成人小说亚洲一区二区三区,亚洲国产精品一区二区三区,国产精品成人精品久久久,久久综合一区二区三区,精品无码av一区二区,国产一级a毛一级a看免费视频,欧洲uv免费在线区一二区,亚洲国产欧美中日韩成人综合视频,国产熟女一区二区三区五月婷小说,亚洲一区波多野结衣在线

立即打開
巴菲特信徒須提防標題黨

巴菲特信徒須提防標題黨

Carol Loomis 2012-02-28
在伯克希爾哈撒韋,沃倫?巴菲特依然承擔著大部分的投資組合管理工作,但媒體往往會將他的投資決策和托德?康布斯、泰德?韋斯切勒等伯克希爾哈撒韋的投資經(jīng)理們的決策混為一談。

????第二項金融投資是50億美元購入美國銀行(Bank of America)優(yōu)先股,附帶期權允許伯克希爾在2021年9月2日前以每股7.14美元的價格購買7億股普通股。美國銀行當前股價約8美元/股。巴菲特對這項投資的評價是“我們的期權在到期前有望達到極高的價值”。

????至于第三項投資,巴菲特能說的只有抱歉。在公開信中,他承認幾年前自己投資約20億美元,買入公用事業(yè)公司Energy Future Holdings(在被KKR等私有化前,前身是TXU)的幾只高收益率債券,完全是個錯誤。假如這幾年天然氣價格上漲,EFH有機會在火電廠項目上大賺一筆,投資它的債券也會不賴。但事實上,氣價急劇下降,EFH也陷入了財務危機。

????伯克希爾2010年將EFH投資減記10億美元,2011年再次減記3.90億美元。巴菲特并不諱言自己在這項投資上判斷失誤:“不管事情最終將怎樣變化,我當初買入債券時完全算錯了盈虧概率。用網(wǎng)球比賽的行話來說,這是我作為董事長犯下的一個非受迫性失誤?!?/p>

????本文作者是《財富》雜志的資深特約編輯卡羅爾?盧米斯,她是沃倫?巴菲特的老朋友,也是伯克希爾哈撒韋的股東。她已經(jīng)連續(xù)35年義務擔任沃倫?巴菲特致股東公開信的編輯。

????A second financial investment was $5 billion of preferred stock in Bank of America (BAC) that came with warrants allowing Berkshire to buy 700 million common shares at $7.14 per share anytime before September 2, 2021. Bank of America stock is currently selling at about $8 per share. Says Buffett of this investment: "Our warrants will likely be of great value before they expire."

????Of the third Berkshire investment, Buffett has absolutely nothing good to say. In his letter, he concedes that he completely blew things a few years ago by putting around $2 billion into several high-yield bond issues of utility operation Energy Future Holdings (which in its former life, before it was taken private by KKR and others, was called TXU). Had the price of natural gas risen and given EFH an opportunity to make good money off its coal-burning plants, the company's bonds would have been golden. Instead, the price of natural gas has nosedived and turned EFH into a financial disaster.

????Berkshire wrote down its EFH investment by $1 billion in 2010 and by another $390 million in 2011. Buffett is blunt in assessing his judgment in this matter: "However things turn out, I totally miscalculated the gain/loss probabilities when I purchased the bonds. In tennis parlance, this was a major unforced error by your chairman."

????The writer of this article, FORTUNE senior editor-at-large Carol Loomis, is a longtime friend of Warren Buffett's and a shareholder of Berkshire Hathaway. She has been the pro bono editor of Buffett's annual letter to shareholders for 35 years.

掃描二維碼下載財富APP
日韩久久精品一级精品电影| 亚洲国产成人高清在线观看| 中字幕一区二区三区乱码| 日本人成在线播放免费课体台| 全部免费黄色网站视频| 特黄特色高清不卡免费视频| 免费看中文字幕一级毛片| 区在线观看亚洲欧洲日产国码aⅴ系列天堂| 亚洲一区无码制服丝袜 | 人妻久久久久久精品99果冻| 国内精品久久久久久中文字幕| 国产人成视频在线免费观看| 无码人妻精品一区二区蜜桃网站| 精品无码人妻一区二区三区品| 国产在线精品一区亚洲毛片免费一级| 人妻无码AⅤ在线一区二区视频| 国产精品美女久久久久| 日韩人妻中文字幕毛片a√| 露脸美乳小情人456| 2021国自拍产精品视频| 久爱无码精品免费视频| 成午夜精品一区二区三区| 精品一区二区三区在线观看视频| 色婷婷色综合激情国产日韩| 2022最新国产自产精品| 人妻免费久久久久久久了| 亚洲国产欧美日韩一区二区| 亚洲AV无码乱码精品色欲| 日韩在线视频观看免费网站| 亚洲国产成人精品女人久久久国产美女| 日韩精品无码一区二区三区18| 久久99亚洲网美利坚合众国| 真人作爱90分钟免费看视频| 办公室双腿打开揉弄在线观看| 韩国三级中文字幕HD久久精品| 午夜成人无码福利免费视频| 亚洲AV综合伊人AV一区加勒比| 99国产精品久久久久久久成人热| 1000部啪啪未满十八| a级毛片久久久久久精品| 人妻少妇精品专区性色AV|