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巴菲特如何选择投资哪只股票 – 译学馆
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巴菲特如何选择投资哪只股票

Where will Buffett find his next blockbuster deal? | FT Big Deal

These days, Warren Buffett likes to say he’s on the hunt for elephant-sized acquisitions.
最近 沃伦·巴菲特说他在寻找大宗的并购项目
But the Oracle of Omaha has had trouble finding multibillion-dollar deals that move the needle
但这位奥马哈先知一直没找到能为
for his investment company Berkshire Hathaway.
伯克希尔·哈撒韦公司带来显著影响的大宗项目
And that is a problem when you have a big cash pile sitting on your balance sheet.
当有太多现金躺在账户上时也会造成问题
Shareholders may worship Buffett and his co-partner, Charlie Munger,
股东们也许崇拜巴菲特和他的合伙人查理·芒格
but at some point they will demand some of that money back
但在某些时候他们会要求收回部分资金
either via share buybacks or dividends.
不论是以股份回收还是分红的形式
Buffett has argued that his long-term track record of outperformance
巴菲特认为他长期优于标准普尔500指数的出色表现为他说明了一切
against the S&P 500 speaks for itself. Investors should be patient, he says.
他认为投资者要有足够的耐心
The good news for Buffett is that one opportunity has already fallen into his lap this year.
好消息是今年巴菲特遇到了合适的投资机会
Berkshire pledged $10bn to buy preference shares in Occidental Petroleum.
并承诺购买西方石油公司100亿美元优先股
The Texas Oil Group needed financing to back its $55bn takeover of rival Anadarko Petroleum.
恰逢德克萨斯石油集团需要融资550亿美元去收购竞争对手阿纳达科石油公司
That would help it win a bidding war for Anadarko against larger rival Chevron.
这将有助于它赢得阿纳达科与更大竞争对手雪佛龙的竞标战
It was the first big Berkshire deal in a while.
这是一段时间来伯克希尔的第一笔大交易
But even at $10bn, it’s not as big as Buffett would like.
即使交易额达100亿美元 但仍达不到巴菲特期待值
The last truly big Berkshire takeover came in 2016,
最近一次伯克希尔的大额收购发生在2016年
when Buffett’s group spent $37bn
巴菲特花费370亿美元
to purchase industrial goods company Precision Castparts.
收购了精密机件公司(Precision Castparts)
It hasn’t all been smooth sailing for Berkshire in big deals.
伯克希尔·哈撒韦公司在大宗交易中并非一帆风顺
It backed to 2013 takeover of US condiments group Heinz and
他在2013年收购酱料公司亨氏集团并且
later combined it with Kraft Foods to create a major US foods group in 2015.
在2015年将其与卡夫食品合并后成为了美国主要的食品集团
Two years later, Kraft Heinz tried to take over Anglo-Dutch group Unilever for $143bn.
两年后卡夫亨氏尝试用1430亿美元收购联合利华
But it had to back out after its approach was publicly rebuffed.
不过联合利华公开拒绝了收购邀请后他不得不退步
Warren Buffett, after all, doesn’t like to be associated with hostile deals.
毕竟沃伦·巴菲特不想和恶意交易挂钩
Since the Unilever bid, Kraft Heinz has struggled.
自从收购无果后卡夫亨氏的经营开始出现问题
Recently it had to make a $15bn writedown
近期卡夫亨氏商誉减值150亿美元
and even Buffett had to admit that he overpaid when combining Kraft with Heinz.
就连巴菲特都承认了在卡夫和亨氏合并时投资过高
So where will Buffett look next?
那么巴菲特接下来物色什么投资?
Brexit Britain, where many companies could face an uncertain future,
英国在脱欧后很多公司面临未知的未来
may be one place where Berkshire sees value.
也许伯克希尔在这能看到投资机遇
In an interview with the FT,
在一次金融时报采访中
Buffett said he is ready to buy something in the UK tomorrow.
巴菲特说他已经准备好未来在英国做些投资

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