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2021-08-09

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Berkshire Buoyed as U.S. Rebound Fires Up Manufacturers<blockquote>美国经济反弹提振制造商，伯克希尔哈撒韦公司受到提振</blockquote>

(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is reaping the benefits of the U.S. economic

Berkshire Buoyed as U.S. Rebound Fires Up Manufacturers<blockquote>美国经济反弹提振制造商，伯克希尔哈撒韦公司受到提振</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":898572978,"tweetId":"898572978","gmtCreate":1628515024994,"gmtModify":1631884907724,"author":{"id":3564041372367572,"idStr":"3564041372367572","authorId":3564041372367572,"authorIdStr":"3564041372367572","name":"我会成为小富婆","avatar":"https://static.tigerbbs.com/cc81530dfc76889190c0083ac7558dcb","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":39,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Like and comment&nbsp;</body></html>","htmlText":"<html><head></head><body>Like and comment&nbsp;</body></html>","text":"Like and comment","highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/898572978","repostId":1169468024,"repostType":4,"repost":{"id":"1169468024","kind":"news","pubTimestamp":1628514601,"share":"https://www.laohu8.com/m/news/1169468024?lang=zh_CN&edition=full","pubTime":"2021-08-09 21:10","market":"us","language":"en","title":"Berkshire Buoyed as U.S. Rebound Fires Up Manufacturers<blockquote>美国经济反弹提振制造商，伯克希尔哈撒韦公司受到提振</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169468024","media":"Bloomberg","summary":"(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is reaping the benefits of the U.S. economic","content":"(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is reaping the benefits of the U.S. economic recovery.<blockquote>（彭博社）——沃伦·巴菲特的伯克希尔·哈撒韦公司正在收获美国经济复苏的好处。</blockquote> The conglomerate’s collection of manufacturers and retailers bounced back during the second quarter after being hit hard as the pandemic ripped through the U.S. last year. That group of businesses posted its second-highest quarterly profit in data going back to the middle of 2009 and helped fuel a 21% gain in Berkshire’s total operating profit during the period.<blockquote>该集团旗下的制造商和零售商在去年疫情席卷美国时遭受重创后，在第二季度出现反弹。该业务集团公布了自2009年中期以来第二高的季度利润，并帮助伯克希尔哈撒韦公司在此期间的总营业利润增长了21%。</blockquote> “It’s all of the other old economy, manufacturing, service, retailing, transportation businesses that just really reflect the broad economic recovery driving this performance this quarter,” Jim Shanahan, an analyst at Edward Jones, said in a phone interview. “There’s a housing angle here which I think was a really strong contributor this quarter.”<blockquote>爱德华·琼斯(Edward Jones)分析师吉姆·沙纳汉(Jim Shanahan)在接受电话采访时表示：“所有其他旧经济、制造业、服务业、零售业、运输业才真正反映了推动本季度业绩的广泛经济复苏。”“这里有一个住房角度，我认为这是本季度的一个非常强大的贡献者。”</blockquote> Buffett has built Berkshire into a broad business with footholds in industries including insurance, energy and retail. But that exposure to a wide slice of the U.S. economy weighed on it last year with businesses including See’s Candies having to furlough workers at the start of the shutdowns. Now, the outlook appears brighter.<blockquote>巴菲特将伯克希尔打造成为一家广泛的企业，在保险、能源和零售等行业都有立足点。但去年，这种对美国经济大部分地区的敞口给其带来了压力，包括喜诗糖果在内的企业不得不在停工之初让工人休假。现在，前景似乎更加光明。</blockquote> “Many of our businesses generated significantly higher earnings over the first half of 2021 compared to 2020, which included significant adverse effects from the pandemic,” Berkshire said in a regulatory filing Saturday. “Earnings of our manufacturing, service and retail businesses in 2021 benefited from higher customer demand in many of our businesses and exceeded earnings in 2019 as well.”<blockquote>伯克希尔在周六提交的监管文件中表示：“与2020年相比，我们的许多业务在2021年上半年的盈利显着增加，其中包括疫情的重大不利影响。”“2021年，我们制造、服务和零售业务的盈利受益于我们许多业务的客户需求增加，也超过了2019年的盈利。”</blockquote> Berkshire’s group of building-products companies accounted for a particular source of strength during the quarter. Earnings at those operations were up almost 40%, helped by the boon in housing construction in the U.S. Tom Russo, a Berkshire shareholder, said the strength of those businesses combined with the challenge of disrupting them through technology makes them a good part of Berkshire’s composition.<blockquote>伯克希尔的建筑产品公司集团是本季度的一个特殊优势来源。在美国住房建设繁荣的帮助下，这些业务的盈利增长了近40%。伯克希尔股东汤姆·鲁索(Tom Russo)表示，这些业务的实力加上通过技术颠覆它们的挑战，使它们成为伯克希尔的重要组成部分。组成。</blockquote> “The businesses have a certain underlying recurrence that I think makes them attractive,” Russo, who oversees $10 billion including investments in Berkshire shares at Gardner Russo &amp; Quinn LLC, said in a phone interview.<blockquote>“这些业务具有一定的潜在经常性，我认为这使它们具有吸引力，”Russo在接受电话采访时表示，他在Gardner Russo&amp;Quinn LLC管理着100亿美元的伯克希尔股票投资。</blockquote> What Bloomberg Intelligence Says<blockquote>彭博资讯怎么说</blockquote> “Warren Buffett’s Berkshire Hathaway is on pace for a solid 2H on the back of about 30% operating unit earnings growth in 2Q. This was an easy comparison, but earnings were above 2016-19 averages in all four segments. ”<blockquote>“沃伦·巴菲特的伯克希尔·哈撒韦公司在第二季度运营部门盈利增长约30%的背景下，有望实现稳健的第二季度业绩。这是一个简单的比较，但所有四个部门的盈利均高于2016-19年的平均水平。”</blockquote> --Matthew Palazola, a senior industry analyst, and Kylie Towbin, an associate analyst<blockquote>——高级行业分析师Matthew Palazola和助理分析师Kylie Towbin</blockquote> Still, Berkshire wasn’t immune to the supply-chain pressures that have been a persistent economic theme since the early days of the outbreak. Higher costs for certain materials such as lumber and steel caused some of those operations to ramp up their own prices, Berkshire said.<blockquote>尽管如此，伯克希尔也未能幸免于供应链压力，自疫情爆发初期以来，供应链压力一直是一个持续的经济主题。伯克希尔表示，木材和钢铁等某些材料的成本上升导致其中一些业务提高了自身价格。</blockquote> Not every Berkshire business bounced back fully. Precision Castparts Corp., which makes parts for aircraft and suffered a large writedown last year, reported revenue declines during the period even as earnings climbed slightly due to efforts to restructure the business. And Berkshire warned that supply-chain issues could continue to weigh on that business.<blockquote>并非伯克希尔的每项业务都完全反弹。Precision Castparts Corp.生产飞机零部件，去年遭受了大量减记，该公司报告称，尽管由于业务重组努力，盈利略有攀升，但在此期间收入下降。伯克希尔警告称，供应链问题可能会继续给该业务带来压力。</blockquote> “The Covid-19 pandemic contributed to material declines in commercial air travel and aircraft production in 2020,” Berkshire said in the filing. “While air travel in the U.S. is increasing in 2021, we do not expect significant increases in PCC’s aerospace demand to occur in the near term due to the inventory levels currently within the industry supply chain. Consequently, we anticipate PCC’s revenues and earnings in 2021 will be below pre-pandemic levels.”<blockquote>伯克希尔在文件中表示：“Covid-19大流行导致2020年商业航空旅行和飞机产量大幅下降。”“虽然2021年美国的航空旅行将会增加，但由于行业供应链中目前的库存水平，我们预计PCC的航空航天需求短期内不会大幅增加。因此，我们预计PCC 2021年的收入和盈利将低于大流行前的水平。”</blockquote> Here are other takeaways from Berkshire’s second-quarter earnings:<blockquote>以下是伯克希尔第二季度收益的其他要点：</blockquote> Buybacks<blockquote>回购</blockquote> Berkshire pulled back on one of Buffett’s more heavily used capital-deployment levers in recent years. The conglomerate bought back $6 billion of stock, down from the $6.6 billion repurchased during the first three months of the year, with June being the busiest month for repurchases for the company.<blockquote>伯克希尔哈撒韦公司撤回了巴菲特近年来最常用的资本配置杠杆之一。该集团回购了60亿美元的股票，低于今年前三个月回购的66亿美元，其中6月是该公司回购最繁忙的月份。</blockquote> That contributed to Berkshire’s cash pile remaining fairly steady at $144 billion, just slightly below its record size. Buffett has struggled in recent years to find attractive ways to put that money to work, and that continued during the second quarter.<blockquote>这使得伯克希尔的现金储备保持相当稳定，为1440亿美元，略低于其创纪录的规模。近年来，巴菲特一直在努力寻找有吸引力的方式来利用这笔钱，这种情况在第二季度仍在继续。</blockquote> “He’s very price-sensitive about the buybacks,” said Bill Smead, chief investment officer of Smead Capital Management, which oversees investments including in Berkshire shares.<blockquote>“他对回购非常敏感，”斯米德资本管理公司首席投资官比尔·斯米德表示，该公司负责监管包括伯克希尔股票在内的投资。</blockquote> Still, the $6 billion of repurchases was the fourth-highest amount of stock bought back since Berkshire tweaked its policy in 2018. And there are signs the relatively high level of repurchases could continue. Berkshire appears to have bought back at least $1.7 billion of stock from the end of June through July 26, according to the filing.<blockquote>尽管如此，60亿美元的回购是自伯克希尔2018年调整政策以来第四高的股票回购金额。有迹象表明，相对较高水平的回购可能会持续下去。文件显示，从6月底到7月26日，伯克希尔似乎回购了至少17亿美元的股票。</blockquote> Stock Sales<blockquote>库存销售</blockquote> Buffett continued to be rather cautious on the U.S. stock market. Berkshire ended up selling $1.1 billion of stocks, on a net basis, during the period, marking its third straight quarter of being a net seller.<blockquote>巴菲特继续对美国股市持相当谨慎的态度。在此期间，伯克希尔哈撒韦公司最终净出售了11亿美元的股票，这是其连续第三个季度成为净卖家。</blockquote> The conglomerate is facing even more expensive stock prices as the S&amp;P 500 hit new highs during the quarter. Some of the sales appear to come from a reduction in Berkshire’s industrial, commercial and other stock holdings. The exact investments the company trimmed will appear in a regulatory filing later this month.<blockquote>随着标普500在本季度创下新高，该集团面临着更昂贵的股价。部分出售似乎来自伯克希尔减持的工业、商业和其他股票。该公司削减的具体投资将在本月晚些时候的监管文件中公布。</blockquote> “I don’t think stocks are cheap. I think a lot of areas of the market are fully priced or maybe more than fully priced,” said James Armstrong, who manages assets including Berkshire shares as president of Henry H. Armstrong Associates. “There’s no urgency to pile money into stocks that are fully priced or overpriced. So I think you’re just seeing good discipline on Berkshire’s part.”<blockquote>“我认为股票并不便宜。我认为市场的许多领域都已完全定价，或者可能超过完全定价，”詹姆斯·阿姆斯特朗(James Armstrong)表示，他作为亨利·H·阿姆斯特朗(Henry H.Armstrong Associates)总裁管理包括伯克希尔股票在内的资产。“没有必要将资金投入完全定价或定价过高的股票。所以我认为你只是看到了伯克希尔方面良好的纪律。”</blockquote> Car Accidents<blockquote>车祸</blockquote> Auto insurers have felt the pain from more drivers hitting the road, and Berkshire’s Geico was no exception. The company ended up posting a nearly 70% decline in underwriting profit during the second quarter.<blockquote>汽车保险公司感受到了更多司机上路带来的痛苦，伯克希尔的Geico也不例外。该公司第二季度承保利润下降了近70%。</blockquote> It was hurt by an increase in the frequency of losses and the severity of those claims. The frequency was affected by more drivers getting behind the wheel amid reopenings in the U.S.<blockquote>损失频率的增加和这些索赔的严重性损害了它。随着美国重新开放，更多司机开车，这一频率受到了影响。</blockquote> “The insurance results were particularly weak,” Cathy Seifert, an analyst at CFRA Research, said. “What we saw from a lot of the carriers was, on a year-over-year basis, the second quarter of 2020, people were on lockdown mode, people weren’t driving, so both frequency and severity were down. Then, we started to see a little bit of a shift. So on a year-over-year basis, claim frequency went up significantly.”<blockquote>CFRA Research分析师Cathy Seifert表示：“保险业绩尤其疲软。”“我们从许多运营商那里看到的是，与去年同期相比，2020年第二季度，人们处于封锁模式，人们没有开车，因此频率和严重程度都下降了。然后，我们开始看到一点变化。因此，与去年同期相比，索赔频率显着上升。”</blockquote> Railroad Gains<blockquote>铁路收益</blockquote> Berkshire’s railroad, BNSF, posted record quarterly profit helped by its efforts in the past to boost productivity and the economic recovery.<blockquote>伯克希尔旗下的铁路公司BNSF公布了创纪录的季度利润，这得益于其过去提高生产率和经济复苏的努力。</blockquote> Freight volumes increased across all of its product categories --- consumer, industrial, agricultural and coal. Consumer-product shipping has benefited from e-commerce activity and auto shipments, Berkshire said.<blockquote>消费品、工业、农业和煤炭等所有产品类别的货运量均有所增长。伯克希尔表示，消费品运输受益于电子商务活动和汽车运输。</blockquote> “They reported a pretty strong increase in volumes revenue,” Edward Jones’s Shanahan said. “What is really powerful about the BNSF results is that the margins are really strong.”<blockquote>“他们报告销量收入增长相当强劲，”爱德华·琼斯的沙纳汉说。“BNSF业绩的真正强大之处在于利润率非常高。”</blockquote>","source":"lsy1612507957220","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 Buoyed as U.S. Rebound Fires Up Manufacturers<blockquote>美国经济反弹提振制造商，伯克希尔哈撒韦公司受到提振</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\">\nBerkshire Buoyed as U.S. Rebound Fires Up Manufacturers<blockquote>美国经济反弹提振制造商，伯克希尔哈撒韦公司受到提振</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBloomberg2021-08-09 21:10\n\n</h4>\n</header>\n<article>\n(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is reaping the benefits of the U.S. economic recovery.<blockquote>（彭博社）——沃伦·巴菲特的伯克希尔·哈撒韦公司正在收获美国经济复苏的好处。</blockquote> The conglomerate’s collection of manufacturers and retailers bounced back during the second quarter after being hit hard as the pandemic ripped through the U.S. last year. That group of businesses posted its second-highest quarterly profit in data going back to the middle of 2009 and helped fuel a 21% gain in Berkshire’s total operating profit during the period.<blockquote>该集团旗下的制造商和零售商在去年疫情席卷美国时遭受重创后，在第二季度出现反弹。该业务集团公布了自2009年中期以来第二高的季度利润，并帮助伯克希尔哈撒韦公司在此期间的总营业利润增长了21%。</blockquote> “It’s all of the other old economy, manufacturing, service, retailing, transportation businesses that just really reflect the broad economic recovery driving this performance this quarter,” Jim Shanahan, an analyst at Edward Jones, said in a phone interview. “There’s a housing angle here which I think was a really strong contributor this quarter.”<blockquote>爱德华·琼斯(Edward Jones)分析师吉姆·沙纳汉(Jim Shanahan)在接受电话采访时表示：“所有其他旧经济、制造业、服务业、零售业、运输业才真正反映了推动本季度业绩的广泛经济复苏。”“这里有一个住房角度，我认为这是本季度的一个非常强大的贡献者。”</blockquote> Buffett has built Berkshire into a broad business with footholds in industries including insurance, energy and retail. But that exposure to a wide slice of the U.S. economy weighed on it last year with businesses including See’s Candies having to furlough workers at the start of the shutdowns. Now, the outlook appears brighter.<blockquote>巴菲特将伯克希尔打造成为一家广泛的企业，在保险、能源和零售等行业都有立足点。但去年，这种对美国经济大部分地区的敞口给其带来了压力，包括喜诗糖果在内的企业不得不在停工之初让工人休假。现在，前景似乎更加光明。</blockquote> “Many of our businesses generated significantly higher earnings over the first half of 2021 compared to 2020, which included significant adverse effects from the pandemic,” Berkshire said in a regulatory filing Saturday. “Earnings of our manufacturing, service and retail businesses in 2021 benefited from higher customer demand in many of our businesses and exceeded earnings in 2019 as well.”<blockquote>伯克希尔在周六提交的监管文件中表示：“与2020年相比，我们的许多业务在2021年上半年的盈利显着增加，其中包括疫情的重大不利影响。”“2021年，我们制造、服务和零售业务的盈利受益于我们许多业务的客户需求增加，也超过了2019年的盈利。”</blockquote> Berkshire’s group of building-products companies accounted for a particular source of strength during the quarter. Earnings at those operations were up almost 40%, helped by the boon in housing construction in the U.S. Tom Russo, a Berkshire shareholder, said the strength of those businesses combined with the challenge of disrupting them through technology makes them a good part of Berkshire’s composition.<blockquote>伯克希尔的建筑产品公司集团是本季度的一个特殊优势来源。在美国住房建设繁荣的帮助下，这些业务的盈利增长了近40%。伯克希尔股东汤姆·鲁索(Tom Russo)表示，这些业务的实力加上通过技术颠覆它们的挑战，使它们成为伯克希尔的重要组成部分。组成。</blockquote> “The businesses have a certain underlying recurrence that I think makes them attractive,” Russo, who oversees $10 billion including investments in Berkshire shares at Gardner Russo &amp; Quinn LLC, said in a phone interview.<blockquote>“这些业务具有一定的潜在经常性，我认为这使它们具有吸引力，”Russo在接受电话采访时表示，他在Gardner Russo&amp;Quinn LLC管理着100亿美元的伯克希尔股票投资。</blockquote> What Bloomberg Intelligence Says<blockquote>彭博资讯怎么说</blockquote> “Warren Buffett’s Berkshire Hathaway is on pace for a solid 2H on the back of about 30% operating unit earnings growth in 2Q. This was an easy comparison, but earnings were above 2016-19 averages in all four segments. ”<blockquote>“沃伦·巴菲特的伯克希尔·哈撒韦公司在第二季度运营部门盈利增长约30%的背景下，有望实现稳健的第二季度业绩。这是一个简单的比较，但所有四个部门的盈利均高于2016-19年的平均水平。”</blockquote> --Matthew Palazola, a senior industry analyst, and Kylie Towbin, an associate analyst<blockquote>——高级行业分析师Matthew Palazola和助理分析师Kylie Towbin</blockquote> Still, Berkshire wasn’t immune to the supply-chain pressures that have been a persistent economic theme since the early days of the outbreak. Higher costs for certain materials such as lumber and steel caused some of those operations to ramp up their own prices, Berkshire said.<blockquote>尽管如此，伯克希尔也未能幸免于供应链压力，自疫情爆发初期以来，供应链压力一直是一个持续的经济主题。伯克希尔表示，木材和钢铁等某些材料的成本上升导致其中一些业务提高了自身价格。</blockquote> Not every Berkshire business bounced back fully. Precision Castparts Corp., which makes parts for aircraft and suffered a large writedown last year, reported revenue declines during the period even as earnings climbed slightly due to efforts to restructure the business. And Berkshire warned that supply-chain issues could continue to weigh on that business.<blockquote>并非伯克希尔的每项业务都完全反弹。Precision Castparts Corp.生产飞机零部件，去年遭受了大量减记，该公司报告称，尽管由于业务重组努力，盈利略有攀升，但在此期间收入下降。伯克希尔警告称，供应链问题可能会继续给该业务带来压力。</blockquote> “The Covid-19 pandemic contributed to material declines in commercial air travel and aircraft production in 2020,” Berkshire said in the filing. “While air travel in the U.S. is increasing in 2021, we do not expect significant increases in PCC’s aerospace demand to occur in the near term due to the inventory levels currently within the industry supply chain. Consequently, we anticipate PCC’s revenues and earnings in 2021 will be below pre-pandemic levels.”<blockquote>伯克希尔在文件中表示：“Covid-19大流行导致2020年商业航空旅行和飞机产量大幅下降。”“虽然2021年美国的航空旅行将会增加，但由于行业供应链中目前的库存水平，我们预计PCC的航空航天需求短期内不会大幅增加。因此，我们预计PCC 2021年的收入和盈利将低于大流行前的水平。”</blockquote> Here are other takeaways from Berkshire’s second-quarter earnings:<blockquote>以下是伯克希尔第二季度收益的其他要点：</blockquote> Buybacks<blockquote>回购</blockquote> Berkshire pulled back on one of Buffett’s more heavily used capital-deployment levers in recent years. The conglomerate bought back $6 billion of stock, down from the $6.6 billion repurchased during the first three months of the year, with June being the busiest month for repurchases for the company.<blockquote>伯克希尔哈撒韦公司撤回了巴菲特近年来最常用的资本配置杠杆之一。该集团回购了60亿美元的股票，低于今年前三个月回购的66亿美元，其中6月是该公司回购最繁忙的月份。</blockquote> That contributed to Berkshire’s cash pile remaining fairly steady at $144 billion, just slightly below its record size. Buffett has struggled in recent years to find attractive ways to put that money to work, and that continued during the second quarter.<blockquote>这使得伯克希尔的现金储备保持相当稳定，为1440亿美元，略低于其创纪录的规模。近年来，巴菲特一直在努力寻找有吸引力的方式来利用这笔钱，这种情况在第二季度仍在继续。</blockquote> “He’s very price-sensitive about the buybacks,” said Bill Smead, chief investment officer of Smead Capital Management, which oversees investments including in Berkshire shares.<blockquote>“他对回购非常敏感，”斯米德资本管理公司首席投资官比尔·斯米德表示，该公司负责监管包括伯克希尔股票在内的投资。</blockquote> Still, the $6 billion of repurchases was the fourth-highest amount of stock bought back since Berkshire tweaked its policy in 2018. And there are signs the relatively high level of repurchases could continue. Berkshire appears to have bought back at least $1.7 billion of stock from the end of June through July 26, according to the filing.<blockquote>尽管如此，60亿美元的回购是自伯克希尔2018年调整政策以来第四高的股票回购金额。有迹象表明，相对较高水平的回购可能会持续下去。文件显示，从6月底到7月26日，伯克希尔似乎回购了至少17亿美元的股票。</blockquote> Stock Sales<blockquote>库存销售</blockquote> Buffett continued to be rather cautious on the U.S. stock market. Berkshire ended up selling $1.1 billion of stocks, on a net basis, during the period, marking its third straight quarter of being a net seller.<blockquote>巴菲特继续对美国股市持相当谨慎的态度。在此期间，伯克希尔哈撒韦公司最终净出售了11亿美元的股票，这是其连续第三个季度成为净卖家。</blockquote> The conglomerate is facing even more expensive stock prices as the S&amp;P 500 hit new highs during the quarter. Some of the sales appear to come from a reduction in Berkshire’s industrial, commercial and other stock holdings. The exact investments the company trimmed will appear in a regulatory filing later this month.<blockquote>随着标普500在本季度创下新高，该集团面临着更昂贵的股价。部分出售似乎来自伯克希尔减持的工业、商业和其他股票。该公司削减的具体投资将在本月晚些时候的监管文件中公布。</blockquote> “I don’t think stocks are cheap. I think a lot of areas of the market are fully priced or maybe more than fully priced,” said James Armstrong, who manages assets including Berkshire shares as president of Henry H. Armstrong Associates. “There’s no urgency to pile money into stocks that are fully priced or overpriced. So I think you’re just seeing good discipline on Berkshire’s part.”<blockquote>“我认为股票并不便宜。我认为市场的许多领域都已完全定价，或者可能超过完全定价，”詹姆斯·阿姆斯特朗(James Armstrong)表示，他作为亨利·H·阿姆斯特朗(Henry H.Armstrong Associates)总裁管理包括伯克希尔股票在内的资产。“没有必要将资金投入完全定价或定价过高的股票。所以我认为你只是看到了伯克希尔方面良好的纪律。”</blockquote> Car Accidents<blockquote>车祸</blockquote> Auto insurers have felt the pain from more drivers hitting the road, and Berkshire’s Geico was no exception. The company ended up posting a nearly 70% decline in underwriting profit during the second quarter.<blockquote>汽车保险公司感受到了更多司机上路带来的痛苦，伯克希尔的Geico也不例外。该公司第二季度承保利润下降了近70%。</blockquote> It was hurt by an increase in the frequency of losses and the severity of those claims. The frequency was affected by more drivers getting behind the wheel amid reopenings in the U.S.<blockquote>损失频率的增加和这些索赔的严重性损害了它。随着美国重新开放，更多司机开车，这一频率受到了影响。</blockquote> “The insurance results were particularly weak,” Cathy Seifert, an analyst at CFRA Research, said. “What we saw from a lot of the carriers was, on a year-over-year basis, the second quarter of 2020, people were on lockdown mode, people weren’t driving, so both frequency and severity were down. Then, we started to see a little bit of a shift. So on a year-over-year basis, claim frequency went up significantly.”<blockquote>CFRA Research分析师Cathy Seifert表示：“保险业绩尤其疲软。”“我们从许多运营商那里看到的是，与去年同期相比，2020年第二季度，人们处于封锁模式，人们没有开车，因此频率和严重程度都下降了。然后，我们开始看到一点变化。因此，与去年同期相比，索赔频率显着上升。”</blockquote> Railroad Gains<blockquote>铁路收益</blockquote> Berkshire’s railroad, BNSF, posted record quarterly profit helped by its efforts in the past to boost productivity and the economic recovery.<blockquote>伯克希尔旗下的铁路公司BNSF公布了创纪录的季度利润，这得益于其过去提高生产率和经济复苏的努力。</blockquote> Freight volumes increased across all of its product categories --- consumer, industrial, agricultural and coal. Consumer-product shipping has benefited from e-commerce activity and auto shipments, Berkshire said.<blockquote>消费品、工业、农业和煤炭等所有产品类别的货运量均有所增长。伯克希尔表示，消费品运输受益于电子商务活动和汽车运输。</blockquote> “They reported a pretty strong increase in volumes revenue,” Edward Jones’s Shanahan said. “What is really powerful about the BNSF results is that the margins are really strong.”<blockquote>“他们报告销量收入增长相当强劲，”爱德华·琼斯的沙纳汉说。“BNSF业绩的真正强大之处在于利润率非常高。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/berkshire-buoyed-u-rebound-fires-130000384.html\">Bloomberg</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.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://finance.yahoo.com/news/berkshire-buoyed-u-rebound-fires-130000384.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169468024","content_text":"(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is reaping the benefits of the U.S. economic recovery.\nThe conglomerate’s collection of manufacturers and retailers bounced back during the second quarter after being hit hard as the pandemic ripped through the U.S. last year. That group of businesses posted its second-highest quarterly profit in data going back to the middle of 2009 and helped fuel a 21% gain in Berkshire’s total operating profit during the period.\n“It’s all of the other old economy, manufacturing, service, retailing, transportation businesses that just really reflect the broad economic recovery driving this performance this quarter,” Jim Shanahan, an analyst at Edward Jones, said in a phone interview. “There’s a housing angle here which I think was a really strong contributor this quarter.”\nBuffett has built Berkshire into a broad business with footholds in industries including insurance, energy and retail. But that exposure to a wide slice of the U.S. economy weighed on it last year with businesses including See’s Candies having to furlough workers at the start of the shutdowns. Now, the outlook appears brighter.\n“Many of our businesses generated significantly higher earnings over the first half of 2021 compared to 2020, which included significant adverse effects from the pandemic,” Berkshire said in a regulatory filing Saturday. “Earnings of our manufacturing, service and retail businesses in 2021 benefited from higher customer demand in many of our businesses and exceeded earnings in 2019 as well.”\nBerkshire’s group of building-products companies accounted for a particular source of strength during the quarter. Earnings at those operations were up almost 40%, helped by the boon in housing construction in the U.S. Tom Russo, a Berkshire shareholder, said the strength of those businesses combined with the challenge of disrupting them through technology makes them a good part of Berkshire’s composition.\n“The businesses have a certain underlying recurrence that I think makes them attractive,” Russo, who oversees $10 billion including investments in Berkshire shares at Gardner Russo & Quinn LLC, said in a phone interview.\nWhat Bloomberg Intelligence Says\n“Warren Buffett’s Berkshire Hathaway is on pace for a solid 2H on the back of about 30% operating unit earnings growth in 2Q. This was an easy comparison, but earnings were above 2016-19 averages in all four segments. ”\n--Matthew Palazola, a senior industry analyst, and Kylie Towbin, an associate analyst\nStill, Berkshire wasn’t immune to the supply-chain pressures that have been a persistent economic theme since the early days of the outbreak. Higher costs for certain materials such as lumber and steel caused some of those operations to ramp up their own prices, Berkshire said.\nNot every Berkshire business bounced back fully. Precision Castparts Corp., which makes parts for aircraft and suffered a large writedown last year, reported revenue declines during the period even as earnings climbed slightly due to efforts to restructure the business. And Berkshire warned that supply-chain issues could continue to weigh on that business.\n“The Covid-19 pandemic contributed to material declines in commercial air travel and aircraft production in 2020,” Berkshire said in the filing. “While air travel in the U.S. is increasing in 2021, we do not expect significant increases in PCC’s aerospace demand to occur in the near term due to the inventory levels currently within the industry supply chain. Consequently, we anticipate PCC’s revenues and earnings in 2021 will be below pre-pandemic levels.”\nHere are other takeaways from Berkshire’s second-quarter earnings:\nBuybacks\nBerkshire pulled back on one of Buffett’s more heavily used capital-deployment levers in recent years. The conglomerate bought back $6 billion of stock, down from the $6.6 billion repurchased during the first three months of the year, with June being the busiest month for repurchases for the company.\nThat contributed to Berkshire’s cash pile remaining fairly steady at $144 billion, just slightly below its record size. Buffett has struggled in recent years to find attractive ways to put that money to work, and that continued during the second quarter.\n“He’s very price-sensitive about the buybacks,” said Bill Smead, chief investment officer of Smead Capital Management, which oversees investments including in Berkshire shares.\nStill, the $6 billion of repurchases was the fourth-highest amount of stock bought back since Berkshire tweaked its policy in 2018. And there are signs the relatively high level of repurchases could continue. Berkshire appears to have bought back at least $1.7 billion of stock from the end of June through July 26, according to the filing.\nStock Sales\nBuffett continued to be rather cautious on the U.S. stock market. Berkshire ended up selling $1.1 billion of stocks, on a net basis, during the period, marking its third straight quarter of being a net seller.\nThe conglomerate is facing even more expensive stock prices as the S&P 500 hit new highs during the quarter. Some of the sales appear to come from a reduction in Berkshire’s industrial, commercial and other stock holdings. The exact investments the company trimmed will appear in a regulatory filing later this month.\n“I don’t think stocks are cheap. I think a lot of areas of the market are fully priced or maybe more than fully priced,” said James Armstrong, who manages assets including Berkshire shares as president of Henry H. Armstrong Associates. “There’s no urgency to pile money into stocks that are fully priced or overpriced. So I think you’re just seeing good discipline on Berkshire’s part.”\nCar Accidents\nAuto insurers have felt the pain from more drivers hitting the road, and Berkshire’s Geico was no exception. The company ended up posting a nearly 70% decline in underwriting profit during the second quarter.\nIt was hurt by an increase in the frequency of losses and the severity of those claims. The frequency was affected by more drivers getting behind the wheel amid reopenings in the U.S.\n“The insurance results were particularly weak,” Cathy Seifert, an analyst at CFRA Research, said. “What we saw from a lot of the carriers was, on a year-over-year basis, the second quarter of 2020, people were on lockdown mode, people weren’t driving, so both frequency and severity were down. Then, we started to see a little bit of a shift. So on a year-over-year basis, claim frequency went up significantly.”\nRailroad Gains\nBerkshire’s railroad, BNSF, posted record quarterly profit helped by its efforts in the past to boost productivity and the economic recovery.\nFreight volumes increased across all of its product categories --- consumer, industrial, agricultural and coal. Consumer-product shipping has benefited from e-commerce activity and auto shipments, Berkshire said.\n“They reported a pretty strong increase in volumes revenue,” Edward Jones’s Shanahan said. “What is really powerful about the BNSF results is that the margins are really strong.”","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":1688,"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":14,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}

Berkshire Buoyed as U.S. Rebound Fires Up Manufacturers<blockquote>美国经济反弹提振制造商，伯克希尔哈撒韦公司受到提振</blockquote>

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