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2021-04-12

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Charlie Munger Prefers Alibaba Stock to Treasury Bills. Here’s Why.<blockquote>查理·芒格更喜欢阿里巴巴-SW股票而不是国库券。原因如下。</blockquote>

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Here’s Why.<blockquote>查理·芒格更喜欢阿里巴巴-SW股票而不是国库券。原因如下。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1166514197","media":"Barrons","summary":"Warren Buffett’s longtime partner Charlie Munger recently disclosed a new investment in the Chinese ","content":"Warren Buffett’s longtime partner Charlie Munger recently disclosed a new investment in the Chinese internet giant Alibaba Group Holding.<blockquote>沃伦-巴菲特的长期合作伙伴查理-芒格最近披露了对中国互联网巨头阿里巴巴-SW集团控股公司的新投资。</blockquote> Daily Journal (ticker: DJCO)—Munger has served as chairman since 1977, and provides the firm with investing expertise—disclosed last week in a Securities and Exchange Commission filing that it owned 165,320 Alibaba (BABA) American depositary receipts as of March 31. Daily Journal hadn’t owned any at the end of 2020.<blockquote>《每日杂志》（股票代码：DJCO）——芒格自 1977 年以来一直担任董事长，并为该公司提供投资专业知识——上周在向美国证券交易委员会提交的文件中披露，截至 3 月 31 日，该公司拥有 165,320 张阿里巴巴-SW (BABA) 美国存托凭证。截至 2020 年底，《每日日报》还没有任何出版物。</blockquote> In response to a request for comment on the investment, Munger, who is also the vice chairman ofBerkshire Hathaway(BRKb), provided a statement toBarron’s:<blockquote>在回应对这项投资发表评论的请求时，兼任伯克希尔哈撒韦公司 (BRKb) 副董事长的芒格向巴伦:</blockquote> “Daily Journal Corporation has and needs securities held as cash equivalents. These cash equivalents would normally be U.S. Treasury Bills. But, with returns on Treasury Bills now so low, the Company instead, invests in common stock. And, unless its long term prospects seem good, a common stock is not considered to be a good cash equivalent.<blockquote>“Daily Journal Corporation 拥有并需要以现金等价物形式持有的证券。这些现金等价物通常是美国国库券。但是，由于目前国库券的回报率如此之低，该公司转而投资普通股。而且，除非其长期前景看起来良好，否则普通股并不被认为是良好的现金等价物。</blockquote> “A minor part of Daily Journal Corporation’s cash equivalents now consists of a tiny amount of Alibaba common stock.”<blockquote>“Daily Journal Corporation 的现金等价物现在只有少量阿里巴巴-SW普通股。”</blockquote> That “tiny amount” was valued at $37.5 million as of March 31. Daily Journal could have bought the Alibaba ADRs at any point in the first quarter. So far this year, the ADRs are down 4%, while theS&amp;P 500index is up about 9.9%.<blockquote>截至 3 月 31 日，这笔 “微不足道 ”的价值为 3750 万美元。《每日杂志》本可以在第一季度的任何时候购买阿里巴巴-SW美国存托凭证。今年到目前为止，美国存托凭证下跌了4%，而标准普尔500指数上涨了约9.9%。</blockquote> Alibaba ADRs underperformed the market last year, only gaining 9.7% while the index rose 16.3%. The ADRs tumbled in December when an affiliate was forced by Chinese regulators toscuttle an initial public offering. Barron’s has written about a variety of risks ofinvesting in China.<blockquote>阿里巴巴-SW美国存托凭证去年表现逊于市场，仅上涨9.7%，而指数上涨16.3%。去年 12 月，当一家关联公司被中国监管机构强制取消首次公开募股时，美国存托凭证暴跌。《巴伦周刊》曾撰文介绍在中国投资的各种风险。</blockquote> Daily Journal owns other stocks, as well, and its U.S.-traded investments totaled about $200 million as of March 31. Positions in other investments were unchanged, and the largest investments by dollar value remained&nbsp;Bank of America(BAC) stock at 2.3 million shares, and&nbsp;Wells Fargo(WFC) at 1.6 million shares; Daily Journal’s positions in those two bank stocks are unchanged since at least theend of 2013. The company was required to begin disclosing investment positions at that point because its U.S.-traded portfolio topped the threshold of $100 million.<blockquote>Daily Journal 还拥有其他股票，截至 3 月 31 日，其在美国交易的投资总额约为 2 亿美元。其他投资的头寸没有变化，按美元价值计算最大的投资仍然是美国银行（BAC）股票，为230万股，富国银行（WFC）股票，为160万股；至少自 2013 年底以来，《每日日报》在这两只银行股中的头寸一直没有变化。该公司被要求在那时开始披露投资头寸，因为其在美国交易的投资组合超过了 1 亿美元的门槛。</blockquote> Interestingly, Warren Buffett has recently overseen trades in both banks through Berkshire Hathaway’s portfolio. Berkshire Hathaway is Bank of America’s largest investor, with more than 1 billion shares after Buffett went ona buying spree&nbsp;last year. Berkshire Hathaway has also been&nbsp;slashing its investment&nbsp;in Wells Fargo. We estimated that cutting the Wells Fargo position, and that of other bank stocks, cost Berkshire Hathaway&nbsp;about $10 billion&nbsp;as the sector later rallied.<blockquote>有趣的是，沃伦-巴菲特最近通过伯克希尔-哈撒韦公司的投资组合监督了这两家银行的交易。伯克希尔-哈撒韦公司（Berkshire Hathaway）是美国银行最大的投资者，在巴菲特去年疯狂收购ona后，该公司持有超过10亿股股票。伯克希尔哈撒韦公司也一直在削减对富国银行的投资。我们估计，随着该行业后来反弹，削减富国银行和其他银行股的头寸给伯克希尔哈撒韦公司造成了约 100 亿美元的损失。</blockquote> Also, Berkshire Hathaway doesn’t own any Alibaba ADRs.<blockquote>此外，伯克希尔哈撒韦公司不拥有任何阿里巴巴-SW美国存托凭证。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Charlie Munger Prefers Alibaba Stock to Treasury Bills. Here’s Why.<blockquote>查理·芒格更喜欢阿里巴巴-SW股票而不是国库券。原因如下。</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\">\nCharlie Munger Prefers Alibaba Stock to Treasury Bills. Here’s Why.<blockquote>查理·芒格更喜欢阿里巴巴-SW股票而不是国库券。原因如下。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-04-12 11:31\n\n</h4>\n</header>\n<article>\nWarren Buffett’s longtime partner Charlie Munger recently disclosed a new investment in the Chinese internet giant Alibaba Group Holding.<blockquote>沃伦-巴菲特的长期合作伙伴查理-芒格最近披露了对中国互联网巨头阿里巴巴-SW集团控股公司的新投资。</blockquote> Daily Journal (ticker: DJCO)—Munger has served as chairman since 1977, and provides the firm with investing expertise—disclosed last week in a Securities and Exchange Commission filing that it owned 165,320 Alibaba (BABA) American depositary receipts as of March 31. Daily Journal hadn’t owned any at the end of 2020.<blockquote>《每日杂志》（股票代码：DJCO）——芒格自 1977 年以来一直担任董事长，并为该公司提供投资专业知识——上周在向美国证券交易委员会提交的文件中披露，截至 3 月 31 日，该公司拥有 165,320 张阿里巴巴-SW (BABA) 美国存托凭证。截至 2020 年底，《每日日报》还没有任何出版物。</blockquote> In response to a request for comment on the investment, Munger, who is also the vice chairman ofBerkshire Hathaway(BRKb), provided a statement toBarron’s:<blockquote>在回应对这项投资发表评论的请求时，兼任伯克希尔哈撒韦公司 (BRKb) 副董事长的芒格向巴伦:</blockquote> “Daily Journal Corporation has and needs securities held as cash equivalents. These cash equivalents would normally be U.S. Treasury Bills. But, with returns on Treasury Bills now so low, the Company instead, invests in common stock. And, unless its long term prospects seem good, a common stock is not considered to be a good cash equivalent.<blockquote>“Daily Journal Corporation 拥有并需要以现金等价物形式持有的证券。这些现金等价物通常是美国国库券。但是，由于目前国库券的回报率如此之低，该公司转而投资普通股。而且，除非其长期前景看起来良好，否则普通股并不被认为是良好的现金等价物。</blockquote> “A minor part of Daily Journal Corporation’s cash equivalents now consists of a tiny amount of Alibaba common stock.”<blockquote>“Daily Journal Corporation 的现金等价物现在只有少量阿里巴巴-SW普通股。”</blockquote> That “tiny amount” was valued at $37.5 million as of March 31. Daily Journal could have bought the Alibaba ADRs at any point in the first quarter. So far this year, the ADRs are down 4%, while theS&amp;P 500index is up about 9.9%.<blockquote>截至 3 月 31 日，这笔 “微不足道 ”的价值为 3750 万美元。《每日杂志》本可以在第一季度的任何时候购买阿里巴巴-SW美国存托凭证。今年到目前为止，美国存托凭证下跌了4%，而标准普尔500指数上涨了约9.9%。</blockquote> Alibaba ADRs underperformed the market last year, only gaining 9.7% while the index rose 16.3%. The ADRs tumbled in December when an affiliate was forced by Chinese regulators toscuttle an initial public offering. Barron’s has written about a variety of risks ofinvesting in China.<blockquote>阿里巴巴-SW美国存托凭证去年表现逊于市场，仅上涨9.7%，而指数上涨16.3%。去年 12 月，当一家关联公司被中国监管机构强制取消首次公开募股时，美国存托凭证暴跌。《巴伦周刊》曾撰文介绍在中国投资的各种风险。</blockquote> Daily Journal owns other stocks, as well, and its U.S.-traded investments totaled about $200 million as of March 31. Positions in other investments were unchanged, and the largest investments by dollar value remained&nbsp;Bank of America(BAC) stock at 2.3 million shares, and&nbsp;Wells Fargo(WFC) at 1.6 million shares; Daily Journal’s positions in those two bank stocks are unchanged since at least theend of 2013. The company was required to begin disclosing investment positions at that point because its U.S.-traded portfolio topped the threshold of $100 million.<blockquote>Daily Journal 还拥有其他股票，截至 3 月 31 日，其在美国交易的投资总额约为 2 亿美元。其他投资的头寸没有变化，按美元价值计算最大的投资仍然是美国银行（BAC）股票，为230万股，富国银行（WFC）股票，为160万股；至少自 2013 年底以来，《每日日报》在这两只银行股中的头寸一直没有变化。该公司被要求在那时开始披露投资头寸，因为其在美国交易的投资组合超过了 1 亿美元的门槛。</blockquote> Interestingly, Warren Buffett has recently overseen trades in both banks through Berkshire Hathaway’s portfolio. Berkshire Hathaway is Bank of America’s largest investor, with more than 1 billion shares after Buffett went ona buying spree&nbsp;last year. Berkshire Hathaway has also been&nbsp;slashing its investment&nbsp;in Wells Fargo. We estimated that cutting the Wells Fargo position, and that of other bank stocks, cost Berkshire Hathaway&nbsp;about $10 billion&nbsp;as the sector later rallied.<blockquote>有趣的是，沃伦-巴菲特最近通过伯克希尔-哈撒韦公司的投资组合监督了这两家银行的交易。伯克希尔-哈撒韦公司（Berkshire Hathaway）是美国银行最大的投资者，在巴菲特去年疯狂收购ona后，该公司持有超过10亿股股票。伯克希尔哈撒韦公司也一直在削减对富国银行的投资。我们估计，随着该行业后来反弹，削减富国银行和其他银行股的头寸给伯克希尔哈撒韦公司造成了约 100 亿美元的损失。</blockquote> Also, Berkshire Hathaway doesn’t own any Alibaba ADRs.<blockquote>此外，伯克希尔哈撒韦公司不拥有任何阿里巴巴-SW美国存托凭证。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/berkshire-hathaway-charlie-munger-prefers-alibaba-stock-to-treasury-bills-51617813729?mod=RTA\">Barrons</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":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"https://www.barrons.com/articles/berkshire-hathaway-charlie-munger-prefers-alibaba-stock-to-treasury-bills-51617813729?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166514197","content_text":"Warren Buffett’s longtime partner Charlie Munger recently disclosed a new investment in the Chinese internet giant Alibaba Group Holding.\nDaily Journal (ticker: DJCO)—Munger has served as chairman since 1977, and provides the firm with investing expertise—disclosed last week in a Securities and Exchange Commission filing that it owned 165,320 Alibaba (BABA) American depositary receipts as of March 31. Daily Journal hadn’t owned any at the end of 2020.\nIn response to a request for comment on the investment, Munger, who is also the vice chairman ofBerkshire Hathaway(BRKb), provided a statement toBarron’s:\n“Daily Journal Corporation has and needs securities held as cash equivalents. These cash equivalents would normally be U.S. Treasury Bills. But, with returns on Treasury Bills now so low, the Company instead, invests in common stock. And, unless its long term prospects seem good, a common stock is not considered to be a good cash equivalent.\n“A minor part of Daily Journal Corporation’s cash equivalents now consists of a tiny amount of Alibaba common stock.”\nThat “tiny amount” was valued at $37.5 million as of March 31. Daily Journal could have bought the Alibaba ADRs at any point in the first quarter. So far this year, the ADRs are down 4%, while theS&P 500index is up about 9.9%.\nAlibaba ADRs underperformed the market last year, only gaining 9.7% while the index rose 16.3%. The ADRs tumbled in December when an affiliate was forced by Chinese regulators toscuttle an initial public offering. Barron’s has written about a variety of risks ofinvesting in China.\nDaily Journal owns other stocks, as well, and its U.S.-traded investments totaled about $200 million as of March 31. Positions in other investments were unchanged, and the largest investments by dollar value remained Bank of America(BAC) stock at 2.3 million shares, and Wells Fargo(WFC) at 1.6 million shares; Daily Journal’s positions in those two bank stocks are unchanged since at least theend of 2013. The company was required to begin disclosing investment positions at that point because its U.S.-traded portfolio topped the threshold of $100 million.\nInterestingly, Warren Buffett has recently overseen trades in both banks through Berkshire Hathaway’s portfolio. Berkshire Hathaway is Bank of America’s largest investor, with more than 1 billion shares after Buffett went ona buying spree last year. Berkshire Hathaway has also been slashing its investment in Wells Fargo. We estimated that cutting the Wells Fargo position, and that of other bank stocks, cost Berkshire Hathaway about $10 billion as the sector later rallied.\nAlso, Berkshire Hathaway doesn’t own any Alibaba ADRs.","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":579,"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":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/342882094"}