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2021-05-05

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Here's How Warren Buffett Explained Berkshire Hathaway's Bank Selloff<blockquote>沃伦·巴菲特是这样解释伯克希尔·哈撒韦公司的银行抛售的</blockquote>

Berkshire Hathaway's(NYSE:BRK.A)(NYSE:BRK.B)annual shareholder meeting and its marathon question-and

Here's How Warren Buffett Explained Berkshire Hathaway's Bank Selloff<blockquote>沃伦·巴菲特是这样解释伯克希尔·哈撒韦公司的银行抛售的</blockquote>

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Some of the questions that came up in Saturday's livestream dealt with moves Berkshire made during the early stages of the pandemic last year -- including what led the company to exit most of its banking positions while loading up onBank of America(NYSE:BAC). After months of speculation, Buffett gave a little bit of insight into what drove his decision making.<blockquote>伯克希尔哈撒韦（纽约证券交易所股票代码：BRK.A）（纽约证券交易所股票代码：BRK.B）年度股东大会及其马拉松式问答环节再次来来去去，让投资者再次一睹传奇投资者沃伦·巴菲特的非凡胸怀。周六直播中出现的一些问题涉及伯克希尔哈撒韦公司在去年疫情早期阶段采取的举措，包括是什么导致该公司退出大部分银行头寸，同时增持美国银行（纽约证券交易所代码：BAC）。经过几个月的猜测，巴菲特对推动他决策的因素给出了一些见解。</blockquote> Too much exposure<blockquote>曝光过多</blockquote> Prior to the pandemic, Berkshire owned a slate of bank stocks, and Buffett seemed to have a bullish stance toward the sector. However, as stay-at-home orders and economic shutdowns spread across the country and banks braced for heavy loan losses, Buffett seemed to do a 180 and exited many of his holdings.<blockquote>在疫情爆发之前，伯克希尔持有一系列银行股，巴菲特似乎对该行业持看涨立场。然而，随着居家令和经济停摆在全国各地蔓延，银行准备迎接严重的贷款损失，巴菲特似乎来了个180度大转弯，退出了他的许多持股。</blockquote> Berkshire eliminated its stake in investment bankGoldman Sachs&nbsp;and eventuallyJPMorgan Chase, America's largest bank by assets. Berkshire also sold its position in regional banks likePNC Financial Services Group&nbsp;andM&amp;T Bank. And Buffett appears to be looking for an exit on former favoriteWells Fargo, selling shares gradually for the past several quarters.<blockquote>伯克希尔减持投资银行股份高盛而最终摩根大通美国资产规模最大的银行。伯克希尔还出售了其在地区性银行的头寸，例如PNC金融服务集团和M&amp;T银行.巴菲特似乎正在寻找退出他以前最喜欢的富国银行，在过去几个季度逐步出售股票。</blockquote> While all of this was going on, Buffett and Berkshire pumped more than $2 billion of stock into Bank of America and increased the company's stake to 11.9% of outstanding shares, a move that required special regulatory approval.<blockquote>在这一切发生的同时，巴菲特和伯克希尔向美国银行注入了超过20亿美元的股票，并将该公司的股份增加到已发行股票的11.9%，此举需要监管部门的特别批准。</blockquote> <img src=\"https://static.tigerbbs.com/c2da7d6438277757a73f9e626ebc6fc2\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> IMAGE SOURCE: GETTY IMAGES.<blockquote>图片来源：盖蒂图片社。</blockquote> While we don't yet know what moves Buffett has made in 2021, he doesn't appear to have done much, since the cost basis of Berkshire's bank, insurance, and finance stocks after the first quarter was just slightly higher than it was at the end of 2020.<blockquote>虽然我们还不知道巴菲特在2021年采取了哪些举措，但他似乎并没有做太多事情，因为第一季度后伯克希尔银行、保险和金融股的成本基础仅略高于2020年底。</blockquote> During the Q&amp;A part of Berkshire's shareholder meeting, Buffett was asked why he had sold most of his bank stocks last year.<blockquote>在伯克希尔股东大会的问答环节，巴菲特被问及为何去年抛售了大部分银行股。</blockquote> \"I like banks generally, I just didn't like the proportion we had compared to the possible risk if we got the bad results that so far we haven't gotten,\" Buffett said. \"We overall didn't want as much in banks as we had.\"<blockquote>巴菲特说：“总的来说，我喜欢银行，我只是不喜欢我们与可能的风险相比的比例，如果我们得到迄今为止尚未得到的糟糕结果。”“总体而言，我们对银行的需求并不像现在那么高。”</blockquote> The Oracle of Omaha added: \"The banking business is way better than it was in the United States 10 or 15 years ago. The banking business around the world -- in various places -- might worry me. But our banks are in far, far better shape than 10 or 15 years ago. But when things froze for a short period of time, the biggest thing the banks had going for them was that the Federal Reserve was behind them, and the Federal Reserve is not behind Berkshire. It's up to us take care of ourselves.\"<blockquote>这位奥马哈先知补充道：“银行业比10或15年前的美国要好得多。世界各地的银行业——在不同的地方——可能会让我担心。但是我们的银行比10或15年前好得多。但当事情在短时间内冻结时，银行得到的最大好处是美联储支持他们，而美联储并不支持伯克希尔。我们有责任照顾好自己。”</blockquote> What to make of this<blockquote>这是怎么回事</blockquote> Buffett is one of the greatest investing minds of all time, if not No. 1, so it's important to realize that it will be difficult for us to see these moves exactly as he does. And I can certainly appreciate his remark about having too much exposure. Keep in mind, Buffett is managing an equities portfolio of hundreds of billions of dollars, so a few percentage points one way or the other is huge. He needs to think about safety much more than your standard responsible investor (Buffett sometimes refers to himself as Berkshire's \"chief risk officer,\" and he did so again on Saturday). But it really is difficult for me to understand all these moves.<blockquote>巴菲特即使不是第一，也是有史以来最伟大的投资头脑之一，因此重要的是要认识到，我们很难像他那样完全看到这些举动。我当然很欣赏他关于曝光率太高的评论。请记住，巴菲特管理着数千亿美元的股票投资组合，因此无论哪种方式，几个百分点都是巨大的。他比标准的负责任投资者更需要考虑安全问题（巴菲特有时称自己为伯克希尔的“首席风险官”，他在周六再次这样做了）。但是我真的很难理解所有这些动作。</blockquote> Goldman Sachs is not very loan-heavy, so it didn't really face the same degree of risk as other large banks like Bank of America and JPMorgan Chase. Investment banks also tend to do better in periods of volatility, and Goldman is working to build up its consumerbankand asset and wealth management divisions to generate steadier revenues. Goldman's stock is nearly 40% higher than it was prior to the pandemic, and many thinkit's still trading cheap.<blockquote>高盛的贷款并不多，因此它并没有真正面临与美国银行和摩根大通等其他大型银行相同程度的风险。投资银行在波动时期也往往表现更好，高盛正在努力建立其消费银行以及资产和财富管理部门，以产生更稳定的收入。高盛的股价比疫情爆发前高出近40%，而且许多thinkit的交易价格仍然很便宜。</blockquote> Buffett's decision to load up on Bank of America and dump JPMorgan as an even bigger mystery to me. JPMorgan not only has a more diversified business, but its earnings power is greater, as well. The bank is also extremely safe. Its reserves for loan losses peaked at $34 billion during 2020, but the bank was prepared for scenarios where its reserves would have peaked at $52 billion. JPMorgan also engineered its way through the Great Recession better than any of the largest banks in America. Buffett officially eliminated Berkshire's stake in JPMorgan in the fourth quarter of the year. Meanwhile, the stock is up nearly 21% year to date at Tuesday's prices, and Buffett likely missed out on even more appreciation, considering he sold the bulk of his JPMorgan position in the third quarter of 2020.<blockquote>巴菲特决定买入美国银行并抛弃摩根大通对我来说是一个更大的谜。摩根大通不仅业务更加多元化，而且盈利能力也更强。银行也极其安全。其贷款损失准备金在2020年达到340亿美元的峰值，但该银行已为其准备金达到520亿美元峰值的情况做好了准备。摩根大通也比美国任何一家最大的银行都更好地度过了大衰退。巴菲特在今年第四季度正式消除了伯克希尔在摩根大通的股份。与此同时，按周二的价格计算，该股今年迄今已上涨近21%，考虑到巴菲特在2020年第三季度出售了摩根大通的大部分头寸，他可能会错过更多的升值机会。</blockquote> Hindsight is, of course, 20/20, but the numbers are also the numbers, and Buffett missed out on huge gains on his former bank holdings that could just be getting started. Banks are potentially poised for a strong multiyear run, with earnings expected to jump in a rising-rate environment. Buffett did say Saturday that he is concerned about \"very substantial inflation,\" so maybe he thinks too much inflation may kill loan demand, or that rising rates might reveal bad credit quality. However, cyclical stocks like banks and financials tend to perform better during inflation than high-growth tech stocks, which Berkshire has recently made abigger part of its portfoliothan financials.<blockquote>事后看来，当然是20/20，但数字也是数字，巴菲特错过了他以前持有的银行股票可能刚刚开始的巨大收益。银行可能会迎来多年的强劲表现，预计在利率上升的环境下盈利将大幅增长。巴菲特周六确实表示，他担心“非常严重的通胀”，因此他可能认为过多的通胀可能会扼杀贷款需求，或者利率上升可能会暴露出不良的信贷质量。然而，银行和金融股等周期性股票在通胀期间往往比高增长科技股表现更好，伯克希尔最近将高增长科技股纳入其投资组合的比例大于金融股。</blockquote> Is Buffett done with banking?<blockquote>巴菲特做完了银行业吗？</blockquote> Buffett has not abandoned the sector altogether. Bank of America is still Berkshire's second-largest holding behindApple. Berkshire also still has large positions inAmerican Express,&nbsp;U.S. Bancorp, andBank of New York Mellon. Buffett also may not be pulling all the strings here -- he's ceded a lot of Berkshire's investing authority to others who may be making the decisions. It has long been known that two of Buffett's lieutenants, Todd Combs and Ted Weschler, are much more involved in Berkshire's portfolio decisions now. In addition, Berkshire recently confirmed that Berkshire's Vice Chairman Greg Abel isexpected to succeed Buffettas CEO when he eventually steps aside.<blockquote>巴菲特并没有完全放弃这个行业。美国银行仍是伯克希尔的第二大持股苹果.伯克希尔哈撒韦公司仍持有大量头寸美国运通, 美国合众银行，和纽约梅隆银行巴菲特也可能不是这里的幕后黑手——他已经将伯克希尔的很多投资权限让给了其他可能做出决定的人。众所周知，巴菲特的两位副手托德·库姆斯和泰德·韦施勒现在更多地参与了伯克希尔的投资组合决策。此外，伯克希尔最近证实，伯克希尔副董事长格雷格·阿贝尔预计将在巴菲特最终辞职时接替他担任首席执行官。</blockquote> But with all that has recently happened, it does seem like it could be a while until we see Berkshire buy traditional bank stocks again.<blockquote>但考虑到最近发生的一切，我们似乎还需要一段时间才能看到伯克希尔再次购买传统银行股。</blockquote>","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>Here's How Warren Buffett Explained Berkshire Hathaway's Bank Selloff<blockquote>沃伦·巴菲特是这样解释伯克希尔·哈撒韦公司的银行抛售的</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\">\nHere's How Warren Buffett Explained Berkshire Hathaway's Bank Selloff<blockquote>沃伦·巴菲特是这样解释伯克希尔·哈撒韦公司的银行抛售的</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe motley fool2021-05-05 10:14\n\n</h4>\n</header>\n<article>\nBerkshire Hathaway's(NYSE:BRK.A)(NYSE:BRK.B)annual shareholder meeting and its marathon question-and-answer session have once again come and gone, offering investors another glimpse into the extraordinary mind of legendary investor Warren Buffett. Some of the questions that came up in Saturday's livestream dealt with moves Berkshire made during the early stages of the pandemic last year -- including what led the company to exit most of its banking positions while loading up onBank of America(NYSE:BAC). After months of speculation, Buffett gave a little bit of insight into what drove his decision making.<blockquote>伯克希尔哈撒韦（纽约证券交易所股票代码：BRK.A）（纽约证券交易所股票代码：BRK.B）年度股东大会及其马拉松式问答环节再次来来去去，让投资者再次一睹传奇投资者沃伦·巴菲特的非凡胸怀。周六直播中出现的一些问题涉及伯克希尔哈撒韦公司在去年疫情早期阶段采取的举措，包括是什么导致该公司退出大部分银行头寸，同时增持美国银行（纽约证券交易所代码：BAC）。经过几个月的猜测，巴菲特对推动他决策的因素给出了一些见解。</blockquote> Too much exposure<blockquote>曝光过多</blockquote> Prior to the pandemic, Berkshire owned a slate of bank stocks, and Buffett seemed to have a bullish stance toward the sector. However, as stay-at-home orders and economic shutdowns spread across the country and banks braced for heavy loan losses, Buffett seemed to do a 180 and exited many of his holdings.<blockquote>在疫情爆发之前，伯克希尔持有一系列银行股，巴菲特似乎对该行业持看涨立场。然而，随着居家令和经济停摆在全国各地蔓延，银行准备迎接严重的贷款损失，巴菲特似乎来了个180度大转弯，退出了他的许多持股。</blockquote> Berkshire eliminated its stake in investment bankGoldman Sachs&nbsp;and eventuallyJPMorgan Chase, America's largest bank by assets. Berkshire also sold its position in regional banks likePNC Financial Services Group&nbsp;andM&amp;T Bank. And Buffett appears to be looking for an exit on former favoriteWells Fargo, selling shares gradually for the past several quarters.<blockquote>伯克希尔减持投资银行股份高盛而最终摩根大通美国资产规模最大的银行。伯克希尔还出售了其在地区性银行的头寸，例如PNC金融服务集团和M&amp;T银行.巴菲特似乎正在寻找退出他以前最喜欢的富国银行，在过去几个季度逐步出售股票。</blockquote> While all of this was going on, Buffett and Berkshire pumped more than $2 billion of stock into Bank of America and increased the company's stake to 11.9% of outstanding shares, a move that required special regulatory approval.<blockquote>在这一切发生的同时，巴菲特和伯克希尔向美国银行注入了超过20亿美元的股票，并将该公司的股份增加到已发行股票的11.9%，此举需要监管部门的特别批准。</blockquote> <img src=\"https://static.tigerbbs.com/c2da7d6438277757a73f9e626ebc6fc2\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> IMAGE SOURCE: GETTY IMAGES.<blockquote>图片来源：盖蒂图片社。</blockquote> While we don't yet know what moves Buffett has made in 2021, he doesn't appear to have done much, since the cost basis of Berkshire's bank, insurance, and finance stocks after the first quarter was just slightly higher than it was at the end of 2020.<blockquote>虽然我们还不知道巴菲特在2021年采取了哪些举措，但他似乎并没有做太多事情，因为第一季度后伯克希尔银行、保险和金融股的成本基础仅略高于2020年底。</blockquote> During the Q&amp;A part of Berkshire's shareholder meeting, Buffett was asked why he had sold most of his bank stocks last year.<blockquote>在伯克希尔股东大会的问答环节，巴菲特被问及为何去年抛售了大部分银行股。</blockquote> \"I like banks generally, I just didn't like the proportion we had compared to the possible risk if we got the bad results that so far we haven't gotten,\" Buffett said. \"We overall didn't want as much in banks as we had.\"<blockquote>巴菲特说：“总的来说，我喜欢银行，我只是不喜欢我们与可能的风险相比的比例，如果我们得到迄今为止尚未得到的糟糕结果。”“总体而言，我们对银行的需求并不像现在那么高。”</blockquote> The Oracle of Omaha added: \"The banking business is way better than it was in the United States 10 or 15 years ago. The banking business around the world -- in various places -- might worry me. But our banks are in far, far better shape than 10 or 15 years ago. But when things froze for a short period of time, the biggest thing the banks had going for them was that the Federal Reserve was behind them, and the Federal Reserve is not behind Berkshire. It's up to us take care of ourselves.\"<blockquote>这位奥马哈先知补充道：“银行业比10或15年前的美国要好得多。世界各地的银行业——在不同的地方——可能会让我担心。但是我们的银行比10或15年前好得多。但当事情在短时间内冻结时，银行得到的最大好处是美联储支持他们，而美联储并不支持伯克希尔。我们有责任照顾好自己。”</blockquote> What to make of this<blockquote>这是怎么回事</blockquote> Buffett is one of the greatest investing minds of all time, if not No. 1, so it's important to realize that it will be difficult for us to see these moves exactly as he does. And I can certainly appreciate his remark about having too much exposure. Keep in mind, Buffett is managing an equities portfolio of hundreds of billions of dollars, so a few percentage points one way or the other is huge. He needs to think about safety much more than your standard responsible investor (Buffett sometimes refers to himself as Berkshire's \"chief risk officer,\" and he did so again on Saturday). But it really is difficult for me to understand all these moves.<blockquote>巴菲特即使不是第一，也是有史以来最伟大的投资头脑之一，因此重要的是要认识到，我们很难像他那样完全看到这些举动。我当然很欣赏他关于曝光率太高的评论。请记住，巴菲特管理着数千亿美元的股票投资组合，因此无论哪种方式，几个百分点都是巨大的。他比标准的负责任投资者更需要考虑安全问题（巴菲特有时称自己为伯克希尔的“首席风险官”，他在周六再次这样做了）。但是我真的很难理解所有这些动作。</blockquote> Goldman Sachs is not very loan-heavy, so it didn't really face the same degree of risk as other large banks like Bank of America and JPMorgan Chase. Investment banks also tend to do better in periods of volatility, and Goldman is working to build up its consumerbankand asset and wealth management divisions to generate steadier revenues. Goldman's stock is nearly 40% higher than it was prior to the pandemic, and many thinkit's still trading cheap.<blockquote>高盛的贷款并不多，因此它并没有真正面临与美国银行和摩根大通等其他大型银行相同程度的风险。投资银行在波动时期也往往表现更好，高盛正在努力建立其消费银行以及资产和财富管理部门，以产生更稳定的收入。高盛的股价比疫情爆发前高出近40%，而且许多thinkit的交易价格仍然很便宜。</blockquote> Buffett's decision to load up on Bank of America and dump JPMorgan as an even bigger mystery to me. JPMorgan not only has a more diversified business, but its earnings power is greater, as well. The bank is also extremely safe. Its reserves for loan losses peaked at $34 billion during 2020, but the bank was prepared for scenarios where its reserves would have peaked at $52 billion. JPMorgan also engineered its way through the Great Recession better than any of the largest banks in America. Buffett officially eliminated Berkshire's stake in JPMorgan in the fourth quarter of the year. Meanwhile, the stock is up nearly 21% year to date at Tuesday's prices, and Buffett likely missed out on even more appreciation, considering he sold the bulk of his JPMorgan position in the third quarter of 2020.<blockquote>巴菲特决定买入美国银行并抛弃摩根大通对我来说是一个更大的谜。摩根大通不仅业务更加多元化，而且盈利能力也更强。银行也极其安全。其贷款损失准备金在2020年达到340亿美元的峰值，但该银行已为其准备金达到520亿美元峰值的情况做好了准备。摩根大通也比美国任何一家最大的银行都更好地度过了大衰退。巴菲特在今年第四季度正式消除了伯克希尔在摩根大通的股份。与此同时，按周二的价格计算，该股今年迄今已上涨近21%，考虑到巴菲特在2020年第三季度出售了摩根大通的大部分头寸，他可能会错过更多的升值机会。</blockquote> Hindsight is, of course, 20/20, but the numbers are also the numbers, and Buffett missed out on huge gains on his former bank holdings that could just be getting started. Banks are potentially poised for a strong multiyear run, with earnings expected to jump in a rising-rate environment. Buffett did say Saturday that he is concerned about \"very substantial inflation,\" so maybe he thinks too much inflation may kill loan demand, or that rising rates might reveal bad credit quality. However, cyclical stocks like banks and financials tend to perform better during inflation than high-growth tech stocks, which Berkshire has recently made abigger part of its portfoliothan financials.<blockquote>事后看来，当然是20/20，但数字也是数字，巴菲特错过了他以前持有的银行股票可能刚刚开始的巨大收益。银行可能会迎来多年的强劲表现，预计在利率上升的环境下盈利将大幅增长。巴菲特周六确实表示，他担心“非常严重的通胀”，因此他可能认为过多的通胀可能会扼杀贷款需求，或者利率上升可能会暴露出不良的信贷质量。然而，银行和金融股等周期性股票在通胀期间往往比高增长科技股表现更好，伯克希尔最近将高增长科技股纳入其投资组合的比例大于金融股。</blockquote> Is Buffett done with banking?<blockquote>巴菲特做完了银行业吗？</blockquote> Buffett has not abandoned the sector altogether. Bank of America is still Berkshire's second-largest holding behindApple. Berkshire also still has large positions inAmerican Express,&nbsp;U.S. Bancorp, andBank of New York Mellon. Buffett also may not be pulling all the strings here -- he's ceded a lot of Berkshire's investing authority to others who may be making the decisions. It has long been known that two of Buffett's lieutenants, Todd Combs and Ted Weschler, are much more involved in Berkshire's portfolio decisions now. In addition, Berkshire recently confirmed that Berkshire's Vice Chairman Greg Abel isexpected to succeed Buffettas CEO when he eventually steps aside.<blockquote>巴菲特并没有完全放弃这个行业。美国银行仍是伯克希尔的第二大持股苹果.伯克希尔哈撒韦公司仍持有大量头寸美国运通, 美国合众银行，和纽约梅隆银行巴菲特也可能不是这里的幕后黑手——他已经将伯克希尔的很多投资权限让给了其他可能做出决定的人。众所周知，巴菲特的两位副手托德·库姆斯和泰德·韦施勒现在更多地参与了伯克希尔的投资组合决策。此外，伯克希尔最近证实，伯克希尔副董事长格雷格·阿贝尔预计将在巴菲特最终辞职时接替他担任首席执行官。</blockquote> But with all that has recently happened, it does seem like it could be a while until we see Berkshire buy traditional bank stocks again.<blockquote>但考虑到最近发生的一切，我们似乎还需要一段时间才能看到伯克希尔再次购买传统银行股。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.fool.com/investing/2021/05/04/heres-how-warren-buffett-explained-berkshire-hatha/\">The motley fool</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\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.fool.com/investing/2021/05/04/heres-how-warren-buffett-explained-berkshire-hatha/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132504423","content_text":"Berkshire Hathaway's(NYSE:BRK.A)(NYSE:BRK.B)annual shareholder meeting and its marathon question-and-answer session have once again come and gone, offering investors another glimpse into the extraordinary mind of legendary investor Warren Buffett. Some of the questions that came up in Saturday's livestream dealt with moves Berkshire made during the early stages of the pandemic last year -- including what led the company to exit most of its banking positions while loading up onBank of America(NYSE:BAC). After months of speculation, Buffett gave a little bit of insight into what drove his decision making.\nToo much exposure\nPrior to the pandemic, Berkshire owned a slate of bank stocks, and Buffett seemed to have a bullish stance toward the sector. However, as stay-at-home orders and economic shutdowns spread across the country and banks braced for heavy loan losses, Buffett seemed to do a 180 and exited many of his holdings.\nBerkshire eliminated its stake in investment bankGoldman Sachs and eventuallyJPMorgan Chase, America's largest bank by assets. Berkshire also sold its position in regional banks likePNC Financial Services Group andM&T Bank. And Buffett appears to be looking for an exit on former favoriteWells Fargo, selling shares gradually for the past several quarters.\nWhile all of this was going on, Buffett and Berkshire pumped more than $2 billion of stock into Bank of America and increased the company's stake to 11.9% of outstanding shares, a move that required special regulatory approval.\n\nIMAGE SOURCE: GETTY IMAGES.\nWhile we don't yet know what moves Buffett has made in 2021, he doesn't appear to have done much, since the cost basis of Berkshire's bank, insurance, and finance stocks after the first quarter was just slightly higher than it was at the end of 2020.\nDuring the Q&A part of Berkshire's shareholder meeting, Buffett was asked why he had sold most of his bank stocks last year.\n\"I like banks generally, I just didn't like the proportion we had compared to the possible risk if we got the bad results that so far we haven't gotten,\" Buffett said. \"We overall didn't want as much in banks as we had.\"\nThe Oracle of Omaha added: \"The banking business is way better than it was in the United States 10 or 15 years ago. The banking business around the world -- in various places -- might worry me. But our banks are in far, far better shape than 10 or 15 years ago. But when things froze for a short period of time, the biggest thing the banks had going for them was that the Federal Reserve was behind them, and the Federal Reserve is not behind Berkshire. It's up to us take care of ourselves.\"\nWhat to make of this\nBuffett is one of the greatest investing minds of all time, if not No. 1, so it's important to realize that it will be difficult for us to see these moves exactly as he does. And I can certainly appreciate his remark about having too much exposure. Keep in mind, Buffett is managing an equities portfolio of hundreds of billions of dollars, so a few percentage points one way or the other is huge. He needs to think about safety much more than your standard responsible investor (Buffett sometimes refers to himself as Berkshire's \"chief risk officer,\" and he did so again on Saturday). But it really is difficult for me to understand all these moves.\nGoldman Sachs is not very loan-heavy, so it didn't really face the same degree of risk as other large banks like Bank of America and JPMorgan Chase. Investment banks also tend to do better in periods of volatility, and Goldman is working to build up its consumerbankand asset and wealth management divisions to generate steadier revenues. Goldman's stock is nearly 40% higher than it was prior to the pandemic, and many thinkit's still trading cheap.\nBuffett's decision to load up on Bank of America and dump JPMorgan as an even bigger mystery to me. JPMorgan not only has a more diversified business, but its earnings power is greater, as well. The bank is also extremely safe. Its reserves for loan losses peaked at $34 billion during 2020, but the bank was prepared for scenarios where its reserves would have peaked at $52 billion. JPMorgan also engineered its way through the Great Recession better than any of the largest banks in America. Buffett officially eliminated Berkshire's stake in JPMorgan in the fourth quarter of the year. Meanwhile, the stock is up nearly 21% year to date at Tuesday's prices, and Buffett likely missed out on even more appreciation, considering he sold the bulk of his JPMorgan position in the third quarter of 2020.\nHindsight is, of course, 20/20, but the numbers are also the numbers, and Buffett missed out on huge gains on his former bank holdings that could just be getting started. Banks are potentially poised for a strong multiyear run, with earnings expected to jump in a rising-rate environment. Buffett did say Saturday that he is concerned about \"very substantial inflation,\" so maybe he thinks too much inflation may kill loan demand, or that rising rates might reveal bad credit quality. However, cyclical stocks like banks and financials tend to perform better during inflation than high-growth tech stocks, which Berkshire has recently made abigger part of its portfoliothan financials.\nIs Buffett done with banking?\nBuffett has not abandoned the sector altogether. Bank of America is still Berkshire's second-largest holding behindApple. Berkshire also still has large positions inAmerican Express, U.S. Bancorp, andBank of New York Mellon. Buffett also may not be pulling all the strings here -- he's ceded a lot of Berkshire's investing authority to others who may be making the decisions. It has long been known that two of Buffett's lieutenants, Todd Combs and Ted Weschler, are much more involved in Berkshire's portfolio decisions now. In addition, Berkshire recently confirmed that Berkshire's Vice Chairman Greg Abel isexpected to succeed Buffettas CEO when he eventually steps aside.\nBut with all that has recently happened, it does seem like it could be a while until we see Berkshire buy traditional bank stocks again.","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":1929,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}