巴菲特旗下公司面臨財(cái)務(wù)披露壓力

Warren Buffett is under fire from investmentanalysts who cover his $370bn company, BerkshireHathaway, over the quality of its financialdisclosures.

沃倫•巴菲特(Warren Buffett)正遭到投資分析師的批評(píng)，他們正對(duì)其市值高達(dá)3700億美元的伯克希爾哈撒韋(BerkshireHathaway)財(cái)報(bào)披露的質(zhì)量提出批評(píng)。

While Berkshire has grown to be the third-largestcompany on the US stock market, its quarterlyfilings reveal far less detail than companies of asimilar size, according to the analysts, who all urgedMr Buffett to consider expanding disclosures, particularly about Berkshire’s large insurancebusinesses.

分析師稱，盡管伯克希爾哈撒韋已成長(zhǎng)為美國(guó)股市第三大公司，但其季度財(cái)報(bào)提供的具體信息遠(yuǎn)遠(yuǎn)不及同等規(guī)模的其他公司。這些分析師都敦促巴菲特考慮擴(kuò)大信息披露，特別是有關(guān)伯克希爾哈撒韋旗下大型保險(xiǎn)公司的信息披露。

Mr Buffett rejected the criticism, telling the Financial Times that Berkshire communicates “all therelevant factors for a long-term investment in the shares”.

巴菲特反駁了這一批評(píng)，他告訴英國(guó)《金融時(shí)報(bào)》，伯克希爾哈撒韋已經(jīng)公布了“所有長(zhǎng)期股票投資的相關(guān)因素”。

The FT interviewed five of Berkshire’s six analysts, all of whom noted the difficulty in modellingthe company’s financial results. One said Berkshire “could stand to reveal more”; othersdescribed the level of disclosure as “limited”, “poor” and “terrible”.

英國(guó)《金融時(shí)報(bào)》采訪了6位分析師中的5位，他們長(zhǎng)期研究伯克希爾哈撒韋，但他們都指出很難繪制該公司的財(cái)報(bào)模型。其中一位分析師表示，伯克希爾哈撒韋“還可以公布更多”;其他人則認(rèn)為該公司的信息披露“有限”、“匱乏”和“糟糕”。

Berkshire’s businesses span insurance, utilities, railways, manufacturing, retail, newspapersand many more industries. Eight of its subsidiaries would be Fortune 500 companies if theywere split off.

伯克希爾哈撒韋的業(yè)務(wù)遍及保險(xiǎn)、公用事業(yè)、鐵路、制造業(yè)、零售、報(bào)紙以及更多其他行業(yè)。如果分拆，有8家子公司將躋身《財(cái)富》(Fortune)500強(qiáng)。

Berkshire has never sought analyst coverage — its six analysts compare with more than 20 forGeneral Electric, for example — and Mr Buffett said that, since he began investing in shares atthe age of 11, he had never once bought something on the basis of an analystrecommendation.

伯克希爾哈撒韋從不謀求分析師的研究報(bào)道，例如，對(duì)該公司進(jìn)行研究的分析師有6位，而通用電氣(GE)則多達(dá)20多位。巴菲特表示，自從他11歲開始投資股票以來，他沒有一次是根據(jù)分析師的推薦來買入股票的。

Many of the largest investment banks have declined to assign analysts to cover Berkshirebecause its high-priced and closely held shares trade relatively infrequently, and institutionalinvestor interest in the stock is low compared with other companies.

很多最大投行拒絕指派分析師去研究伯克希爾哈撒韋，因?yàn)樵摴竟蓛r(jià)很高，投資者緊密持有，而且交易相對(duì)不頻繁，相對(duì)于其他公司的股票，機(jī)構(gòu)投資者對(duì)這只股票的興趣較低。