<p><strong>伯克希尔哈撒韦</strong>(BRK.A -0.86%) (BRK.B -1.29%) 的财报发布方式略有不同。首先，管理层不像大多数公司那样召开季度财报电话会议。首席执行官沃伦·巴菲特坚持在周六发布财报，以便投资者有足够的时间消化数据，直到股市开盘。</p>
<p>在伯克希尔预计于 8 月 2 日（周六）发布的第二季度财报中，有几个关键数字投资者将密切关注。伯克希尔来自其业务的运营收益是最明显的例子。此外，公司现金储备在第一季度末达到了 3477 亿美元的历史新高。</p>
<p>最后，虽然在财报发布后的几周内我们无法知道伯克希尔具体买卖了哪些股票（因为它需要向政府提交文件），但我们通常可以通过查看其投资组合的报告成本基础来判断伯克希尔在季度内是净买入还是净卖出股票。我们还将获得有关伯克希尔是否决定回购自家股票的详细信息。</p>
<p>在本文中，我将讨论为什么这家万亿公司在财报发布前可能是一个稳健的投资。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUyNDEvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUyNDEvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>伯克希尔现在应该更有价值</h2>
<p>在伯克希尔准备发布的第二季度期间，<strong>标准普尔 500 指数</strong> 上涨了 10.4%，而伯克希尔的许多主要股票持仓表现相当不错。尽管 <strong>苹果</strong>(NASDAQ: AAPL) 因关税问题在季度内略微下跌，但伯克希尔的第二大和第三大投资 <strong>美国运通</strong>(NYSE: AXP) 和 <strong>美国银行</strong>(NYSE: BAC) 在第二季度分别上涨了 20% 和 15%。尽管如此，伯克希尔的股票价格仍显著低于季度初的水平，主要是因为首席执行官沃伦·巴菲特在公司 5 月的年度会议上宣布了退休计划。</p>
<p>此外，虽然我们要到 8 月中旬才能知道伯克希尔第二季度的股票投资组合活动，但伯克希尔已经庞大的 3480 亿美元现金储备很可能进一步增加。然而，正如我稍后将讨论的，我也不会感到惊讶，如果得知伯克希尔在第二季度恢复了股票回购，这可能会限制公司现金的增长。</p>
<p>最后，伯克希尔拥有一系列（大多数是）抗关税的业务。当然，专门在美国运营的企业可能仍会受到关税的二次影响，但伯克希尔在抵御进口关税影响方面比大多数公司更具韧性。</p>
<h2>价值比你想象的更好</h2>
<p>在当前的股价下，伯克希尔哈撒韦的市值约为 1.02 万亿美元，显著低于几个月前巴菲特宣布退休计划之前的水平。同时，股票投资组合的价值显著增加，而伯克希尔仍然拥有相同（或更多）的现金。</p>
<p>这样想吧。根据目前的情况，伯克希尔的股票投资组合价值约为 2920 亿美元。去掉这些和 3480 亿美元现金后，伯克希尔的运营业务估值约为 3800 亿美元。</p>
<p>我们很快会得到更新的数据，但伯克希尔在过去四个季度中从其业务中产生了约 330 亿美元的运营利润，不包括投资收入。这表明市场对伯克希尔的业务估值仅为运营收益的 11.5 倍。我上次查看这些数据是在 5 月底，当时这个比率为 14。因此，如果我们发现伯克希尔恢复了股票回购，我不会感到惊讶。</p>
<h2>在财报发布前，伯克希尔值得买入吗？</h2>
<p>当然，我不知道伯克希尔哈撒韦的收益将会是多少，报告中的某些部分（例如保险承保收入）可能相当不可预测。但关键是，这是一家稳健的企业，交易价格远低于高点，而此时标准普尔 500 指数接近历史最高点。</p>
<p>沃伦·巴菲特的离开不太可能对日常业务产生重大影响；伯克希尔仍然拥有出色的领导团队；而且公司在机会出现时具有无与伦比的财务灵活性。伯克希尔已经是我投资组合中最大的股票投资之一，但如果当前价格水平持续，我可能会增加持股。在财报发布前，这是一个值得买入的机会。</p>

伯克希尔哈撒韦-A

伯克希尔哈撒韦-B

南方两倍做多伯克希尔

<p>伯克希尔哈撒韦预计将在 8 月 2 日公布其第二季度财报，关键指标包括运营收益和现金储备，后者达到了 3477 亿美元。尽管标准普尔 500 指数表现强劲，但由于首席执行官沃伦·巴菲特的退休公告，伯克希尔的股票出现下跌。目前市值约为 1.02 万亿美元，其运营业务的估值为 3800 亿美元，这表明其以 11.5 倍的运营收益被低估。分析师认为，考虑到其财务灵活性和强大的领导力，伯克希尔在财报公布前可能是一个稳健的投资选择</p>

<p><strong>Berkshire Hathaway</strong>(BRK.A -0.86%) (BRK.B -1.29%) presents its earnings reports a little differently. For one thing, management doesn't hold quarterly earnings calls like most companies do. And CEO Warren Buffett insists on releasing earnings reports on Saturdays, so investors will have plenty of time to digest the numbers before the stock market opens.</p>
<div class="lb-trans"><p><strong>伯克希尔哈撒韦</strong>(BRK.A -0.86%) (BRK.B -1.29%) 的财报发布方式略有不同。首先，管理层不像大多数公司那样召开季度财报电话会议。首席执行官沃伦·巴菲特坚持在周六发布财报，以便投资者有足够的时间消化数据，直到股市开盘。</p>
</div><p>There are a few key numbers investors will be watching when Berkshire reports its second-quarter results, expected on Saturday, Aug. 2. Berkshire's operating earnings from its businesses is the most obvious example. There's also the company's cash stockpile, which reached an all-time high of $347.7 billion at the end of the first quarter.</p>
<div class="lb-trans"><p>在伯克希尔预计于 8 月 2 日（周六）发布的第二季度财报中，有几个关键数字投资者将密切关注。伯克希尔来自其业务的运营收益是最明显的例子。此外，公司现金储备在第一季度末达到了 3477 亿美元的历史新高。</p>
</div><p>Finally, while we won't know what specific stocks Berkshire bought and sold until a few weeks after its earnings report when it has to file with the government, we can typically figure out if Berkshire was a net buyer or seller of stocks during the quarter by looking at the reported cost basis of its investment portfolio. And we'll also get details about whether Berkshire decided to buy back any of its own stock.</p>
<div class="lb-trans"><p>最后，虽然在财报发布后的几周内我们无法知道伯克希尔具体买卖了哪些股票（因为它需要向政府提交文件），但我们通常可以通过查看其投资组合的报告成本基础来判断伯克希尔在季度内是净买入还是净卖出股票。我们还将获得有关伯克希尔是否决定回购自家股票的详细信息。</p>
</div><p>In this article, I'll discuss why this trillion-dollar company could be a solid investment before earnings.</p>
<div class="lb-trans"><p>在本文中，我将讨论为什么这家万亿公司在财报发布前可能是一个稳健的投资。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUyNDEvYnVmZmV0dDgtdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825241%2Fbuffett8-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><h2>Berkshire should be <em>more</em> valuable now</h2>
<div class="lb-trans"><h2>伯克希尔现在应该更有价值</h2>
</div><p>During the second quarter, which is the period Berkshire is getting ready to report, the <strong>S&amp;P 500</strong> increased by 10.4%, and many of Berkshire's top stock holdings performed quite well. Although <strong>Apple</strong>(NASDAQ: AAPL) fell slightly during the quarter on tariff concerns, Berkshire's second- and third-largest investments, <strong>American Express</strong>(NYSE: AXP) and <strong>Bank of America</strong>(NYSE: BAC), increased by 20% and 15%, respectively, during the second quarter. Despite all of this, Berkshire's stock is significantly lower than where it started the quarter, mainly because CEO Warren Buffett announced his retirement at the company's May annual meeting.</p>
<div class="lb-trans"><p>在伯克希尔准备发布的第二季度期间，<strong>标准普尔 500 指数</strong> 上涨了 10.4%，而伯克希尔的许多主要股票持仓表现相当不错。尽管 <strong>苹果</strong>(NASDAQ: AAPL) 因关税问题在季度内略微下跌，但伯克希尔的第二大和第三大投资 <strong>美国运通</strong>(NYSE: AXP) 和 <strong>美国银行</strong>(NYSE: BAC) 在第二季度分别上涨了 20% 和 15%。尽管如此，伯克希尔的股票价格仍显著低于季度初的水平，主要是因为首席执行官沃伦·巴菲特在公司 5 月的年度会议上宣布了退休计划。</p>
</div><p>Also, while we won't know Berkshire's stock portfolio activity for the second quarter until mid-August, it's highly likely that Berkshire's already massive $348 billion cash stockpile has grown even larger. However, as I'll discuss in a bit, I also wouldn't be at all surprised to learn that Berkshire had resumed buybacks in the second quarter, which could limit the growth of the company's cash.</p>
<div class="lb-trans"><p>此外，虽然我们要到 8 月中旬才能知道伯克希尔第二季度的股票投资组合活动，但伯克希尔已经庞大的 3480 亿美元现金储备很可能进一步增加。然而，正如我稍后将讨论的，我也不会感到惊讶，如果得知伯克希尔在第二季度恢复了股票回购，这可能会限制公司现金的增长。</p>
</div><p>Finally, Berkshire has a collection of (mostly) tariff-resistant businesses. Of course, there could still be some secondary impacts of tariffs on businesses that operate exclusively in the U.S., but Berkshire is more insulated from the impacts of import tariffs than most.</p>
<div class="lb-trans"><p>最后，伯克希尔拥有一系列（大多数是）抗关税的业务。当然，专门在美国运营的企业可能仍会受到关税的二次影响，但伯克希尔在抵御进口关税影响方面比大多数公司更具韧性。</p>
</div><h2>A better value than you might think</h2>
<div class="lb-trans"><h2>价值比你想象的更好</h2>
</div><p>At the current stock price, Berkshire Hathaway has a market cap of about $1.02 trillion, which is significantly less than just a couple months ago, before Buffett announced his planned retirement. Meanwhile, the value of the stock portfolio has increased significantly, and Berkshire still has the same (or more) cash.</p>
<div class="lb-trans"><p>在当前的股价下，伯克希尔哈撒韦的市值约为 1.02 万亿美元，显著低于几个月前巴菲特宣布退休计划之前的水平。同时，股票投资组合的价值显著增加，而伯克希尔仍然拥有相同（或更多）的现金。</p>
</div><p>Think of it this way. Berkshire's stock portfolio is worth approximately $292 billion as of this writing. Removing that and the $348 billion in cash shows a valuation of about $380 billion for Berkshire's operating businesses.</p>
<div class="lb-trans"><p>这样想吧。根据目前的情况，伯克希尔的股票投资组合价值约为 2920 亿美元。去掉这些和 3480 亿美元现金后，伯克希尔的运营业务估值约为 3800 亿美元。</p>
</div><p>We'll get updated numbers soon, but Berkshire has generated about $33 billion in operating profit from its businesses over the past four quarters, excluding investment income. This shows that the market is valuing Berkshire's businesses at just 11.5 times operating earnings. The last time I looked at the numbers was late May, and this ratio was 14. That's why I wouldn't be shocked if we find out Berkshire resumed buybacks.</p>
<div class="lb-trans"><p>我们很快会得到更新的数据，但伯克希尔在过去四个季度中从其业务中产生了约 330 亿美元的运营利润，不包括投资收入。这表明市场对伯克希尔的业务估值仅为运营收益的 11.5 倍。我上次查看这些数据是在 5 月底，当时这个比率为 14。因此，如果我们发现伯克希尔恢复了股票回购，我不会感到惊讶。</p>
</div><h2>Is Berkshire a buy before earnings?</h2>
<div class="lb-trans"><h2>在财报发布前，伯克希尔值得买入吗？</h2>
</div><p>To be sure, I have no idea what Berkshire Hathaway's earnings will be, and some parts of the report (insurance underwriting income, for example) can be rather unpredictable. But the bottom line is that this is a rock-solid business trading well below highs at a time when the S&amp;P 500 is near its all-time peak.</p>
<div class="lb-trans"><p>当然，我不知道伯克希尔哈撒韦的收益将会是多少，报告中的某些部分（例如保险承保收入）可能相当不可预测。但关键是，这是一家稳健的企业，交易价格远低于高点，而此时标准普尔 500 指数接近历史最高点。</p>
</div><p>Warren Buffett's departure isn't likely to have any massive impact on the day-to-day business; Berkshire still has an excellent team of leaders; and the company has unmatched financial flexibility to pursue opportunities if and when they arise. Berkshire is already one of the largest stock investments in my portfolio, but if the current price level persists, I'm likely to add shares. It is a buy before earnings.</p>
<div class="lb-trans"><p>沃伦·巴菲特的离开不太可能对日常业务产生重大影响；伯克希尔仍然拥有出色的领导团队；而且公司在机会出现时具有无与伦比的财务灵活性。伯克希尔已经是我投资组合中最大的股票投资之一，但如果当前价格水平持续，我可能会增加持股。在财报发布前，这是一个值得买入的机会。</p>
</div>

Here's Why Berkshire Hathaway Stock Is a Buy Before Aug. 2

- 伯克希尔哈撒韦将于 8 月 2 日发布第二季度财报。  
- 预计运营收益和现金储备将成为投资者关注的重点。  
- 尽管巴菲特宣布退休，公司的市场估值仍低于历史高点。  

为什么伯克希尔哈撒韦的股票在 8 月 2 日之前值得购买