p><blockquote>包括黄金和石油期货在内的美国大宗商品市场周五也不会开放交易。</blockquote></p><p>Singapore stock markets will also close on Good Friday.</p><p><blockquote>新加坡股市也将在耶稣受难日休市。</blockquote></p><p>Stock markets in Europe, Hong Kong and Australia will close on Good Friday and on Monday in observance of Easter.</p><p><blockquote>欧洲、香港和澳大利亚的股市将在耶稣受难日和复活节周一休市。</blockquote></p><p>A-shares (Northbound) will be closed to April 18 from April 14.</p><p><blockquote>A股（北向）自4月14日起休市至4月18日。</blockquote></p><p><img src=\"https://static.tigerbbs.com/8d9bbb655e7216a0c27a0cb94e0d0875\" tg-width=\"1482\" tg-height=\"1328\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>Good Friday commemorates the crucifixion of Jesus Christ. It isn’t a federal holiday, which means businesses often stay open. Good Friday is the only time U.S. markets close for the day outside of federal holidays.</p><p><blockquote>耶稣受难日是为了纪念耶稣基督被钉在十字架上。这不是联邦假日，这意味着企业通常会继续营业。耶稣受难日是美国市场在联邦假日之外唯一休市的时间。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133070824","content_text":"U.S. stock markets will be closed Friday, April 15 in observance of Good Friday.The New York Stock Exchange and the Nasdaq will resume normal trading hours on Monday.The Securities Industry and Financial Markets Association recommended the U.S. bond market close Friday. It also advised that the bond market shutter early on Thursday, April14 at 2 p.m. Eastern.U.S. commodities markets including gold and oil futures also won't be open for trading Friday.Singapore stock markets will also close on Good Friday.Stock markets in Europe, Hong Kong and Australia will close on Good Friday and on Monday in observance of Easter.A-shares (Northbound) will be closed to April 18 from April 14.Good Friday commemorates the crucifixion of Jesus Christ. It isn’t a federal holiday, which means businesses often stay open. Good Friday is the only time U.S. markets close for the day outside of federal 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1,"likeSize":3,"commentSize":15,"repostSize":0,"link":"https://laohu8.com/post/635573943","repostId":"1191877390","repostType":4,"repost":{"id":"1191877390","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1646809389,"share":"https://www.laohu8.com/m/news/1191877390?lang=zh_CN&edition=full","pubTime":"2022-03-09 15:03","market":"us","language":"en","title":"U.S. Daylight Saving Time Begins on Sunday, March 13, 2022<blockquote>美国夏令时从2022年3月13日星期日开始</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191877390","media":"Tiger Newspress","summary":"U.S. daylight saving time begins on Sunday, March13, 2022. at 2:00 a.m. The clocks will be moved for","content":"<p><html><head></head><body>U.S. daylight saving time begins on Sunday, March13, 2022. at 2:00 a.m. The clocks will be moved forward from 2:00 a.m. to 3:00 a.m.</p><p><blockquote><html><head></head><body>美国夏令时从2022年3月13日星期日开始。凌晨2点。时钟将从凌晨2点提前到3点。</body></html></blockquote></p><p>At that time, the regular trading period of the US stock market will become 9:30 p.m. to 4:00 a.m（Beijing Time/SGT）and 00:30 p.m. to 7:00 a.m (AEDT)</p><p><blockquote>届时，美国股市的常规交易时段将变为晚上9:30至凌晨4:00（北京时间/SGT）和晚上00:30至7:00（AEDT）</blockquote></p><p>Daylight saving time will end on Nov. 6 this year. The federal Energy Policy Act of 2005 decreed that standard time starts on the first Sunday of November.</p><p><blockquote>夏令时将于今年11月6日结束。2005年联邦能源政策法案规定标准时间从11月的第一个星期天开始。</blockquote></p><p>In 1918, the U.S. enacted the first Daylight Saving Time law as a way to conserve fuel. It was reintroduced during World War II.</p><p><blockquote>1918年，美国颁布了第一部夏令时法，作为节约燃料的一种方式。它在第二次世界大战期间被重新引入。</blockquote></p><p>In 1973, President Nixon signed into law the Emergency Daylight Saving Time Energy Conservation Act, which made DST permanent in the U.S. This helped reduce confusion throughout the country with some regions of the U.S. participating in the practice and some regions opting out.</p><p><blockquote>1973年，尼克松总统签署了《紧急夏令时节能法案》，使夏令时在美国永久化。这有助于减少全国范围内的混乱，美国一些地区参与了这种做法，而一些地区选择退出。</blockquote></p><p></body></html></p><p><blockquote></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>U.S. Daylight Saving Time Begins on Sunday, March 13, 2022<blockquote>美国夏令时从2022年3月13日星期日开始</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\">\nU.S. Daylight Saving Time Begins on Sunday, March 13, 2022<blockquote>美国夏令时从2022年3月13日星期日开始</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2022-03-09 15:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. daylight saving time begins on Sunday, March13, 2022. at 2:00 a.m. The clocks will be moved forward from 2:00 a.m. to 3:00 a.m.</p><p><blockquote><html><head></head><body>美国夏令时从2022年3月13日星期日开始。凌晨2点。时钟将从凌晨2点提前到3点。</body></html></blockquote></p><p>At that time, the regular trading period of the US stock market will become 9:30 p.m. to 4:00 a.m（Beijing Time/SGT）and 00:30 p.m. to 7:00 a.m (AEDT)</p><p><blockquote>届时，美国股市的常规交易时段将变为晚上9:30至凌晨4:00（北京时间/SGT）和晚上00:30至7:00（AEDT）</blockquote></p><p>Daylight saving time will end on Nov. 6 this year. The federal Energy Policy Act of 2005 decreed that standard time starts on the first Sunday of November.</p><p><blockquote>夏令时将于今年11月6日结束。2005年联邦能源政策法案规定标准时间从11月的第一个星期天开始。</blockquote></p><p>In 1918, the U.S. enacted the first Daylight Saving Time law as a way to conserve fuel. It was reintroduced during World War II.</p><p><blockquote>1918年，美国颁布了第一部夏令时法，作为节约燃料的一种方式。它在第二次世界大战期间被重新引入。</blockquote></p><p>In 1973, President Nixon signed into law the Emergency Daylight Saving Time Energy Conservation Act, which made DST permanent in the U.S. This helped reduce confusion throughout the country with some regions of the U.S. participating in the practice and some regions opting out.</p><p><blockquote>1973年，尼克松总统签署了《紧急夏令时节能法案》，使夏令时在美国永久化。这有助于减少全国范围内的混乱，美国一些地区参与了这种做法，而一些地区选择退出。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191877390","content_text":"U.S. daylight saving time begins on Sunday, March13, 2022. at 2:00 a.m. The clocks will be moved forward from 2:00 a.m. to 3:00 a.m.At that time, the regular trading period of the US stock market will become 9:30 p.m. to 4:00 a.m（Beijing Time/SGT）and 00:30 p.m. to 7:00 a.m (AEDT)Daylight saving time will end on Nov. 6 this year. The federal Energy Policy Act of 2005 decreed that standard time starts on the first Sunday of November.In 1918, the U.S. enacted the first Daylight Saving Time law as a way to conserve fuel. It was reintroduced during World War II.In 1973, President Nixon signed into law the Emergency Daylight Saving Time Energy Conservation Act, which made DST permanent in the U.S. This helped reduce confusion throughout the country with some regions of the U.S. participating in the practice and some regions opting out.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3898,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":635610440,"gmtCreate":1646971798989,"gmtModify":1646971799304,"author":{"id":"3582185625671527","authorId":"3582185625671527","name":"scout7211","avatar":"https://static.tigerbbs.com/3428eeb8a156084753e7fa0ee13d6ac6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582185625671527","idStr":"3582185625671527"},"themes":[],"htmlText":"//<a href=\"https://laohu8.com/U/3582185625671527\">@scout7211</a>: q","listText":"//<a href=\"https://laohu8.com/U/3582185625671527\">@scout7211</a>: q","text":"//@scout7211: q","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/635610440","repostId":"2217949109","repostType":4,"repost":{"id":"2217949109","kind":"news","pubTimestamp":1646607889,"share":"https://www.laohu8.com/m/news/2217949109?lang=zh_CN&edition=full","pubTime":"2022-03-07 07:04","market":"us","language":"en","title":"CPI Inflation, Rivian Earnings: What to Watch This Week<blockquote>CPI通胀、Rivian盈利：本周值得关注</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2217949109","media":"Yahoo Finance","summary":"Another likely red-hot inflation reading and a handful of key corporate earnings results are on tap ","content":"<p><div> Another likely red-hot inflation reading and a handful of key corporate earnings results are on tap for investors this week, offering further catalysts after the past several weeks' volatility across ...</p><p><blockquote><div>另一个可能炙手可热的通胀数据和一些关键的企业盈利结果本周将为投资者提供进一步的催化剂，在过去几周的波动之后……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/cpi-inflation-rivian-earnings-what-to-watch-this-week-194035775.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/cpi-inflation-rivian-earnings-what-to-watch-this-week-194035775.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_au","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>CPI Inflation, Rivian Earnings: What to Watch This Week<blockquote>CPI通胀、Rivian盈利：本周值得关注</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\">\nCPI Inflation, Rivian Earnings: What to Watch This Week<blockquote>CPI通胀、Rivian盈利：本周值得关注</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2022-03-07 07:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Another likely red-hot inflation reading and a handful of key corporate earnings results are on tap for investors this week, offering further catalysts after the past several weeks' volatility across ...</p><p><blockquote><div>另一个可能炙手可热的通胀数据和一些关键的企业盈利结果本周将为投资者提供进一步的催化剂，在过去几周的波动之后……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/cpi-inflation-rivian-earnings-what-to-watch-this-week-194035775.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/cpi-inflation-rivian-earnings-what-to-watch-this-week-194035775.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/cpi-inflation-rivian-earnings-what-to-watch-this-week-194035775.html\">Yahoo Finance</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":{"SPY":"标普500ETF","SPY.AU":"SPDR® S&P 500® ETF Trust","RIVN":"Rivian Automotive, Inc."},"source_url":"https://finance.yahoo.com/news/cpi-inflation-rivian-earnings-what-to-watch-this-week-194035775.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2217949109","content_text":"Another likely red-hot inflation reading and a handful of key corporate earnings results are on tap for investors this week, offering further catalysts after the past several weeks' volatility across risk assets.On the economic data front, Thursday's Consumer Price Index (CPI) from the Bureau of Labor Statistics (BLS) is set to be the most closely watched print. Investors have been anxiously awaiting signs of a peak in inflation — and to that end, the incoming data is unlikely to offer this payoff.Consensus economists are looking for the headline CPI to accelerate to show a 7.9% year-over-year increase, rising further from January's 7.5% rise, according to Bloomberg consensus data. Such a result would set a fresh 40-year high rate of inflation. And even excluding volatile food and energy prices, the CPI is likely to rise 6.4%, compared to January's 6.0% increase.The month-over-month data are also expected to keep climbing. Economists are looking for a 0.8% monthly rise in the broadest measure of February CPI, marking 21 consecutive months of advances following January's 0.6% rise.The latest CPI report will begin to capture the only very early impacts to prices from Russia's war in Ukraine, with a full-scale invasion taking place in late February. Concerns that this geopolitical conflict would disrupt the energy complex in Ukraine or Russia — the world's third-largest oil producer — have sent U.S. crude oil prices soaring above $110 per barrel to a more than decade high.And other recent economic data have also suggested prices continued to climb across the U.S. economy. The Institute for Supply Management's February services index from late last week showed prices climbed compared to January, and that surveyed businesses \"continue to be impacted by supply chain disruptions, capacity constraints, inflation, logistical challenges and labor shortages.\" And in last week's jobs report from the Labor Department, average hourly wage gains came in well-above pre-pandemic trends with an annual rise of 5.1%, albeit while coming down slightly compared to January's 5.5% jump.Even ahead of the upcoming CPI inflation data and latest jobs report, key Federal Reserve officials have already signaled the central bank was set to move on raising interest rates following its mid-March meeting. Federal Reserve Chair Jerome Powell said last week he would back a 25 basis point interest rate hike this month. While lower than the turbo-charged 50 basis point hike some market participants had been anticipating beforehand, such a move would set off the process of raising borrowing costs across markets and help bring down demand to in turn push down prices.\"As prices rise, you're on the demand curve, and people demand less. I think what the Fed is hoping is that there are some other channels in the global economy that will manifest themselves and help bring inflation down,\" Nathan Sheets, Citi global chief economist, told Yahoo Finance. \"And some of the factors the Fed has pointed to in its minutes — one is some further progress on supply-chain disruptions. Another one is further progress on a reduction in commodity prices. And I have to say given what I'm seeing at the moment, both of those seem quite remote.\"\"Now a third one that is maybe a little more hopeful is, as we make progress in better managing the pandemic ... it will allow a rebalancing from this red-hot, commodity-intensive goods sector more into the services sector and allow some of these goods prices that have been so elevated and rising quickly [to] come off the boil a bit,\" he added. \"The Fed has its fingers crossed that these things are going to come through and be supportive of lower inflation in addition to that demand destruction channel.\"Rivian earnings, Q4 reporting season comes to endWhile the vast majority of S&P 500 companies have now reported fourth-quarter earnings results, a handful of closely watched newly public companies are still set to offer results this week.One will be Rivian (RIVN), the Amazon- and Ford-backed electric vehicle firm that went public in November in the sixth-largest IPO in U.S. history and the largest of last year. Shares have since fallen by more than 50% for the year-to-date, however, amid a broad rotation out of growth and technology stocks.Rivian has had its fair share of company-specific challenges as well, however. The California-based EV maker missed its 2021 vehicle production target, coming up short compared to the 1,200 vehicles it had targeted for last year. And the stock took another leg lower this week after Rivian took back price increases for its electric trucks and SUVs for some pre-orders due to customer backlash.All told, Rivian is expected to post revenue of nearly $64 million when it reports results Thursday after market close. Net losses are expected to come in at $1.8 billion, compared to the $1.2 billion posted in the third quarter.Results from Rivian as well as other reports this week including Bumble (BMBL), StitchFix (SFIX) and Oracle (ORCL) will come at the end of a fourth-quarter earnings season that has so far been solid across the board for most S&P 500 companies. While these results capture the period before the geopolitical conflict between Russia and Ukraine and the uncertainty over the global economic landscape that has ensued, the earnings have signaled solid momentum in corporate profitability heading into the new year.\"Q4 earnings season, while clearly prior to all of what we're seeing right now, came in well ahead of expectations, and we saw really strong positive revisions, and positive guidance for 2022. Q1 is definitely going to be a wild card,\" Amanda Agati, PNC Asset Management Group chief investment officer, told Yahoo Finance Live. \"We're going to have to watch very, very carefully for what happens with rising input costs, wage pressures, now we have the energy story coming into the equation. So I do think there is an element of risk to it, but I also think that the underlying fundamental story is pretty strong.\"Economic calendarMonday: Consumer credit, January ($24.000 billion expected, $18.898 billion in December)Tuesday: NFIB Small Business Optimism, February (97.4 expected, 97.1 in January); Trade balance, January (-$87.1 billion expected, -$80.7 billion in December); Wholesale inventories month-over-month, January final (0.8% expected, 0.8% in prior print)Wednesday: MBA Mortgage Applications, week ended March 4 (-0.7% during prior week); JOLTS job openings, January (10.968 million expected, 10.925 million during prior week)Thursday: Consumer Price Index month-over-month, February (0.8% expected, 0.6% in January); CPI excluding food and energy month-over-month, February (0.5% expected, 0.6%. in January); CPI year-over-year, February (7.9% expected, 7.5% in January); CPI excluding food and energy year-over-year, February (6.4% expected, 6.0% in January); Initial jobless claims, week ended March 5 (220,000 expected, 215,000 during prior week); Continuing claims, week ended February 26 (1.476 million during prior week); Household change in net worth, 4Q ($2.4 trillion in 3Q); Monthly budget statement, February ($118.7 billion in January)Friday: University of Michigan sentiment, March preliminary (62.5 expected, 62.8 in February)Earnings calendarMondayNo notable reports schedule for releaseTuesdayBefore market open: Dick's Sporting Goods (DKS), Olaplex (OLPX)After market close: Bumble (BMBL), StitchFix (SFIX), MongoDB (MDB), Figs (FIGS)WednesdayBefore market open: No notable reports schedule for releaseAfter market close: Sonder Holdings (SOND), CrowdStrike (CRWD), Asana (ASAN)ThursdayBefore market open: No notable reports schedule for releaseAfter market close: DocuSign (DOCU), Rivian (RIVN), Oracle (ORCL), Ulta Beauty (ULTA)FridayBefore market open: WeWork (WE)After market close: No notable reports schedule for release","news_type":1,"symbols_score_info":{"SPY":0.6,"RIVN":1,"SPY.AU":0.9}},"isVote":1,"tweetType":1,"viewCount":2199,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":635610580,"gmtCreate":1646971793139,"gmtModify":1646971793474,"author":{"id":"3582185625671527","authorId":"3582185625671527","name":"scout7211","avatar":"https://static.tigerbbs.com/3428eeb8a156084753e7fa0ee13d6ac6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582185625671527","idStr":"3582185625671527"},"themes":[],"htmlText":"//<a href=\"https://laohu8.com/U/3582185625671527\">@scout7211</a>: q","listText":"//<a href=\"https://laohu8.com/U/3582185625671527\">@scout7211</a>: q","text":"//@scout7211: q","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/635610580","repostId":"1160268861","repostType":4,"repost":{"id":"1160268861","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1646744442,"share":"https://www.laohu8.com/m/news/1160268861?lang=zh_CN&edition=full","pubTime":"2022-03-08 21:00","market":"us","language":"en","title":"Pre-Bell｜Futures Steady after Sharp Tumble on Wall Street; Dick’s Sporting Gained 4%<blockquote>盘前|华尔街大跌后期货企稳；迪克体育上涨4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160268861","media":"Tiger Newspress","summary":"U.S. stock index futures stabilized on Tuesday, after a steep sell-off on Wall Street in the previou","content":"<p><html><head></head><body>U.S. stock index futures stabilized on Tuesday, after a steep sell-off on Wall Street in the previous session as investors assessed the impact of a spike in oil prices and Western sanctions on Russia over its invasion of Ukraine.</p><p><blockquote><html><head></head><body>美国股指期货周二企稳，此前一交易日华尔街大幅抛售，因投资者评估油价飙升和西方因俄罗斯入侵乌克兰而对其实施制裁的影响。</body></html></blockquote></p><p>The Nasdaq on Monday ended down 20.1% from its Nov. 19 record high close, confirming the tech-heavy index has been in a bear market since hitting that record high, according to a widely used definition.</p><p><blockquote>纳斯达克周一收盘较11月19日的历史新高收盘下跌20.1%，根据广泛使用的定义，这证实了以科技股为主的指数自触及历史新高以来一直处于熊市。</blockquote></p><p>The Dow (.DJI) confirmed it was in a correction from its Jan. 4 all-time closing peak. A correction is confirmed when an index closes 10% or more below its record closing level.</p><p><blockquote>道琼斯指数（。DJI）证实，它正在从1月4日的历史收盘峰值回调。当指数收盘价比其历史收盘水平低10%或更多时，修正就被确认了。</blockquote></p><p>Meanwhile, the benchmark S&amp;P 500 index (.SPX) lost $1.08 trillion on Monday, according to Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices, as investors worried over soaring crude prices on a possible ban of Russian oil imports fueling higher inflation.</p><p><blockquote>与此同时，据标普道琼斯指数高级指数分析师Howard Silverblatt称，基准标普500指数(.SPX)周一下跌1.08万亿美元，因投资者担心俄罗斯石油进口禁令可能导致原油价格飙升，从而加剧通胀。</blockquote></p><p><h2>Market Snapshot</h2>At 07:58 a.m. ET, Dow e-minis were up 31 points, or 0.09%, S&amp;P 500 e-minis were up 3.75 points, or 0.09%, and Nasdaq 100 e-minis were down 20.5 points, or 0.15%.</p><p><blockquote><h2>市场快照</h2>截至美国东部时间上午07:58，道指e-minis上涨31点，涨幅0.09%，标普500 e-minis上涨3.75点，涨幅0.09%，纳斯达克100 e-minis下跌20.5点，涨幅0.15%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/5a52b9f6deceb4f00105b7d4a7d4fbcd\" tg-width=\"329\" tg-height=\"124\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p><h2>Pre-Market Movers</h2>Shell - The U.S.-traded shares of the energy giant rose more than 2% in premarket trading after Shell apologized for buying a shipment of Russian oil. The company said it will no longer do spot purchases of Russian oil and was shutting down other operations in the country.</p><p><blockquote><h2>上市前推动者</h2>壳牌——在壳牌为购买一批俄罗斯石油道歉后，这家能源巨头在美国交易的股价在盘前交易中上涨超过2%。该公司表示，将不再购买俄罗斯石油的现货，并关闭了在该国的其他业务。</blockquote></p><p>Dick’s Sporting Goods - The retail stock gained more than 4% in premarket trading after Dick’s released its fourth-quarter results. The quarter beat expectations for adjusted earnings and revenue, according to estimates compiled by Refinitiv. The company said same-store sales grew 5.9%, which was faster than the rate in the fourth quarter of 2019 before the pandemic.</p><p><blockquote>迪克体育用品——迪克体育用品发布第四季度业绩后，该零售股在盘前交易中上涨超过4%。根据Refinitiv编制的估计，该季度调整后的盈利和收入超出了预期。该公司表示，同店销售额增长5.9%，快于疫情爆发前2019年第四季度的增速。</blockquote></p><p>Carnival Cruise Line, Norwegian Cruise Line Holdings — Cruise stocks rebounded on Tuesday morning after selling off sharply in the previous session. Shares of Carnival and Norwegian were each up more than 3% in premarket trading.</p><p><blockquote>嘉年华邮轮、挪威邮轮控股公司——邮轮股在前一交易日大幅抛售后于周二上午反弹。嘉年华和挪威航空的股价在盘前交易中均上涨超过3%。</blockquote></p><p>Enphase Energy, SunPower — Solar and other clean energy stocks moved higher in premarket trading as the continued rise in oil prices shifted focus toward alternative energy sources. Enphase Energy and SunPower each rose more than 3% in premarket trading.</p><p><blockquote>随着油价持续上涨将焦点转向替代能源，Enphase Energy、SunPower-Solar和其他清洁能源股在盘前交易中走高。Enphase Energy和SunPower在盘前交易中均上涨超过3%。</blockquote></p><p>Chevron, Exxon Mobil — Traditional energy stocks were pointing toward a strong open as oil prices moved higher once again on Tuesday morning. Shares of Chevron and Exxon each rose about 1% in premarket trading.</p><p><blockquote>雪佛龙、埃克森美孚——随着周二上午油价再次走高，传统能源股开盘强劲。雪佛龙和埃克森美孚的股价在盘前交易中各上涨约1%。</blockquote></p><p>Dish Network — The telecom stock rose more than 2% in premarket trading after Dell upgraded Dish to buy from neutral. The investment firm said in a note that Dish’s spectrum holdings are undervalued.</p><p><blockquote>Dish Network-戴尔将Dish评级从中性上调至买入后，该电信股在盘前交易中上涨超过2%。该投资公司在一份报告中表示，Dish持有的频谱被低估。</blockquote></p><p>Apple — Shares of the tech giant rose slightly in premarket trading on Tuesday. Apple is holding a product launch event later in the day, and some Wall Street analysts expect the company to announce a budget iPhone.</p><p><blockquote>苹果——这家科技巨头的股价周二在盘前交易中小幅上涨。苹果将在当天晚些时候举行产品发布会，一些华尔街分析师预计该公司将发布一款廉价iPhone。</blockquote></p><p><h2>Market News</h2>The London Metal Exchange was forced to halt trading of a key metal this morning after disorderly price rises threatened to derail the market. The 145-year-old trading venue stopped <b>nickel </b>trading after what CEO Matthew Chamberlain called “unprecedented overnight increases” in price. The metal spiked more than 250% in two days.</p><p><blockquote><h2>市场新闻</h2>在无序的价格上涨威胁到市场脱轨后，伦敦金属交易所今天上午被迫停止了一种关键金属的交易。拥有145年历史的交易场所停止了<b>镍</b>在首席执行官马修·张伯伦(Matthew Chamberlain)所说的价格“前所未有的隔夜上涨”之后进行交易。该金属在两天内飙升了250%以上。</blockquote></p><p>U.S. President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury and other agencies to study the legal and economic ramifications of creating a U.S. <b>central bank digital currency</b>, a source familiar with the matter said on Monday.</p><p><blockquote>美国总统乔·拜登预计将于本周签署一项期待已久的行政命令，指示司法部、财政部和其他机构研究创建美国的法律和经济后果。<b>央行数字货币</b>一位知情人士周一表示。</blockquote></p><p><b>Tesla </b>sold 56,515 China-made vehicles in February, including 33,315 for export, the China Passenger Car Association (CPCA) said on Tuesday.</p><p><blockquote><b>特斯拉</b>中国乘用车协会（CPCA）周二表示，2月份中国制造汽车销量为56,515辆，其中出口汽车33,315辆。</blockquote></p><p><b>Google</b> agreed to buy cybersecurity firm Mandiant for $23/share in cash. Mandiant fell 4% in premarket trading after jumping 16% on Monday.</p><p><blockquote><b>谷歌</b>同意以每股23美元现金收购网络安全公司Mandiant。Mandiant在周一上涨16%后，在盘前交易中下跌4%。</blockquote></p><p><b>Moderna </b>Inc said on Monday it plans to develop and begin testing vaccines targeting 15 of the world&#39;s most worrisome pathogens by 2025 and will permanently wave its COVID-19 vaccine patents for shots intended for certain low- and middle-income countries.</p><p><blockquote><b>现代</b>Inc周一表示，计划到2025年开发并开始测试针对15种世界上最令人担忧的病原体的疫苗，并将永久使用其COVID-19疫苗专利，用于某些中低收入国家的疫苗。</blockquote></p><p></body></html></p><p><blockquote></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>Pre-Bell｜Futures Steady after Sharp Tumble on Wall Street; Dick’s Sporting Gained 4%<blockquote>盘前|华尔街大跌后期货企稳；迪克体育上涨4%</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\">\nPre-Bell｜Futures Steady after Sharp Tumble on Wall Street; Dick’s Sporting Gained 4%<blockquote>盘前|华尔街大跌后期货企稳；迪克体育上涨4%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2022-03-08 21:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. stock index futures stabilized on Tuesday, after a steep sell-off on Wall Street in the previous session as investors assessed the impact of a spike in oil prices and Western sanctions on Russia over its invasion of Ukraine.</p><p><blockquote><html><head></head><body>美国股指期货周二企稳，此前一交易日华尔街大幅抛售，因投资者评估油价飙升和西方因俄罗斯入侵乌克兰而对其实施制裁的影响。</body></html></blockquote></p><p>The Nasdaq on Monday ended down 20.1% from its Nov. 19 record high close, confirming the tech-heavy index has been in a bear market since hitting that record high, according to a widely used definition.</p><p><blockquote>纳斯达克周一收盘较11月19日的历史新高收盘下跌20.1%，根据广泛使用的定义，这证实了以科技股为主的指数自触及历史新高以来一直处于熊市。</blockquote></p><p>The Dow (.DJI) confirmed it was in a correction from its Jan. 4 all-time closing peak. A correction is confirmed when an index closes 10% or more below its record closing level.</p><p><blockquote>道琼斯指数（。DJI）证实，它正在从1月4日的历史收盘峰值回调。当指数收盘价比其历史收盘水平低10%或更多时，修正就被确认了。</blockquote></p><p>Meanwhile, the benchmark S&amp;P 500 index (.SPX) lost $1.08 trillion on Monday, according to Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices, as investors worried over soaring crude prices on a possible ban of Russian oil imports fueling higher inflation.</p><p><blockquote>与此同时，据标普道琼斯指数高级指数分析师Howard Silverblatt称，基准标普500指数(.SPX)周一下跌1.08万亿美元，因投资者担心俄罗斯石油进口禁令可能导致原油价格飙升，从而加剧通胀。</blockquote></p><p><h2>Market Snapshot</h2>At 07:58 a.m. ET, Dow e-minis were up 31 points, or 0.09%, S&amp;P 500 e-minis were up 3.75 points, or 0.09%, and Nasdaq 100 e-minis were down 20.5 points, or 0.15%.</p><p><blockquote><h2>市场快照</h2>截至美国东部时间上午07:58，道指e-minis上涨31点，涨幅0.09%，标普500 e-minis上涨3.75点，涨幅0.09%，纳斯达克100 e-minis下跌20.5点，涨幅0.15%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/5a52b9f6deceb4f00105b7d4a7d4fbcd\" tg-width=\"329\" tg-height=\"124\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p><h2>Pre-Market Movers</h2>Shell - The U.S.-traded shares of the energy giant rose more than 2% in premarket trading after Shell apologized for buying a shipment of Russian oil. The company said it will no longer do spot purchases of Russian oil and was shutting down other operations in the country.</p><p><blockquote><h2>上市前推动者</h2>壳牌——在壳牌为购买一批俄罗斯石油道歉后，这家能源巨头在美国交易的股价在盘前交易中上涨超过2%。该公司表示，将不再购买俄罗斯石油的现货，并关闭了在该国的其他业务。</blockquote></p><p>Dick’s Sporting Goods - The retail stock gained more than 4% in premarket trading after Dick’s released its fourth-quarter results. The quarter beat expectations for adjusted earnings and revenue, according to estimates compiled by Refinitiv. The company said same-store sales grew 5.9%, which was faster than the rate in the fourth quarter of 2019 before the pandemic.</p><p><blockquote>迪克体育用品——迪克体育用品发布第四季度业绩后，该零售股在盘前交易中上涨超过4%。根据Refinitiv编制的估计，该季度调整后的盈利和收入超出了预期。该公司表示，同店销售额增长5.9%，快于疫情爆发前2019年第四季度的增速。</blockquote></p><p>Carnival Cruise Line, Norwegian Cruise Line Holdings — Cruise stocks rebounded on Tuesday morning after selling off sharply in the previous session. Shares of Carnival and Norwegian were each up more than 3% in premarket trading.</p><p><blockquote>嘉年华邮轮、挪威邮轮控股公司——邮轮股在前一交易日大幅抛售后于周二上午反弹。嘉年华和挪威航空的股价在盘前交易中均上涨超过3%。</blockquote></p><p>Enphase Energy, SunPower — Solar and other clean energy stocks moved higher in premarket trading as the continued rise in oil prices shifted focus toward alternative energy sources. Enphase Energy and SunPower each rose more than 3% in premarket trading.</p><p><blockquote>随着油价持续上涨将焦点转向替代能源，Enphase Energy、SunPower-Solar和其他清洁能源股在盘前交易中走高。Enphase Energy和SunPower在盘前交易中均上涨超过3%。</blockquote></p><p>Chevron, Exxon Mobil — Traditional energy stocks were pointing toward a strong open as oil prices moved higher once again on Tuesday morning. Shares of Chevron and Exxon each rose about 1% in premarket trading.</p><p><blockquote>雪佛龙、埃克森美孚——随着周二上午油价再次走高，传统能源股开盘强劲。雪佛龙和埃克森美孚的股价在盘前交易中各上涨约1%。</blockquote></p><p>Dish Network — The telecom stock rose more than 2% in premarket trading after Dell upgraded Dish to buy from neutral. The investment firm said in a note that Dish’s spectrum holdings are undervalued.</p><p><blockquote>Dish Network-戴尔将Dish评级从中性上调至买入后，该电信股在盘前交易中上涨超过2%。该投资公司在一份报告中表示，Dish持有的频谱被低估。</blockquote></p><p>Apple — Shares of the tech giant rose slightly in premarket trading on Tuesday. Apple is holding a product launch event later in the day, and some Wall Street analysts expect the company to announce a budget iPhone.</p><p><blockquote>苹果——这家科技巨头的股价周二在盘前交易中小幅上涨。苹果将在当天晚些时候举行产品发布会，一些华尔街分析师预计该公司将发布一款廉价iPhone。</blockquote></p><p><h2>Market News</h2>The London Metal Exchange was forced to halt trading of a key metal this morning after disorderly price rises threatened to derail the market. The 145-year-old trading venue stopped <b>nickel </b>trading after what CEO Matthew Chamberlain called “unprecedented overnight increases” in price. The metal spiked more than 250% in two days.</p><p><blockquote><h2>市场新闻</h2>在无序的价格上涨威胁到市场脱轨后，伦敦金属交易所今天上午被迫停止了一种关键金属的交易。拥有145年历史的交易场所停止了<b>镍</b>在首席执行官马修·张伯伦(Matthew Chamberlain)所说的价格“前所未有的隔夜上涨”之后进行交易。该金属在两天内飙升了250%以上。</blockquote></p><p>U.S. President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury and other agencies to study the legal and economic ramifications of creating a U.S. <b>central bank digital currency</b>, a source familiar with the matter said on Monday.</p><p><blockquote>美国总统乔·拜登预计将于本周签署一项期待已久的行政命令，指示司法部、财政部和其他机构研究创建美国的法律和经济后果。<b>央行数字货币</b>一位知情人士周一表示。</blockquote></p><p><b>Tesla </b>sold 56,515 China-made vehicles in February, including 33,315 for export, the China Passenger Car Association (CPCA) said on Tuesday.</p><p><blockquote><b>特斯拉</b>中国乘用车协会（CPCA）周二表示，2月份中国制造汽车销量为56,515辆，其中出口汽车33,315辆。</blockquote></p><p><b>Google</b> agreed to buy cybersecurity firm Mandiant for $23/share in cash. Mandiant fell 4% in premarket trading after jumping 16% on Monday.</p><p><blockquote><b>谷歌</b>同意以每股23美元现金收购网络安全公司Mandiant。Mandiant在周一上涨16%后，在盘前交易中下跌4%。</blockquote></p><p><b>Moderna </b>Inc said on Monday it plans to develop and begin testing vaccines targeting 15 of the world&#39;s most worrisome pathogens by 2025 and will permanently wave its COVID-19 vaccine patents for shots intended for certain low- and middle-income countries.</p><p><blockquote><b>现代</b>Inc周一表示，计划到2025年开发并开始测试针对15种世界上最令人担忧的病原体的疫苗，并将永久使用其COVID-19疫苗专利，用于某些中低收入国家的疫苗。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160268861","content_text":"U.S. stock index futures stabilized on Tuesday, after a steep sell-off on Wall Street in the previous session as investors assessed the impact of a spike in oil prices and Western sanctions on Russia over its invasion of Ukraine.The Nasdaq on Monday ended down 20.1% from its Nov. 19 record high close, confirming the tech-heavy index has been in a bear market since hitting that record high, according to a widely used definition.The Dow (.DJI) confirmed it was in a correction from its Jan. 4 all-time closing peak. A correction is confirmed when an index closes 10% or more below its record closing level.Meanwhile, the benchmark S&P 500 index (.SPX) lost $1.08 trillion on Monday, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, as investors worried over soaring crude prices on a possible ban of Russian oil imports fueling higher inflation.Market SnapshotAt 07:58 a.m. ET, Dow e-minis were up 31 points, or 0.09%, S&P 500 e-minis were up 3.75 points, or 0.09%, and Nasdaq 100 e-minis were down 20.5 points, or 0.15%.Pre-Market MoversShell - The U.S.-traded shares of the energy giant rose more than 2% in premarket trading after Shell apologized for buying a shipment of Russian oil. The company said it will no longer do spot purchases of Russian oil and was shutting down other operations in the country.Dick’s Sporting Goods - The retail stock gained more than 4% in premarket trading after Dick’s released its fourth-quarter results. The quarter beat expectations for adjusted earnings and revenue, according to estimates compiled by Refinitiv. The company said same-store sales grew 5.9%, which was faster than the rate in the fourth quarter of 2019 before the pandemic.Carnival Cruise Line, Norwegian Cruise Line Holdings — Cruise stocks rebounded on Tuesday morning after selling off sharply in the previous session. Shares of Carnival and Norwegian were each up more than 3% in premarket trading.Enphase Energy, SunPower — Solar and other clean energy stocks moved higher in premarket trading as the continued rise in oil prices shifted focus toward alternative energy sources. Enphase Energy and SunPower each rose more than 3% in premarket trading.Chevron, Exxon Mobil — Traditional energy stocks were pointing toward a strong open as oil prices moved higher once again on Tuesday morning. Shares of Chevron and Exxon each rose about 1% in premarket trading.Dish Network — The telecom stock rose more than 2% in premarket trading after Dell upgraded Dish to buy from neutral. The investment firm said in a note that Dish’s spectrum holdings are undervalued.Apple — Shares of the tech giant rose slightly in premarket trading on Tuesday. Apple is holding a product launch event later in the day, and some Wall Street analysts expect the company to announce a budget iPhone.Market NewsThe London Metal Exchange was forced to halt trading of a key metal this morning after disorderly price rises threatened to derail the market. The 145-year-old trading venue stopped nickel trading after what CEO Matthew Chamberlain called “unprecedented overnight increases” in price. The metal spiked more than 250% in two days.U.S. President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury and other agencies to study the legal and economic ramifications of creating a U.S. central bank digital currency, a source familiar with the matter said on Monday.Tesla sold 56,515 China-made vehicles in February, including 33,315 for export, the China Passenger Car Association (CPCA) said on Tuesday.Google agreed to buy cybersecurity firm Mandiant for $23/share in cash. Mandiant fell 4% in premarket trading after jumping 16% on Monday.Moderna Inc said on Monday it plans to develop and begin testing vaccines targeting 15 of the world's most worrisome pathogens by 2025 and will permanently wave its COVID-19 vaccine patents for shots intended for certain low- and middle-income countries.","news_type":1,"symbols_score_info":{"YMmain":0.9,"ESmain":0.9,".IXIC":0.9,".SPX":0.9,".DJI":0.9,"NQmain":0.9}},"isVote":1,"tweetType":1,"viewCount":4661,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":635610854,"gmtCreate":1646971787599,"gmtModify":1646971787888,"author":{"id":"3582185625671527","authorId":"3582185625671527","name":"scout7211","avatar":"https://static.tigerbbs.com/3428eeb8a156084753e7fa0ee13d6ac6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582185625671527","idStr":"3582185625671527"},"themes":[],"htmlText":"//<a href=\"https://laohu8.com/U/3582185625671527\">@scout7211</a>: q","listText":"//<a href=\"https://laohu8.com/U/3582185625671527\">@scout7211</a>: q","text":"//@scout7211: q","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/635610854","repostId":"1193500534","repostType":4,"repost":{"id":"1193500534","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1646905482,"share":"https://www.laohu8.com/m/news/1193500534?lang=zh_CN&edition=full","pubTime":"2022-03-10 17:44","market":"us","language":"en","title":"Oracle, Asana, Fossil and Ulta Beauty: What to Watch in the Stock Market Today<blockquote>Oracle、Asana、Fossil和Ulta Beauty：今日股市值得关注</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193500534","media":"Benzinga","summary":"Some of the stocks that may grab investor focus today are:Wall Street expects Oracle Corporation to ","content":"<p><html><head></head><body>Some of the stocks that may grab investor focus today are:</p><p><blockquote><html><head></head><body>今天可能引起投资者关注的一些股票包括：</body></html></blockquote></p><p><ul><li>Wall Street expects Oracle Corporation to report quarterly earnings at $1.18 per share on revenue of $10.51 billion after the closing bell. Oracle shares gained 0.4% to $76.39 in after-hours trading.</li><li>Asana, Inc.reported better-than-expected results for its fourth quarter. However, the company said it sees higher-than-expected loss for the first quarter. Asana shares dipped 21.1% to $38.50 in the after-hours trading session.</li><li>Fossil Group, Inc. reported adjusted net income of $0.64 per share for the fourth quarter up from $0.19 per share in the year-ago period. Its net sales surged 14% to $604.2 million. Fossil said it sees FY22 global net sales growth of 2% to 6% year over year. Fossil shares dropped 16% to $12.20 in the after-hours trading session.</li><li>Analysts expect Ulta Beauty, Inc. to post quarterly earnings at $4.57 per share on revenue of $2.69 billion after the closing bell. Ulta Beauty shares gained 0.2% to $374.00 in after-hours trading.</li></ul></p><p><blockquote><ul><li>华尔街预计甲骨文公司收盘后将公布季度收益为每股1.18美元，营收为105.1亿美元。甲骨文股价在盘后交易中上涨0.4%，至76.39美元。</li><li>Asana，Inc.公布的第四季度业绩好于预期。不过，该公司表示，预计第一季度亏损将高于预期。Asana股价在盘后交易时段下跌21.1%，至38.50美元。</li><li>Fossil Group，Inc.报告第四季度调整后净利润为每股0.64美元，高于去年同期的每股0.19美元。其净销售额飙升14%至6.042亿美元。Fossil表示，预计2022财年全球净销售额将同比增长2%至6%。Fossil股价在盘后交易时段下跌16%，至12.20美元。</li><li>分析师预计Ulta Beauty，Inc.收盘后将公布季度收益为每股4.57美元，营收为26.9亿美元。Ulta Beauty股价在盘后交易中上涨0.2%，至374.00美元。</li></ul></blockquote></p><p><ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></body></html></p><p><blockquote></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>Oracle, Asana, Fossil and Ulta Beauty: What to Watch in the Stock Market Today<blockquote>Oracle、Asana、Fossil和Ulta Beauty：今日股市值得关注</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\">\nOracle, Asana, Fossil and Ulta Beauty: What to Watch in the Stock Market Today<blockquote>Oracle、Asana、Fossil和Ulta Beauty：今日股市值得关注</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2022-03-10 17:44</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Some of the stocks that may grab investor focus today are:</p><p><blockquote><html><head></head><body>今天可能引起投资者关注的一些股票包括：</body></html></blockquote></p><p><ul><li>Wall Street expects Oracle Corporation to report quarterly earnings at $1.18 per share on revenue of $10.51 billion after the closing bell. Oracle shares gained 0.4% to $76.39 in after-hours trading.</li><li>Asana, Inc.reported better-than-expected results for its fourth quarter. However, the company said it sees higher-than-expected loss for the first quarter. Asana shares dipped 21.1% to $38.50 in the after-hours trading session.</li><li>Fossil Group, Inc. reported adjusted net income of $0.64 per share for the fourth quarter up from $0.19 per share in the year-ago period. Its net sales surged 14% to $604.2 million. Fossil said it sees FY22 global net sales growth of 2% to 6% year over year. Fossil shares dropped 16% to $12.20 in the after-hours trading session.</li><li>Analysts expect Ulta Beauty, Inc. to post quarterly earnings at $4.57 per share on revenue of $2.69 billion after the closing bell. Ulta Beauty shares gained 0.2% to $374.00 in after-hours trading.</li></ul></p><p><blockquote><ul><li>华尔街预计甲骨文公司收盘后将公布季度收益为每股1.18美元，营收为105.1亿美元。甲骨文股价在盘后交易中上涨0.4%，至76.39美元。</li><li>Asana，Inc.公布的第四季度业绩好于预期。不过，该公司表示，预计第一季度亏损将高于预期。Asana股价在盘后交易时段下跌21.1%，至38.50美元。</li><li>Fossil Group，Inc.报告第四季度调整后净利润为每股0.64美元，高于去年同期的每股0.19美元。其净销售额飙升14%至6.042亿美元。Fossil表示，预计2022财年全球净销售额将同比增长2%至6%。Fossil股价在盘后交易时段下跌16%，至12.20美元。</li><li>分析师预计Ulta Beauty，Inc.收盘后将公布季度收益为每股4.57美元，营收为26.9亿美元。Ulta Beauty股价在盘后交易中上涨0.2%，至374.00美元。</li></ul></blockquote></p><p><ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ULTA":"Ulta美容","ASAN":"阿莎娜","ORCL":"甲骨文","FOSL":"福斯尔","JD":"京东"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193500534","content_text":"Some of the stocks that may grab investor focus today are:Wall Street expects Oracle Corporation to report quarterly earnings at $1.18 per share on revenue of $10.51 billion after the closing bell. Oracle shares gained 0.4% to $76.39 in after-hours trading.Asana, Inc.reported better-than-expected results for its fourth quarter. However, the company said it sees higher-than-expected loss for the first quarter. Asana shares dipped 21.1% to $38.50 in the after-hours trading session.Fossil Group, Inc. reported adjusted net income of $0.64 per share for the fourth quarter up from $0.19 per share in the year-ago period. Its net sales surged 14% to $604.2 million. Fossil said it sees FY22 global net sales growth of 2% to 6% year over year. Fossil shares dropped 16% to $12.20 in the after-hours trading session.Analysts expect Ulta Beauty, Inc. to post quarterly earnings at $4.57 per share on revenue of $2.69 billion after the closing bell. Ulta Beauty shares gained 0.2% to $374.00 in after-hours trading.","news_type":1,"symbols_score_info":{"JD":0.9,"ULTA":0.9,"ORCL":0.9,"ASAN":0.9,"FOSL":0.9}},"isVote":1,"tweetType":1,"viewCount":950,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":635637564,"gmtCreate":1646971660367,"gmtModify":1646971769740,"author":{"id":"3582185625671527","authorId":"3582185625671527","name":"scout7211","avatar":"https://static.tigerbbs.com/3428eeb8a156084753e7fa0ee13d6ac6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582185625671527","idStr":"3582185625671527"},"themes":[],"htmlText":"q","listText":"q","text":"q","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":14,"repostSize":0,"link":"https://laohu8.com/post/635637564","repostId":"1165953502","repostType":4,"repost":{"id":"1165953502","kind":"news","pubTimestamp":1646957968,"share":"https://www.laohu8.com/m/news/1165953502?lang=zh_CN&edition=full","pubTime":"2022-03-11 08:19","market":"us","language":"en","title":"3 Defense Stocks to Buy for Safe Dividends<blockquote>3只值得购买以获得安全股息的国防股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165953502","media":"InvestorPlace","summary":"Russia’s invasion of Ukraine is over two weeks old. With this level of uncertainty, the S&P 500 has ","content":"<p><div> Russia’s invasion of Ukraine is over two weeks old. With this level of uncertainty, the S&P 500 has declined 10% year-to-date, as investors take stock of what has transpired and attempt to determine ...</p><p><blockquote><div>俄罗斯入侵乌克兰已经两周多了。在这种程度的不确定性下，标普500今年迄今已下跌10%，投资者正在评估所发生的事情并试图确定...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/03/3-defense-stocks-to-buy-for-safe-dividends/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/03/3-defense-stocks-to-buy-for-safe-dividends/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","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>3 Defense Stocks to Buy for Safe Dividends<blockquote>3只值得购买以获得安全股息的国防股票</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\">\n3 Defense Stocks to Buy for Safe Dividends<blockquote>3只值得购买以获得安全股息的国防股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2022-03-11 08:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Russia’s invasion of Ukraine is over two weeks old. With this level of uncertainty, the S&P 500 has declined 10% year-to-date, as investors take stock of what has transpired and attempt to determine ...</p><p><blockquote><div>俄罗斯入侵乌克兰已经两周多了。在这种程度的不确定性下，标普500今年迄今已下跌10%，投资者正在评估所发生的事情并试图确定...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/03/3-defense-stocks-to-buy-for-safe-dividends/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/03/3-defense-stocks-to-buy-for-safe-dividends/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2022/03/3-defense-stocks-to-buy-for-safe-dividends/\">InvestorPlace</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":{"GD":"通用动力","NOC":"诺斯罗普格鲁曼","LMT":"洛克希德马丁"},"source_url":"https://investorplace.com/2022/03/3-defense-stocks-to-buy-for-safe-dividends/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165953502","content_text":"Russia’s invasion of Ukraine is over two weeks old. With this level of uncertainty, the S&P 500 has declined 10% year-to-date, as investors take stock of what has transpired and attempt to determine what are safe dividend stocks.One area that has not suffered is aerospace and defense. The Aerospace & Defense ETF(BATS:ITA) has gained 5% year-to-date.The invasion likely means that the U.S. and other nations will only seek to increase their spending on defense. Already, Germany has pledged 100 billion euros to fund its armed services as well raise its defense spending above 2% of its GDP. This should provide tailwinds to defense stocks.There are multiple defense stocks with market-beating yields and safe dividends. Some of our top names include:General Dynamics(NYSE:GD)Lockheed Martin(NYSE:LMT)Northrop Grumman(NYSE:NOC)Safe Dividend Stocks: General Dynamics (GD)Our first defense name to consider for safe dividend stocks is General Dynamics, the fourth largest company in the industry. The $65 billion company generates annual revenue of $38.5 billion.General Dynamics operates four segments, including aerospace, combat systems, marine systems and technologies. The company operates a diversified business as possible in the aerospace and defense industry. No segment is responsible for more than a third of annual sales. The company’s product portfolio includes the M1 Abrams tank and Stryker vehicle as well as the Virginia-class and Columbia-class submarines. This provides customers with a range of offerings to choose from.Aside from just defense products, General Dynamics produces the Gulf Stream business jet line, further diversifying the company’s business model.Many of the agreements that General Dynamics, and others in the space, have with government entities are long dated as it takes years to complete production. For example, it takes almost six years to complete a single Virginia-class submarine. This essentially guarantees that customers will not cancel orders part way through the building process in order to take a loss on the project with nothing to show for it.As a result of its strong business model, General Dynamics has been in a position to distribute dividends to shareholders for a long period of time. Including the recently announced increase of 5.9%, General Dynamics has a dividend growth streak of 31 years, the longest among the aerospace and defense companies. This growth streak also qualifies the company as a Dividend Aristocrat. The company’s dividend has a CAGR of 10% over the last decade.General Dynamics’ dividend also appears to very safe as the new annualized dividend of $5.04 implies a projected payout of 42% for 2022. Shares yield 2.1%, a favorable yield compared to the average of 1.45% for the S&P 500.Lockheed Martin (LMT)Our next name for consideration is Lockheed Martin, the largest defense contractor in the world. The company has a market capitalization of $122 billion and has annual sales of $67 billion.Lockheed Martin’s business is also diversified. Aeronautics is the largest segment within the company, but Lockheed Martin’s rotary and mission systems, space systems, and missiles and fire control contribute 26%, 17%, 16% of annual sales, respectively. These businesses produce combat ships, naval electronics, helicopters, missile defense systems and satellites.Lockheed Martin is highly dependent on its aeronautic business, but this has been very successful over the years as the company provides state of the art aircraft to customers, including the F-16, F-22, and the F-35. The latter of these is one of the most technologically advanced, as well as expensive, aircraft ever produced. These aircraft also need updating and maintenance work, providing recurring revenue streams that come with high margins.The company’s contracts are also long dated, giving Lockheed Martin the security of knowing that its programs will likely continue to be funded. In fact, Lockheed Martin currently has a backlog of F-35 production that won’t be worked off until the middle of this decade. This is before new orders are taken.Finally, as the world’s leading defense contractor, any additional spending on defense from the U.S. or its allies will almost surely benefit the company, which contributes to it being considered a safe dividend stock.Lockheed Martin has leveraged its leadership position in aerospace and defense to increase its dividend for 20 years with a CAGR of 11% since 2012.Shares of Lockheed Martin yield 2.5% as of the most recent close, more than 100 basis points higher than the average yield of the market index. The expected payout ratio for 2022 is also 42%, meaning that shareholders of the company will be able to see their dividends increase for years to come.Safe Dividend Stocks: Northrop Grumman (NOC)Our last defense pick in safe dividend stocks is Northrop Grumman. The company is a leading name in the industry in its own right with annual sales approaching $36 billion and a market capitalization of $70 billion.Northrop Grumman also maintains a portfolio of a wide variety of products, including unmanned and manned aircraft, radars, targeting systems, tactical weapons, missile defense, hypersonics and space launchers.Northrop Grumman is one of the leaders in manned and unmanned aircraft systems. The company makes its own aircraft, such as the B-2B bomber, but also provides content for other aircraft, like the previously discussed F-35. Northrop Grumman also received the contract to work on the B-21 long-range bomber. This bomber will have one of the longest ranges of any aircraft and be able to deliver both conventional and nuclear munitions. The B-21 will become the backbone of the Air Force’s bomber fleet in the coming years.Northrop Grumman has also used acquisitions to augment its operations. For example, the company paid more than $9 billion for Orbital ATK in 2018. This purchase added to Northrop Grumman the largest supplier of ammunition to the U.S. government. The acquisition also gave the company a larger presence in space as Orbital ATK has contracts with NASA to produce rockets to travel to the International Space Station.Shareholders have benefited from the return of capital over the long-term. The company has been a serial repurchaser of its own stock, reducing the share count by an annual rate of 4.1% over the last decade.In addition, Northrop Grumman has raised its dividend for 18 years. The dividend has a CAGR of 12.4% over the last 10 years, the highest of the aerospace and defense contractors discussed in this article.Northrop Grumman has a yield of 1.4%, nearly in-line with what the S&P 500 index is offering. The projected payout ratio is 25% for 2022, which should give investors confidence that the dividend will continue to grow.Final ThoughtsRussia’s invasion of Ukraine has created confusion and fear in the market place as investors weigh the ongoing conflict. With uncertainty in the market place, investors should be looking for companies that should perform well if the conflict continues.The aerospace and defense sector is one area of the market that should see growth as these companies should see higher revenue due to an expected increase in defense spending. This should also enable continued dividend growth as these companies have additional capital to return to shareholders.General Dynamics, Lockheed Martin, and Northrop Grumman are three of our top picks for income in this space as each company is a leader in its industry. Each company has also demonstrated a long-term commitment to dividend growth, making any of the three a candidate for purchase for those looking for exposure to the aerospace and defense industry.","news_type":1,"symbols_score_info":{"LMT":0.9,"GD":0.9,"NOC":0.9}},"isVote":1,"tweetType":1,"viewCount":1140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":635637893,"gmtCreate":1646971632523,"gmtModify":1646971632815,"author":{"id":"3582185625671527","authorId":"3582185625671527","name":"scout7211","avatar":"https://static.tigerbbs.com/3428eeb8a156084753e7fa0ee13d6ac6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582185625671527","idStr":"3582185625671527"},"themes":[],"htmlText":"q","listText":"q","text":"q","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/635637893","repostId":"1195233805","repostType":4,"repost":{"id":"1195233805","kind":"news","pubTimestamp":1646960442,"share":"https://www.laohu8.com/m/news/1195233805?lang=zh_CN&edition=full","pubTime":"2022-03-11 09:00","market":"us","language":"en","title":"7 Cathie Wood Stocks That Are Worth Buying in March<blockquote>3月份值得购买的7只Cathie Wood股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195233805","media":"InvestorPlace","summary":"ARK Invest exchange-traded funds launched by Cathie Wood, CEO and chief investment officer of ARK In","content":"<p><div> ARK Invest exchange-traded funds launched by Cathie Wood, CEO and chief investment officer of ARK Investment Management, made the headlines in 2020 due to their stellar performance that year. These ...</p><p><blockquote><div>ARK Investment Management首席执行官兼首席投资官Cathie Wood推出的ARK Invest交易所交易基金因当年的出色表现而成为2020年的头条新闻。这些...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/03/7-cathie-wood-stocks-that-are-worth-buying-in-march/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/03/7-cathie-wood-stocks-that-are-worth-buying-in-march/\">网页连接</a></blockquote></p><p></p>","source":"lsy1606302653667","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>7 Cathie Wood Stocks That Are Worth Buying in March<blockquote>3月份值得购买的7只Cathie Wood股票</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\">\n7 Cathie Wood Stocks That Are Worth Buying in March<blockquote>3月份值得购买的7只Cathie Wood股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">InvestorPlace</strong><span class=\"h-time small\">2022-03-11 09:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> ARK Invest exchange-traded funds launched by Cathie Wood, CEO and chief investment officer of ARK Investment Management, made the headlines in 2020 due to their stellar performance that year. These ...</p><p><blockquote><div>ARK Investment Management首席执行官兼首席投资官Cathie Wood推出的ARK Invest交易所交易基金因当年的出色表现而成为2020年的头条新闻。这些...</div></blockquote></p><p>  <a href=\"https://investorplace.com/2022/03/7-cathie-wood-stocks-that-are-worth-buying-in-march/\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://investorplace.com/2022/03/7-cathie-wood-stocks-that-are-worth-buying-in-march/\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investorplace.com/2022/03/7-cathie-wood-stocks-that-are-worth-buying-in-march/\">InvestorPlace</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":{"TDOC":"Teladoc Health Inc.","VRTX":"福泰制药","MELI":"MercadoLibre","U":"Unity Software Inc.","PATH":"UiPath","ROKU":"Roku Inc","SPOT":"Spotify Technology S.A."},"source_url":"https://investorplace.com/2022/03/7-cathie-wood-stocks-that-are-worth-buying-in-march/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195233805","content_text":"ARK Invest exchange-traded funds launched by Cathie Wood, CEO and chief investment officer of ARK Investment Management, made the headlines in 2020 due to their stellar performance that year. These funds typically focus on disruptive technologies or themes that are likely to become part of high-growth stories over the next decade. And as a part of the success of these funds, so-called “Cathie Wood stocks” came to fruition.However, ARK Invest ETFs were hit hard in the past year. Investor rotation from growth into value stocks crushed the overstretched valuations of many of these holdings. Now, Wall Street debates whether theseCathie Woodstocks offer buy-and-hold investors attractive entry points. Given the significant declines, they could potentially offer significant upside.For instance, Cathie Wood’s flagship fund, the ARK Innovation ETF (NYSEARCA:ARKK), significantly underperformed the Nasdaq 100 in 2021. It ended the year down more than 23%; whereas, the Nasdaq gained 26%. In addition, ARKK is down almost40% year-to-date (YTD) compared to Nasdaq’s20% decline over the same period.Against this backdrop, here are seven Cathie Wood stocks worth buying in March:Mercadolibre(NASDAQ:MELI)Roku(NASDAQ:ROKU)Spotify Technology(NYSE:SPOT)Teladoc Health(NYSE:TDOC)UiPath(NYSE:PATH)Unity Software(NYSE:U)Vertex Pharmaceuticals(NASDAQ:VRTX)Cathie Wood Stocks: Mercadolibre(MELI)Our first stock is Mercadolibre, held in the ARK Next Generation Internet ETF(NYSEARCA:ARKW). Argentina-based Mercadolibre is an e-commerce giant with a network of roughly 132 million active buyers and 1 million sellers in Latin America. The region is widely regarded as the fastest-growing e-commerce region worldwide, with an e-commerce penetration level of only 10% expected by 2025.Mercadolibreissued Q4 2021 results on Feb. 22. Revenuessurged74% year-over-year (YOY)on a currency-neutral basis to $2.1 billion. Yet, due to higher operating expenses and foreign currency losses, its net loss came in at $46.1 million, or a loss of 92 cents per diluted share. In the previous-year quarter, the net loss was $50.6 million. Cash and equivalents ended the period at $2.5 billion.Unique active users across the e-commerce platform jumped from 78.7 million to 82.2 million during the quarter.As a result, fintech revenue saw a YOY increase of 70%, accounting for 37% of total revenue. In addition, Total Payment Volume (TPV)on its Mercado Pago payment platform increased to $24 billion, meaning YOY growth of 73%.MELI stock hovers around $900, down 32% YTD. Shares are trading at a steep discount at 6.75 times trailing sales, the lowest since 2016. According toCNN Business, the 12-month median price forecast for MELI stock stands at $1,600.Roku(ROKU)Our next stock isRoku, held in the ARKK fund. San Jose, California-based Roku offers an operating platform serving as a hub for thousands of streaming services. The company generates revenue from advertising, hardware sales, subscription sales, distribution fees and operating system (OS) licensing.Management announcedQ4 2021 results on Feb. 17. Revenues grew 33% YOY to $865 million.Yet, net income declined to $23.7 million, or 17 cents per diluted share. In the previous-year quarter, net income was$67.3 million. Cash and equivalents ended the period at $2.1 billion.Roku gained 8.9 million active accounts in 2021to reach 60.1 million. Roku’s total number of active accounts stateside has recently exceeded total subscribers to all U.S. cable companies combined. The average revenue per user came in at $41.03, up 43% YOY.Businesses are increasingly using Roku’s digital platform to reach a wider audience. Management anticipates a revenue increase of roughly 25% for the current quarter.ROKU stock is around $110, down 52% YTD. Shares are currently trading at5.8 times trailing sales. Meanwhile, the 12-month median price forecast for Roku stock is at $180.Cathie Wood Stocks: Spotify Technology(SPOT)Next up is Spotify, also held in the ARKK fund. The Sweden-based Spotify is the leading audio streaming service and media services provider. Its platform serves 406 million monthly active users and 180 million premium subscribers. The streaming company generates revenue from its premium ad-free service and ad-supported access to music and podcasts.Spotify released Q4 2021 results on Feb. 2. Revenue grew 24% YOY to2.69billion euros. Net loss narrowed to 39 million euros, or 21 euro cents per diluted share, down from 125 million euros in the prior-year quarter. Cash and equivalents ended the period at 3.6 billion euros.The advertising business, which now accounts for 15% of its total revenue, grew 40% YOY in Q4. The rapid growth was primarily due to the recent launch of the Spotify Audience Network (SPAN), a dynamic advertising marketplace for both music and podcasts. The growing popularity of podcasts could provide significant upside potentialtoSpotify’s non-music advertising business.SPOT stock hit a 52-week low of$125.84 on Mar. 8, but managed to bounce off that low to close at $131.68. Nevertheless, it is still down 45% YTD.Considering the shares are trading at a cheap 2.4 times trailing sales, this recent selloff offers an attractive buying opportunity for long-term investors. The 12-month median price forecast for Spotifystands at$247.84.Teladoc Health(TDOC)Continuing with our list is Teladoc Health, held in the ARK Genomic Revolution ETF(BATS:ARKG). The telehealth platform allows its clients to receive 24-hour, on-demand virtual medical care.Last month, the company announced a new partnership with Amazon (NASDAQ:AMZN) to launchTeladoc on Alexa, Amazon’s digital assistant. The collaboration makes Teladoc’s services more accessible on supported Echo devices.Teladocannounced Q4 2021 results on Feb. 22. Revenue grew 45% YOY to $554 million, which helped its net loss to shrink to $11 million, or 7 cents per share. In the prior-year quarter, the net loss was$394 million. Cash and equivalents ended the period with $894 million.The total number of visits soared 38% YOY in 2021, reaching 15.3 million at the end of the year. Moreover, the average revenue per paid subscriber grew 52% YOY to $2.49. Management expects to grow its revenue at a compound annual rate of 25% through 2024.TDOC stock is at $60 territory, down 67% over the past year and 35% YTD. Shares are trading at 4.9 times trailing sales. The 12-month median price forecast for Teladoc is at $100.Cathie Wood Stocks: UiPath(PATH)Moving on, the next Cathie Wood stock to consider is UiPath, which is held in the ARK Fintech Innovation ETF(NYSEARCA:ARKF). It provides robotic process automation (RPA)solutions. Gartner and IDC both named UiPath a market leader in using artificial intelligence (AI) to automate enterprise workflows.The company develops UiPath Studio, a platform designed for RPA developers looking to build complex process automations with built-in governance capabilities.Uipath released Q3 FY22 results on Dec. 8. Revenue increased 50% YOY to $221 million. However, the company reported a net loss of $122.8 million, or 23 cents per diluted share, up from a loss of $70.8 million a year ago. Cash and equivalents ended the period at $1.8 billion.Investors were pleased that the company delivered 58% annualized renewal run-rate growth in Q4. Existing clients spent 42% more on UiPath’s services than they did in the prior-year period as well.PATH stock hit a 52-week low of $26.96 on Mar. 7. It’s down 36% YTD. Shares are trading at 17.6 times trailing sales, compared to 60 times last year. The 12-month median price forecast for Uipathstands at $57.50.Cathie Wood Stocks: Unity Software(U)Our penultimate stock is Unity Software, held in the ARKK fund. The San Francisco, California-based Unity Software provides a platform to create interactive and real-time 2D and 3D content. Many popular games in the video game industry rely on its Unity gaming engine.Management reportedQ4 2021 results on Feb. 3. Revenue increased 43% YOY to $316 million. Non-GAAP loss declined to $12 million, or 5 cents lost per share, down from $20.1 million. Cash and equivalents ended the quarter at $1.1 billion.Unity Software continues to benefit from the growing demand for real-time 3D content across various industries outside of video gaming. Automotive, aerospace and defense (A&D), architecture, engineering sectors have all witnessed increased adoption of the Unity engine.Moreover, the emerging metaverse provides Unity with the perfect tailwind for further growth. As a result, the company anticipates an increase in its revenues of35% YOY to $1.5 billion in 2022.Unity currently trades around $80, down about 40% YTD. Shares are trading at 20.8 times trailing sales, down from 40 last year. Meanwhile, the 12-month median price forecast for Unity stock is at $157.50.Cathie Wood Stocks: Vertex Pharmaceuticals(VRTX)The final stock isVertex Pharmaceuticals, found in the ARKG fund. The Boston, Massachusetts-based biotech name focuses on discovering and developing small-molecule medicines to treat serious diseases.For instance, in treating cystic fibrosis (CF), Vertex enjoys a monopoly. It has various drugs for treating different genetic mutations.Vertex announced Q4 2021 results on Jan. 26. Revenue increased 27% YOY to $2.1 billion. Non-GAAP net income came in at $866 million, or $3.37 per diluted share, up from $661 million in the prior-year quarter. Cash and equivalents ended the period at $7.5 billion.The new next-generation combination drug Trikaftadrove the top line growth in 2021. The drug is slated to help 90% of CF patients, a considerable step up from previous generation drugs. Currently, the company’s treatments are used by roughly half of the patients in the U.S., Canada, Europe and Australia. In addition, the company recently partnered with CRISPR Therapeutics(NASDAQ:CRSP) to develop a gene-editing therapy against beta-thalassemia and sickle cell disease.VRTX stock currently hovers around $235, up 11% over the past year. Shares are trading at 16.1 times forward earnings and 8.1 times trailing sales. The 12-month median price forecast for Vertex stock stands at $275.","news_type":1,"symbols_score_info":{"U":0.9,"TDOC":0.9,"ROKU":0.9,"PATH":0.9,"SPOT":0.9,"VRTX":0.9,"MELI":0.9}},"isVote":1,"tweetType":1,"viewCount":1188,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":635177459,"gmtCreate":1646916289138,"gmtModify":1646916488847,"author":{"id":"3582185625671527","authorId":"3582185625671527","name":"scout7211","avatar":"https://static.tigerbbs.com/3428eeb8a156084753e7fa0ee13d6ac6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582185625671527","idStr":"3582185625671527"},"themes":[],"htmlText":"q","listText":"q","text":"q","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":14,"repostSize":0,"link":"https://laohu8.com/post/635177459","repostId":"1193500534","repostType":4,"repost":{"id":"1193500534","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1646905482,"share":"https://www.laohu8.com/m/news/1193500534?lang=zh_CN&edition=full","pubTime":"2022-03-10 17:44","market":"us","language":"en","title":"Oracle, Asana, Fossil and Ulta Beauty: What to Watch in the Stock Market Today<blockquote>Oracle、Asana、Fossil和Ulta Beauty：今日股市值得关注</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193500534","media":"Benzinga","summary":"Some of the stocks that may grab investor focus today are:Wall Street expects Oracle Corporation to ","content":"<p><html><head></head><body>Some of the stocks that may grab investor focus today are:</p><p><blockquote><html><head></head><body>今天可能引起投资者关注的一些股票包括：</body></html></blockquote></p><p><ul><li>Wall Street expects Oracle Corporation to report quarterly earnings at $1.18 per share on revenue of $10.51 billion after the closing bell. Oracle shares gained 0.4% to $76.39 in after-hours trading.</li><li>Asana, Inc.reported better-than-expected results for its fourth quarter. However, the company said it sees higher-than-expected loss for the first quarter. Asana shares dipped 21.1% to $38.50 in the after-hours trading session.</li><li>Fossil Group, Inc. reported adjusted net income of $0.64 per share for the fourth quarter up from $0.19 per share in the year-ago period. Its net sales surged 14% to $604.2 million. Fossil said it sees FY22 global net sales growth of 2% to 6% year over year. Fossil shares dropped 16% to $12.20 in the after-hours trading session.</li><li>Analysts expect Ulta Beauty, Inc. to post quarterly earnings at $4.57 per share on revenue of $2.69 billion after the closing bell. Ulta Beauty shares gained 0.2% to $374.00 in after-hours trading.</li></ul></p><p><blockquote><ul><li>华尔街预计甲骨文公司收盘后将公布季度收益为每股1.18美元，营收为105.1亿美元。甲骨文股价在盘后交易中上涨0.4%，至76.39美元。</li><li>Asana，Inc.公布的第四季度业绩好于预期。不过，该公司表示，预计第一季度亏损将高于预期。Asana股价在盘后交易时段下跌21.1%，至38.50美元。</li><li>Fossil Group，Inc.报告第四季度调整后净利润为每股0.64美元，高于去年同期的每股0.19美元。其净销售额飙升14%至6.042亿美元。Fossil表示，预计2022财年全球净销售额将同比增长2%至6%。Fossil股价在盘后交易时段下跌16%，至12.20美元。</li><li>分析师预计Ulta Beauty，Inc.收盘后将公布季度收益为每股4.57美元，营收为26.9亿美元。Ulta Beauty股价在盘后交易中上涨0.2%，至374.00美元。</li></ul></blockquote></p><p><ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></body></html></p><p><blockquote></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>Oracle, Asana, Fossil and Ulta Beauty: What to Watch in the Stock Market Today<blockquote>Oracle、Asana、Fossil和Ulta Beauty：今日股市值得关注</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\">\nOracle, Asana, Fossil and Ulta Beauty: What to Watch in the Stock Market Today<blockquote>Oracle、Asana、Fossil和Ulta Beauty：今日股市值得关注</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2022-03-10 17:44</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Some of the stocks that may grab investor focus today are:</p><p><blockquote><html><head></head><body>今天可能引起投资者关注的一些股票包括：</body></html></blockquote></p><p><ul><li>Wall Street expects Oracle Corporation to report quarterly earnings at $1.18 per share on revenue of $10.51 billion after the closing bell. Oracle shares gained 0.4% to $76.39 in after-hours trading.</li><li>Asana, Inc.reported better-than-expected results for its fourth quarter. However, the company said it sees higher-than-expected loss for the first quarter. Asana shares dipped 21.1% to $38.50 in the after-hours trading session.</li><li>Fossil Group, Inc. reported adjusted net income of $0.64 per share for the fourth quarter up from $0.19 per share in the year-ago period. Its net sales surged 14% to $604.2 million. Fossil said it sees FY22 global net sales growth of 2% to 6% year over year. Fossil shares dropped 16% to $12.20 in the after-hours trading session.</li><li>Analysts expect Ulta Beauty, Inc. to post quarterly earnings at $4.57 per share on revenue of $2.69 billion after the closing bell. Ulta Beauty shares gained 0.2% to $374.00 in after-hours trading.</li></ul></p><p><blockquote><ul><li>华尔街预计甲骨文公司收盘后将公布季度收益为每股1.18美元，营收为105.1亿美元。甲骨文股价在盘后交易中上涨0.4%，至76.39美元。</li><li>Asana，Inc.公布的第四季度业绩好于预期。不过，该公司表示，预计第一季度亏损将高于预期。Asana股价在盘后交易时段下跌21.1%，至38.50美元。</li><li>Fossil Group，Inc.报告第四季度调整后净利润为每股0.64美元，高于去年同期的每股0.19美元。其净销售额飙升14%至6.042亿美元。Fossil表示，预计2022财年全球净销售额将同比增长2%至6%。Fossil股价在盘后交易时段下跌16%，至12.20美元。</li><li>分析师预计Ulta Beauty，Inc.收盘后将公布季度收益为每股4.57美元，营收为26.9亿美元。Ulta Beauty股价在盘后交易中上涨0.2%，至374.00美元。</li></ul></blockquote></p><p><ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ULTA":"Ulta美容","ASAN":"阿莎娜","ORCL":"甲骨文","FOSL":"福斯尔","JD":"京东"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193500534","content_text":"Some of the stocks that may grab investor focus today are:Wall Street expects Oracle Corporation to report quarterly earnings at $1.18 per share on revenue of $10.51 billion after the closing bell. Oracle shares gained 0.4% to $76.39 in after-hours trading.Asana, Inc.reported better-than-expected results for its fourth quarter. However, the company said it sees higher-than-expected loss for the first quarter. Asana shares dipped 21.1% to $38.50 in the after-hours trading session.Fossil Group, Inc. reported adjusted net income of $0.64 per share for the fourth quarter up from $0.19 per share in the year-ago period. Its net sales surged 14% to $604.2 million. Fossil said it sees FY22 global net sales growth of 2% to 6% year over year. Fossil shares dropped 16% to $12.20 in the after-hours trading session.Analysts expect Ulta Beauty, Inc. to post quarterly earnings at $4.57 per share on revenue of $2.69 billion after the closing bell. Ulta Beauty shares gained 0.2% to $374.00 in after-hours trading.","news_type":1,"symbols_score_info":{"JD":0.9,"ULTA":0.9,"ORCL":0.9,"ASAN":0.9,"FOSL":0.9}},"isVote":1,"tweetType":1,"viewCount":1220,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":635084773,"gmtCreate":1646747268558,"gmtModify":1646747393356,"author":{"id":"3582185625671527","authorId":"3582185625671527","name":"scout7211","avatar":"https://static.tigerbbs.com/3428eeb8a156084753e7fa0ee13d6ac6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582185625671527","idStr":"3582185625671527"},"themes":[],"htmlText":"q","listText":"q","text":"q","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":13,"repostSize":0,"link":"https://laohu8.com/post/635084773","repostId":"1160268861","repostType":4,"repost":{"id":"1160268861","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1646744442,"share":"https://www.laohu8.com/m/news/1160268861?lang=zh_CN&edition=full","pubTime":"2022-03-08 21:00","market":"us","language":"en","title":"Pre-Bell｜Futures Steady after Sharp Tumble on Wall Street; Dick’s Sporting Gained 4%<blockquote>盘前|华尔街大跌后期货企稳；迪克体育上涨4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160268861","media":"Tiger Newspress","summary":"U.S. stock index futures stabilized on Tuesday, after a steep sell-off on Wall Street in the previou","content":"<p><html><head></head><body>U.S. stock index futures stabilized on Tuesday, after a steep sell-off on Wall Street in the previous session as investors assessed the impact of a spike in oil prices and Western sanctions on Russia over its invasion of Ukraine.</p><p><blockquote><html><head></head><body>美国股指期货周二企稳，此前一交易日华尔街大幅抛售，因投资者评估油价飙升和西方因俄罗斯入侵乌克兰而对其实施制裁的影响。</body></html></blockquote></p><p>The Nasdaq on Monday ended down 20.1% from its Nov. 19 record high close, confirming the tech-heavy index has been in a bear market since hitting that record high, according to a widely used definition.</p><p><blockquote>纳斯达克周一收盘较11月19日的历史新高收盘下跌20.1%，根据广泛使用的定义，这证实了以科技股为主的指数自触及历史新高以来一直处于熊市。</blockquote></p><p>The Dow (.DJI) confirmed it was in a correction from its Jan. 4 all-time closing peak. A correction is confirmed when an index closes 10% or more below its record closing level.</p><p><blockquote>道琼斯指数（。DJI）证实，它正在从1月4日的历史收盘峰值回调。当指数收盘价比其历史收盘水平低10%或更多时，修正就被确认了。</blockquote></p><p>Meanwhile, the benchmark S&amp;P 500 index (.SPX) lost $1.08 trillion on Monday, according to Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices, as investors worried over soaring crude prices on a possible ban of Russian oil imports fueling higher inflation.</p><p><blockquote>与此同时，据标普道琼斯指数高级指数分析师Howard Silverblatt称，基准标普500指数(.SPX)周一下跌1.08万亿美元，因投资者担心俄罗斯石油进口禁令可能导致原油价格飙升，从而加剧通胀。</blockquote></p><p><h2>Market Snapshot</h2>At 07:58 a.m. ET, Dow e-minis were up 31 points, or 0.09%, S&amp;P 500 e-minis were up 3.75 points, or 0.09%, and Nasdaq 100 e-minis were down 20.5 points, or 0.15%.</p><p><blockquote><h2>市场快照</h2>截至美国东部时间上午07:58，道指e-minis上涨31点，涨幅0.09%，标普500 e-minis上涨3.75点，涨幅0.09%，纳斯达克100 e-minis下跌20.5点，涨幅0.15%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/5a52b9f6deceb4f00105b7d4a7d4fbcd\" tg-width=\"329\" tg-height=\"124\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p><h2>Pre-Market Movers</h2>Shell - The U.S.-traded shares of the energy giant rose more than 2% in premarket trading after Shell apologized for buying a shipment of Russian oil. The company said it will no longer do spot purchases of Russian oil and was shutting down other operations in the country.</p><p><blockquote><h2>上市前推动者</h2>壳牌——在壳牌为购买一批俄罗斯石油道歉后，这家能源巨头在美国交易的股价在盘前交易中上涨超过2%。该公司表示，将不再购买俄罗斯石油的现货，并关闭了在该国的其他业务。</blockquote></p><p>Dick’s Sporting Goods - The retail stock gained more than 4% in premarket trading after Dick’s released its fourth-quarter results. The quarter beat expectations for adjusted earnings and revenue, according to estimates compiled by Refinitiv. The company said same-store sales grew 5.9%, which was faster than the rate in the fourth quarter of 2019 before the pandemic.</p><p><blockquote>迪克体育用品——迪克体育用品发布第四季度业绩后，该零售股在盘前交易中上涨超过4%。根据Refinitiv编制的估计，该季度调整后的盈利和收入超出了预期。该公司表示，同店销售额增长5.9%，快于疫情爆发前2019年第四季度的增速。</blockquote></p><p>Carnival Cruise Line, Norwegian Cruise Line Holdings — Cruise stocks rebounded on Tuesday morning after selling off sharply in the previous session. Shares of Carnival and Norwegian were each up more than 3% in premarket trading.</p><p><blockquote>嘉年华邮轮、挪威邮轮控股公司——邮轮股在前一交易日大幅抛售后于周二上午反弹。嘉年华和挪威航空的股价在盘前交易中均上涨超过3%。</blockquote></p><p>Enphase Energy, SunPower — Solar and other clean energy stocks moved higher in premarket trading as the continued rise in oil prices shifted focus toward alternative energy sources. Enphase Energy and SunPower each rose more than 3% in premarket trading.</p><p><blockquote>随着油价持续上涨将焦点转向替代能源，Enphase Energy、SunPower-Solar和其他清洁能源股在盘前交易中走高。Enphase Energy和SunPower在盘前交易中均上涨超过3%。</blockquote></p><p>Chevron, Exxon Mobil — Traditional energy stocks were pointing toward a strong open as oil prices moved higher once again on Tuesday morning. Shares of Chevron and Exxon each rose about 1% in premarket trading.</p><p><blockquote>雪佛龙、埃克森美孚——随着周二上午油价再次走高，传统能源股开盘强劲。雪佛龙和埃克森美孚的股价在盘前交易中各上涨约1%。</blockquote></p><p>Dish Network — The telecom stock rose more than 2% in premarket trading after Dell upgraded Dish to buy from neutral. The investment firm said in a note that Dish’s spectrum holdings are undervalued.</p><p><blockquote>Dish Network-戴尔将Dish评级从中性上调至买入后，该电信股在盘前交易中上涨超过2%。该投资公司在一份报告中表示，Dish持有的频谱被低估。</blockquote></p><p>Apple — Shares of the tech giant rose slightly in premarket trading on Tuesday. Apple is holding a product launch event later in the day, and some Wall Street analysts expect the company to announce a budget iPhone.</p><p><blockquote>苹果——这家科技巨头的股价周二在盘前交易中小幅上涨。苹果将在当天晚些时候举行产品发布会，一些华尔街分析师预计该公司将发布一款廉价iPhone。</blockquote></p><p><h2>Market News</h2>The London Metal Exchange was forced to halt trading of a key metal this morning after disorderly price rises threatened to derail the market. The 145-year-old trading venue stopped <b>nickel </b>trading after what CEO Matthew Chamberlain called “unprecedented overnight increases” in price. The metal spiked more than 250% in two days.</p><p><blockquote><h2>市场新闻</h2>在无序的价格上涨威胁到市场脱轨后，伦敦金属交易所今天上午被迫停止了一种关键金属的交易。拥有145年历史的交易场所停止了<b>镍</b>在首席执行官马修·张伯伦(Matthew Chamberlain)所说的价格“前所未有的隔夜上涨”之后进行交易。该金属在两天内飙升了250%以上。</blockquote></p><p>U.S. President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury and other agencies to study the legal and economic ramifications of creating a U.S. <b>central bank digital currency</b>, a source familiar with the matter said on Monday.</p><p><blockquote>美国总统乔·拜登预计将于本周签署一项期待已久的行政命令，指示司法部、财政部和其他机构研究创建美国的法律和经济后果。<b>央行数字货币</b>一位知情人士周一表示。</blockquote></p><p><b>Tesla </b>sold 56,515 China-made vehicles in February, including 33,315 for export, the China Passenger Car Association (CPCA) said on Tuesday.</p><p><blockquote><b>特斯拉</b>中国乘用车协会（CPCA）周二表示，2月份中国制造汽车销量为56,515辆，其中出口汽车33,315辆。</blockquote></p><p><b>Google</b> agreed to buy cybersecurity firm Mandiant for $23/share in cash. Mandiant fell 4% in premarket trading after jumping 16% on Monday.</p><p><blockquote><b>谷歌</b>同意以每股23美元现金收购网络安全公司Mandiant。Mandiant在周一上涨16%后，在盘前交易中下跌4%。</blockquote></p><p><b>Moderna </b>Inc said on Monday it plans to develop and begin testing vaccines targeting 15 of the world&#39;s most worrisome pathogens by 2025 and will permanently wave its COVID-19 vaccine patents for shots intended for certain low- and middle-income countries.</p><p><blockquote><b>现代</b>Inc周一表示，计划到2025年开发并开始测试针对15种世界上最令人担忧的病原体的疫苗，并将永久使用其COVID-19疫苗专利，用于某些中低收入国家的疫苗。</blockquote></p><p></body></html></p><p><blockquote></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>Pre-Bell｜Futures Steady after Sharp Tumble on Wall Street; Dick’s Sporting Gained 4%<blockquote>盘前|华尔街大跌后期货企稳；迪克体育上涨4%</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\">\nPre-Bell｜Futures Steady after Sharp Tumble on Wall Street; Dick’s Sporting Gained 4%<blockquote>盘前|华尔街大跌后期货企稳；迪克体育上涨4%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2022-03-08 21:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. stock index futures stabilized on Tuesday, after a steep sell-off on Wall Street in the previous session as investors assessed the impact of a spike in oil prices and Western sanctions on Russia over its invasion of Ukraine.</p><p><blockquote><html><head></head><body>美国股指期货周二企稳，此前一交易日华尔街大幅抛售，因投资者评估油价飙升和西方因俄罗斯入侵乌克兰而对其实施制裁的影响。</body></html></blockquote></p><p>The Nasdaq on Monday ended down 20.1% from its Nov. 19 record high close, confirming the tech-heavy index has been in a bear market since hitting that record high, according to a widely used definition.</p><p><blockquote>纳斯达克周一收盘较11月19日的历史新高收盘下跌20.1%，根据广泛使用的定义，这证实了以科技股为主的指数自触及历史新高以来一直处于熊市。</blockquote></p><p>The Dow (.DJI) confirmed it was in a correction from its Jan. 4 all-time closing peak. A correction is confirmed when an index closes 10% or more below its record closing level.</p><p><blockquote>道琼斯指数（。DJI）证实，它正在从1月4日的历史收盘峰值回调。当指数收盘价比其历史收盘水平低10%或更多时，修正就被确认了。</blockquote></p><p>Meanwhile, the benchmark S&amp;P 500 index (.SPX) lost $1.08 trillion on Monday, according to Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices, as investors worried over soaring crude prices on a possible ban of Russian oil imports fueling higher inflation.</p><p><blockquote>与此同时，据标普道琼斯指数高级指数分析师Howard Silverblatt称，基准标普500指数(.SPX)周一下跌1.08万亿美元，因投资者担心俄罗斯石油进口禁令可能导致原油价格飙升，从而加剧通胀。</blockquote></p><p><h2>Market Snapshot</h2>At 07:58 a.m. ET, Dow e-minis were up 31 points, or 0.09%, S&amp;P 500 e-minis were up 3.75 points, or 0.09%, and Nasdaq 100 e-minis were down 20.5 points, or 0.15%.</p><p><blockquote><h2>市场快照</h2>截至美国东部时间上午07:58，道指e-minis上涨31点，涨幅0.09%，标普500 e-minis上涨3.75点，涨幅0.09%，纳斯达克100 e-minis下跌20.5点，涨幅0.15%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/5a52b9f6deceb4f00105b7d4a7d4fbcd\" tg-width=\"329\" tg-height=\"124\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p><h2>Pre-Market Movers</h2>Shell - The U.S.-traded shares of the energy giant rose more than 2% in premarket trading after Shell apologized for buying a shipment of Russian oil. The company said it will no longer do spot purchases of Russian oil and was shutting down other operations in the country.</p><p><blockquote><h2>上市前推动者</h2>壳牌——在壳牌为购买一批俄罗斯石油道歉后，这家能源巨头在美国交易的股价在盘前交易中上涨超过2%。该公司表示，将不再购买俄罗斯石油的现货，并关闭了在该国的其他业务。</blockquote></p><p>Dick’s Sporting Goods - The retail stock gained more than 4% in premarket trading after Dick’s released its fourth-quarter results. The quarter beat expectations for adjusted earnings and revenue, according to estimates compiled by Refinitiv. The company said same-store sales grew 5.9%, which was faster than the rate in the fourth quarter of 2019 before the pandemic.</p><p><blockquote>迪克体育用品——迪克体育用品发布第四季度业绩后，该零售股在盘前交易中上涨超过4%。根据Refinitiv编制的估计，该季度调整后的盈利和收入超出了预期。该公司表示，同店销售额增长5.9%，快于疫情爆发前2019年第四季度的增速。</blockquote></p><p>Carnival Cruise Line, Norwegian Cruise Line Holdings — Cruise stocks rebounded on Tuesday morning after selling off sharply in the previous session. Shares of Carnival and Norwegian were each up more than 3% in premarket trading.</p><p><blockquote>嘉年华邮轮、挪威邮轮控股公司——邮轮股在前一交易日大幅抛售后于周二上午反弹。嘉年华和挪威航空的股价在盘前交易中均上涨超过3%。</blockquote></p><p>Enphase Energy, SunPower — Solar and other clean energy stocks moved higher in premarket trading as the continued rise in oil prices shifted focus toward alternative energy sources. Enphase Energy and SunPower each rose more than 3% in premarket trading.</p><p><blockquote>随着油价持续上涨将焦点转向替代能源，Enphase Energy、SunPower-Solar和其他清洁能源股在盘前交易中走高。Enphase Energy和SunPower在盘前交易中均上涨超过3%。</blockquote></p><p>Chevron, Exxon Mobil — Traditional energy stocks were pointing toward a strong open as oil prices moved higher once again on Tuesday morning. Shares of Chevron and Exxon each rose about 1% in premarket trading.</p><p><blockquote>雪佛龙、埃克森美孚——随着周二上午油价再次走高，传统能源股开盘强劲。雪佛龙和埃克森美孚的股价在盘前交易中各上涨约1%。</blockquote></p><p>Dish Network — The telecom stock rose more than 2% in premarket trading after Dell upgraded Dish to buy from neutral. The investment firm said in a note that Dish’s spectrum holdings are undervalued.</p><p><blockquote>Dish Network-戴尔将Dish评级从中性上调至买入后，该电信股在盘前交易中上涨超过2%。该投资公司在一份报告中表示，Dish持有的频谱被低估。</blockquote></p><p>Apple — Shares of the tech giant rose slightly in premarket trading on Tuesday. Apple is holding a product launch event later in the day, and some Wall Street analysts expect the company to announce a budget iPhone.</p><p><blockquote>苹果——这家科技巨头的股价周二在盘前交易中小幅上涨。苹果将在当天晚些时候举行产品发布会，一些华尔街分析师预计该公司将发布一款廉价iPhone。</blockquote></p><p><h2>Market News</h2>The London Metal Exchange was forced to halt trading of a key metal this morning after disorderly price rises threatened to derail the market. The 145-year-old trading venue stopped <b>nickel </b>trading after what CEO Matthew Chamberlain called “unprecedented overnight increases” in price. The metal spiked more than 250% in two days.</p><p><blockquote><h2>市场新闻</h2>在无序的价格上涨威胁到市场脱轨后，伦敦金属交易所今天上午被迫停止了一种关键金属的交易。拥有145年历史的交易场所停止了<b>镍</b>在首席执行官马修·张伯伦(Matthew Chamberlain)所说的价格“前所未有的隔夜上涨”之后进行交易。该金属在两天内飙升了250%以上。</blockquote></p><p>U.S. President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury and other agencies to study the legal and economic ramifications of creating a U.S. <b>central bank digital currency</b>, a source familiar with the matter said on Monday.</p><p><blockquote>美国总统乔·拜登预计将于本周签署一项期待已久的行政命令，指示司法部、财政部和其他机构研究创建美国的法律和经济后果。<b>央行数字货币</b>一位知情人士周一表示。</blockquote></p><p><b>Tesla </b>sold 56,515 China-made vehicles in February, including 33,315 for export, the China Passenger Car Association (CPCA) said on Tuesday.</p><p><blockquote><b>特斯拉</b>中国乘用车协会（CPCA）周二表示，2月份中国制造汽车销量为56,515辆，其中出口汽车33,315辆。</blockquote></p><p><b>Google</b> agreed to buy cybersecurity firm Mandiant for $23/share in cash. Mandiant fell 4% in premarket trading after jumping 16% on Monday.</p><p><blockquote><b>谷歌</b>同意以每股23美元现金收购网络安全公司Mandiant。Mandiant在周一上涨16%后，在盘前交易中下跌4%。</blockquote></p><p><b>Moderna </b>Inc said on Monday it plans to develop and begin testing vaccines targeting 15 of the world&#39;s most worrisome pathogens by 2025 and will permanently wave its COVID-19 vaccine patents for shots intended for certain low- and middle-income countries.</p><p><blockquote><b>现代</b>Inc周一表示，计划到2025年开发并开始测试针对15种世界上最令人担忧的病原体的疫苗，并将永久使用其COVID-19疫苗专利，用于某些中低收入国家的疫苗。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160268861","content_text":"U.S. stock index futures stabilized on Tuesday, after a steep sell-off on Wall Street in the previous session as investors assessed the impact of a spike in oil prices and Western sanctions on Russia over its invasion of Ukraine.The Nasdaq on Monday ended down 20.1% from its Nov. 19 record high close, confirming the tech-heavy index has been in a bear market since hitting that record high, according to a widely used definition.The Dow (.DJI) confirmed it was in a correction from its Jan. 4 all-time closing peak. A correction is confirmed when an index closes 10% or more below its record closing level.Meanwhile, the benchmark S&P 500 index (.SPX) lost $1.08 trillion on Monday, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, as investors worried over soaring crude prices on a possible ban of Russian oil imports fueling higher inflation.Market SnapshotAt 07:58 a.m. ET, Dow e-minis were up 31 points, or 0.09%, S&P 500 e-minis were up 3.75 points, or 0.09%, and Nasdaq 100 e-minis were down 20.5 points, or 0.15%.Pre-Market MoversShell - The U.S.-traded shares of the energy giant rose more than 2% in premarket trading after Shell apologized for buying a shipment of Russian oil. The company said it will no longer do spot purchases of Russian oil and was shutting down other operations in the country.Dick’s Sporting Goods - The retail stock gained more than 4% in premarket trading after Dick’s released its fourth-quarter results. The quarter beat expectations for adjusted earnings and revenue, according to estimates compiled by Refinitiv. The company said same-store sales grew 5.9%, which was faster than the rate in the fourth quarter of 2019 before the pandemic.Carnival Cruise Line, Norwegian Cruise Line Holdings — Cruise stocks rebounded on Tuesday morning after selling off sharply in the previous session. Shares of Carnival and Norwegian were each up more than 3% in premarket trading.Enphase Energy, SunPower — Solar and other clean energy stocks moved higher in premarket trading as the continued rise in oil prices shifted focus toward alternative energy sources. Enphase Energy and SunPower each rose more than 3% in premarket trading.Chevron, Exxon Mobil — Traditional energy stocks were pointing toward a strong open as oil prices moved higher once again on Tuesday morning. Shares of Chevron and Exxon each rose about 1% in premarket trading.Dish Network — The telecom stock rose more than 2% in premarket trading after Dell upgraded Dish to buy from neutral. The investment firm said in a note that Dish’s spectrum holdings are undervalued.Apple — Shares of the tech giant rose slightly in premarket trading on Tuesday. Apple is holding a product launch event later in the day, and some Wall Street analysts expect the company to announce a budget iPhone.Market NewsThe London Metal Exchange was forced to halt trading of a key metal this morning after disorderly price rises threatened to derail the market. The 145-year-old trading venue stopped nickel trading after what CEO Matthew Chamberlain called “unprecedented overnight increases” in price. The metal spiked more than 250% in two days.U.S. President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury and other agencies to study the legal and economic ramifications of creating a U.S. central bank digital currency, a source familiar with the matter said on Monday.Tesla sold 56,515 China-made vehicles in February, including 33,315 for export, the China Passenger Car Association (CPCA) said on Tuesday.Google agreed to buy cybersecurity firm Mandiant for $23/share in cash. Mandiant fell 4% in premarket trading after jumping 16% on Monday.Moderna Inc said on Monday it plans to develop and begin testing vaccines targeting 15 of the world's most worrisome pathogens by 2025 and will permanently wave its COVID-19 vaccine patents for shots intended for certain low- and middle-income countries.","news_type":1,"symbols_score_info":{"YMmain":0.9,"ESmain":0.9,".IXIC":0.9,".SPX":0.9,".DJI":0.9,"NQmain":0.9}},"isVote":1,"tweetType":1,"viewCount":944,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":632551302,"gmtCreate":1646623986142,"gmtModify":1646624120881,"author":{"id":"3582185625671527","authorId":"3582185625671527","name":"scout7211","avatar":"https://static.tigerbbs.com/3428eeb8a156084753e7fa0ee13d6ac6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582185625671527","idStr":"3582185625671527"},"themes":[],"htmlText":"q","listText":"q","text":"q","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":13,"repostSize":0,"link":"https://laohu8.com/post/632551302","repostId":"2217949109","repostType":4,"repost":{"id":"2217949109","kind":"news","pubTimestamp":1646607889,"share":"https://www.laohu8.com/m/news/2217949109?lang=zh_CN&edition=full","pubTime":"2022-03-07 07:04","market":"us","language":"en","title":"CPI Inflation, Rivian Earnings: What to Watch This Week<blockquote>CPI通胀、Rivian盈利：本周值得关注</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2217949109","media":"Yahoo Finance","summary":"Another likely red-hot inflation reading and a handful of key corporate earnings results are on tap ","content":"<p><div> Another likely red-hot inflation reading and a handful of key corporate earnings results are on tap for investors this week, offering further catalysts after the past several weeks' volatility across ...</p><p><blockquote><div>另一个可能炙手可热的通胀数据和一些关键的企业盈利结果本周将为投资者提供进一步的催化剂，在过去几周的波动之后……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/cpi-inflation-rivian-earnings-what-to-watch-this-week-194035775.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/cpi-inflation-rivian-earnings-what-to-watch-this-week-194035775.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_au","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>CPI Inflation, Rivian Earnings: What to Watch This Week<blockquote>CPI通胀、Rivian盈利：本周值得关注</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\">\nCPI Inflation, Rivian Earnings: What to Watch This Week<blockquote>CPI通胀、Rivian盈利：本周值得关注</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2022-03-07 07:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Another likely red-hot inflation reading and a handful of key corporate earnings results are on tap for investors this week, offering further catalysts after the past several weeks' volatility across ...</p><p><blockquote><div>另一个可能炙手可热的通胀数据和一些关键的企业盈利结果本周将为投资者提供进一步的催化剂，在过去几周的波动之后……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/cpi-inflation-rivian-earnings-what-to-watch-this-week-194035775.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/cpi-inflation-rivian-earnings-what-to-watch-this-week-194035775.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/cpi-inflation-rivian-earnings-what-to-watch-this-week-194035775.html\">Yahoo Finance</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":{"SPY":"标普500ETF","SPY.AU":"SPDR® S&P 500® ETF Trust","RIVN":"Rivian Automotive, Inc."},"source_url":"https://finance.yahoo.com/news/cpi-inflation-rivian-earnings-what-to-watch-this-week-194035775.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2217949109","content_text":"Another likely red-hot inflation reading and a handful of key corporate earnings results are on tap for investors this week, offering further catalysts after the past several weeks' volatility across risk assets.On the economic data front, Thursday's Consumer Price Index (CPI) from the Bureau of Labor Statistics (BLS) is set to be the most closely watched print. Investors have been anxiously awaiting signs of a peak in inflation — and to that end, the incoming data is unlikely to offer this payoff.Consensus economists are looking for the headline CPI to accelerate to show a 7.9% year-over-year increase, rising further from January's 7.5% rise, according to Bloomberg consensus data. Such a result would set a fresh 40-year high rate of inflation. And even excluding volatile food and energy prices, the CPI is likely to rise 6.4%, compared to January's 6.0% increase.The month-over-month data are also expected to keep climbing. Economists are looking for a 0.8% monthly rise in the broadest measure of February CPI, marking 21 consecutive months of advances following January's 0.6% rise.The latest CPI report will begin to capture the only very early impacts to prices from Russia's war in Ukraine, with a full-scale invasion taking place in late February. Concerns that this geopolitical conflict would disrupt the energy complex in Ukraine or Russia — the world's third-largest oil producer — have sent U.S. crude oil prices soaring above $110 per barrel to a more than decade high.And other recent economic data have also suggested prices continued to climb across the U.S. economy. The Institute for Supply Management's February services index from late last week showed prices climbed compared to January, and that surveyed businesses \"continue to be impacted by supply chain disruptions, capacity constraints, inflation, logistical challenges and labor shortages.\" And in last week's jobs report from the Labor Department, average hourly wage gains came in well-above pre-pandemic trends with an annual rise of 5.1%, albeit while coming down slightly compared to January's 5.5% jump.Even ahead of the upcoming CPI inflation data and latest jobs report, key Federal Reserve officials have already signaled the central bank was set to move on raising interest rates following its mid-March meeting. Federal Reserve Chair Jerome Powell said last week he would back a 25 basis point interest rate hike this month. While lower than the turbo-charged 50 basis point hike some market participants had been anticipating beforehand, such a move would set off the process of raising borrowing costs across markets and help bring down demand to in turn push down prices.\"As prices rise, you're on the demand curve, and people demand less. I think what the Fed is hoping is that there are some other channels in the global economy that will manifest themselves and help bring inflation down,\" Nathan Sheets, Citi global chief economist, told Yahoo Finance. \"And some of the factors the Fed has pointed to in its minutes — one is some further progress on supply-chain disruptions. Another one is further progress on a reduction in commodity prices. And I have to say given what I'm seeing at the moment, both of those seem quite remote.\"\"Now a third one that is maybe a little more hopeful is, as we make progress in better managing the pandemic ... it will allow a rebalancing from this red-hot, commodity-intensive goods sector more into the services sector and allow some of these goods prices that have been so elevated and rising quickly [to] come off the boil a bit,\" he added. \"The Fed has its fingers crossed that these things are going to come through and be supportive of lower inflation in addition to that demand destruction channel.\"Rivian earnings, Q4 reporting season comes to endWhile the vast majority of S&P 500 companies have now reported fourth-quarter earnings results, a handful of closely watched newly public companies are still set to offer results this week.One will be Rivian (RIVN), the Amazon- and Ford-backed electric vehicle firm that went public in November in the sixth-largest IPO in U.S. history and the largest of last year. Shares have since fallen by more than 50% for the year-to-date, however, amid a broad rotation out of growth and technology stocks.Rivian has had its fair share of company-specific challenges as well, however. The California-based EV maker missed its 2021 vehicle production target, coming up short compared to the 1,200 vehicles it had targeted for last year. And the stock took another leg lower this week after Rivian took back price increases for its electric trucks and SUVs for some pre-orders due to customer backlash.All told, Rivian is expected to post revenue of nearly $64 million when it reports results Thursday after market close. Net losses are expected to come in at $1.8 billion, compared to the $1.2 billion posted in the third quarter.Results from Rivian as well as other reports this week including Bumble (BMBL), StitchFix (SFIX) and Oracle (ORCL) will come at the end of a fourth-quarter earnings season that has so far been solid across the board for most S&P 500 companies. While these results capture the period before the geopolitical conflict between Russia and Ukraine and the uncertainty over the global economic landscape that has ensued, the earnings have signaled solid momentum in corporate profitability heading into the new year.\"Q4 earnings season, while clearly prior to all of what we're seeing right now, came in well ahead of expectations, and we saw really strong positive revisions, and positive guidance for 2022. Q1 is definitely going to be a wild card,\" Amanda Agati, PNC Asset Management Group chief investment officer, told Yahoo Finance Live. \"We're going to have to watch very, very carefully for what happens with rising input costs, wage pressures, now we have the energy story coming into the equation. So I do think there is an element of risk to it, but I also think that the underlying fundamental story is pretty strong.\"Economic calendarMonday: Consumer credit, January ($24.000 billion expected, $18.898 billion in December)Tuesday: NFIB Small Business Optimism, February (97.4 expected, 97.1 in January); Trade balance, January (-$87.1 billion expected, -$80.7 billion in December); Wholesale inventories month-over-month, January final (0.8% expected, 0.8% in prior print)Wednesday: MBA Mortgage Applications, week ended March 4 (-0.7% during prior week); JOLTS job openings, January (10.968 million expected, 10.925 million during prior week)Thursday: Consumer Price Index month-over-month, February (0.8% expected, 0.6% in January); CPI excluding food and energy month-over-month, February (0.5% expected, 0.6%. in January); CPI year-over-year, February (7.9% expected, 7.5% in January); CPI excluding food and energy year-over-year, February (6.4% expected, 6.0% in January); Initial jobless claims, week ended March 5 (220,000 expected, 215,000 during prior week); Continuing claims, week ended February 26 (1.476 million during prior week); Household change in net worth, 4Q ($2.4 trillion in 3Q); Monthly budget statement, February ($118.7 billion in January)Friday: University of Michigan sentiment, March preliminary (62.5 expected, 62.8 in February)Earnings calendarMondayNo notable reports schedule for releaseTuesdayBefore market open: Dick's Sporting Goods (DKS), Olaplex (OLPX)After market close: Bumble (BMBL), StitchFix (SFIX), MongoDB (MDB), Figs (FIGS)WednesdayBefore market open: No notable reports schedule for releaseAfter market close: Sonder Holdings (SOND), CrowdStrike (CRWD), Asana (ASAN)ThursdayBefore market open: No notable reports schedule for releaseAfter market close: DocuSign (DOCU), Rivian (RIVN), Oracle (ORCL), Ulta Beauty (ULTA)FridayBefore market open: WeWork (WE)After market close: No notable reports schedule for release","news_type":1,"symbols_score_info":{"SPY":0.6,"RIVN":1,"SPY.AU":0.9}},"isVote":1,"tweetType":1,"viewCount":1124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":632153479,"gmtCreate":1646308634910,"gmtModify":1646308763474,"author":{"id":"3582185625671527","authorId":"3582185625671527","name":"scout7211","avatar":"https://static.tigerbbs.com/3428eeb8a156084753e7fa0ee13d6ac6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582185625671527","idStr":"3582185625671527"},"themes":[],"htmlText":"q","listText":"q","text":"q","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":14,"repostSize":0,"link":"https://laohu8.com/post/632153479","repostId":"1149212664","repostType":4,"repost":{"id":"1149212664","kind":"news","pubTimestamp":1646298413,"share":"https://www.laohu8.com/m/news/1149212664?lang=zh_CN&edition=full","pubTime":"2022-03-03 17:06","market":"us","language":"en","title":"Best Buy, Costco, Splunk, Kroger, American Eagle: What to Watch in the Stock Market Today<blockquote>百思买、好市多、Splunk、克罗格、American Eagle：今日股市值得关注</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149212664","media":"Benzinga","summary":"Wall Street expects The Kroger Co.(NYSE:KR) to report quarterly earnings at $0.74 per share on reven","content":"<p><div> Wall Street expects The Kroger Co.(NYSE:KR) to report quarterly earnings at $0.74 per share on revenue of $32.86 billion before the opening bell. Kroger shares rose 2.1% to close at $49.37 on ...</p><p><blockquote><div>华尔街预计克罗格公司（纽约证券交易所股票代码：KR）开盘前将公布季度收益为每股0.74美元，营收为328.6亿美元。克罗格股价上涨2.1%，收于49.37美元。</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/earnings/22/03/25956701/5-stocks-to-watch-for-march-3-2022\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/earnings/22/03/25956701/5-stocks-to-watch-for-march-3-2022\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>Best Buy, Costco, Splunk, Kroger, American Eagle: What to Watch in the Stock Market Today<blockquote>百思买、好市多、Splunk、克罗格、American Eagle：今日股市值得关注</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\">\nBest Buy, Costco, Splunk, Kroger, American Eagle: What to Watch in the Stock Market Today<blockquote>百思买、好市多、Splunk、克罗格、American Eagle：今日股市值得关注</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2022-03-03 17:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Wall Street expects The Kroger Co.(NYSE:KR) to report quarterly earnings at $0.74 per share on revenue of $32.86 billion before the opening bell. Kroger shares rose 2.1% to close at $49.37 on ...</p><p><blockquote><div>华尔街预计克罗格公司（纽约证券交易所股票代码：KR）开盘前将公布季度收益为每股0.74美元，营收为328.6亿美元。克罗格股价上涨2.1%，收于49.37美元。</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/earnings/22/03/25956701/5-stocks-to-watch-for-march-3-2022\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/earnings/22/03/25956701/5-stocks-to-watch-for-march-3-2022\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/earnings/22/03/25956701/5-stocks-to-watch-for-march-3-2022\">Benzinga</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":{"COST":"好市多","BBY":"百思买","SPLK":"Splunk Inc","KR":"克罗格","AEO":"美鹰服饰"},"source_url":"https://www.benzinga.com/news/earnings/22/03/25956701/5-stocks-to-watch-for-march-3-2022","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149212664","content_text":"Wall Street expects The Kroger Co.(NYSE:KR) to report quarterly earnings at $0.74 per share on revenue of $32.86 billion before the opening bell. Kroger shares rose 2.1% to close at $49.37 on Wednesday.Splunk Inc.(NASDAQ:SPLK) reported better-than-expected earnings for its fourth quarter and named Gary Steele as its new Chief Executive Officer. Splunk shares gained 1.9% to $117.15 in the after-hours trading session.Analysts are expecting Best Buy Co., Inc.(NYSE:BBY) to have earned $2.73 per share on revenue of $16.59 billion for the latest quarter. The company will release earnings before the markets open. Best Buy shares fell 1.1% to $99.70 in after-hours trading.American Eagle Outfitters, Inc.(NYSE:AEO) reported in-line earnings for its fourth quarter. American Eagle shares, however, dropped 6.5% to $19.95 in the after-hours trading session.Analysts expect Costco Wholesale Corporation(NASDAQ:COST) to post quarterly earnings at $2.73 per share on revenue of $51.37 billion before the closing bell. Costco shares fell 0.1% to $527.80 in after-hours trading.","news_type":1,"symbols_score_info":{"KR":0.9,"SPLK":0.9,"AEO":0.9,"BBY":0.9,"COST":0.9}},"isVote":1,"tweetType":1,"viewCount":1161,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":636464615,"gmtCreate":1646052707938,"gmtModify":1646052862184,"author":{"id":"3582185625671527","authorId":"3582185625671527","name":"scout7211","avatar":"https://static.tigerbbs.com/3428eeb8a156084753e7fa0ee13d6ac6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582185625671527","idStr":"3582185625671527"},"themes":[],"htmlText":"q","listText":"q","text":"q","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":14,"repostSize":0,"link":"https://laohu8.com/post/636464615","repostId":"1178829058","repostType":4,"repost":{"id":"1178829058","kind":"news","pubTimestamp":1646035562,"share":"https://www.laohu8.com/m/news/1178829058?lang=zh_CN&edition=full","pubTime":"2022-02-28 16:06","market":"us","language":"en","title":"Prepare for a Bear Market in 2022: Bank of America<blockquote>为2022年熊市做好准备：美国银行</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178829058","media":"Barrons","summary":"The recent recovery in stocks may be short-lived, according to Bank of America Securities, which see","content":"<p><html><head></head><body>The recent recovery in stocks may be short-lived, according to Bank of America Securities, which sees a bear market setting in through 2022 and suggests that investors tilt to cash and commodities.</p><p><blockquote><html><head></head><body>美国银行证券表示，近期股市的复苏可能是短暂的，该证券预计熊市将持续到2022年，并建议投资者倾向于现金和大宗商品。</body></html></blockquote></p><p>BofA laid out a witches’ brew of negative trends, signals, and data points in a note published Thursday by chief investment strategist Michael Hartnett and his team. “If it walks like a bear…” it probably is, they write.</p><p><blockquote>美国银行首席投资策略师迈克尔·哈特内特(Michael Hartnett)及其团队在周四发布的一份报告中列出了一系列负面趋势、信号和数据点。“如果它像熊一样走路……”他们写道，很可能是这样。</blockquote></p><p>More than 75% of stocks in the Nasdaq Composite Index and 51% of S&amp;P 500 stocks are already in a bear market—down more than 20% from peak prices, Hartnett notes. The outlook is worsening with geopolitical risks exacerbating potential for inflation, higher commodity prices, and “shocks” to growth.</p><p><blockquote>Hartnett指出，纳斯达克综合指数中超过75%的股票和51%的标普500股票已经处于熊市，较峰值价格下跌了20%以上。随着地缘政治风险加剧通胀、大宗商品价格上涨和增长“冲击”的可能性，前景正在恶化。</blockquote></p><p>Negative real interest rates, adjusted for inflation, are another ominous sign. Going back 250 years, negative rates have been “synonymous” with crashes, panics, and wars, he notes.</p><p><blockquote>经通胀调整后的负实际利率是另一个不祥之兆。他指出，回到250年前，负利率一直是崩溃、恐慌和战争的“代名词”。</blockquote></p><p>Hartnett also calls out signs of cracking in retail and home-building, pointing out that Home Depot (ticker: HD) stock is down 29% from its peak while builders such as Toll Brothers (TOL) are off 38%. The declines imply cracks in consumer spending, which rarely happens outside recessions, he notes. And the Federal Reserve, far from riding to the rescue with market stimulus, is tightening the noose, planning to raise rates and withdraw liquidity to try to quell inflation.</p><p><blockquote>Hartnett还评级了零售业和住宅建筑业出现崩溃的迹象，指出家得宝（股票代码：HD）的股价较峰值下跌了29%，而Toll Brothers(TOL)等建筑商的股价则下跌了38%。他指出，这些下降意味着消费者支出出现裂缝，而这种情况在经济衰退之外很少发生。美联储非但没有通过市场刺激来拯救，反而收紧了绞索，计划加息并撤回流动性，以试图平息通胀。</blockquote></p><p>“We’re bearish,” Hartnett writes, adding that inflation shocks will ripple through to rate hikes and lower growth, resulting in “negative returns” for corporate bonds and stocks in 2022.</p><p><blockquote>Hartnett写道：“我们看跌。”他补充说，通胀冲击将波及加息和增长放缓，导致2022年公司债券和股票出现“负回报”。</blockquote></p><p>Russia’s invasion of Ukraine is only making a tough macro outlook even worse. The invasion will exacerbate inflation, which will force central banks to tighten monetary policies faster, according to Hartnett. And Fed tightening isn’t likely to end until we see a “recession shock,” he says. “Put another way, Russia/Ukraine increases risk of stagflation and ‘policy mistake,&#39;” he adds.</p><p><blockquote>俄罗斯入侵乌克兰只会让严峻的宏观前景变得更加糟糕。Hartnett表示，入侵将加剧通货膨胀，这将迫使各国央行更快地收紧货币政策。他表示，在我们看到“衰退冲击”之前，美联储的紧缩政策不太可能结束。“换句话说，俄罗斯/乌克兰增加了滞胀和‘政策错误’的风险，”他补充道。</blockquote></p><p>If we are headed for the dreaded stagflation of the 1970s, investors should lighten up on tech stocks and tilt to cash and commodities, Hartnett advises. Of all the major asset classes, commodities was the only one to produce positive returns during the 1973-74 stagflation shock, triggered by the OPEC oil embargo.</p><p><blockquote>Hartnett建议，如果我们正在走向20世纪70年代可怕的滞胀，投资者应该减持科技股，转向现金和大宗商品。在所有主要资产类别中，大宗商品是1973-74年石油输出国组织石油禁运引发的滞胀冲击中唯一产生正回报的资产类别。</blockquote></p><p>Other asset classes that should hold up relatively well include Treasury inflation-protected securities, or TIPS, small-cap value stocks and emerging markets (the latter because of their links to commodities).</p><p><blockquote>其他应该表现相对良好的资产类别包括国债通胀保值证券（TIPS）、小盘价值股和新兴市场（后者是因为它们与大宗商品的联系）。</blockquote></p><p>Tactical bets may also pay off, for instance, when the Nasdaq falls at least 20% below its 200-day moving average. The Nasdaq was down 15% from those averages on Thursday, which may have helped trigger its bounce.</p><p><blockquote>例如，当纳斯达克比200日移动平均线下跌至少20%时，战术押注也可能会获得回报。周四，纳斯达克较平均水平下跌15%，这可能引发了其反弹。</blockquote></p><p>Another buy signal would be when at least 80% of global equity indexes fall below their 50-day and 200-day moving averages. Currently, 31% of indexes are below those averages.</p><p><blockquote>另一个买入信号是当至少80%的全球股指跌破50日和200日移动平均线时。目前，31%的指数低于这些平均水平。</blockquote></p><p>At some point, market capitulation will settle in—the market will be so washed out that it will be time to buy. But we aren’t there yet in stocks, Hartnett writes, and the Fed hasn’t even begun to tighten. “Portfolios should position for stagflation and dollar debasement,” he says.</p><p><blockquote>在某个时候，市场投降将会到来——市场将会被洗得如此糟糕，以至于是时候买入了。但哈特尼特写道，股市尚未达到这一水平，美联储甚至还没有开始紧缩政策。“投资组合应该为滞胀和美元贬值做好准备，”他说。</blockquote></p><p>While this outlook seems quite depressing, it isn’t assured. For all the negatives, one could find counterpoints, including a strong U.S. economy, lower energy intensity in the economy than in the 1970s, and productivity gains arising from technology and globalization.</p><p><blockquote>虽然这种前景看起来相当令人沮丧，但并不确定。对于所有的负面因素，人们可以找到抵消因素，包括强劲的美国经济、经济中比20世纪70年代更低的能源强度以及技术和全球化带来的生产率提高。</blockquote></p><p>Stock multiples also have come down and many large-cap growth companies have fallen so much that they’ve given up their pandemic gains, including Walt Disney (DIS), Salesforce.com (CRM), Netflix (NFLX), PayPal Holdings (PYPL), and Meta Platforms (FB).</p><p><blockquote>股票市盈率也有所下降，许多大型成长型公司跌幅如此之大，以至于放弃了大流行期间的涨幅，包括华特迪士尼(DIS)、Salesforce.com(CRM)、Netflix(NFLX)、PayPal控股(PYPL)和Meta Platforms(FB)。</blockquote></p><p>Whether they’re truly bargains depends on one’s outlook: If the Fed can thread the needle with its monetary policies and the geopolitical tensions calm down, the markets should rise modestly as the economy slows over the next year, but doesn’t fall into a recession. Conversely, if we head into another ’70s era of stagflation—high inflation and stagnant growth—it may be wise to seek shelter in cash and commodities. The bell bottoms remain optional.</p><p><blockquote>它们是否真的很便宜取决于一个人的前景：如果美联储能够通过货币政策穿针引线并且地缘政治紧张局势平静下来，随着明年经济放缓，市场应该会温和上涨，但不会陷入衰退。相反，如果我们进入另一个70年代的滞胀时代——高通胀和停滞增长——寻求现金和大宗商品的庇护可能是明智的。喇叭裤仍然是可选的。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Prepare for a Bear Market in 2022: Bank of America<blockquote>为2022年熊市做好准备：美国银行</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\">\nPrepare for a Bear Market in 2022: Bank of America<blockquote>为2022年熊市做好准备：美国银行</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2022-02-28 16:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The recent recovery in stocks may be short-lived, according to Bank of America Securities, which sees a bear market setting in through 2022 and suggests that investors tilt to cash and commodities.</p><p><blockquote><html><head></head><body>美国银行证券表示，近期股市的复苏可能是短暂的，该证券预计熊市将持续到2022年，并建议投资者倾向于现金和大宗商品。</body></html></blockquote></p><p>BofA laid out a witches’ brew of negative trends, signals, and data points in a note published Thursday by chief investment strategist Michael Hartnett and his team. “If it walks like a bear…” it probably is, they write.</p><p><blockquote>美国银行首席投资策略师迈克尔·哈特内特(Michael Hartnett)及其团队在周四发布的一份报告中列出了一系列负面趋势、信号和数据点。“如果它像熊一样走路……”他们写道，很可能是这样。</blockquote></p><p>More than 75% of stocks in the Nasdaq Composite Index and 51% of S&amp;P 500 stocks are already in a bear market—down more than 20% from peak prices, Hartnett notes. The outlook is worsening with geopolitical risks exacerbating potential for inflation, higher commodity prices, and “shocks” to growth.</p><p><blockquote>Hartnett指出，纳斯达克综合指数中超过75%的股票和51%的标普500股票已经处于熊市，较峰值价格下跌了20%以上。随着地缘政治风险加剧通胀、大宗商品价格上涨和增长“冲击”的可能性，前景正在恶化。</blockquote></p><p>Negative real interest rates, adjusted for inflation, are another ominous sign. Going back 250 years, negative rates have been “synonymous” with crashes, panics, and wars, he notes.</p><p><blockquote>经通胀调整后的负实际利率是另一个不祥之兆。他指出，回到250年前，负利率一直是崩溃、恐慌和战争的“代名词”。</blockquote></p><p>Hartnett also calls out signs of cracking in retail and home-building, pointing out that Home Depot (ticker: HD) stock is down 29% from its peak while builders such as Toll Brothers (TOL) are off 38%. The declines imply cracks in consumer spending, which rarely happens outside recessions, he notes. And the Federal Reserve, far from riding to the rescue with market stimulus, is tightening the noose, planning to raise rates and withdraw liquidity to try to quell inflation.</p><p><blockquote>Hartnett还评级了零售业和住宅建筑业出现崩溃的迹象，指出家得宝（股票代码：HD）的股价较峰值下跌了29%，而Toll Brothers(TOL)等建筑商的股价则下跌了38%。他指出，这些下降意味着消费者支出出现裂缝，而这种情况在经济衰退之外很少发生。美联储非但没有通过市场刺激来拯救，反而收紧了绞索，计划加息并撤回流动性，以试图平息通胀。</blockquote></p><p>“We’re bearish,” Hartnett writes, adding that inflation shocks will ripple through to rate hikes and lower growth, resulting in “negative returns” for corporate bonds and stocks in 2022.</p><p><blockquote>Hartnett写道：“我们看跌。”他补充说，通胀冲击将波及加息和增长放缓，导致2022年公司债券和股票出现“负回报”。</blockquote></p><p>Russia’s invasion of Ukraine is only making a tough macro outlook even worse. The invasion will exacerbate inflation, which will force central banks to tighten monetary policies faster, according to Hartnett. And Fed tightening isn’t likely to end until we see a “recession shock,” he says. “Put another way, Russia/Ukraine increases risk of stagflation and ‘policy mistake,&#39;” he adds.</p><p><blockquote>俄罗斯入侵乌克兰只会让严峻的宏观前景变得更加糟糕。Hartnett表示，入侵将加剧通货膨胀，这将迫使各国央行更快地收紧货币政策。他表示，在我们看到“衰退冲击”之前，美联储的紧缩政策不太可能结束。“换句话说，俄罗斯/乌克兰增加了滞胀和‘政策错误’的风险，”他补充道。</blockquote></p><p>If we are headed for the dreaded stagflation of the 1970s, investors should lighten up on tech stocks and tilt to cash and commodities, Hartnett advises. Of all the major asset classes, commodities was the only one to produce positive returns during the 1973-74 stagflation shock, triggered by the OPEC oil embargo.</p><p><blockquote>Hartnett建议，如果我们正在走向20世纪70年代可怕的滞胀，投资者应该减持科技股，转向现金和大宗商品。在所有主要资产类别中，大宗商品是1973-74年石油输出国组织石油禁运引发的滞胀冲击中唯一产生正回报的资产类别。</blockquote></p><p>Other asset classes that should hold up relatively well include Treasury inflation-protected securities, or TIPS, small-cap value stocks and emerging markets (the latter because of their links to commodities).</p><p><blockquote>其他应该表现相对良好的资产类别包括国债通胀保值证券（TIPS）、小盘价值股和新兴市场（后者是因为它们与大宗商品的联系）。</blockquote></p><p>Tactical bets may also pay off, for instance, when the Nasdaq falls at least 20% below its 200-day moving average. The Nasdaq was down 15% from those averages on Thursday, which may have helped trigger its bounce.</p><p><blockquote>例如，当纳斯达克比200日移动平均线下跌至少20%时，战术押注也可能会获得回报。周四，纳斯达克较平均水平下跌15%，这可能引发了其反弹。</blockquote></p><p>Another buy signal would be when at least 80% of global equity indexes fall below their 50-day and 200-day moving averages. Currently, 31% of indexes are below those averages.</p><p><blockquote>另一个买入信号是当至少80%的全球股指跌破50日和200日移动平均线时。目前，31%的指数低于这些平均水平。</blockquote></p><p>At some point, market capitulation will settle in—the market will be so washed out that it will be time to buy. But we aren’t there yet in stocks, Hartnett writes, and the Fed hasn’t even begun to tighten. “Portfolios should position for stagflation and dollar debasement,” he says.</p><p><blockquote>在某个时候，市场投降将会到来——市场将会被洗得如此糟糕，以至于是时候买入了。但哈特尼特写道，股市尚未达到这一水平，美联储甚至还没有开始紧缩政策。“投资组合应该为滞胀和美元贬值做好准备，”他说。</blockquote></p><p>While this outlook seems quite depressing, it isn’t assured. For all the negatives, one could find counterpoints, including a strong U.S. economy, lower energy intensity in the economy than in the 1970s, and productivity gains arising from technology and globalization.</p><p><blockquote>虽然这种前景看起来相当令人沮丧，但并不确定。对于所有的负面因素，人们可以找到抵消因素，包括强劲的美国经济、经济中比20世纪70年代更低的能源强度以及技术和全球化带来的生产率提高。</blockquote></p><p>Stock multiples also have come down and many large-cap growth companies have fallen so much that they’ve given up their pandemic gains, including Walt Disney (DIS), Salesforce.com (CRM), Netflix (NFLX), PayPal Holdings (PYPL), and Meta Platforms (FB).</p><p><blockquote>股票市盈率也有所下降，许多大型成长型公司跌幅如此之大，以至于放弃了大流行期间的涨幅，包括华特迪士尼(DIS)、Salesforce.com(CRM)、Netflix(NFLX)、PayPal控股(PYPL)和Meta Platforms(FB)。</blockquote></p><p>Whether they’re truly bargains depends on one’s outlook: If the Fed can thread the needle with its monetary policies and the geopolitical tensions calm down, the markets should rise modestly as the economy slows over the next year, but doesn’t fall into a recession. Conversely, if we head into another ’70s era of stagflation—high inflation and stagnant growth—it may be wise to seek shelter in cash and commodities. The bell bottoms remain optional.</p><p><blockquote>它们是否真的很便宜取决于一个人的前景：如果美联储能够通过货币政策穿针引线并且地缘政治紧张局势平静下来，随着明年经济放缓，市场应该会温和上涨，但不会陷入衰退。相反，如果我们进入另一个70年代的滞胀时代——高通胀和停滞增长——寻求现金和大宗商品的庇护可能是明智的。喇叭裤仍然是可选的。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-bear-market-51645814386?mod=hp_LATEST\">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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/stocks-bear-market-51645814386?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178829058","content_text":"The recent recovery in stocks may be short-lived, according to Bank of America Securities, which sees a bear market setting in through 2022 and suggests that investors tilt to cash and commodities.BofA laid out a witches’ brew of negative trends, signals, and data points in a note published Thursday by chief investment strategist Michael Hartnett and his team. “If it walks like a bear…” it probably is, they write.More than 75% of stocks in the Nasdaq Composite Index and 51% of S&P 500 stocks are already in a bear market—down more than 20% from peak prices, Hartnett notes. The outlook is worsening with geopolitical risks exacerbating potential for inflation, higher commodity prices, and “shocks” to growth.Negative real interest rates, adjusted for inflation, are another ominous sign. Going back 250 years, negative rates have been “synonymous” with crashes, panics, and wars, he notes.Hartnett also calls out signs of cracking in retail and home-building, pointing out that Home Depot (ticker: HD) stock is down 29% from its peak while builders such as Toll Brothers (TOL) are off 38%. The declines imply cracks in consumer spending, which rarely happens outside recessions, he notes. And the Federal Reserve, far from riding to the rescue with market stimulus, is tightening the noose, planning to raise rates and withdraw liquidity to try to quell inflation.“We’re bearish,” Hartnett writes, adding that inflation shocks will ripple through to rate hikes and lower growth, resulting in “negative returns” for corporate bonds and stocks in 2022.Russia’s invasion of Ukraine is only making a tough macro outlook even worse. The invasion will exacerbate inflation, which will force central banks to tighten monetary policies faster, according to Hartnett. And Fed tightening isn’t likely to end until we see a “recession shock,” he says. “Put another way, Russia/Ukraine increases risk of stagflation and ‘policy mistake,'” he adds.If we are headed for the dreaded stagflation of the 1970s, investors should lighten up on tech stocks and tilt to cash and commodities, Hartnett advises. Of all the major asset classes, commodities was the only one to produce positive returns during the 1973-74 stagflation shock, triggered by the OPEC oil embargo.Other asset classes that should hold up relatively well include Treasury inflation-protected securities, or TIPS, small-cap value stocks and emerging markets (the latter because of their links to commodities).Tactical bets may also pay off, for instance, when the Nasdaq falls at least 20% below its 200-day moving average. The Nasdaq was down 15% from those averages on Thursday, which may have helped trigger its bounce.Another buy signal would be when at least 80% of global equity indexes fall below their 50-day and 200-day moving averages. Currently, 31% of indexes are below those averages.At some point, market capitulation will settle in—the market will be so washed out that it will be time to buy. But we aren’t there yet in stocks, Hartnett writes, and the Fed hasn’t even begun to tighten. “Portfolios should position for stagflation and dollar debasement,” he says.While this outlook seems quite depressing, it isn’t assured. For all the negatives, one could find counterpoints, including a strong U.S. economy, lower energy intensity in the economy than in the 1970s, and productivity gains arising from technology and globalization.Stock multiples also have come down and many large-cap growth companies have fallen so much that they’ve given up their pandemic gains, including Walt Disney (DIS), Salesforce.com (CRM), Netflix (NFLX), PayPal Holdings (PYPL), and Meta Platforms (FB).Whether they’re truly bargains depends on one’s outlook: If the Fed can thread the needle with its monetary policies and the geopolitical tensions calm down, the markets should rise modestly as the economy slows over the next year, but doesn’t fall into a recession. Conversely, if we head into another ’70s era of stagflation—high inflation and stagnant growth—it may be wise to seek shelter in cash and commodities. The bell bottoms remain optional.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":636246704,"gmtCreate":1645942734024,"gmtModify":1645942875951,"author":{"id":"3582185625671527","authorId":"3582185625671527","name":"scout7211","avatar":"https://static.tigerbbs.com/3428eeb8a156084753e7fa0ee13d6ac6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582185625671527","idStr":"3582185625671527"},"themes":[],"htmlText":"q","listText":"q","text":"q","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":7,"commentSize":15,"repostSize":0,"link":"https://laohu8.com/post/636246704","repostId":"1125580913","repostType":4,"repost":{"id":"1125580913","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1645926503,"share":"https://www.laohu8.com/m/news/1125580913?lang=zh_CN&edition=full","pubTime":"2022-02-27 09:48","market":"us","language":"en","title":"Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value<blockquote>巴菲特完整年度信：苹果是推动巴菲特价值的“四大巨头”之一</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125580913","media":"Tiger Newspress","summary":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-yea","content":"<p><html><head></head><body>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p><blockquote><html><head></head><body>沃伦·巴菲特周六发布了致伯克希尔·哈撒韦公司股东的年度信。这位91岁的投资传奇人物已经出版这封信60多年了，它已成为世界各地投资者的必读书目。</body></html></blockquote></p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p><blockquote>沃伦·巴菲特表示，他现在认为科技巨头苹果是推动伯克希尔·哈撒韦公司的四大支柱之一，伯克希尔·哈撒韦公司是沃伦·巴菲特在过去50年里组建的主要由旧经济企业组成的企业集团。</blockquote></p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p><blockquote>在周六发布的致股东的年度信中，这位91岁的投资传奇人物将苹果列为“我们的四大巨头”，甚至称该公司是仅次于伯克希尔保险集团的第二大保险公司，这要归功于伯克希尔的首席执行官。</blockquote></p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p><blockquote>信中写道：“苹果才华横溢的首席执行官蒂姆·库克非常恰当地将苹果产品的用户视为他的初恋，但他的所有其他支持者也受益于蒂姆的管理风格。”</blockquote></p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p><blockquote>巴菲特明确表示，他是库克股票回购策略的粉丝，以及该策略如何让该集团增加对这家iPhone制造商每一美元收益的所有权，而投资者无需动一根手指。</blockquote></p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p><blockquote>巴菲特在信中表示：“以年终市值衡量，苹果是我们的第二大巨头。在这里，我们的持股比例仅为5.55%，高于一年前的5.39%。”“这一增长听起来像是小巫见大巫。但考虑到苹果2021年盈利的0.1%相当于1亿美元。我们没有花费伯克希尔的资金来获得增长。苹果的回购完成了这项工作。”</blockquote></p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p><blockquote>在巴菲特投资副手Todd Combs和Ted Weschler的影响下，Berkshire于2016年开始买入苹果股票。到2018年中期，该集团积累了这家iPhone制造商5%的股份，价值360亿美元。如今，苹果的投资价值超过1600亿美元，占伯克希尔股票投资组合的40%。</blockquote></p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p><blockquote>“重要的是要明白，只有苹果的股息才会计入伯克希尔的GAAP收益报告中——去年，苹果支付了其中的7.85亿美元。然而，我们在苹果收益中的‘份额’达到了惊人的56亿美元。公司保留的大部分资金用于回购苹果股票，我们对此表示赞赏。”</blockquote></p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p><blockquote>除了指数和交易所交易基金提供商之外，Berkshire是苹果最大的股东。</blockquote></p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p><blockquote>巴菲特还将他的铁路业务BNSF和能源部门BHE视为该集团的另外两家巨头，这两家公司在2021年的盈利均创历史新高。</blockquote></p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><blockquote>巴菲特表示：“我们的第三大巨头BNSF仍然是美国商业的第一大动脉，这使其成为美国和伯克希尔不可或缺的资产。”“BHE已成为美国大部分地区的公用事业巨头以及风能、太阳能和输电领域的主导力量。”</blockquote></p><p><b>Read the full letter here：</b></p><p><blockquote><b>在这里阅读完整的信：</b></blockquote></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p><blockquote>致伯克希尔哈撒韦公司股东：</blockquote></p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p><blockquote>我的长期合伙人查理·芒格和我的工作是管理你的一部分储蓄。我们很荣幸得到你的信任。</blockquote></p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p><blockquote>如果我们是缺席的所有者，而您是经理，我们的职位有责任向您报告我们想知道的信息。我们喜欢通过这封年度信函和年会直接与您交流。</blockquote></p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p><blockquote>我们的政策是平等对待所有股东。因此，我们不与分析师或大型机构进行讨论。此外，只要有可能，我们会在周六上午发布重要信息，以便最大限度地让股东和媒体在周一开市前有时间了解新闻。</blockquote></p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p><blockquote>伯克希尔定期向美国证券交易委员会提交的年度10-K报告中列出了大量事实和数据。我们在K-1-K-119页复制了这一点。一些股东会发现这个细节引人入胜；其他人则更愿意了解查理和我认为伯克希尔的新事物或有趣之处。</blockquote></p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><blockquote>唉，2021年几乎没有这样的行动。不过，我们在增加您股票的内在价值方面确实取得了合理的进展。57年来，这项任务一直是我的主要职责。并将继续如此。</blockquote></p><p><b>What You Own</b></p><p><blockquote><b>你拥有什么</b></blockquote></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p><blockquote>伯克希尔拥有各种各样的业务，有些是全部，有些只是部分。第二组主要由美国大公司的有价证券普通股组成。此外，我们拥有一些非美国股票，并参与多家合资企业或其他合作活动。</blockquote></p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p><blockquote>无论我们的所有权形式如何，我们的目标都是对既有持久经济优势又有一流首席执行官的企业进行有意义的投资。请特别注意，我们持有股票是基于我们对其长期业务表现的预期，而不是因为我们将它们视为及时市场波动的工具。这一点至关重要：查理和我不是选股者；我们是挑选生意的人。</blockquote></p><p></p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><p><blockquote>我犯了很多错误。因此，我们广泛收集的企业包括一些具有真正非凡经济效益的企业，许多其他享有良好经济特征的企业，以及少数边缘企业。我们普通股部门的一个优势是——有时——以优惠的价格购买精彩的业务变得很容易。这种在谈判交易中射鱼的经历非常罕见，而且永远不会集体发生。当错误发生在市场舞台上时，从错误中退出也要容易得多。</blockquote></p><p><h2><b>Surprise, Surprise</b></h2>Here are a few items about your company that often surprise even seasoned investors:</p><p><blockquote><h2><b>惊喜，惊喜</b></h2>以下是有关贵公司的一些事项，即使是经验丰富的投资者也常常感到惊讶：</blockquote></p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p><blockquote>•许多人认为伯克希尔是一个庞大而有些奇怪的金融资产集合体。事实上，伯克希尔拥有和经营的美国“基础设施”资产（在我们的资产负债表上归类为财产、厂房和设备）比任何其他美国公司拥有和经营的都多。这种霸权从来都不是我们的目标。然而，这已经成为事实。</blockquote></p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p><blockquote>截至年底，这些国内基础设施资产在伯克希尔资产负债表上的价值为1580亿美元。这一数字去年有所增加，并将继续增加。伯克希尔将永远在建设。</blockquote></p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p><blockquote>•您的公司每年都要缴纳大量的联邦所得税。例如，在2021年，我们支付了</blockquote></p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p><blockquote>33亿美元，而美国财政部报告的企业所得税总收入为4020亿美元。此外，伯克希尔还缴纳大量的州税和外国税。“我在办公室给了”是伯克希尔股东不容置疑的断言。</blockquote></p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p><blockquote>伯克希尔的历史生动地说明了政府和美国企业之间看不见的、往往不被认可的金融伙伴关系。我们的故事始于1955年初，当时伯克希尔精细纺纱公司和哈撒韦制造公司同意合并他们的业务。在请求股东批准的请求中，这些历史悠久的新英格兰纺织公司对合并寄予厚望。</blockquote></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p><blockquote>例如，哈撒韦公司的招标向其股东保证，“资源和管理的结合将产生纺织行业最强大、最高效的组织之一。”这种乐观的观点得到了该公司顾问雷曼兄弟（是的，就是雷曼兄弟）的认可。</blockquote></p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p><blockquote>我敢肯定，当联盟完成时，福尔里弗（伯克郡）和新贝德福德（哈撒韦）都是欢乐的一天。然而，在乐队停止演奏、银行家们回家后，股东们却收获了一场灾难。</blockquote></p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p><blockquote>在合并后的九年里，伯克希尔的所有者眼睁睁地看着公司的净资产从</blockquote></p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p><blockquote>5140万美元至2210万美元。这种下降在一定程度上是由股票回购、不明智的股息和工厂关闭造成的。但数千名员工九年的努力也带来了运营亏损。伯克希尔的挣扎并不罕见：新英格兰纺织业已经悄然进入了漫长且不可逆转的死亡行军。</blockquote></p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p><blockquote>在合并后的九年里，美国财政部也遭受了伯克希尔的麻烦。在此期间，该公司总共只向政府缴纳了337,359美元的所得税——每天只有可怜的100美元。</blockquote></p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p><blockquote>1965年初，情况发生了变化。伯克希尔任命了新的管理层，重新部署了可用现金，并将基本上所有收益转移到各种良好的业务中，其中大多数业务多年来一直保持良好状态。将收益再投资与复利的力量结合起来发挥了它的魔力，股东们也因此繁荣起来。</blockquote></p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p><blockquote>应该指出的是，伯克希尔的所有者并不是这一路线调整的唯一受益者。他们的“沉默伙伴”，美国财政部，继续从该公司收取数百亿美元的所得税。还记得每天100美元吗？现在，伯克希尔每天向财政部支付大约900万美元。</blockquote></p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p><blockquote>为我们的政府合作伙伴说句公道话，我们的股东应该承认——事实上是鼓吹——这样一个事实：伯克希尔的繁荣得到了极大的促进，因为该公司在美国运营。如果没有伯克希尔，我们的国家在1965年以来的几年里会做得非常出色。然而，如果没有我们的美国家园，伯克希尔永远不会成为今天的样子。当你看到旗子时，说声谢谢。</blockquote></p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p><blockquote>1967年，伯克希尔斥资860万美元收购了美国国家赔偿公司（National Indemnity），如今已成为保险“浮动”（float）领域的全球领导者——我们持有并可以投资但不属于我们的资金。包括来自人寿保险的相对较小的金额在内，伯克希尔的总流通量已从我们进入保险业务时的1900万美元增长到1470亿美元。</blockquote></p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p><blockquote>到目前为止，这辆彩车让我们付出了不到一分钱的代价。尽管我们经历了多年保险损失加上运营费用超过保费的情况，但总体而言，我们从产生流通量的承保活动中获得了55年的适度利润。</blockquote></p><p></p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p><blockquote>同样重要的是，浮子非常粘。归属于我们保险业务的资金每天来来去去，但其总额不会急剧下降。因此，在投资流通量时，我们可以从长计议。</blockquote></p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p><blockquote>如果你还不熟悉浮点的概念，我建议你参考A-5页的长篇解释。令我惊讶的是，我们的流通量去年增加了90亿美元，这一价值的积累对伯克希尔所有者来说很重要，但并未反映在我们的GAAP（“公认会计原则”）收益和净值列报中。</blockquote></p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p><blockquote>我们在保险业创造的巨大价值很大程度上要归功于伯克希尔的好运，我在1986年聘请了阿吉特·贾恩。我们第一次见面是在一个周六的早上，我很快问阿吉特他的保险经历是什么。他回答说：“没有。”</blockquote></p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p><blockquote>我说，“人无完人”，就雇了他。那是我的幸运日：阿吉特实际上是一个完美的选择。更好的是，35年后，他仍然是。</blockquote></p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p><blockquote>关于保险的最后一个想法：我相信伯克希尔哈撒韦公司的流通股很可能——但远不能确定——能够在不遭受长期承保损失的情况下维持下去。然而，我确信，我们将在未来几年经历这种损失，可能涉及非常大的金额。</blockquote></p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><p><blockquote>伯克希尔在处理灾难性事件方面的能力与其他保险公司不同——在查理和我离开后很长一段时间内，这一优先事项仍将继续存在。</blockquote></p><p><h2>Our Four Giants</h2>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p><blockquote><h2>我们的四大巨头</h2>通过伯克希尔，我们的股东拥有数十家企业。反过来，其中一些又有自己的子公司。例如，Marmon拥有100多项个体业务，从铁路车辆租赁到医疗设备制造。</blockquote></p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p><blockquote>·尽管如此，我们的“四大”公司的运营在伯克希尔的价值中占了非常大的一块。领先的是我们的保险公司集群。伯克希尔实际上拥有该集团100%的股份，其巨大的流通价值我们之前描述过。我们为支持这些保险公司的承诺而投入的大量资本进一步扩大了这些保险公司的投资资产。</blockquote></p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p><blockquote>保险业务是为伯克希尔定制的。该产品永远不会过时，销量通常会随着经济增长和通货膨胀而增加。此外，诚信和资本永远很重要。我们公司能够也将会表现良好。</blockquote></p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p><blockquote>当然，还有其他保险公司拥有出色的商业模式和前景。然而，复制伯克希尔的运作几乎是不可能的。</blockquote></p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p><blockquote>·苹果——以年终市值衡量，它是我们的第二大巨头——是一种不同的持股类型。在这里，我们的持股比例仅为5.55%，高于一年前的5.39%。这种增长听起来像是小事。但考虑到苹果2021年盈利的0.1%总计1亿美元。我们没有花费伯克希尔的资金来获得我们的增长。苹果的回购起到了作用。</blockquote></p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p><blockquote>重要的是要明白，伯克希尔的GAAP收益报告中只有苹果的股息被计算在内——去年，苹果支付了其中的7.85亿美元。然而，我们在苹果收益中的“份额”达到了惊人的56亿美元。该公司保留的大部分资金用于回购苹果股票，我们对此表示赞赏。苹果杰出的首席执行官蒂姆·库克（Tim Cook）非常恰当地将苹果产品的用户视为他的初恋，但他的所有其他支持者也受益于蒂姆的管理风格。</blockquote></p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p><blockquote>•我们的第三大巨头BNSF仍然是美国商业的头号动脉，这使它成为美国和伯克希尔不可或缺的资产。如果BNSF运输的许多基本产品改为用卡车运输，美国的碳排放量将会飙升。</blockquote></p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p><blockquote>你们的铁路在2021年的收入达到了创纪录的60亿美元。这里应该指出的是，我们谈论的是我们喜欢的老式收入：扣除利息、税收、折旧、摊销和所有形式的补偿后计算的数字。（我们的定义暗示了一个警告：随着股市上涨，欺骗性的盈利“调整”——用礼貌的描述——变得越来越频繁，也越来越异想天开。不那么礼貌地说，我会说牛市滋生了混乱的牛市）</blockquote></p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p><blockquote>BNSF列车去年行驶了1.43亿英里，运载了5.35亿吨货物。这两项成就都远远超过了任何其他美国航空公司。你可以为你的铁路感到骄傲。</blockquote></p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p><blockquote>•我们最后的巨头BHE在2021年赚了创纪录的40亿美元。这比2000年（伯克希尔哈撒韦公司首次购买BHE股份的那一年）的1.22亿美元收入增长了30多倍。现在，伯克希尔拥有该公司91.1%的股份。</blockquote></p><p></p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p><blockquote>BHE的社会成就记录与其财务表现一样引人注目。该公司在2000年没有风能或太阳能发电。当时，它只是被视为庞大的电力行业中一个相对较新的次要参与者。随后，在David Sokol和Greg Abel的领导下，BHE已成为一家公用事业巨头（请不要呻吟）以及美国大部分地区风能、太阳能和输电领域的主导力量。</blockquote></p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p><blockquote>格雷格关于这些成就的报告出现在A-3和A-4页。你会在那里找到的简介绝不是那些当前流行的“洗绿”故事。自2007年以来，BHE每年都忠实地详细介绍其在可再生能源和输电方面的计划和业绩。</blockquote></p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><p><blockquote>要进一步查看这些信息，请访问BHE在brkenergy.com的网站。在那里，你会看到该公司长期以来一直在采取气候意识举措，吸收了其所有收益。更多的机会就在前方。BHE拥有我国所需的管理、经验、资金和巨大电力项目的胃口。</blockquote></p><p><h2>Investments</h2>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><blockquote><h2>投资</h2>现在让我们谈谈我们不控制的公司，这份名单再次提到了苹果。下面我们列出了我们持有的15只最大的股票，其中几只是伯克希尔的两位长期投资经理托德·库姆斯和特德·韦施勒的精选。截至年底，这对有价值的投资拥有340亿美元投资的总权限，其中许多投资不符合我们在表中使用的阈值。此外，托德和特德管理的很大一部分资金存入伯克希尔旗下企业的各种养老金计划，这些计划的资产不包括在本表中。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p><blockquote>*这是我们的实际购买价格，也是我们的计税基础。</blockquote></p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p><blockquote>**由BHE持有；因此，伯克希尔股东在该职位上仅拥有91.1%的权益。</blockquote></p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p><blockquote>***包括对西方石油公司100亿美元的投资，包括优先股和购买普通股的认股权证，目前这一组合的价值为107亿美元。</blockquote></p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p><blockquote>除了脚注中提到的Occidental holding和我们的各种普通股头寸之外，Berkshire还拥有卡夫亨氏26.6%的权益（按“权益”法核算，而不是市值，账面价值为131亿美元）和Pilot Corp.38.6%的权益，Pilot Corp.是旅游中心的领导者，去年的收入为450亿美元。</blockquote></p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><p><blockquote>自从我们在2017年购买了我们的试点股份以来，这种持股已经保证了“权益”会计处理。2023年初，伯克希尔将购买Pilot的额外权益，这将使我们的所有权提高到80%，并使我们在财务报表中完全合并Pilot的收益、资产和负债。</blockquote></p><p><h2>U.S. Treasury Bills</h2>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p><blockquote><h2>美国国库券</h2>伯克希尔的资产负债表包括1440亿美元的现金和现金等价物（不包括持有的BNSF和BHE）。其中，1200亿美元是美国国库券，全部在不到一年的时间内到期。这些股份使伯克希尔哈撒韦公司为公共持有的国债的1%中的约12提供融资。</blockquote></p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><p><blockquote>查理和我承诺，伯克希尔（连同我们除BNSF和BHE之外的子公司）将始终持有超过300亿美元的现金和等价物。我们希望你的公司在财务上坚不可摧，永远不要依赖陌生人（甚至朋友）的善意。我们都喜欢睡得很香，我们希望我们的债权人、保险索赔人和你也这样做。</blockquote></p><p><h2>But $144 billion?</h2>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p><blockquote><h2>但是1440亿美元？</h2>我向你保证，这笔巨额资金并不是某种疯狂的爱国主义表达。查理和我也没有失去对企业所有权的压倒性偏好。事实上，80年前的1942年3月11日，我第一次表现出了我对此的热情，当时我购买了三股城市服务公司的优先股。它们的成本是114.75美元，需要我所有的积蓄。（道琼斯工业平均指数当天收于99点，这个事实应该让你尖叫：永远不要做空美国。）</blockquote></p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p><blockquote>在我最初的暴跌之后，我总是将至少80%的净资产投资于股票。在那段时间里，我最喜欢的状态是100%——现在仍然如此。伯克希尔目前80%左右的企业头寸是我未能找到符合我们长期持有标准的整个公司或其中一小部分（即有价证券）的结果。</blockquote></p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><p><blockquote>查理和我过去也不时经历过类似的现金密集型头寸。这些时期从来都不愉快；它们也不是永久的。幸运的是，我们在2020年和2021年期间有一个稍微有吸引力的资本部署替代方案。继续读下去。</blockquote></p><p></p><p><h2>Share Repurchases</h2>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p><blockquote><h2>股份购回</h2>我们有三种方法可以增加您的投资价值。第一个始终是我们最关心的问题：通过内部增长或收购来提高伯克希尔控制业务的长期盈利能力。如今，内部机会比收购带来更好的回报。然而，与伯克希尔的资源相比，这些机会的规模很小。</blockquote></p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p><blockquote>我们的第二个选择是购买许多公开交易的优秀或伟大企业的非控股部分权益。有时，这样的可能性既众多又极具吸引力。然而今天，我们很少发现让我们兴奋的东西。</blockquote></p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p><blockquote>这在很大程度上是因为一个不言而喻的事实：低长期利率会推高所有生产性投资的价格，无论是股票、公寓、农场、油井等等。其他因素也会影响估值，但利率始终很重要。</blockquote></p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p><blockquote>我们创造价值的最终途径是回购伯克希尔股票。通过这一简单的行为，我们增加了您在伯克希尔拥有的许多受控和非受控业务中的份额。当价格/价值等式正确时，这条路径是我们增加您财富的最简单、最确定的方式。（除了持续股东的价值增加之外，其他一些人也会受益：回购对回购股票的卖方和社会都有适度的好处。）</blockquote></p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p><blockquote>周期性地，随着替代路径变得没有吸引力，回购对伯克希尔的所有者来说是有意义的。因此，在过去两年中，我们回购了2019年底已发行股票的9%，总成本为517亿美元。这笔支出使我们的持续股东拥有伯克希尔所有业务约10%的股份，无论这些业务是全资拥有的（如BNSF和GEICO）还是部分拥有的（如可口可乐和穆迪）。</blockquote></p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p><blockquote>我想强调的是，为了让伯克希尔的回购有意义，我们的股票必须提供适当的价值。我们不想为其他公司的股票支付过高的价格，如果我们在购买伯克希尔时支付过高的价格，那将是对价值的破坏。截至2022年2月23日，自年底以来，我们以12亿美元的成本回购了额外股票。我们的胃口仍然很大，但将始终取决于价格。</blockquote></p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p><blockquote>需要注意的是，伯克希尔的回购机会有限，因为其投资者基础很高。倘我们的股份被短期投机者大量持有，价格波动及交易量将大幅增加。这种重塑将为我们提供更多通过回购创造价值的机会。然而，查理和我更喜欢我们现有的所有者，尽管他们令人钦佩的买入并持有态度限制了长期股东从机会主义回购中获利的程度。</blockquote></p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><p><blockquote>最后，一个容易被忽视的伯克希尔特有的价值计算：正如我们已经讨论过的，正确类型的保险“浮动”对我们来说非常有价值。碰巧的是，回购会自动增加每股的“流通量”。这一数字在过去两年中增长了25%，从每股“A”股79,387美元增至99,497美元，如前所述，这一有意义的涨幅在一定程度上要归功于回购。</blockquote></p><p><h2>A Wonderful Man and a Wonderful Business</h2>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p><blockquote><h2>一个了不起的人和一个了不起的企业</h2>去年，保罗·安德鲁斯去世了。保罗是伯克希尔哈撒韦公司位于沃思堡的子公司TTI的创始人兼首席执行官。在他的一生中——在他的事业和个人追求中——保罗悄悄地展示了查理和我所钦佩的所有品质。他的故事应该被讲述。</blockquote></p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p><blockquote>1971年，当屋顶倒塌时，保罗正在通用动力公司担任采购代理。在失去一份巨额国防合同后，该公司解雇了数千名员工，其中包括保罗。</blockquote></p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p><blockquote>随着他的第一个孩子即将出生，保罗决定把赌注押在自己身上，用他的500美元积蓄创办了Tex-Tronics（后来更名为TTI）。该公司致力于分销小型电子元件，第一年的销售额总计112,000美元。如今，创科实业销售超过100万种不同的产品，年销售额达77亿美元。</blockquote></p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p><blockquote>但回到2006年：63岁的保罗发现自己对家庭、工作和同事都很满意。但他有一个挥之不去的担忧，因为他最近目睹了一个朋友的早逝以及随之而来的对那个人的家庭和生意的灾难性后果，这种担忧加剧了。保罗在2006年问自己，如果他意外去世，许多依赖他的人会怎么样？</blockquote></p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p><blockquote>一年来，保罗一直在纠结自己的选择。卖给竞争对手？从严格的经济角度来看，这个过程是最有意义的。毕竟，竞争对手可以设想利润丰厚的“协同效应”——随着收购方削减TTI的重复职能，将实现节省。</blockquote></p><p></p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p><blockquote>但是...这样的购买者肯定还会保留其首席财务官、法律顾问和人力资源部门。因此，他们的TTI同行将被打包发送。还有啊！如果需要一个新的配送中心，收购方的家乡城市肯定会比沃思堡更受青睐。</blockquote></p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p><blockquote>不管经济利益如何，保罗很快得出结论，卖给竞争对手不适合他。接下来，他考虑寻找一家金融买家，这种买家曾经被恰当地称为杠杆收购公司。然而，保罗知道这样的买家会专注于“退出策略”。谁知道那会是什么？考虑到这一切，保罗发现自己没有兴趣将他35岁的创作交给经销商。</blockquote></p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p><blockquote>当保罗见到我时，他解释了为什么他作为买家排除了这两种选择。然后，他用比这更委婉的措辞总结了自己的困境：“经过一年的思考，我想把它卖给伯克希尔，因为你是唯一剩下的人。”所以，我提出了一个提议，保罗答应了。一次会议；一顿午餐；一笔交易。</blockquote></p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p><blockquote>说我们从此过上了幸福的生活是一种保守的说法。当伯克希尔收购TTI时，该公司拥有2,387名员工。现在这个数字是8043。其中很大一部分增长发生在沃思堡及周边地区。盈利增长了673%。</blockquote></p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p><blockquote>每年，我都会给保罗发看涨期权，告诉他他的薪水应该大幅增加。每年，他都会告诉我，“我们可以明年再谈这个，沃伦，我现在太忙了。”</blockquote></p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p><blockquote>当格雷格·阿贝尔和我参加保罗的追悼会时，我们见到了孩子、孙子、长期合作伙伴（包括创科实业的第一位员工）和约翰·罗奇，他是伯克希尔2000年收购的沃斯堡一家公司的前首席执行官。约翰带着他的朋友保罗去了奥马哈，本能地知道我们会是一对。</blockquote></p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p><blockquote>在仪式上，格雷格和我听说了保罗默默支持的许多人和组织。他的慷慨是非凡的——总是致力于改善他人的生活，尤其是那些在沃思堡的人。</blockquote></p><p>In all ways, Paul was a class act.</p><p><blockquote>从各方面来看，保罗都是一流的。</blockquote></p><p>* * * * * * * * * * * *</p><p><blockquote>**</blockquote></p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p><blockquote>好运——偶尔是非凡的运气——在伯克希尔发挥了作用。如果保罗和我没有一个共同的朋友——约翰·罗奇——TTI就不会在我们身边找到它的家。但是这种充足的运气仅仅是个开始。TTI很快就带领伯克希尔完成了其最重要的收购。</blockquote></p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p><blockquote>每年秋天，伯克希尔的董事们都会聚集在一起，听取我们几位高管的演讲。我们有时会根据最近收购的地点来选择地点，这样可以让董事会见新子公司的首席执行官，并更多地了解被收购方的活动。</blockquote></p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p><blockquote>因此，在2009年秋天，我们选择了沃思堡，这样我们就可以参观TTI。当时，BNSF的家乡也是沃思堡，是我们有价证券中的第三大持股。尽管有这么大的股份，我从未去过铁路总部。</blockquote></p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p><blockquote>我的助手Deb Bosanek将我们董事会的开幕晚宴安排在10月22日。与此同时，我安排当天早些时候到达，会见BNSF首席执行官马特·罗斯，他的成就我长期以来一直钦佩。当我确定这个日期时，我不知道我们的聚会会恰逢BNSF于22日晚些时候发布的第三季度收益报告。</blockquote></p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p><blockquote>市场对铁路公司的业绩反应不佳。大衰退在第三季度全面爆发，BNSF的盈利反映了这种下滑。经济前景也很黯淡，华尔街对铁路或其他许多行业都不太友好。</blockquote></p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p><blockquote>第二天，我再次和马特聚在一起，建议伯克希尔为铁路公司提供一个比上市公司更好的长期住所。我还告诉了他伯克希尔愿意支付的最高价格。</blockquote></p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p><blockquote>马特向他的董事和顾问转达了这一提议。忙碌了11天后，伯克希尔和BNSF宣布了一项确定的交易。在这里，我大胆地做一个罕见的预测：一个世纪后，BNSF将成为伯克希尔和我们国家的关键资产。</blockquote></p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><p><blockquote>如果保罗·安德鲁斯(Paul Andrews)没有将伯克希尔视为TTI的合适住所，BNSF的收购永远不会发生。</blockquote></p><p><h2>Thanks</h2>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p><blockquote><h2>谢谢</h2>70年前，我教了我的第一堂投资课。从那以后，我几乎每年都喜欢和各个年龄段的学生一起工作，最终在2018年从这种追求中“退休”。</blockquote></p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p><blockquote>一路上，我最难对付的观众是我孙子五年级的班级。11岁的孩子们在座位上蠕动，茫然地看着我，直到我提到可口可乐和它著名的秘密配方。立刻，每个人都举起了手，我明白了“秘密”对孩子们来说是猫薄荷。</blockquote></p><p></p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p><blockquote>教学和写作一样，帮助我发展和理清了自己的思想。查理·评级这种现象猩猩效应：如果你和一只猩猩坐下来，仔细地向它解释你珍视的一个想法，你可能会留下一只困惑的灵长类动物，但你自己会更清楚地思考吗？</blockquote></p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p><blockquote>和大学生说话要优越得多。我敦促他们在（1）这个领域和（2）如果他们不需要钱，他们会选择的那种人那里找工作。我承认，经济现实可能会干扰这种搜索。即便如此，我敦促学生们永远不要放弃追求，因为当他们找到那种工作时，他们将不再是“工作”。</blockquote></p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p><blockquote>查理和我，我们自己，在经历了一些早期的挫折后，走上了解放的道路。我们都是从我祖父的杂货店兼职开始的，查理是1940年，我是1942年。我们每个人都被分配了无聊的任务，报酬很低，绝对不是我们想要的。查理后来从事法律工作，我尝试出售证券。工作满意度继续困扰着我们。</blockquote></p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p><blockquote>最后，在伯克希尔，我们找到了自己喜欢做的事情。除了极少数例外，我们现在已经和我们喜欢和信任的人“工作”了几十年。与保罗·安德鲁斯或我去年告诉过你的伯克希尔家族等经理人一起工作是生活中的一种乐趣。在我们的家庭办公室，我们雇佣体面和有才华的人——没有混蛋。平均离职人数可能是每年一人。</blockquote></p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p><blockquote>然而，我想强调另一个项目，它将我们的工作变成有趣和令人满意的工作</blockquote></p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p><blockquote>为了你。对查理和我来说，没有什么比享受个人长期股东的信任更有意义的了，几十年来，他们加入我们的期望是我们将成为他们资金的可靠托管人。</blockquote></p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p><blockquote>显然，我们不能选择我们的所有者，如果我们的运营形式是合伙企业，我们可以这样做。任何人今天都可以购买伯克希尔的股票，并打算很快转售。当然，我们有一些此类股东，就像我们有指数基金持有大量伯克希尔哈撒韦公司股票一样，因为它们被要求这样做。</blockquote></p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p><blockquote>然而，在一个真正不寻常的程度上，伯克希尔拥有一大批个人和家庭作为所有者，他们选择加入我们，意图是“直到死亡将我们分开”。通常，他们把很大一部分——有些人可能会说是过多的——储蓄托付给我们。</blockquote></p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p><blockquote>这些股东有时会承认，伯克希尔可能远不是他们所能做出的最佳选择。但他们会补充说，伯克希尔将在他们最满意的公司中排名靠前。平均而言，对自己的投资感到满意的人会比那些被不断变化的头条新闻、喋喋不休和承诺所激励的人取得更好的结果。</blockquote></p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><p><blockquote>长期个人所有者既是查理和我一直在寻找的“合作伙伴”，也是我们在伯克希尔做决策时一直牢记的“合作伙伴”。我们对他们说：“为你们‘工作’的感觉真好，我们感谢你们的信任。”</blockquote></p><p><h2>The Annual Meeting</h2>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p><blockquote><h2>年会</h2>清除您的日历！伯克希尔将于4月29日星期五至5月1日星期日在奥马哈举行年度资本家聚会。关于周末的细节列在A-1和A-2页。奥马哈急切地等待着你，我也是。</blockquote></p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p><blockquote>我将以推销来结束这封信。“表哥”吉米·巴菲特设计了一艘浮桥“派对”船，现在由伯克希尔旗下的森林河公司制造。这艘船将于4月29日在我们的伯克希尔便宜货市场推出。而且，仅在两天内，股东就可以以10%的折扣购买吉米的杰作。你的便宜货董事长会买一艘船给他的家人使用。加入我。</blockquote></p><p>February 26, 2022</p><p><blockquote>2022年2月26日</blockquote></p><p>Warren E. Buffett Chairman of the Board</p><p><blockquote>沃伦·E·巴菲特董事会主席</blockquote></p><p></body></html></p><p><blockquote></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>Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value<blockquote>巴菲特完整年度信：苹果是推动巴菲特价值的“四大巨头”之一</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\">\nBuffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value<blockquote>巴菲特完整年度信：苹果是推动巴菲特价值的“四大巨头”之一</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2022-02-27 09:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p><blockquote><html><head></head><body>沃伦·巴菲特周六发布了致伯克希尔·哈撒韦公司股东的年度信。这位91岁的投资传奇人物已经出版这封信60多年了，它已成为世界各地投资者的必读书目。</body></html></blockquote></p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p><blockquote>沃伦·巴菲特表示，他现在认为科技巨头苹果是推动伯克希尔·哈撒韦公司的四大支柱之一，伯克希尔·哈撒韦公司是沃伦·巴菲特在过去50年里组建的主要由旧经济企业组成的企业集团。</blockquote></p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p><blockquote>在周六发布的致股东的年度信中，这位91岁的投资传奇人物将苹果列为“我们的四大巨头”，甚至称该公司是仅次于伯克希尔保险集团的第二大保险公司，这要归功于伯克希尔的首席执行官。</blockquote></p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p><blockquote>信中写道：“苹果才华横溢的首席执行官蒂姆·库克非常恰当地将苹果产品的用户视为他的初恋，但他的所有其他支持者也受益于蒂姆的管理风格。”</blockquote></p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p><blockquote>巴菲特明确表示，他是库克股票回购策略的粉丝，以及该策略如何让该集团增加对这家iPhone制造商每一美元收益的所有权，而投资者无需动一根手指。</blockquote></p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p><blockquote>巴菲特在信中表示：“以年终市值衡量，苹果是我们的第二大巨头。在这里，我们的持股比例仅为5.55%，高于一年前的5.39%。”“这一增长听起来像是小巫见大巫。但考虑到苹果2021年盈利的0.1%相当于1亿美元。我们没有花费伯克希尔的资金来获得增长。苹果的回购完成了这项工作。”</blockquote></p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p><blockquote>在巴菲特投资副手Todd Combs和Ted Weschler的影响下，Berkshire于2016年开始买入苹果股票。到2018年中期，该集团积累了这家iPhone制造商5%的股份，价值360亿美元。如今，苹果的投资价值超过1600亿美元，占伯克希尔股票投资组合的40%。</blockquote></p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p><blockquote>“重要的是要明白，只有苹果的股息才会计入伯克希尔的GAAP收益报告中——去年，苹果支付了其中的7.85亿美元。然而，我们在苹果收益中的‘份额’达到了惊人的56亿美元。公司保留的大部分资金用于回购苹果股票，我们对此表示赞赏。”</blockquote></p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p><blockquote>除了指数和交易所交易基金提供商之外，Berkshire是苹果最大的股东。</blockquote></p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p><blockquote>巴菲特还将他的铁路业务BNSF和能源部门BHE视为该集团的另外两家巨头，这两家公司在2021年的盈利均创历史新高。</blockquote></p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><blockquote>巴菲特表示：“我们的第三大巨头BNSF仍然是美国商业的第一大动脉，这使其成为美国和伯克希尔不可或缺的资产。”“BHE已成为美国大部分地区的公用事业巨头以及风能、太阳能和输电领域的主导力量。”</blockquote></p><p><b>Read the full letter here：</b></p><p><blockquote><b>在这里阅读完整的信：</b></blockquote></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p><blockquote>致伯克希尔哈撒韦公司股东：</blockquote></p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p><blockquote>我的长期合伙人查理·芒格和我的工作是管理你的一部分储蓄。我们很荣幸得到你的信任。</blockquote></p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p><blockquote>如果我们是缺席的所有者，而您是经理，我们的职位有责任向您报告我们想知道的信息。我们喜欢通过这封年度信函和年会直接与您交流。</blockquote></p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p><blockquote>我们的政策是平等对待所有股东。因此，我们不与分析师或大型机构进行讨论。此外，只要有可能，我们会在周六上午发布重要信息，以便最大限度地让股东和媒体在周一开市前有时间了解新闻。</blockquote></p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p><blockquote>伯克希尔定期向美国证券交易委员会提交的年度10-K报告中列出了大量事实和数据。我们在K-1-K-119页复制了这一点。一些股东会发现这个细节引人入胜；其他人则更愿意了解查理和我认为伯克希尔的新事物或有趣之处。</blockquote></p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><blockquote>唉，2021年几乎没有这样的行动。不过，我们在增加您股票的内在价值方面确实取得了合理的进展。57年来，这项任务一直是我的主要职责。并将继续如此。</blockquote></p><p><b>What You Own</b></p><p><blockquote><b>你拥有什么</b></blockquote></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p><blockquote>伯克希尔拥有各种各样的业务，有些是全部，有些只是部分。第二组主要由美国大公司的有价证券普通股组成。此外，我们拥有一些非美国股票，并参与多家合资企业或其他合作活动。</blockquote></p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p><blockquote>无论我们的所有权形式如何，我们的目标都是对既有持久经济优势又有一流首席执行官的企业进行有意义的投资。请特别注意，我们持有股票是基于我们对其长期业务表现的预期，而不是因为我们将它们视为及时市场波动的工具。这一点至关重要：查理和我不是选股者；我们是挑选生意的人。</blockquote></p><p></p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><p><blockquote>我犯了很多错误。因此，我们广泛收集的企业包括一些具有真正非凡经济效益的企业，许多其他享有良好经济特征的企业，以及少数边缘企业。我们普通股部门的一个优势是——有时——以优惠的价格购买精彩的业务变得很容易。这种在谈判交易中射鱼的经历非常罕见，而且永远不会集体发生。当错误发生在市场舞台上时，从错误中退出也要容易得多。</blockquote></p><p><h2><b>Surprise, Surprise</b></h2>Here are a few items about your company that often surprise even seasoned investors:</p><p><blockquote><h2><b>惊喜，惊喜</b></h2>以下是有关贵公司的一些事项，即使是经验丰富的投资者也常常感到惊讶：</blockquote></p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p><blockquote>•许多人认为伯克希尔是一个庞大而有些奇怪的金融资产集合体。事实上，伯克希尔拥有和经营的美国“基础设施”资产（在我们的资产负债表上归类为财产、厂房和设备）比任何其他美国公司拥有和经营的都多。这种霸权从来都不是我们的目标。然而，这已经成为事实。</blockquote></p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p><blockquote>截至年底，这些国内基础设施资产在伯克希尔资产负债表上的价值为1580亿美元。这一数字去年有所增加，并将继续增加。伯克希尔将永远在建设。</blockquote></p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p><blockquote>•您的公司每年都要缴纳大量的联邦所得税。例如，在2021年，我们支付了</blockquote></p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p><blockquote>33亿美元，而美国财政部报告的企业所得税总收入为4020亿美元。此外，伯克希尔还缴纳大量的州税和外国税。“我在办公室给了”是伯克希尔股东不容置疑的断言。</blockquote></p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p><blockquote>伯克希尔的历史生动地说明了政府和美国企业之间看不见的、往往不被认可的金融伙伴关系。我们的故事始于1955年初，当时伯克希尔精细纺纱公司和哈撒韦制造公司同意合并他们的业务。在请求股东批准的请求中，这些历史悠久的新英格兰纺织公司对合并寄予厚望。</blockquote></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p><blockquote>例如，哈撒韦公司的招标向其股东保证，“资源和管理的结合将产生纺织行业最强大、最高效的组织之一。”这种乐观的观点得到了该公司顾问雷曼兄弟（是的，就是雷曼兄弟）的认可。</blockquote></p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p><blockquote>我敢肯定，当联盟完成时，福尔里弗（伯克郡）和新贝德福德（哈撒韦）都是欢乐的一天。然而，在乐队停止演奏、银行家们回家后，股东们却收获了一场灾难。</blockquote></p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p><blockquote>在合并后的九年里，伯克希尔的所有者眼睁睁地看着公司的净资产从</blockquote></p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p><blockquote>5140万美元至2210万美元。这种下降在一定程度上是由股票回购、不明智的股息和工厂关闭造成的。但数千名员工九年的努力也带来了运营亏损。伯克希尔的挣扎并不罕见：新英格兰纺织业已经悄然进入了漫长且不可逆转的死亡行军。</blockquote></p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p><blockquote>在合并后的九年里，美国财政部也遭受了伯克希尔的麻烦。在此期间，该公司总共只向政府缴纳了337,359美元的所得税——每天只有可怜的100美元。</blockquote></p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p><blockquote>1965年初，情况发生了变化。伯克希尔任命了新的管理层，重新部署了可用现金，并将基本上所有收益转移到各种良好的业务中，其中大多数业务多年来一直保持良好状态。将收益再投资与复利的力量结合起来发挥了它的魔力，股东们也因此繁荣起来。</blockquote></p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p><blockquote>应该指出的是，伯克希尔的所有者并不是这一路线调整的唯一受益者。他们的“沉默伙伴”，美国财政部，继续从该公司收取数百亿美元的所得税。还记得每天100美元吗？现在，伯克希尔每天向财政部支付大约900万美元。</blockquote></p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p><blockquote>为我们的政府合作伙伴说句公道话，我们的股东应该承认——事实上是鼓吹——这样一个事实：伯克希尔的繁荣得到了极大的促进，因为该公司在美国运营。如果没有伯克希尔，我们的国家在1965年以来的几年里会做得非常出色。然而，如果没有我们的美国家园，伯克希尔永远不会成为今天的样子。当你看到旗子时，说声谢谢。</blockquote></p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p><blockquote>1967年，伯克希尔斥资860万美元收购了美国国家赔偿公司（National Indemnity），如今已成为保险“浮动”（float）领域的全球领导者——我们持有并可以投资但不属于我们的资金。包括来自人寿保险的相对较小的金额在内，伯克希尔的总流通量已从我们进入保险业务时的1900万美元增长到1470亿美元。</blockquote></p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p><blockquote>到目前为止，这辆彩车让我们付出了不到一分钱的代价。尽管我们经历了多年保险损失加上运营费用超过保费的情况，但总体而言，我们从产生流通量的承保活动中获得了55年的适度利润。</blockquote></p><p></p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p><blockquote>同样重要的是，浮子非常粘。归属于我们保险业务的资金每天来来去去，但其总额不会急剧下降。因此，在投资流通量时，我们可以从长计议。</blockquote></p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p><blockquote>如果你还不熟悉浮点的概念，我建议你参考A-5页的长篇解释。令我惊讶的是，我们的流通量去年增加了90亿美元，这一价值的积累对伯克希尔所有者来说很重要，但并未反映在我们的GAAP（“公认会计原则”）收益和净值列报中。</blockquote></p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p><blockquote>我们在保险业创造的巨大价值很大程度上要归功于伯克希尔的好运，我在1986年聘请了阿吉特·贾恩。我们第一次见面是在一个周六的早上，我很快问阿吉特他的保险经历是什么。他回答说：“没有。”</blockquote></p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p><blockquote>我说，“人无完人”，就雇了他。那是我的幸运日：阿吉特实际上是一个完美的选择。更好的是，35年后，他仍然是。</blockquote></p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p><blockquote>关于保险的最后一个想法：我相信伯克希尔哈撒韦公司的流通股很可能——但远不能确定——能够在不遭受长期承保损失的情况下维持下去。然而，我确信，我们将在未来几年经历这种损失，可能涉及非常大的金额。</blockquote></p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><p><blockquote>伯克希尔在处理灾难性事件方面的能力与其他保险公司不同——在查理和我离开后很长一段时间内，这一优先事项仍将继续存在。</blockquote></p><p><h2>Our Four Giants</h2>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p><blockquote><h2>我们的四大巨头</h2>通过伯克希尔，我们的股东拥有数十家企业。反过来，其中一些又有自己的子公司。例如，Marmon拥有100多项个体业务，从铁路车辆租赁到医疗设备制造。</blockquote></p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p><blockquote>·尽管如此，我们的“四大”公司的运营在伯克希尔的价值中占了非常大的一块。领先的是我们的保险公司集群。伯克希尔实际上拥有该集团100%的股份，其巨大的流通价值我们之前描述过。我们为支持这些保险公司的承诺而投入的大量资本进一步扩大了这些保险公司的投资资产。</blockquote></p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p><blockquote>保险业务是为伯克希尔定制的。该产品永远不会过时，销量通常会随着经济增长和通货膨胀而增加。此外，诚信和资本永远很重要。我们公司能够也将会表现良好。</blockquote></p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p><blockquote>当然，还有其他保险公司拥有出色的商业模式和前景。然而，复制伯克希尔的运作几乎是不可能的。</blockquote></p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p><blockquote>·苹果——以年终市值衡量，它是我们的第二大巨头——是一种不同的持股类型。在这里，我们的持股比例仅为5.55%，高于一年前的5.39%。这种增长听起来像是小事。但考虑到苹果2021年盈利的0.1%总计1亿美元。我们没有花费伯克希尔的资金来获得我们的增长。苹果的回购起到了作用。</blockquote></p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p><blockquote>重要的是要明白，伯克希尔的GAAP收益报告中只有苹果的股息被计算在内——去年，苹果支付了其中的7.85亿美元。然而，我们在苹果收益中的“份额”达到了惊人的56亿美元。该公司保留的大部分资金用于回购苹果股票，我们对此表示赞赏。苹果杰出的首席执行官蒂姆·库克（Tim Cook）非常恰当地将苹果产品的用户视为他的初恋，但他的所有其他支持者也受益于蒂姆的管理风格。</blockquote></p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p><blockquote>•我们的第三大巨头BNSF仍然是美国商业的头号动脉，这使它成为美国和伯克希尔不可或缺的资产。如果BNSF运输的许多基本产品改为用卡车运输，美国的碳排放量将会飙升。</blockquote></p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p><blockquote>你们的铁路在2021年的收入达到了创纪录的60亿美元。这里应该指出的是，我们谈论的是我们喜欢的老式收入：扣除利息、税收、折旧、摊销和所有形式的补偿后计算的数字。（我们的定义暗示了一个警告：随着股市上涨，欺骗性的盈利“调整”——用礼貌的描述——变得越来越频繁，也越来越异想天开。不那么礼貌地说，我会说牛市滋生了混乱的牛市）</blockquote></p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p><blockquote>BNSF列车去年行驶了1.43亿英里，运载了5.35亿吨货物。这两项成就都远远超过了任何其他美国航空公司。你可以为你的铁路感到骄傲。</blockquote></p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p><blockquote>•我们最后的巨头BHE在2021年赚了创纪录的40亿美元。这比2000年（伯克希尔哈撒韦公司首次购买BHE股份的那一年）的1.22亿美元收入增长了30多倍。现在，伯克希尔拥有该公司91.1%的股份。</blockquote></p><p></p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p><blockquote>BHE的社会成就记录与其财务表现一样引人注目。该公司在2000年没有风能或太阳能发电。当时，它只是被视为庞大的电力行业中一个相对较新的次要参与者。随后，在David Sokol和Greg Abel的领导下，BHE已成为一家公用事业巨头（请不要呻吟）以及美国大部分地区风能、太阳能和输电领域的主导力量。</blockquote></p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p><blockquote>格雷格关于这些成就的报告出现在A-3和A-4页。你会在那里找到的简介绝不是那些当前流行的“洗绿”故事。自2007年以来，BHE每年都忠实地详细介绍其在可再生能源和输电方面的计划和业绩。</blockquote></p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><p><blockquote>要进一步查看这些信息，请访问BHE在brkenergy.com的网站。在那里，你会看到该公司长期以来一直在采取气候意识举措，吸收了其所有收益。更多的机会就在前方。BHE拥有我国所需的管理、经验、资金和巨大电力项目的胃口。</blockquote></p><p><h2>Investments</h2>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><blockquote><h2>投资</h2>现在让我们谈谈我们不控制的公司，这份名单再次提到了苹果。下面我们列出了我们持有的15只最大的股票，其中几只是伯克希尔的两位长期投资经理托德·库姆斯和特德·韦施勒的精选。截至年底，这对有价值的投资拥有340亿美元投资的总权限，其中许多投资不符合我们在表中使用的阈值。此外，托德和特德管理的很大一部分资金存入伯克希尔旗下企业的各种养老金计划，这些计划的资产不包括在本表中。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p><blockquote>*这是我们的实际购买价格，也是我们的计税基础。</blockquote></p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p><blockquote>**由BHE持有；因此，伯克希尔股东在该职位上仅拥有91.1%的权益。</blockquote></p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p><blockquote>***包括对西方石油公司100亿美元的投资，包括优先股和购买普通股的认股权证，目前这一组合的价值为107亿美元。</blockquote></p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p><blockquote>除了脚注中提到的Occidental holding和我们的各种普通股头寸之外，Berkshire还拥有卡夫亨氏26.6%的权益（按“权益”法核算，而不是市值，账面价值为131亿美元）和Pilot Corp.38.6%的权益，Pilot Corp.是旅游中心的领导者，去年的收入为450亿美元。</blockquote></p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><p><blockquote>自从我们在2017年购买了我们的试点股份以来，这种持股已经保证了“权益”会计处理。2023年初，伯克希尔将购买Pilot的额外权益，这将使我们的所有权提高到80%，并使我们在财务报表中完全合并Pilot的收益、资产和负债。</blockquote></p><p><h2>U.S. Treasury Bills</h2>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p><blockquote><h2>美国国库券</h2>伯克希尔的资产负债表包括1440亿美元的现金和现金等价物（不包括持有的BNSF和BHE）。其中，1200亿美元是美国国库券，全部在不到一年的时间内到期。这些股份使伯克希尔哈撒韦公司为公共持有的国债的1%中的约12提供融资。</blockquote></p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><p><blockquote>查理和我承诺，伯克希尔（连同我们除BNSF和BHE之外的子公司）将始终持有超过300亿美元的现金和等价物。我们希望你的公司在财务上坚不可摧，永远不要依赖陌生人（甚至朋友）的善意。我们都喜欢睡得很香，我们希望我们的债权人、保险索赔人和你也这样做。</blockquote></p><p><h2>But $144 billion?</h2>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p><blockquote><h2>但是1440亿美元？</h2>我向你保证，这笔巨额资金并不是某种疯狂的爱国主义表达。查理和我也没有失去对企业所有权的压倒性偏好。事实上，80年前的1942年3月11日，我第一次表现出了我对此的热情，当时我购买了三股城市服务公司的优先股。它们的成本是114.75美元，需要我所有的积蓄。（道琼斯工业平均指数当天收于99点，这个事实应该让你尖叫：永远不要做空美国。）</blockquote></p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p><blockquote>在我最初的暴跌之后，我总是将至少80%的净资产投资于股票。在那段时间里，我最喜欢的状态是100%——现在仍然如此。伯克希尔目前80%左右的企业头寸是我未能找到符合我们长期持有标准的整个公司或其中一小部分（即有价证券）的结果。</blockquote></p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><p><blockquote>查理和我过去也不时经历过类似的现金密集型头寸。这些时期从来都不愉快；它们也不是永久的。幸运的是，我们在2020年和2021年期间有一个稍微有吸引力的资本部署替代方案。继续读下去。</blockquote></p><p></p><p><h2>Share Repurchases</h2>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p><blockquote><h2>股份购回</h2>我们有三种方法可以增加您的投资价值。第一个始终是我们最关心的问题：通过内部增长或收购来提高伯克希尔控制业务的长期盈利能力。如今，内部机会比收购带来更好的回报。然而，与伯克希尔的资源相比，这些机会的规模很小。</blockquote></p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p><blockquote>我们的第二个选择是购买许多公开交易的优秀或伟大企业的非控股部分权益。有时，这样的可能性既众多又极具吸引力。然而今天，我们很少发现让我们兴奋的东西。</blockquote></p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p><blockquote>这在很大程度上是因为一个不言而喻的事实：低长期利率会推高所有生产性投资的价格，无论是股票、公寓、农场、油井等等。其他因素也会影响估值，但利率始终很重要。</blockquote></p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p><blockquote>我们创造价值的最终途径是回购伯克希尔股票。通过这一简单的行为，我们增加了您在伯克希尔拥有的许多受控和非受控业务中的份额。当价格/价值等式正确时，这条路径是我们增加您财富的最简单、最确定的方式。（除了持续股东的价值增加之外，其他一些人也会受益：回购对回购股票的卖方和社会都有适度的好处。）</blockquote></p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p><blockquote>周期性地，随着替代路径变得没有吸引力，回购对伯克希尔的所有者来说是有意义的。因此，在过去两年中，我们回购了2019年底已发行股票的9%，总成本为517亿美元。这笔支出使我们的持续股东拥有伯克希尔所有业务约10%的股份，无论这些业务是全资拥有的（如BNSF和GEICO）还是部分拥有的（如可口可乐和穆迪）。</blockquote></p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p><blockquote>我想强调的是，为了让伯克希尔的回购有意义，我们的股票必须提供适当的价值。我们不想为其他公司的股票支付过高的价格，如果我们在购买伯克希尔时支付过高的价格，那将是对价值的破坏。截至2022年2月23日，自年底以来，我们以12亿美元的成本回购了额外股票。我们的胃口仍然很大，但将始终取决于价格。</blockquote></p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p><blockquote>需要注意的是，伯克希尔的回购机会有限，因为其投资者基础很高。倘我们的股份被短期投机者大量持有，价格波动及交易量将大幅增加。这种重塑将为我们提供更多通过回购创造价值的机会。然而，查理和我更喜欢我们现有的所有者，尽管他们令人钦佩的买入并持有态度限制了长期股东从机会主义回购中获利的程度。</blockquote></p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><p><blockquote>最后，一个容易被忽视的伯克希尔特有的价值计算：正如我们已经讨论过的，正确类型的保险“浮动”对我们来说非常有价值。碰巧的是，回购会自动增加每股的“流通量”。这一数字在过去两年中增长了25%，从每股“A”股79,387美元增至99,497美元，如前所述，这一有意义的涨幅在一定程度上要归功于回购。</blockquote></p><p><h2>A Wonderful Man and a Wonderful Business</h2>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p><blockquote><h2>一个了不起的人和一个了不起的企业</h2>去年，保罗·安德鲁斯去世了。保罗是伯克希尔哈撒韦公司位于沃思堡的子公司TTI的创始人兼首席执行官。在他的一生中——在他的事业和个人追求中——保罗悄悄地展示了查理和我所钦佩的所有品质。他的故事应该被讲述。</blockquote></p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p><blockquote>1971年，当屋顶倒塌时，保罗正在通用动力公司担任采购代理。在失去一份巨额国防合同后，该公司解雇了数千名员工，其中包括保罗。</blockquote></p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p><blockquote>随着他的第一个孩子即将出生，保罗决定把赌注押在自己身上，用他的500美元积蓄创办了Tex-Tronics（后来更名为TTI）。该公司致力于分销小型电子元件，第一年的销售额总计112,000美元。如今，创科实业销售超过100万种不同的产品，年销售额达77亿美元。</blockquote></p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p><blockquote>但回到2006年：63岁的保罗发现自己对家庭、工作和同事都很满意。但他有一个挥之不去的担忧，因为他最近目睹了一个朋友的早逝以及随之而来的对那个人的家庭和生意的灾难性后果，这种担忧加剧了。保罗在2006年问自己，如果他意外去世，许多依赖他的人会怎么样？</blockquote></p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p><blockquote>一年来，保罗一直在纠结自己的选择。卖给竞争对手？从严格的经济角度来看，这个过程是最有意义的。毕竟，竞争对手可以设想利润丰厚的“协同效应”——随着收购方削减TTI的重复职能，将实现节省。</blockquote></p><p></p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p><blockquote>但是...这样的购买者肯定还会保留其首席财务官、法律顾问和人力资源部门。因此，他们的TTI同行将被打包发送。还有啊！如果需要一个新的配送中心，收购方的家乡城市肯定会比沃思堡更受青睐。</blockquote></p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p><blockquote>不管经济利益如何，保罗很快得出结论，卖给竞争对手不适合他。接下来，他考虑寻找一家金融买家，这种买家曾经被恰当地称为杠杆收购公司。然而，保罗知道这样的买家会专注于“退出策略”。谁知道那会是什么？考虑到这一切，保罗发现自己没有兴趣将他35岁的创作交给经销商。</blockquote></p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p><blockquote>当保罗见到我时，他解释了为什么他作为买家排除了这两种选择。然后，他用比这更委婉的措辞总结了自己的困境：“经过一年的思考，我想把它卖给伯克希尔，因为你是唯一剩下的人。”所以，我提出了一个提议，保罗答应了。一次会议；一顿午餐；一笔交易。</blockquote></p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p><blockquote>说我们从此过上了幸福的生活是一种保守的说法。当伯克希尔收购TTI时，该公司拥有2,387名员工。现在这个数字是8043。其中很大一部分增长发生在沃思堡及周边地区。盈利增长了673%。</blockquote></p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p><blockquote>每年，我都会给保罗发看涨期权，告诉他他的薪水应该大幅增加。每年，他都会告诉我，“我们可以明年再谈这个，沃伦，我现在太忙了。”</blockquote></p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p><blockquote>当格雷格·阿贝尔和我参加保罗的追悼会时，我们见到了孩子、孙子、长期合作伙伴（包括创科实业的第一位员工）和约翰·罗奇，他是伯克希尔2000年收购的沃斯堡一家公司的前首席执行官。约翰带着他的朋友保罗去了奥马哈，本能地知道我们会是一对。</blockquote></p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p><blockquote>在仪式上，格雷格和我听说了保罗默默支持的许多人和组织。他的慷慨是非凡的——总是致力于改善他人的生活，尤其是那些在沃思堡的人。</blockquote></p><p>In all ways, Paul was a class act.</p><p><blockquote>从各方面来看，保罗都是一流的。</blockquote></p><p>* * * * * * * * * * * *</p><p><blockquote>**</blockquote></p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p><blockquote>好运——偶尔是非凡的运气——在伯克希尔发挥了作用。如果保罗和我没有一个共同的朋友——约翰·罗奇——TTI就不会在我们身边找到它的家。但是这种充足的运气仅仅是个开始。TTI很快就带领伯克希尔完成了其最重要的收购。</blockquote></p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p><blockquote>每年秋天，伯克希尔的董事们都会聚集在一起，听取我们几位高管的演讲。我们有时会根据最近收购的地点来选择地点，这样可以让董事会见新子公司的首席执行官，并更多地了解被收购方的活动。</blockquote></p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p><blockquote>因此，在2009年秋天，我们选择了沃思堡，这样我们就可以参观TTI。当时，BNSF的家乡也是沃思堡，是我们有价证券中的第三大持股。尽管有这么大的股份，我从未去过铁路总部。</blockquote></p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p><blockquote>我的助手Deb Bosanek将我们董事会的开幕晚宴安排在10月22日。与此同时，我安排当天早些时候到达，会见BNSF首席执行官马特·罗斯，他的成就我长期以来一直钦佩。当我确定这个日期时，我不知道我们的聚会会恰逢BNSF于22日晚些时候发布的第三季度收益报告。</blockquote></p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p><blockquote>市场对铁路公司的业绩反应不佳。大衰退在第三季度全面爆发，BNSF的盈利反映了这种下滑。经济前景也很黯淡，华尔街对铁路或其他许多行业都不太友好。</blockquote></p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p><blockquote>第二天，我再次和马特聚在一起，建议伯克希尔为铁路公司提供一个比上市公司更好的长期住所。我还告诉了他伯克希尔愿意支付的最高价格。</blockquote></p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p><blockquote>马特向他的董事和顾问转达了这一提议。忙碌了11天后，伯克希尔和BNSF宣布了一项确定的交易。在这里，我大胆地做一个罕见的预测：一个世纪后，BNSF将成为伯克希尔和我们国家的关键资产。</blockquote></p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><p><blockquote>如果保罗·安德鲁斯(Paul Andrews)没有将伯克希尔视为TTI的合适住所，BNSF的收购永远不会发生。</blockquote></p><p><h2>Thanks</h2>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p><blockquote><h2>谢谢</h2>70年前，我教了我的第一堂投资课。从那以后，我几乎每年都喜欢和各个年龄段的学生一起工作，最终在2018年从这种追求中“退休”。</blockquote></p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p><blockquote>一路上，我最难对付的观众是我孙子五年级的班级。11岁的孩子们在座位上蠕动，茫然地看着我，直到我提到可口可乐和它著名的秘密配方。立刻，每个人都举起了手，我明白了“秘密”对孩子们来说是猫薄荷。</blockquote></p><p></p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p><blockquote>教学和写作一样，帮助我发展和理清了自己的思想。查理·评级这种现象猩猩效应：如果你和一只猩猩坐下来，仔细地向它解释你珍视的一个想法，你可能会留下一只困惑的灵长类动物，但你自己会更清楚地思考吗？</blockquote></p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p><blockquote>和大学生说话要优越得多。我敦促他们在（1）这个领域和（2）如果他们不需要钱，他们会选择的那种人那里找工作。我承认，经济现实可能会干扰这种搜索。即便如此，我敦促学生们永远不要放弃追求，因为当他们找到那种工作时，他们将不再是“工作”。</blockquote></p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p><blockquote>查理和我，我们自己，在经历了一些早期的挫折后，走上了解放的道路。我们都是从我祖父的杂货店兼职开始的，查理是1940年，我是1942年。我们每个人都被分配了无聊的任务，报酬很低，绝对不是我们想要的。查理后来从事法律工作，我尝试出售证券。工作满意度继续困扰着我们。</blockquote></p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p><blockquote>最后，在伯克希尔，我们找到了自己喜欢做的事情。除了极少数例外，我们现在已经和我们喜欢和信任的人“工作”了几十年。与保罗·安德鲁斯或我去年告诉过你的伯克希尔家族等经理人一起工作是生活中的一种乐趣。在我们的家庭办公室，我们雇佣体面和有才华的人——没有混蛋。平均离职人数可能是每年一人。</blockquote></p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p><blockquote>然而，我想强调另一个项目，它将我们的工作变成有趣和令人满意的工作</blockquote></p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p><blockquote>为了你。对查理和我来说，没有什么比享受个人长期股东的信任更有意义的了，几十年来，他们加入我们的期望是我们将成为他们资金的可靠托管人。</blockquote></p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p><blockquote>显然，我们不能选择我们的所有者，如果我们的运营形式是合伙企业，我们可以这样做。任何人今天都可以购买伯克希尔的股票，并打算很快转售。当然，我们有一些此类股东，就像我们有指数基金持有大量伯克希尔哈撒韦公司股票一样，因为它们被要求这样做。</blockquote></p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p><blockquote>然而，在一个真正不寻常的程度上，伯克希尔拥有一大批个人和家庭作为所有者，他们选择加入我们，意图是“直到死亡将我们分开”。通常，他们把很大一部分——有些人可能会说是过多的——储蓄托付给我们。</blockquote></p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p><blockquote>这些股东有时会承认，伯克希尔可能远不是他们所能做出的最佳选择。但他们会补充说，伯克希尔将在他们最满意的公司中排名靠前。平均而言，对自己的投资感到满意的人会比那些被不断变化的头条新闻、喋喋不休和承诺所激励的人取得更好的结果。</blockquote></p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><p><blockquote>长期个人所有者既是查理和我一直在寻找的“合作伙伴”，也是我们在伯克希尔做决策时一直牢记的“合作伙伴”。我们对他们说：“为你们‘工作’的感觉真好，我们感谢你们的信任。”</blockquote></p><p><h2>The Annual Meeting</h2>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p><blockquote><h2>年会</h2>清除您的日历！伯克希尔将于4月29日星期五至5月1日星期日在奥马哈举行年度资本家聚会。关于周末的细节列在A-1和A-2页。奥马哈急切地等待着你，我也是。</blockquote></p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p><blockquote>我将以推销来结束这封信。“表哥”吉米·巴菲特设计了一艘浮桥“派对”船，现在由伯克希尔旗下的森林河公司制造。这艘船将于4月29日在我们的伯克希尔便宜货市场推出。而且，仅在两天内，股东就可以以10%的折扣购买吉米的杰作。你的便宜货董事长会买一艘船给他的家人使用。加入我。</blockquote></p><p>February 26, 2022</p><p><blockquote>2022年2月26日</blockquote></p><p>Warren E. Buffett Chairman of the Board</p><p><blockquote>沃伦·E·巴菲特董事会主席</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\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":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125580913","content_text":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”Read the full letter here：To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.What You OwnBerkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.Surprise, SurpriseHere are a few items about your company that often surprise even seasoned investors:• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.Our Four GiantsThrough Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.InvestmentsNow let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.* This is our actual purchase price and also our tax basis.** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.U.S. Treasury BillsBerkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.But $144 billion?That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.Share RepurchasesThere are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.A Wonderful Man and a Wonderful BusinessLast year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.In all ways, Paul was a class act.* * * * * * * * * * * *Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.ThanksI taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction workingfor you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”The Annual MeetingClear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.February 26, 2022Warren E. Buffett Chairman of the 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06:51","market":"us","language":"en","title":"Tesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&amp;T、Netflix、ASML、Snap等本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185155570","media":"Barrons","summary":"Seventy-two S&P 500 companies report earnings this week, as third-quarter earnings season ramps up. ","content":"<p>Seventy-two&nbsp;S&amp;P 500&nbsp;companies report earnings this week,&nbsp;as third-quarter earnings season ramps up. Several big U.S. banks got things off to a strong start last week. This week’s earnings highlights&nbsp;will include&nbsp;results from notable companies in telecom, consumer staples, energy, technology, health care, and the airline industry.</p><p><blockquote>随着第三季度财报季的临近，本周有72家标准普尔500指数公司公布了财报。美国几家大型银行上周开局良好。本周的财报亮点将包括电信、必需消费品、能源、科技、医疗保健和航空业著名公司的业绩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/685ba1e7f4763c12a3c0159fc2469ded\" tg-width=\"1878\" tg-height=\"2461\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Albertsons and&nbsp;State Street&nbsp;get the ball rolling on Monday.Procter &amp; Gamble,Halliburton,and&nbsp;Johnson &amp; Johnson&nbsp;are Tuesday morning’s highlights, followed by&nbsp;Netflix&nbsp;and&nbsp;United Airlines Holdings&nbsp;after the market closes.</p><p><blockquote>艾伯森(Albertsons)和道富银行(State Street)将于周一启动。宝洁(Procter&amp;Gamble)、哈里伯顿(Halliburton)和强生(Johnson&amp;Johnson)是周二上午的亮点，收盘后紧随其后的是Netflix和联合航空控股(United Airlines Holdings)。</blockquote></p><p> On Wednesday,Verizon Communications,IBM,and Tesla will get the most attention.AT&amp;T, American Airlines Group,Southwest Airlines,and&nbsp;Chipotle Mexican Grill&nbsp;report on Thursday, then&nbsp;American Express,Schlumberger,and&nbsp;Honeywell International&nbsp;close the week on Friday.</p><p><blockquote>周三，Verizon Communications、IBM和特斯拉将受到最多关注。AT&amp;T、美国航空集团、西南航空和Chipotle Mexican Grill将于周四发布报告，然后美国运通、Schlumberger和Honeywell International将于周五收盘。</blockquote></p><p> Economic data highlights this week include the Conference Board’s Leading Economic Index for September on Thursday and&nbsp;IHS Markit’s&nbsp;Manufacturing and Services Purchasing Managers’ indexes for October on Friday. All are seen easing back from their prior months’ levels.</p><p><blockquote>本周经济数据亮点包括周四公布的世界大型企业联合会9月份领先经济指数和周五公布的IHS Markit 10月份制造业和服务业采购经理人指数。所有这些都较前几个月的水平有所回落。</blockquote></p><p> Other releases this week include the Federal Reserve’s most recent Beige Book, describing economic conditions across the U.S., and a pair of September housing-market indicators: The Census Bureau reports new residential construction data on Tuesday and the National Association of Realtors reports existing-home sales on Thursday.</p><p><blockquote>本周发布的其他数据包括美联储最新的褐皮书，描述了美国各地的经济状况，以及两个9月份的房地产市场指标：人口普查局（Census Bureau）周二报告新的住宅建设数据，全国房地产经纪人协会（National Association of Realtors）周四报告现房销售。</blockquote></p><p> <b>Monday 10/18</b></p><p><blockquote><b>星期一10/18</b></blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases industrial production data for September. Economists are looking for a 0.20% rise after a 0.4% increase in August. Capacity utilization is expected at 76.5% for September, roughly in line with August’s 76.4%.</p><p><blockquote><b>美联储</b>公布9月份工业生产数据。继8月份增长0.4%后，经济学家预计增长0.20%。预计9月份产能利用率为76.5%，与8月份的76.4%大致一致。</blockquote></p><p> Albertsons, Philips, Steel Dynamics, and State Street are among companies releasing quarterly financial results.</p><p><blockquote>艾伯森、飞利浦、Steel Dynamics和道富银行等公司发布了季度财务业绩。</blockquote></p><p> <b>Tuesday 10/19</b></p><p><blockquote><b>星期二10/19</b></blockquote></p><p> <b>The Census Bureau</b> reports new residential construction data for September. Economists forecast a seasonally adjusted annual rate of 1.623 million housing starts, compared with 1.615 million in August.</p><p><blockquote><b>人口普查局</b>报告9月份新住宅建设数据。经济学家预测，经季节调整后的新屋开工年率为162.3万套，8月为161.5万套。</blockquote></p><p> Halliburton, Procter &amp; Gamble, Johnson &amp; Johnson, Synchrony, Travelers, Philip Morris International, Kansas City Southern, WD-40, Interactive Brokers Group, Netflix, ManpowerGroup, Dover, and Canadian National Railway are among companies hosting earnings conference calls.</p><p><blockquote>哈里伯顿、宝洁、强生、Synchrony、Travelers、Philip Morris International、Kansas City Southern、WD-40、盈透证券集团、Netflix、万宝盛华、Dover和加拿大国家铁路等公司在评级举办财报会议。</blockquote></p><p> <b>Wednesday 10/20</b></p><p><blockquote><b>星期三10/20</b></blockquote></p><p> <b>The Federal Reserve</b> releases its beige book about current economic conditions across the central bank’s 12 districts.</p><p><blockquote><b>美联储</b>发布了关于央行12个地区当前经济状况的褐皮书。</blockquote></p><p> Abbott Laboratories, Biogen, NextEra Energy, ASML Holding, Nasdaq, Canadian Pacific Railway, Verizon Communications, CSX, Lam Research, Tesla, IBM, and Anthem discuss quarterly financial results.</p><p><blockquote>雅培实验室、Biogen、NextEra Energy、ASML Holding、纳斯达克、加拿大太平洋铁路、Verizon Communications、CSX、Lam Research、特斯拉、IBM和Anthem讨论季度财务业绩。</blockquote></p><p> <b>Thursday 10/21</b></p><p><blockquote><b>星期四10/21</b></blockquote></p><p> <b>The National Association</b> of Realtors reports existing-home sales for September. Economists forecast a seasonally adjusted annual rate of 6.10 million homes sold, compared with 5.88 million homes in August.</p><p><blockquote><b>全国协会</b>房地产经纪人报告9月份现房销售情况。经济学家预测，经季节调整后的房屋销售量年率为610万套，而8月份为588万套。</blockquote></p><p> Dow, Freeport-McMoRan, Genuine Parts, Southwest Airlines, Valero Energy, Blackstone, Quest Diagnostics, Snap-on, Tractor Supply, Barclays, Danaher, AT&amp;T, Nucor, American Airlines Group, AutoNation, Valero Energy, SL Green Realty, Intel, Snap, Boston Beer, Mattel, and Chipotle Mexican Grill host earnings conference calls to discuss quarterly results.</p><p><blockquote>陶氏化学、自由港麦克莫兰、原厂零件、西南航空、Valero Energy、Blackstone、Quest Diagnostics、Snap-on、Tractor Supply、Barclays、Danaher、AT&amp;T、Nucor、美国航空集团、AutoNation、Valero Energy、SL Green Realty、英特尔、Snap、Boston Beer、Mattel和Chipotle Mexican Grill在评级举办财报会议，讨论季度业绩。</blockquote></p><p> <b>The Philadelphia Fed</b>&nbsp;diffusion index, a measure of overall manufacturing activity, is expected to fall to 24 in October from September’s 30.7 reading.</p><p><blockquote><b>费城联储</b>衡量整体制造业活动的扩散指数预计将从9月份的30.7降至10月份的24。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for September. Expectations are for a 0.50% rise, after August’s 0.90% gain.</p><p><blockquote><b>世界大型企业联合会</b>发布9月份领先经济指数。继8月份上涨0.90%后，预计上涨0.50%。</blockquote></p><p> <b>Friday 10/22</b></p><p><blockquote><b>星期五10/22</b></blockquote></p><p> <b>IHS Markit releases</b>&nbsp;the Manufacturing and Services Purchasing Managers’ indexes for October. Consensus estimate for the Manufacturing PMI is 60.3, while the Services PMI is expected to be 54.7, compared with 60.7 and 54.9, respectively, in September.</p><p><blockquote><b>IHS Markit发布</b>10月份制造业和服务业采购经理人指数。制造业PMI普遍预期为60.3，服务业PMI预计为54.7，9月份分别为60.7和54.9。</blockquote></p><p> Whirlpool, Honeywell, Cleveland-Cliffs, Celanese, HCA Healthcare, Schlumberger, Seagate Technology Holdings, VF Corp., and American Express host investor conference calls.</p><p><blockquote>Whirlpool、Honeywell、Cleveland-Cliffs、Celanese、HCA Healthcare、Schlumberger、Seagate Technology Holdings、VF Corp.和American Express在评级举办投资者大会。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&amp;T、Netflix、ASML、Snap等本周值得投资者关注的股票</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\">\nTesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&amp;T、Netflix、ASML、Snap等本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-10-18 06:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Seventy-two&nbsp;S&amp;P 500&nbsp;companies report earnings this week,&nbsp;as third-quarter earnings season ramps up. Several big U.S. banks got things off to a strong start last week. This week’s earnings highlights&nbsp;will include&nbsp;results from notable companies in telecom, consumer staples, energy, technology, health care, and the airline industry.</p><p><blockquote>随着第三季度财报季的临近，本周有72家标准普尔500指数公司公布了财报。美国几家大型银行上周开局良好。本周的财报亮点将包括电信、必需消费品、能源、科技、医疗保健和航空业著名公司的业绩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/685ba1e7f4763c12a3c0159fc2469ded\" tg-width=\"1878\" tg-height=\"2461\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Albertsons and&nbsp;State Street&nbsp;get the ball rolling on Monday.Procter &amp; Gamble,Halliburton,and&nbsp;Johnson &amp; Johnson&nbsp;are Tuesday morning’s highlights, followed by&nbsp;Netflix&nbsp;and&nbsp;United Airlines Holdings&nbsp;after the market closes.</p><p><blockquote>艾伯森(Albertsons)和道富银行(State Street)将于周一启动。宝洁(Procter&amp;Gamble)、哈里伯顿(Halliburton)和强生(Johnson&amp;Johnson)是周二上午的亮点，收盘后紧随其后的是Netflix和联合航空控股(United Airlines Holdings)。</blockquote></p><p> On Wednesday,Verizon Communications,IBM,and Tesla will get the most attention.AT&amp;T, American Airlines Group,Southwest Airlines,and&nbsp;Chipotle Mexican Grill&nbsp;report on Thursday, then&nbsp;American Express,Schlumberger,and&nbsp;Honeywell International&nbsp;close the week on Friday.</p><p><blockquote>周三，Verizon Communications、IBM和特斯拉将受到最多关注。AT&amp;T、美国航空集团、西南航空和Chipotle Mexican Grill将于周四发布报告，然后美国运通、Schlumberger和Honeywell International将于周五收盘。</blockquote></p><p> Economic data highlights this week include the Conference Board’s Leading Economic Index for September on Thursday and&nbsp;IHS Markit’s&nbsp;Manufacturing and Services Purchasing Managers’ indexes for October on Friday. All are seen easing back from their prior months’ levels.</p><p><blockquote>本周经济数据亮点包括周四公布的世界大型企业联合会9月份领先经济指数和周五公布的IHS Markit 10月份制造业和服务业采购经理人指数。所有这些都较前几个月的水平有所回落。</blockquote></p><p> Other releases this week include the Federal Reserve’s most recent Beige Book, describing economic conditions across the U.S., and a pair of September housing-market indicators: The Census Bureau reports new residential construction data on Tuesday and the National Association of Realtors reports existing-home sales on Thursday.</p><p><blockquote>本周发布的其他数据包括美联储最新的褐皮书，描述了美国各地的经济状况，以及两个9月份的房地产市场指标：人口普查局（Census Bureau）周二报告新的住宅建设数据，全国房地产经纪人协会（National Association of Realtors）周四报告现房销售。</blockquote></p><p> <b>Monday 10/18</b></p><p><blockquote><b>星期一10/18</b></blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases industrial production data for September. Economists are looking for a 0.20% rise after a 0.4% increase in August. Capacity utilization is expected at 76.5% for September, roughly in line with August’s 76.4%.</p><p><blockquote><b>美联储</b>公布9月份工业生产数据。继8月份增长0.4%后，经济学家预计增长0.20%。预计9月份产能利用率为76.5%，与8月份的76.4%大致一致。</blockquote></p><p> Albertsons, Philips, Steel Dynamics, and State Street are among companies releasing quarterly financial results.</p><p><blockquote>艾伯森、飞利浦、Steel Dynamics和道富银行等公司发布了季度财务业绩。</blockquote></p><p> <b>Tuesday 10/19</b></p><p><blockquote><b>星期二10/19</b></blockquote></p><p> <b>The Census Bureau</b> reports new residential construction data for September. Economists forecast a seasonally adjusted annual rate of 1.623 million housing starts, compared with 1.615 million in August.</p><p><blockquote><b>人口普查局</b>报告9月份新住宅建设数据。经济学家预测，经季节调整后的新屋开工年率为162.3万套，8月为161.5万套。</blockquote></p><p> Halliburton, Procter &amp; Gamble, Johnson &amp; Johnson, Synchrony, Travelers, Philip Morris International, Kansas City Southern, WD-40, Interactive Brokers Group, Netflix, ManpowerGroup, Dover, and Canadian National Railway are among companies hosting earnings conference calls.</p><p><blockquote>哈里伯顿、宝洁、强生、Synchrony、Travelers、Philip Morris International、Kansas City Southern、WD-40、盈透证券集团、Netflix、万宝盛华、Dover和加拿大国家铁路等公司在评级举办财报会议。</blockquote></p><p> <b>Wednesday 10/20</b></p><p><blockquote><b>星期三10/20</b></blockquote></p><p> <b>The Federal Reserve</b> releases its beige book about current economic conditions across the central bank’s 12 districts.</p><p><blockquote><b>美联储</b>发布了关于央行12个地区当前经济状况的褐皮书。</blockquote></p><p> Abbott Laboratories, Biogen, NextEra Energy, ASML Holding, Nasdaq, Canadian Pacific Railway, Verizon Communications, CSX, Lam Research, Tesla, IBM, and Anthem discuss quarterly financial results.</p><p><blockquote>雅培实验室、Biogen、NextEra Energy、ASML Holding、纳斯达克、加拿大太平洋铁路、Verizon Communications、CSX、Lam Research、特斯拉、IBM和Anthem讨论季度财务业绩。</blockquote></p><p> <b>Thursday 10/21</b></p><p><blockquote><b>星期四10/21</b></blockquote></p><p> <b>The National Association</b> of Realtors reports existing-home sales for September. Economists forecast a seasonally adjusted annual rate of 6.10 million homes sold, compared with 5.88 million homes in August.</p><p><blockquote><b>全国协会</b>房地产经纪人报告9月份现房销售情况。经济学家预测，经季节调整后的房屋销售量年率为610万套，而8月份为588万套。</blockquote></p><p> Dow, Freeport-McMoRan, Genuine Parts, Southwest Airlines, Valero Energy, Blackstone, Quest Diagnostics, Snap-on, Tractor Supply, Barclays, Danaher, AT&amp;T, Nucor, American Airlines Group, AutoNation, Valero Energy, SL Green Realty, Intel, Snap, Boston Beer, Mattel, and Chipotle Mexican Grill host earnings conference calls to discuss quarterly results.</p><p><blockquote>陶氏化学、自由港麦克莫兰、原厂零件、西南航空、Valero Energy、Blackstone、Quest Diagnostics、Snap-on、Tractor Supply、Barclays、Danaher、AT&amp;T、Nucor、美国航空集团、AutoNation、Valero Energy、SL Green Realty、英特尔、Snap、Boston Beer、Mattel和Chipotle Mexican Grill在评级举办财报会议，讨论季度业绩。</blockquote></p><p> <b>The Philadelphia Fed</b>&nbsp;diffusion index, a measure of overall manufacturing activity, is expected to fall to 24 in October from September’s 30.7 reading.</p><p><blockquote><b>费城联储</b>衡量整体制造业活动的扩散指数预计将从9月份的30.7降至10月份的24。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for September. Expectations are for a 0.50% rise, after August’s 0.90% gain.</p><p><blockquote><b>世界大型企业联合会</b>发布9月份领先经济指数。继8月份上涨0.90%后，预计上涨0.50%。</blockquote></p><p> <b>Friday 10/22</b></p><p><blockquote><b>星期五10/22</b></blockquote></p><p> <b>IHS Markit releases</b>&nbsp;the Manufacturing and Services Purchasing Managers’ indexes for October. Consensus estimate for the Manufacturing PMI is 60.3, while the Services PMI is expected to be 54.7, compared with 60.7 and 54.9, respectively, in September.</p><p><blockquote><b>IHS Markit发布</b>10月份制造业和服务业采购经理人指数。制造业PMI普遍预期为60.3，服务业PMI预计为54.7，9月份分别为60.7和54.9。</blockquote></p><p> Whirlpool, Honeywell, Cleveland-Cliffs, Celanese, HCA Healthcare, Schlumberger, Seagate Technology Holdings, VF Corp., and American Express host investor conference calls.</p><p><blockquote>Whirlpool、Honeywell、Cleveland-Cliffs、Celanese、HCA Healthcare、Schlumberger、Seagate Technology Holdings、VF Corp.和American Express在评级举办投资者大会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-at-t-netflix-chipotle-and-other-stocks-for-investors-to-watch-this-week-51634497206?mod=hp_LATEST\">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":{"IBM":"IBM","T":"At&T","AAL":"美国航空","INTC":"英特尔",".SPX":"S&P 500 Index","HAL":"哈里伯顿",".IXIC":"NASDAQ Composite","AXP":"美国运通","CMG":"墨式烧烤","TSLA":"特斯拉",".DJI":"道琼斯","LUV":"西南航空","UAL":"联合大陆航空","NFLX":"奈飞","JNJ":"强生"},"source_url":"https://www.barrons.com/articles/tesla-at-t-netflix-chipotle-and-other-stocks-for-investors-to-watch-this-week-51634497206?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185155570","content_text":"Seventy-two S&P 500 companies report earnings this week, as third-quarter earnings season ramps up. Several big U.S. banks got things off to a strong start last week. This week’s earnings highlights will include results from notable companies in telecom, consumer staples, energy, technology, health care, and the airline industry.\n\nAlbertsons and State Street get the ball rolling on Monday.Procter & Gamble,Halliburton,and Johnson & Johnson are Tuesday morning’s highlights, followed by Netflix and United Airlines Holdings after the market closes.\nOn Wednesday,Verizon Communications,IBM,and Tesla will get the most attention.AT&T, American Airlines Group,Southwest Airlines,and Chipotle Mexican Grill report on Thursday, then American Express,Schlumberger,and Honeywell International close the week on Friday.\nEconomic data highlights this week include the Conference Board’s Leading Economic Index for September on Thursday and IHS Markit’s Manufacturing and Services Purchasing Managers’ indexes for October on Friday. All are seen easing back from their prior months’ levels.\nOther releases this week include the Federal Reserve’s most recent Beige Book, describing economic conditions across the U.S., and a pair of September housing-market indicators: The Census Bureau reports new residential construction data on Tuesday and the National Association of Realtors reports existing-home sales on Thursday.\nMonday 10/18\nThe Federal Reserve releases industrial production data for September. Economists are looking for a 0.20% rise after a 0.4% increase in August. Capacity utilization is expected at 76.5% for September, roughly in line with August’s 76.4%.\nAlbertsons, Philips, Steel Dynamics, and State Street are among companies releasing quarterly financial results.\nTuesday 10/19\nThe Census Bureau reports new residential construction data for September. Economists forecast a seasonally adjusted annual rate of 1.623 million housing starts, compared with 1.615 million in August.\nHalliburton, Procter & Gamble, Johnson & Johnson, Synchrony, Travelers, Philip Morris International, Kansas City Southern, WD-40, Interactive Brokers Group, Netflix, ManpowerGroup, Dover, and Canadian National Railway are among companies hosting earnings conference calls.\nWednesday 10/20\nThe Federal Reserve releases its beige book about current economic conditions across the central bank’s 12 districts.\nAbbott Laboratories, Biogen, NextEra Energy, ASML Holding, Nasdaq, Canadian Pacific Railway, Verizon Communications, CSX, Lam Research, Tesla, IBM, and Anthem discuss quarterly financial results.\nThursday 10/21\nThe National Association of Realtors reports existing-home sales for September. Economists forecast a seasonally adjusted annual rate of 6.10 million homes sold, compared with 5.88 million homes in August.\nDow, Freeport-McMoRan, Genuine Parts, Southwest Airlines, Valero Energy, Blackstone, Quest Diagnostics, Snap-on, Tractor Supply, Barclays, Danaher, AT&T, Nucor, American Airlines Group, AutoNation, Valero Energy, SL Green Realty, Intel, Snap, Boston Beer, Mattel, and Chipotle Mexican Grill host earnings conference calls to discuss quarterly results.\nThe Philadelphia Fed diffusion index, a measure of overall manufacturing activity, is expected to fall to 24 in October from September’s 30.7 reading.\nThe Conference Board releases its Leading Economic Index for September. Expectations are for a 0.50% rise, after August’s 0.90% gain.\nFriday 10/22\nIHS Markit releases the Manufacturing and Services Purchasing Managers’ indexes for October. Consensus estimate for the Manufacturing PMI is 60.3, while the Services PMI is expected to be 54.7, compared with 60.7 and 54.9, respectively, in September.\nWhirlpool, Honeywell, Cleveland-Cliffs, Celanese, HCA Healthcare, Schlumberger, Seagate Technology Holdings, VF Corp., and American Express host investor conference calls.","news_type":1,"symbols_score_info":{".DJI":0.9,"UAL":0.9,"LUV":0.9,"CMG":0.9,"IBM":0.9,"JNJ":0.9,"INTC":0.9,"NFLX":0.9,".IXIC":0.9,"TSLA":0.9,"HAL":0.9,"T":0.9,".SPX":0.9,"AAL":0.9,"AXP":0.9}},"isVote":1,"tweetType":1,"viewCount":941,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691589335,"gmtCreate":1640220556466,"gmtModify":1640220932603,"author":{"id":"3582185625671527","authorId":"3582185625671527","name":"scout7211","avatar":"https://static.tigerbbs.com/3428eeb8a156084753e7fa0ee13d6ac6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582185625671527","authorIdStr":"3582185625671527"},"themes":[],"htmlText":"q","listText":"q","text":"q","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":4,"commentSize":17,"repostSize":0,"link":"https://laohu8.com/post/691589335","repostId":"2193113147","repostType":4,"isVote":1,"tweetType":1,"viewCount":727,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":859234150,"gmtCreate":1634698799919,"gmtModify":1634703414630,"author":{"id":"3582185625671527","authorId":"3582185625671527","name":"scout7211","avatar":"https://static.tigerbbs.com/3428eeb8a156084753e7fa0ee13d6ac6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582185625671527","authorIdStr":"3582185625671527"},"themes":[],"htmlText":"a","listText":"a","text":"a","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":8,"commentSize":15,"repostSize":0,"link":"https://laohu8.com/post/859234150","repostId":"2176710436","repostType":4,"isVote":1,"tweetType":1,"viewCount":776,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":636246704,"gmtCreate":1645942734024,"gmtModify":1645942875951,"author":{"id":"3582185625671527","authorId":"3582185625671527","name":"scout7211","avatar":"https://static.tigerbbs.com/3428eeb8a156084753e7fa0ee13d6ac6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582185625671527","authorIdStr":"3582185625671527"},"themes":[],"htmlText":"q","listText":"q","text":"q","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":7,"commentSize":15,"repostSize":0,"link":"https://laohu8.com/post/636246704","repostId":"1125580913","repostType":4,"repost":{"id":"1125580913","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1645926503,"share":"https://www.laohu8.com/m/news/1125580913?lang=zh_CN&edition=full","pubTime":"2022-02-27 09:48","market":"us","language":"en","title":"Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value<blockquote>巴菲特完整年度信：苹果是推动巴菲特价值的“四大巨头”之一</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125580913","media":"Tiger Newspress","summary":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-yea","content":"<p><html><head></head><body>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p><blockquote><html><head></head><body>沃伦·巴菲特周六发布了致伯克希尔·哈撒韦公司股东的年度信。这位91岁的投资传奇人物已经出版这封信60多年了，它已成为世界各地投资者的必读书目。</body></html></blockquote></p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p><blockquote>沃伦·巴菲特表示，他现在认为科技巨头苹果是推动伯克希尔·哈撒韦公司的四大支柱之一，伯克希尔·哈撒韦公司是沃伦·巴菲特在过去50年里组建的主要由旧经济企业组成的企业集团。</blockquote></p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p><blockquote>在周六发布的致股东的年度信中，这位91岁的投资传奇人物将苹果列为“我们的四大巨头”，甚至称该公司是仅次于伯克希尔保险集团的第二大保险公司，这要归功于伯克希尔的首席执行官。</blockquote></p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p><blockquote>信中写道：“苹果才华横溢的首席执行官蒂姆·库克非常恰当地将苹果产品的用户视为他的初恋，但他的所有其他支持者也受益于蒂姆的管理风格。”</blockquote></p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p><blockquote>巴菲特明确表示，他是库克股票回购策略的粉丝，以及该策略如何让该集团增加对这家iPhone制造商每一美元收益的所有权，而投资者无需动一根手指。</blockquote></p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p><blockquote>巴菲特在信中表示：“以年终市值衡量，苹果是我们的第二大巨头。在这里，我们的持股比例仅为5.55%，高于一年前的5.39%。”“这一增长听起来像是小巫见大巫。但考虑到苹果2021年盈利的0.1%相当于1亿美元。我们没有花费伯克希尔的资金来获得增长。苹果的回购完成了这项工作。”</blockquote></p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p><blockquote>在巴菲特投资副手Todd Combs和Ted Weschler的影响下，Berkshire于2016年开始买入苹果股票。到2018年中期，该集团积累了这家iPhone制造商5%的股份，价值360亿美元。如今，苹果的投资价值超过1600亿美元，占伯克希尔股票投资组合的40%。</blockquote></p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p><blockquote>“重要的是要明白，只有苹果的股息才会计入伯克希尔的GAAP收益报告中——去年，苹果支付了其中的7.85亿美元。然而，我们在苹果收益中的‘份额’达到了惊人的56亿美元。公司保留的大部分资金用于回购苹果股票，我们对此表示赞赏。”</blockquote></p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p><blockquote>除了指数和交易所交易基金提供商之外，Berkshire是苹果最大的股东。</blockquote></p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p><blockquote>巴菲特还将他的铁路业务BNSF和能源部门BHE视为该集团的另外两家巨头，这两家公司在2021年的盈利均创历史新高。</blockquote></p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><blockquote>巴菲特表示：“我们的第三大巨头BNSF仍然是美国商业的第一大动脉，这使其成为美国和伯克希尔不可或缺的资产。”“BHE已成为美国大部分地区的公用事业巨头以及风能、太阳能和输电领域的主导力量。”</blockquote></p><p><b>Read the full letter here：</b></p><p><blockquote><b>在这里阅读完整的信：</b></blockquote></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p><blockquote>致伯克希尔哈撒韦公司股东：</blockquote></p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p><blockquote>我的长期合伙人查理·芒格和我的工作是管理你的一部分储蓄。我们很荣幸得到你的信任。</blockquote></p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p><blockquote>如果我们是缺席的所有者，而您是经理，我们的职位有责任向您报告我们想知道的信息。我们喜欢通过这封年度信函和年会直接与您交流。</blockquote></p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p><blockquote>我们的政策是平等对待所有股东。因此，我们不与分析师或大型机构进行讨论。此外，只要有可能，我们会在周六上午发布重要信息，以便最大限度地让股东和媒体在周一开市前有时间了解新闻。</blockquote></p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p><blockquote>伯克希尔定期向美国证券交易委员会提交的年度10-K报告中列出了大量事实和数据。我们在K-1-K-119页复制了这一点。一些股东会发现这个细节引人入胜；其他人则更愿意了解查理和我认为伯克希尔的新事物或有趣之处。</blockquote></p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><blockquote>唉，2021年几乎没有这样的行动。不过，我们在增加您股票的内在价值方面确实取得了合理的进展。57年来，这项任务一直是我的主要职责。并将继续如此。</blockquote></p><p><b>What You Own</b></p><p><blockquote><b>你拥有什么</b></blockquote></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p><blockquote>伯克希尔拥有各种各样的业务，有些是全部，有些只是部分。第二组主要由美国大公司的有价证券普通股组成。此外，我们拥有一些非美国股票，并参与多家合资企业或其他合作活动。</blockquote></p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p><blockquote>无论我们的所有权形式如何，我们的目标都是对既有持久经济优势又有一流首席执行官的企业进行有意义的投资。请特别注意，我们持有股票是基于我们对其长期业务表现的预期，而不是因为我们将它们视为及时市场波动的工具。这一点至关重要：查理和我不是选股者；我们是挑选生意的人。</blockquote></p><p></p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><p><blockquote>我犯了很多错误。因此，我们广泛收集的企业包括一些具有真正非凡经济效益的企业，许多其他享有良好经济特征的企业，以及少数边缘企业。我们普通股部门的一个优势是——有时——以优惠的价格购买精彩的业务变得很容易。这种在谈判交易中射鱼的经历非常罕见，而且永远不会集体发生。当错误发生在市场舞台上时，从错误中退出也要容易得多。</blockquote></p><p><h2><b>Surprise, Surprise</b></h2>Here are a few items about your company that often surprise even seasoned investors:</p><p><blockquote><h2><b>惊喜，惊喜</b></h2>以下是有关贵公司的一些事项，即使是经验丰富的投资者也常常感到惊讶：</blockquote></p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p><blockquote>•许多人认为伯克希尔是一个庞大而有些奇怪的金融资产集合体。事实上，伯克希尔拥有和经营的美国“基础设施”资产（在我们的资产负债表上归类为财产、厂房和设备）比任何其他美国公司拥有和经营的都多。这种霸权从来都不是我们的目标。然而，这已经成为事实。</blockquote></p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p><blockquote>截至年底，这些国内基础设施资产在伯克希尔资产负债表上的价值为1580亿美元。这一数字去年有所增加，并将继续增加。伯克希尔将永远在建设。</blockquote></p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p><blockquote>•您的公司每年都要缴纳大量的联邦所得税。例如，在2021年，我们支付了</blockquote></p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p><blockquote>33亿美元，而美国财政部报告的企业所得税总收入为4020亿美元。此外，伯克希尔还缴纳大量的州税和外国税。“我在办公室给了”是伯克希尔股东不容置疑的断言。</blockquote></p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p><blockquote>伯克希尔的历史生动地说明了政府和美国企业之间看不见的、往往不被认可的金融伙伴关系。我们的故事始于1955年初，当时伯克希尔精细纺纱公司和哈撒韦制造公司同意合并他们的业务。在请求股东批准的请求中，这些历史悠久的新英格兰纺织公司对合并寄予厚望。</blockquote></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p><blockquote>例如，哈撒韦公司的招标向其股东保证，“资源和管理的结合将产生纺织行业最强大、最高效的组织之一。”这种乐观的观点得到了该公司顾问雷曼兄弟（是的，就是雷曼兄弟）的认可。</blockquote></p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p><blockquote>我敢肯定，当联盟完成时，福尔里弗（伯克郡）和新贝德福德（哈撒韦）都是欢乐的一天。然而，在乐队停止演奏、银行家们回家后，股东们却收获了一场灾难。</blockquote></p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p><blockquote>在合并后的九年里，伯克希尔的所有者眼睁睁地看着公司的净资产从</blockquote></p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p><blockquote>5140万美元至2210万美元。这种下降在一定程度上是由股票回购、不明智的股息和工厂关闭造成的。但数千名员工九年的努力也带来了运营亏损。伯克希尔的挣扎并不罕见：新英格兰纺织业已经悄然进入了漫长且不可逆转的死亡行军。</blockquote></p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p><blockquote>在合并后的九年里，美国财政部也遭受了伯克希尔的麻烦。在此期间，该公司总共只向政府缴纳了337,359美元的所得税——每天只有可怜的100美元。</blockquote></p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p><blockquote>1965年初，情况发生了变化。伯克希尔任命了新的管理层，重新部署了可用现金，并将基本上所有收益转移到各种良好的业务中，其中大多数业务多年来一直保持良好状态。将收益再投资与复利的力量结合起来发挥了它的魔力，股东们也因此繁荣起来。</blockquote></p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p><blockquote>应该指出的是，伯克希尔的所有者并不是这一路线调整的唯一受益者。他们的“沉默伙伴”，美国财政部，继续从该公司收取数百亿美元的所得税。还记得每天100美元吗？现在，伯克希尔每天向财政部支付大约900万美元。</blockquote></p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p><blockquote>为我们的政府合作伙伴说句公道话，我们的股东应该承认——事实上是鼓吹——这样一个事实：伯克希尔的繁荣得到了极大的促进，因为该公司在美国运营。如果没有伯克希尔，我们的国家在1965年以来的几年里会做得非常出色。然而，如果没有我们的美国家园，伯克希尔永远不会成为今天的样子。当你看到旗子时，说声谢谢。</blockquote></p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p><blockquote>1967年，伯克希尔斥资860万美元收购了美国国家赔偿公司（National Indemnity），如今已成为保险“浮动”（float）领域的全球领导者——我们持有并可以投资但不属于我们的资金。包括来自人寿保险的相对较小的金额在内，伯克希尔的总流通量已从我们进入保险业务时的1900万美元增长到1470亿美元。</blockquote></p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p><blockquote>到目前为止，这辆彩车让我们付出了不到一分钱的代价。尽管我们经历了多年保险损失加上运营费用超过保费的情况，但总体而言，我们从产生流通量的承保活动中获得了55年的适度利润。</blockquote></p><p></p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p><blockquote>同样重要的是，浮子非常粘。归属于我们保险业务的资金每天来来去去，但其总额不会急剧下降。因此，在投资流通量时，我们可以从长计议。</blockquote></p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p><blockquote>如果你还不熟悉浮点的概念，我建议你参考A-5页的长篇解释。令我惊讶的是，我们的流通量去年增加了90亿美元，这一价值的积累对伯克希尔所有者来说很重要，但并未反映在我们的GAAP（“公认会计原则”）收益和净值列报中。</blockquote></p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p><blockquote>我们在保险业创造的巨大价值很大程度上要归功于伯克希尔的好运，我在1986年聘请了阿吉特·贾恩。我们第一次见面是在一个周六的早上，我很快问阿吉特他的保险经历是什么。他回答说：“没有。”</blockquote></p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p><blockquote>我说，“人无完人”，就雇了他。那是我的幸运日：阿吉特实际上是一个完美的选择。更好的是，35年后，他仍然是。</blockquote></p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p><blockquote>关于保险的最后一个想法：我相信伯克希尔哈撒韦公司的流通股很可能——但远不能确定——能够在不遭受长期承保损失的情况下维持下去。然而，我确信，我们将在未来几年经历这种损失，可能涉及非常大的金额。</blockquote></p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><p><blockquote>伯克希尔在处理灾难性事件方面的能力与其他保险公司不同——在查理和我离开后很长一段时间内，这一优先事项仍将继续存在。</blockquote></p><p><h2>Our Four Giants</h2>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p><blockquote><h2>我们的四大巨头</h2>通过伯克希尔，我们的股东拥有数十家企业。反过来，其中一些又有自己的子公司。例如，Marmon拥有100多项个体业务，从铁路车辆租赁到医疗设备制造。</blockquote></p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p><blockquote>·尽管如此，我们的“四大”公司的运营在伯克希尔的价值中占了非常大的一块。领先的是我们的保险公司集群。伯克希尔实际上拥有该集团100%的股份，其巨大的流通价值我们之前描述过。我们为支持这些保险公司的承诺而投入的大量资本进一步扩大了这些保险公司的投资资产。</blockquote></p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p><blockquote>保险业务是为伯克希尔定制的。该产品永远不会过时，销量通常会随着经济增长和通货膨胀而增加。此外，诚信和资本永远很重要。我们公司能够也将会表现良好。</blockquote></p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p><blockquote>当然，还有其他保险公司拥有出色的商业模式和前景。然而，复制伯克希尔的运作几乎是不可能的。</blockquote></p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p><blockquote>·苹果——以年终市值衡量，它是我们的第二大巨头——是一种不同的持股类型。在这里，我们的持股比例仅为5.55%，高于一年前的5.39%。这种增长听起来像是小事。但考虑到苹果2021年盈利的0.1%总计1亿美元。我们没有花费伯克希尔的资金来获得我们的增长。苹果的回购起到了作用。</blockquote></p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p><blockquote>重要的是要明白，伯克希尔的GAAP收益报告中只有苹果的股息被计算在内——去年，苹果支付了其中的7.85亿美元。然而，我们在苹果收益中的“份额”达到了惊人的56亿美元。该公司保留的大部分资金用于回购苹果股票，我们对此表示赞赏。苹果杰出的首席执行官蒂姆·库克（Tim Cook）非常恰当地将苹果产品的用户视为他的初恋，但他的所有其他支持者也受益于蒂姆的管理风格。</blockquote></p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p><blockquote>•我们的第三大巨头BNSF仍然是美国商业的头号动脉，这使它成为美国和伯克希尔不可或缺的资产。如果BNSF运输的许多基本产品改为用卡车运输，美国的碳排放量将会飙升。</blockquote></p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p><blockquote>你们的铁路在2021年的收入达到了创纪录的60亿美元。这里应该指出的是，我们谈论的是我们喜欢的老式收入：扣除利息、税收、折旧、摊销和所有形式的补偿后计算的数字。（我们的定义暗示了一个警告：随着股市上涨，欺骗性的盈利“调整”——用礼貌的描述——变得越来越频繁，也越来越异想天开。不那么礼貌地说，我会说牛市滋生了混乱的牛市）</blockquote></p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p><blockquote>BNSF列车去年行驶了1.43亿英里，运载了5.35亿吨货物。这两项成就都远远超过了任何其他美国航空公司。你可以为你的铁路感到骄傲。</blockquote></p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p><blockquote>•我们最后的巨头BHE在2021年赚了创纪录的40亿美元。这比2000年（伯克希尔哈撒韦公司首次购买BHE股份的那一年）的1.22亿美元收入增长了30多倍。现在，伯克希尔拥有该公司91.1%的股份。</blockquote></p><p></p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p><blockquote>BHE的社会成就记录与其财务表现一样引人注目。该公司在2000年没有风能或太阳能发电。当时，它只是被视为庞大的电力行业中一个相对较新的次要参与者。随后，在David Sokol和Greg Abel的领导下，BHE已成为一家公用事业巨头（请不要呻吟）以及美国大部分地区风能、太阳能和输电领域的主导力量。</blockquote></p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p><blockquote>格雷格关于这些成就的报告出现在A-3和A-4页。你会在那里找到的简介绝不是那些当前流行的“洗绿”故事。自2007年以来，BHE每年都忠实地详细介绍其在可再生能源和输电方面的计划和业绩。</blockquote></p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><p><blockquote>要进一步查看这些信息，请访问BHE在brkenergy.com的网站。在那里，你会看到该公司长期以来一直在采取气候意识举措，吸收了其所有收益。更多的机会就在前方。BHE拥有我国所需的管理、经验、资金和巨大电力项目的胃口。</blockquote></p><p><h2>Investments</h2>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><blockquote><h2>投资</h2>现在让我们谈谈我们不控制的公司，这份名单再次提到了苹果。下面我们列出了我们持有的15只最大的股票，其中几只是伯克希尔的两位长期投资经理托德·库姆斯和特德·韦施勒的精选。截至年底，这对有价值的投资拥有340亿美元投资的总权限，其中许多投资不符合我们在表中使用的阈值。此外，托德和特德管理的很大一部分资金存入伯克希尔旗下企业的各种养老金计划，这些计划的资产不包括在本表中。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p><blockquote>*这是我们的实际购买价格，也是我们的计税基础。</blockquote></p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p><blockquote>**由BHE持有；因此，伯克希尔股东在该职位上仅拥有91.1%的权益。</blockquote></p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p><blockquote>***包括对西方石油公司100亿美元的投资，包括优先股和购买普通股的认股权证，目前这一组合的价值为107亿美元。</blockquote></p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p><blockquote>除了脚注中提到的Occidental holding和我们的各种普通股头寸之外，Berkshire还拥有卡夫亨氏26.6%的权益（按“权益”法核算，而不是市值，账面价值为131亿美元）和Pilot Corp.38.6%的权益，Pilot Corp.是旅游中心的领导者，去年的收入为450亿美元。</blockquote></p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><p><blockquote>自从我们在2017年购买了我们的试点股份以来，这种持股已经保证了“权益”会计处理。2023年初，伯克希尔将购买Pilot的额外权益，这将使我们的所有权提高到80%，并使我们在财务报表中完全合并Pilot的收益、资产和负债。</blockquote></p><p><h2>U.S. Treasury Bills</h2>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p><blockquote><h2>美国国库券</h2>伯克希尔的资产负债表包括1440亿美元的现金和现金等价物（不包括持有的BNSF和BHE）。其中，1200亿美元是美国国库券，全部在不到一年的时间内到期。这些股份使伯克希尔哈撒韦公司为公共持有的国债的1%中的约12提供融资。</blockquote></p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><p><blockquote>查理和我承诺，伯克希尔（连同我们除BNSF和BHE之外的子公司）将始终持有超过300亿美元的现金和等价物。我们希望你的公司在财务上坚不可摧，永远不要依赖陌生人（甚至朋友）的善意。我们都喜欢睡得很香，我们希望我们的债权人、保险索赔人和你也这样做。</blockquote></p><p><h2>But $144 billion?</h2>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p><blockquote><h2>但是1440亿美元？</h2>我向你保证，这笔巨额资金并不是某种疯狂的爱国主义表达。查理和我也没有失去对企业所有权的压倒性偏好。事实上，80年前的1942年3月11日，我第一次表现出了我对此的热情，当时我购买了三股城市服务公司的优先股。它们的成本是114.75美元，需要我所有的积蓄。（道琼斯工业平均指数当天收于99点，这个事实应该让你尖叫：永远不要做空美国。）</blockquote></p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p><blockquote>在我最初的暴跌之后，我总是将至少80%的净资产投资于股票。在那段时间里，我最喜欢的状态是100%——现在仍然如此。伯克希尔目前80%左右的企业头寸是我未能找到符合我们长期持有标准的整个公司或其中一小部分（即有价证券）的结果。</blockquote></p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><p><blockquote>查理和我过去也不时经历过类似的现金密集型头寸。这些时期从来都不愉快；它们也不是永久的。幸运的是，我们在2020年和2021年期间有一个稍微有吸引力的资本部署替代方案。继续读下去。</blockquote></p><p></p><p><h2>Share Repurchases</h2>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p><blockquote><h2>股份购回</h2>我们有三种方法可以增加您的投资价值。第一个始终是我们最关心的问题：通过内部增长或收购来提高伯克希尔控制业务的长期盈利能力。如今，内部机会比收购带来更好的回报。然而，与伯克希尔的资源相比，这些机会的规模很小。</blockquote></p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p><blockquote>我们的第二个选择是购买许多公开交易的优秀或伟大企业的非控股部分权益。有时，这样的可能性既众多又极具吸引力。然而今天，我们很少发现让我们兴奋的东西。</blockquote></p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p><blockquote>这在很大程度上是因为一个不言而喻的事实：低长期利率会推高所有生产性投资的价格，无论是股票、公寓、农场、油井等等。其他因素也会影响估值，但利率始终很重要。</blockquote></p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p><blockquote>我们创造价值的最终途径是回购伯克希尔股票。通过这一简单的行为，我们增加了您在伯克希尔拥有的许多受控和非受控业务中的份额。当价格/价值等式正确时，这条路径是我们增加您财富的最简单、最确定的方式。（除了持续股东的价值增加之外，其他一些人也会受益：回购对回购股票的卖方和社会都有适度的好处。）</blockquote></p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p><blockquote>周期性地，随着替代路径变得没有吸引力，回购对伯克希尔的所有者来说是有意义的。因此，在过去两年中，我们回购了2019年底已发行股票的9%，总成本为517亿美元。这笔支出使我们的持续股东拥有伯克希尔所有业务约10%的股份，无论这些业务是全资拥有的（如BNSF和GEICO）还是部分拥有的（如可口可乐和穆迪）。</blockquote></p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p><blockquote>我想强调的是，为了让伯克希尔的回购有意义，我们的股票必须提供适当的价值。我们不想为其他公司的股票支付过高的价格，如果我们在购买伯克希尔时支付过高的价格，那将是对价值的破坏。截至2022年2月23日，自年底以来，我们以12亿美元的成本回购了额外股票。我们的胃口仍然很大，但将始终取决于价格。</blockquote></p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p><blockquote>需要注意的是，伯克希尔的回购机会有限，因为其投资者基础很高。倘我们的股份被短期投机者大量持有，价格波动及交易量将大幅增加。这种重塑将为我们提供更多通过回购创造价值的机会。然而，查理和我更喜欢我们现有的所有者，尽管他们令人钦佩的买入并持有态度限制了长期股东从机会主义回购中获利的程度。</blockquote></p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><p><blockquote>最后，一个容易被忽视的伯克希尔特有的价值计算：正如我们已经讨论过的，正确类型的保险“浮动”对我们来说非常有价值。碰巧的是，回购会自动增加每股的“流通量”。这一数字在过去两年中增长了25%，从每股“A”股79,387美元增至99,497美元，如前所述，这一有意义的涨幅在一定程度上要归功于回购。</blockquote></p><p><h2>A Wonderful Man and a Wonderful Business</h2>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p><blockquote><h2>一个了不起的人和一个了不起的企业</h2>去年，保罗·安德鲁斯去世了。保罗是伯克希尔哈撒韦公司位于沃思堡的子公司TTI的创始人兼首席执行官。在他的一生中——在他的事业和个人追求中——保罗悄悄地展示了查理和我所钦佩的所有品质。他的故事应该被讲述。</blockquote></p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p><blockquote>1971年，当屋顶倒塌时，保罗正在通用动力公司担任采购代理。在失去一份巨额国防合同后，该公司解雇了数千名员工，其中包括保罗。</blockquote></p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p><blockquote>随着他的第一个孩子即将出生，保罗决定把赌注押在自己身上，用他的500美元积蓄创办了Tex-Tronics（后来更名为TTI）。该公司致力于分销小型电子元件，第一年的销售额总计112,000美元。如今，创科实业销售超过100万种不同的产品，年销售额达77亿美元。</blockquote></p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p><blockquote>但回到2006年：63岁的保罗发现自己对家庭、工作和同事都很满意。但他有一个挥之不去的担忧，因为他最近目睹了一个朋友的早逝以及随之而来的对那个人的家庭和生意的灾难性后果，这种担忧加剧了。保罗在2006年问自己，如果他意外去世，许多依赖他的人会怎么样？</blockquote></p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p><blockquote>一年来，保罗一直在纠结自己的选择。卖给竞争对手？从严格的经济角度来看，这个过程是最有意义的。毕竟，竞争对手可以设想利润丰厚的“协同效应”——随着收购方削减TTI的重复职能，将实现节省。</blockquote></p><p></p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p><blockquote>但是...这样的购买者肯定还会保留其首席财务官、法律顾问和人力资源部门。因此，他们的TTI同行将被打包发送。还有啊！如果需要一个新的配送中心，收购方的家乡城市肯定会比沃思堡更受青睐。</blockquote></p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p><blockquote>不管经济利益如何，保罗很快得出结论，卖给竞争对手不适合他。接下来，他考虑寻找一家金融买家，这种买家曾经被恰当地称为杠杆收购公司。然而，保罗知道这样的买家会专注于“退出策略”。谁知道那会是什么？考虑到这一切，保罗发现自己没有兴趣将他35岁的创作交给经销商。</blockquote></p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p><blockquote>当保罗见到我时，他解释了为什么他作为买家排除了这两种选择。然后，他用比这更委婉的措辞总结了自己的困境：“经过一年的思考，我想把它卖给伯克希尔，因为你是唯一剩下的人。”所以，我提出了一个提议，保罗答应了。一次会议；一顿午餐；一笔交易。</blockquote></p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p><blockquote>说我们从此过上了幸福的生活是一种保守的说法。当伯克希尔收购TTI时，该公司拥有2,387名员工。现在这个数字是8043。其中很大一部分增长发生在沃思堡及周边地区。盈利增长了673%。</blockquote></p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p><blockquote>每年，我都会给保罗发看涨期权，告诉他他的薪水应该大幅增加。每年，他都会告诉我，“我们可以明年再谈这个，沃伦，我现在太忙了。”</blockquote></p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p><blockquote>当格雷格·阿贝尔和我参加保罗的追悼会时，我们见到了孩子、孙子、长期合作伙伴（包括创科实业的第一位员工）和约翰·罗奇，他是伯克希尔2000年收购的沃斯堡一家公司的前首席执行官。约翰带着他的朋友保罗去了奥马哈，本能地知道我们会是一对。</blockquote></p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p><blockquote>在仪式上，格雷格和我听说了保罗默默支持的许多人和组织。他的慷慨是非凡的——总是致力于改善他人的生活，尤其是那些在沃思堡的人。</blockquote></p><p>In all ways, Paul was a class act.</p><p><blockquote>从各方面来看，保罗都是一流的。</blockquote></p><p>* * * * * * * * * * * *</p><p><blockquote>**</blockquote></p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p><blockquote>好运——偶尔是非凡的运气——在伯克希尔发挥了作用。如果保罗和我没有一个共同的朋友——约翰·罗奇——TTI就不会在我们身边找到它的家。但是这种充足的运气仅仅是个开始。TTI很快就带领伯克希尔完成了其最重要的收购。</blockquote></p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p><blockquote>每年秋天，伯克希尔的董事们都会聚集在一起，听取我们几位高管的演讲。我们有时会根据最近收购的地点来选择地点，这样可以让董事会见新子公司的首席执行官，并更多地了解被收购方的活动。</blockquote></p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p><blockquote>因此，在2009年秋天，我们选择了沃思堡，这样我们就可以参观TTI。当时，BNSF的家乡也是沃思堡，是我们有价证券中的第三大持股。尽管有这么大的股份，我从未去过铁路总部。</blockquote></p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p><blockquote>我的助手Deb Bosanek将我们董事会的开幕晚宴安排在10月22日。与此同时，我安排当天早些时候到达，会见BNSF首席执行官马特·罗斯，他的成就我长期以来一直钦佩。当我确定这个日期时，我不知道我们的聚会会恰逢BNSF于22日晚些时候发布的第三季度收益报告。</blockquote></p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p><blockquote>市场对铁路公司的业绩反应不佳。大衰退在第三季度全面爆发，BNSF的盈利反映了这种下滑。经济前景也很黯淡，华尔街对铁路或其他许多行业都不太友好。</blockquote></p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p><blockquote>第二天，我再次和马特聚在一起，建议伯克希尔为铁路公司提供一个比上市公司更好的长期住所。我还告诉了他伯克希尔愿意支付的最高价格。</blockquote></p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p><blockquote>马特向他的董事和顾问转达了这一提议。忙碌了11天后，伯克希尔和BNSF宣布了一项确定的交易。在这里，我大胆地做一个罕见的预测：一个世纪后，BNSF将成为伯克希尔和我们国家的关键资产。</blockquote></p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><p><blockquote>如果保罗·安德鲁斯(Paul Andrews)没有将伯克希尔视为TTI的合适住所，BNSF的收购永远不会发生。</blockquote></p><p><h2>Thanks</h2>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p><blockquote><h2>谢谢</h2>70年前，我教了我的第一堂投资课。从那以后，我几乎每年都喜欢和各个年龄段的学生一起工作，最终在2018年从这种追求中“退休”。</blockquote></p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p><blockquote>一路上，我最难对付的观众是我孙子五年级的班级。11岁的孩子们在座位上蠕动，茫然地看着我，直到我提到可口可乐和它著名的秘密配方。立刻，每个人都举起了手，我明白了“秘密”对孩子们来说是猫薄荷。</blockquote></p><p></p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p><blockquote>教学和写作一样，帮助我发展和理清了自己的思想。查理·评级这种现象猩猩效应：如果你和一只猩猩坐下来，仔细地向它解释你珍视的一个想法，你可能会留下一只困惑的灵长类动物，但你自己会更清楚地思考吗？</blockquote></p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p><blockquote>和大学生说话要优越得多。我敦促他们在（1）这个领域和（2）如果他们不需要钱，他们会选择的那种人那里找工作。我承认，经济现实可能会干扰这种搜索。即便如此，我敦促学生们永远不要放弃追求，因为当他们找到那种工作时，他们将不再是“工作”。</blockquote></p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p><blockquote>查理和我，我们自己，在经历了一些早期的挫折后，走上了解放的道路。我们都是从我祖父的杂货店兼职开始的，查理是1940年，我是1942年。我们每个人都被分配了无聊的任务，报酬很低，绝对不是我们想要的。查理后来从事法律工作，我尝试出售证券。工作满意度继续困扰着我们。</blockquote></p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p><blockquote>最后，在伯克希尔，我们找到了自己喜欢做的事情。除了极少数例外，我们现在已经和我们喜欢和信任的人“工作”了几十年。与保罗·安德鲁斯或我去年告诉过你的伯克希尔家族等经理人一起工作是生活中的一种乐趣。在我们的家庭办公室，我们雇佣体面和有才华的人——没有混蛋。平均离职人数可能是每年一人。</blockquote></p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p><blockquote>然而，我想强调另一个项目，它将我们的工作变成有趣和令人满意的工作</blockquote></p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p><blockquote>为了你。对查理和我来说，没有什么比享受个人长期股东的信任更有意义的了，几十年来，他们加入我们的期望是我们将成为他们资金的可靠托管人。</blockquote></p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p><blockquote>显然，我们不能选择我们的所有者，如果我们的运营形式是合伙企业，我们可以这样做。任何人今天都可以购买伯克希尔的股票，并打算很快转售。当然，我们有一些此类股东，就像我们有指数基金持有大量伯克希尔哈撒韦公司股票一样，因为它们被要求这样做。</blockquote></p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p><blockquote>然而，在一个真正不寻常的程度上，伯克希尔拥有一大批个人和家庭作为所有者，他们选择加入我们，意图是“直到死亡将我们分开”。通常，他们把很大一部分——有些人可能会说是过多的——储蓄托付给我们。</blockquote></p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p><blockquote>这些股东有时会承认，伯克希尔可能远不是他们所能做出的最佳选择。但他们会补充说，伯克希尔将在他们最满意的公司中排名靠前。平均而言，对自己的投资感到满意的人会比那些被不断变化的头条新闻、喋喋不休和承诺所激励的人取得更好的结果。</blockquote></p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><p><blockquote>长期个人所有者既是查理和我一直在寻找的“合作伙伴”，也是我们在伯克希尔做决策时一直牢记的“合作伙伴”。我们对他们说：“为你们‘工作’的感觉真好，我们感谢你们的信任。”</blockquote></p><p><h2>The Annual Meeting</h2>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p><blockquote><h2>年会</h2>清除您的日历！伯克希尔将于4月29日星期五至5月1日星期日在奥马哈举行年度资本家聚会。关于周末的细节列在A-1和A-2页。奥马哈急切地等待着你，我也是。</blockquote></p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p><blockquote>我将以推销来结束这封信。“表哥”吉米·巴菲特设计了一艘浮桥“派对”船，现在由伯克希尔旗下的森林河公司制造。这艘船将于4月29日在我们的伯克希尔便宜货市场推出。而且，仅在两天内，股东就可以以10%的折扣购买吉米的杰作。你的便宜货董事长会买一艘船给他的家人使用。加入我。</blockquote></p><p>February 26, 2022</p><p><blockquote>2022年2月26日</blockquote></p><p>Warren E. Buffett Chairman of the Board</p><p><blockquote>沃伦·E·巴菲特董事会主席</blockquote></p><p></body></html></p><p><blockquote></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>Buffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value<blockquote>巴菲特完整年度信：苹果是推动巴菲特价值的“四大巨头”之一</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\">\nBuffett Full Annual Letter：Apple is One of ‘Four Giants’ Driving the Conglomerate’s Value<blockquote>巴菲特完整年度信：苹果是推动巴菲特价值的“四大巨头”之一</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2022-02-27 09:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.</p><p><blockquote><html><head></head><body>沃伦·巴菲特周六发布了致伯克希尔·哈撒韦公司股东的年度信。这位91岁的投资传奇人物已经出版这封信60多年了，它已成为世界各地投资者的必读书目。</body></html></blockquote></p><p>Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.</p><p><blockquote>沃伦·巴菲特表示，他现在认为科技巨头苹果是推动伯克希尔·哈撒韦公司的四大支柱之一，伯克希尔·哈撒韦公司是沃伦·巴菲特在过去50年里组建的主要由旧经济企业组成的企业集团。</blockquote></p><p>In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.</p><p><blockquote>在周六发布的致股东的年度信中，这位91岁的投资传奇人物将苹果列为“我们的四大巨头”，甚至称该公司是仅次于伯克希尔保险集团的第二大保险公司，这要归功于伯克希尔的首席执行官。</blockquote></p><p>“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.</p><p><blockquote>信中写道：“苹果才华横溢的首席执行官蒂姆·库克非常恰当地将苹果产品的用户视为他的初恋，但他的所有其他支持者也受益于蒂姆的管理风格。”</blockquote></p><p>Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.</p><p><blockquote>巴菲特明确表示，他是库克股票回购策略的粉丝，以及该策略如何让该集团增加对这家iPhone制造商每一美元收益的所有权，而投资者无需动一根手指。</blockquote></p><p>“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”</p><p><blockquote>巴菲特在信中表示：“以年终市值衡量，苹果是我们的第二大巨头。在这里，我们的持股比例仅为5.55%，高于一年前的5.39%。”“这一增长听起来像是小巫见大巫。但考虑到苹果2021年盈利的0.1%相当于1亿美元。我们没有花费伯克希尔的资金来获得增长。苹果的回购完成了这项工作。”</blockquote></p><p>Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.</p><p><blockquote>在巴菲特投资副手Todd Combs和Ted Weschler的影响下，Berkshire于2016年开始买入苹果股票。到2018年中期，该集团积累了这家iPhone制造商5%的股份，价值360亿美元。如今，苹果的投资价值超过1600亿美元，占伯克希尔股票投资组合的40%。</blockquote></p><p>“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.</p><p><blockquote>“重要的是要明白，只有苹果的股息才会计入伯克希尔的GAAP收益报告中——去年，苹果支付了其中的7.85亿美元。然而，我们在苹果收益中的‘份额’达到了惊人的56亿美元。公司保留的大部分资金用于回购苹果股票，我们对此表示赞赏。”</blockquote></p><p>Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.</p><p><blockquote>除了指数和交易所交易基金提供商之外，Berkshire是苹果最大的股东。</blockquote></p><p>Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.</p><p><blockquote>巴菲特还将他的铁路业务BNSF和能源部门BHE视为该集团的另外两家巨头，这两家公司在2021年的盈利均创历史新高。</blockquote></p><p>“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”</p><p><blockquote>巴菲特表示：“我们的第三大巨头BNSF仍然是美国商业的第一大动脉，这使其成为美国和伯克希尔不可或缺的资产。”“BHE已成为美国大部分地区的公用事业巨头以及风能、太阳能和输电领域的主导力量。”</blockquote></p><p><b>Read the full letter here：</b></p><p><blockquote><b>在这里阅读完整的信：</b></blockquote></p><p>To the Shareholders of Berkshire Hathaway Inc.:</p><p><blockquote>致伯克希尔哈撒韦公司股东：</blockquote></p><p>Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.</p><p><blockquote>我的长期合伙人查理·芒格和我的工作是管理你的一部分储蓄。我们很荣幸得到你的信任。</blockquote></p><p>Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.</p><p><blockquote>如果我们是缺席的所有者，而您是经理，我们的职位有责任向您报告我们想知道的信息。我们喜欢通过这封年度信函和年会直接与您交流。</blockquote></p><p>Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.</p><p><blockquote>我们的政策是平等对待所有股东。因此，我们不与分析师或大型机构进行讨论。此外，只要有可能，我们会在周六上午发布重要信息，以便最大限度地让股东和媒体在周一开市前有时间了解新闻。</blockquote></p><p>A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.</p><p><blockquote>伯克希尔定期向美国证券交易委员会提交的年度10-K报告中列出了大量事实和数据。我们在K-1-K-119页复制了这一点。一些股东会发现这个细节引人入胜；其他人则更愿意了解查理和我认为伯克希尔的新事物或有趣之处。</blockquote></p><p>Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.</p><p><blockquote>唉，2021年几乎没有这样的行动。不过，我们在增加您股票的内在价值方面确实取得了合理的进展。57年来，这项任务一直是我的主要职责。并将继续如此。</blockquote></p><p><b>What You Own</b></p><p><blockquote><b>你拥有什么</b></blockquote></p><p>Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.</p><p><blockquote>伯克希尔拥有各种各样的业务，有些是全部，有些只是部分。第二组主要由美国大公司的有价证券普通股组成。此外，我们拥有一些非美国股票，并参与多家合资企业或其他合作活动。</blockquote></p><p>Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.</p><p><blockquote>无论我们的所有权形式如何，我们的目标都是对既有持久经济优势又有一流首席执行官的企业进行有意义的投资。请特别注意，我们持有股票是基于我们对其长期业务表现的预期，而不是因为我们将它们视为及时市场波动的工具。这一点至关重要：查理和我不是选股者；我们是挑选生意的人。</blockquote></p><p></p><p>I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.</p><p><blockquote>我犯了很多错误。因此，我们广泛收集的企业包括一些具有真正非凡经济效益的企业，许多其他享有良好经济特征的企业，以及少数边缘企业。我们普通股部门的一个优势是——有时——以优惠的价格购买精彩的业务变得很容易。这种在谈判交易中射鱼的经历非常罕见，而且永远不会集体发生。当错误发生在市场舞台上时，从错误中退出也要容易得多。</blockquote></p><p><h2><b>Surprise, Surprise</b></h2>Here are a few items about your company that often surprise even seasoned investors:</p><p><blockquote><h2><b>惊喜，惊喜</b></h2>以下是有关贵公司的一些事项，即使是经验丰富的投资者也常常感到惊讶：</blockquote></p><p>• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.</p><p><blockquote>•许多人认为伯克希尔是一个庞大而有些奇怪的金融资产集合体。事实上，伯克希尔拥有和经营的美国“基础设施”资产（在我们的资产负债表上归类为财产、厂房和设备）比任何其他美国公司拥有和经营的都多。这种霸权从来都不是我们的目标。然而，这已经成为事实。</blockquote></p><p>At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.</p><p><blockquote>截至年底，这些国内基础设施资产在伯克希尔资产负债表上的价值为1580亿美元。这一数字去年有所增加，并将继续增加。伯克希尔将永远在建设。</blockquote></p><p>• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid</p><p><blockquote>•您的公司每年都要缴纳大量的联邦所得税。例如，在2021年，我们支付了</blockquote></p><p>$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.</p><p><blockquote>33亿美元，而美国财政部报告的企业所得税总收入为4020亿美元。此外，伯克希尔还缴纳大量的州税和外国税。“我在办公室给了”是伯克希尔股东不容置疑的断言。</blockquote></p><p>Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.</p><p><blockquote>伯克希尔的历史生动地说明了政府和美国企业之间看不见的、往往不被认可的金融伙伴关系。我们的故事始于1955年初，当时伯克希尔精细纺纱公司和哈撒韦制造公司同意合并他们的业务。在请求股东批准的请求中，这些历史悠久的新英格兰纺织公司对合并寄予厚望。</blockquote></p><p>The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).</p><p><blockquote>例如，哈撒韦公司的招标向其股东保证，“资源和管理的结合将产生纺织行业最强大、最高效的组织之一。”这种乐观的观点得到了该公司顾问雷曼兄弟（是的，就是雷曼兄弟）的认可。</blockquote></p><p>I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.</p><p><blockquote>我敢肯定，当联盟完成时，福尔里弗（伯克郡）和新贝德福德（哈撒韦）都是欢乐的一天。然而，在乐队停止演奏、银行家们回家后，股东们却收获了一场灾难。</blockquote></p><p>In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from</p><p><blockquote>在合并后的九年里，伯克希尔的所有者眼睁睁地看着公司的净资产从</blockquote></p><p>$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.</p><p><blockquote>5140万美元至2210万美元。这种下降在一定程度上是由股票回购、不明智的股息和工厂关闭造成的。但数千名员工九年的努力也带来了运营亏损。伯克希尔的挣扎并不罕见：新英格兰纺织业已经悄然进入了漫长且不可逆转的死亡行军。</blockquote></p><p>During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.</p><p><blockquote>在合并后的九年里，美国财政部也遭受了伯克希尔的麻烦。在此期间，该公司总共只向政府缴纳了337,359美元的所得税——每天只有可怜的100美元。</blockquote></p><p>Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.</p><p><blockquote>1965年初，情况发生了变化。伯克希尔任命了新的管理层，重新部署了可用现金，并将基本上所有收益转移到各种良好的业务中，其中大多数业务多年来一直保持良好状态。将收益再投资与复利的力量结合起来发挥了它的魔力，股东们也因此繁荣起来。</blockquote></p><p>Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.</p><p><blockquote>应该指出的是，伯克希尔的所有者并不是这一路线调整的唯一受益者。他们的“沉默伙伴”，美国财政部，继续从该公司收取数百亿美元的所得税。还记得每天100美元吗？现在，伯克希尔每天向财政部支付大约900万美元。</blockquote></p><p>In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.</p><p><blockquote>为我们的政府合作伙伴说句公道话，我们的股东应该承认——事实上是鼓吹——这样一个事实：伯克希尔的繁荣得到了极大的促进，因为该公司在美国运营。如果没有伯克希尔，我们的国家在1965年以来的几年里会做得非常出色。然而，如果没有我们的美国家园，伯克希尔永远不会成为今天的样子。当你看到旗子时，说声谢谢。</blockquote></p><p>• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.</p><p><blockquote>1967年，伯克希尔斥资860万美元收购了美国国家赔偿公司（National Indemnity），如今已成为保险“浮动”（float）领域的全球领导者——我们持有并可以投资但不属于我们的资金。包括来自人寿保险的相对较小的金额在内，伯克希尔的总流通量已从我们进入保险业务时的1900万美元增长到1470亿美元。</blockquote></p><p>So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.</p><p><blockquote>到目前为止，这辆彩车让我们付出了不到一分钱的代价。尽管我们经历了多年保险损失加上运营费用超过保费的情况，但总体而言，我们从产生流通量的承保活动中获得了55年的适度利润。</blockquote></p><p></p><p>Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.</p><p><blockquote>同样重要的是，浮子非常粘。归属于我们保险业务的资金每天来来去去，但其总额不会急剧下降。因此，在投资流通量时，我们可以从长计议。</blockquote></p><p>If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.</p><p><blockquote>如果你还不熟悉浮点的概念，我建议你参考A-5页的长篇解释。令我惊讶的是，我们的流通量去年增加了90亿美元，这一价值的积累对伯克希尔所有者来说很重要，但并未反映在我们的GAAP（“公认会计原则”）收益和净值列报中。</blockquote></p><p>Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”</p><p><blockquote>我们在保险业创造的巨大价值很大程度上要归功于伯克希尔的好运，我在1986年聘请了阿吉特·贾恩。我们第一次见面是在一个周六的早上，我很快问阿吉特他的保险经历是什么。他回答说：“没有。”</blockquote></p><p>I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.</p><p><blockquote>我说，“人无完人”，就雇了他。那是我的幸运日：阿吉特实际上是一个完美的选择。更好的是，35年后，他仍然是。</blockquote></p><p>One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.</p><p><blockquote>关于保险的最后一个想法：我相信伯克希尔哈撒韦公司的流通股很可能——但远不能确定——能够在不遭受长期承保损失的情况下维持下去。然而，我确信，我们将在未来几年经历这种损失，可能涉及非常大的金额。</blockquote></p><p>Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.</p><p><blockquote>伯克希尔在处理灾难性事件方面的能力与其他保险公司不同——在查理和我离开后很长一段时间内，这一优先事项仍将继续存在。</blockquote></p><p><h2>Our Four Giants</h2>Through Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.</p><p><blockquote><h2>我们的四大巨头</h2>通过伯克希尔，我们的股东拥有数十家企业。反过来，其中一些又有自己的子公司。例如，Marmon拥有100多项个体业务，从铁路车辆租赁到医疗设备制造。</blockquote></p><p>• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.</p><p><blockquote>·尽管如此，我们的“四大”公司的运营在伯克希尔的价值中占了非常大的一块。领先的是我们的保险公司集群。伯克希尔实际上拥有该集团100%的股份，其巨大的流通价值我们之前描述过。我们为支持这些保险公司的承诺而投入的大量资本进一步扩大了这些保险公司的投资资产。</blockquote></p><p>The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.</p><p><blockquote>保险业务是为伯克希尔定制的。该产品永远不会过时，销量通常会随着经济增长和通货膨胀而增加。此外，诚信和资本永远很重要。我们公司能够也将会表现良好。</blockquote></p><p>There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.</p><p><blockquote>当然，还有其他保险公司拥有出色的商业模式和前景。然而，复制伯克希尔的运作几乎是不可能的。</blockquote></p><p>• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.</p><p><blockquote>·苹果——以年终市值衡量，它是我们的第二大巨头——是一种不同的持股类型。在这里，我们的持股比例仅为5.55%，高于一年前的5.39%。这种增长听起来像是小事。但考虑到苹果2021年盈利的0.1%总计1亿美元。我们没有花费伯克希尔的资金来获得我们的增长。苹果的回购起到了作用。</blockquote></p><p>It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.</p><p><blockquote>重要的是要明白，伯克希尔的GAAP收益报告中只有苹果的股息被计算在内——去年，苹果支付了其中的7.85亿美元。然而，我们在苹果收益中的“份额”达到了惊人的56亿美元。该公司保留的大部分资金用于回购苹果股票，我们对此表示赞赏。苹果杰出的首席执行官蒂姆·库克（Tim Cook）非常恰当地将苹果产品的用户视为他的初恋，但他的所有其他支持者也受益于蒂姆的管理风格。</blockquote></p><p>• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.</p><p><blockquote>•我们的第三大巨头BNSF仍然是美国商业的头号动脉，这使它成为美国和伯克希尔不可或缺的资产。如果BNSF运输的许多基本产品改为用卡车运输，美国的碳排放量将会飙升。</blockquote></p><p>Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )</p><p><blockquote>你们的铁路在2021年的收入达到了创纪录的60亿美元。这里应该指出的是，我们谈论的是我们喜欢的老式收入：扣除利息、税收、折旧、摊销和所有形式的补偿后计算的数字。（我们的定义暗示了一个警告：随着股市上涨，欺骗性的盈利“调整”——用礼貌的描述——变得越来越频繁，也越来越异想天开。不那么礼貌地说，我会说牛市滋生了混乱的牛市）</blockquote></p><p>BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.</p><p><blockquote>BNSF列车去年行驶了1.43亿英里，运载了5.35亿吨货物。这两项成就都远远超过了任何其他美国航空公司。你可以为你的铁路感到骄傲。</blockquote></p><p>• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.</p><p><blockquote>•我们最后的巨头BHE在2021年赚了创纪录的40亿美元。这比2000年（伯克希尔哈撒韦公司首次购买BHE股份的那一年）的1.22亿美元收入增长了30多倍。现在，伯克希尔拥有该公司91.1%的股份。</blockquote></p><p></p><p>BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.</p><p><blockquote>BHE的社会成就记录与其财务表现一样引人注目。该公司在2000年没有风能或太阳能发电。当时，它只是被视为庞大的电力行业中一个相对较新的次要参与者。随后，在David Sokol和Greg Abel的领导下，BHE已成为一家公用事业巨头（请不要呻吟）以及美国大部分地区风能、太阳能和输电领域的主导力量。</blockquote></p><p>Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.</p><p><blockquote>格雷格关于这些成就的报告出现在A-3和A-4页。你会在那里找到的简介绝不是那些当前流行的“洗绿”故事。自2007年以来，BHE每年都忠实地详细介绍其在可再生能源和输电方面的计划和业绩。</blockquote></p><p>To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.</p><p><blockquote>要进一步查看这些信息，请访问BHE在brkenergy.com的网站。在那里，你会看到该公司长期以来一直在采取气候意识举措，吸收了其所有收益。更多的机会就在前方。BHE拥有我国所需的管理、经验、资金和巨大电力项目的胃口。</blockquote></p><p><h2>Investments</h2>Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.</p><p><blockquote><h2>投资</h2>现在让我们谈谈我们不控制的公司，这份名单再次提到了苹果。下面我们列出了我们持有的15只最大的股票，其中几只是伯克希尔的两位长期投资经理托德·库姆斯和特德·韦施勒的精选。截至年底，这对有价值的投资拥有340亿美元投资的总权限，其中许多投资不符合我们在表中使用的阈值。此外，托德和特德管理的很大一部分资金存入伯克希尔旗下企业的各种养老金计划，这些计划的资产不包括在本表中。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d43587e9f59c0ff76e6c04c6bf9af324\" tg-width=\"1047\" tg-height=\"530\" referrerpolicy=\"no-referrer\"/>* This is our actual purchase price and also our tax basis.</p><p><blockquote>*这是我们的实际购买价格，也是我们的计税基础。</blockquote></p><p>** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.</p><p><blockquote>**由BHE持有；因此，伯克希尔股东在该职位上仅拥有91.1%的权益。</blockquote></p><p>*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.</p><p><blockquote>***包括对西方石油公司100亿美元的投资，包括优先股和购买普通股的认股权证，目前这一组合的价值为107亿美元。</blockquote></p><p>In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.</p><p><blockquote>除了脚注中提到的Occidental holding和我们的各种普通股头寸之外，Berkshire还拥有卡夫亨氏26.6%的权益（按“权益”法核算，而不是市值，账面价值为131亿美元）和Pilot Corp.38.6%的权益，Pilot Corp.是旅游中心的领导者，去年的收入为450亿美元。</blockquote></p><p>Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.</p><p><blockquote>自从我们在2017年购买了我们的试点股份以来，这种持股已经保证了“权益”会计处理。2023年初，伯克希尔将购买Pilot的额外权益，这将使我们的所有权提高到80%，并使我们在财务报表中完全合并Pilot的收益、资产和负债。</blockquote></p><p><h2>U.S. Treasury Bills</h2>Berkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.</p><p><blockquote><h2>美国国库券</h2>伯克希尔的资产负债表包括1440亿美元的现金和现金等价物（不包括持有的BNSF和BHE）。其中，1200亿美元是美国国库券，全部在不到一年的时间内到期。这些股份使伯克希尔哈撒韦公司为公共持有的国债的1%中的约12提供融资。</blockquote></p><p>Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.</p><p><blockquote>查理和我承诺，伯克希尔（连同我们除BNSF和BHE之外的子公司）将始终持有超过300亿美元的现金和等价物。我们希望你的公司在财务上坚不可摧，永远不要依赖陌生人（甚至朋友）的善意。我们都喜欢睡得很香，我们希望我们的债权人、保险索赔人和你也这样做。</blockquote></p><p><h2>But $144 billion?</h2>That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)</p><p><blockquote><h2>但是1440亿美元？</h2>我向你保证，这笔巨额资金并不是某种疯狂的爱国主义表达。查理和我也没有失去对企业所有权的压倒性偏好。事实上，80年前的1942年3月11日，我第一次表现出了我对此的热情，当时我购买了三股城市服务公司的优先股。它们的成本是114.75美元，需要我所有的积蓄。（道琼斯工业平均指数当天收于99点，这个事实应该让你尖叫：永远不要做空美国。）</blockquote></p><p>After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.</p><p><blockquote>在我最初的暴跌之后，我总是将至少80%的净资产投资于股票。在那段时间里，我最喜欢的状态是100%——现在仍然如此。伯克希尔目前80%左右的企业头寸是我未能找到符合我们长期持有标准的整个公司或其中一小部分（即有价证券）的结果。</blockquote></p><p>Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.</p><p><blockquote>查理和我过去也不时经历过类似的现金密集型头寸。这些时期从来都不愉快；它们也不是永久的。幸运的是，我们在2020年和2021年期间有一个稍微有吸引力的资本部署替代方案。继续读下去。</blockquote></p><p></p><p><h2>Share Repurchases</h2>There are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.</p><p><blockquote><h2>股份购回</h2>我们有三种方法可以增加您的投资价值。第一个始终是我们最关心的问题：通过内部增长或收购来提高伯克希尔控制业务的长期盈利能力。如今，内部机会比收购带来更好的回报。然而，与伯克希尔的资源相比，这些机会的规模很小。</blockquote></p><p>Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.</p><p><blockquote>我们的第二个选择是购买许多公开交易的优秀或伟大企业的非控股部分权益。有时，这样的可能性既众多又极具吸引力。然而今天，我们很少发现让我们兴奋的东西。</blockquote></p><p>That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.</p><p><blockquote>这在很大程度上是因为一个不言而喻的事实：低长期利率会推高所有生产性投资的价格，无论是股票、公寓、农场、油井等等。其他因素也会影响估值，但利率始终很重要。</blockquote></p><p>Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)</p><p><blockquote>我们创造价值的最终途径是回购伯克希尔股票。通过这一简单的行为，我们增加了您在伯克希尔拥有的许多受控和非受控业务中的份额。当价格/价值等式正确时，这条路径是我们增加您财富的最简单、最确定的方式。（除了持续股东的价值增加之外，其他一些人也会受益：回购对回购股票的卖方和社会都有适度的好处。）</blockquote></p><p>Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).</p><p><blockquote>周期性地，随着替代路径变得没有吸引力，回购对伯克希尔的所有者来说是有意义的。因此，在过去两年中，我们回购了2019年底已发行股票的9%，总成本为517亿美元。这笔支出使我们的持续股东拥有伯克希尔所有业务约10%的股份，无论这些业务是全资拥有的（如BNSF和GEICO）还是部分拥有的（如可口可乐和穆迪）。</blockquote></p><p>I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.</p><p><blockquote>我想强调的是，为了让伯克希尔的回购有意义，我们的股票必须提供适当的价值。我们不想为其他公司的股票支付过高的价格，如果我们在购买伯克希尔时支付过高的价格，那将是对价值的破坏。截至2022年2月23日，自年底以来，我们以12亿美元的成本回购了额外股票。我们的胃口仍然很大，但将始终取决于价格。</blockquote></p><p>It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.</p><p><blockquote>需要注意的是，伯克希尔的回购机会有限，因为其投资者基础很高。倘我们的股份被短期投机者大量持有，价格波动及交易量将大幅增加。这种重塑将为我们提供更多通过回购创造价值的机会。然而，查理和我更喜欢我们现有的所有者，尽管他们令人钦佩的买入并持有态度限制了长期股东从机会主义回购中获利的程度。</blockquote></p><p>Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.</p><p><blockquote>最后，一个容易被忽视的伯克希尔特有的价值计算：正如我们已经讨论过的，正确类型的保险“浮动”对我们来说非常有价值。碰巧的是，回购会自动增加每股的“流通量”。这一数字在过去两年中增长了25%，从每股“A”股79,387美元增至99,497美元，如前所述，这一有意义的涨幅在一定程度上要归功于回购。</blockquote></p><p><h2>A Wonderful Man and a Wonderful Business</h2>Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.</p><p><blockquote><h2>一个了不起的人和一个了不起的企业</h2>去年，保罗·安德鲁斯去世了。保罗是伯克希尔哈撒韦公司位于沃思堡的子公司TTI的创始人兼首席执行官。在他的一生中——在他的事业和个人追求中——保罗悄悄地展示了查理和我所钦佩的所有品质。他的故事应该被讲述。</blockquote></p><p>In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.</p><p><blockquote>1971年，当屋顶倒塌时，保罗正在通用动力公司担任采购代理。在失去一份巨额国防合同后，该公司解雇了数千名员工，其中包括保罗。</blockquote></p><p>With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.</p><p><blockquote>随着他的第一个孩子即将出生，保罗决定把赌注押在自己身上，用他的500美元积蓄创办了Tex-Tronics（后来更名为TTI）。该公司致力于分销小型电子元件，第一年的销售额总计112,000美元。如今，创科实业销售超过100万种不同的产品，年销售额达77亿美元。</blockquote></p><p>But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?</p><p><blockquote>但回到2006年：63岁的保罗发现自己对家庭、工作和同事都很满意。但他有一个挥之不去的担忧，因为他最近目睹了一个朋友的早逝以及随之而来的对那个人的家庭和生意的灾难性后果，这种担忧加剧了。保罗在2006年问自己，如果他意外去世，许多依赖他的人会怎么样？</blockquote></p><p>For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.</p><p><blockquote>一年来，保罗一直在纠结自己的选择。卖给竞争对手？从严格的经济角度来看，这个过程是最有意义的。毕竟，竞争对手可以设想利润丰厚的“协同效应”——随着收购方削减TTI的重复职能，将实现节省。</blockquote></p><p></p><p>But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.</p><p><blockquote>但是...这样的购买者肯定还会保留其首席财务官、法律顾问和人力资源部门。因此，他们的TTI同行将被打包发送。还有啊！如果需要一个新的配送中心，收购方的家乡城市肯定会比沃思堡更受青睐。</blockquote></p><p>Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.</p><p><blockquote>不管经济利益如何，保罗很快得出结论，卖给竞争对手不适合他。接下来，他考虑寻找一家金融买家，这种买家曾经被恰当地称为杠杆收购公司。然而，保罗知道这样的买家会专注于“退出策略”。谁知道那会是什么？考虑到这一切，保罗发现自己没有兴趣将他35岁的创作交给经销商。</blockquote></p><p>When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.</p><p><blockquote>当保罗见到我时，他解释了为什么他作为买家排除了这两种选择。然后，他用比这更委婉的措辞总结了自己的困境：“经过一年的思考，我想把它卖给伯克希尔，因为你是唯一剩下的人。”所以，我提出了一个提议，保罗答应了。一次会议；一顿午餐；一笔交易。</blockquote></p><p>To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.</p><p><blockquote>说我们从此过上了幸福的生活是一种保守的说法。当伯克希尔收购TTI时，该公司拥有2,387名员工。现在这个数字是8043。其中很大一部分增长发生在沃思堡及周边地区。盈利增长了673%。</blockquote></p><p>Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”</p><p><blockquote>每年，我都会给保罗发看涨期权，告诉他他的薪水应该大幅增加。每年，他都会告诉我，“我们可以明年再谈这个，沃伦，我现在太忙了。”</blockquote></p><p>When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.</p><p><blockquote>当格雷格·阿贝尔和我参加保罗的追悼会时，我们见到了孩子、孙子、长期合作伙伴（包括创科实业的第一位员工）和约翰·罗奇，他是伯克希尔2000年收购的沃斯堡一家公司的前首席执行官。约翰带着他的朋友保罗去了奥马哈，本能地知道我们会是一对。</blockquote></p><p>At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.</p><p><blockquote>在仪式上，格雷格和我听说了保罗默默支持的许多人和组织。他的慷慨是非凡的——总是致力于改善他人的生活，尤其是那些在沃思堡的人。</blockquote></p><p>In all ways, Paul was a class act.</p><p><blockquote>从各方面来看，保罗都是一流的。</blockquote></p><p>* * * * * * * * * * * *</p><p><blockquote>**</blockquote></p><p>Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.</p><p><blockquote>好运——偶尔是非凡的运气——在伯克希尔发挥了作用。如果保罗和我没有一个共同的朋友——约翰·罗奇——TTI就不会在我们身边找到它的家。但是这种充足的运气仅仅是个开始。TTI很快就带领伯克希尔完成了其最重要的收购。</blockquote></p><p>Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.</p><p><blockquote>每年秋天，伯克希尔的董事们都会聚集在一起，听取我们几位高管的演讲。我们有时会根据最近收购的地点来选择地点，这样可以让董事会见新子公司的首席执行官，并更多地了解被收购方的活动。</blockquote></p><p>In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.</p><p><blockquote>因此，在2009年秋天，我们选择了沃思堡，这样我们就可以参观TTI。当时，BNSF的家乡也是沃思堡，是我们有价证券中的第三大持股。尽管有这么大的股份，我从未去过铁路总部。</blockquote></p><p>Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.</p><p><blockquote>我的助手Deb Bosanek将我们董事会的开幕晚宴安排在10月22日。与此同时，我安排当天早些时候到达，会见BNSF首席执行官马特·罗斯，他的成就我长期以来一直钦佩。当我确定这个日期时，我不知道我们的聚会会恰逢BNSF于22日晚些时候发布的第三季度收益报告。</blockquote></p><p>The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.</p><p><blockquote>市场对铁路公司的业绩反应不佳。大衰退在第三季度全面爆发，BNSF的盈利反映了这种下滑。经济前景也很黯淡，华尔街对铁路或其他许多行业都不太友好。</blockquote></p><p>On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.</p><p><blockquote>第二天，我再次和马特聚在一起，建议伯克希尔为铁路公司提供一个比上市公司更好的长期住所。我还告诉了他伯克希尔愿意支付的最高价格。</blockquote></p><p>Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.</p><p><blockquote>马特向他的董事和顾问转达了这一提议。忙碌了11天后，伯克希尔和BNSF宣布了一项确定的交易。在这里，我大胆地做一个罕见的预测：一个世纪后，BNSF将成为伯克希尔和我们国家的关键资产。</blockquote></p><p>The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.</p><p><blockquote>如果保罗·安德鲁斯(Paul Andrews)没有将伯克希尔视为TTI的合适住所，BNSF的收购永远不会发生。</blockquote></p><p><h2>Thanks</h2>I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.</p><p><blockquote><h2>谢谢</h2>70年前，我教了我的第一堂投资课。从那以后，我几乎每年都喜欢和各个年龄段的学生一起工作，最终在2018年从这种追求中“退休”。</blockquote></p><p>Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.</p><p><blockquote>一路上，我最难对付的观众是我孙子五年级的班级。11岁的孩子们在座位上蠕动，茫然地看着我，直到我提到可口可乐和它著名的秘密配方。立刻，每个人都举起了手，我明白了“秘密”对孩子们来说是猫薄荷。</blockquote></p><p></p><p>Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.</p><p><blockquote>教学和写作一样，帮助我发展和理清了自己的思想。查理·评级这种现象猩猩效应：如果你和一只猩猩坐下来，仔细地向它解释你珍视的一个想法，你可能会留下一只困惑的灵长类动物，但你自己会更清楚地思考吗？</blockquote></p><p>Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”</p><p><blockquote>和大学生说话要优越得多。我敦促他们在（1）这个领域和（2）如果他们不需要钱，他们会选择的那种人那里找工作。我承认，经济现实可能会干扰这种搜索。即便如此，我敦促学生们永远不要放弃追求，因为当他们找到那种工作时，他们将不再是“工作”。</blockquote></p><p>Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.</p><p><blockquote>查理和我，我们自己，在经历了一些早期的挫折后，走上了解放的道路。我们都是从我祖父的杂货店兼职开始的，查理是1940年，我是1942年。我们每个人都被分配了无聊的任务，报酬很低，绝对不是我们想要的。查理后来从事法律工作，我尝试出售证券。工作满意度继续困扰着我们。</blockquote></p><p>Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.</p><p><blockquote>最后，在伯克希尔，我们找到了自己喜欢做的事情。除了极少数例外，我们现在已经和我们喜欢和信任的人“工作”了几十年。与保罗·安德鲁斯或我去年告诉过你的伯克希尔家族等经理人一起工作是生活中的一种乐趣。在我们的家庭办公室，我们雇佣体面和有才华的人——没有混蛋。平均离职人数可能是每年一人。</blockquote></p><p>I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction working</p><p><blockquote>然而，我想强调另一个项目，它将我们的工作变成有趣和令人满意的工作</blockquote></p><p>for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.</p><p><blockquote>为了你。对查理和我来说，没有什么比享受个人长期股东的信任更有意义的了，几十年来，他们加入我们的期望是我们将成为他们资金的可靠托管人。</blockquote></p><p>Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.</p><p><blockquote>显然，我们不能选择我们的所有者，如果我们的运营形式是合伙企业，我们可以这样做。任何人今天都可以购买伯克希尔的股票，并打算很快转售。当然，我们有一些此类股东，就像我们有指数基金持有大量伯克希尔哈撒韦公司股票一样，因为它们被要求这样做。</blockquote></p><p>To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.</p><p><blockquote>然而，在一个真正不寻常的程度上，伯克希尔拥有一大批个人和家庭作为所有者，他们选择加入我们，意图是“直到死亡将我们分开”。通常，他们把很大一部分——有些人可能会说是过多的——储蓄托付给我们。</blockquote></p><p>Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.</p><p><blockquote>这些股东有时会承认，伯克希尔可能远不是他们所能做出的最佳选择。但他们会补充说，伯克希尔将在他们最满意的公司中排名靠前。平均而言，对自己的投资感到满意的人会比那些被不断变化的头条新闻、喋喋不休和承诺所激励的人取得更好的结果。</blockquote></p><p>Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”</p><p><blockquote>长期个人所有者既是查理和我一直在寻找的“合作伙伴”，也是我们在伯克希尔做决策时一直牢记的“合作伙伴”。我们对他们说：“为你们‘工作’的感觉真好，我们感谢你们的信任。”</blockquote></p><p><h2>The Annual Meeting</h2>Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.</p><p><blockquote><h2>年会</h2>清除您的日历！伯克希尔将于4月29日星期五至5月1日星期日在奥马哈举行年度资本家聚会。关于周末的细节列在A-1和A-2页。奥马哈急切地等待着你，我也是。</blockquote></p><p>I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.</p><p><blockquote>我将以推销来结束这封信。“表哥”吉米·巴菲特设计了一艘浮桥“派对”船，现在由伯克希尔旗下的森林河公司制造。这艘船将于4月29日在我们的伯克希尔便宜货市场推出。而且，仅在两天内，股东就可以以10%的折扣购买吉米的杰作。你的便宜货董事长会买一艘船给他的家人使用。加入我。</blockquote></p><p>February 26, 2022</p><p><blockquote>2022年2月26日</blockquote></p><p>Warren E. Buffett Chairman of the Board</p><p><blockquote>沃伦·E·巴菲特董事会主席</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\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":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125580913","content_text":"Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday. The 91-year-old investing legend has been publishing the letter for over six decades and it has become required reading for investors around the world.Warren Buffett said he now considers tech giant Apple as one of the four pillars driving Berkshire Hathaway, the conglomerate of mostly old-economy businesses he’s assembled over the last five decades.In his annual letter to shareholders released on Saturday, the 91-year-old investing legend listed Apple under the heading “Our Four Giants” and even called the company the second-most important after Berkshire’s cluster of insurers, thanks to its chief executive.“Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well,” the letter stated.Buffett made clear he is a fan of Cook’s stock repurchase strategy, and how it gives the conglomerate increased ownership of each dollar of the iPhone maker’s earnings without the investor having to lift a finger.“Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier,” Buffett said in the letter. “That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.”Berkshire began buying Apple stock in 2016 under the influence of Buffett’s investing deputies Todd Combs and Ted Weschler. By mid-2018, the conglomerate accumulated 5% ownership of the iPhone maker, a stake that cost $36 billion. Today, the Apple investment is now worth more than $160 billion, taking up 40% of Berkshire’s equity portfolio.“It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our ‘share’ of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud,” Buffett said.Berkshire is Apple’s largest shareholder, outside of index and exchange-traded fund providers.Buffett also credited his railroad business BNSF and energy segment BHE as two other giants of the conglomerate, which both registered record earnings in 2021.“BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire,” Buffett said. “BHE has become a utility powerhouse and a leading force in wind, solar and transmission throughout much of the United States.”Read the full letter here：To the Shareholders of Berkshire Hathaway Inc.:Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are honored by your trust.Our position carries with it the responsibility to report to you what we would like to know if we were the absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, and through the annual meeting as well.Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large institutions. Whenever possible, also, we release important communications on Saturday mornings in order to maximize the time for shareholders and the media to absorb the news before markets open on Monday.A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others will simply prefer to learn what Charlie and I believe is new or interesting at Berkshire.Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be.What You OwnBerkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.Surprise, SurpriseHere are a few items about your company that often surprise even seasoned investors:• Many people perceive Berkshire as a large and somewhat strange collection of financial assets. In truth, Berkshire owns and operates more U.S.-based “infrastructure” assets – classified on our balance sheet as property, plant and equipment – than are owned and operated by any other American corporation. That supremacy has never been our goal. It has, however, become a fact.At yearend, those domestic infrastructure assets were carried on Berkshire’s balance sheet at $158 billion. That number increased last year and will continue to increase. Berkshire always will be building.• Every year, your company makes substantial federal income tax payments. In 2021, for example, we paid$3.3 billion while the U.S. Treasury reported total corporate income-tax receipts of $402 billion. Additionally, Berkshire pays substantial state and foreign taxes. “I gave at the office” is an unassailable assertion when made by Berkshire shareholders.Berkshire’s history vividly illustrates the invisible and often unrecognized financial partnership between  government and American businesses. Our tale begins early in 1955, when Berkshire Fine Spinning and Hathaway Manufacturing agreed to merge their businesses. In their requests for shareholder approval, these venerable New England textile companies expressed high hopes for the combination.The Hathaway solicitation, for example, assured its shareholders that “The combination of the resources and managements will result in one of the strongest and most efficient organizations in the textile industry.” That upbeat view was endorsed by the company’s advisor, Lehman Brothers (yes, that Lehman Brothers).I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.In the nine years following the merger, Berkshire’s owners watched the company’s net worth crater from$51.4 million to $22.1 million. In part, this decline was caused by stock repurchases, ill-advised dividends and plant shutdowns. But nine years of effort by many thousands of employees delivered an operating loss as well. Berkshire’s struggles were not unusual: The New England textile industry had silently entered an extended and non-reversible death march.During the nine post-merger years, the U.S. Treasury suffered as well from Berkshire’s troubles. All told, the company paid the government only $337,359 in income tax during that period – a pathetic $100 per day.Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.Berkshire’s owners, it should be noted, were not the only beneficiary of that course correction. Their “silent partner,” the U.S. Treasury, proceeded to collect many tens of billions of dollars from the company in income tax payments. Remember the $100 daily? Now, Berkshire pays roughly $9 million daily to the Treasury.In fairness to our governmental partner, our shareholders should acknowledge – indeed trumpet – the fact that Berkshire’s prosperity has been fostered mightily because the company has operated in America. Our country would have done splendidly in the years since 1965 without Berkshire. Absent our American home, however, Berkshire would never have come close to becoming what it is today. When you see the flag, say thanks.• From an $8.6 million purchase of National Indemnity in 1967, Berkshire has become the world leader in insurance “float” – money we hold and can invest but that does not belong to us. Including a relatively small sum derived from life insurance, Berkshire’s total float has grown from $19 million when we entered the insurance business to $147 billion.So far, this float has cost us less than nothing. Though we have experienced a number of years when insurance losses combined with operating expenses exceeded premiums, overall we have earned a modest 55-year profit from the underwriting activities that generated our float.Of equal importance, float is very sticky. Funds attributable to our insurance operations come and go daily, but their aggregate total is immune from precipitous decline. When it comes to investing float, we can therefore think long-term.If you are not already familiar with the concept of float, I refer you to a long explanation on page A-5. To my surprise, our float increased $9 billion last year, a buildup of value that is important to Berkshire owners though is not reflected in our GAAP (“generally-accepted accounting principles”) presentation of earnings and net worth.Much of our huge value creation in insurance is attributable to Berkshire’s good luck in my 1986 hiring of Ajit Jain. We first met on a Saturday morning, and I quickly asked Ajit what his insurance experience had been. He replied, “None.”I said, “Nobody’s perfect,” and hired him. That was my lucky day: Ajit actually was as perfect a choice as could have been made. Better yet, he continues to be – 35 years later.One final thought about insurance: I believe that it is likely – but far from assured – that Berkshire’s float can be maintained without our incurring a long-term underwriting loss. I am certain, however, that there will be some years when we experience such losses, perhaps involving very large sums.Berkshire is constructed to handle catastrophic events as no other insurer – and that priority will remain long after Charlie and I are gone.Our Four GiantsThrough Berkshire, our shareholders own many dozens of businesses. Some of these, in turn, have a collection of subsidiaries of their own. For example, Marmon has more than 100 individual business operations, ranging from the leasing of railroad cars to the manufacture of medical devices.• Nevertheless, operations of our “Big Four” companies account for a very large chunk of Berkshire’s value. Leading this list is our cluster of insurers. Berkshire effectively owns 100% of this group, whose massive float value we earlier described. The invested assets of these insurers are further enlarged by the extraordinary amount of capital we invest to back up their promises.The insurance business is made to order for Berkshire. The product will never be obsolete, and sales volume will generally increase along with both economic growth and inflation. Also, integrity and capital will forever be important. Our company can and will behave well.There are, of course, other insurers with excellent business models and prospects. Replication of Berkshire’s operation, however, would be almost impossible.• Apple – our runner-up Giant as measured by its yearend market value – is a different sort of holding. Here, our ownership is a mere 5.55%, up from 5.39% a year earlier. That increase sounds like small potatoes. But consider that each 0.1% of Apple’s 2021 earnings amounted to $100 million. We spent no Berkshire funds to gain our accretion. Apple’s repurchases did the job.It’s important to understand that only dividends from Apple are counted in the GAAP earnings Berkshire reports – and last year, Apple paid us $785 million of those. Yet our “share” of Apple’s earnings amounted to a staggering $5.6 billion. Much of what the company retained was used to repurchase Apple shares, an act we applaud. Tim Cook, Apple’s brilliant CEO, quite properly regards users of Apple products as his first love, but all of his other constituencies benefit from Tim’s managerial touch as well.• BNSF, our third Giant, continues to be the number one artery of American commerce, which makes it an indispensable asset for America as well as for Berkshire. If the many essential products BNSF carries were instead hauled by truck, America’s carbon emissions would soar.Your railroad had record earnings of $6 billion in 2021. Here, it should be noted, we are talking about the old-fashioned sort of earnings that we favor: a figure calculated after interest, taxes, depreciation, amortization and all forms of compensation. (Our definition suggests a warning: Deceptive “adjustments” to earnings – to use a polite description – have become both more frequent and more fanciful as stocks have risen. Speaking less politely, I would say that bull markets breed bloviated bull )BNSF trains traveled 143 million miles last year and carried 535 million tons of cargo. Both accomplishments far exceed those of any other American carrier. You can be proud of your railroad.• BHE, our final Giant, earned a record $4 billion in 2021. That’s up more than 30-fold from the $122 million earned in 2000, the year that Berkshire first purchased a BHE stake. Now, Berkshire owns 91.1% of the company.BHE’s record of societal accomplishment is as remarkable as its financial performance. The company had no wind or solar generation in 2000. It was then regarded simply as a relatively new and minor participant in the huge electric utility industry. Subsequently, under David Sokol’s and Greg Abel’s leadership, BHE has become a utility powerhouse (no groaning, please) and a leading force in wind, solar and transmission throughout much of the United States.Greg’s report on these accomplishments appears on pages A-3 and A-4. The profile you will find there is not in any way one of those currently-fashionable “green-washing” stories. BHE has been faithfully detailing its plans and performance in renewables and transmissions every year since 2007.To further review this information, visit BHE’s website at brkenergy.com. There, you will see that the company has long been making climate-conscious moves that soak up all of its earnings. More opportunities lie ahead. BHE has the management, the experience, the capital and the appetite for the huge power projects that our country needs.InvestmentsNow let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.* This is our actual purchase price and also our tax basis.** Held by BHE; consequently, Berkshire shareholders have only a 91.1% interest in this position.*** Includes a $10 billion investment in Occidental Petroleum, consisting of preferred stock and warrants to buy common stock, a combination now being valued at $10.7 billion.In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.U.S. Treasury BillsBerkshire’s balance sheet includes $144 billion of cash and cash equivalents (excluding the holdings of BNSF and BHE). Of this sum, $120 billion is held in U.S. Treasury bills, all maturing in less than a year. That stake leaves Berkshire financing about 12 of 1% of the publicly-held national debt.Charlie and I have pledged that Berkshire (along with our subsidiaries other than BNSF and BHE) will always hold more than $30 billion of cash and equivalents. We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well.But $144 billion?That imposing sum, I assure you, is not some deranged expression of patriotism. Nor have Charlie and I lost our overwhelming preference for business ownership. Indeed, I first manifested my enthusiasm for that 80 years ago, on March 11, 1942, when I purchased three shares of Cities Services preferred stock. Their cost was $114.75 and required all of my savings. (The Dow Jones Industrial Average that day closed at 99, a fact that should scream to you: Never bet against America.)After my initial plunge, I always kept at least 80% of my net worth in equities. My favored status throughout that period was 100% – and still is. Berkshire’s current 80%-or-so position in businesses is a consequence of my failure to find entire companies or small portions thereof (that is, marketable stocks) which meet our criteria for long- term holding.Charlie and I have endured similar cash-heavy positions from time to time in the past. These periods are never pleasant; they are also never permanent. And, fortunately, we have had a mildly attractive alternative during 2020 and 2021 for deploying capital. Read on.Share RepurchasesThere are three ways that we can increase the value of your investment. The first is always front and center in our minds: Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions. Today, internal opportunities deliver far better returns than acquisitions. The size of those opportunities, however, is small compared to Berkshire’s resources.Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded. From time to time, such possibilities are both numerous and blatantly attractive. Today, though, we find little that excites us.That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.Our final path to value creation is to repurchase Berkshire shares. Through that simple act, we increase your share of the many controlled and non-controlled businesses Berkshire owns. When the price/value equation is right, this path is the easiest and most certain way for us to increase your wealth. (Alongside the accretion of value to continuing shareholders, a couple of other parties gain: Repurchases are modestly beneficial to the seller of the repurchased shares and to society as well.)Periodically, as alternative paths become unattractive, repurchases make good sense for Berkshire’s owners. During the past two years, we therefore repurchased 9% of the shares that were outstanding at yearend 2019 for a total cost of $51.7 billion. That expenditure left our continuing shareholders owning about 10% more of all Berkshire businesses, whether these are wholly-owned (such as BNSF and GEICO) or partly-owned (such as Coca-Cola and Moody’s).I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire. As of February 23, 2022, since yearend we repurchased additional shares at a cost of $1.2 billion. Our appetite remains large but will always remain price-dependent.It should be noted that Berkshire’s buyback opportunities are limited because of its high-class investor base. If our shares were heavily held by short-term speculators, both price volatility and transaction volumes would materially increase. That kind of reshaping would offer us far greater opportunities for creating value by making repurchases. Nevertheless, Charlie and I far prefer the owners we have, even though their admirable buy-and-keep attitudes limit the extent to which long-term shareholders can profit from opportunistic repurchases.Finally, one easily-overlooked value calculation specific to Berkshire: As we’ve discussed, insurance “float” of the right sort is of great value to us. As it happens, repurchases automatically increase the amount of “float” per share. That figure has increased during the past two years by 25% – going from $79,387 per “A” share to $99,497, a meaningful gain that, as noted, owes some thanks to repurchases.A Wonderful Man and a Wonderful BusinessLast year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul.With his first child due soon, Paul decided to bet on himself, using $500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled $112,000. Today, TTI markets more than one million different items with annual volume of $7.7 billion.But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI.But . . . Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be? Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller.When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.” So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal.To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs. Earnings have increased 673%.Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth.In all ways, Paul was a class act.* * * * * * * * * * * *Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us. But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition.Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired. When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd.The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay.Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal. And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now.The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI.ThanksI taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018.Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as part- timers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind. Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year. In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction workingfor you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”The Annual MeetingClear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me.February 26, 2022Warren E. Buffett Chairman of the Board","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":1226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}