<p>我发现大卫·泰珀对惠而浦的投资非常有趣，我之前也写过相关内容。</p>
<p>他是一位宏观投资者，在 Appaloosa 的表现几乎无人能及。在第三季度，他披露了对这家家电制造商近 10% 的股份，但到目前为止，这笔投资并未证明是一个成功的选择。</p>
<p>他上周发布的第四季度文件显示，他已经失去了耐心，持股比例减少了 29%。尽管如此，他仍然拥有该公司的大量股份，这大约是他第七大持仓，具体取决于任何时刻的股价。</p>
<p>昨天，惠而浦宣布了一项巨额稀释，今天通过股票和可转换优先股将其规模扩大至约 10 亿美元（在 60 亿美元的公司中）。这似乎是泰珀的临界点，他向惠而浦董事会发送了这封信。</p>
<p>女士们，先生们，</p>
<p>作为其最大股东之一，我们对惠而浦公司最近的股权发行感到震惊，这导致了对股东的大量不必要稀释。我们认为这一举动反映了董事会和高级管理团队的判断力严重缺失。</p>
<p>值得强调几点：</p>
<ol>
<li>此次发行的资本成本非常高，似乎超过 10%，其声明意图是减少债务。尽管公司的债务在资本市场的税后资本成本低于 5%，但仍然进行了此项操作。</li>
<li>尽管有相反的声明，我们认为惠而浦并未妥善利用特朗普政府实施的关税，既没有寻求与处于劣势的外国公司建立合作关系，也没有部分或全部合并其运营。我们相信这样做不仅会改善公司的前景并提升股东权益价值，还将带来更多的美国就业机会。</li>
</ol>
<p>当然，任何交易都可能导致高级管理层的潜在更替。对我们来说显而易见——也应该对所有股东显而易见——巩固自身地位是管理层的主要目标。在稀释公司现有股东权益的同时，保住工作不应是目标。</p>
<p>多年来，这个管理团队已经摧毁了数亿美元的股东价值。够了，不能再找借口了。我们敦促董事会 (i) 牢记其受托责任，不要接受管理层纯粹出于自身利益的行为，以及 (ii) 邀请希望创造美国就业机会并增加股东价值的国内实体或外国公司对惠而浦产生兴趣。</p>
<p>诚挚的，</p>
<p>大卫·A·泰珀</p>
<p>信中关键部分是提到与外国公司 “部分或全部合并其运营”。他基本上是在告诉公司将自己挂牌出售，但又说高级管理层不想这样做，因为他们会失去工作。</p>
<p>请注意，泰珀在惠而浦股票上的成本约为 78.60 美元，而开盘后交易价格为 71.45 美元。本周来自家得宝和 Lowe's 对房地产市场的评论并未激发人们对公司能否在短期内受益于周期性顺风的信心。</p>

惠而浦

<p>大卫·泰珀（David Tepper），惠而浦的主要股东，对公司最近的 10 亿美元股权发行表示不满，他认为这不必要地稀释了股东价值。泰珀批评管理层判断失误，并敦促董事会考虑与外国公司合并运营，以提升股权价值并在美国创造就业机会。他指出，管理层对保留工作的关注对股东利益造成了损害。泰珀在惠而浦的投资已大幅减少，股票交易价格低于他的购买价格</p>

<p>I find David Tepper's investment in Whirlpool to be an interesting one and I've written about it before.</p>
<div class="lb-trans"><p>我发现大卫·泰珀对惠而浦的投资非常有趣，我之前也写过相关内容。</p>
</div><p>He's a macro investor who has done it better than almost anyone at Appaloosa . In Q3, he disclosed a nearly 10% stake in the appliance maker but so far it hasn't proven to be a great investment.</p>
<div class="lb-trans"><p>他是一位宏观投资者，在 Appaloosa 的表现几乎无人能及。在第三季度，他披露了对这家家电制造商近 10% 的股份，但到目前为止，这笔投资并未证明是一个成功的选择。</p>
</div><p>His Q4 filing released last week showed that he's already losing patience as it was cut by 29%. Still, he owns a huge part of the company and it's about his 7th largest position, depending on the share price at any given moment.</p>
<div class="lb-trans"><p>他上周发布的第四季度文件显示，他已经失去了耐心，持股比例减少了 29%。尽管如此，他仍然拥有该公司的大量股份，这大约是他第七大持仓，具体取决于任何时刻的股价。</p>
</div><p>Yesterday, Whirlpool announced a huge dilution that was upsized today to about $1 billion (on a $6 billion company) via stock and convertible preferreds. That appears to be the breaking point for Tepper, who sent this letter to the WHR board.</p>
<div class="lb-trans"><p>昨天，惠而浦宣布了一项巨额稀释，今天通过股票和可转换优先股将其规模扩大至约 10 亿美元（在 60 亿美元的公司中）。这似乎是泰珀的临界点，他向惠而浦董事会发送了这封信。</p>
</div><p>Ladies and Gentlemen,</p>
<div class="lb-trans"><p>女士们，先生们，</p>
</div><p>As one of its largest shareholders, we looked on with a certain astonishment at Whirlpool Corporation's recent issuance of equity, which resulted in a large, unnecessary dilution of shareholders. We believe this action reflects a striking lack of judgment on the part of the Board and senior management team.</p>
<div class="lb-trans"><p>作为其最大股东之一，我们对惠而浦公司最近的股权发行感到震惊，这导致了对股东的大量不必要稀释。我们认为这一举动反映了董事会和高级管理团队的判断力严重缺失。</p>
</div><p>A few points worth highlighting:</p>
<div class="lb-trans"><p>值得强调几点：</p>
</div><ol>
<li>This issuance was done at a very high cost of capital, seemingly exceeding 10%, with the stated intent to reduce debt. This was done even though the Company's debt is trading in the capital markets at a tax adjusted cost of capital below 5%.</li>
<li>Despite statements indicating otherwise, we believe Whirlpool has not looked to properly take advantage of the tariffs instituted by the Trump administration, either by seeking partnerships with, or by merging in whole or part its operations with, disadvantaged foreign companies. We believe doing so will not only improve the Company's prospects and enhance equity value, but also will provide the added benefit of bringing more jobs to the United States.</li>
</ol>
<div class="lb-trans"><ol>
<li>此次发行的资本成本非常高，似乎超过 10%，其声明意图是减少债务。尽管公司的债务在资本市场的税后资本成本低于 5%，但仍然进行了此项操作。</li>
<li>尽管有相反的声明，我们认为惠而浦并未妥善利用特朗普政府实施的关税，既没有寻求与处于劣势的外国公司建立合作关系，也没有部分或全部合并其运营。我们相信这样做不仅会改善公司的前景并提升股东权益价值，还将带来更多的美国就业机会。</li>
</ol>
</div><p>Of course, any transaction could result in potential displacement of senior management. It is abundantly clear to us — and should be to all shareholders — that entrenching themselves is management's main objective. Job preservation, while diluting outstanding equity interest in the Company, should not be the goal.</p>
<div class="lb-trans"><p>当然，任何交易都可能导致高级管理层的潜在更替。对我们来说显而易见——也应该对所有股东显而易见——巩固自身地位是管理层的主要目标。在稀释公司现有股东权益的同时，保住工作不应是目标。</p>
</div><p>Over the years this management team has destroyed hundreds of millions of dollars of shareholder value. Enough is enough. There can be no more excuses. We encourage the Board to (i) remember their fiduciary responsibilities and not accept management acting purely in its own self-interest, and (ii) invite domestic entities or foreign corporations who want to create American jobs and increase shareholder value to take an interest in Whirlpool.</p>
<div class="lb-trans"><p>多年来，这个管理团队已经摧毁了数亿美元的股东价值。够了，不能再找借口了。我们敦促董事会 (i) 牢记其受托责任，不要接受管理层纯粹出于自身利益的行为，以及 (ii) 邀请希望创造美国就业机会并增加股东价值的国内实体或外国公司对惠而浦产生兴趣。</p>
</div><p>Sincerely,</p>
<div class="lb-trans"><p>诚挚的，</p>
</div><p>David A. Tepper</p>
<div class="lb-trans"><p>大卫·A·泰珀</p>
</div><p>The key part of the letter is saying to merge &#34;in whole or part its operation&#34; with foreign companies. He's basically telling the company to put itself up for sale but is saying that senior management doesn't want to do that because they would lose their jobs.</p>
<div class="lb-trans"><p>信中关键部分是提到与外国公司 “部分或全部合并其运营”。他基本上是在告诉公司将自己挂牌出售，但又说高级管理层不想这样做，因为他们会失去工作。</p>
</div><p>Note that Tepper's cost on WHR shares is about $78.60 and it's trading at $71.45 just after the open. This week's comments on the housing market from Home Depot and Lowe's don't inspire much confidence that the company will benefit from cyclical tailwinds any time soon.</p>
<div class="lb-trans"><p>请注意，泰珀在惠而浦股票上的成本约为 78.60 美元，而开盘后交易价格为 71.45 美元。本周来自家得宝和 Lowe's 对房地产市场的评论并未激发人们对公司能否在短期内受益于周期性顺风的信心。</p>
</div>

David Tepper 建议惠而浦考虑出售自身