<p>由 Claudia Assis 和 Tomi Kilgore 撰写</p>
<p>领导层变动和失去巴菲特溢价可能会对股票造成压力，即使伯克希尔的投资理念变化不大</p>
<p>在巴菲特退休后，伯克希尔哈撒韦面临许多问题，但对失去关键选股者 Todd Combs 的担忧似乎并不是其中之一。</p>
<p>随着沃伦·巴菲特在今年晚些时候的辞职，伯克希尔哈撒韦面临许多挑战，但高管流动性增加和股票在 “奥马哈先知” 领导下享有的溢价缩小，可能是更紧迫的问题。</p>
<p>华尔街在周一体验到了这种变动，伯克希尔（BRK.B）（BRK.A）宣布 Geico 首席执行官及巴菲特的关键选股者之一 Todd Combs 将离职，前往摩根大通（JPM）。长期担任首席财务官的 Marc Hamburg 也将离职，并将于 2026 年 6 月 1 日辞职。</p>
<p>被精心挑选的首席执行官接班人 Greg Abel 当然将面临大量审查和与巴菲特的比较，除了他作为敏锐投资者的声誉外，巴菲特还享有文化基石的地位——如果说巴菲特是金融界的罗杰斯先生，那么他的银行账户足够大，可以购买整个邻里及其周边。</p>
<p>对于一些员工来说，在 Abel 手下工作将没有在巴菲特手下工作的那种声望，这可能会导致更多的流动性。</p>
<p>周一的管理层变动是巴菲特向 Abel 交接的广泛预期和公开化的一部分，Abel 将在 1 月接管伯克希尔。</p>
<p>随着首席执行官的更替，一些变化是不可避免的，但周一公告的时机有些令人惊讶，KBW 的分析师 Meyer Shields 表示。因为在巴菲特仍然担任首席执行官的情况下，这可能是为了向市场传达他们得到了巴菲特的批准。</p>
<p>其他人则认为 Combs 的离职至少不算意外。</p>
<p>Semper Augustus Investments Group 的总裁兼首席投资官 Christopher Bloomstran 表示，Combs 之前的角色，包括在摩根大通董事会任职九年（他将放弃这一席位）和领导 Geico，“表明他在管理伯克希尔较小部分股权投资组合中的角色减弱”，他与另一位伯克希尔的选股者 Ted Weschler 共同管理。</p>
<p>Bloomstran 表示，巴菲特明确表示 Abel 将负责整体资本配置，包括对公开交易股票的重大投资。</p>
<p>“Todd 可能希望管理更多或全部投资组合，但这不会发生，” Bloomstran 说。</p>
<p>鉴于他缺乏再保险经验，Bloomstran 认为 Combs 并不是接替当前保险业务副董事长 Ajit Jain 的现实候选人。</p>
<p>他说，Weschler 现在有可能在与 Abel 合作进行 “重大投资” 的情况下，监督伯克希尔更大部分的股权投资组合。</p>
<p>VistaShares 的首席执行官 Adam Patti 也表达了类似的观点，该公司管理着 VistaShares Target 15 Berkshire Select Income ETF OMAH。该 ETF 持有伯克希尔的股票和伯克希尔前 20 大持股的股份。</p>
<p>“我认为这不是个问题，” Patti 在被问及 Combs 的离职时对 MarketWatch 表示。</p>
<p>从投资者的角度来看，首席执行官更替后总会有一些犹豫，但在伯克希尔的情况下，Patti 表示这已经在 5 月发生，当时巴菲特宣布退休。该股票在 5 月 2 日的收盘创下纪录，随后在投资者对这一消息作出反应的当天下跌了 5.1%。</p>
<p>公司的剩余选股者，以及像 Abel 和 Weschler 这样的日常运营管理者，都深受巴菲特理念的影响，因此公司的长期发展轨迹不应改变，他说。</p>
<p>“公司整体的前景与领导层变动公告前一天是一样的，” Patti 说。</p>
<p>也就是说，华尔街上有些人认为，尽管剩余领导者在保持公司沿着巴菲特的航向前进方面可能非常有能力，但短期内进一步的领导层变动的可能性是伯克希尔面临的挑战之一。</p>
<p>Combs 无疑是伯克希尔的强大资产，因此失去他会带来一些负面影响，正如华尔街资深投资者 Doug Kass 所说，他是对冲基金 Seabreeze Partners Management 的总裁。（十年前，Kass 是巴菲特选择的分析师小组中的怀疑者和空头，负责回答公司在年度会议上提出的问题。）</p>
<p>Kass 表示，伯克希尔投资者可能面临的另一个问题是估值。</p>
<p>“我一直认为，自从沃伦宣布他的接班人，” 加上周一的公告，伯克希尔股票相对于其他多元化企业和综合企业的溢价估值将缩小，Kass 说。</p>
<p>“这正是自他最初打算辞职以来几个月发生的事情。我认为巴菲特的溢价会随着时间的推移继续消散，” Kass 说。</p>
<p>自 5 月 3 日宣布巴菲特退休以来，伯克希尔的股票在周一之前已经下跌了 7.9%，而标准普尔 500 指数上涨了 20.4%。最近，情况略有好转，自 10 月底以来，伯克希尔的股票上涨了 4.1%，而标准普尔 500 仅上涨了 0.1%。</p>
<p>Kass 还指出，巴菲特在伯克希尔持续积累现金，可能不仅反映了巴菲特对整体股权估值的看法，“还反映了他希望给 Greg 留下一个坚如磐石的资产负债表” 和一个可以通过多元化和收购进行创造的空白画布。</p>
<p>该公司还面临 Geico、伯克希尔哈撒韦再保险和伯灵顿北方圣菲的利润可能恶化，以及伯克希尔哈撒韦能源的税收抵免不确定性，KBW 的 Shields 表示。</p>
<p>“如果我有机会见到 [Abel]，我会恳求他改善伯克希尔的披露，” 分析师说。那种较弱的披露水平可能对那些合理依赖巴菲特存在的投资者来说显得不足。</p>
<p>Shields 表示，Abel 可能也不想成为公司的公众面孔，并引发与巴菲特的 “长期比较”。</p>
<p>-Claudia Assis -Tomi Kilgore</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>12-09-25 0726ET</p>

伯克希尔哈撒韦-B

伯克希尔哈撒韦-A

南方两倍做多伯克希尔

<p>随着沃伦·巴菲特的退休，伯克希尔哈撒韦面临挑战，包括高管更替和股票溢价缩小。关键股票挑选者托德·科姆斯将离职前往摩根大通，但他的离开被视为无关紧要。首席执行官接班人格雷格·阿贝尔将面临审查，尽管公司的投资理念保持不变，但进一步的领导层更替令人担忧。这些变化可能导致股票估值缩小</p>

<p>By Claudia Assis and Tomi Kilgore</p>
<div class="lb-trans"><p>由 Claudia Assis 和 Tomi Kilgore 撰写</p>
</div><p>Leadership turnover and losing the Buffett premium could weigh on the stock, even if the Berkshire's investment philosophy doesn't change much</p>
<div class="lb-trans"><p>领导层变动和失去巴菲特溢价可能会对股票造成压力，即使伯克希尔的投资理念变化不大</p>
</div><p>There are a number of issues that may weight on Berkshire Hathaway's stock after Buffett retires, but concerns over losing a key stock picker, Todd Combs, doesn't seem to be one of them.</p>
<div class="lb-trans"><p>在巴菲特退休后，伯克希尔哈撒韦面临许多问题，但对失去关键选股者 Todd Combs 的担忧似乎并不是其中之一。</p>
</div><p>Berkshire Hathaway faces plenty of challenges as Warren Buffett steps down later this year, but higher executive turnover and a narrowing of the premium the stock has enjoyed under the &#34;Oracle of Omaha&#34; are likely among the more pressing ones.</p>
<div class="lb-trans"><p>随着沃伦·巴菲特在今年晚些时候的辞职，伯克希尔哈撒韦面临许多挑战，但高管流动性增加和股票在 “奥马哈先知” 领导下享有的溢价缩小，可能是更紧迫的问题。</p>
</div><p>Wall Street got a taste of that turnover on Monday, with Berkshire's (BRK.B) (BRK.A) announcement that Todd Combs, the Geico chief executive and one of Buffett's key stock pickers, was leaving for JPMorgan Chase (JPM). Longtime CFO Marc Hamburg is also departing and will step down on June 1, 2026.</p>
<div class="lb-trans"><p>华尔街在周一体验到了这种变动，伯克希尔（BRK.B）（BRK.A）宣布 Geico 首席执行官及巴菲特的关键选股者之一 Todd Combs 将离职，前往摩根大通（JPM）。长期担任首席财务官的 Marc Hamburg 也将离职，并将于 2026 年 6 月 1 日辞职。</p>
</div><p>Handpicked CEO successor Greg Abel will, of course, face a lot of scrutiny and comparisons with Buffett, who, besides his reputation as a keen investing mind, also enjoyed the status of a cultural cornerstone - somewhat of a Mister Rogers of finance, if Mister Rogers had a bank account big enough to buy his entire neighborhood and then some.</p>
<div class="lb-trans"><p>被精心挑选的首席执行官接班人 Greg Abel 当然将面临大量审查和与巴菲特的比较，除了他作为敏锐投资者的声誉外，巴菲特还享有文化基石的地位——如果说巴菲特是金融界的罗杰斯先生，那么他的银行账户足够大，可以购买整个邻里及其周边。</p>
</div><p>For some employees, working under Abel won't have the same cachet as working for Buffett, which could precipitate more turnover.</p>
<div class="lb-trans"><p>对于一些员工来说，在 Abel 手下工作将没有在巴菲特手下工作的那种声望，这可能会导致更多的流动性。</p>
</div><p>Monday's management changes were part of the widely anticipated and publicized handoff from Buffett to Abel, who will take the reins at Berkshire in January.</p>
<div class="lb-trans"><p>周一的管理层变动是巴菲特向 Abel 交接的广泛预期和公开化的一部分，Abel 将在 1 月接管伯克希尔。</p>
</div><p>Some change is inevitable with the CEO turnover, but the timing of Monday's announcement was a little surprising, said Meyer Shields, an analyst with KBW. Coming while Buffett is still CEO, perhaps it was meant to signal to the market that they met with Buffett's approval, he said.</p>
<div class="lb-trans"><p>随着首席执行官的更替，一些变化是不可避免的，但周一公告的时机有些令人惊讶，KBW 的分析师 Meyer Shields 表示。因为在巴菲特仍然担任首席执行官的情况下，这可能是为了向市场传达他们得到了巴菲特的批准。</p>
</div><p>Others viewed Combs' departure, at least, as less of a surprise.</p>
<div class="lb-trans"><p>其他人则认为 Combs 的离职至少不算意外。</p>
</div><p>Christopher Bloomstran, president and chief investment officer at Semper Augustus Investments Group, said that Combs' previous roles, which included sitting on JPMorgan's board of directors for nine years (a seat he will relinquish) and leading Geico, &#34;indicated a diminished role in managing the smaller portion of Berkshire's equity portfolio,&#34; which he did along with Ted Weschler, another of Berkshire's stock pickers.</p>
<div class="lb-trans"><p>Semper Augustus Investments Group 的总裁兼首席投资官 Christopher Bloomstran 表示，Combs 之前的角色，包括在摩根大通董事会任职九年（他将放弃这一席位）和领导 Geico，“表明他在管理伯克希尔较小部分股权投资组合中的角色减弱”，他与另一位伯克希尔的选股者 Ted Weschler 共同管理。</p>
</div><p>Buffett has made clear that Abel would be responsible for overall capital allocation, including meaningful investments in publicly traded equities, Bloomstran said.</p>
<div class="lb-trans"><p>Bloomstran 表示，巴菲特明确表示 Abel 将负责整体资本配置，包括对公开交易股票的重大投资。</p>
</div><p>&#34;Todd may have aspired to managing more or all of the portfolio, which wasn't going to happen,&#34; Bloomstran said.</p>
<div class="lb-trans"><p>“Todd 可能希望管理更多或全部投资组合，但这不会发生，” Bloomstran 说。</p>
</div><p>And given his lack of reinsurance experience, Bloomstran didn't believe Combs was a realistic candidate to succeed Ajit Jain, who is the current vice chairman of the insurance operations.</p>
<div class="lb-trans"><p>鉴于他缺乏再保险经验，Bloomstran 认为 Combs 并不是接替当前保险业务副董事长 Ajit Jain 的现实候选人。</p>
</div><p>He said there's a chance that Weschler will now oversee a larger portion of Berkshire's equity portfolio, in collaboration with Abel on &#34;materially large investments.&#34;</p>
<div class="lb-trans"><p>他说，Weschler 现在有可能在与 Abel 合作进行 “重大投资” 的情况下，监督伯克希尔更大部分的股权投资组合。</p>
</div><p>Those sentiments were echoed by Adam Patti, CEO of VistaShares, which manages the VistaShares Target 15 Berkshire Select Income ETF OMAH. The ETF holds Berkshire's stock and shares of Berkshire's top 20 holdings.</p>
<div class="lb-trans"><p>VistaShares 的首席执行官 Adam Patti 也表达了类似的观点，该公司管理着 VistaShares Target 15 Berkshire Select Income ETF OMAH。该 ETF 持有伯克希尔的股票和伯克希尔前 20 大持股的股份。</p>
</div><p>&#34;I think it's a non-issue,&#34; Patti told MarketWatch, when asked about Combs' departure.</p>
<div class="lb-trans"><p>“我认为这不是个问题，” Patti 在被问及 Combs 的离职时对 MarketWatch 表示。</p>
</div><p>From an investor's perspective, there should always be some pause after a CEO change, but in Berkshire's case Patti said that already happened in May when Buffett announced his retirement. The stock had closed at a record on May 2 before the retirement announcement, then fell 5.1% the day investors reacted to the news.</p>
<div class="lb-trans"><p>从投资者的角度来看，首席执行官更替后总会有一些犹豫，但在伯克希尔的情况下，Patti 表示这已经在 5 月发生，当时巴菲特宣布退休。该股票在 5 月 2 日的收盘创下纪录，随后在投资者对这一消息作出反应的当天下跌了 5.1%。</p>
</div><p>The company's remaining stock pickers, and those who run the daily operations, like Abel and Weschler, are steeped in Buffett's philosophy so the long-term trajectory of the company shouldn't change, he said.</p>
<div class="lb-trans"><p>公司的剩余选股者，以及像 Abel 和 Weschler 这样的日常运营管理者，都深受巴菲特理念的影响，因此公司的长期发展轨迹不应改变，他说。</p>
</div><p>&#34;The outlook for the company as a whole remains the same as it was&#34; the day before the announcement of the leadership changes, Patti said.</p>
<div class="lb-trans"><p>“公司整体的前景与领导层变动公告前一天是一样的，” Patti 说。</p>
</div><p>That said, there are those on Wall Street who believe that while the remaining leaders are likely to be very capable in keeping the ship on Buffett's course, the likelihood of further leadership turnover is among the challenges for Berkshire in the short term.</p>
<div class="lb-trans"><p>也就是说，华尔街上有些人认为，尽管剩余领导者在保持公司沿着巴菲特的航向前进方面可能非常有能力，但短期内进一步的领导层变动的可能性是伯克希尔面临的挑战之一。</p>
</div><p>Combs was certainly a strong asset for Berkshire, so there is some downside to losing him, as evidenced by the &#34;unique&#34; opportunity he was given at JPMorgan, said Wall Street veteran investor Doug Kass, president of hedge fund Seabreeze Partners Management. (A decade ago, Kass was the Berkshire skeptic and bear who Buffett selected for a panel of analysts asking questions that the company used to have at its annual meetings.)</p>
<div class="lb-trans"><p>Combs 无疑是伯克希尔的强大资产，因此失去他会带来一些负面影响，正如华尔街资深投资者 Doug Kass 所说，他是对冲基金 Seabreeze Partners Management 的总裁。（十年前，Kass 是巴菲特选择的分析师小组中的怀疑者和空头，负责回答公司在年度会议上提出的问题。）</p>
</div><p>Another problem for Berkshire investors might be valuation, Kass said.</p>
<div class="lb-trans"><p>Kass 表示，伯克希尔投资者可能面临的另一个问题是估值。</p>
</div><p>&#34;I have long felt that since Warren announced his replacement,&#34; plus Monday's announcements, that the premium valuation of Berkshire's stock relative to other diversified businesses and conglomerates would narrow, Kass said.</p>
<div class="lb-trans"><p>“我一直认为，自从沃伦宣布他的接班人，” 加上周一的公告，伯克希尔股票相对于其他多元化企业和综合企业的溢价估值将缩小，Kass 说。</p>
</div><p>&#34;That is exactly what has happened during the months since his original intention to step down. And I think the Buffett premium continues to dissipate over time,&#34; Kass said.</p>
<div class="lb-trans"><p>“这正是自他最初打算辞职以来几个月发生的事情。我认为巴菲特的溢价会随着时间的推移继续消散，” Kass 说。</p>
</div><p>Since Buffett's retirement was announced on May 3, Berkshire's stock has shed 7.9% through Monday, while the S&amp;P 500 index SPX has run up 20.4%. More recently, the fortunes have changed a bit, with Berkshire's stock up 4.1% since the end of October while the S&amp;P 500 has inched up just 0.1%.</p>
<div class="lb-trans"><p>自 5 月 3 日宣布巴菲特退休以来，伯克希尔的股票在周一之前已经下跌了 7.9%，而标准普尔 500 指数上涨了 20.4%。最近，情况略有好转，自 10 月底以来，伯克希尔的股票上涨了 4.1%，而标准普尔 500 仅上涨了 0.1%。</p>
</div><p>Kass also noted that Buffett has steadily been accumulating cash at Berkshire for a while, perhaps reflecting not only Buffett's view on overall equity valuations, &#34;but also his intention to leave Greg with a fortress-like balance sheet&#34; and a blank canvas to create with, through diversifications and acquisitions.</p>
<div class="lb-trans"><p>Kass 还指出，巴菲特在伯克希尔持续积累现金，可能不仅反映了巴菲特对整体股权估值的看法，“还反映了他希望给 Greg 留下一个坚如磐石的资产负债表” 和一个可以通过多元化和收购进行创造的空白画布。</p>
</div><p>The company is also facing likely deteriorating profits at Geico, Berkshire Hathaway Reinsurance and Burlington Northern Santa Fe, and tax-credit uncertainty at Berkshire Hathaway Energy, KBW's Shields said.</p>
<div class="lb-trans"><p>该公司还面临 Geico、伯克希尔哈撒韦再保险和伯灵顿北方圣菲的利润可能恶化，以及伯克希尔哈撒韦能源的税收抵免不确定性，KBW 的 Shields 表示。</p>
</div><p>&#34;If I had a chance to meet [Abel] I would implore him to improve Berkshire's disclosures,&#34; the analyst said. That same level of weaker disclosures may prove to be inadequate to investors who were justifiably comfortable relying on Buffett's presence.</p>
<div class="lb-trans"><p>“如果我有机会见到 [Abel]，我会恳求他改善伯克希尔的披露，” 分析师说。那种较弱的披露水平可能对那些合理依赖巴菲特存在的投资者来说显得不足。</p>
</div><p>Abel also might not want to become the public face of the company and draw &#34;perennial comparisons&#34; with Buffett, Shields said.</p>
<div class="lb-trans"><p>Shields 表示，Abel 可能也不想成为公司的公众面孔，并引发与巴菲特的 “长期比较”。</p>
</div><p>-Claudia Assis -Tomi Kilgore</p>
<div class="lb-trans"><p>-Claudia Assis -Tomi Kilgore</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>12-09-25 0726ET</p>
<div class="lb-trans"><p>12-09-25 0726ET</p>
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Berkshire has problems brewing after Buffett leaves, but losing stock picker Todd Combs isn't one of them

- 巴菲特退休后，伯克希尔哈撒韦面临高管更替和估值下降的挑战。  
- 关键投资者汤德·科姆斯离职，可能影响公司股价。  
- 尽管如此，长期投资理念预计不会改变。

伯克希尔在巴菲特离任后面临问题，但失去选股专家 Todd Combs 并不在其中