2011年11月21日

巴菲特邀请分析师参加伯克希尔明年年会 Buffett Invites Analysts to Berkshire Annual Meeting

去几十年来,巴菲特(Warren Buffett)一直对华尔街的分析师避而远之,不过,在公司年度最重大的事件来临之际,巴菲特准备让几位分析师高调发出自己的声音。

Stephanie Sinclair for The Wall Street Journal
一向对华尔街分析师避而远之的巴菲特准备在公司年度最重大的事件来临之际,让几位分析师高调发出自己的声音。
在伯克希尔哈撒韦公司(Berkshire Hathaway Inc.)明年的年会上,三名分析师将与公司的股东一道向这位亿万富豪和他的搭档芒格(Charlie Munger)发问。30年前,只有12人出席公司的年会,而如今,每年春季都有数万人涌入巴菲特的故乡内布拉斯加州的奥马哈(Omaha),向这位全世界最知名的投资者表达敬意并聆听他的教诲。

公司的下一次年会将于明年5月5日召开。在这次年会上,多年来担任伯克希尔公司的首席执行长的巴菲特将首次与研究其公司的分析师展开对话。此时正值外界纷纷讨论谁最终将取代81岁高龄的巴菲特成为伯克希尔的新掌门人并掌管公司逾1,100亿美元资产,对分析师态度的转变或将提升伯克希尔公司对投资者的吸引力。

巴菲特在一次采访中指出,我们正在谋求拓展对话,这样做的目的就是为了让大家在年会上过得愉快,同时也是为了向股东传达最多的信息。

尽管在过去的年会上,股东曾试图探听伯克希尔公司的运营之道,但话题的焦点往往会转移到其他议题上。据对冲基金经理马修斯(Jeff Matthews)说,巴菲特曾被问起过诸如此类的问题:是否相信耶稣基督;他会如何解决美国面临的最严重的问题;对创业者有哪些建议。马修斯曾就伯克希尔公司的年会写过一本书。

三名分析师将受邀参加这次年会,并且他们提出的问题将占问题总数的三分之一,这样一来,这次年会的议题会更加集中于伯克希尔公司本身。巴菲特说,我们不想排除一个16岁的小家伙问我生命中最该做的事情是什么这种可能性,但我们的确希望这次年会对大多数参加年会的人都有用,让他们感到不虚此行。

巴菲特说,分析师参加伯克希尔公司的年会并不意味着他本人在其他时间里也会与这些人打交道。他补充道,分析师可以随便想说什么就说什么,但我们的目标是写出一份让所有分析师的报告都变得无关紧要的年度报告。

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。)


After decades of largely shunning Wall Street analysts, Warren Buffett is preparing to give them a prominent voice at his company's biggest event.

Three research analysts will join Berkshire Hathaway Inc. shareholders in questioning the billionaire and his business partner, Charlie Munger, at the conglomerate's annual meeting next year. The event started with 12 attendees 30 years ago and now draws tens of thousands of people to Mr. Buffett's hometown of Omaha, Neb., each spring to pay homage to the world's most famous investor and hear him speak.

The next meeting, set for May 5, will mark the first time in years that Berkshire's longtime chief executive will have a dialogue with analysts who follow his firm. The shift could broaden Berkshire's appeal to investors at a time when much discussion of the company centers on who will eventually replace the 81-year-old Mr. Buffett atop Berkshire and as the overseer of its more than $110 billion portfolio.

'We're trying to broaden the conversation,' Mr. Buffett said in an interview. 'The whole idea is to have a good time [at the event], but also to deliver the maximum amount of information to shareholders.'

While shareholders at past meetings have sometimes probed about Berkshire's operations, the focus has often drifted onto other subjects. Mr. Buffett has been asked whether he believes in Jesus Christ, how he would solve the country's biggest problems, and what advice he would give to entrepreneurs, according to Jeff Matthews, a hedge-fund manager who has written a book about Berkshire's annual meetings.

The inclusion of the analysts, who together will ask a third of the questions at the coming meeting, is likely to make the meeting even more Berkshire-focused. 'We don't want to eliminate the possibility that a 16-year-old can ask me what's the best thing to do in life, but we want a majority of the audience to find the meeting useful and feel it was worthwhile to be there,' Mr. Buffett said.

Mr. Buffett said the analysts' participation at Berkshire's annual meeting doesn't mean he will be engaging them at other times. 'The analysts can say whatever they want to say … but our goal is to write an annual report so that no analysts' reports are necessary,' he added.

SERENA NG

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