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ZLiao

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- ZLiaoZLiao
  ·2021-06-26
  [Smile] [Smile] [Smile]
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- ZLiaoZLiao
  ·2021-06-19
  😍😍😍
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- ZLiaoZLiao
  ·2021-02-25
  Like comment share for Coin!!!
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- ZLiaoZLiao
  ·2021-02-25
  Reply my comments pls
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- ZLiaoZLiao
  ·2021-02-24
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  Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候</blockquote>
  Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullie
  Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候</blockquote>
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- ZLiaoZLiao
  ·2021-02-23
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- ZLiaoZLiao
  ·2021-02-22
  Like, share, comments for coins!!
  Warren Buffett’s Letter to Shareholders Is Coming. What Investors Want to See.<blockquote>沃伦·巴菲特致股东的信即将到来。投资者希望看到的。</blockquote>
  As Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerks
  Warren Buffett’s Letter to Shareholders Is Coming. What Investors Want to See.<blockquote>沃伦·巴菲特致股东的信即将到来。投资者希望看到的。</blockquote>
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- ZLiaoZLiao
  ·2021-02-21
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- ZLiaoZLiao
  ·2021-02-19
  Like and comment for coins!!
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- ZLiaoZLiao
  ·2021-02-18
  @henrysohhi
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pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/361996366","repostId":"1109259264","repostType":4,"isVote":1,"tweetType":1,"viewCount":1608,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363777512,"gmtCreate":1614177188636,"gmtModify":1631889816557,"author":{"id":"3575078969779961","authorId":"3575078969779961","name":"ZLiao","avatar":"https://static.tigerbbs.com/eb996775293cff5d23c52ae65fd17d69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575078969779961","authorIdStr":"3575078969779961"},"themes":[],"htmlText":"Like comment share for coins!!","listText":"Like comment share for coins!!","text":"Like comment share for coins!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/363777512","repostId":"1129467108","repostType":4,"repost":{"id":"1129467108","kind":"news","pubTimestamp":1614164417,"share":"https://www.laohu8.com/m/news/1129467108?lang=zh_CN&edition=full","pubTime":"2021-02-24 19:00","market":"us","language":"en","title":"Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129467108","media":"Barrons","summary":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullie","content":"<p>Don’t worry. Be greedy.</p><p><blockquote>别担心。要贪心。</blockquote></p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p><blockquote>尽管投资者的担忧正在加剧，股市也受到债券收益率上升的欺负，但J.P.摩根策略师告诉他们的客户，现在是拥抱股票的时候了。</blockquote></p><p>TheS&amp;P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p><blockquote>标准普尔500指数可能在3875点附近徘徊，但该行坚持2021年年底目标价4400点，区间为4200点至4600点。它的数字不仅仅是股市预期收益的一些衍生物。相反，它们反映了美国在Covid-19大流行后的经济复苏。</blockquote></p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p><blockquote>摩根大通衍生品策略师肖恩·奎格(Shawn Quigg)最近告诉客户，市场实现“这种收益迟早会到来，特别是考虑到未来的众多催化剂、它们对波动性的影响以及对投资者定位的影响。”</blockquote></p><p>As President Joe Biden’s administration&nbsp;champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move&nbsp;that is fanning inflation fearsand worries about stock slumps.</p><p><blockquote>随着乔·拜登总统的政府支持1.9万亿美元的刺激计划，以及Covid-19感染和住院人数的下降，奎格预计股市将飙升。他的观点与近期交易有些出入。随着10年期国债收益率升至1.38%左右，股市下跌，此举加剧了通胀担忧和对股市暴跌的担忧。</blockquote></p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p><blockquote>奎格喜欢利用恐惧和悬而未决的刺激计划，拜登已经开始为该计划辩护，因为担心该计划规模过大。在各种采访中，总统挑战批评者告诉他，在这个国家如此多的人遭受苦难的时候，应该削减什么。拜登政府现在警告说，最大的风险不是大规模的刺激计划，而是规模太小，因此无法有意义地刺激经济增长。</blockquote></p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the&nbsp;SPDR S&amp;P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls&nbsp;with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p><blockquote>为了让股市飙升，Quigg建议客户考虑出售SPDR标普500 ETF（股票代码：SPDR标普500指数ETF）5月353美元的看跌期权之一，并购买5月15日450美元的看涨期权期权。当ETF价格为392.39美元时，杠杆风险逆转策略——即卖出一份看跌期权并买入更多执行价格更高但到期日相同的评级——可以免费完成。换句话说，卖出看跌期权收到的钱足以买入15个看涨的评级。</blockquote></p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p><blockquote>该交易表明，该ETF（最近交易价格约为387美元）将在5月21日5月期权到期时达到450美元。看涨期权售价460美元，价值10美元。</blockquote></p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p><blockquote>比方说，如果ETF下跌，因为当前的担忧将市场推至353美元的执行价格以下，投资者将有义务以较低的价格买入，或者回补或调整看跌期权。</blockquote></p><p>Quigg’s trade idea has a lot to admire.</p><p><blockquote>奎格的交易理念有很多值得钦佩的地方。</blockquote></p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p><blockquote>其一，上周晚些时候推荐该交易时成本为零。是的，自2月18日的报告发布以来，价格已经发生了变化，但投资者可以重新调整执行价格以创建类似的定价。市场会发生变化，这就是为什么列出了这么多不同的执行价格。</blockquote></p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&amp;P 500 stocks at lower prices isn’t terrible, either.</p><p><blockquote>此外，如果摩根大通对经济复苏的基本观点被证明是正确的，那么拥有一批不需要花费任何成本的上行评级可能会非常有利可图。如果市场屈服于当前价格疲软的担忧，以较低的价格持有标普500股票也并不可怕。</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>Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-24 19:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Don’t worry. Be greedy.</p><p><blockquote>别担心。要贪心。</blockquote></p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p><blockquote>尽管投资者的担忧正在加剧，股市也受到债券收益率上升的欺负，但J.P.摩根策略师告诉他们的客户，现在是拥抱股票的时候了。</blockquote></p><p>TheS&amp;P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p><blockquote>标准普尔500指数可能在3875点附近徘徊，但该行坚持2021年年底目标价4400点，区间为4200点至4600点。它的数字不仅仅是股市预期收益的一些衍生物。相反，它们反映了美国在Covid-19大流行后的经济复苏。</blockquote></p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p><blockquote>摩根大通衍生品策略师肖恩·奎格(Shawn Quigg)最近告诉客户，市场实现“这种收益迟早会到来，特别是考虑到未来的众多催化剂、它们对波动性的影响以及对投资者定位的影响。”</blockquote></p><p>As President Joe Biden’s administration&nbsp;champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move&nbsp;that is fanning inflation fearsand worries about stock slumps.</p><p><blockquote>随着乔·拜登总统的政府支持1.9万亿美元的刺激计划，以及Covid-19感染和住院人数的下降，奎格预计股市将飙升。他的观点与近期交易有些出入。随着10年期国债收益率升至1.38%左右，股市下跌，此举加剧了通胀担忧和对股市暴跌的担忧。</blockquote></p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p><blockquote>奎格喜欢利用恐惧和悬而未决的刺激计划，拜登已经开始为该计划辩护，因为担心该计划规模过大。在各种采访中，总统挑战批评者告诉他，在这个国家如此多的人遭受苦难的时候，应该削减什么。拜登政府现在警告说，最大的风险不是大规模的刺激计划，而是规模太小，因此无法有意义地刺激经济增长。</blockquote></p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the&nbsp;SPDR S&amp;P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls&nbsp;with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p><blockquote>为了让股市飙升，Quigg建议客户考虑出售SPDR标普500 ETF（股票代码：SPDR标普500指数ETF）5月353美元的看跌期权之一，并购买5月15日450美元的看涨期权期权。当ETF价格为392.39美元时，杠杆风险逆转策略——即卖出一份看跌期权并买入更多执行价格更高但到期日相同的评级——可以免费完成。换句话说，卖出看跌期权收到的钱足以买入15个看涨的评级。</blockquote></p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p><blockquote>该交易表明，该ETF（最近交易价格约为387美元）将在5月21日5月期权到期时达到450美元。看涨期权售价460美元，价值10美元。</blockquote></p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p><blockquote>比方说，如果ETF下跌，因为当前的担忧将市场推至353美元的执行价格以下，投资者将有义务以较低的价格买入，或者回补或调整看跌期权。</blockquote></p><p>Quigg’s trade idea has a lot to admire.</p><p><blockquote>奎格的交易理念有很多值得钦佩的地方。</blockquote></p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p><blockquote>其一，上周晚些时候推荐该交易时成本为零。是的，自2月18日的报告发布以来，价格已经发生了变化，但投资者可以重新调整执行价格以创建类似的定价。市场会发生变化，这就是为什么列出了这么多不同的执行价格。</blockquote></p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&amp;P 500 stocks at lower prices isn’t terrible, either.</p><p><blockquote>此外，如果摩根大通对经济复苏的基本观点被证明是正确的，那么拥有一批不需要花费任何成本的上行评级可能会非常有利可图。如果市场屈服于当前价格疲软的担忧，以较低的价格持有标普500股票也并不可怕。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA\">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/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129467108","content_text":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.TheS&P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”As President Joe Biden’s administration champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move that is fanning inflation fearsand worries about stock slumps.Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.To position for the stock market to surge higher, Quigg advised clients to consider selling one of the SPDR S&P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.Quigg’s trade idea has a lot to admire.For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&P 500 stocks at lower prices isn’t terrible, either.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1644,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369201596,"gmtCreate":1614044218815,"gmtModify":1631889816558,"author":{"id":"3575078969779961","authorId":"3575078969779961","name":"ZLiao","avatar":"https://static.tigerbbs.com/eb996775293cff5d23c52ae65fd17d69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575078969779961","authorIdStr":"3575078969779961"},"themes":[],"htmlText":"Like comments share for coins!!","listText":"Like comments share for coins!!","text":"Like comments share for coins!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/369201596","repostId":"1100241886","repostType":4,"isVote":1,"tweetType":1,"viewCount":3487,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360481342,"gmtCreate":1613965251686,"gmtModify":1631889816563,"author":{"id":"3575078969779961","authorId":"3575078969779961","name":"ZLiao","avatar":"https://static.tigerbbs.com/eb996775293cff5d23c52ae65fd17d69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575078969779961","authorIdStr":"3575078969779961"},"themes":[],"htmlText":"Like, share, comments for coins!!","listText":"Like, share, comments for coins!!","text":"Like, share, comments for coins!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/360481342","repostId":"1171414372","repostType":4,"repost":{"id":"1171414372","kind":"news","pubTimestamp":1613964674,"share":"https://www.laohu8.com/m/news/1171414372?lang=zh_CN&edition=full","pubTime":"2021-02-22 11:31","market":"us","language":"en","title":"Warren Buffett’s Letter to Shareholders Is Coming. What Investors Want to See.<blockquote>沃伦·巴菲特致股东的信即将到来。投资者希望看到的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171414372","media":"Barrons","summary":"As Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerks","content":"<p>As Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.</p><p><blockquote>当沃伦·巴菲特准备对他期待已久的致伯克希尔·哈撒韦公司股东的年度信进行最后的润色时，这位首席执行官有很多事情要解决。</blockquote></p><p>They include the&nbsp;underperformance of Berkshire(ticker: BRK.A and BRK.B) shares over the past one, five, and 10 years, Buffett’s cautious approach to new investments, and the spotty record of Berkshire’s acquisitions over the past decade.</p><p><blockquote>其中包括伯克希尔哈撒韦公司（股票代码：BRK.A和BRK.B）股票在过去一年、五年和十年中表现不佳，巴菲特对新投资的谨慎态度，以及伯克希尔哈撒韦公司过去十年收购记录参差不齐。</blockquote></p><p>Yet that letter—due out on Feb. 27, along with the annual report and fourth-quarter earnings—can help write Berkshire’s next chapter. All it would need is an announcement of the initiation of a dividend.</p><p><blockquote>然而，这封将于2月27日与年度报告和第四季度收益一起发布的信可以帮助书写伯克希尔哈撒韦的下一个篇章。它所需要的只是宣布开始派息。</blockquote></p><p>A dividend of 2% would be a good start, representing about 40% of projected 2021 earnings. It would probably lift the stock by broadening the base of potential investors to those who want or need dividends.</p><p><blockquote>2%的股息将是一个良好的开端，约占2021年预计收益的40%。它可能会通过将潜在投资者的基础扩大到那些想要或需要股息的人来提振股价。</blockquote></p><p>Berkshire has stepped up its share repurchases, buying back $15.7 billion of stock in the first three quarters of 2020, or about 3% of the shares outstanding. But with $146 billion in cash and projected earnings this year of $25 billion, it has the ability to pay a dividend as well as to buy back stock.</p><p><blockquote>伯克希尔加大了股票回购力度，在2020年前三季度回购了157亿美元的股票，约占已发行股票的3%。但凭借1,460亿美元现金和今年预计盈利250亿美元，该公司有能力支付股息并回购股票。</blockquote></p><p>“Berkshire should pay a dividend; this would increase the appeal of the shares to investors who want current income,” says David King, co-manager of the Columbia Flexible Capital Income fund. “Given Berkshire’s size and financial strength, the company is unique in paying no dividend and that should be changed.”</p><p><blockquote>“伯克希尔应该支付股息；这将增加股票对想要当前收入的投资者的吸引力，”哥伦比亚灵活资本收益基金联席经理戴维·金表示。“鉴于伯克希尔的规模和财务实力，该公司在不支付股息方面是独一无二的，这种情况应该改变。”</blockquote></p><p><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"></p><p><blockquote></blockquote></p><p>Berkshire hasn’t paid a dividend for over 50 years. Why? Buffett’s view has been that a dollar in his hands is better than one in the hands of shareholders. That was long the case as Buffett worked his investment and acquisition magic, but it has been less true in recent years. Buffett declined to comment for this article.</p><p><blockquote>伯克希尔已经50多年没有支付股息了。为什么？巴菲特的观点是，一美元在他手中胜过一美元在股东手中。在巴菲特施展投资和收购魔法的过程中，情况一直如此，但近年来情况已不那么真实了。巴菲特拒绝对本文发表评论。</blockquote></p><p>In his 2012 annual letter, the CEO addressed the dividend issue, arguing that the better, and more tax-efficient, approach would be for investors who want income to sell a small portion of their Berkshire stock each year.</p><p><blockquote>在2012年年度信中，这位首席执行官谈到了股息问题，认为对于希望获得收入的投资者来说，更好、更节税的方法是每年出售一小部分伯克希尔股票。</blockquote></p><p>“First, dividends impose a specific cash-out policy upon all shareholders. If, say, 40% of earnings is the policy, those who wish 30% or 50% will be thwarted,” Buffett wrote. “Our 600,000 shareholders cover the waterfront in their desires for cash. It is safe to say, however, that a great many of them—perhaps even most of them—are in a net-savings mode and logically should prefer no payment at all.”</p><p><blockquote>“首先，股息对所有股东施加了特定的套现政策。比方说，如果政策是收益的40%，那些希望获得30%或50%的人将会受挫，”巴菲特写道。“我们的60万股东对现金的渴望无处不在。然而，可以肯定地说，他们中的许多人——甚至可能是大多数——都处于净储蓄模式，从逻辑上讲，他们应该宁愿根本不付款。”</blockquote></p><p>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.</p><p><blockquote>2014年，伯克希尔股东以压倒性多数拒绝了股息代理提案。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Yet Berkshire’s cash has more than doubled since then, notes Edward Jones analyst James Shanahan, who favors a dividend. “A dividend is a good idea if only because the cash balance has grown so much,” he says, adding that significant repurchases at Berkshire are more difficult than at other big companies because there is less liquidity in its stock.</p><p><blockquote>然而，爱德华·琼斯(Edward Jones)分析师詹姆斯·沙纳汉(James Shanahan)指出，自那时以来，伯克希尔的现金增加了一倍多，他倾向于派息。他表示：“股息是一个好主意，因为现金余额增长了很多。”他补充说，伯克希尔哈撒韦公司的大规模回购比其他大公司更加困难，因为其股票的流动性较低。</blockquote></p><p>Berkshire’s class A shares have lagged behind theS&amp;P 500 indexby 40 percentage points since the end of 2018. They now look appealing at around $368,000, less than 1.3 times estimated year-end 2020 book value of around $287,000 and about 23 times projected 2021 earnings. Its class B shares trade around $243.</p><p><blockquote>自2018年底以来，伯克希尔A类股落后标准普尔500指数40个百分点。它们现在看起来很有吸引力，约为368,000美元，不到2020年底预计账面价值约287,000美元的1.3倍，约为2021年预计收益的23倍。其B类股交易价格约为243美元。</blockquote></p><p>Berkshire has traded at closer to 1.4 times book value in the past five years, and earnings are set to climb in 2021, thanks to businesses with exposure to an improving economy, like the Burlington Northern Santa Fe railroad.</p><p><blockquote>过去五年，伯克希尔哈撒韦公司的股价接近账面价值的1.4倍，由于伯灵顿北圣达菲铁路公司等经济好转的企业，2021年的盈利将攀升。</blockquote></p><p>Still, the past decade has been one of missed opportunities for Buffett—with the stake inApple(AAPL) the notable exception.While the recently disclosed big purchasesinVerizon Communications(VZ) andChevron(CVX) made waves, Berkshire was likely a net seller of about $9 billion of stocks last year. The company also failed to capitalize on the market turmoil and make any big acquisitions.</p><p><blockquote>尽管如此，过去十年仍然是巴菲特错失的机会之一——苹果公司（AAPL）的股份是一个明显的例外。尽管最近披露的对威瑞森通信(VZ)和雪佛龙(CVX)的大额收购引起了轰动，但伯克希尔去年可能净卖出了约90亿美元的股票。该公司也未能利用市场动荡进行任何重大收购。</blockquote></p><p>So what else might Berkshire shareholders hope to see in the annual letter? More disclosure would help. It’s hard to know exactly how well Precision Castparts and other major Berkshire businesses are doing because the company doesn’t break out their results.</p><p><blockquote>那么伯克希尔股东还希望在年度信中看到什么呢？更多的披露会有所帮助。很难确切知道Precision Castparts和伯克希尔其他主要业务的表现如何，因为该公司没有公布业绩。</blockquote></p><p>There is also the question of succession, with Buffett turning 90 last August. Buffett could give up the CEO job to Berkshire’s vice chairman, Greg Abel, while remaining chairman and continuing to oversee Berkshire’s investment portfolio, including $270 billion of stocks.</p><p><blockquote>还有接班人的问题，巴菲特去年8月就90岁了。巴菲特可能会将首席执行官一职让给伯克希尔副董事长格雷格·阿贝尔，同时继续担任董事长并继续监管伯克希尔的投资组合，包括2700亿美元的股票。</blockquote></p><p>Berkshire hasn’t named an heir apparent to Buffett, but it’s widely assumed to be Abel, 58, who oversees Berkshire’s vast noninsurance operations, including Burlington Northern.</p><p><blockquote>伯克希尔尚未指定巴菲特的法定继承人，但人们普遍认为是58岁的阿贝尔，他负责监管伯克希尔庞大的非保险业务，包括伯灵顿北方保险公司。</blockquote></p><p>That would give Abel important experience while Buffett is still on the scene, allowing Abel to take new steps, like potentially holding Berkshire’s first investor day.</p><p><blockquote>这将在巴菲特还在现场的时候给阿贝尔提供重要的经验，使阿贝尔能够采取新的措施，比如可能举办伯克希尔的第一个投资者日。</blockquote></p><p></p><p>And whether it is Abel or someone else, a dividend would take pressure off Buffett’s successor to reinvest Berkshire’s earnings torrent and align the conglomerate with most other giant companies.</p><p><blockquote>无论是阿贝尔还是其他人，股息都将减轻巴菲特继任者对伯克希尔的盈利洪流进行再投资的压力，并使该集团与大多数其他巨头公司保持一致。</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>Warren Buffett’s Letter to Shareholders Is Coming. What Investors Want to See.<blockquote>沃伦·巴菲特致股东的信即将到来。投资者希望看到的。</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\">\nWarren Buffett’s Letter to Shareholders Is Coming. What Investors Want to See.<blockquote>沃伦·巴菲特致股东的信即将到来。投资者希望看到的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-22 11:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.</p><p><blockquote>当沃伦·巴菲特准备对他期待已久的致伯克希尔·哈撒韦公司股东的年度信进行最后的润色时，这位首席执行官有很多事情要解决。</blockquote></p><p>They include the&nbsp;underperformance of Berkshire(ticker: BRK.A and BRK.B) shares over the past one, five, and 10 years, Buffett’s cautious approach to new investments, and the spotty record of Berkshire’s acquisitions over the past decade.</p><p><blockquote>其中包括伯克希尔哈撒韦公司（股票代码：BRK.A和BRK.B）股票在过去一年、五年和十年中表现不佳，巴菲特对新投资的谨慎态度，以及伯克希尔哈撒韦公司过去十年收购记录参差不齐。</blockquote></p><p>Yet that letter—due out on Feb. 27, along with the annual report and fourth-quarter earnings—can help write Berkshire’s next chapter. All it would need is an announcement of the initiation of a dividend.</p><p><blockquote>然而，这封将于2月27日与年度报告和第四季度收益一起发布的信可以帮助书写伯克希尔哈撒韦的下一个篇章。它所需要的只是宣布开始派息。</blockquote></p><p>A dividend of 2% would be a good start, representing about 40% of projected 2021 earnings. It would probably lift the stock by broadening the base of potential investors to those who want or need dividends.</p><p><blockquote>2%的股息将是一个良好的开端，约占2021年预计收益的40%。它可能会通过将潜在投资者的基础扩大到那些想要或需要股息的人来提振股价。</blockquote></p><p>Berkshire has stepped up its share repurchases, buying back $15.7 billion of stock in the first three quarters of 2020, or about 3% of the shares outstanding. But with $146 billion in cash and projected earnings this year of $25 billion, it has the ability to pay a dividend as well as to buy back stock.</p><p><blockquote>伯克希尔加大了股票回购力度，在2020年前三季度回购了157亿美元的股票，约占已发行股票的3%。但凭借1,460亿美元现金和今年预计盈利250亿美元，该公司有能力支付股息并回购股票。</blockquote></p><p>“Berkshire should pay a dividend; this would increase the appeal of the shares to investors who want current income,” says David King, co-manager of the Columbia Flexible Capital Income fund. “Given Berkshire’s size and financial strength, the company is unique in paying no dividend and that should be changed.”</p><p><blockquote>“伯克希尔应该支付股息；这将增加股票对想要当前收入的投资者的吸引力，”哥伦比亚灵活资本收益基金联席经理戴维·金表示。“鉴于伯克希尔的规模和财务实力，该公司在不支付股息方面是独一无二的，这种情况应该改变。”</blockquote></p><p><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"></p><p><blockquote></blockquote></p><p>Berkshire hasn’t paid a dividend for over 50 years. Why? Buffett’s view has been that a dollar in his hands is better than one in the hands of shareholders. That was long the case as Buffett worked his investment and acquisition magic, but it has been less true in recent years. Buffett declined to comment for this article.</p><p><blockquote>伯克希尔已经50多年没有支付股息了。为什么？巴菲特的观点是，一美元在他手中胜过一美元在股东手中。在巴菲特施展投资和收购魔法的过程中，情况一直如此，但近年来情况已不那么真实了。巴菲特拒绝对本文发表评论。</blockquote></p><p>In his 2012 annual letter, the CEO addressed the dividend issue, arguing that the better, and more tax-efficient, approach would be for investors who want income to sell a small portion of their Berkshire stock each year.</p><p><blockquote>在2012年年度信中，这位首席执行官谈到了股息问题，认为对于希望获得收入的投资者来说，更好、更节税的方法是每年出售一小部分伯克希尔股票。</blockquote></p><p>“First, dividends impose a specific cash-out policy upon all shareholders. If, say, 40% of earnings is the policy, those who wish 30% or 50% will be thwarted,” Buffett wrote. “Our 600,000 shareholders cover the waterfront in their desires for cash. It is safe to say, however, that a great many of them—perhaps even most of them—are in a net-savings mode and logically should prefer no payment at all.”</p><p><blockquote>“首先，股息对所有股东施加了特定的套现政策。比方说，如果政策是收益的40%，那些希望获得30%或50%的人将会受挫，”巴菲特写道。“我们的60万股东对现金的渴望无处不在。然而，可以肯定地说，他们中的许多人——甚至可能是大多数——都处于净储蓄模式，从逻辑上讲，他们应该宁愿根本不付款。”</blockquote></p><p>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.</p><p><blockquote>2014年，伯克希尔股东以压倒性多数拒绝了股息代理提案。</blockquote></p><p><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Yet Berkshire’s cash has more than doubled since then, notes Edward Jones analyst James Shanahan, who favors a dividend. “A dividend is a good idea if only because the cash balance has grown so much,” he says, adding that significant repurchases at Berkshire are more difficult than at other big companies because there is less liquidity in its stock.</p><p><blockquote>然而，爱德华·琼斯(Edward Jones)分析师詹姆斯·沙纳汉(James Shanahan)指出，自那时以来，伯克希尔的现金增加了一倍多，他倾向于派息。他表示：“股息是一个好主意，因为现金余额增长了很多。”他补充说，伯克希尔哈撒韦公司的大规模回购比其他大公司更加困难，因为其股票的流动性较低。</blockquote></p><p>Berkshire’s class A shares have lagged behind theS&amp;P 500 indexby 40 percentage points since the end of 2018. They now look appealing at around $368,000, less than 1.3 times estimated year-end 2020 book value of around $287,000 and about 23 times projected 2021 earnings. Its class B shares trade around $243.</p><p><blockquote>自2018年底以来，伯克希尔A类股落后标准普尔500指数40个百分点。它们现在看起来很有吸引力，约为368,000美元，不到2020年底预计账面价值约287,000美元的1.3倍，约为2021年预计收益的23倍。其B类股交易价格约为243美元。</blockquote></p><p>Berkshire has traded at closer to 1.4 times book value in the past five years, and earnings are set to climb in 2021, thanks to businesses with exposure to an improving economy, like the Burlington Northern Santa Fe railroad.</p><p><blockquote>过去五年，伯克希尔哈撒韦公司的股价接近账面价值的1.4倍，由于伯灵顿北圣达菲铁路公司等经济好转的企业，2021年的盈利将攀升。</blockquote></p><p>Still, the past decade has been one of missed opportunities for Buffett—with the stake inApple(AAPL) the notable exception.While the recently disclosed big purchasesinVerizon Communications(VZ) andChevron(CVX) made waves, Berkshire was likely a net seller of about $9 billion of stocks last year. The company also failed to capitalize on the market turmoil and make any big acquisitions.</p><p><blockquote>尽管如此，过去十年仍然是巴菲特错失的机会之一——苹果公司（AAPL）的股份是一个明显的例外。尽管最近披露的对威瑞森通信(VZ)和雪佛龙(CVX)的大额收购引起了轰动，但伯克希尔去年可能净卖出了约90亿美元的股票。该公司也未能利用市场动荡进行任何重大收购。</blockquote></p><p>So what else might Berkshire shareholders hope to see in the annual letter? More disclosure would help. It’s hard to know exactly how well Precision Castparts and other major Berkshire businesses are doing because the company doesn’t break out their results.</p><p><blockquote>那么伯克希尔股东还希望在年度信中看到什么呢？更多的披露会有所帮助。很难确切知道Precision Castparts和伯克希尔其他主要业务的表现如何，因为该公司没有公布业绩。</blockquote></p><p>There is also the question of succession, with Buffett turning 90 last August. Buffett could give up the CEO job to Berkshire’s vice chairman, Greg Abel, while remaining chairman and continuing to oversee Berkshire’s investment portfolio, including $270 billion of stocks.</p><p><blockquote>还有接班人的问题，巴菲特去年8月就90岁了。巴菲特可能会将首席执行官一职让给伯克希尔副董事长格雷格·阿贝尔，同时继续担任董事长并继续监管伯克希尔的投资组合，包括2700亿美元的股票。</blockquote></p><p>Berkshire hasn’t named an heir apparent to Buffett, but it’s widely assumed to be Abel, 58, who oversees Berkshire’s vast noninsurance operations, including Burlington Northern.</p><p><blockquote>伯克希尔尚未指定巴菲特的法定继承人，但人们普遍认为是58岁的阿贝尔，他负责监管伯克希尔庞大的非保险业务，包括伯灵顿北方保险公司。</blockquote></p><p>That would give Abel important experience while Buffett is still on the scene, allowing Abel to take new steps, like potentially holding Berkshire’s first investor day.</p><p><blockquote>这将在巴菲特还在现场的时候给阿贝尔提供重要的经验，使阿贝尔能够采取新的措施，比如可能举办伯克希尔的第一个投资者日。</blockquote></p><p></p><p>And whether it is Abel or someone else, a dividend would take pressure off Buffett’s successor to reinvest Berkshire’s earnings torrent and align the conglomerate with most other giant companies.</p><p><blockquote>无论是阿贝尔还是其他人，股息都将减轻巴菲特继任者对伯克希尔的盈利洪流进行再投资的压力，并使该集团与大多数其他巨头公司保持一致。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/how-warren-buffetts-berkshire-hathaway-shareholder-letter-could-lift-the-companys-stock-51613778470?mod=hp_LEADSUPP_3\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://www.barrons.com/articles/how-warren-buffetts-berkshire-hathaway-shareholder-letter-could-lift-the-companys-stock-51613778470?mod=hp_LEADSUPP_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171414372","content_text":"As Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare holders, the CEO has much to address.They include the underperformance of Berkshire(ticker: BRK.A and BRK.B) shares over the past one, five, and 10 years, Buffett’s cautious approach to new investments, and the spotty record of Berkshire’s acquisitions over the past decade.Yet that letter—due out on Feb. 27, along with the annual report and fourth-quarter earnings—can help write Berkshire’s next chapter. All it would need is an announcement of the initiation of a dividend.A dividend of 2% would be a good start, representing about 40% of projected 2021 earnings. It would probably lift the stock by broadening the base of potential investors to those who want or need dividends.Berkshire has stepped up its share repurchases, buying back $15.7 billion of stock in the first three quarters of 2020, or about 3% of the shares outstanding. But with $146 billion in cash and projected earnings this year of $25 billion, it has the ability to pay a dividend as well as to buy back stock.“Berkshire should pay a dividend; this would increase the appeal of the shares to investors who want current income,” says David King, co-manager of the Columbia Flexible Capital Income fund. “Given Berkshire’s size and financial strength, the company is unique in paying no dividend and that should be changed.”Berkshire hasn’t paid a dividend for over 50 years. Why? Buffett’s view has been that a dollar in his hands is better than one in the hands of shareholders. That was long the case as Buffett worked his investment and acquisition magic, but it has been less true in recent years. Buffett declined to comment for this article.In his 2012 annual letter, the CEO addressed the dividend issue, arguing that the better, and more tax-efficient, approach would be for investors who want income to sell a small portion of their Berkshire stock each year.“First, dividends impose a specific cash-out policy upon all shareholders. If, say, 40% of earnings is the policy, those who wish 30% or 50% will be thwarted,” Buffett wrote. “Our 600,000 shareholders cover the waterfront in their desires for cash. It is safe to say, however, that a great many of them—perhaps even most of them—are in a net-savings mode and logically should prefer no payment at all.”In 2014, Berkshire holder soverwhelmingly rejected a proxy proposalon dividends.Yet Berkshire’s cash has more than doubled since then, notes Edward Jones analyst James Shanahan, who favors a dividend. “A dividend is a good idea if only because the cash balance has grown so much,” he says, adding that significant repurchases at Berkshire are more difficult than at other big companies because there is less liquidity in its stock.Berkshire’s class A shares have lagged behind theS&P 500 indexby 40 percentage points since the end of 2018. They now look appealing at around $368,000, less than 1.3 times estimated year-end 2020 book value of around $287,000 and about 23 times projected 2021 earnings. Its class B shares trade around $243.Berkshire has traded at closer to 1.4 times book value in the past five years, and earnings are set to climb in 2021, thanks to businesses with exposure to an improving economy, like the Burlington Northern Santa Fe railroad.Still, the past decade has been one of missed opportunities for Buffett—with the stake inApple(AAPL) the notable exception.While the recently disclosed big purchasesinVerizon Communications(VZ) andChevron(CVX) made waves, Berkshire was likely a net seller of about $9 billion of stocks last year. The company also failed to capitalize on the market turmoil and make any big acquisitions.So what else might Berkshire shareholders hope to see in the annual letter? More disclosure would help. It’s hard to know exactly how well Precision Castparts and other major Berkshire businesses are doing because the company doesn’t break out their results.There is also the question of succession, with Buffett turning 90 last August. Buffett could give up the CEO job to Berkshire’s vice chairman, Greg Abel, while remaining chairman and continuing to oversee Berkshire’s investment portfolio, including $270 billion of stocks.Berkshire hasn’t named an heir apparent to Buffett, but it’s widely assumed to be Abel, 58, who oversees Berkshire’s vast noninsurance operations, including Burlington Northern.That would give Abel important experience while Buffett is still on the scene, allowing Abel to take new steps, like potentially holding Berkshire’s first investor day.And whether it is Abel or someone else, a dividend would take pressure off Buffett’s successor to reinvest Berkshire’s earnings torrent and align the conglomerate with most other giant companies.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":1317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360210837,"gmtCreate":1613922192329,"gmtModify":1631889816564,"author":{"id":"3575078969779961","authorId":"3575078969779961","name":"ZLiao","avatar":"https://static.tigerbbs.com/eb996775293cff5d23c52ae65fd17d69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575078969779961","authorIdStr":"3575078969779961"},"themes":[],"htmlText":"Share, like, reply for coins!!","listText":"Share, like, reply for coins!!","text":"Share, like, reply for coins!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/360210837","repostId":"1194607255","repostType":4,"isVote":1,"tweetType":1,"viewCount":2786,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":384727623,"gmtCreate":1613692931662,"gmtModify":1631889816566,"author":{"id":"3575078969779961","authorId":"3575078969779961","name":"ZLiao","avatar":"https://static.tigerbbs.com/eb996775293cff5d23c52ae65fd17d69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575078969779961","authorIdStr":"3575078969779961"},"themes":[],"htmlText":"Like and comment for coins!!","listText":"Like and comment for coins!!","text":"Like and comment for coins!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/384727623","repostId":"1102078157","repostType":4,"isVote":1,"tweetType":1,"viewCount":2370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":384183089,"gmtCreate":1613625660241,"gmtModify":1631889816568,"author":{"id":"3575078969779961","authorId":"3575078969779961","name":"ZLiao","avatar":"https://static.tigerbbs.com/eb996775293cff5d23c52ae65fd17d69","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575078969779961","authorIdStr":"3575078969779961"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/U/3575626666648796\">@henrysoh</a>hi","listText":"<a href=\"https://laohu8.com/U/3575626666648796\">@henrysoh</a>hi","text":"@henrysohhi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/384183089","isVote":1,"tweetType":1,"viewCount":2004,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}