沃
伦•巴菲特(Warren Buffett)说，他旗下的伯克希尔哈撒韦公司(Berkshire Hathaway Inc.)已经向国际商业机器公司（International Business Machines Corp.，简称IBM）投资107亿美元。对于这位过去曾以避开科技类股而闻名的亿万富豪投资者来说，这无疑是一个重大的转变。
Stephanie Sinclair/ VII for The Wall Street Journal
巴菲特
IBM股价周一早盘上升0.9% 至每股189美元，巴菲特持有的股份总价约为121亿美元。根据金融数据和软件公司FactSet的数据，从总价值来看，IBM的股份已经成为伯克希尔公司股票资产组合中规模第二的头寸，仅次于总价约136亿美元的可口可乐公司(Coca-Cola Co.)的头寸。
对巴菲特来说，买入IBM的股票意味着投资理念的一次转变。此前，尽管巴菲特与微软公司(Microsoft Corp.)的联合创始人比尔•盖茨(Bill Gates)私交一直相当不错，但他却因对科技类股敬而远之而闻名。巴菲特说，看过了IBM在监管机构的备案文件之后，对该公司有了更进一步的认识，并且说这家公司在寻找和保留客户方面的优势一直让他觉得惊奇不已。
沃伦・巴菲特(Warren Buffett)今年已向IBM投资了107亿美元，并将此事保密了数月。《华尔街日报》的Shira Ovide做客“闲说华尔街”栏目，谈论了巴菲特为何在历史高位买入IBM股票，又如何能对外界保密，以及这笔投资意味着什么。
巴菲特说，这个公司能够帮助IT部门更好地完成工作。对于一家大公司来说，改变审计公司和律师事务所都是大事，让IT部门停止使用IBM的产品也同样是大事。这其中有种一贯性在里面，我多年前就应该注意到这一点。
他说，IBM公司在留住已有客户的同时，还在全球实现了相当大幅度的增长。
从今年初至上周五，IBM公司的股价已经上涨了28%，是道琼斯工业股票平均价格指数(Dow Jones Industrial Average)中表现最好的股票。10月31日，IBM公司的股价一度升至每股190.53美元的历史高位。巴菲特说，股价连创新高并不影响他购入IBM的股票，他还说预计该公司的股价假以时日还会涨得更高。
并非每个人都像巴菲特那样看好IBM股票。
投资顾问公司ISI Group的分析师马歇尔（Brian Marshall）给IBM的股票评级为“中性”。他说IBM的股价目前“非常稳定”，除非IBM的收入增速能高于以往，否则其股价不会大幅上升。目前盈利增长主要受股票回购之类的因素推动。
从2000年至2010年，IBM公司以股息和股票回购的形式向股东返还890亿美元。作为截至2015年的一个五年路线图的组成部分，IBM计划向股东再返还700亿美元。今年三季度，该公司向投资者返还了43亿美元。
巴菲特说，他欣赏IBM的部分原因是它提出的五年计划，他指出该公司高管已经确定了明确的长期目标，然后努力去实现目标。到2015年，IBM的目标是实现每股收益在2010年的基础上增长一倍，并实现总收入的30%来自新兴市场，另计划在收购上斥资200亿美元。
巴菲特说，他没有告诉IBM的高管伯克希尔正在建仓，并说他从未与该公司即将离任的首席执行长彭明盛（Samuel J. Palmisano）交谈过。IBM的一位代表拒绝评论巴菲特的投资。
伯克希尔此前获得证券监管机构的许可，得以将买入IBM股票一事保密数月之久。巴菲特说，现在伯克希尔公司已经完成股份的收购，有关这宗投资的细节可能在周一收盘后在一份提交给监管机构的文件中披露。
主要投资者有时会被允许“秘密建仓”，这样他们可以在一段时间内避免披露其持股信息，以阻止别的投资者利用他们的投资策略获益。
伯克希尔一直以来都在披露其投资股票的支出，但提及IBM。本月初伯克希尔曾说今年头九个月其斥资114亿美元买入股票。这一数字大大高于2010年同期39亿美元的规模。
目前，在道琼斯工业股票平均价格指数的30只成份股中，伯克希尔持有其中约10只的股票或优先股。不过，该公司周一晚些时候公布完整的最新持股情况时，持股数可能发生变化。巴菲特在IBM持有约6,400万股股票，仅次于道富环球投资管理(State Street Global Advisors)，成为IBM的第二大股东。据FactSet的数据显示，截至9月30日，道富环球投资管理在IBM持有6,490万股股票。
近年来，IBM因大力推进利润率更高的业务而获利，比如数据分析服务。不过，有人开始担心，低迷的全球经济将对科技支出带来负面影响，特别是政府的科技支出。
此外，IBM的领导层将发生变动，罗梅蒂(Virginia M. Rometty)将于明年1月1日接替彭明盛担任首席执行长。彭明盛曾做出一些艰难的决策（比如在2005年前后摒弃了个人电脑业务），他还利用一系列收购交易来提振公司在利润更高的服务和软件业务方面的风险敞口，他因此获得了赞誉。
罗梅蒂说，短期内，她不计划对IBM的战略、商业模式或财务计划进行任何调整。
马歇尔说，IBM模式的绝妙之处，也是巴菲特最感兴趣的是，该公司有约80%的收入来自经常性所得，比如IT服务和软件；他们很有远见，他们显然在重组公司实现更高的收益增长方面做得非常出色。
巴菲特在CNBC的电视节目中说，第三季度他的公司还增持了富国银行(Wells Fargo & Co.)的股份。截至第二季度末，富国银行一直是伯克希尔的第二大持股。截至6月30日，伯克希尔在富国银行所持股份价值约为90亿美元。
巴菲特说，目前美国大公司的股票比其他投资看起来要便宜。
此前，他曾预测，10年后欧洲将以更强的财务水平展现在世人面前。他还说，在意大利和希腊正在进行改革之际，他对欧元区越来越有信心。他说，他曾考虑过在那里进行投资，但他没有拥有欧元区成员国任何银行的股票。
ERIK HOLM / SHARA TIBKEN
（更新完成）
（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 said his Berkshire Hathaway Inc. has invested $10.7 billion in International Business Machines Corp. this year, a major shift for a billionaire investor who has famously avoided technology stocks.
Berkshire purchased about 64 million shares, beginning in March and building the stake throughout the year, Mr. Buffett said in an interview Monday on CNBC business television. Mr. Buffett's purchases appear to make Berkshire one of IBM's two largest shareholders, with a stake of roughly 5.4%, and come as IBM's stock has repeatedly set all-time highs.
IBM shares rose 0.9% to $189 in morning trading, valuing Mr. Buffett's holdings at about $12.1 billion. That would make IBM the second-largest equity holding in Berkshire's stock portfolio, behind only a $13.6 billion position in Coca-Cola Co., according to FactSet.
The new stake in IBM marks a change for Buffett, who has famously eschewed tech stocks despite a long friendship with Microsoft Corp. co-founder Bill Gates, a member of Berkshire's board. Mr. Buffett said he had gained added insight on IBM in reviewing the company's regulatory filings, and said he had been 'hit between the eyes' by the advantages the company enjoys in finding and keeping clients.
In addition, he had discussed the company with the information-technology departments at several of Berkshire's subsidiary companies, and drawn upon his own expertise from decades ago, when he had tried to market competing technology to companies, only to be told that 'no one had ever gotten fired' for selecting IBM as their supplier.
'It's a company that helps IT departments do their job better,' Mr. Buffett said. 'It is a big deal for a big company to change auditors, change law firms,' or for IT departments to move away from using IBM, he said. 'There is a lot of continuity to it. … It was something I should have spotted years earlier.'
As the company retains existing clients, they are growing substantially around the globe, he said.
IBM shares are up 28% this year through Friday and have been the best performer on the Dow Jones Industrial Average, setting an all-time high of $190.53 on Oct. 31. Mr. Buffett said he had no problem buying the stock as it set new records, adding that he expected the share price to increase further over time.
Not everone is as bullish on IBM shares as Mr. Buffett.
ISI Group analyst Brian Marshall, who has a 'neutral' rating on the stock, said shares are 'priced for perfection' and likely won't see a significant boost until IBM starts growing revenue at a higher level than in the past. 'The majority of earnings growth comes from share buybacks and things like that.'
IBM returned $89 billion to shareholders in dividends and buybacks from 2000 to 2010, and it plans to return an additional $70 billion as part of a five-year roadmap ending in 2015. In the third quarter, it returned $4.3 billion to investors.
Mr. Buffett said he admired IBM in part because of its five-year plans, noting that company executives have laid out clear long-term goals and then met them. By 2015, IBM aims to double its per-share earnings from 2010, get 30% of its total revenue from emerging markets and spend $20 billion on acquisitions.
Mr. Buffett said he didn't tell executives at IBM that Berkshire was building a stake, adding that he has never spoken to the company's outgoing chief executive, Samuel J. Palmisano. An IBM representative declined to comment on Mr. Buffett's investment.
Berkshire had been given permission by securities regulators to keep the purchases secret for several months. Now Berkshire is finished acquiring shares, Mr. Buffett said, and details about the investment will be disclosed in a regulatory filing, likely after the close of trading Monday.
Major investors are sometimes granted 'confidential treatment' that allows them to avoid disclosing their stock holdings for a time to discourage piggybacking on their strategies.
Berkshire had been disclosing the amount it was spending on equities all along, without naming IBM. Berkshire said earlier this month that it spent $11.4 billion buying stocks in the first nine months of 2011. That significantly outstrips the $3.9 billion it spent in the same period in 2010.
Berkshire now holds shares or preferred stock in roughly 10 of the 30 Dow stocks, though that figure could change when the company gives the full update of its holdings later Monday. Mr. Buffett's IBM stake of about 64 million shares would place it behind only State Street Global Advisors, which held 64.9 million shares as of Sept. 30, according to FactSet.
IBM, in recent years, has benefited from a push toward higher-margin businesses, such as data-analysis services, but worries have emerged that the weak global economy is having a negative impact on tech spending, particularly by governments.
In addition, IBM is undergoing a leadership change, as Virginia M. Rometty will succeed Mr. Palmisano as chief executive on Jan. 1. Mr. Palmisano won credit for making some wrenching decisions, like dumping IBM's PC business in the middle of the past decade, and for using a string of acquisitions to boost the company's exposure to more profitable services and software businesses.
Ms. Rometty has said she doesn't plan any near-term changes to IBM's strategy, business model or its financial plan.
'The beauty of the IBM model, and what Warren's most interested in, is approximately 80% of revenue comes from recurring streams─IT services and software,' Mr. Marshall said. 'They have tremendous visibility, and they have obviously done a phenomenal job re-architecting the company for higher earnings growth.'
On CNBC, Mr. Buffett said his company had also added to shares of Wells Fargo & Co. in the third quarter. Wells Fargo had been Berkshire's second largest holding at the end of the second quarter. The shares it held as of June 30 are valued at about $9 billion.
Mr. Buffett said that stocks of large U.S. companies currently look cheap relative to other investments.
Earlier, he predicted Europe will emerge financially stronger in 10 years and said he was increasingly confident about the euro zone amid reforms taking place in Italy and Greece. He said he'd looked at investing there, but said he didn't own any bank stocks in countries that are members of the euro zone.
ERIK HOLM / SHARA TIBKEN
本文涉及股票或公司
Berkshire purchased about 64 million shares, beginning in March and building the stake throughout the year, Mr. Buffett said in an interview Monday on CNBC business television. Mr. Buffett's purchases appear to make Berkshire one of IBM's two largest shareholders, with a stake of roughly 5.4%, and come as IBM's stock has repeatedly set all-time highs.
IBM shares rose 0.9% to $189 in morning trading, valuing Mr. Buffett's holdings at about $12.1 billion. That would make IBM the second-largest equity holding in Berkshire's stock portfolio, behind only a $13.6 billion position in Coca-Cola Co., according to FactSet.
The new stake in IBM marks a change for Buffett, who has famously eschewed tech stocks despite a long friendship with Microsoft Corp. co-founder Bill Gates, a member of Berkshire's board. Mr. Buffett said he had gained added insight on IBM in reviewing the company's regulatory filings, and said he had been 'hit between the eyes' by the advantages the company enjoys in finding and keeping clients.
In addition, he had discussed the company with the information-technology departments at several of Berkshire's subsidiary companies, and drawn upon his own expertise from decades ago, when he had tried to market competing technology to companies, only to be told that 'no one had ever gotten fired' for selecting IBM as their supplier.
'It's a company that helps IT departments do their job better,' Mr. Buffett said. 'It is a big deal for a big company to change auditors, change law firms,' or for IT departments to move away from using IBM, he said. 'There is a lot of continuity to it. … It was something I should have spotted years earlier.'
As the company retains existing clients, they are growing substantially around the globe, he said.
IBM shares are up 28% this year through Friday and have been the best performer on the Dow Jones Industrial Average, setting an all-time high of $190.53 on Oct. 31. Mr. Buffett said he had no problem buying the stock as it set new records, adding that he expected the share price to increase further over time.
Not everone is as bullish on IBM shares as Mr. Buffett.
ISI Group analyst Brian Marshall, who has a 'neutral' rating on the stock, said shares are 'priced for perfection' and likely won't see a significant boost until IBM starts growing revenue at a higher level than in the past. 'The majority of earnings growth comes from share buybacks and things like that.'
IBM returned $89 billion to shareholders in dividends and buybacks from 2000 to 2010, and it plans to return an additional $70 billion as part of a five-year roadmap ending in 2015. In the third quarter, it returned $4.3 billion to investors.
Mr. Buffett said he admired IBM in part because of its five-year plans, noting that company executives have laid out clear long-term goals and then met them. By 2015, IBM aims to double its per-share earnings from 2010, get 30% of its total revenue from emerging markets and spend $20 billion on acquisitions.
Mr. Buffett said he didn't tell executives at IBM that Berkshire was building a stake, adding that he has never spoken to the company's outgoing chief executive, Samuel J. Palmisano. An IBM representative declined to comment on Mr. Buffett's investment.
Berkshire had been given permission by securities regulators to keep the purchases secret for several months. Now Berkshire is finished acquiring shares, Mr. Buffett said, and details about the investment will be disclosed in a regulatory filing, likely after the close of trading Monday.
Major investors are sometimes granted 'confidential treatment' that allows them to avoid disclosing their stock holdings for a time to discourage piggybacking on their strategies.
Berkshire had been disclosing the amount it was spending on equities all along, without naming IBM. Berkshire said earlier this month that it spent $11.4 billion buying stocks in the first nine months of 2011. That significantly outstrips the $3.9 billion it spent in the same period in 2010.
Berkshire now holds shares or preferred stock in roughly 10 of the 30 Dow stocks, though that figure could change when the company gives the full update of its holdings later Monday. Mr. Buffett's IBM stake of about 64 million shares would place it behind only State Street Global Advisors, which held 64.9 million shares as of Sept. 30, according to FactSet.
IBM, in recent years, has benefited from a push toward higher-margin businesses, such as data-analysis services, but worries have emerged that the weak global economy is having a negative impact on tech spending, particularly by governments.
In addition, IBM is undergoing a leadership change, as Virginia M. Rometty will succeed Mr. Palmisano as chief executive on Jan. 1. Mr. Palmisano won credit for making some wrenching decisions, like dumping IBM's PC business in the middle of the past decade, and for using a string of acquisitions to boost the company's exposure to more profitable services and software businesses.
Ms. Rometty has said she doesn't plan any near-term changes to IBM's strategy, business model or its financial plan.
'The beauty of the IBM model, and what Warren's most interested in, is approximately 80% of revenue comes from recurring streams─IT services and software,' Mr. Marshall said. 'They have tremendous visibility, and they have obviously done a phenomenal job re-architecting the company for higher earnings growth.'
On CNBC, Mr. Buffett said his company had also added to shares of Wells Fargo & Co. in the third quarter. Wells Fargo had been Berkshire's second largest holding at the end of the second quarter. The shares it held as of June 30 are valued at about $9 billion.
Mr. Buffett said that stocks of large U.S. companies currently look cheap relative to other investments.
Earlier, he predicted Europe will emerge financially stronger in 10 years and said he was increasingly confident about the euro zone amid reforms taking place in Italy and Greece. He said he'd looked at investing there, but said he didn't own any bank stocks in countries that are members of the euro zone.
ERIK HOLM / SHARA TIBKEN
本文涉及股票或公司
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