2013-10-08 13:53:14 来源:大耳朵英语
Buffett's Crisis-Lending Haul Reaches $10 Billion
Billionaire Warren Buffett tossed lifelines to a handful of blue-chip companies during the financial crisis. Five years later the payoff on those deals is becoming clear: $10 billion and counting.
Mr. Buffett approached that figure after he collected another hefty payment last week, bringing to nearly 40% the pretax income on his crisis-era investments, according to a Wall Street Journal analysis.
The bounty is a vivid illustration of one of Mr. Buffett's favorite investing maxims: 'Be fearful when others are greedy, and be greedy when others are fearful.'
The latest windfall for the Omaha, Neb., billionaire and his conglomerate, Berkshire Hathaway Inc. (BRKA, BRKB) , came when candy maker Mars Inc. repaid $4.4 billion that its subsidiary, Wrigley, borrowed in 2008. That payment alone is expected to net Berkshire a profit of at least $680 million.
这位美国内布拉斯加州奥马哈的亿万富翁及其企业集团伯克希尔哈撒韦公司(Berkshire Hathaway Inc.)最近拿到了最新一笔回报，糖果生产商Mars Inc.为2008年其子公司Wrigley的借款偿还了44亿美元。单这笔款项预计就可为伯克希尔哈撒韦带来至少6,800万美元的利润。
'In terms of simple profitability, an average investor could have done just as well investing in the stock market if they bought during the panic period,' Mr. Buffett said in an interview Saturday. He was referring to a monthslong stretch beginning in the fall of 2008 when the stocks of some of his favorite companies, including Wells Fargo & Co. (WFC) and American Express Co. (AXP), fell to historic lows. 'You make your best buys when people are overwhelmingly fearful.'
巴菲特上周六接受采访时说：从简单的盈利能力来看，普通投资者如果在那段恐慌时期也买入了股票，他们在股市的投资也能一样出色。巴菲特这里指的是始于2008年秋的几个月时间，那时他最看好的一些公司的股票跌到了历史低点，其中包括富国银行(Wells Fargo & Co.)和美国运通公司(American Express Co.)。他说，当人们全面恐慌时，也是你买入的最佳时机。
But few investors, if any, capitalized on the crisis as expertly.
By comparison, the U.S. government invested about $420 billion through its Troubled Asset Relief Program. The government also demanded beneficial terms and collected sizable dividend payments for a return of about $50 billion, or 12%, thus far, according to the U.S. Treasury's website.
作为对比，按照美国财政部网站的数据，美国政府通过问题资产救助计划(Troubled Asset Relief Program)投入了大约4,200亿美元，美国政府也要求了优惠的条件，而且获得了大规模的股息收入，回报共计约500亿美元，回报率约为12%。
Mr. Buffett said he hopes to use the cash to make other big investments soon that will bring equally attractive returns. Berkshire will continue to buy stocks to add to its portfolio of over $100 billion, because 'it's still better to have equities than cash,' he said.
But big acquisitions such as the 2010 purchase of railroad operator BNSF Railway Co. for $26 billion have gotten harder to find. As prices have risen along with the economic recovery, Mr. Buffett has publicly lamented the paucity of transformative deals that would allow Berkshire to put some of its cash to use.
但是像2010年斥资260亿美元收购铁路运营商BNSF Railway Co.这样的大规模收购已经越来越难找到了。随着经济的复苏，价格也水涨船高，巴菲特曾公开哀叹，说能让伯克希尔的部分现金派上用场、能起到改头换面作用的交易太少了。
Starting with Mars in April of 2008, when credit markets began to tighten in advance of the financial crisis, some big-name companies looked to Mr. Buffett--and Berkshire's huge war chest--as a lender of last resort.
In addition to much-needed capital, the companies acquired something equally valuable: Mr. Buffett's implicit endorsement of their long-term prospects. Shares of these companies generally went up after they revealed Berkshire's involvement.
In six major deals, Berkshire invested a total of about $26 billion. Mr. Buffett used Berkshire's gigantic cash hoard to move swiftly and exact lucrative terms that created a stream of payments from the borrowers.
Mr. Buffett's deal-making started in the early days of the crisis and continued deep into the recovery. The last of the deals was a 2011 loan to Bank of America Corp. (BAC) for $5 billion.
巴菲特的交易从危机前期开始，一直持续到复苏阶段。最后一笔交易是2011年向美国银行(Bank of America Corp.)贷款50亿美元。
Besides Mars and Bank of America, Berkshire made investments in Goldman Sachs Group Inc. (GS), Swiss Re Ltd. (SSREY), Dow Chemical Co. (DOW), and General Electric Co. (GE).
除玛氏公司和美国银行外，伯克希尔还投资了高盛(Goldman Sachs Group Inc.)、瑞士再保险(Swiss Re)、陶氏化学(Dow Chemical)和通用电气(General Electric)。
Several deals are continuing to pay hefty dividends. Berkshire also owns equity stakes in the firms, or warrants to buy them, that add several billion dollars more to the company's return on investments, at least on paper.
Although the warrants on some of these deals effectively came free with Berkshire's purchase of preferred shares, accounting rules require the company to split its cost between the stock and warrants acquired. That means Berkshire records gains differently in its books than a cash-in, cash-out tally adding up to about $10 billion.
As the economy has recovered, and with credit available at more attractive rates, some of the companies have opted to redeem securities owned by Berkshire or adjust the terms in ways favorable to Mr. Buffett.