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2022-06-06
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Buffett's strategy for buying oil stocks against the market trend: "Buy as much as you can"
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Hathaway, owned by Warren Buffett, 91-year-old Buffett and 98-year-old Munger appeared together again. When asked how to seize investment opportunities like Berkshire Hathaway, Buffett replied, \"I've never figured out how to determine market timing. We occasionally seize opportunities, not because we're smarter, but because we're more rational. Don't buy or sell based on market or economic conditions, but buy when you think the investment is cheap.\"</p><p>That's what Buffett said, and that's what Berkshire did. Since the beginning of this year, US stocks have fallen sharply, US inflation has continued to soar, and market panic has spread, but Berkshire Hathaway has bucked the trend and increased its holdings.</p><p>At the end of the first quarter, Berkshire Hathaway's holdings reached a record high of $363.554 billion. The cash depletion caused by the large-scale investment reduced Berkshire's cash reserves to their lowest level since the third quarter of 2018 at the end of the first quarter. Even more rarely, Berkshire Hathaway, which had maintained a turnover rate of around 2% in each quarter last year, has frequently adjusted its portfolio this year, with the turnover rate rising to 12%.</p><p><img src=\"https://static.tigerbbs.com/cbacf953515626cd74e5171073933210\" tg-width=\"550\" tg-height=\"365\" referrerpolicy=\"no-referrer\"/></p><p>On April 30, 2022, local time, Berkshire Hathaway held its annual shareholders meeting in Omaha, USA. The screen shows Warren Buffett (left) and Berkshire Hathaway Vice Chairman David Munger.</p><p><b>Oil stocks: \"Buy as much as you can\"</b></p><p>On May 17, Beijing time, Berkshire Hathaway filed Form 13F with the U.S. Securities and Exchange Commission in accordance with legal requirements, officially disclosing specific information about the company's shareholdings at the end of the first quarter. According to its holdings report, in the first quarter, Berkshire Hathaway acquired eight new stocks, including Citibank and Paramount, increased its holdings in seven stocks, including Apple, Chevron, Activision Blizzard, and General Motors, reduced its holdings in four stocks, and sold off its holdings in three stocks.</p><p>It is worth noting that nearly half of the increased holdings were in oil stocks, especially the 136 million shares of Occidental Petroleum Corporation and the 120 million shares of Chevron. In the first quarter of the US stock market crash, Occidental Petroleum and Chevron's stock prices rose by 134% and 47% respectively, and the upward trend continued. Occidental Petroleum shares have soared 91% this year, making it the best-performing stock in the S&P 500 index.</p><p>At the shareholders' meeting,<b>Warren Buffett once said, \"The U.S. federal government currently has billions of barrels of oil reserves. People think it's a good thing that the country has so much oil reserves, but if you think about it carefully, it's actually not enough. These reserves will be gone in 3 to 5 years, and you never know what will happen in 3 to 5 years.\" His investment in oil stocks is a bet on a long-term rise in oil prices.</b></p><p>Among the many oil stocks, Buffett and Occidental Petroleum have a long history of \"missing out\". In 2020, Buffett sold off all his Occidental Petroleum stock due to Occidental's heavy debt and worrying industry prospects. The steady rise in oil prices in 2021 gave Occidental Petroleum an opportunity for a major turnaround. Not only did its operating cash flow more than double compared to 2020, reaching $10.2 billion, but its revenue and profits were also encouraging.</p><p>In an interview, Buffett said he read Occidental's Q4 2021 earnings call and believed the CEO was \"managing the company in the right way\" before deciding to buy Occidental shares. At the same time,<b>Buffett also emphasized, \"We will buy as much Western oil as we can.\"</b>In May of this year, Berkshire Hathaway spent another $52 million to purchase approximately 902,000 shares of Occidental Petroleum.</p><p><b>Add a \"value game\"</b></p><p>Of the eight new stocks Berkshire Hathaway added to its positions in the first quarter, Citibank was the one that caused controversy. According to its holdings report, Berkshire Hathaway sold off its holdings of Wells Fargo, a \"classic\" bank it had held for nearly 33 years, in the first quarter, buying 55 million shares of Citigroup stock worth approximately $3 billion.</p><p>Citibank has generated lower returns than its peers for years and has faced regulatory issues in the past two years, including a $400 million fine from federal regulators in 2020 and a cease-and-desist order from the Office of the Comptroller of the Currency (OCC) for failing to improve internal controls related to compliance, data, and risk management. Citibank's stock price has fallen by nearly 40% in the past 12 months, far exceeding the overall decline in bank stocks.</p><p>In 2020, after new CEO Fraser took office, he announced that Citibank was currently disposing of its unprofitable Asian retail banking business, and that Citi's business in Asia would then shift to wealth management.</p><p>Some people think Citibank is a value trap, while others think the stock is \"very Buffettish\": the stock price is undervalued and the Dividend ratio is tempting. Citigroup is currently trading at less than 60% of its tangible book value, and its annual Dividend yield of 4.3% far exceeds that of Wells Fargo. Management has also made it clear that it will conduct moderate share buybacks this year where possible. It may take years to wait for Citigroup's transformation plan, which will be another \"value game\".</p><p><b>Unwavering commitment to \"picking apples\"</b></p><p>An important cornerstone of Buffettism is focus. Don't overemphasize the importance of diversity, and don't diversify for the sake of diversity. At the end of the first quarter, Berkshire Hathaway's top ten holdings had a concentration of 87.20%. Apple remains the largest holding as the \"ballast,\" accounting for approximately 43% of its stock portfolio after increasing its holdings in the first quarter.</p><p>As a giant in the technology industry, Apple's financial strength and profitability are beyond doubt. In addition to endorsing Cook's style of \"treating Apple product users as his first love,\" Buffett also highly admires Cook's stock buyback strategy. Berkshire Hathaway did not increase its stake in Apple in 2021, but due to Apple's share buybacks and Dividend, investors, including Berkshire Hathaway, increased their returns \"without having to lift a finger\". Berkshire received a staggering $785 million in Dividend from Apple last year.</p><p>Before building his position in Apple in 2016, one of Buffett's impressions was that his biggest blind spot was technology stocks, because after making a rare purchase of IBM, its stock price plummeted, and Berkshire Hathaway suffered heavy losses. Buying Apple was not Buffett's idea either. He explained this by saying, \"Both Combs and Wessler can make investment decisions without consulting me first.\" According to reports, Todd Combs and Ted Wessler, who currently head Berkshire Hathaway's investments, are the future helmsman who will take over all stock selection responsibilities when Buffett retires.</p><p>Buffett's decision to increase his holdings in another technology stock, Activision Blizzard, in the first quarter was a personal one, primarily based on Microsoft's announced plan to acquire Activision Blizzard.</p><p>Buffett once said that if I had to choose between monkeys who pick stocks by throwing darts but don't charge management fees and Wall Street people, I would always choose monkeys. Warren Buffett, who has always claimed to be \"bad at timing,\" led Berkshire Hathaway from a near-bankrupt textile factory in Rodin in 1965 to a financial empire with a market capitalization of $760 billion, with an astonishing annualized return of 20.1%. And he is not worried about Berkshire's future. Buffett insists there is no reason to worry about where the company will go after he leaves office, as corporate culture accounts for 99% of the company. \"If we had the same culture, we would have existed for another 100 years from now.\"</p><p></body></html></p>","source":"lsy1568603146990","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's strategy for buying oil stocks against the market trend: \"Buy as much as you can\"</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's strategy for buying oil stocks against the market trend: \"Buy as much as you can\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国经济周刊</strong><span class=\"h-time small\">2022-06-05 11:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author: Zou Songlin</p><p>Recently, at the 2022 shareholder meeting of Berkshire Hathaway, owned by Warren Buffett, 91-year-old Buffett and 98-year-old Munger appeared together again. When asked how to seize investment opportunities like Berkshire Hathaway, Buffett replied, \"I've never figured out how to determine market timing. We occasionally seize opportunities, not because we're smarter, but because we're more rational. Don't buy or sell based on market or economic conditions, but buy when you think the investment is cheap.\"</p><p>That's what Buffett said, and that's what Berkshire did. Since the beginning of this year, US stocks have fallen sharply, US inflation has continued to soar, and market panic has spread, but Berkshire Hathaway has bucked the trend and increased its holdings.</p><p>At the end of the first quarter, Berkshire Hathaway's holdings reached a record high of $363.554 billion. The cash depletion caused by the large-scale investment reduced Berkshire's cash reserves to their lowest level since the third quarter of 2018 at the end of the first quarter. Even more rarely, Berkshire Hathaway, which had maintained a turnover rate of around 2% in each quarter last year, has frequently adjusted its portfolio this year, with the turnover rate rising to 12%.</p><p><img src=\"https://static.tigerbbs.com/cbacf953515626cd74e5171073933210\" tg-width=\"550\" tg-height=\"365\" referrerpolicy=\"no-referrer\"/></p><p>On April 30, 2022, local time, Berkshire Hathaway held its annual shareholders meeting in Omaha, USA. The screen shows Warren Buffett (left) and Berkshire Hathaway Vice Chairman David Munger.</p><p><b>Oil stocks: \"Buy as much as you can\"</b></p><p>On May 17, Beijing time, Berkshire Hathaway filed Form 13F with the U.S. Securities and Exchange Commission in accordance with legal requirements, officially disclosing specific information about the company's shareholdings at the end of the first quarter. According to its holdings report, in the first quarter, Berkshire Hathaway acquired eight new stocks, including Citibank and Paramount, increased its holdings in seven stocks, including Apple, Chevron, Activision Blizzard, and General Motors, reduced its holdings in four stocks, and sold off its holdings in three stocks.</p><p>It is worth noting that nearly half of the increased holdings were in oil stocks, especially the 136 million shares of Occidental Petroleum Corporation and the 120 million shares of Chevron. In the first quarter of the US stock market crash, Occidental Petroleum and Chevron's stock prices rose by 134% and 47% respectively, and the upward trend continued. Occidental Petroleum shares have soared 91% this year, making it the best-performing stock in the S&P 500 index.</p><p>At the shareholders' meeting,<b>Warren Buffett once said, \"The U.S. federal government currently has billions of barrels of oil reserves. People think it's a good thing that the country has so much oil reserves, but if you think about it carefully, it's actually not enough. These reserves will be gone in 3 to 5 years, and you never know what will happen in 3 to 5 years.\" His investment in oil stocks is a bet on a long-term rise in oil prices.</b></p><p>Among the many oil stocks, Buffett and Occidental Petroleum have a long history of \"missing out\". In 2020, Buffett sold off all his Occidental Petroleum stock due to Occidental's heavy debt and worrying industry prospects. The steady rise in oil prices in 2021 gave Occidental Petroleum an opportunity for a major turnaround. Not only did its operating cash flow more than double compared to 2020, reaching $10.2 billion, but its revenue and profits were also encouraging.</p><p>In an interview, Buffett said he read Occidental's Q4 2021 earnings call and believed the CEO was \"managing the company in the right way\" before deciding to buy Occidental shares. At the same time,<b>Buffett also emphasized, \"We will buy as much Western oil as we can.\"</b>In May of this year, Berkshire Hathaway spent another $52 million to purchase approximately 902,000 shares of Occidental Petroleum.</p><p><b>Add a \"value game\"</b></p><p>Of the eight new stocks Berkshire Hathaway added to its positions in the first quarter, Citibank was the one that caused controversy. According to its holdings report, Berkshire Hathaway sold off its holdings of Wells Fargo, a \"classic\" bank it had held for nearly 33 years, in the first quarter, buying 55 million shares of Citigroup stock worth approximately $3 billion.</p><p>Citibank has generated lower returns than its peers for years and has faced regulatory issues in the past two years, including a $400 million fine from federal regulators in 2020 and a cease-and-desist order from the Office of the Comptroller of the Currency (OCC) for failing to improve internal controls related to compliance, data, and risk management. Citibank's stock price has fallen by nearly 40% in the past 12 months, far exceeding the overall decline in bank stocks.</p><p>In 2020, after new CEO Fraser took office, he announced that Citibank was currently disposing of its unprofitable Asian retail banking business, and that Citi's business in Asia would then shift to wealth management.</p><p>Some people think Citibank is a value trap, while others think the stock is \"very Buffettish\": the stock price is undervalued and the Dividend ratio is tempting. Citigroup is currently trading at less than 60% of its tangible book value, and its annual Dividend yield of 4.3% far exceeds that of Wells Fargo. Management has also made it clear that it will conduct moderate share buybacks this year where possible. It may take years to wait for Citigroup's transformation plan, which will be another \"value game\".</p><p><b>Unwavering commitment to \"picking apples\"</b></p><p>An important cornerstone of Buffettism is focus. Don't overemphasize the importance of diversity, and don't diversify for the sake of diversity. At the end of the first quarter, Berkshire Hathaway's top ten holdings had a concentration of 87.20%. Apple remains the largest holding as the \"ballast,\" accounting for approximately 43% of its stock portfolio after increasing its holdings in the first quarter.</p><p>As a giant in the technology industry, Apple's financial strength and profitability are beyond doubt. In addition to endorsing Cook's style of \"treating Apple product users as his first love,\" Buffett also highly admires Cook's stock buyback strategy. Berkshire Hathaway did not increase its stake in Apple in 2021, but due to Apple's share buybacks and Dividend, investors, including Berkshire Hathaway, increased their returns \"without having to lift a finger\". Berkshire received a staggering $785 million in Dividend from Apple last year.</p><p>Before building his position in Apple in 2016, one of Buffett's impressions was that his biggest blind spot was technology stocks, because after making a rare purchase of IBM, its stock price plummeted, and Berkshire Hathaway suffered heavy losses. Buying Apple was not Buffett's idea either. He explained this by saying, \"Both Combs and Wessler can make investment decisions without consulting me first.\" According to reports, Todd Combs and Ted Wessler, who currently head Berkshire Hathaway's investments, are the future helmsman who will take over all stock selection responsibilities when Buffett retires.</p><p>Buffett's decision to increase his holdings in another technology stock, Activision Blizzard, in the first quarter was a personal one, primarily based on Microsoft's announced plan to acquire Activision Blizzard.</p><p>Buffett once said that if I had to choose between monkeys who pick stocks by throwing darts but don't charge management fees and Wall Street people, I would always choose monkeys. Warren Buffett, who has always claimed to be \"bad at timing,\" led Berkshire Hathaway from a near-bankrupt textile factory in Rodin in 1965 to a financial empire with a market capitalization of $760 billion, with an astonishing annualized return of 20.1%. And he is not worried about Berkshire's future. Buffett insists there is no reason to worry about where the company will go after he leaves office, as corporate culture accounts for 99% of the company. \"If we had the same culture, we would have existed for another 100 years from now.\"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/iwfGW2GmOD5peXcnrbcLhw\">中国经济周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f3ecc14db02762fcb82cdbb76e654301","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://mp.weixin.qq.com/s/iwfGW2GmOD5peXcnrbcLhw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189093907","content_text":"作者：邹松霖近期，在巴菲特旗下伯克希尔·哈撒韦公司2022年股东大会上，91岁的巴菲特和98岁的芒格再度搭档亮相。当被问及如何像伯克希尔那样把握投资时机时，巴菲特回答：“从来都没搞清楚怎么确定市场的时机，我们偶尔抓住些机会，不是因为我们更聪明，而是我们更理智。不要因为市场或经济的情况去买卖，而是在觉得投资对象价格便宜的时候买入。”巴菲特是这样说的，伯克希尔也是这样做的。今年以来，美股大幅下跌，美国通胀持续飙升，市场恐慌弥漫，伯克希尔却逆势加仓。一季度末，伯克希尔·哈撒韦持仓规模达到了3635.54亿美元的历史最高值。大手笔投资带来的现金消耗使一季度末伯克希尔的现金储备降到2018年第三季度以来的最低水平。更罕见的是，在去年各季度换手率保持在2%上下的伯克希尔，今年频繁调仓，换手率升至12%。当地时间2022年4月30日，美国奥马哈，伯克希尔·哈撒韦年度股东大会举行。屏幕显示“股神”巴菲特 （ 左 ） 和伯克希尔·哈撒韦副董事长芒格。石油股“能买多少买多少”北京时间5月17日，伯克希尔依照法律规定向美国证监会提交了13F表（Form 13 F），正式披露了第一季度末公司持股的具体信息。根据持仓报告，一季度伯克希尔共新进花旗银行、派拉蒙等8只股票，增持苹果、雪佛龙、动视暴雪、通用汽车等7只股票，减仓4只股票，清仓3只股票。值得注意的是，增持规模里近一半都是石油股，特别是增持西方石油（Occidental Petroleum Corporation）1.36亿股，增持雪佛龙1.2亿股。而在美股大跳水的一季度，西方石油和雪佛龙股价分别上涨了134%和 47%，并且涨势不减。西方石油公司股价今年飙升了91%，成为标准普尔500指数中表现最好的股票。在股东大会上，巴菲特曾表示：“现在美国联邦政府有上十亿桶的石油存储量。现在大家觉得，这个国家有这么多储油是好事，仔细想想其实不够多。3到5年这些储量就没了，你也不知道三五年后会怎样。”投资石油股的举措是他对油价长期上涨的押注。而在众多石油股里，巴菲特和西方石油早有“错失”的渊源。2020年巴菲特曾因西方石油沉重的负债与行业前景堪忧，清空了他所持有的西方石油股票。而2021年石油价格的平稳上涨，给予了西方石油大翻身的机会，不但经营性现金流相较2020年涨了两倍多，达到102亿美元，营收和利润也令人鼓舞。巴菲特在接受采访时表示，他阅读了西方石油公司2021年第四季度财报电话会议记录，认为CEO“在以正确的方式管理公司”，才决定购买西方石油的股份。同时，巴菲特还强调称：“对于西方石油，我们能买多少就买多少。”今年5月，伯克希尔公司又斥资5200万美元，购买了约90.2万股西方石油公司股票。再加入“价值游戏”在伯克希尔一季度新建仓的8只股票中，引起争议的是花旗银行。根据持仓报告，伯克希尔一季度清仓了持有近33年的“经典之作”富国银行，买入5500万股花旗集团的股票，价值约30亿美元。花旗银行多年来产生的回报低于同行，又在近两年面临监管问题，包括在2020 年被联邦监管机构处以4亿美元的罚款，还有因未能改善与合规、数据和风险管理相关的内部控制，收到美国货币监理署 （OCC） 的业务停止令。花旗银行近12个月股价下跌近40%，远超过银行股总体下跌幅度。2020年，新任首席执行官弗雷泽上任后，即宣布目前花旗银行正在处置旗下盈利效益不佳的亚洲零售银行业务，此后花旗在亚洲的业务将转向财富管理方面。有人认为花旗银行是个价值陷阱，也有人认为这只股“很巴菲特”：股价被低估，股息率诱人。花旗集团目前的交易价格不到其有形账面价值的 60%，年股息收益率4.3%远超过富国银行。管理层也已明确表示，今年将在可能的情况下进行适度回购。等待花旗集团的转型计划可能需要数年时间，这将是另一次“价值游戏”。坚定不移“摘苹果”巴菲特主义的一个重要基石是专注。不要过分强调多元化的重要性，也不要为了多元化而多元化。一季度末，伯克希尔十大重仓股集中度高达87.20%。其中作为“压舱石”的第一重仓股仍然是苹果公司，一季度增持之后占其股票投资组合的比例约43%。作为科技行业巨无霸，苹果公司的财务实力和盈利能力毋庸置疑。而巴菲特除了认可库克“将苹果产品的用户视为自己的初恋”的风格外，更十分激赏库克的股票回购策略。2021年伯克希尔并没有增持苹果股份，但因为苹果公司的回购和股息，让包括伯克希尔在内的投资者“不必动一根指头”就增加了收益。去年伯克希尔从苹果公司得到了惊人的7.85亿美元股息。在2016年建仓苹果之前，巴菲特给外界的印象之一是他最大的盲区是科技股，因为在少有地购入科技股IBM之后，其股价一路下跌，伯克希尔损失惨重。而买入苹果也并非巴菲特的主意。他对此的解释是“库姆斯和韦斯勒都可以在没有先咨询我的情况下，作出投资决定”。据报道，这两位目前主管伯克希尔投资的托德·库姆斯和泰德·韦斯勒，正是当巴菲特退休时将接管所有选股职责的未来舵手。一季度增持另一个科技股——动视暴雪则是巴菲特的个人决定，主要基于微软宣布收购动视暴雪的计划。巴菲特曾说，如果要在靠投飞镖选股票但不收管理费的猴子和华尔街人士里选一个，我一直都会选猴子。一直号称自己“不擅长择时”的巴菲特，带领伯克希尔从1965年位于罗丹的一家濒临破产的纺织厂，成长为市值7600亿美元的金融帝国，年化收益达到惊人的20.1%。而他也并不担心伯克希尔的未来。巴菲特坚称，没有理由担心他离任后公司何去何从，企业文化占公司的99%。“如果我们有同样的文化，我们从现在开始还会存在100年。”","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":1496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9053092593,"gmtCreate":1654448584512,"gmtModify":1676535449035,"author":{"id":"4111983212732212","authorId":"4111983212732212","name":"bee bee","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4111983212732212","idStr":"4111983212732212"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9053092593","repostId":"1189093907","repostType":4,"repost":{"id":"1189093907","kind":"news","pubTimestamp":1654399451,"share":"https://ttm.financial/m/news/1189093907?lang=en_US&edition=fundamental","pubTime":"2022-06-05 11:24","market":"us","language":"zh","title":"Buffett's strategy for buying oil stocks against the market trend: \"Buy as much as you can\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1189093907","media":"中国经济周刊","summary":"不要因为市场或经济的情况去买卖，而是在觉得投资对象价格便宜的时候买入。","content":"<p><html><head></head><body>Author: Zou Songlin</p><p>Recently, at the 2022 shareholder meeting of Berkshire Hathaway, owned by Warren Buffett, 91-year-old Buffett and 98-year-old Munger appeared together again. When asked how to seize investment opportunities like Berkshire Hathaway, Buffett replied, \"I've never figured out how to determine market timing. We occasionally seize opportunities, not because we're smarter, but because we're more rational. Don't buy or sell based on market or economic conditions, but buy when you think the investment is cheap.\"</p><p>That's what Buffett said, and that's what Berkshire did. Since the beginning of this year, US stocks have fallen sharply, US inflation has continued to soar, and market panic has spread, but Berkshire Hathaway has bucked the trend and increased its holdings.</p><p>At the end of the first quarter, Berkshire Hathaway's holdings reached a record high of $363.554 billion. The cash depletion caused by the large-scale investment reduced Berkshire's cash reserves to their lowest level since the third quarter of 2018 at the end of the first quarter. Even more rarely, Berkshire Hathaway, which had maintained a turnover rate of around 2% in each quarter last year, has frequently adjusted its portfolio this year, with the turnover rate rising to 12%.</p><p><img src=\"https://static.tigerbbs.com/cbacf953515626cd74e5171073933210\" tg-width=\"550\" tg-height=\"365\" referrerpolicy=\"no-referrer\"/></p><p>On April 30, 2022, local time, Berkshire Hathaway held its annual shareholders meeting in Omaha, USA. The screen shows Warren Buffett (left) and Berkshire Hathaway Vice Chairman David Munger.</p><p><b>Oil stocks: \"Buy as much as you can\"</b></p><p>On May 17, Beijing time, Berkshire Hathaway filed Form 13F with the U.S. Securities and Exchange Commission in accordance with legal requirements, officially disclosing specific information about the company's shareholdings at the end of the first quarter. According to its holdings report, in the first quarter, Berkshire Hathaway acquired eight new stocks, including Citibank and Paramount, increased its holdings in seven stocks, including Apple, Chevron, Activision Blizzard, and General Motors, reduced its holdings in four stocks, and sold off its holdings in three stocks.</p><p>It is worth noting that nearly half of the increased holdings were in oil stocks, especially the 136 million shares of Occidental Petroleum Corporation and the 120 million shares of Chevron. In the first quarter of the US stock market crash, Occidental Petroleum and Chevron's stock prices rose by 134% and 47% respectively, and the upward trend continued. Occidental Petroleum shares have soared 91% this year, making it the best-performing stock in the S&P 500 index.</p><p>At the shareholders' meeting,<b>Warren Buffett once said, \"The U.S. federal government currently has billions of barrels of oil reserves. People think it's a good thing that the country has so much oil reserves, but if you think about it carefully, it's actually not enough. These reserves will be gone in 3 to 5 years, and you never know what will happen in 3 to 5 years.\" His investment in oil stocks is a bet on a long-term rise in oil prices.</b></p><p>Among the many oil stocks, Buffett and Occidental Petroleum have a long history of \"missing out\". In 2020, Buffett sold off all his Occidental Petroleum stock due to Occidental's heavy debt and worrying industry prospects. The steady rise in oil prices in 2021 gave Occidental Petroleum an opportunity for a major turnaround. Not only did its operating cash flow more than double compared to 2020, reaching $10.2 billion, but its revenue and profits were also encouraging.</p><p>In an interview, Buffett said he read Occidental's Q4 2021 earnings call and believed the CEO was \"managing the company in the right way\" before deciding to buy Occidental shares. At the same time,<b>Buffett also emphasized, \"We will buy as much Western oil as we can.\"</b>In May of this year, Berkshire Hathaway spent another $52 million to purchase approximately 902,000 shares of Occidental Petroleum.</p><p><b>Add a \"value game\"</b></p><p>Of the eight new stocks Berkshire Hathaway added to its positions in the first quarter, Citibank was the one that caused controversy. According to its holdings report, Berkshire Hathaway sold off its holdings of Wells Fargo, a \"classic\" bank it had held for nearly 33 years, in the first quarter, buying 55 million shares of Citigroup stock worth approximately $3 billion.</p><p>Citibank has generated lower returns than its peers for years and has faced regulatory issues in the past two years, including a $400 million fine from federal regulators in 2020 and a cease-and-desist order from the Office of the Comptroller of the Currency (OCC) for failing to improve internal controls related to compliance, data, and risk management. Citibank's stock price has fallen by nearly 40% in the past 12 months, far exceeding the overall decline in bank stocks.</p><p>In 2020, after new CEO Fraser took office, he announced that Citibank was currently disposing of its unprofitable Asian retail banking business, and that Citi's business in Asia would then shift to wealth management.</p><p>Some people think Citibank is a value trap, while others think the stock is \"very Buffettish\": the stock price is undervalued and the Dividend ratio is tempting. Citigroup is currently trading at less than 60% of its tangible book value, and its annual Dividend yield of 4.3% far exceeds that of Wells Fargo. Management has also made it clear that it will conduct moderate share buybacks this year where possible. It may take years to wait for Citigroup's transformation plan, which will be another \"value game\".</p><p><b>Unwavering commitment to \"picking apples\"</b></p><p>An important cornerstone of Buffettism is focus. Don't overemphasize the importance of diversity, and don't diversify for the sake of diversity. At the end of the first quarter, Berkshire Hathaway's top ten holdings had a concentration of 87.20%. Apple remains the largest holding as the \"ballast,\" accounting for approximately 43% of its stock portfolio after increasing its holdings in the first quarter.</p><p>As a giant in the technology industry, Apple's financial strength and profitability are beyond doubt. In addition to endorsing Cook's style of \"treating Apple product users as his first love,\" Buffett also highly admires Cook's stock buyback strategy. Berkshire Hathaway did not increase its stake in Apple in 2021, but due to Apple's share buybacks and Dividend, investors, including Berkshire Hathaway, increased their returns \"without having to lift a finger\". Berkshire received a staggering $785 million in Dividend from Apple last year.</p><p>Before building his position in Apple in 2016, one of Buffett's impressions was that his biggest blind spot was technology stocks, because after making a rare purchase of IBM, its stock price plummeted, and Berkshire Hathaway suffered heavy losses. Buying Apple was not Buffett's idea either. He explained this by saying, \"Both Combs and Wessler can make investment decisions without consulting me first.\" According to reports, Todd Combs and Ted Wessler, who currently head Berkshire Hathaway's investments, are the future helmsman who will take over all stock selection responsibilities when Buffett retires.</p><p>Buffett's decision to increase his holdings in another technology stock, Activision Blizzard, in the first quarter was a personal one, primarily based on Microsoft's announced plan to acquire Activision Blizzard.</p><p>Buffett once said that if I had to choose between monkeys who pick stocks by throwing darts but don't charge management fees and Wall Street people, I would always choose monkeys. Warren Buffett, who has always claimed to be \"bad at timing,\" led Berkshire Hathaway from a near-bankrupt textile factory in Rodin in 1965 to a financial empire with a market capitalization of $760 billion, with an astonishing annualized return of 20.1%. And he is not worried about Berkshire's future. Buffett insists there is no reason to worry about where the company will go after he leaves office, as corporate culture accounts for 99% of the company. \"If we had the same culture, we would have existed for another 100 years from now.\"</p><p></body></html></p>","source":"lsy1568603146990","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's strategy for buying oil stocks against the market trend: \"Buy as much as you can\"</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's strategy for buying oil stocks against the market trend: \"Buy as much as you can\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国经济周刊</strong><span class=\"h-time small\">2022-06-05 11:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author: Zou Songlin</p><p>Recently, at the 2022 shareholder meeting of Berkshire Hathaway, owned by Warren Buffett, 91-year-old Buffett and 98-year-old Munger appeared together again. When asked how to seize investment opportunities like Berkshire Hathaway, Buffett replied, \"I've never figured out how to determine market timing. We occasionally seize opportunities, not because we're smarter, but because we're more rational. Don't buy or sell based on market or economic conditions, but buy when you think the investment is cheap.\"</p><p>That's what Buffett said, and that's what Berkshire did. Since the beginning of this year, US stocks have fallen sharply, US inflation has continued to soar, and market panic has spread, but Berkshire Hathaway has bucked the trend and increased its holdings.</p><p>At the end of the first quarter, Berkshire Hathaway's holdings reached a record high of $363.554 billion. The cash depletion caused by the large-scale investment reduced Berkshire's cash reserves to their lowest level since the third quarter of 2018 at the end of the first quarter. Even more rarely, Berkshire Hathaway, which had maintained a turnover rate of around 2% in each quarter last year, has frequently adjusted its portfolio this year, with the turnover rate rising to 12%.</p><p><img src=\"https://static.tigerbbs.com/cbacf953515626cd74e5171073933210\" tg-width=\"550\" tg-height=\"365\" referrerpolicy=\"no-referrer\"/></p><p>On April 30, 2022, local time, Berkshire Hathaway held its annual shareholders meeting in Omaha, USA. The screen shows Warren Buffett (left) and Berkshire Hathaway Vice Chairman David Munger.</p><p><b>Oil stocks: \"Buy as much as you can\"</b></p><p>On May 17, Beijing time, Berkshire Hathaway filed Form 13F with the U.S. Securities and Exchange Commission in accordance with legal requirements, officially disclosing specific information about the company's shareholdings at the end of the first quarter. According to its holdings report, in the first quarter, Berkshire Hathaway acquired eight new stocks, including Citibank and Paramount, increased its holdings in seven stocks, including Apple, Chevron, Activision Blizzard, and General Motors, reduced its holdings in four stocks, and sold off its holdings in three stocks.</p><p>It is worth noting that nearly half of the increased holdings were in oil stocks, especially the 136 million shares of Occidental Petroleum Corporation and the 120 million shares of Chevron. In the first quarter of the US stock market crash, Occidental Petroleum and Chevron's stock prices rose by 134% and 47% respectively, and the upward trend continued. Occidental Petroleum shares have soared 91% this year, making it the best-performing stock in the S&P 500 index.</p><p>At the shareholders' meeting,<b>Warren Buffett once said, \"The U.S. federal government currently has billions of barrels of oil reserves. People think it's a good thing that the country has so much oil reserves, but if you think about it carefully, it's actually not enough. These reserves will be gone in 3 to 5 years, and you never know what will happen in 3 to 5 years.\" His investment in oil stocks is a bet on a long-term rise in oil prices.</b></p><p>Among the many oil stocks, Buffett and Occidental Petroleum have a long history of \"missing out\". In 2020, Buffett sold off all his Occidental Petroleum stock due to Occidental's heavy debt and worrying industry prospects. The steady rise in oil prices in 2021 gave Occidental Petroleum an opportunity for a major turnaround. Not only did its operating cash flow more than double compared to 2020, reaching $10.2 billion, but its revenue and profits were also encouraging.</p><p>In an interview, Buffett said he read Occidental's Q4 2021 earnings call and believed the CEO was \"managing the company in the right way\" before deciding to buy Occidental shares. At the same time,<b>Buffett also emphasized, \"We will buy as much Western oil as we can.\"</b>In May of this year, Berkshire Hathaway spent another $52 million to purchase approximately 902,000 shares of Occidental Petroleum.</p><p><b>Add a \"value game\"</b></p><p>Of the eight new stocks Berkshire Hathaway added to its positions in the first quarter, Citibank was the one that caused controversy. According to its holdings report, Berkshire Hathaway sold off its holdings of Wells Fargo, a \"classic\" bank it had held for nearly 33 years, in the first quarter, buying 55 million shares of Citigroup stock worth approximately $3 billion.</p><p>Citibank has generated lower returns than its peers for years and has faced regulatory issues in the past two years, including a $400 million fine from federal regulators in 2020 and a cease-and-desist order from the Office of the Comptroller of the Currency (OCC) for failing to improve internal controls related to compliance, data, and risk management. Citibank's stock price has fallen by nearly 40% in the past 12 months, far exceeding the overall decline in bank stocks.</p><p>In 2020, after new CEO Fraser took office, he announced that Citibank was currently disposing of its unprofitable Asian retail banking business, and that Citi's business in Asia would then shift to wealth management.</p><p>Some people think Citibank is a value trap, while others think the stock is \"very Buffettish\": the stock price is undervalued and the Dividend ratio is tempting. Citigroup is currently trading at less than 60% of its tangible book value, and its annual Dividend yield of 4.3% far exceeds that of Wells Fargo. Management has also made it clear that it will conduct moderate share buybacks this year where possible. It may take years to wait for Citigroup's transformation plan, which will be another \"value game\".</p><p><b>Unwavering commitment to \"picking apples\"</b></p><p>An important cornerstone of Buffettism is focus. Don't overemphasize the importance of diversity, and don't diversify for the sake of diversity. At the end of the first quarter, Berkshire Hathaway's top ten holdings had a concentration of 87.20%. Apple remains the largest holding as the \"ballast,\" accounting for approximately 43% of its stock portfolio after increasing its holdings in the first quarter.</p><p>As a giant in the technology industry, Apple's financial strength and profitability are beyond doubt. In addition to endorsing Cook's style of \"treating Apple product users as his first love,\" Buffett also highly admires Cook's stock buyback strategy. Berkshire Hathaway did not increase its stake in Apple in 2021, but due to Apple's share buybacks and Dividend, investors, including Berkshire Hathaway, increased their returns \"without having to lift a finger\". Berkshire received a staggering $785 million in Dividend from Apple last year.</p><p>Before building his position in Apple in 2016, one of Buffett's impressions was that his biggest blind spot was technology stocks, because after making a rare purchase of IBM, its stock price plummeted, and Berkshire Hathaway suffered heavy losses. Buying Apple was not Buffett's idea either. He explained this by saying, \"Both Combs and Wessler can make investment decisions without consulting me first.\" According to reports, Todd Combs and Ted Wessler, who currently head Berkshire Hathaway's investments, are the future helmsman who will take over all stock selection responsibilities when Buffett retires.</p><p>Buffett's decision to increase his holdings in another technology stock, Activision Blizzard, in the first quarter was a personal one, primarily based on Microsoft's announced plan to acquire Activision Blizzard.</p><p>Buffett once said that if I had to choose between monkeys who pick stocks by throwing darts but don't charge management fees and Wall Street people, I would always choose monkeys. Warren Buffett, who has always claimed to be \"bad at timing,\" led Berkshire Hathaway from a near-bankrupt textile factory in Rodin in 1965 to a financial empire with a market capitalization of $760 billion, with an astonishing annualized return of 20.1%. And he is not worried about Berkshire's future. Buffett insists there is no reason to worry about where the company will go after he leaves office, as corporate culture accounts for 99% of the company. \"If we had the same culture, we would have existed for another 100 years from now.\"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/iwfGW2GmOD5peXcnrbcLhw\">中国经济周刊</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f3ecc14db02762fcb82cdbb76e654301","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://mp.weixin.qq.com/s/iwfGW2GmOD5peXcnrbcLhw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189093907","content_text":"作者：邹松霖近期，在巴菲特旗下伯克希尔·哈撒韦公司2022年股东大会上，91岁的巴菲特和98岁的芒格再度搭档亮相。当被问及如何像伯克希尔那样把握投资时机时，巴菲特回答：“从来都没搞清楚怎么确定市场的时机，我们偶尔抓住些机会，不是因为我们更聪明，而是我们更理智。不要因为市场或经济的情况去买卖，而是在觉得投资对象价格便宜的时候买入。”巴菲特是这样说的，伯克希尔也是这样做的。今年以来，美股大幅下跌，美国通胀持续飙升，市场恐慌弥漫，伯克希尔却逆势加仓。一季度末，伯克希尔·哈撒韦持仓规模达到了3635.54亿美元的历史最高值。大手笔投资带来的现金消耗使一季度末伯克希尔的现金储备降到2018年第三季度以来的最低水平。更罕见的是，在去年各季度换手率保持在2%上下的伯克希尔，今年频繁调仓，换手率升至12%。当地时间2022年4月30日，美国奥马哈，伯克希尔·哈撒韦年度股东大会举行。屏幕显示“股神”巴菲特 （ 左 ） 和伯克希尔·哈撒韦副董事长芒格。石油股“能买多少买多少”北京时间5月17日，伯克希尔依照法律规定向美国证监会提交了13F表（Form 13 F），正式披露了第一季度末公司持股的具体信息。根据持仓报告，一季度伯克希尔共新进花旗银行、派拉蒙等8只股票，增持苹果、雪佛龙、动视暴雪、通用汽车等7只股票，减仓4只股票，清仓3只股票。值得注意的是，增持规模里近一半都是石油股，特别是增持西方石油（Occidental Petroleum Corporation）1.36亿股，增持雪佛龙1.2亿股。而在美股大跳水的一季度，西方石油和雪佛龙股价分别上涨了134%和 47%，并且涨势不减。西方石油公司股价今年飙升了91%，成为标准普尔500指数中表现最好的股票。在股东大会上，巴菲特曾表示：“现在美国联邦政府有上十亿桶的石油存储量。现在大家觉得，这个国家有这么多储油是好事，仔细想想其实不够多。3到5年这些储量就没了，你也不知道三五年后会怎样。”投资石油股的举措是他对油价长期上涨的押注。而在众多石油股里，巴菲特和西方石油早有“错失”的渊源。2020年巴菲特曾因西方石油沉重的负债与行业前景堪忧，清空了他所持有的西方石油股票。而2021年石油价格的平稳上涨，给予了西方石油大翻身的机会，不但经营性现金流相较2020年涨了两倍多，达到102亿美元，营收和利润也令人鼓舞。巴菲特在接受采访时表示，他阅读了西方石油公司2021年第四季度财报电话会议记录，认为CEO“在以正确的方式管理公司”，才决定购买西方石油的股份。同时，巴菲特还强调称：“对于西方石油，我们能买多少就买多少。”今年5月，伯克希尔公司又斥资5200万美元，购买了约90.2万股西方石油公司股票。再加入“价值游戏”在伯克希尔一季度新建仓的8只股票中，引起争议的是花旗银行。根据持仓报告，伯克希尔一季度清仓了持有近33年的“经典之作”富国银行，买入5500万股花旗集团的股票，价值约30亿美元。花旗银行多年来产生的回报低于同行，又在近两年面临监管问题，包括在2020 年被联邦监管机构处以4亿美元的罚款，还有因未能改善与合规、数据和风险管理相关的内部控制，收到美国货币监理署 （OCC） 的业务停止令。花旗银行近12个月股价下跌近40%，远超过银行股总体下跌幅度。2020年，新任首席执行官弗雷泽上任后，即宣布目前花旗银行正在处置旗下盈利效益不佳的亚洲零售银行业务，此后花旗在亚洲的业务将转向财富管理方面。有人认为花旗银行是个价值陷阱，也有人认为这只股“很巴菲特”：股价被低估，股息率诱人。花旗集团目前的交易价格不到其有形账面价值的 60%，年股息收益率4.3%远超过富国银行。管理层也已明确表示，今年将在可能的情况下进行适度回购。等待花旗集团的转型计划可能需要数年时间，这将是另一次“价值游戏”。坚定不移“摘苹果”巴菲特主义的一个重要基石是专注。不要过分强调多元化的重要性，也不要为了多元化而多元化。一季度末，伯克希尔十大重仓股集中度高达87.20%。其中作为“压舱石”的第一重仓股仍然是苹果公司，一季度增持之后占其股票投资组合的比例约43%。作为科技行业巨无霸，苹果公司的财务实力和盈利能力毋庸置疑。而巴菲特除了认可库克“将苹果产品的用户视为自己的初恋”的风格外，更十分激赏库克的股票回购策略。2021年伯克希尔并没有增持苹果股份，但因为苹果公司的回购和股息，让包括伯克希尔在内的投资者“不必动一根指头”就增加了收益。去年伯克希尔从苹果公司得到了惊人的7.85亿美元股息。在2016年建仓苹果之前，巴菲特给外界的印象之一是他最大的盲区是科技股，因为在少有地购入科技股IBM之后，其股价一路下跌，伯克希尔损失惨重。而买入苹果也并非巴菲特的主意。他对此的解释是“库姆斯和韦斯勒都可以在没有先咨询我的情况下，作出投资决定”。据报道，这两位目前主管伯克希尔投资的托德·库姆斯和泰德·韦斯勒，正是当巴菲特退休时将接管所有选股职责的未来舵手。一季度增持另一个科技股——动视暴雪则是巴菲特的个人决定，主要基于微软宣布收购动视暴雪的计划。巴菲特曾说，如果要在靠投飞镖选股票但不收管理费的猴子和华尔街人士里选一个，我一直都会选猴子。一直号称自己“不擅长择时”的巴菲特，带领伯克希尔从1965年位于罗丹的一家濒临破产的纺织厂，成长为市值7600亿美元的金融帝国，年化收益达到惊人的20.1%。而他也并不担心伯克希尔的未来。巴菲特坚称，没有理由担心他离任后公司何去何从，企业文化占公司的99%。“如果我们有同样的文化，我们从现在开始还会存在100年。”","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":1496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
