投
资银行家们，并购擂台已经摆下。周六上午，巴菲特非常清楚地表达了自己的意图。去年伯克希尔公司史上最大的一笔收购案──收购铁路公司Burlington Northern的效果比预计的要好。现在巴菲特说，他渴望进行更多的收购。
在年报中巴菲特说，伯克希尔哈撒韦正准备进行更多的重大收购，并说“我们的猎象枪已经再次上膛，我扣动扳机的手指正在发痒”。
年报接着解释了“重大”的含义，说巴菲特想要进行交易区间在50亿美元至200亿美元之间的收购。
巴菲特与合伙人芒格（Charlie Munger）在年报中说，公司越大，我们的兴趣也就越大。
但仅仅规模大还不够，对于潜在的收购目标，巴菲特和芒格列出了以下标准：
1）被收购的公司规模要大（税前盈利至少有7,500万美元，除非该公司恰好身处我们已有的行业）
2）表现出持续盈利能力（我们对未来业绩预测不感兴趣，对扭亏为盈的情况也不感兴趣）
3）负债很少，或基本没有负债，但企业仍能创造较好的产权回报率（ROE）
4）稳定的管理层（我们无法提供管理层）
5）业务简单（如果涉及太多高科技，我们无法理解）
6）明确的要价（如果收购价格未知，我们不想浪费买卖双方的时间，哪怕是进行初步商谈）
被伯克希尔收购是一件好事吗？在伯克希尔的股东、Lountzis Asset Management LLC的总裁郎齐兹（Paul Lountzis）看来，的确如此。
郎齐兹是这样评论周六出炉的年报的：清楚的是，伯克希尔未来的成功越来越取决于该公司在全球范围内收购整家企业的能力。对于许多企业来说，伯克希尔是个完美的归宿。相比接受私募股权投资、公开上市或将自己出售给战略买家，被伯克希尔收购是一个更好的选择。
Jamie Heller
（本文版权归道琼斯公司所有，未经许可不得翻译或转载。）
M&A bankers, the gauntlet is down.
Warren Buffett couldn't have made his intentions any clearer Saturday morning. Last year's Burlington Northern acquisition, the biggest of Berkshire's history, is working out even better than expected. Now, he says, he's hungry for more.
Berkshire Hathaway is prepared for 'more major acquisitions', he wrote in his annual report, continuing: 'Our elephant gun has been reloaded, and my trigger finger is itchy.'
As for what constitutes major, the report says Berkshire would like to make an acquisition in the $5 billion to $20 billion range.
'The larger the company, the greater will be our interest,' says Buffett and his partner Charlie Munger in the annual report.
But big isn't enough. As a checklist for possible comers, the pair offer this list of criteria:
'(1) Large purchases (at least $75 million of pre-tax earnings unless the business will fit into one of our existing units),
(2) Demonstrated consistent earning power (future projections are of no interest to us, nor are 'turnaround' situations),
(3) Businesses earning good returns on equity while employing little or no debt,
(4) Management in place (we can't supply it),
(5) Simple businesses (if there's lots of technology, we won't understand it),
(6) An offering price (we don't want to waste our time or that of the seller by talking, even preliminarily, about a transaction when price is unknown.)'
Is being bought by Berkshire a good thing? Paul Lountzis, a Berkshire shareholder and president of Lountzis Asset Management LLC, think so.
Commenting on the annual report on Saturday, he said: 'It is clear that Berkshire's future success will depend more and more on its ability to acquire entire businesses around the world. Berkshire Hathaway is the perfect home for many businesses - a far better choice than private equity, going public or selling to a strategic buyer.'
Jamie Heller
本文涉及股票或公司
Warren Buffett couldn't have made his intentions any clearer Saturday morning. Last year's Burlington Northern acquisition, the biggest of Berkshire's history, is working out even better than expected. Now, he says, he's hungry for more.
Berkshire Hathaway is prepared for 'more major acquisitions', he wrote in his annual report, continuing: 'Our elephant gun has been reloaded, and my trigger finger is itchy.'
As for what constitutes major, the report says Berkshire would like to make an acquisition in the $5 billion to $20 billion range.
'The larger the company, the greater will be our interest,' says Buffett and his partner Charlie Munger in the annual report.
But big isn't enough. As a checklist for possible comers, the pair offer this list of criteria:
'(1) Large purchases (at least $75 million of pre-tax earnings unless the business will fit into one of our existing units),
(2) Demonstrated consistent earning power (future projections are of no interest to us, nor are 'turnaround' situations),
(3) Businesses earning good returns on equity while employing little or no debt,
(4) Management in place (we can't supply it),
(5) Simple businesses (if there's lots of technology, we won't understand it),
(6) An offering price (we don't want to waste our time or that of the seller by talking, even preliminarily, about a transaction when price is unknown.)'
Is being bought by Berkshire a good thing? Paul Lountzis, a Berkshire shareholder and president of Lountzis Asset Management LLC, think so.
Commenting on the annual report on Saturday, he said: 'It is clear that Berkshire's future success will depend more and more on its ability to acquire entire businesses around the world. Berkshire Hathaway is the perfect home for many businesses - a far better choice than private equity, going public or selling to a strategic buyer.'
Jamie Heller
本文涉及股票或公司
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