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伯克希尔-哈撒韦(Berkshire Hathaway)公司上一季度的大规模股票抛售恰逢其时,原因是在股市暴跌之际,沃伦·巴菲特(Warren Buffett)旗下的企业集团手头的现金储备更为庞大。
第二季度,该公司净出售了价值755亿美元的股票,并在这一过程中将其持有的苹果(Apple)股份减持了近一半。这使其现金储备从上一季度的1890亿美元增至2769亿美元,创历史新高。
CFRA Research分析师凯茜·塞弗特(Cathy Seifert)告诉《财富》杂志:“这次抛售代表了典型的投资组合再平衡。”
她解释说,由于伯克希尔-哈撒韦公司的投资组合严重偏向苹果等少数几只股票,存在过度集中的风险。这也可能涉及一些获利回吐,因为此次抛售发生在大盘屡创新高的时候。
这是此前调整投资组合举措的延续。今年5月,伯克希尔-哈撒韦公司披露出售了1亿股苹果股票,占当时持股的13%。
最大的问题是,巴菲特下一步将如何处理其积累的现金,因为伯克希尔-哈撒韦公司的投资组合历来是投资者高度关注的对象。
巴菲特以严于律己、只在看到便宜股时才买入而闻名。多年来,他一直抱怨由于估值居高不下,缺乏交易机会。但随着股市下跌,可能很快就到了买入的时候。
塞弗特说:"如果市场调整继续加速,这对他们来说可能是黄金机会。”
她说,伯克希尔-哈撒韦公司还可以用现金直接收购一家公司,收购目标历来是消费、工业和保险行业。
但塞弗特指出,随着私募股权的扩张,巴菲特在收购方面面临的竞争比二三十年前更为激烈。她补充说,如果借贷利率继续下降,私营公司的估值可能会上升。
伯克希尔-哈撒韦公司还可以利用现金继续回购更多股票。随着公司的专用资金储备越来越多,首次支付股息的问题可能会被更多人提及。不过,塞弗特认为,只要巴菲特掌舵,这就不太可能发生,并指出他很清楚自己将是这一决定的最大受益者。
目前,伯克希尔-哈撒韦公司的现金投资于美国债券和其他收益率稳定的安全投资项目,从而获得利息收入。在这笔轻松获得的资金不断涌入时,公司不太可能急于投资。
塞弗特说:“他们并未感到过大的压力,无需动用这笔现金。”(财富中文网)
译者:中慧言-王芳
伯克希尔-哈撒韦(Berkshire Hathaway)公司上一季度的大规模股票抛售恰逢其时,原因是在股市暴跌之际,沃伦·巴菲特(Warren Buffett)旗下的企业集团手头的现金储备更为庞大。
第二季度,该公司净出售了价值755亿美元的股票,并在这一过程中将其持有的苹果(Apple)股份减持了近一半。这使其现金储备从上一季度的1890亿美元增至2769亿美元,创历史新高。
CFRA Research分析师凯茜·塞弗特(Cathy Seifert)告诉《财富》杂志:“这次抛售代表了典型的投资组合再平衡。”
她解释说,由于伯克希尔-哈撒韦公司的投资组合严重偏向苹果等少数几只股票,存在过度集中的风险。这也可能涉及一些获利回吐,因为此次抛售发生在大盘屡创新高的时候。
这是此前调整投资组合举措的延续。今年5月,伯克希尔-哈撒韦公司披露出售了1亿股苹果股票,占当时持股的13%。
最大的问题是,巴菲特下一步将如何处理其积累的现金,因为伯克希尔-哈撒韦公司的投资组合历来是投资者高度关注的对象。
巴菲特以严于律己、只在看到便宜股时才买入而闻名。多年来,他一直抱怨由于估值居高不下,缺乏交易机会。但随着股市下跌,可能很快就到了买入的时候。
塞弗特说:"如果市场调整继续加速,这对他们来说可能是黄金机会。”
她说,伯克希尔-哈撒韦公司还可以用现金直接收购一家公司,收购目标历来是消费、工业和保险行业。
但塞弗特指出,随着私募股权的扩张,巴菲特在收购方面面临的竞争比二三十年前更为激烈。她补充说,如果借贷利率继续下降,私营公司的估值可能会上升。
伯克希尔-哈撒韦公司还可以利用现金继续回购更多股票。随着公司的专用资金储备越来越多,首次支付股息的问题可能会被更多人提及。不过,塞弗特认为,只要巴菲特掌舵,这就不太可能发生,并指出他很清楚自己将是这一决定的最大受益者。
目前,伯克希尔-哈撒韦公司的现金投资于美国债券和其他收益率稳定的安全投资项目,从而获得利息收入。在这笔轻松获得的资金不断涌入时,公司不太可能急于投资。
塞弗特说:“他们并未感到过大的压力,无需动用这笔现金。”(财富中文网)
译者:中慧言-王芳
Berkshire Hathaway’s massive stock sale last quarter came at a potentially opportune time as Warren Buffett’s conglomerate now has an even bigger hoard of cash on its hands while the market is tumbling.
In the second quarter, the company sold a net $75.5 billion worth of stock and nearly halved its Apple stake in the process. That helped boost its cash pile to a fresh record high of $276.9 billion from $189 billion in the prior quarter.
“The sale represents a classic rebalancing of the portfolio,” CFRA Research analyst Cathy Seifert told Fortune.
With Berkshire’s portfolio skewed so heavily toward a handful of stocks like Apple, there was the risk of too much concentration, she explained. Some profit-taking also could have been involved, as the sales occurred when the broader stock market was notching record high after record high.
It follows earlier moves to trim the portfolio. In May, Berkshire disclosed the sale of 100 million Apple shares, amounting to 13% of its stake at the time.
The big question is what Buffett will do next with all the cash it has amassed as Berkshire’s investment portfolio has traditionally been a subject of intense interest among investors.
Buffett is famous for being disciplined and buying only when he sees a good bargain. For years, he has bemoaned the lack of deals to be had as valuations remained high. But with stocks tanking, it could soon be time to buy.
“If the market correction continues to accelerate, this could be a pretty golden opportunity for them,” Seifert said.
Berkshire could also use its cash to buy a company outright, and acquisition targets have traditionally been in the consumer, industrial, and insurance sectors, she said.
But with the expansion of private equity, Buffett faces more competition on buyouts than he did 20 or 30 years ago, Seifert pointed out. And if borrowing rates continue to drop, valuations for private companies could rise, she added.
Berkshire could also use its cash to continue buying back more of its stock. And as the company’s war chest gets bigger and bigger, the question of paying a dividend for the first time could be raised more. As long as Buffett is in charge, however, Seifert thinks that’s doubtful, noting he’s mindful that he would be a big beneficiary of that decision.
For now, Berkshire’s cash is accruing interest income while it’s parked in U.S. bonds and other safe investments with steady yields. While that easy money rolls in, the company is unlikely to be in a hurry to invest.
“They don’t feel overly pressured to deploy this cash,” Seifert said.