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2021-11-09

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Buffett Signals Caution With Berkshire on Stock-Selling Streak<blockquote>巴菲特对伯克希尔哈撒韦公司连续抛售股票表示谨慎</blockquote>

(Bloomberg) -- Warren Buffett is signaling wariness with the soaring stock market as the billionaire

Buffett Signals Caution With Berkshire on Stock-Selling Streak<blockquote>巴菲特对伯克希尔哈撒韦公司连续抛售股票表示谨慎</blockquote>

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The company ended up selling almost $2 billion more in stocks than it purchased during the period, adding to a cash pile that climbed to a record $149.2 billion.<blockquote>巴菲特的伯克希尔哈撒韦公司连续第四个季度成为股票净卖家，这一趋势在2008年的数据中从未出现过。该公司最终出售的股票比在此期间购买的股票多了近20亿美元，现金储备攀升至创纪录的1,492亿美元。</blockquote> The selling streak indicates Buffett has struggled to find bargains with the stock market hitting all-time highs. A big, splashy acquisition also eluded the conglomerate, as the 91-year old and his investing deputies confronted a combination of sky-high price tags and fierce competition from the wave of special purpose acquisition companies.<blockquote>连续抛售表明，随着股市创下历史新高，巴菲特一直在努力寻找便宜货。由于这位91岁的老人和他的投资副手面临着天价标签和来自特殊目的收购公司浪潮的激烈竞争，该集团也未能进行一次引人注目的大型收购。</blockquote> “The big issue here is that Berkshire was a net seller of stocks again this quarter,” Jim Shanahan, an analyst with Edward Jones, said in a telephone interview. “That’s the primary culprit” of the cash pile continuing to rise.<blockquote>爱德华·琼斯(Edward Jones)分析师吉姆·沙纳汉(Jim Shanahan)在接受电话采访时表示：“最大的问题是，伯克希尔本季度再次成为股票净卖家。”“这是现金储备持续上升的罪魁祸首”。</blockquote> Berkshire’s sales appear to have largely come from cutting holdings in banks, insurance and financial investments, according to its third-quarter regulatory filing released Saturday. Berkshire has been paring certain stocks in recent periods, spending the second quarter trimming its investment in General Motors Co. and pulling back on some of its pharmaceutical bets. The company is set to release its third-quarter stock tweaks later this month.<blockquote>根据伯克希尔周六发布的第三季度监管文件，伯克希尔的销售额似乎主要来自于削减银行、保险和金融投资的持股。伯克希尔哈撒韦公司最近一直在削减某些股票，第二季度削减了对通用汽车公司的投资，并撤回了部分制药押注。该公司将于本月晚些时候发布第三季度股票调整。</blockquote> While Buffett’s been a consistent net seller these past four quarters, those sales have been relatively small compared with the massive size of his stock portfolio. Over the past nine months, he’s sold almost $7 billion more of stocks than he’s bought, roughly 2.2% of the fair value of Berkshire’s stock portfolio at the end of September.<blockquote>尽管巴菲特在过去四个季度一直是净卖家，但与他庞大的股票投资组合规模相比，这些销售额相对较小。在过去的九个月里，他卖出的股票比买入的多了近70亿美元，约占伯克希尔9月底股票投资组合公允价值的2.2%。</blockquote> Buffett warned investors in May that Berkshire might not have much luck striking deals as SPACs gripped the market -- though he also predicted the boom probably wouldn’t last. Compounding the challenge, his most recent big acquisition, the $37 billion deal for Precision Castparts five years ago, resulted in a writedown that Buffett laid squarely at his own door.<blockquote>巴菲特在5月份警告投资者，随着SPAC席卷市场，伯克希尔哈撒韦公司在达成交易方面可能运气不佳，尽管他也预测这种繁荣可能不会持续下去。让挑战变得更加复杂的是，他最近的一次重大收购，即五年前以370亿美元收购Precision Castparts的交易，导致了巴菲特直接将其记入了自己的账户。</blockquote> Berkshire isn’t alone in extending a cash pile amid the pandemic. Amazon.com Inc., Google-parent Alphabet Inc. and American Airlines Group Inc. were among companies that amassed significant holdings during the health crisis in a step analysts have said would likely lead to some acquisitions.<blockquote>伯克希尔并不是唯一一家在疫情期间增加现金储备的公司。亚马逊公司、谷歌母公司Alphabet公司和美国航空集团公司等公司在健康危机期间增持了大量股份，分析师表示，此举可能会导致一些收购。</blockquote> And the rising cash pile is better than the alternative in the eyes of investors including Cheviot Value Management’s Darren Pollock. Even though Buffett’s cash pile still increased to a record despite the $7.6 billion of buybacks in the third quarter, Pollock says it’s a good sign about the health of Berkshire.<blockquote>在包括Cheviot Value Management的达伦·波洛克(Darren Pollock)在内的投资者看来，不断增加的现金储备比其他选择更好。尽管第三季度回购了76亿美元，但巴菲特的现金储备仍增至创纪录水平，波洛克表示，这是伯克希尔健康状况的一个好迹象。</blockquote> “We’re happy with it because the alternative is that cash isn’t growing as much and that means that Berkshire’s operating companies aren’t of as high quality as we thought,” said Pollock, whose Cheviot owns shares in Berkshire. “To see that the cash is rising, to see that he’s deploying so much in one avenue which happens to be buybacks -- it’s not acquisitions -- but it’s being spent in a productive way, it’s so much better than the alternative of seeing that cash stabilize or decline without other large acquisitions.”<blockquote>波洛克表示：“我们对此感到满意，因为另一种选择是现金没有增长那么多，这意味着伯克希尔哈撒韦公司的运营公司质量没有我们想象的那么高。”波洛克的切维奥特拥有伯克希尔哈撒韦公司的股份。“看到现金在增加，看到他在一个恰好是回购的途径上部署了如此多的资金——而不是收购——但这些资金是以富有成效的方式使用的，这比看到现金的替代方案要好得多如果没有其他大型收购，现金就会稳定或下降。”</blockquote> Here are some other key takeaways from Berkshire’s third-quarter earnings on Saturday:<blockquote>以下是伯克希尔周六第三季度财报的其他一些关键要点：</blockquote> Berkshire Appetite<blockquote>伯克希尔的胃口</blockquote> Buffett has increasingly leaned on share buybacks as one way to deploy billions of dollars. He’s spent about $51 billion on stock buybacks since a policy tweak in 2018, outpacing the $31 billion used to purchase shares of Apple Inc., Berkshire’s largest stock bet.<blockquote>巴菲特越来越依赖股票回购作为部署数十亿美元的一种方式。自2018年政策调整以来，伯克希尔在股票回购上花费了约510亿美元，超过了用于购买苹果股票的310亿美元，这是伯克希尔最大的股票赌注。</blockquote> In the third quarter, Berkshire bought back $7.6 billion of stock, surpassing the $6 billion of shares repurchased in the previous period.<blockquote>第三季度，伯克希尔回购了76亿美元的股票，超过了上一期回购的60亿美元股票。</blockquote> BNSF’s Record<blockquote>BNSF的记录</blockquote> Record profit at Berkshire’s railroad, BNSF, and strong earnings from its energy businesses helped raise operating profit by 18% at the conglomerate during the third quarter.<blockquote>伯克希尔旗下铁路公司BNSF创纪录的利润及其能源业务的强劲收益帮助该集团第三季度的营业利润提高了18%。</blockquote> That also aided in offsetting a painful quarter for Berkshire’s insurers. Those businesses reported an underwriting loss that widened to $784 million amid heightened catastrophe costs and worsening claims trends at auto insurer Geico.<blockquote>这也有助于抵消伯克希尔保险公司痛苦的季度。这些企业报告称，由于汽车保险公司Geico的灾难成本增加和索赔趋势恶化，承保损失扩大至7.84亿美元。</blockquote>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett Signals Caution With Berkshire on Stock-Selling Streak<blockquote>巴菲特对伯克希尔哈撒韦公司连续抛售股票表示谨慎</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\">\nBuffett Signals Caution With Berkshire on Stock-Selling Streak<blockquote>巴菲特对伯克希尔哈撒韦公司连续抛售股票表示谨慎</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBloomberg2021-11-08 23:16\n\n</h4>\n</header>\n<article>\n(Bloomberg) -- Warren Buffett is signaling wariness with the soaring stock market as the billionaire investor extends a selling streak.<blockquote>（彭博社）——随着亿万富翁投资者沃伦·巴菲特继续抛售，他对股市飙升表示谨慎。</blockquote> Buffett’s Berkshire Hathaway Inc. was a net seller of equities for the fourth straight quarter, a trend not seen in data going back to 2008. The company ended up selling almost $2 billion more in stocks than it purchased during the period, adding to a cash pile that climbed to a record $149.2 billion.<blockquote>巴菲特的伯克希尔哈撒韦公司连续第四个季度成为股票净卖家，这一趋势在2008年的数据中从未出现过。该公司最终出售的股票比在此期间购买的股票多了近20亿美元，现金储备攀升至创纪录的1,492亿美元。</blockquote> The selling streak indicates Buffett has struggled to find bargains with the stock market hitting all-time highs. A big, splashy acquisition also eluded the conglomerate, as the 91-year old and his investing deputies confronted a combination of sky-high price tags and fierce competition from the wave of special purpose acquisition companies.<blockquote>连续抛售表明，随着股市创下历史新高，巴菲特一直在努力寻找便宜货。由于这位91岁的老人和他的投资副手面临着天价标签和来自特殊目的收购公司浪潮的激烈竞争，该集团也未能进行一次引人注目的大型收购。</blockquote> “The big issue here is that Berkshire was a net seller of stocks again this quarter,” Jim Shanahan, an analyst with Edward Jones, said in a telephone interview. “That’s the primary culprit” of the cash pile continuing to rise.<blockquote>爱德华·琼斯(Edward Jones)分析师吉姆·沙纳汉(Jim Shanahan)在接受电话采访时表示：“最大的问题是，伯克希尔本季度再次成为股票净卖家。”“这是现金储备持续上升的罪魁祸首”。</blockquote> Berkshire’s sales appear to have largely come from cutting holdings in banks, insurance and financial investments, according to its third-quarter regulatory filing released Saturday. Berkshire has been paring certain stocks in recent periods, spending the second quarter trimming its investment in General Motors Co. and pulling back on some of its pharmaceutical bets. The company is set to release its third-quarter stock tweaks later this month.<blockquote>根据伯克希尔周六发布的第三季度监管文件，伯克希尔的销售额似乎主要来自于削减银行、保险和金融投资的持股。伯克希尔哈撒韦公司最近一直在削减某些股票，第二季度削减了对通用汽车公司的投资，并撤回了部分制药押注。该公司将于本月晚些时候发布第三季度股票调整。</blockquote> While Buffett’s been a consistent net seller these past four quarters, those sales have been relatively small compared with the massive size of his stock portfolio. Over the past nine months, he’s sold almost $7 billion more of stocks than he’s bought, roughly 2.2% of the fair value of Berkshire’s stock portfolio at the end of September.<blockquote>尽管巴菲特在过去四个季度一直是净卖家，但与他庞大的股票投资组合规模相比，这些销售额相对较小。在过去的九个月里，他卖出的股票比买入的多了近70亿美元，约占伯克希尔9月底股票投资组合公允价值的2.2%。</blockquote> Buffett warned investors in May that Berkshire might not have much luck striking deals as SPACs gripped the market -- though he also predicted the boom probably wouldn’t last. Compounding the challenge, his most recent big acquisition, the $37 billion deal for Precision Castparts five years ago, resulted in a writedown that Buffett laid squarely at his own door.<blockquote>巴菲特在5月份警告投资者，随着SPAC席卷市场，伯克希尔哈撒韦公司在达成交易方面可能运气不佳，尽管他也预测这种繁荣可能不会持续下去。让挑战变得更加复杂的是，他最近的一次重大收购，即五年前以370亿美元收购Precision Castparts的交易，导致了巴菲特直接将其记入了自己的账户。</blockquote> Berkshire isn’t alone in extending a cash pile amid the pandemic. Amazon.com Inc., Google-parent Alphabet Inc. and American Airlines Group Inc. were among companies that amassed significant holdings during the health crisis in a step analysts have said would likely lead to some acquisitions.<blockquote>伯克希尔并不是唯一一家在疫情期间增加现金储备的公司。亚马逊公司、谷歌母公司Alphabet公司和美国航空集团公司等公司在健康危机期间增持了大量股份，分析师表示，此举可能会导致一些收购。</blockquote> And the rising cash pile is better than the alternative in the eyes of investors including Cheviot Value Management’s Darren Pollock. Even though Buffett’s cash pile still increased to a record despite the $7.6 billion of buybacks in the third quarter, Pollock says it’s a good sign about the health of Berkshire.<blockquote>在包括Cheviot Value Management的达伦·波洛克(Darren Pollock)在内的投资者看来，不断增加的现金储备比其他选择更好。尽管第三季度回购了76亿美元，但巴菲特的现金储备仍增至创纪录水平，波洛克表示，这是伯克希尔健康状况的一个好迹象。</blockquote> “We’re happy with it because the alternative is that cash isn’t growing as much and that means that Berkshire’s operating companies aren’t of as high quality as we thought,” said Pollock, whose Cheviot owns shares in Berkshire. “To see that the cash is rising, to see that he’s deploying so much in one avenue which happens to be buybacks -- it’s not acquisitions -- but it’s being spent in a productive way, it’s so much better than the alternative of seeing that cash stabilize or decline without other large acquisitions.”<blockquote>波洛克表示：“我们对此感到满意，因为另一种选择是现金没有增长那么多，这意味着伯克希尔哈撒韦公司的运营公司质量没有我们想象的那么高。”波洛克的切维奥特拥有伯克希尔哈撒韦公司的股份。“看到现金在增加，看到他在一个恰好是回购的途径上部署了如此多的资金——而不是收购——但这些资金是以富有成效的方式使用的，这比看到现金的替代方案要好得多如果没有其他大型收购，现金就会稳定或下降。”</blockquote> Here are some other key takeaways from Berkshire’s third-quarter earnings on Saturday:<blockquote>以下是伯克希尔周六第三季度财报的其他一些关键要点：</blockquote> Berkshire Appetite<blockquote>伯克希尔的胃口</blockquote> Buffett has increasingly leaned on share buybacks as one way to deploy billions of dollars. He’s spent about $51 billion on stock buybacks since a policy tweak in 2018, outpacing the $31 billion used to purchase shares of Apple Inc., Berkshire’s largest stock bet.<blockquote>巴菲特越来越依赖股票回购作为部署数十亿美元的一种方式。自2018年政策调整以来，伯克希尔在股票回购上花费了约510亿美元，超过了用于购买苹果股票的310亿美元，这是伯克希尔最大的股票赌注。</blockquote> In the third quarter, Berkshire bought back $7.6 billion of stock, surpassing the $6 billion of shares repurchased in the previous period.<blockquote>第三季度，伯克希尔回购了76亿美元的股票，超过了上一期回购的60亿美元股票。</blockquote> BNSF’s Record<blockquote>BNSF的记录</blockquote> Record profit at Berkshire’s railroad, BNSF, and strong earnings from its energy businesses helped raise operating profit by 18% at the conglomerate during the third quarter.<blockquote>伯克希尔旗下铁路公司BNSF创纪录的利润及其能源业务的强劲收益帮助该集团第三季度的营业利润提高了18%。</blockquote> That also aided in offsetting a painful quarter for Berkshire’s insurers. Those businesses reported an underwriting loss that widened to $784 million amid heightened catastrophe costs and worsening claims trends at auto insurer Geico.<blockquote>这也有助于抵消伯克希尔保险公司痛苦的季度。这些企业报告称，由于汽车保险公司Geico的灾难成本增加和索赔趋势恶化，承保损失扩大至7.84亿美元。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/buffett-signals-caution-berkshire-stock-140819517.html\">Bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://finance.yahoo.com/news/buffett-signals-caution-berkshire-stock-140819517.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190184675","content_text":"(Bloomberg) -- Warren Buffett is signaling wariness with the soaring stock market as the billionaire investor extends a selling streak.\nBuffett’s Berkshire Hathaway Inc. was a net seller of equities for the fourth straight quarter, a trend not seen in data going back to 2008. The company ended up selling almost $2 billion more in stocks than it purchased during the period, adding to a cash pile that climbed to a record $149.2 billion.\nThe selling streak indicates Buffett has struggled to find bargains with the stock market hitting all-time highs. A big, splashy acquisition also eluded the conglomerate, as the 91-year old and his investing deputies confronted a combination of sky-high price tags and fierce competition from the wave of special purpose acquisition companies.\n“The big issue here is that Berkshire was a net seller of stocks again this quarter,” Jim Shanahan, an analyst with Edward Jones, said in a telephone interview. “That’s the primary culprit” of the cash pile continuing to rise.\nBerkshire’s sales appear to have largely come from cutting holdings in banks, insurance and financial investments, according to its third-quarter regulatory filing released Saturday. Berkshire has been paring certain stocks in recent periods, spending the second quarter trimming its investment in General Motors Co. and pulling back on some of its pharmaceutical bets. The company is set to release its third-quarter stock tweaks later this month.\nWhile Buffett’s been a consistent net seller these past four quarters, those sales have been relatively small compared with the massive size of his stock portfolio. Over the past nine months, he’s sold almost $7 billion more of stocks than he’s bought, roughly 2.2% of the fair value of Berkshire’s stock portfolio at the end of September.\nBuffett warned investors in May that Berkshire might not have much luck striking deals as SPACs gripped the market -- though he also predicted the boom probably wouldn’t last. Compounding the challenge, his most recent big acquisition, the $37 billion deal for Precision Castparts five years ago, resulted in a writedown that Buffett laid squarely at his own door.\nBerkshire isn’t alone in extending a cash pile amid the pandemic. Amazon.com Inc., Google-parent Alphabet Inc. and American Airlines Group Inc. were among companies that amassed significant holdings during the health crisis in a step analysts have said would likely lead to some acquisitions.\nAnd the rising cash pile is better than the alternative in the eyes of investors including Cheviot Value Management’s Darren Pollock. Even though Buffett’s cash pile still increased to a record despite the $7.6 billion of buybacks in the third quarter, Pollock says it’s a good sign about the health of Berkshire.\n“We’re happy with it because the alternative is that cash isn’t growing as much and that means that Berkshire’s operating companies aren’t of as high quality as we thought,” said Pollock, whose Cheviot owns shares in Berkshire. “To see that the cash is rising, to see that he’s deploying so much in one avenue which happens to be buybacks -- it’s not acquisitions -- but it’s being spent in a productive way, it’s so much better than the alternative of seeing that cash stabilize or decline without other large acquisitions.”\nHere are some other key takeaways from Berkshire’s third-quarter earnings on Saturday:\nBerkshire Appetite\nBuffett has increasingly leaned on share buybacks as one way to deploy billions of dollars. He’s spent about $51 billion on stock buybacks since a policy tweak in 2018, outpacing the $31 billion used to purchase shares of Apple Inc., Berkshire’s largest stock bet.\nIn the third quarter, Berkshire bought back $7.6 billion of stock, surpassing the $6 billion of shares repurchased in the previous period.\nBNSF’s Record\nRecord profit at Berkshire’s railroad, BNSF, and strong earnings from its energy businesses helped raise operating profit by 18% at the conglomerate during the third quarter.\nThat also aided in offsetting a painful quarter for Berkshire’s insurers. Those businesses reported an underwriting loss that widened to $784 million amid heightened catastrophe costs and worsening claims trends at auto insurer Geico.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":1947,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":9,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}

Buffett Signals Caution With Berkshire on Stock-Selling Streak<blockquote>巴菲特对伯克希尔哈撒韦公司连续抛售股票表示谨慎</blockquote>

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