<p>由 Claudia Assis 和 Tomi Kilgore 撰寫</p>
<p>領導層變動和失去巴菲特溢價可能會對股票造成壓力，即使伯克希爾的投資理念變化不大</p>
<p>在巴菲特退休後，伯克希爾哈撒韋面臨許多問題，但對失去關鍵選股者 Todd Combs 的擔憂似乎並不是其中之一。</p>
<p>隨着沃倫·巴菲特在今年晚些時候的辭職，伯克希爾哈撒韋面臨許多挑戰，但高管流動性增加和股票在 “奧馬哈先知” 領導下享有的溢價縮小，可能是更緊迫的問題。</p>
<p>華爾街在週一體驗到了這種變動，伯克希爾（BRK.B）（BRK.A）宣佈 Geico 首席執行官及巴菲特的關鍵選股者之一 Todd Combs 將離職，前往摩根大通（JPM）。長期擔任首席財務官的 Marc Hamburg 也將離職，並將於 2026 年 6 月 1 日辭職。</p>
<p>被精心挑選的首席執行官接班人 Greg Abel 當然將面臨大量審查和與巴菲特的比較，除了他作為敏鋭投資者的聲譽外，巴菲特還享有文化基石的地位——如果説巴菲特是金融界的羅傑斯先生，那麼他的銀行賬户足夠大，可以購買整個鄰里及其周邊。</p>
<p>對於一些員工來説，在 Abel 手下工作將沒有在巴菲特手下工作的那種聲望，這可能會導致更多的流動性。</p>
<p>週一的管理層變動是巴菲特向 Abel 交接的廣泛預期和公開化的一部分，Abel 將在 1 月接管伯克希爾。</p>
<p>隨着首席執行官的更替，一些變化是不可避免的，但週一公告的時機有些令人驚訝，KBW 的分析師 Meyer Shields 表示。因為在巴菲特仍然擔任首席執行官的情況下，這可能是為了向市場傳達他們得到了巴菲特的批准。</p>
<p>其他人則認為 Combs 的離職至少不算意外。</p>
<p>Semper Augustus Investments Group 的總裁兼首席投資官 Christopher Bloomstran 表示，Combs 之前的角色，包括在摩根大通董事會任職九年（他將放棄這一席位）和領導 Geico，“表明他在管理伯克希爾較小部分股權投資組合中的角色減弱”，他與另一位伯克希爾的選股者 Ted Weschler 共同管理。</p>
<p>Bloomstran 表示，巴菲特明確表示 Abel 將負責整體資本配置，包括對公開交易股票的重大投資。</p>
<p>“Todd 可能希望管理更多或全部投資組合，但這不會發生，” Bloomstran 説。</p>
<p>鑑於他缺乏再保險經驗，Bloomstran 認為 Combs 並不是接替當前保險業務副董事長 Ajit Jain 的現實候選人。</p>
<p>他説，Weschler 現在有可能在與 Abel 合作進行 “重大投資” 的情況下，監督伯克希爾更大部分的股權投資組合。</p>
<p>VistaShares 的首席執行官 Adam Patti 也表達了類似的觀點，該公司管理着 VistaShares Target 15 Berkshire Select Income ETF OMAH。該 ETF 持有伯克希爾的股票和伯克希爾前 20 大持股的股份。</p>
<p>“我認為這不是個問題，” Patti 在被問及 Combs 的離職時對 MarketWatch 表示。</p>
<p>從投資者的角度來看，首席執行官更替後總會有一些猶豫，但在伯克希爾的情況下，Patti 表示這已經在 5 月發生，當時巴菲特宣佈退休。該股票在 5 月 2 日的收盤創下紀錄，隨後在投資者對這一消息作出反應的當天下跌了 5.1%。</p>
<p>公司的剩餘選股者，以及像 Abel 和 Weschler 這樣的日常運營管理者，都深受巴菲特理念的影響，因此公司的長期發展軌跡不應改變，他説。</p>
<p>“公司整體的前景與領導層變動公告前一天是一樣的，” Patti 説。</p>
<p>也就是説，華爾街上有些人認為，儘管剩餘領導者在保持公司沿着巴菲特的航向前進方面可能非常有能力，但短期內進一步的領導層變動的可能性是伯克希爾面臨的挑戰之一。</p>
<p>Combs 無疑是伯克希爾的強大資產，因此失去他會帶來一些負面影響，正如華爾街資深投資者 Doug Kass 所説，他是對沖基金 Seabreeze Partners Management 的總裁。（十年前，Kass 是巴菲特選擇的分析師小組中的懷疑者和空頭，負責回答公司在年度會議上提出的問題。）</p>
<p>Kass 表示，伯克希爾投資者可能面臨的另一個問題是估值。</p>
<p>“我一直認為，自從沃倫宣佈他的接班人，” 加上週一的公告，伯克希爾股票相對於其他多元化企業和綜合企業的溢價估值將縮小，Kass 説。</p>
<p>“這正是自他最初打算辭職以來幾個月發生的事情。我認為巴菲特的溢價會隨着時間的推移繼續消散，” Kass 説。</p>
<p>自 5 月 3 日宣佈巴菲特退休以來，伯克希爾的股票在週一之前已經下跌了 7.9%，而標準普爾 500 指數上漲了 20.4%。最近，情況略有好轉，自 10 月底以來，伯克希爾的股票上漲了 4.1%，而標準普爾 500 僅上漲了 0.1%。</p>
<p>Kass 還指出，巴菲特在伯克希爾持續積累現金，可能不僅反映了巴菲特對整體股權估值的看法，“還反映了他希望給 Greg 留下一個堅如磐石的資產負債表” 和一個可以通過多元化和收購進行創造的空白畫布。</p>
<p>該公司還面臨 Geico、伯克希爾哈撒韋再保險和伯靈頓北方聖菲的利潤可能惡化，以及伯克希爾哈撒韋能源的税收抵免不確定性，KBW 的 Shields 表示。</p>
<p>“如果我有機會見到 [Abel]，我會懇求他改善伯克希爾的披露，” 分析師説。那種較弱的披露水平可能對那些合理依賴巴菲特存在的投資者來説顯得不足。</p>
<p>Shields 表示，Abel 可能也不想成為公司的公眾面孔，並引發與巴菲特的 “長期比較”。</p>
<p>-Claudia Assis -Tomi Kilgore</p>
<p>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞通訊</p>
<p>12-09-25 0726ET</p>

伯克希爾哈撒韋-B

伯克希爾哈撒韋-A

南方兩倍做多伯克希爾

<p>隨着沃倫·巴菲特的退休，伯克希爾哈撒韋面臨挑戰，包括高管更替和股票溢價縮小。關鍵股票挑選者託德·科姆斯將離職前往摩根大通，但他的離開被視為無關緊要。首席執行官接班人格雷格·阿貝爾將面臨審查，儘管公司的投資理念保持不變，但進一步的領導層更替令人擔憂。這些變化可能導致股票估值縮小</p>

<p>By Claudia Assis and Tomi Kilgore</p>
<div class="lb-trans"><p>由 Claudia Assis 和 Tomi Kilgore 撰寫</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>領導層變動和失去巴菲特溢價可能會對股票造成壓力，即使伯克希爾的投資理念變化不大</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>在巴菲特退休後，伯克希爾哈撒韋面臨許多問題，但對失去關鍵選股者 Todd Combs 的擔憂似乎並不是其中之一。</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>隨着沃倫·巴菲特在今年晚些時候的辭職，伯克希爾哈撒韋面臨許多挑戰，但高管流動性增加和股票在 “奧馬哈先知” 領導下享有的溢價縮小，可能是更緊迫的問題。</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>華爾街在週一體驗到了這種變動，伯克希爾（BRK.B）（BRK.A）宣佈 Geico 首席執行官及巴菲特的關鍵選股者之一 Todd Combs 將離職，前往摩根大通（JPM）。長期擔任首席財務官的 Marc Hamburg 也將離職，並將於 2026 年 6 月 1 日辭職。</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>被精心挑選的首席執行官接班人 Greg Abel 當然將面臨大量審查和與巴菲特的比較，除了他作為敏鋭投資者的聲譽外，巴菲特還享有文化基石的地位——如果説巴菲特是金融界的羅傑斯先生，那麼他的銀行賬户足夠大，可以購買整個鄰里及其周邊。</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>對於一些員工來説，在 Abel 手下工作將沒有在巴菲特手下工作的那種聲望，這可能會導致更多的流動性。</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>週一的管理層變動是巴菲特向 Abel 交接的廣泛預期和公開化的一部分，Abel 將在 1 月接管伯克希爾。</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>隨着首席執行官的更替，一些變化是不可避免的，但週一公告的時機有些令人驚訝，KBW 的分析師 Meyer Shields 表示。因為在巴菲特仍然擔任首席執行官的情況下，這可能是為了向市場傳達他們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>其他人則認為 Combs 的離職至少不算意外。</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 的總裁兼首席投資官 Christopher Bloomstran 表示，Combs 之前的角色，包括在摩根大通董事會任職九年（他將放棄這一席位）和領導 Geico，“表明他在管理伯克希爾較小部分股權投資組合中的角色減弱”，他與另一位伯克希爾的選股者 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，巴菲特明確表示 Abel 將負責整體資本配置，包括對公開交易股票的重大投資。</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資組合，但這不會發生，” Bloomstran 説。</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>鑑於他缺乏再保險經驗，Bloomstran 認為 Combs 並不是接替當前保險業務副董事長 Ajit Jain 的現實候選人。</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>他説，Weschler 現在有可能在與 Abel 合作進行 “重大投資” 的情況下，監督伯克希爾更大部分的股權投資組合。</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 的首席執行官 Adam Patti 也表達了類似的觀點，該公司管理着 VistaShares Target 15 Berkshire Select Income ETF OMAH。該 ETF 持有伯克希爾的股票和伯克希爾前 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>“我認為這不是個問題，” Patti 在被問及 Combs 的離職時對 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>從投資者的角度來看，首席執行官更替後總會有一些猶豫，但在伯克希爾的情況下，Patti 表示這已經在 5 月發生，當時巴菲特宣佈退休。該股票在 5 月 2 日的收盤創下紀錄，隨後在投資者對這一消息作出反應的當天下跌了 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>公司的剩餘選股者，以及像 Abel 和 Weschler 這樣的日常運營管理者，都深受巴菲特理念的影響，因此公司的長期發展軌跡不應改變，他説。</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>“公司整體的前景與領導層變動公告前一天是一樣的，” Patti 説。</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>也就是説，華爾街上有些人認為，儘管剩餘領導者在保持公司沿着巴菲特的航向前進方面可能非常有能力，但短期內進一步的領導層變動的可能性是伯克希爾面臨的挑戰之一。</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 無疑是伯克希爾的強大資產，因此失去他會帶來一些負面影響，正如華爾街資深投資者 Doug Kass 所説，他是對沖基金 Seabreeze Partners Management 的總裁。（十年前，Kass 是巴菲特選擇的分析師小組中的懷疑者和空頭，負責回答公司在年度會議上提出的問題。）</p>
</div><p>Another problem for Berkshire investors might be valuation, Kass said.</p>
<div class="lb-trans"><p>Kass 表示，伯克希爾投資者可能面臨的另一個問題是估值。</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>“我一直認為，自從沃倫宣佈他的接班人，” 加上週一的公告，伯克希爾股票相對於其他多元化企業和綜合企業的溢價估值將縮小，Kass 説。</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>“這正是自他最初打算辭職以來幾個月發生的事情。我認為巴菲特的溢價會隨着時間的推移繼續消散，” Kass 説。</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 日宣佈巴菲特退休以來，伯克希爾的股票在週一之前已經下跌了 7.9%，而標準普爾 500 指數上漲了 20.4%。最近，情況略有好轉，自 10 月底以來，伯克希爾的股票上漲了 4.1%，而標準普爾 500 僅上漲了 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 還指出，巴菲特在伯克希爾持續積累現金，可能不僅反映了巴菲特對整體股權估值的看法，“還反映了他希望給 Greg 留下一個堅如磐石的資產負債表” 和一個可以通過多元化和收購進行創造的空白畫布。</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>該公司還面臨 Geico、伯克希爾哈撒韋再保險和伯靈頓北方聖菲的利潤可能惡化，以及伯克希爾哈撒韋能源的税收抵免不確定性，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>“如果我有機會見到 [Abel]，我會懇求他改善伯克希爾的披露，” 分析師説。那種較弱的披露水平可能對那些合理依賴巴菲特存在的投資者來説顯得不足。</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 可能也不想成為公司的公眾面孔，並引發與巴菲特的 “長期比較”。</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>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞通訊</p>
</div><p>12-09-25 0726ET</p>
<div class="lb-trans"><p>12-09-25 0726ET</p>
</div>

Berkshire has problems brewing after Buffett leaves, but losing stock picker Todd Combs isn't one of them

- 巴菲特退休後，伯克希爾哈撒韋面臨高管更替和估值下降的挑戰。  
- 關鍵投資者湯德·科姆斯離職，可能影響公司股價。  
- 儘管如此，長期投資理念預計不會改變。

伯克希爾在巴菲特離任後面臨問題，但失去選股專家 Todd Combs 並不在其中