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年前，巴菲特(Warren Buffett)对伯克希尔哈撒韦公司(Berkshire Hathaway Inc.)的股东说，他正在寻求进行大规模收购交易，作为用他旗下公司每月收入的巨额资金进行投资获利的无止境努力的一部分。
Associated Press
去年5月在内布拉斯加州奥马哈，伯克希尔哈撒韦公司董事长巴菲特用超大的球拍对阵乒乓球奇才邢延华，该公司的股东们在一旁观战。
伯克希尔哈撒韦周五下午发布年度报告时，找到一家收购价格适宜的大目标将再次成为投资者关注的问题。报告包括该公司董事长兼首席执行长、82岁的巴菲特亲笔写的致股东信。过去几年中，致股东信中不乏令巴菲特名扬天下的至理名言。
伯克希尔哈撒韦曾大规模地买进股票，比如2011年斥资107亿美元买进国际商业机器公司(International Business Machines Corp.)的股票，最近也进行了一些规模较小的交易，比如收购Oriental Trading Co.，该交易的规模没有披露。
但规模数十亿美元的收购案基本上很少见，正是这类收购行动逐渐让伯克希尔哈撒韦从一个受到广泛关注的股票投资组合转变为一个高盈利、价值超过2,500亿美元的企业集团。在亨氏收购案之前，最近的一笔巨额交易是2010年斥资263亿美元收购铁路公司Burlington Northern Santa Fe Corp.。
并不是巴菲特没有寻找交易。去年，他的公司参与了收购纽约证交所的母公司纽约泛欧交易所集团(NYSE Euronext)的讨论。双方未就价格达成一致，纽约泛欧交易所集团最终宣布了一项以82亿美元的价格出售给洲际交易所(IntercontinentalExchange Inc.)的协议。
去年5月，巴菲特曾说，由于价格上的分歧，他退出了一桩规模220亿美元的潜在交易，因为按当时的价格，伯克希尔哈撒韦需要出售所持的部分股票来帮助支付收购款。
截至去年9月30日，伯克希尔公司拥有478亿美元的现金和现金等价物，远远超过了巴菲特表示希望伯克希尔资产负债表上拥有的200亿美元左右的现金规模。伯克希尔正在为亨氏的交易投资120亿美元。为了给大规模交易提供资金，这家公司还可以出售所持有的股票。
一个可能的原因是，巴菲特只是还没有发现一家他足够喜欢且价格合理的公司。他在2011年致投资者的信上说，考虑到股票和债券投资可能产生的收益，企业的定价通常都高得离谱。
投资者也可能仔细研读这封信，寻找对伯克希尔股票的任何评价。巴菲特说，除非股票定价合理，否则他不会用伯克希尔的股票为交易注资。伯克希尔的A类股票过去12个月已经上涨了大约27%，并在最近达到了纪录高点。
12月，伯克希尔从一个长期股东的资产中回购了12亿美元的A类股票。此举显示出，巴菲特认为伯克希尔的股价当时被低估了，与收购相比，使用现金回购股票是更好的资本使用方式。
除了讨论伯克希尔最近的表现，巴菲特周五的信可能还会详细阐述公司年度股东大会的模式变化。每年春天，超过3万人来到奥马哈参加伯克希尔的股东大会。
去年，巴菲特让三位华尔街的分析师加入股东和一个记者团，共同向他和他的商业伙伴芒格(Charlie Munger)提问。巴菲特说，他的目标是扩大对话，回答更多有关伯克希尔业务的提问。
去年的大会上向巴菲特提问的三个保险业分析师中，其中一个今年将继续参与提问。
知情人士说，至于剩下的两个名额，巴菲特可能会选择一名工业企业的分析师占据其中的一个，这反映出伯克希尔现在的大部分利润来自非金融企业，如铁路和公用设施。
目前还不清楚何人将获得剩下的一个名额，但是一些投资者认为，可能是一个对伯克希尔公司有异议的人。巴菲特拒绝谈论股东大会的变化，说他将在信中进行解释。
ANUPREETA DAS / SERENA NG
（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。）
Two years ago, Warren Buffett told Berkshire Hathaway Inc. shareholders he was on the lookout for major acquisitions, as part of his unending effort to profitably employ the buckets of cash his company collects every month.
Since then, however, the billionaire investor has fired what he called his 'elephant gun' just twice. Berkshire in February said it would join with a Brazilian investment firm to buy ketchup maker H.J. Heinz Co. for $23.4 billion. In 2011, Berkshire bought engine lubricant-maker Lubrizol Corp. for $9 billion.
The challenge of finding a big target at the right price will again be on investors' minds when Berkshire files its annual report Friday afternoon. The report includes the shareholder letter penned by the 82-year-old Mr. Buffett, which over the years has been the source of many of the bon mots for which the Omaha, Neb., company's chairman and chief executive is known.
There have been large stock purchases, such as a 2011 acquisition of $10.7 billion in International Business Machines Corp. stock, and smaller recent deals such as the purchase of Oriental Trading Co. for an undisclosed price.
But largely absent have been the multibillion-dollar takeovers that over time transformed Berkshire from a widely followed stock portfolio to a highly profitable conglomerate valued at over $250 billion. Before Heinz, the most recent megadeal was the 2010 purchase of railroad Burlington Northern Santa Fe Corp. for $26.3 billion.
It isn't that Mr. Buffett hasn't been searching. Last year, his company participated in discussions to buy NYSE Euronext, the parent of the New York Stock Exchange. The two sides didn't agree on price, and NYSE eventually announced an agreement to sell itself to IntercontinentalExchange Inc. for $8.2 billion.
In May, Mr. Buffett said he walked away from a potential $22 billion deal because of a difference in price, and because it would have meant selling some stock from Berkshire's portfolio to help pay for the acquisition.
The company had $47.8 billion in cash and cash equivalents as of Sept. 30, far in excess of the $20 billion or so Mr. Buffett has said he would like to hold on Berkshire's balance sheet. Berkshire is spending $12 billion in cash for the Heinz deal. The company can also sell securities it owns to pay for large deals.
One likely reason is that Mr. Buffett simply hasn't found a company he likes enough at a price that is right. 'Often, businesses are priced ridiculously high against what can likely be earned from investments in stocks and bonds,' he said in his 2011 letter.
Investors are also likely to parse the letter for any comments on Berkshire shares. Mr. Buffett has said he would not use Berkshire shares to pay for deals unless the shares are fairly priced. Berkshire's Class A shares have risen around 27% in the past 12 months and recently hit a record high.
In December, Berkshire bought $1.2 billion of its own Class A shares from the estate of a 'longtime shareholder.' The move showed that Mr. Buffett believed Berkshire shares were undervalued at the time, and spending cash on repurchasing shares was a better use of capital than acquisitions.
Besides discussing Berkshire's recent performance, Mr. Buffett's letter Friday is likely to detail a change to the format of the company's annual shareholders' meeting, which draws over 30,000 individuals to Omaha each spring.
Last year, Mr. Buffett had three Wall Street analysts join shareholders and a panel of journalists in questioning him and his business partner Charlie Munger. Mr. Buffett said his goal was to broaden the conversation and field more questions about Berkshire's operations.
Of the three insurance analysts who questioned Mr. Buffett at last year's meeting, one will be on the panel this year.
Mr. Buffett may fill one of the other two spots with an analyst who covers industrial companies, reflecting how Berkshire now derives the bulk of its profits from nonfinancial businesses such as railroads and utilities, according to people familiar with the situation.
It is unclear who will fill the third spot, but some investors think it may be an individual with a contrarian view of Berkshire. Mr. Buffett declined to discuss the change, saying he would explain it in his letter.
ANUPREETA DAS / SERENA NG
Since then, however, the billionaire investor has fired what he called his 'elephant gun' just twice. Berkshire in February said it would join with a Brazilian investment firm to buy ketchup maker H.J. Heinz Co. for $23.4 billion. In 2011, Berkshire bought engine lubricant-maker Lubrizol Corp. for $9 billion.
The challenge of finding a big target at the right price will again be on investors' minds when Berkshire files its annual report Friday afternoon. The report includes the shareholder letter penned by the 82-year-old Mr. Buffett, which over the years has been the source of many of the bon mots for which the Omaha, Neb., company's chairman and chief executive is known.
There have been large stock purchases, such as a 2011 acquisition of $10.7 billion in International Business Machines Corp. stock, and smaller recent deals such as the purchase of Oriental Trading Co. for an undisclosed price.
But largely absent have been the multibillion-dollar takeovers that over time transformed Berkshire from a widely followed stock portfolio to a highly profitable conglomerate valued at over $250 billion. Before Heinz, the most recent megadeal was the 2010 purchase of railroad Burlington Northern Santa Fe Corp. for $26.3 billion.
It isn't that Mr. Buffett hasn't been searching. Last year, his company participated in discussions to buy NYSE Euronext, the parent of the New York Stock Exchange. The two sides didn't agree on price, and NYSE eventually announced an agreement to sell itself to IntercontinentalExchange Inc. for $8.2 billion.
In May, Mr. Buffett said he walked away from a potential $22 billion deal because of a difference in price, and because it would have meant selling some stock from Berkshire's portfolio to help pay for the acquisition.
The company had $47.8 billion in cash and cash equivalents as of Sept. 30, far in excess of the $20 billion or so Mr. Buffett has said he would like to hold on Berkshire's balance sheet. Berkshire is spending $12 billion in cash for the Heinz deal. The company can also sell securities it owns to pay for large deals.
One likely reason is that Mr. Buffett simply hasn't found a company he likes enough at a price that is right. 'Often, businesses are priced ridiculously high against what can likely be earned from investments in stocks and bonds,' he said in his 2011 letter.
Investors are also likely to parse the letter for any comments on Berkshire shares. Mr. Buffett has said he would not use Berkshire shares to pay for deals unless the shares are fairly priced. Berkshire's Class A shares have risen around 27% in the past 12 months and recently hit a record high.
In December, Berkshire bought $1.2 billion of its own Class A shares from the estate of a 'longtime shareholder.' The move showed that Mr. Buffett believed Berkshire shares were undervalued at the time, and spending cash on repurchasing shares was a better use of capital than acquisitions.
Besides discussing Berkshire's recent performance, Mr. Buffett's letter Friday is likely to detail a change to the format of the company's annual shareholders' meeting, which draws over 30,000 individuals to Omaha each spring.
Last year, Mr. Buffett had three Wall Street analysts join shareholders and a panel of journalists in questioning him and his business partner Charlie Munger. Mr. Buffett said his goal was to broaden the conversation and field more questions about Berkshire's operations.
Of the three insurance analysts who questioned Mr. Buffett at last year's meeting, one will be on the panel this year.
Mr. Buffett may fill one of the other two spots with an analyst who covers industrial companies, reflecting how Berkshire now derives the bulk of its profits from nonfinancial businesses such as railroads and utilities, according to people familiar with the situation.
It is unclear who will fill the third spot, but some investors think it may be an individual with a contrarian view of Berkshire. Mr. Buffett declined to discuss the change, saying he would explain it in his letter.
ANUPREETA DAS / SERENA NG
