巴菲特旗下公司面临财务披露压力
Warren Buffett is under fire from investment analysts who cover his $370bn company, Berkshire Hathaway, over the quality of its financial disclosures.
While Berkshire has grown to be the third-largest company on the US stock market, its quarterly filings reveal far less detail than companies of a similar size, according to the analysts, who all urged Mr Buffett to consider expanding disclosures, particularly about Berkshire’s large insurance businesses.
分析师称，尽管伯克希尔哈撒韦已成长为美国股市第三大公司，但其季度财报提供的具体信息远远不及同等规模的其他公司。这些分析师都敦促巴菲特考虑扩大信息披露，特别是有关伯克希尔哈撒韦旗下大型保险公司的信息披露。Mr Buffett rejected the criticism, telling the Financial Times that Berkshire communicates “all the relevant factors for a long-term investment in the shares”.
巴菲特反驳了这一批评，他告诉英国《金融时报》，伯克希尔哈撒韦已经公布了“所有长期股票投资的相关因素”。
The FT interviewed five of Berkshire’s six analysts, all of whom noted the difficulty in modelling the company’s financial results. One said Berkshire “could stand to reveal more”; others described the level of disclosure as “limited”, “poor” and “terrible”.
英国《金融时报》采访了6位分析师中的5位，他们长期研究伯克希尔哈撒韦，但他们都指出很难绘制该公司的财报模型。其中一位分析师表示，伯克希尔哈撒韦“还可以公布更多”；其他人则认为该公司的信息披露“有限”、“匮乏”和“糟糕”。Berkshire’s businesses span insurance, utilities, railways, manufacturing, retail, newspapers and many more industries. Eight of its subsidiaries would be Fortune 500 companies if they were split off.
伯克希尔哈撒韦的业务遍及保险、公用事业、铁路、制造业、零售、报纸以及更多其他行业。如果分拆，有8家子公司将跻身《财富》(Fortune)500强。Berkshire has never sought analyst coverage — its six analysts compare with more than 20 for General Electric, for example — and Mr Buffett said that, since he began investing in shares at the age of 11, he had never once bought something on the basis of an analyst recommendation.
伯克希尔哈撒韦从不谋求分析师的研究报道，例如，对该公司进行研究的分析师有6位，而通用电气(GE)则多达20多位。巴菲特表示，自从他11岁开始投资股票以来，他没有一次是根据分析师的推荐来买入股票的。Many of the largest investment banks have declined to assign analysts to cover Berkshire because its high-priced and closely held shares trade relatively infrequently, and institutional investor interest in the stock is low compared with other companies.
很多最大投行拒绝指派分析师去研究伯克希尔哈撒韦，因为该公司股价很高，投资者紧密持有，而且交易相对不频繁，相对于其他公司的股票，机构投资者对这只股票的兴趣较低。
