<p>我發現大衞·泰珀對惠而浦的投資非常有趣，我之前也寫過相關內容。</p>
<p>他是一位宏觀投資者，在 Appaloosa 的表現幾乎無人能及。在第三季度，他披露了對這家家電製造商近 10% 的股份，但到目前為止，這筆投資並未證明是一個成功的選擇。</p>
<p>他上週發佈的第四季度文件顯示，他已經失去了耐心，持股比例減少了 29%。儘管如此，他仍然擁有該公司的大量股份，這大約是他第七大持倉，具體取決於任何時刻的股價。</p>
<p>昨天，惠而浦宣佈了一項鉅額稀釋，今天通過股票和可轉換優先股將其規模擴大至約 10 億美元（在 60 億美元的公司中）。這似乎是泰珀的臨界點，他向惠而浦董事會發送了這封信。</p>
<p>女士們，先生們，</p>
<p>作為其最大股東之一，我們對惠而浦公司最近的股權發行感到震驚，這導致了對股東的大量不必要稀釋。我們認為這一舉動反映了董事會和高級管理團隊的判斷力嚴重缺失。</p>
<p>值得強調幾點：</p>
<ol>
<li>此次發行的資本成本非常高，似乎超過 10%，其聲明意圖是減少債務。儘管公司的債務在資本市場的税後資本成本低於 5%，但仍然進行了此項操作。</li>
<li>儘管有相反的聲明，我們認為惠而浦並未妥善利用特朗普政府實施的關税，既沒有尋求與處於劣勢的外國公司建立合作關係，也沒有部分或全部合併其運營。我們相信這樣做不僅會改善公司的前景並提升股東權益價值，還將帶來更多的美國就業機會。</li>
</ol>
<p>當然，任何交易都可能導致高級管理層的潛在更替。對我們來説顯而易見——也應該對所有股東顯而易見——鞏固自身地位是管理層的主要目標。在稀釋公司現有股東權益的同時，保住工作不應是目標。</p>
<p>多年來，這個管理團隊已經摧毀了數億美元的股東價值。夠了，不能再找藉口了。我們敦促董事會 (i) 牢記其受託責任，不要接受管理層純粹出於自身利益的行為，以及 (ii) 邀請希望創造美國就業機會並增加股東價值的國內實體或外國公司對惠而浦產生興趣。</p>
<p>誠摯的，</p>
<p>大衞·A·泰珀</p>
<p>信中關鍵部分是提到與外國公司 “部分或全部合併其運營”。他基本上是在告訴公司將自己掛牌出售，但又説高級管理層不想這樣做，因為他們會失去工作。</p>
<p>請注意，泰珀在惠而浦股票上的成本約為 78.60 美元，而開盤後交易價格為 71.45 美元。本週來自家得寶和 Lowe's 對房地產市場的評論並未激發人們對公司能否在短期內受益於週期性順風的信心。</p>

惠而浦

<p>大衞·泰珀（David Tepper），惠而浦的主要股東，對公司最近的 10 億美元股權發行表示不滿，他認為這不必要地稀釋了股東價值。泰珀批評管理層判斷失誤，並敦促董事會考慮與外國公司合併運營，以提升股權價值並在美國創造就業機會。他指出，管理層對保留工作的關注對股東利益造成了損害。泰珀在惠而浦的投資已大幅減少，股票交易價格低於他的購買價格</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>我發現大衞·泰珀對惠而浦的投資非常有趣，我之前也寫過相關內容。</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>他是一位宏觀投資者，在 Appaloosa 的表現幾乎無人能及。在第三季度，他披露了對這家家電製造商近 10% 的股份，但到目前為止，這筆投資並未證明是一個成功的選擇。</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>他上週發佈的第四季度文件顯示，他已經失去了耐心，持股比例減少了 29%。儘管如此，他仍然擁有該公司的大量股份，這大約是他第七大持倉，具體取決於任何時刻的股價。</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，惠而浦宣佈了一項鉅額稀釋，今天通過股票和可轉換優先股將其規模擴大至約 10 億美元（在 60 億美元的公司中）。這似乎是泰珀的臨界點，他向惠而浦董事會發送了這封信。</p>
</div><p>Ladies and Gentlemen,</p>
<div class="lb-trans"><p>女士們，先生們，</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>作為其最大股東之一，我們對惠而浦公司最近的股權發行感到震驚，這導致了對股東的大量不必要稀釋。我們認為這一舉動反映了董事會和高級管理團隊的判斷力嚴重缺失。</p>
</div><p>A few points worth highlighting:</p>
<div class="lb-trans"><p>值得強調幾點：</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>此次發行的資本成本非常高，似乎超過 10%，其聲明意圖是減少債務。儘管公司的債務在資本市場的税後資本成本低於 5%，但仍然進行了此項操作。</li>
<li>儘管有相反的聲明，我們認為惠而浦並未妥善利用特朗普政府實施的關税，既沒有尋求與處於劣勢的外國公司建立合作關係，也沒有部分或全部合併其運營。我們相信這樣做不僅會改善公司的前景並提升股東權益價值，還將帶來更多的美國就業機會。</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>當然，任何交易都可能導致高級管理層的潛在更替。對我們來説顯而易見——也應該對所有股東顯而易見——鞏固自身地位是管理層的主要目標。在稀釋公司現有股東權益的同時，保住工作不應是目標。</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>多年來，這個管理團隊已經摧毀了數億美元的股東價值。夠了，不能再找藉口了。我們敦促董事會 (i) 牢記其受託責任，不要接受管理層純粹出於自身利益的行為，以及 (ii) 邀請希望創造美國就業機會並增加股東價值的國內實體或外國公司對惠而浦產生興趣。</p>
</div><p>Sincerely,</p>
<div class="lb-trans"><p>誠摯的，</p>
</div><p>David A. Tepper</p>
<div class="lb-trans"><p>大衞·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>信中關鍵部分是提到與外國公司 “部分或全部合併其運營”。他基本上是在告訴公司將自己掛牌出售，但又説高級管理層不想這樣做，因為他們會失去工作。</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>請注意，泰珀在惠而浦股票上的成本約為 78.60 美元，而開盤後交易價格為 71.45 美元。本週來自家得寶和 Lowe's 對房地產市場的評論並未激發人們對公司能否在短期內受益於週期性順風的信心。</p>
</div>

David Tepper 建議惠而浦考慮出售自身