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- 5ff89b675ff89b67
  ·2021-06-02
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  AMC Stock Is Surging Again. How to Make Sense of the Move.
  AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, th
  AMC Stock Is Surging Again. How to Make Sense of the Move.
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- 5ff89b675ff89b67
  ·2021-03-09
  Huat ah
  Berkshire Hathaway Class A Shares Have Become More Actively Traded. Why That’s Important
  (March 9) Berkshire Hathaway’s Class A shares have had unusually high trading activity of late. And
  Berkshire Hathaway Class A Shares Have Become More Actively Traded. Why That’s Important
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How to Make Sense of the Move.","url":"https://stock-news.laohu8.com/highlight/detail?id=1188552613","media":"Barrons","summary":"AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, th","content":"<p>AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of&nbsp;GameStop&nbsp;and&nbsp;BlackBerry&nbsp;into speculative territory.</p>\n<p>But it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.</p>\n<p>Shares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office.&nbsp;Shares were up another 34%, to $42.92, in premarket trading Wednesday.</p>\n<p>Even if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.</p>\n<p>AMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.</p>\n<p>So, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.</p>\n<p>Back then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.</p>\n<p>The upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&amp;P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.</p>\n<p>In those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.</p>\n<p>Maybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.</p>\n<p>If AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.</p>\n<p>Then, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&amp;P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.</p>\n<p>There are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.</p>\n<p>Also, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.</p>\n<p>AMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.</p>\n<p>There is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.</p>\n<p>AMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.</p>\n<p>Wall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.</p>\n<p>Analysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.</p>\n<p>And that’s just another way of saying that AMC bulls are a long way from making the math work.</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>AMC Stock Is Surging Again. How to Make Sense of the Move.</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAMC Stock Is Surging Again. How to Make Sense of the Move.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-02 17:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/amc-rockets-higher-is-it-worth-it-maybe-51622594691?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of GameStop and BlackBerry into ...</p>\n\n<a href=\"https://www.barrons.com/articles/amc-rockets-higher-is-it-worth-it-maybe-51622594691?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.barrons.com/articles/amc-rockets-higher-is-it-worth-it-maybe-51622594691?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188552613","content_text":"AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of GameStop and BlackBerry into speculative territory.\nBut it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.\nShares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office. Shares were up another 34%, to $42.92, in premarket trading Wednesday.\nEven if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.\nAMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.\nSo, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.\nBack then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.\nThe upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.\nIn those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.\nMaybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.\nIf AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.\nThen, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.\nThere are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.\nAlso, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.\nAMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.\nThere is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.\nAMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.\nWall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.\nAnalysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.\nAnd that’s just another way of saying that AMC bulls are a long way from making the math work.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329526822,"gmtCreate":1615260564766,"gmtModify":1703486406971,"author":{"id":"3573721928303636","authorId":"3573721928303636","name":"5ff89b67","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3573721928303636","authorIdStr":"3573721928303636"},"themes":[],"htmlText":"Huat ah","listText":"Huat ah","text":"Huat ah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/329526822","repostId":"1185392550","repostType":4,"repost":{"id":"1185392550","kind":"news","pubTimestamp":1615260305,"share":"https://www.laohu8.com/m/news/1185392550?lang=&edition=full","pubTime":"2021-03-09 11:25","market":"us","language":"en","title":"Berkshire Hathaway Class A Shares Have Become More Actively Traded. Why That’s Important","url":"https://stock-news.laohu8.com/highlight/detail?id=1185392550","media":"Barrons","summary":"(March 9) Berkshire Hathaway’s Class A shares have had unusually high trading activity of late. And ","content":"<p>(March&nbsp;9)&nbsp;Berkshire Hathaway’s Class A shares have had unusually high trading activity of late. And that could mean that an investor is accumulating the high-vote stock, whose dominant holder is CEO Warren Buffett.</p><p>The Class A shares (ticker BRK.A) normally trade on light volume, reflecting their high price—the stock finished Friday at $381,600—and a preference among institutional and retail investors for the more liquid Class B shares (BRK.B), which ended Friday at $253.15. The Class B stock is in the S&amp;P 500 index.</p><p>In recent weeks, however, trading in the Class A shares has been elevated at an average of more than 2,000 shares a day—and 2,500 a day in past five sessions—against an average of fewer than 500 shares daily in 2020. The difference translates into about $800 million of additional daily trades in the Class A stock. Trading activity in the Class B shares, meanwhile, has not been elevated—an average of about five million shares a day in the past month, against six million in the last 12 months.</p><p>Berkshire shares have bested the S&amp;P 500 this year with the Class A stock up 9.7% through Friday, against a 2.5% rise in the index after trailing the index by a total of over 40 percentage points in 2019 and 2020. Wall Street has warmed to Berkshire thanks to its relatively low valuation versus book value and as a reopening play given its many economically sensitive businesses.</p><p>The shares continued their recent rally on Monday, with the Class A shares up 1.6%, to a near record of $387,840, and the Class B stock 1.4% higher, at $256.65.</p><p>Investors will probably have to wait until mid-May, when institutional holders file their March 31 equity investments, for the identity of the possible buyer of the Class A stock to be known, unless the purchaser gets to a 5% stake, which would trigger a quicker regulatory filing.</p><p>WSJ&nbsp;Jobs&nbsp;Summmit&nbsp;|&nbsp;Succeed&nbsp;in&nbsp;the&nbsp;Search&nbsp;|&nbsp;March&nbsp;4</p><p>Berkshire’s Class B stock is equal to 1/1500 of a share of the Class A shares, but it carries just 1/10,000 of the vote.</p><p>This has helped Buffett maintain control of the company as his economic interest declines because of his large annual gifts of Berkshire stock to the Bill &amp; Melinda Gates Foundation and other charitable organizations over the past 15 years. Buffett gave way $2.9 billion to the various foundations last year. The Class A is the original Berkshire stock, while the Class B was created in 1996.</p><p>Buffett holds 248,734 Class A shares, a 16% economic interest in the company, but roughly 30% of the vote. Buffett owns 39% of the Class A stock. Around 40% of Berkshire’s stock is held in the Class A shares, with the rest in the Class B. Berkshire’s market value is around $580 billion.</p><p>It is notable that when Buffett gives away stock annually, he converts his Class A stock to Class B stock. The Class B stock is more liquid than the A, simplifying subsequent sales by the Gates foundation and others. But in converting the A shares, Buffett ensures that other investors won’t get their hands on the supervoting shares.</p><p>That could be important in the post-Buffett era, because it means whoever is overseeing his estate should have a sizable voting interest in Berkshire. Buffett has said that his Berkshire stake would be given away in the 12 years after his death.</p><p>Berkshire could face pressure from activists after Buffett’s death to break up the company, something that the CEO opposes. Buffett has said that he doubts any breakup will occur because sufficient stock is likely to be in friendly hands after his death.</p><p>The Class A stock can be converted into 1,500 shares of the Class B stock, but not the other way around. As a result, the Class A stock can trade at a premium to the Class B. With the recent buying activity in the A stock, it ended Friday at a roughly 0.5% premium to the B shares, against virtual parity at year-end 2020.</p><p>There are few sizable holders of the Class A stock besides Buffett. Fidelity parent FMR is the only other owner of more than 5%. Much of the Fidelity stake is held by Fidelity Contrafund (FCNTX), whose manager, Will Danoff, is a longtime Berkshire fan and holder.</p><p>Buffett discussed the Class A and Class B stock in a 1999 memo to Berkshire holders that was last updated in 2010.</p><p>Here’s what Buffett wrote:</p><blockquote>When there is more demand for the B (relative to supply) than for the A, the B will sell at roughly 1/1,500th of the price of A. When there’s a lesser demand, it will fall to a discount. In my opinion, most of the time, the demand for the B will be such that it will trade at about 1/1,500th of the price of the A.</blockquote><blockquote>However, from time to time, a different supply-demand situation will prevail and the B will sell at some discount. In my opinion, again, when the B is at a discount of more than say, 1%, it offers a better buy than the A. When the two are at parity, however, anyone wishing to buy 1,500 or more B should consider buying A instead.</blockquote>","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>Berkshire Hathaway Class A Shares Have Become More Actively Traded. Why That’s Important</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway Class A Shares Have Become More Actively Traded. Why That’s Important\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-09 11:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-has-seen-trading-activity-rise-in-its-class-a-stock-51615219961?mod=hp_LEADSUPP_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(March 9) Berkshire Hathaway’s Class A shares have had unusually high trading activity of late. And that could mean that an investor is accumulating the high-vote stock, whose dominant holder is CEO ...</p>\n\n<a href=\"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-has-seen-trading-activity-rise-in-its-class-a-stock-51615219961?mod=hp_LEADSUPP_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/warren-buffetts-berkshire-hathaway-has-seen-trading-activity-rise-in-its-class-a-stock-51615219961?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185392550","content_text":"(March 9) Berkshire Hathaway’s Class A shares have had unusually high trading activity of late. And that could mean that an investor is accumulating the high-vote stock, whose dominant holder is CEO Warren Buffett.The Class A shares (ticker BRK.A) normally trade on light volume, reflecting their high price—the stock finished Friday at $381,600—and a preference among institutional and retail investors for the more liquid Class B shares (BRK.B), which ended Friday at $253.15. The Class B stock is in the S&P 500 index.In recent weeks, however, trading in the Class A shares has been elevated at an average of more than 2,000 shares a day—and 2,500 a day in past five sessions—against an average of fewer than 500 shares daily in 2020. The difference translates into about $800 million of additional daily trades in the Class A stock. Trading activity in the Class B shares, meanwhile, has not been elevated—an average of about five million shares a day in the past month, against six million in the last 12 months.Berkshire shares have bested the S&P 500 this year with the Class A stock up 9.7% through Friday, against a 2.5% rise in the index after trailing the index by a total of over 40 percentage points in 2019 and 2020. Wall Street has warmed to Berkshire thanks to its relatively low valuation versus book value and as a reopening play given its many economically sensitive businesses.The shares continued their recent rally on Monday, with the Class A shares up 1.6%, to a near record of $387,840, and the Class B stock 1.4% higher, at $256.65.Investors will probably have to wait until mid-May, when institutional holders file their March 31 equity investments, for the identity of the possible buyer of the Class A stock to be known, unless the purchaser gets to a 5% stake, which would trigger a quicker regulatory filing.WSJ Jobs Summmit | Succeed in the Search | March 4Berkshire’s Class B stock is equal to 1/1500 of a share of the Class A shares, but it carries just 1/10,000 of the vote.This has helped Buffett maintain control of the company as his economic interest declines because of his large annual gifts of Berkshire stock to the Bill & Melinda Gates Foundation and other charitable organizations over the past 15 years. Buffett gave way $2.9 billion to the various foundations last year. The Class A is the original Berkshire stock, while the Class B was created in 1996.Buffett holds 248,734 Class A shares, a 16% economic interest in the company, but roughly 30% of the vote. Buffett owns 39% of the Class A stock. Around 40% of Berkshire’s stock is held in the Class A shares, with the rest in the Class B. Berkshire’s market value is around $580 billion.It is notable that when Buffett gives away stock annually, he converts his Class A stock to Class B stock. The Class B stock is more liquid than the A, simplifying subsequent sales by the Gates foundation and others. But in converting the A shares, Buffett ensures that other investors won’t get their hands on the supervoting shares.That could be important in the post-Buffett era, because it means whoever is overseeing his estate should have a sizable voting interest in Berkshire. Buffett has said that his Berkshire stake would be given away in the 12 years after his death.Berkshire could face pressure from activists after Buffett’s death to break up the company, something that the CEO opposes. Buffett has said that he doubts any breakup will occur because sufficient stock is likely to be in friendly hands after his death.The Class A stock can be converted into 1,500 shares of the Class B stock, but not the other way around. As a result, the Class A stock can trade at a premium to the Class B. With the recent buying activity in the A stock, it ended Friday at a roughly 0.5% premium to the B shares, against virtual parity at year-end 2020.There are few sizable holders of the Class A stock besides Buffett. Fidelity parent FMR is the only other owner of more than 5%. Much of the Fidelity stake is held by Fidelity Contrafund (FCNTX), whose manager, Will Danoff, is a longtime Berkshire fan and holder.Buffett discussed the Class A and Class B stock in a 1999 memo to Berkshire holders that was last updated in 2010.Here’s what Buffett wrote:When there is more demand for the B (relative to supply) than for the A, the B will sell at roughly 1/1,500th of the price of A. When there’s a lesser demand, it will fall to a discount. In my opinion, most of the time, the demand for the B will be such that it will trade at about 1/1,500th of the price of the A.However, from time to time, a different supply-demand situation will prevail and the B will sell at some discount. In my opinion, again, when the B is at a discount of more than say, 1%, it offers a better buy than the A. When the two are at parity, however, anyone wishing to buy 1,500 or more B should consider buying A instead.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2082,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}