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Rachelwht
2021-05-19

Yes hold great companies

What Berkshire Hathaway’s Latest Filing Tells Us About Warren Buffett’s View on Stocks<blockquote>伯克希尔哈撒韦公司的最新文件告诉我们沃伦·巴菲特对股票的看法</blockquote>

Warren Buffett likes to say his preferred holding period for businesses is forever, but when it come

What Berkshire Hathaway’s Latest Filing Tells Us About Warren Buffett’s View on Stocks<blockquote>伯克希尔哈撒韦公司的最新文件告诉我们沃伦·巴菲特对股票的看法</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":194824602,"tweetId":"194824602","gmtCreate":1621356586106,"gmtModify":1634192164764,"author":{"id":3567811008638662,"idStr":"3567811008638662","authorId":3567811008638662,"authorIdStr":"3567811008638662","name":"Rachelwht","avatar":"https://static.tigerbbs.com/84de3dc6cb213c756733512bcdfc3bcc","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":4,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Yes hold great companies</body></html>","htmlText":"<html><head></head><body>Yes hold great companies</body></html>","text":"Yes hold great companies","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/194824602","repostId":1102820235,"repostType":4,"repost":{"id":"1102820235","kind":"news","pubTimestamp":1621350672,"share":"https://www.laohu8.com/m/news/1102820235?lang=zh_CN&edition=full","pubTime":"2021-05-18 23:11","market":"us","language":"en","title":"What Berkshire Hathaway’s Latest Filing Tells Us About Warren Buffett’s View on Stocks<blockquote>伯克希尔哈撒韦公司的最新文件告诉我们沃伦·巴菲特对股票的看法</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102820235","media":"Barrons","summary":"Warren Buffett likes to say his preferred holding period for businesses is forever, but when it come","content":"Warren Buffett likes to say his preferred holding period for businesses is forever, but when it comes to stocks, he is more willing to trade.<blockquote>沃伦·巴菲特喜欢说，他对企业的首选持有期是永远，但当谈到股票时，他更愿意交易。</blockquote> Berkshire Hathaway&nbsp;(ticker: BRK.A, BRK.B)&nbsp;disclosed on Monday&nbsp;that it had largely eliminated its remaining holding in&nbsp;Wells Fargo&nbsp;(WFC), cut back its stake in&nbsp;Chevron&nbsp;(CVX) by more than 50%, to 23.7 million shares, and reduced an investment in&nbsp;Merck&nbsp;(MRK) by 37%, to 17.9 million shares, according to itsquarterly 13-F filing.<blockquote>伯克希尔哈撒韦公司（股票代码：BRK.A、BRK.B）周一披露，已基本消除了其在富国银行(WFC)的剩余股份，将其在雪佛龙(CVX)的股份削减了50%以上，至2370万股。根据默克(MRK)季度13-F文件，该公司将对默克(MRK)的投资减少了37%，至1790万股。</blockquote> The Chevron sale is notable because&nbsp;Berkshire accumulated a position of 48.5 million shares relatively recently, in the second half of 2020, making Chevron Berkshire’s second largest new equity investment of the year, behind only&nbsp;Verizon Communications&nbsp;(VZ). The Merck holding also was accumulated in 2020.<blockquote>雪佛龙的出售值得注意，因为伯克希尔最近在2020年下半年积累了4850万股股票，使雪佛龙成为伯克希尔今年第二大新股权投资，仅次于Verizon Communications(VZ)。默克控股也是在2020年积累的。</blockquote> Berkshire was&nbsp;even granted confidentiality&nbsp;by the Securities and Exchange Commission and didn’t have to disclose its Chevron holding at the end of the third quarter as Berkshire was building its position.<blockquote>伯克希尔哈撒韦公司甚至获得了美国证券交易委员会的保密许可，在第三季度末不必披露其持有的雪佛龙股份，因为伯克希尔哈撒韦公司正在建立其头寸。</blockquote> There was little or no change in most of Berkshire’s equity portfolio, totaling almost $300 billion, which is overseen by CEO Buffett. He has not been enamored of stocks, preferring to use Berkshire’s ample cash flow to repurchase Berkshire shares.<blockquote>伯克希尔的大部分股票投资组合几乎没有变化，甚至没有变化，总额近3000亿美元，由首席执行官巴菲特监管。他并不迷恋股票，更喜欢利用伯克希尔充裕的现金流回购伯克希尔股票。</blockquote> The company was a net seller of $4 billion of stocks in the first quarter,according to its 10-Q report. Its only sizable new purchase was nearly $1 billion ofAon(AON), the insurance broker. Berkshire was a net seller of $8 billion of stocks in 2020, while it bought back almost $25 billion of its own shares.<blockquote>根据其10-Q报告，该公司第一季度净卖出40亿美元的股票。它唯一一笔规模较大的新收购是对保险经纪公司怡安(AON)近10亿美元的收购。伯克希尔哈撒韦公司在2020年净卖出了80亿美元的股票，同时回购了近250亿美元的自有股票。</blockquote> There also had been speculation that an institutional buyer had been accumulating Berkshire’s supervoting class A stock in the first quarter, given the elevated volume in shares that typically trade lightly. But no large buyer was evident in the 13-F filings.<blockquote>还有人猜测，鉴于通常交易清淡的股票交易量增加，机构买家在第一季度一直在积累伯克希尔的超级投票权A类股票。但在13-F文件中没有明显的大买家。</blockquote> CEO Buffett defended the Chevron investment at Berkshire’s annual meeting on May 1. Many socially responsible investors are uncomfortable owning companies that produce fossil fuels.<blockquote>首席执行官巴菲特在5月1日的伯克希尔年会上为雪佛龙投资进行了辩护。许多有社会责任感的投资者对拥有生产化石燃料的公司感到不安。</blockquote> “Chevron is not an evil company in the least,”Buffett told shareholders. “And I have no compunction about owning -- in the least about owning Chevron. And if we own the entire business, I would not feel uncomfortable about being in that business.”<blockquote>“雪佛龙根本不是一家邪恶的公司，”巴菲特告诉股东。“我对拥有雪佛龙一点也不感到内疚。如果我们拥有整个业务，我就不会对从事该业务感到不舒服。”</blockquote> Berkshire probably realized a nice profit on its Chevron holding. The stock rallied in the first quarter to $105, from $85, compared with Berkshire’s cost of $83 a share.<blockquote>伯克希尔哈撒韦公司可能从其持有的雪佛龙股份中获得了可观的利润。该股第一季度从85美元上涨至105美元，而伯克希尔的每股成本为83美元。</blockquote> Last year, Berkshire steadily reduced its formerly large holding in Wells Fargo that had totaled 345 million shares at the end of 2019.<blockquote>去年，伯克希尔稳步减持了此前持有的富国银行大量股份，截至2019年底，该股份总数为3.45亿股。</blockquote> Buffett was a longtime fan of Wells Fargo and Berkshire had held the bank’s stock for 30 years. Berkshire sold down its stake to just 675,000 shares on March 31 from about 52 million at year-end 2020.<blockquote>巴菲特是富国银行的长期粉丝，伯克希尔哈撒韦公司持有该银行股票已有30年。伯克希尔哈撒韦公司于3月31日将其股份从2020年底的约5200万股减至仅675,000股。</blockquote> Wells Fargo has been one of several sales by Berkshire of bank stocks in recent quarters as it unloaded holdings of&nbsp;JPMorgan Chase&nbsp;(JPM) and&nbsp;Goldman Sachs Group&nbsp;(GS) in 2020. Its largest bank position is now a billion-share holding in&nbsp;Bank of America&nbsp;(BAC) worth over $40 billion.<blockquote>富国银行是伯克希尔哈撒韦公司最近几个季度出售银行股的几家公司之一，该公司在2020年出售了摩根大通(JPM)和高盛集团(GS)的股份。其最大的银行头寸目前是持有美国银行(BAC)的10亿股股票，价值超过400亿美元。</blockquote> In selling the banks, Berkshire has missed out on big gains&nbsp;as the sector has rallied, probably leaving more than $10 billion on the table,Barron’sestimates. Wells Fargo shares have more than doubled since early November to $47.<blockquote>在出售银行时，伯克希尔错过了随着该行业反弹而获得的巨大收益，可能会留下超过100亿美元的资金，巴伦周刊估计数。自11月初以来，富国银行股价已上涨一倍多，至47美元。</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>What Berkshire Hathaway’s Latest Filing Tells Us About Warren Buffett’s View on Stocks<blockquote>伯克希尔哈撒韦公司的最新文件告诉我们沃伦·巴菲特对股票的看法</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\">\nWhat Berkshire Hathaway’s Latest Filing Tells Us About Warren Buffett’s View on Stocks<blockquote>伯克希尔哈撒韦公司的最新文件告诉我们沃伦·巴菲特对股票的看法</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-05-18 23:11\n\n</h4>\n</header>\n<article>\nWarren Buffett likes to say his preferred holding period for businesses is forever, but when it comes to stocks, he is more willing to trade.<blockquote>沃伦·巴菲特喜欢说，他对企业的首选持有期是永远，但当谈到股票时，他更愿意交易。</blockquote> Berkshire Hathaway&nbsp;(ticker: BRK.A, BRK.B)&nbsp;disclosed on Monday&nbsp;that it had largely eliminated its remaining holding in&nbsp;Wells Fargo&nbsp;(WFC), cut back its stake in&nbsp;Chevron&nbsp;(CVX) by more than 50%, to 23.7 million shares, and reduced an investment in&nbsp;Merck&nbsp;(MRK) by 37%, to 17.9 million shares, according to itsquarterly 13-F filing.<blockquote>伯克希尔哈撒韦公司（股票代码：BRK.A、BRK.B）周一披露，已基本消除了其在富国银行(WFC)的剩余股份，将其在雪佛龙(CVX)的股份削减了50%以上，至2370万股。根据默克(MRK)季度13-F文件，该公司将对默克(MRK)的投资减少了37%，至1790万股。</blockquote> The Chevron sale is notable because&nbsp;Berkshire accumulated a position of 48.5 million shares relatively recently, in the second half of 2020, making Chevron Berkshire’s second largest new equity investment of the year, behind only&nbsp;Verizon Communications&nbsp;(VZ). The Merck holding also was accumulated in 2020.<blockquote>雪佛龙的出售值得注意，因为伯克希尔最近在2020年下半年积累了4850万股股票，使雪佛龙成为伯克希尔今年第二大新股权投资，仅次于Verizon Communications(VZ)。默克控股也是在2020年积累的。</blockquote> Berkshire was&nbsp;even granted confidentiality&nbsp;by the Securities and Exchange Commission and didn’t have to disclose its Chevron holding at the end of the third quarter as Berkshire was building its position.<blockquote>伯克希尔哈撒韦公司甚至获得了美国证券交易委员会的保密许可，在第三季度末不必披露其持有的雪佛龙股份，因为伯克希尔哈撒韦公司正在建立其头寸。</blockquote> There was little or no change in most of Berkshire’s equity portfolio, totaling almost $300 billion, which is overseen by CEO Buffett. He has not been enamored of stocks, preferring to use Berkshire’s ample cash flow to repurchase Berkshire shares.<blockquote>伯克希尔的大部分股票投资组合几乎没有变化，甚至没有变化，总额近3000亿美元，由首席执行官巴菲特监管。他并不迷恋股票，更喜欢利用伯克希尔充裕的现金流回购伯克希尔股票。</blockquote> The company was a net seller of $4 billion of stocks in the first quarter,according to its 10-Q report. Its only sizable new purchase was nearly $1 billion ofAon(AON), the insurance broker. Berkshire was a net seller of $8 billion of stocks in 2020, while it bought back almost $25 billion of its own shares.<blockquote>根据其10-Q报告，该公司第一季度净卖出40亿美元的股票。它唯一一笔规模较大的新收购是对保险经纪公司怡安(AON)近10亿美元的收购。伯克希尔哈撒韦公司在2020年净卖出了80亿美元的股票，同时回购了近250亿美元的自有股票。</blockquote> There also had been speculation that an institutional buyer had been accumulating Berkshire’s supervoting class A stock in the first quarter, given the elevated volume in shares that typically trade lightly. But no large buyer was evident in the 13-F filings.<blockquote>还有人猜测，鉴于通常交易清淡的股票交易量增加，机构买家在第一季度一直在积累伯克希尔的超级投票权A类股票。但在13-F文件中没有明显的大买家。</blockquote> CEO Buffett defended the Chevron investment at Berkshire’s annual meeting on May 1. Many socially responsible investors are uncomfortable owning companies that produce fossil fuels.<blockquote>首席执行官巴菲特在5月1日的伯克希尔年会上为雪佛龙投资进行了辩护。许多有社会责任感的投资者对拥有生产化石燃料的公司感到不安。</blockquote> “Chevron is not an evil company in the least,”Buffett told shareholders. “And I have no compunction about owning -- in the least about owning Chevron. And if we own the entire business, I would not feel uncomfortable about being in that business.”<blockquote>“雪佛龙根本不是一家邪恶的公司，”巴菲特告诉股东。“我对拥有雪佛龙一点也不感到内疚。如果我们拥有整个业务，我就不会对从事该业务感到不舒服。”</blockquote> Berkshire probably realized a nice profit on its Chevron holding. The stock rallied in the first quarter to $105, from $85, compared with Berkshire’s cost of $83 a share.<blockquote>伯克希尔哈撒韦公司可能从其持有的雪佛龙股份中获得了可观的利润。该股第一季度从85美元上涨至105美元，而伯克希尔的每股成本为83美元。</blockquote> Last year, Berkshire steadily reduced its formerly large holding in Wells Fargo that had totaled 345 million shares at the end of 2019.<blockquote>去年，伯克希尔稳步减持了此前持有的富国银行大量股份，截至2019年底，该股份总数为3.45亿股。</blockquote> Buffett was a longtime fan of Wells Fargo and Berkshire had held the bank’s stock for 30 years. Berkshire sold down its stake to just 675,000 shares on March 31 from about 52 million at year-end 2020.<blockquote>巴菲特是富国银行的长期粉丝，伯克希尔哈撒韦公司持有该银行股票已有30年。伯克希尔哈撒韦公司于3月31日将其股份从2020年底的约5200万股减至仅675,000股。</blockquote> Wells Fargo has been one of several sales by Berkshire of bank stocks in recent quarters as it unloaded holdings of&nbsp;JPMorgan Chase&nbsp;(JPM) and&nbsp;Goldman Sachs Group&nbsp;(GS) in 2020. Its largest bank position is now a billion-share holding in&nbsp;Bank of America&nbsp;(BAC) worth over $40 billion.<blockquote>富国银行是伯克希尔哈撒韦公司最近几个季度出售银行股的几家公司之一，该公司在2020年出售了摩根大通(JPM)和高盛集团(GS)的股份。其最大的银行头寸目前是持有美国银行(BAC)的10亿股股票，价值超过400亿美元。</blockquote> In selling the banks, Berkshire has missed out on big gains&nbsp;as the sector has rallied, probably leaving more than $10 billion on the table,Barron’sestimates. Wells Fargo shares have more than doubled since early November to $47.<blockquote>在出售银行时，伯克希尔错过了随着该行业反弹而获得的巨大收益，可能会留下超过100亿美元的资金，巴伦周刊估计数。自11月初以来，富国银行股价已上涨一倍多，至47美元。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/what-berkshire-hathaways-latest-filing-tells-us-about-warren-buffetts-view-on-stocks-51621350033?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果",".DJI":"道琼斯","BRK.B":"伯克希尔B",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","WFC":"富国银行","BRK.A":"伯克希尔"},"source_url":"https://www.barrons.com/articles/what-berkshire-hathaways-latest-filing-tells-us-about-warren-buffetts-view-on-stocks-51621350033?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102820235","content_text":"Warren Buffett likes to say his preferred holding period for businesses is forever, but when it comes to stocks, he is more willing to trade.\nBerkshire Hathaway (ticker: BRK.A, BRK.B) disclosed on Monday that it had largely eliminated its remaining holding in Wells Fargo (WFC), cut back its stake in Chevron (CVX) by more than 50%, to 23.7 million shares, and reduced an investment in Merck (MRK) by 37%, to 17.9 million shares, according to itsquarterly 13-F filing.\nThe Chevron sale is notable because Berkshire accumulated a position of 48.5 million shares relatively recently, in the second half of 2020, making Chevron Berkshire’s second largest new equity investment of the year, behind only Verizon Communications (VZ). The Merck holding also was accumulated in 2020.\nBerkshire was even granted confidentiality by the Securities and Exchange Commission and didn’t have to disclose its Chevron holding at the end of the third quarter as Berkshire was building its position.\nThere was little or no change in most of Berkshire’s equity portfolio, totaling almost $300 billion, which is overseen by CEO Buffett. He has not been enamored of stocks, preferring to use Berkshire’s ample cash flow to repurchase Berkshire shares.\nThe company was a net seller of $4 billion of stocks in the first quarter,according to its 10-Q report. Its only sizable new purchase was nearly $1 billion ofAon(AON), the insurance broker. Berkshire was a net seller of $8 billion of stocks in 2020, while it bought back almost $25 billion of its own shares.\nThere also had been speculation that an institutional buyer had been accumulating Berkshire’s supervoting class A stock in the first quarter, given the elevated volume in shares that typically trade lightly. But no large buyer was evident in the 13-F filings.\nCEO Buffett defended the Chevron investment at Berkshire’s annual meeting on May 1. Many socially responsible investors are uncomfortable owning companies that produce fossil fuels.\n“Chevron is not an evil company in the least,”Buffett told shareholders. “And I have no compunction about owning -- in the least about owning Chevron. And if we own the entire business, I would not feel uncomfortable about being in that business.”\nBerkshire probably realized a nice profit on its Chevron holding. The stock rallied in the first quarter to $105, from $85, compared with Berkshire’s cost of $83 a share.\nLast year, Berkshire steadily reduced its formerly large holding in Wells Fargo that had totaled 345 million shares at the end of 2019.\nBuffett was a longtime fan of Wells Fargo and Berkshire had held the bank’s stock for 30 years. Berkshire sold down its stake to just 675,000 shares on March 31 from about 52 million at year-end 2020.\nWells Fargo has been one of several sales by Berkshire of bank stocks in recent quarters as it unloaded holdings of JPMorgan Chase (JPM) and Goldman Sachs Group (GS) in 2020. Its largest bank position is now a billion-share holding in Bank of America (BAC) worth over $40 billion.\nIn selling the banks, Berkshire has missed out on big gains as the sector has rallied, probably leaving more than $10 billion on the table,Barron’sestimates. Wells Fargo shares have more than doubled since early November to $47.","news_type":1,"symbols_score_info":{"WFC":0.9,".SPX":0.9,"AAPL":0.9,".DJI":0.9,"BRK.B":0.9,"BRK.A":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":766,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":21,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}

What Berkshire Hathaway’s Latest Filing Tells Us About Warren Buffett’s View on Stocks<blockquote>伯克希尔哈撒韦公司的最新文件告诉我们沃伦·巴菲特对股票的看法</blockquote>

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