Warren Buffett’s Letter to Shareholders Is Coming. What Investors Want to See._老虎社区_美港股上老虎

Warren Buffett’s Letter to Shareholders Is Coming. What Investors Want to See.

Barrons2021-02-22

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 ...

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117

chiapopo
·2021-02-23
[害羞] [害羞] [害羞] [害羞]
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1
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Jessie8590
·2021-02-23
Excellent !
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1
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SafetyFirst
·2021-02-23
Ok
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1
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- SafetyFirst:
  comment
  2021-02-25
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LiJi
·2021-02-23
i want to be like him
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2
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AndrewL
·2021-02-23
Waiting to see. Like & comment pls! 👍
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1
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- Kok:
  ok
  2021-02-23
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同是天涯沦落人
·2021-02-23
Looking forward to it
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2
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Gibbie
·2021-02-23
Oh they are planning to start declaring dividends
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1
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Albaakbert
·2021-02-23
Tell me more
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2
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QQ47
·2021-02-22
Finally!!!
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1
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- Albaakbert:
  Yes
  2021-02-23
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yw933
·2021-02-22
Interesting
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JLYJ
·2021-02-22
Giving out dividend will make it more attractive.
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1
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WinstoneDayz
·2021-02-22
Ofc Buffet is going senile. He abandoned playing during the bull period. He's dieing.
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tungngie
·2021-02-22
I do have confident in Warren Buffet. Hmm, if he is really pass to another person, i would think that person would be more 积极, and earn more. Hehe. I would think his successor may improve Buffet method, but... Yea, anything can happen. Go go Berkshire.
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- Muan:
  I agree with you. a legend retains his legacy.
  2021-02-22
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- JeremyKok:
  agree.
  2021-02-23
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- ilovetotrade:
  [得意][得意][得意]
  2021-02-23
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CH88
·2021-02-22
Losers letter to sharehders.
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linereps
·2021-02-22
Nice
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1
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TianZi81
·2021-02-22
Wao
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2
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- Stephen_Ong:
  Wow
  2021-02-22
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Jellygummy
·2021-02-22
I would like to see too
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1
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T4S
·2021-02-22
Good
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2
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ProLim
·2021-02-22
Gogo!
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3
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- ProLim:
  Let’s go
  2021-02-22
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- ProLim:
  [得意]
  2021-02-22
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weeleong
·2021-02-22
zooooooooooop
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5
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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.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":369591717,"gmtCreate":1614055353339,"gmtModify":1634551369283,"author":{"id":"3554640535164305","authorId":"3554640535164305","name":"chiapopo","avatar":"https://static.tigerbbs.com/2957ce010338093c9faf4ac1d533b533","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3554640535164305","idStr":"3554640535164305"},"htmlText":"[害羞]&nbsp;[害羞]&nbsp;[害羞]&nbsp;[害羞]&nbsp;","listText":"[害羞]&nbsp;[害羞]&nbsp;[害羞]&nbsp;[害羞]&nbsp;","text":"[害羞] [害羞] [害羞] [害羞]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369591717","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":369242174,"gmtCreate":1614052393298,"gmtModify":1634551385586,"author":{"id":"3571194868777759","authorId":"3571194868777759","name":"Jessie8590","avatar":"https://static.tigerbbs.com/5daf40662fa655e5e3885f4cfb1a6bfc","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3571194868777759","idStr":"3571194868777759"},"htmlText":"Excellent !","listText":"Excellent !","text":"Excellent !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369242174","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":369222528,"gmtCreate":1614050160064,"gmtModify":1634551393687,"author":{"id":"3570965583958757","authorId":"3570965583958757","name":"SafetyFirst","avatar":"https://static.tigerbbs.com/a6356c1a4c82b1755621f3b2631a6784","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3570965583958757","idStr":"3570965583958757"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/369222528","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3658699,"gmtCreate":1614239851453,"gmtModify":1635761250369,"authorId":3570965583958757,"author":{"id":3570965583958757,"idStr":"3570965583958757","authorId":3570965583958757,"name":"SafetyFirst","avatar":"https://static.tigerbbs.com/a6356c1a4c82b1755621f3b2631a6784","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":369222528,"type":1,"supId":0,"prevId":0,"content":"comment","text":"comment","html":"comment"}],"langContent":"EN"},{"id":369668005,"gmtCreate":1614040377407,"gmtModify":1634551451093,"author":{"id":"3563864010203724","authorId":"3563864010203724","name":"LiJi","avatar":"https://static.tigerbbs.com/16cb71d421bb5155595bf0414f2d5325","vip":1,"crmLevel":7,"crmLevelSwitch":0,"authorIdStr":"3563864010203724","idStr":"3563864010203724"},"htmlText":"i want to be like him","listText":"i want to be like him","text":"i want to be like him","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369668005","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":369692342,"gmtCreate":1614037462586,"gmtModify":1634551471843,"author":{"id":"3571815908504020","authorId":"3571815908504020","name":"AndrewL","avatar":"https://static.tigerbbs.com/f45655eaaab14f0b61c554eea4d95ca7","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3571815908504020","idStr":"3571815908504020"},"htmlText":"Waiting to see. Like &amp; comment pls! 👍","listText":"Waiting to see. Like &amp; comment pls! 👍","text":"Waiting to see. Like & comment pls! 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/369692342","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3636227,"gmtCreate":1614041548969,"gmtModify":1635762078959,"authorId":3560204717545571,"author":{"id":3560204717545571,"idStr":"3560204717545571","authorId":3560204717545571,"name":"Kok","avatar":"https://static.tigerbbs.com/efc25bb5380f85af49509ed68d9a3d8f","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":369692342,"type":1,"supId":0,"prevId":0,"content":"ok","text":"ok","html":"ok"}],"langContent":"EN"},{"id":369698982,"gmtCreate":1614037295746,"gmtModify":1634551473166,"author":{"id":"3554323022733956","authorId":"3554323022733956","name":"同是天涯沦落人","avatar":"https://static.tigerbbs.com/218c98f99603705b961006c26525b95e","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3554323022733956","idStr":"3554323022733956"},"htmlText":"Looking forward to it","listText":"Looking forward to it","text":"Looking forward to it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369698982","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":369854774,"gmtCreate":1614033222298,"gmtModify":1634551494419,"author":{"id":"3564398446314499","authorId":"3564398446314499","name":"Gibbie","avatar":"https://static.tigerbbs.com/ac29ad2a0a11289a908ae00b770dc0c5","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3564398446314499","idStr":"3564398446314499"},"htmlText":"Oh they are planning&nbsp;to start declaring dividends","listText":"Oh they are planning&nbsp;to start declaring dividends","text":"Oh they are planning to start declaring dividends","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369854774","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":369858580,"gmtCreate":1614032314840,"gmtModify":1634551496871,"author":{"id":"3573197870935019","authorId":"3573197870935019","name":"Albaakbert","avatar":"https://static.tigerbbs.com/38fb1a202f211aaf65a6b491072b884f","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3573197870935019","idStr":"3573197870935019"},"htmlText":"Tell me more","listText":"Tell me more","text":"Tell me more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369858580","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":369943827,"gmtCreate":1614000743469,"gmtModify":1634551592017,"author":{"id":"3574913552099196","authorId":"3574913552099196","name":"QQ47","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3574913552099196","idStr":"3574913552099196"},"htmlText":"Finally!!!","listText":"Finally!!!","text":"Finally!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/369943827","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3635203,"gmtCreate":1614032329977,"gmtModify":1635762126094,"authorId":3573197870935019,"author":{"id":3573197870935019,"idStr":"3573197870935019","authorId":3573197870935019,"name":"Albaakbert","avatar":"https://static.tigerbbs.com/38fb1a202f211aaf65a6b491072b884f","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":369943827,"type":1,"supId":0,"prevId":0,"content":"Yes ","text":"Yes ","html":"Yes "}],"langContent":"EN"},{"id":369940668,"gmtCreate":1614000593154,"gmtModify":1634551592839,"author":{"id":"3574837927228093","authorId":"3574837927228093","name":"yw933","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3574837927228093","idStr":"3574837927228093"},"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369940668","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":369958768,"gmtCreate":1614000137954,"gmtModify":1634551595490,"author":{"id":"3572685978072370","authorId":"3572685978072370","name":"JLYJ","avatar":"https://static.tigerbbs.com/de57572f1fa11e3decd397d6be51e2e6","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3572685978072370","idStr":"3572685978072370"},"htmlText":"Giving out dividend will make it more attractive.","listText":"Giving out dividend will make it more attractive.","text":"Giving out dividend will make it more attractive.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369958768","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":369045697,"gmtCreate":1613992908119,"gmtModify":1634551627711,"author":{"id":"3574911003059001","authorId":"3574911003059001","name":"WinstoneDayz","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3574911003059001","idStr":"3574911003059001"},"htmlText":"Ofc Buffet is going senile. He abandoned playing during the bull period. He's dieing.&nbsp;","listText":"Ofc Buffet is going senile. He abandoned playing during the bull period. He's dieing.&nbsp;","text":"Ofc Buffet is going senile. He abandoned playing during the bull period. He's dieing.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369045697","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":369042099,"gmtCreate":1613992693311,"gmtModify":1634551628558,"author":{"id":"3576456086582950","authorId":"3576456086582950","name":"tungngie","avatar":"https://static.tigerbbs.com/988bf89c2727c98e8bd27200a813c1b2","vip":1,"crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3576456086582950","idStr":"3576456086582950"},"htmlText":"I do have confident in Warren Buffet. Hmm, if he is really pass to another person, i would think that person would be more 积极, and earn more. Hehe. I would think his successor may improve Buffet method, but... Yea, anything can happen. Go go Berkshire.&nbsp;","listText":"I do have confident in Warren Buffet. Hmm, if he is really pass to another person, i would think that person would be more 积极, and earn more. Hehe. I would think his successor may improve Buffet method, but... Yea, anything can happen. Go go Berkshire.&nbsp;","text":"I do have confident in Warren Buffet. Hmm, if he is really pass to another person, i would think that person would be more 积极, and earn more. Hehe. I would think his successor may improve Buffet method, but... Yea, anything can happen. Go go Berkshire.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/369042099","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3631730,"gmtCreate":1613998165867,"gmtModify":1635762225178,"authorId":3567122626731680,"author":{"id":3567122626731680,"idStr":"3567122626731680","authorId":3567122626731680,"name":"Muan","avatar":"https://static.tigerbbs.com/e57898e50017c4ba74bca13a29623eab","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":369042099,"type":1,"supId":0,"prevId":0,"content":"I agree with you. a legend retains his legacy.","text":"I agree with you. a legend retains his legacy.","html":"I agree with you. a legend retains his legacy."},{"id":3635089,"gmtCreate":1614029625898,"gmtModify":1635762130996,"authorId":3567307840510045,"author":{"id":3567307840510045,"idStr":"3567307840510045","authorId":3567307840510045,"name":"JeremyKok","avatar":"https://static.tigerbbs.com/01b03a485f83b6b2615fad8ac9b87bf4","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":369042099,"type":1,"supId":0,"prevId":0,"content":"agree.","text":"agree.","html":"agree."},{"id":3635121,"gmtCreate":1614030745559,"gmtModify":1635762129691,"authorId":3575871849815606,"author":{"id":3575871849815606,"idStr":"3575871849815606","authorId":3575871849815606,"name":"ilovetotrade","avatar":"https://static.tigerbbs.com/75cad39253fab6295f22fd2a56ba927f","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":369042099,"type":1,"supId":0,"prevId":0,"content":"[得意][得意][得意]","text":"[得意][得意][得意]","html":"[得意][得意][得意]"}],"langContent":"CN"},{"id":369043144,"gmtCreate":1613992270388,"gmtModify":1634551630433,"author":{"id":"3563062889449100","authorId":"3563062889449100","name":"CH88","avatar":"https://static.tigerbbs.com/2b2f05071bdbc2d159712f6b4d70fb4b","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3563062889449100","idStr":"3563062889449100"},"htmlText":"Losers letter to sharehders.&nbsp;","listText":"Losers letter to sharehders.&nbsp;","text":"Losers letter to sharehders.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369043144","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":369057539,"gmtCreate":1613992005921,"gmtModify":1634551631512,"author":{"id":"3571046202315678","authorId":"3571046202315678","name":"linereps","avatar":"https://static.tigerbbs.com/3d348014f82002028e364ade841b3433","vip":1,"crmLevel":8,"crmLevelSwitch":0,"authorIdStr":"3571046202315678","idStr":"3571046202315678"},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/369057539","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":369056881,"gmtCreate":1613991645743,"gmtModify":1634551634001,"author":{"id":"3572441449814859","authorId":"3572441449814859","name":"TianZi81","avatar":"https://static.tigerbbs.com/01d94807144591ff999444e12f4024ed","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3572441449814859","idStr":"3572441449814859"},"htmlText":"Wao","listText":"Wao","text":"Wao","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/369056881","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3630970,"gmtCreate":1613991893881,"gmtModify":1635762250986,"authorId":3574855311502838,"author":{"id":3574855311502838,"idStr":"3574855311502838","authorId":3574855311502838,"name":"Stephen_Ong","avatar":"https://static.tigerbbs.com/6007ebee17e54499c7c6f8d071e5d0fe","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":369056881,"type":1,"supId":0,"prevId":0,"content":"Wow","text":"Wow","html":"Wow"}],"langContent":"EN"},{"id":360761680,"gmtCreate":1613979942840,"gmtModify":1634551679800,"author":{"id":"3574313342222170","authorId":"3574313342222170","name":"Jellygummy","avatar":"https://static.tigerbbs.com/b4433179f43f82ffb5ab8d969a7a1e32","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3574313342222170","idStr":"3574313342222170"},"htmlText":"I would like to see too","listText":"I would like to see too","text":"I would like to see too","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/360761680","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":360455264,"gmtCreate":1613969492858,"gmtModify":1634551716808,"author":{"id":"3571776703726113","authorId":"3571776703726113","name":"T4S","avatar":"https://static.tigerbbs.com/d1eebe3a27e867d958881321d626cdf2","vip":1,"crmLevel":6,"crmLevelSwitch":0,"authorIdStr":"3571776703726113","idStr":"3571776703726113"},"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/360455264","repostId":1171414372,"repostType":2,"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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":360451326,"gmtCreate":1613968722165,"gmtModify":1634551718121,"author":{"id":"3572498650193459","authorId":"3572498650193459","name":"ProLim","avatar":"https://static.tigerbbs.com/6eca4831f468b79e30513dff47109ae3","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3572498650193459","idStr":"3572498650193459"},"htmlText":"Gogo!","listText":"Gogo!","text":"Gogo!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/360451326","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3628742,"gmtCreate":1613968731602,"gmtModify":1635762328647,"authorId":3572498650193459,"author":{"id":3572498650193459,"idStr":"3572498650193459","authorId":3572498650193459,"name":"ProLim","avatar":"https://static.tigerbbs.com/6eca4831f468b79e30513dff47109ae3","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":360451326,"type":1,"supId":0,"prevId":0,"content":"Let’s go","text":"Let’s go","html":"Let’s go"},{"id":3628744,"gmtCreate":1613968784433,"gmtModify":1635762328427,"authorId":3572498650193459,"author":{"id":3572498650193459,"idStr":"3572498650193459","authorId":3572498650193459,"name":"ProLim","avatar":"https://static.tigerbbs.com/6eca4831f468b79e30513dff47109ae3","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":360451326,"type":1,"supId":3628742,"prevId":0,"content":"[得意]","text":"[得意]","html":"[得意]"}],"langContent":"EN"},{"id":360429214,"gmtCreate":1613967465438,"gmtModify":1634551724281,"author":{"id":"3573255691210324","authorId":"3573255691210324","name":"weeleong","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3573255691210324","idStr":"3573255691210324"},"htmlText":"zooooooooooop","listText":"zooooooooooop","text":"zooooooooooop","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/360429214","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":"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.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>","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\nBarrons2021-02-22 11:31\n\n</h4>\n</header>\n<article>\nAs Warren Buffett prepares to put the finishing touches on his eagerly awaited annual letter toBerkshire Hathawayshare&nbsp;holders, the CEO has much to address.<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>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.<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>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.<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>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.<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>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.<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>“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.”<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><img src=\"https://static.tigerbbs.com/014471f5dbd6554ccdd4f23756e41a51\" tg-width=\"963\" tg-height=\"627\"><blockquote></blockquote>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.<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>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.<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>“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.”<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>In 2014, Berkshire holder&nbsp;soverwhelmingly rejected a proxy proposalon dividends.<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><img src=\"https://static.tigerbbs.com/d68e1f8f07f62b85a646a858fee9196c\" tg-width=\"956\" tg-height=\"571\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>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.<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>\n<div class=\"bt-text\">\n\n\n 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>\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.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.B":0.9,"BRK.A":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":117,"commentSize":24,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}