巴
菲特(Warren Buffett)在杠杆收购热潮接近高点时的一笔问题投资计入了重大损失。对于巴菲特的伯克希尔•哈撒韦公司(Berkshire Hathaway Inc.)来说，去年本来是形势大好的一年，而美中不足的就是在第四季度针对德克萨斯州的一家电力公司发行的21亿美元“垃圾”债券计减10亿美元，这家公司以前名为TXU Corp.，在2007年被收购转为私有，当时那桩收购交易达到创纪录的450亿美元。
2007年底，伯克希尔以低于面值的折扣价购买了更名为Energy Future Holdings的这家公司及其子公司发行的债券。当时巴菲特说这一购买行为是独一无二的投资，反映出他十分看好公用事业行业，而不是看好垃圾债券市场或杠杆收购本身。巴菲特此前曾表示厌恶采用过度杠杆的私募股权收购。
伯克希尔买入时，这些债券的收益率在10%以上，然而两年多以来一直处于未实现的亏损状态。伯克希尔在2010年第四季度对该笔债券计入10亿美元“非临时性”减值损失，表示该债券不太可能完全偿付，暗指其预计该债券将违约或进行重组。伯克希尔仍持有这笔债券，在上周六公布的年报中没有列明债券发行商。
这笔减值损失没有改变伯克希尔的账面价值，其账面价值此前已包括了这笔债券未实现的亏损。伯克希尔在第四季度业绩中计入这笔损失。受铁路运营商Burlington Northern Santa Fe以及其他业务的利润推动，伯克希尔四季度收益增加43%，至44亿美元。
Energy Future Holdings因巨额债务负担而陷入困境，在很大程度上是由于决定了该公司电价的天然气价格持续下跌。2007年的收购由Kohlberg Kravis Roberts & Co.牵头的一些私募股权公司发起，当时的天然气价格大约是现在的两倍。
Energy Future去年通过让一些投资者交换其债券逐步剥除债务负担，但市场价格仍表明其债券违约可能性很高。债券交易平台MarketAxess的数据显示，周三其部分债券的交易价格仅为票面价值的40%-60%。
伯克希尔在受到严格监管的公用事业领域还有其他大型投资，主要是通过旗下子公司中美能源控股公司(MidAmerican Energy Holdings)进行，这些投资的表现相当不错，2010年为伯克希尔贡献了11亿美元的收益。伯克希尔2010年全年总收益130亿美元。公用事业领域仍然是巴菲特最青睐的领域之一。
巴菲特最新的年度致股东信中有一部分论及过度杠杆的风险。他写到，一旦借杠杆的魔力获利，很少有人会回归更为保守的操作，还说杠杆让人沉迷，对企业来说可能是致命的。
他没有提及具体的公司，但指出背负巨额债务的公司往往都觉得自己在债务到期时可以进行再融资。
但巴菲特说，当这家公司发生问题，或是出现全球性的信贷短缺时，到期的债券必须实实在在地偿付。在这种情况下只有现金才管用。
Serena Ng
（本文版权归道琼斯公司所有，未经许可不得翻译或转载。）
Warren Buffett has recorded a big loss on a troubled investment, one he made near the height of the leveraged-buyout boom.
In a blemish on an otherwise banner year for Mr. Buffett's Berkshire Hathaway Inc., the conglomerate recorded a $1 billion fourth-quarter write-down on $2.1 billion in 'junk' bonds of the Texas power producer formerly known as TXU Corp., which went private in a record $45 billion buyout in 2007.
Berkshire purchased the bonds issued by the renamed company, Energy Future Holdings, and a subsidiary in late 2007 at a discount to their face value. At the time, the billionaire investor called the purchase a one-of-a-kind investment that reflected his bullish view on the utility sector, rather than on the junk-bond market or leveraged buyouts per se. Mr. Buffett has previously expressed disdain for private-equity buyouts that employed excessive leverage.
The bonds, which yielded more than 10% when Berkshire bought them, had been in an unrealized loss position for more than two years. In recording the $1 billion 'other than temporary' impairment loss on the debt in the fourth quarter of 2010, Berkshire said it is unlikely to be fully repaid, indicating it expects the bonds to default or be restructured. Berkshire still holds the bonds and didn't name the debt issuer in its annual report, which was released Saturday.
The impairment charge didn't change Berkshire's book value, which previously included the unrealized losses on the bonds. Berkshire recognized the charge in fourth-quarter earnings, which rose 43% to $4.4 billion, boosted by profits from railroad operator Burlington Northern Santa Fe and other businesses.
Energy Future Holdings has been struggling under a gargantuan debt load, largely because of a sustained drop in the price of natural gas, which determines what the company can charge for power. The 2007 buyout, led by private-equity firms headed by Kohlberg Kravis Roberts & Co., took place at a time when prices of natural gas were about double what they are today.
Energy Future last year chipped away at its debt load by getting some investors to exchange their bonds, but market prices still indicate a high probability of default. On Wednesday, some of its bonds were trading at between 40 and 60 cents on the dollar, according to data from MarketAxess.
Berkshire has other large investments in regulated utilities -- largely through its MidAmerican Energy Holdings subsidiary -- and those are performing fairly well, producing $1.1 billion of Berkshire's $13 billion in 2010 earnings. The sector remains one that Mr. Buffett favorites.
Mr. Buffett's latest annual letter to shareholders included a section about the perils of too much borrowed money, or leverage. 'Once having profited from its wonders, very few people retreat to more conservative practices,' he wrote, adding that 'leverage is addictive' and that it can be 'lethal to businesses.'
He didn't refer to any particular companies, but noted how companies with large debts typically assume they can refinance it as it comes due.
But when there are company-specific problems or a world-wide shortage of credit, he said, 'maturities must actually be met by payment. For that, only cash will do the job.'
Serena Ng
本文涉及股票或公司
In a blemish on an otherwise banner year for Mr. Buffett's Berkshire Hathaway Inc., the conglomerate recorded a $1 billion fourth-quarter write-down on $2.1 billion in 'junk' bonds of the Texas power producer formerly known as TXU Corp., which went private in a record $45 billion buyout in 2007.
Berkshire purchased the bonds issued by the renamed company, Energy Future Holdings, and a subsidiary in late 2007 at a discount to their face value. At the time, the billionaire investor called the purchase a one-of-a-kind investment that reflected his bullish view on the utility sector, rather than on the junk-bond market or leveraged buyouts per se. Mr. Buffett has previously expressed disdain for private-equity buyouts that employed excessive leverage.
The bonds, which yielded more than 10% when Berkshire bought them, had been in an unrealized loss position for more than two years. In recording the $1 billion 'other than temporary' impairment loss on the debt in the fourth quarter of 2010, Berkshire said it is unlikely to be fully repaid, indicating it expects the bonds to default or be restructured. Berkshire still holds the bonds and didn't name the debt issuer in its annual report, which was released Saturday.
The impairment charge didn't change Berkshire's book value, which previously included the unrealized losses on the bonds. Berkshire recognized the charge in fourth-quarter earnings, which rose 43% to $4.4 billion, boosted by profits from railroad operator Burlington Northern Santa Fe and other businesses.
Energy Future Holdings has been struggling under a gargantuan debt load, largely because of a sustained drop in the price of natural gas, which determines what the company can charge for power. The 2007 buyout, led by private-equity firms headed by Kohlberg Kravis Roberts & Co., took place at a time when prices of natural gas were about double what they are today.
Energy Future last year chipped away at its debt load by getting some investors to exchange their bonds, but market prices still indicate a high probability of default. On Wednesday, some of its bonds were trading at between 40 and 60 cents on the dollar, according to data from MarketAxess.
Berkshire has other large investments in regulated utilities -- largely through its MidAmerican Energy Holdings subsidiary -- and those are performing fairly well, producing $1.1 billion of Berkshire's $13 billion in 2010 earnings. The sector remains one that Mr. Buffett favorites.
Mr. Buffett's latest annual letter to shareholders included a section about the perils of too much borrowed money, or leverage. 'Once having profited from its wonders, very few people retreat to more conservative practices,' he wrote, adding that 'leverage is addictive' and that it can be 'lethal to businesses.'
He didn't refer to any particular companies, but noted how companies with large debts typically assume they can refinance it as it comes due.
But when there are company-specific problems or a world-wide shortage of credit, he said, 'maturities must actually be met by payment. For that, only cash will do the job.'
Serena Ng
本文涉及股票或公司
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