f****r
发帖数: 5118 | 1 BNI都推出交易了，那么他全部拥有这个股票是为什么？难道是只吃dividend？还是以
后再卖？
令人费解，最起码最近这几年，他从这个股票上只能得到股息收益，那只有一点点。 |
T*******t
发帖数: 9274 | 2 当然是想它为自己盈利啊....
就像你把楼下的杂货铺100块盘下来，当然是想每年赚个15块以上的盈利
【在 f****r 的大作中提到】
: BNI都推出交易了，那么他全部拥有这个股票是为什么？难道是只吃dividend？还是以
: 后再卖？
: 令人费解，最起码最近这几年，他从这个股票上只能得到股息收益，那只有一点点。
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f****r
发帖数: 5118 | 3 BNI已经不交易了，关键是如何盈利？等10年后，老巴自己都见马克思了
【在 T*******t 的大作中提到】
: 当然是想它为自己盈利啊....
: 就像你把楼下的杂货铺100块盘下来，当然是想每年赚个15块以上的盈利
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n******n
发帖数: 12088 | 4 不交易又不是不营业了。
【在 f****r 的大作中提到】
: BNI已经不交易了，关键是如何盈利？等10年后，老巴自己都见马克思了
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T*******t
发帖数: 9274 | 5 你还把自己限制在买几张纸过段时间卖掉的阶段....
【在 f****r 的大作中提到】
: BNI已经不交易了，关键是如何盈利？等10年后，老巴自己都见马克思了
|
f****r
发帖数: 5118 | 6 搞的你自己很清楚的样子，实际上也说不出所以然。
【在 T*******t 的大作中提到】
: 你还把自己限制在买几张纸过段时间卖掉的阶段....
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s**********n
发帖数: 868 | 7 人家当然清楚了，不都说得很清楚了么。
你买楼下的杂货店是为了转手再卖赚快钱，人家买来就是为了保持营业做大做强一年比
一年赚更多的钱，很难理解么？
至于巴菲特有生之年能不能见到这笔未来的cash其实他并不care，反正他也不缺cash花
，他care的是他所建立的franchise能否继续发展。巴菲特显然更喜欢拥有能够稳定增
长的business而不是拥有过多没用的cash。
Burlington的实际Yield当然不只每年2%的dividend，从目前的earning capability来
看大概6-7%的样子吧。巴菲特当然可以每年把earning都抽走，也可以都留下让这个铁
路继续增长，那都是他自己的事了。
【在 f****r 的大作中提到】
: 搞的你自己很清楚的样子，实际上也说不出所以然。
|
m**********r
发帖数: 887 | |
m*****u
发帖数: 1342 | 9 I can think of couple reasons
1) He seems value in BNSF;
2) He want to use some cash so that his successor won't have too much cash
to squander (this is legit
considering his age, and a lot of times people make mistake when they are
rich);
3) Last but most important, financial crisis taught Buffett a lesson:
liquidity is very important. GE and GS got
his endorsement and got cash by issuing stocks in one day. Buffett could not
do that before buying BNSF and
the stock split. Now he can. BRK is S&P
【在 f****r 的大作中提到】
: BNI都推出交易了，那么他全部拥有这个股票是为什么？难道是只吃dividend？还是以
: 后再卖？
: 令人费解，最起码最近这几年，他从这个股票上只能得到股息收益，那只有一点点。
|
m*h
发帖数: 85 | 10 1. railway business has very wide moat
2. gas price will go higher over time, making railway more attractive
3. midwest agriculture becomes more important when china and india are
richer.
..
not
【在 m*****u 的大作中提到】
: I can think of couple reasons
: 1) He seems value in BNSF;
: 2) He want to use some cash so that his successor won't have too much cash
: to squander (this is legit
: considering his age, and a lot of times people make mistake when they are
: rich);
: 3) Last but most important, financial crisis taught Buffett a lesson:
: liquidity is very important. GE and GS got
: his endorsement and got cash by issuing stocks in one day. Buffett could not
: do that before buying BNSF and
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|
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m*****u
发帖数: 1342 | 11 All this is good, but I think Buffett is moving toward "make money by name",
in a way like Michael Jordan,
Lebron James and tiger woods endorsing deals with Nike. The GE and Goldman
deals exemplify this. Other
people, even if they have that kind of cash at the time, are unlike to get
the deal, because both companies
need his name to sell stocks right away.
By the same token, I think his stock split shows his cautious thinking after
financial crisis. Obviously BNI is
not a good investment too, he
【在 m*h 的大作中提到】
: 1. railway business has very wide moat
: 2. gas price will go higher over time, making railway more attractive
: 3. midwest agriculture becomes more important when china and india are
: richer.
: ..
:
: not
|
f****r
发帖数: 5118 | 12 老巴的股票只见他买，不见他卖，比如AXP,KO等，那么这几十年的盈利从那里来？ |
m*****u
发帖数: 1342 | 13 He does sell stocks, like PTR and COP. He has not sold any AXP and KO, as
far as I know. But he sold some PG
recently (another core position for him).
Nowadays he makes more money from deals like GE/GS, $15 per second from
Goldman as he said in
shareholder meeting ($500 m per year on preferred interest).
【在 f****r 的大作中提到】
: 老巴的股票只见他买，不见他卖，比如AXP,KO等，那么这几十年的盈利从那里来？
|
s**********n
发帖数: 868 | 14 BNI is not a good investment too?
Are you sure? BNI's underlying market value is already more than his
takeover price of $100 now in reference of other railway stocks.
Buying BNI is certainly a catalyst (or excuse) for a stock split, but I don'
t think it is critical. He can split his B shares any time he wants, and it
will make a strong case for SP500 no matter he buys BNI or not.
",
after
from
【在 m*****u 的大作中提到】
: All this is good, but I think Buffett is moving toward "make money by name",
: in a way like Michael Jordan,
: Lebron James and tiger woods endorsing deals with Nike. The GE and Goldman
: deals exemplify this. Other
: people, even if they have that kind of cash at the time, are unlike to get
: the deal, because both companies
: need his name to sell stocks right away.
: By the same token, I think his stock split shows his cautious thinking after
: financial crisis. Obviously BNI is
: not a good investment too, he
|
c*******9
发帖数: 6411 | 15 he probably think that is a good place to park money for a long time, since
there will be huge inflation in the US... |
m*****u
发帖数: 1342 | 16 My typo. Should be "BNI is a good investment too". Sorry :-)
In theory he can split the stock anytime he wants, but this BNI buy gave me
a perfect excuse. Otherwise
people will ask "why he split stock?" because in the past he does not like
stock split.
It is a good thing for BRK shareholders getting in S&P.
don'
it
【在 s**********n 的大作中提到】
: BNI is not a good investment too?
: Are you sure? BNI's underlying market value is already more than his
: takeover price of $100 now in reference of other railway stocks.
: Buying BNI is certainly a catalyst (or excuse) for a stock split, but I don'
: t think it is critical. He can split his B shares any time he wants, and it
: will make a strong case for SP500 no matter he buys BNI or not.
:
: ",
: after
: from
|
b****e
发帖数: 460 | 17 全部拥有至少在税上有优势。铁路这些年在省油方面和物流链整合方面都有了长足的进
步，这使得原来不讨人喜欢的铁路变成了一个无可替代的产业。具体可以参考这篇文章
http://www.forbes.com/forbes/2006/0213/094.html。另外，巴拿马运河的扩建，wal
-mart准备在休斯敦上货的种种活动表明未来在美国中部货物来源将有很大一部分来自墨
西哥湾。而bnsf正好是这个地方的。原来他持股的union pacific也是这个区域的。虽然
在运营效率上bnsf不是最好的，但是由于这个因素使得他对这两个铁路情有独钟。
另外，他这几年的很多投资策略由两个限制，一个是他的钱太多了，很多小打小闹是不
可能做的。一般来讲根据他的股东信件，他每天最多能购买一个股票的1/5的交易量，建
一个足够的仓位要三个月到半年的时间。另一个是他完全在遵守他所谓的如果你不想拥
有一个股票十年那么十分钟也不要拥有的准则。比如今年的股东大会上有人问HOG的问题
，说当时为什么不买股票而是买债券。八飞说他当时不懂HOG的价值但是懂可以应该借给
他们钱。他说现在看来购买股票可能更划算。个人以为其实八飞
【在 f****r 的大作中提到】
: BNI都推出交易了，那么他全部拥有这个股票是为什么？难道是只吃dividend？还是以
: 后再卖？
: 令人费解，最起码最近这几年，他从这个股票上只能得到股息收益，那只有一点点。
|
b****e
发帖数: 460 | 18 他的主业是保险，他还有其他业务。光这些吐出来的钱就花不光了。另外，比如ko，他
购买的时候每股是8块多钱，现在的股息是每股1块8。可以理解成roi超过1/5。
【在 f****r 的大作中提到】
: 老巴的股票只见他买，不见他卖，比如AXP,KO等，那么这几十年的盈利从那里来？
|
f****r
发帖数: 5118 | 19 有一点不懂，为什么buy BNI有利于split BRK/B呢？两件没有关系吧？ |
b****e
发帖数: 460 | 20 sb needs excuse to break his vow.
【在 f****r 的大作中提到】
: 有一点不懂，为什么buy BNI有利于split BRK/B呢？两件没有关系吧？
|
h*******y
发帖数: 864 | 21
"Take away the leverage, and Burlington Northern is an okay investment. The
economics of railroads over trucking are great, especially given what could
happen in the Far East. I don’t know if it’s a brilliant investment on its
own,
but if you can guarantee or figure out a way to fund a huge chunk of the
investment at a near-zero interest rate and you are highly confident that
the
terms and conditions will last for a very long period of time, at least
through
the repayment of that debt with the
【在 b****e 的大作中提到】
: 他的主业是保险，他还有其他业务。光这些吐出来的钱就花不光了。另外，比如ko，他
: 购买的时候每股是8块多钱，现在的股息是每股1块8。可以理解成roi超过1/5。
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