<p><strong>伯克希爾哈撒韋</strong>(BRK.A -0.86%) (BRK.B -1.29%) 的財報發佈方式略有不同。首先，管理層不像大多數公司那樣召開季度財報電話會議。首席執行官沃倫·巴菲特堅持在週六發佈財報，以便投資者有足夠的時間消化數據，直到股市開盤。</p>
<p>在伯克希爾預計於 8 月 2 日（週六）發佈的第二季度財報中，有幾個關鍵數字投資者將密切關注。伯克希爾來自其業務的運營收益是最明顯的例子。此外，公司現金儲備在第一季度末達到了 3477 億美元的歷史新高。</p>
<p>最後，雖然在財報發佈後的幾周內我們無法知道伯克希爾具體買賣了哪些股票（因為它需要向政府提交文件），但我們通常可以通過查看其投資組合的報告成本基礎來判斷伯克希爾在季度內是淨買入還是淨賣出股票。我們還將獲得有關伯克希爾是否決定回購自家股票的詳細信息。</p>
<p>在本文中，我將討論為什麼這家萬億公司在財報發佈前可能是一個穩健的投資。</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>圖片來源：The Motley Fool。</p>
<h2>伯克希爾現在應該更有價值</h2>
<p>在伯克希爾準備發佈的第二季度期間，<strong>標準普爾 500 指數</strong> 上漲了 10.4%，而伯克希爾的許多主要股票持倉表現相當不錯。儘管 <strong>蘋果</strong>(NASDAQ: AAPL) 因關税問題在季度內略微下跌，但伯克希爾的第二大和第三大投資 <strong>美國運通</strong>(NYSE: AXP) 和 <strong>美國銀行</strong>(NYSE: BAC) 在第二季度分別上漲了 20% 和 15%。儘管如此，伯克希爾的股票價格仍顯著低於季度初的水平，主要是因為首席執行官沃倫·巴菲特在公司 5 月的年度會議上宣佈了退休計劃。</p>
<p>此外，雖然我們要到 8 月中旬才能知道伯克希爾第二季度的股票投資組合活動，但伯克希爾已經龐大的 3480 億美元現金儲備很可能進一步增加。然而，正如我稍後將討論的，我也不會感到驚訝，如果得知伯克希爾在第二季度恢復了股票回購，這可能會限制公司現金的增長。</p>
<p>最後，伯克希爾擁有一系列（大多數是）抗關税的業務。當然，專門在美國運營的企業可能仍會受到關税的二次影響，但伯克希爾在抵禦進口關税影響方面比大多數公司更具韌性。</p>
<h2>價值比你想象的更好</h2>
<p>在當前的股價下，伯克希爾哈撒韋的市值約為 1.02 萬億美元，顯著低於幾個月前巴菲特宣佈退休計劃之前的水平。同時，股票投資組合的價值顯著增加，而伯克希爾仍然擁有相同（或更多）的現金。</p>
<p>這樣想吧。根據目前的情況，伯克希爾的股票投資組合價值約為 2920 億美元。去掉這些和 3480 億美元現金後，伯克希爾的運營業務估值約為 3800 億美元。</p>
<p>我們很快會得到更新的數據，但伯克希爾在過去四個季度中從其業務中產生了約 330 億美元的運營利潤，不包括投資收入。這表明市場對伯克希爾的業務估值僅為運營收益的 11.5 倍。我上次查看這些數據是在 5 月底，當時這個比率為 14。因此，如果我們發現伯克希爾恢復了股票回購，我不會感到驚訝。</p>
<h2>在財報發佈前，伯克希爾值得買入嗎？</h2>
<p>當然，我不知道伯克希爾哈撒韋的收益將會是多少，報告中的某些部分（例如保險承保收入）可能相當不可預測。但關鍵是，這是一家穩健的企業，交易價格遠低於高點，而此時標準普爾 500 指數接近歷史最高點。</p>
<p>沃倫·巴菲特的離開不太可能對日常業務產生重大影響；伯克希爾仍然擁有出色的領導團隊；而且公司在機會出現時具有無與倫比的財務靈活性。伯克希爾已經是我投資組合中最大的股票投資之一，但如果當前價格水平持續，我可能會增加持股。在財報發佈前，這是一個值得買入的機會。</p>

伯克希爾哈撒韋-A

伯克希爾哈撒韋-B

南方兩倍做多伯克希爾

<p>伯克希爾哈撒韋預計將在 8 月 2 日公佈其第二季度財報，關鍵指標包括運營收益和現金儲備，後者達到了 3477 億美元。儘管標準普爾 500 指數表現強勁，但由於首席執行官沃倫·巴菲特的退休公告，伯克希爾的股票出現下跌。目前市值約為 1.02 萬億美元，其運營業務的估值為 3800 億美元，這表明其以 11.5 倍的運營收益被低估。分析師認為，考慮到其財務靈活性和強大的領導力，伯克希爾在財報公佈前可能是一個穩健的投資選擇</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>伯克希爾哈撒韋</strong>(BRK.A -0.86%) (BRK.B -1.29%) 的財報發佈方式略有不同。首先，管理層不像大多數公司那樣召開季度財報電話會議。首席執行官沃倫·巴菲特堅持在週六發佈財報，以便投資者有足夠的時間消化數據，直到股市開盤。</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>在伯克希爾預計於 8 月 2 日（週六）發佈的第二季度財報中，有幾個關鍵數字投資者將密切關注。伯克希爾來自其業務的運營收益是最明顯的例子。此外，公司現金儲備在第一季度末達到了 3477 億美元的歷史新高。</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>最後，雖然在財報發佈後的幾周內我們無法知道伯克希爾具體買賣了哪些股票（因為它需要向政府提交文件），但我們通常可以通過查看其投資組合的報告成本基礎來判斷伯克希爾在季度內是淨買入還是淨賣出股票。我們還將獲得有關伯克希爾是否決定回購自家股票的詳細信息。</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，我將討論為什麼這家萬億公司在財報發佈前可能是一個穩健的投資。</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>圖片來源：The Motley Fool。</p>
</div><h2>Berkshire should be <em>more</em> valuable now</h2>
<div class="lb-trans"><h2>伯克希爾現在應該更有價值</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>在伯克希爾準備發佈的第二季度期間，<strong>標準普爾 500 指數</strong> 上漲了 10.4%，而伯克希爾的許多主要股票持倉表現相當不錯。儘管 <strong>蘋果</strong>(NASDAQ: AAPL) 因關税問題在季度內略微下跌，但伯克希爾的第二大和第三大投資 <strong>美國運通</strong>(NYSE: AXP) 和 <strong>美國銀行</strong>(NYSE: BAC) 在第二季度分別上漲了 20% 和 15%。儘管如此，伯克希爾的股票價格仍顯著低於季度初的水平，主要是因為首席執行官沃倫·巴菲特在公司 5 月的年度會議上宣佈了退休計劃。</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，雖然我們要到 8 月中旬才能知道伯克希爾第二季度的股票投資組合活動，但伯克希爾已經龐大的 3480 億美元現金儲備很可能進一步增加。然而，正如我稍後將討論的，我也不會感到驚訝，如果得知伯克希爾在第二季度恢復了股票回購，這可能會限制公司現金的增長。</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>最後，伯克希爾擁有一系列（大多數是）抗關税的業務。當然，專門在美國運營的企業可能仍會受到關税的二次影響，但伯克希爾在抵禦進口關税影響方面比大多數公司更具韌性。</p>
</div><h2>A better value than you might think</h2>
<div class="lb-trans"><h2>價值比你想象的更好</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>在當前的股價下，伯克希爾哈撒韋的市值約為 1.02 萬億美元，顯著低於幾個月前巴菲特宣佈退休計劃之前的水平。同時，股票投資組合的價值顯著增加，而伯克希爾仍然擁有相同（或更多）的現金。</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>這樣想吧。根據目前的情況，伯克希爾的股票投資組合價值約為 2920 億美元。去掉這些和 3480 億美元現金後，伯克希爾的運營業務估值約為 3800 億美元。</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>我們很快會得到更新的數據，但伯克希爾在過去四個季度中從其業務中產生了約 330 億美元的運營利潤，不包括投資收入。這表明市場對伯克希爾的業務估值僅為運營收益的 11.5 倍。我上次查看這些數據是在 5 月底，當時這個比率為 14。因此，如果我們發現伯克希爾恢復了股票回購，我不會感到驚訝。</p>
</div><h2>Is Berkshire a buy before earnings?</h2>
<div class="lb-trans"><h2>在財報發佈前，伯克希爾值得買入嗎？</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>當然，我不知道伯克希爾哈撒韋的收益將會是多少，報告中的某些部分（例如保險承保收入）可能相當不可預測。但關鍵是，這是一家穩健的企業，交易價格遠低於高點，而此時標準普爾 500 指數接近歷史最高點。</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>沃倫·巴菲特的離開不太可能對日常業務產生重大影響；伯克希爾仍然擁有出色的領導團隊；而且公司在機會出現時具有無與倫比的財務靈活性。伯克希爾已經是我投資組合中最大的股票投資之一，但如果當前價格水平持續，我可能會增加持股。在財報發佈前，這是一個值得買入的機會。</p>
</div>

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

- 伯克希爾哈撒韋將於 8 月 2 日發佈第二季度財報。  
- 預計運營收益和現金儲備將成為投資者關注的重點。  
- 儘管巴菲特宣佈退休，公司的市場估值仍低於歷史高點。  

為什麼伯克希爾哈撒韋的股票在 8 月 2 日之前值得購買