BRK.B 估值约为每股 475–510 美元；当前回购力度有限，但若股价下跌，预计回购将增加。
逐段跳播
据我所知，早在2008年，伯克希尔曾提出收购Constellation Energy，并收到了10亿美元的终止费。据我所知，这件事是由Greg操办的。
Back in 2008, as far as I know, Berkshire made an offer to buy Constellation Energy and received a $1 billion termination fee . This, as far as I know, was orchestrated by Greg.
我的意思是，我只能想象，如果我们再经历一次大衰退，甚至只是一次普通衰退，他可能会疯狂回购伯克希尔的股票，并进行收购，在股市中采取行动。
I mean, I can only imagine, if we go through another big recession or even a normal recession, he might buy back Berkshire shares like crazy and make acquisitions and take action in the stock market .
几周前，伯克希尔回购了一些股票，但我看到一些评论说，回购价格可能高于巴菲特以往惯用的价格。你对此有什么看法吗？
A few weeks ago, Berkshire repurchased some shares, but I saw some comments that it may have been done at a higher price than Buffett used to do previously. Do you have any opinion on that?
是的，我认为Greg的回购价格更接近内在价值。他们刚刚发布了10-Q季度报告。他们以每股486美元的价格回购了2.35亿股。
Yes, I think Greg is buying back at a price closer to intrinsic value. They just released their 10-Q quarterly report . They repurchased 235 million shares at a price of $486 per share.
这大致相当于略高于一万亿美元的估值。金额很小。看来他们当时是这样做的，而且那只是在3月份。所以，看起来，如果你看价格的话，也许是在3月的最后两周，我认为他们确实这么做了，但只是在边际上，差不多。
我的意思是，我真的不认为，除非价格大幅下跌，我预期并希望他们会买得更多，但也许他们已经到了Warren觉得可以舒服地买到内在价值90%的那个点。
This translates roughly to a valuation of just over one trillion dollars. It's a small amount. It seems that they were, and that was only in March. So, it seems, you know, if you look at the price, maybe in the last two weeks of March, I think they do that, but, you know, only at the margins, about.
I mean, I really don't see, unless, you know, if the price drops significantly, I would expect and hope that they would buy more, but, you know , maybe they are at the point where Warren was comfortable getting to 90% of the intrinsic value.
Greg可能会把它推到接近95%，他的计算可能是，嘿，我们账上有3800亿美元现金，我们可以在接近内在价值的水平上放出一些，但我相信他会做出正确的选择，而我对伯克希尔的估值大约在每股475到510美元之间。所以，大致就在这个区间内。
Greg might put it closer to 95% , which, you know, his calculations might be, hey, we have 380 billion in cash on our books, we could let some of it out close to intrinsic value, but I trust him to make the right choice, and I value Berkshire at around 475 to 510 per share. So, you know, it's roughly within this range.
Adam，你必须估算哪一个会更高吗？股票的总数量，它们会在公开市场上买入，还是以大宗交易在场外从一些长期持有大量伯克希尔股票的家族手中买入？
Adam, do you have to estimate which one will be higher? The total number of shares, will they be bought on the open market or off- market in large blocks, from some of these families who have owned a lot of Berkshire shares for a long time?
他说，天哪，同样的问题，伯克希尔会在巴菲特去世后立即回购他的股票吗？我已经提出了我的看法，我认为这些股票会留在机构手中，并逐步释出，也许用10年时间，只是为了维持对伯克希尔投票权的控制。
但如果，我的意思是，天哪，如果有1000亿美元集体流向他的基金会，而他们每年必须花掉100亿美元，我不会感到意外，我可以想象伯克希尔直接与基金会谈判来完成这些购买。或者如果公开市场购买可行的话。我的意思是，那样做是合理的。那样做确实合理。
He was saying, you know, my God, the same thing, will Berkshire repurchase Buffett's shares immediately after his death? I have put forward my view, I think it will remain in the institutions and will be rolled out gradually, perhaps over 10 years, just to maintain control of the voting power in Berkshire.
But I wouldn't be surprised if, I mean, God, if 100 billion went to his foundations collectively and they had to spend 10 billion a year, I can imagine Berkshire negotiating directly with the foundation to make those purchases.
Or if open market purchases are available. I mean, that would make sense. It really makes sense to do that.
这个频道对 $BRK.B 的历次判断
The Acquirers Podcast 在这只股票上只有这一条判断。