????2011年拖累伯克希爾利潤(rùn)的另一個(gè)因素是房地產(chǎn)行業(yè)未能出現(xiàn)復(fù)蘇,。一年前對(duì)樓市相對(duì)樂(lè)觀的巴菲特如今承認(rèn)自己“大錯(cuò)特錯(cuò)”,。
????伯克希爾不僅持有美國(guó)最大的預(yù)制屋生產(chǎn)商克萊頓房屋公司（Clayton Homes），還持有其他四家房地產(chǎn)相關(guān)公司Acme Brick,、Shaw（地毯）,、Johns Manville （隔熱層）以及Mitek（建筑產(chǎn)品）。2006年,，這些業(yè)務(wù)合計(jì)稅前利潤(rùn)高達(dá)18億美元,，但2011年僅為5.13億美元。
????巴菲特認(rèn)為眼下的房地產(chǎn)市場(chǎng)仍陷于特殊的“蕭條期”,。但他相信,，狀況正在穩(wěn)步好轉(zhuǎn)，,。美國(guó)經(jīng)濟(jì)中大多數(shù)其他行業(yè)已經(jīng)出現(xiàn)明顯的復(fù)蘇跡象,，與此一致，房地產(chǎn)行業(yè)也將會(huì)出現(xiàn)回升,。
????再來(lái)看看好消息,。巴菲特給伯克希爾旗下最大的非保險(xiǎn)類(lèi)公司BNSF、Iscar,、路博潤(rùn)（Lubrizol）,、Marmon Group和MidAmerican Energy取了個(gè)新的綽號(hào)，稱(chēng)贊它們是“非凡五人組”,。2011年,，這五家公司的合計(jì)稅前凈利潤(rùn)超過(guò)了90億美元（包括伯克希爾于9月份收購(gòu)路博潤(rùn)前該公司大半年的利潤(rùn)）。巴菲特在致股東的公開(kāi)信中稱(chēng),，他預(yù)計(jì)五家公司今年的利潤(rùn)都將創(chuàng)造新高,。
????BNSF是美國(guó)最大的鐵路公司之一,，自2010年初被伯克希爾收購(gòu)以來(lái)一直表現(xiàn)不凡。去年,，該公司稅前凈利潤(rùn)為47.4億美元,，高于2010年的約40億美元，增長(zhǎng)超過(guò)了18%,。
????本文作者是《財(cái)富》雜志的資深自由編輯卡羅爾?盧米斯,，她是沃倫?巴菲特的老朋友，也是伯克希爾哈撒韋的股東,。她已經(jīng)連續(xù)35年義務(wù)擔(dān)當(dāng)沃倫?巴菲特致股東公開(kāi)信的編輯,。 |
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????Another downer for Berkshire's profits in 2011 was the failure of the housing industry to rebound. A relative optimist a year ago about housing, Buffett admits now to having been "dead wrong."
????Berkshire owns not only the largest producer of homes in the U.S. -- Clayton Homes, which manufactures housing -- but also four other housing-related businesses: Acme Brick, Shaw (carpets), Johns Manville (insulation), and Mitek (building products). Together, these businesses had $1.8 billion in pre-tax profits back in 2006. In 2011, pre-tax profits were a measly $513 million.
????Right now, Buffett views housing as still stuck in its own special "depression." But he believes the situation is easing steadily and that the industry will make a comeback consistent with that already visible in most other sectors of the economy.
????On the good-news front, Buffett gave a new label to Berkshire's largest non-insurance businesses, calling them the "fabulous five." They are BNSF, Iscar, Lubrizol, Marmon Group, and MidAmerican Energy. Their combined pre-tax earnings in 2011 were more than $9 billion (though that includes more than half a year of Lubrizol profits that were earned before Berkshire bought Lubrizol in September). Buffett says in his letter that he expects each of the five to set a new profit record this year.
????BNSF, one of the nation's largest railroads, has been a star since it was purchased by Berkshire in early 2010. Its pre-tax profits last year were $4.74 billion, up from about $4 billion in 2010, a gain of more than 18%.
????The writer of this article, FORTUNE senior editor-at-large Carol Loomis, is a longtime friend of Warren Buffett's and a shareholder of Berkshire Hathaway. She has been the pro bono editor of Buffett's annual letter to shareholders for 35 years. |
