自1986年離開麥肯錫公司(McKinsey & Co.)加入伯克希爾-哈撒韋公司(Berkshire Hathaway)以來,阿吉特·賈因一直是沃倫·巴菲特身邊的重要人物,多年來幫助這家企業(yè)集團(tuán)將旗下的保險(xiǎn)業(yè)務(wù)發(fā)展成為一家全球巨頭。但現(xiàn)在,這位時(shí)年73歲的伯克希爾-哈撒韋公司非保險(xiǎn)業(yè)務(wù)副董事長正在出售股票。
賈因上周一出售了200股伯克希爾-哈撒韋公司A類股票,約占所持總股份的55%,套現(xiàn)1.39億美元。目前,他個(gè)人僅持有61股伯克希爾-哈撒韋公司股票,通過家族信托持有55股,非營利性組織賈因基金會(Jain Foundation)也持有50股。眾所周知,巴菲特從未拆分伯克希爾-哈撒韋公司的A類股票,這樣做是為了阻止做空者和高頻交易者,也是為了鼓勵(lì)長期價(jià)值投資者。賈因以每股695417.65美元的均價(jià)出售了所持股票。按此價(jià)格計(jì)算,他所持剩余股份的價(jià)值約為1.154億美元。
賈因出售股票的動(dòng)機(jī)尚不清楚,但可能只是為了在適當(dāng)?shù)臅r(shí)機(jī)獲利了結(jié)。Check Capital Management總裁兼首席信息官史蒂夫·切克(Steve Check)在接受《財(cái)富》雜志采訪時(shí)表示:“我覺得這有點(diǎn)出人意料。我能想到的唯一原因是他認(rèn)為這只股票已經(jīng)完全定價(jià)了,而且確實(shí)如此——自金融危機(jī)前以來,伯克希爾-哈撒韋公司的股票可能從未像現(xiàn)在這樣完全定價(jià),目前的交易價(jià)格是賬面價(jià)值的1.65倍左右。”該公司有24.4%的資產(chǎn)持有伯克希爾-哈撒韋公司的股票。
賈因最近的拋售無疑是利用了伯克希爾-哈撒韋公司股價(jià)上漲的優(yōu)勢。迄今為止,伯克希爾-哈撒韋公司的股價(jià)已經(jīng)飆升了近23%,使這家大型企業(yè)集團(tuán)的市值有史以來首次突破1萬億美元大關(guān)。相比之下,標(biāo)準(zhǔn)普爾500指數(shù)的同期漲幅約為17%。
賈因出售的背后也可能有稅收方面的考慮。切克認(rèn)為:"如果他認(rèn)為資本利得稅稅率將來會提高,那么他可能想利用(比如說)現(xiàn)在相對較低的稅率。”
在最近一次總統(tǒng)辯論之后,許多全國民意調(diào)查都轉(zhuǎn)向了副總統(tǒng)卡瑪拉·哈里斯(Kamala Harris),她計(jì)劃在當(dāng)選后將最高資本利得稅稅率從20%提高到28%。賈因可能只是想在這些政策通過之前獲利了結(jié)。
像切克這樣的伯克希爾-哈撒韋公司股東并不擔(dān)心賈因出售股票是股票被高估的信號,甚至也不擔(dān)心這位資深經(jīng)理人將很快退休,盡管賈因的退休問題一直是最近股東大會上討論的話題。
如果賈因退休,對伯克希爾-哈撒韋公司來說無疑是一個(gè)巨大的打擊。這位印度裔高管花費(fèi)數(shù)十年時(shí)間打造了這家企業(yè)集團(tuán)龐大的保險(xiǎn)業(yè)務(wù),其中包括國家雇員保險(xiǎn)公司(Geico)、伯克希爾哈撒韋初級集團(tuán)(Berkshire Hathaway Primary Group)和伯克希爾-哈撒韋再保險(xiǎn)集團(tuán)(Berkshire Hathaway Reinsurance Group),多年來贏得了巴菲特的尊重。
在2017年致股東的信中,巴菲特表示,賈因在其職業(yè)生涯中為伯克希爾-哈撒韋公司股東創(chuàng)造了“數(shù)百億美元的價(jià)值”,稱他是一位“久經(jīng)考驗(yàn)的執(zhí)行者”。
他補(bǔ)充說:“如果再出現(xiàn)一個(gè)阿吉特,你可以讓他取代我,無需猶豫。”
在伯克希爾-哈撒韋公司2023年的年度股東大會上,巴菲特再次強(qiáng)調(diào),賈因是該集團(tuán)成功的關(guān)鍵要素。他告訴投資者:“如果沒有阿吉特的管理,我們就不會有同樣的業(yè)務(wù)規(guī)模。”
他指出,伯克希爾-哈撒韋公司的保險(xiǎn)業(yè)務(wù)在2023年的3644億美元營收中占834億美元,約為23%,占其營收的三分之一。晨星公司(Morningstar)的分析師今年早些時(shí)候指出,伯克希爾-哈撒韋公司一半的估值也來自保險(xiǎn)業(yè)務(wù)。(財(cái)富中文網(wǎng))
譯者:中慧言-王芳
自1986年離開麥肯錫公司(McKinsey & Co.)加入伯克希爾-哈撒韋公司(Berkshire Hathaway)以來,阿吉特·賈因一直是沃倫·巴菲特身邊的重要人物,多年來幫助這家企業(yè)集團(tuán)將旗下的保險(xiǎn)業(yè)務(wù)發(fā)展成為一家全球巨頭。但現(xiàn)在,這位時(shí)年73歲的伯克希爾-哈撒韋公司非保險(xiǎn)業(yè)務(wù)副董事長正在出售股票。
賈因上周一出售了200股伯克希爾-哈撒韋公司A類股票,約占所持總股份的55%,套現(xiàn)1.39億美元。目前,他個(gè)人僅持有61股伯克希爾-哈撒韋公司股票,通過家族信托持有55股,非營利性組織賈因基金會(Jain Foundation)也持有50股。眾所周知,巴菲特從未拆分伯克希爾-哈撒韋公司的A類股票,這樣做是為了阻止做空者和高頻交易者,也是為了鼓勵(lì)長期價(jià)值投資者。賈因以每股695417.65美元的均價(jià)出售了所持股票。按此價(jià)格計(jì)算,他所持剩余股份的價(jià)值約為1.154億美元。
賈因出售股票的動(dòng)機(jī)尚不清楚,但可能只是為了在適當(dāng)?shù)臅r(shí)機(jī)獲利了結(jié)。Check Capital Management總裁兼首席信息官史蒂夫·切克(Steve Check)在接受《財(cái)富》雜志采訪時(shí)表示:“我覺得這有點(diǎn)出人意料。我能想到的唯一原因是他認(rèn)為這只股票已經(jīng)完全定價(jià)了,而且確實(shí)如此——自金融危機(jī)前以來,伯克希爾-哈撒韋公司的股票可能從未像現(xiàn)在這樣完全定價(jià),目前的交易價(jià)格是賬面價(jià)值的1.65倍左右。”該公司有24.4%的資產(chǎn)持有伯克希爾-哈撒韋公司的股票。
賈因最近的拋售無疑是利用了伯克希爾-哈撒韋公司股價(jià)上漲的優(yōu)勢。迄今為止,伯克希爾-哈撒韋公司的股價(jià)已經(jīng)飆升了近23%,使這家大型企業(yè)集團(tuán)的市值有史以來首次突破1萬億美元大關(guān)。相比之下,標(biāo)準(zhǔn)普爾500指數(shù)的同期漲幅約為17%。
賈因出售的背后也可能有稅收方面的考慮。切克認(rèn)為:"如果他認(rèn)為資本利得稅稅率將來會提高,那么他可能想利用(比如說)現(xiàn)在相對較低的稅率。”
在最近一次總統(tǒng)辯論之后,許多全國民意調(diào)查都轉(zhuǎn)向了副總統(tǒng)卡瑪拉·哈里斯(Kamala Harris),她計(jì)劃在當(dāng)選后將最高資本利得稅稅率從20%提高到28%。賈因可能只是想在這些政策通過之前獲利了結(jié)。
像切克這樣的伯克希爾-哈撒韋公司股東并不擔(dān)心賈因出售股票是股票被高估的信號,甚至也不擔(dān)心這位資深經(jīng)理人將很快退休,盡管賈因的退休問題一直是最近股東大會上討論的話題。
如果賈因退休,對伯克希爾-哈撒韋公司來說無疑是一個(gè)巨大的打擊。這位印度裔高管花費(fèi)數(shù)十年時(shí)間打造了這家企業(yè)集團(tuán)龐大的保險(xiǎn)業(yè)務(wù),其中包括國家雇員保險(xiǎn)公司(Geico)、伯克希爾哈撒韋初級集團(tuán)(Berkshire Hathaway Primary Group)和伯克希爾-哈撒韋再保險(xiǎn)集團(tuán)(Berkshire Hathaway Reinsurance Group),多年來贏得了巴菲特的尊重。
在2017年致股東的信中,巴菲特表示,賈因在其職業(yè)生涯中為伯克希爾-哈撒韋公司股東創(chuàng)造了“數(shù)百億美元的價(jià)值”,稱他是一位“久經(jīng)考驗(yàn)的執(zhí)行者”。
他補(bǔ)充說:“如果再出現(xiàn)一個(gè)阿吉特,你可以讓他取代我,無需猶豫。”
在伯克希爾-哈撒韋公司2023年的年度股東大會上,巴菲特再次強(qiáng)調(diào),賈因是該集團(tuán)成功的關(guān)鍵要素。他告訴投資者:“如果沒有阿吉特的管理,我們就不會有同樣的業(yè)務(wù)規(guī)模。”
他指出,伯克希爾-哈撒韋公司的保險(xiǎn)業(yè)務(wù)在2023年的3644億美元營收中占834億美元,約為23%,占其營收的三分之一。晨星公司(Morningstar)的分析師今年早些時(shí)候指出,伯克希爾-哈撒韋公司一半的估值也來自保險(xiǎn)業(yè)務(wù)。(財(cái)富中文網(wǎng))
譯者:中慧言-王芳
Ajit Jain has been a feature at Warren Buffett’s side since he left McKinsey & Co. to join Berkshire Hathaway in 1986, helping to grow the conglomerate’s suite of insurance businesses into a global powerhouse over the years. But now Berkshire’s 73-year-old vice chairman of non-insurance operations is selling stock.
Jain sold 200 Berkshire Class A shares on Monday for roughly $139 million, representing roughly 55% of his total stake in the conglomerate. He now holds just 61 Berkshire shares personally, as well as 55 shares in a family trust, and 50 in a nonprofit corporation called the Jain Foundation. Buffett has famously never split Berkshire’s Class A stock, which discourages short-sellers and high-frequency traders, and is meant to encourage long-term value investors. Jain sold his shares at an average price of $695,417.65 per share. At that price, the value of his remaining stake is about $115.4 million.
What motivated Jain to sell is still unclear, but it could simply be a matter of taking profits at an opportune time. “I’d say it’s a bit surprising,” Steve Check, president and CIO of Check Capital Management, which has 24.4% of its holdings in Berkshire Hathaway, told Fortune of the move. “The only reason I can come up with for why he is selling is he thinks the stock is fully priced, and it is—it’s probably as fully priced as it’s been since before the financial crisis, trading at something like 1.65 times book value.”
Jain certainly took advantage of Berkshire’s booming share price with his recent sale. Berkshire stock has soared nearly 23% year to date, pushing the megaconglomerate’s market capitalization above the $1 trillion mark for the first time in its history. That’s compared to a roughly 17% rise for the S&P 500 over the same period.
Tax considerations could also be behind Jain’s sale. “If he thinks that capital gains tax rates are going up in the future, he may want to take advantage of, let’s say, the relatively low rates today,” Check argued.
After the latest presidential debate, many national polls shifted in the direction of vice president Kamala Harris, who plans to raise the top capital gains rate from 20% to 28% if she’s elected. Jain could simply be taking profits before those policies go through.
Berkshire shareholders like Check aren’t worried that Jain’s sales are a sign that the stock is overvalued, or even that the veteran manager will soon retire, although Jain’s retirement has been a topic of discussion at recent shareholder meetings.
If Jain were to retire, it certainly would be a big blow for Berkshire. The Indian-born executive has spent decades building the conglomerate’s extensive insurance businesses, which include Geico, Berkshire Hathaway Primary Group, and Berkshire Hathaway Reinsurance Group, and gained Buffett respect over the years.
In his 2017 shareholder letter, Buffett said that Jain has created “tens of billions of value for Berkshire shareholders” over his career, calling him a “proven performer.”
“If there were ever to be another Ajit and you could swap me for him, don’t hesitate,” he added.
At Berkshire’s annual shareholder meeting in 2023, Buffett again emphasized that Jain has been a critical feature of the conglomerate’s success. “We won’t have the same business if Ajit isn’t running it,” he told investors.
To his point, Berkshire’s insurance operations accounted for $83.4 billion, or around 23%, of its $364.4 billion in revenue in 2023—and more like a third of its earnings. Analysts at Morningstar noted earlier this year that half of Berkshire’s valuation comes from its insurance businesses as well.