巴菲特兜售23亿美元的美银BAC！这意味着什么 (巴菲特忽悠)

沃伦·巴菲特(Warren Buffett)减持了他持有时期最长、规模最大的股票之一——美国银行Bank of America（BAC），这令许多投资者感到异常。

以下是或许驱动“奥马哈先驱”出售的原因：

伯克希尔·哈撒韦最近在为期六天的兜售中，出售了5280万股美国银行，价值23亿美元，这是这家总部位于奥马哈的企业集团自2019年底以来初次减持美银。伯克希尔目前仍持有9.801亿股美银，市值为413亿美元，远远不及其持有的1,725亿美元的苹果。

巴菲特在2011年金融危机之后，以50亿美元置办了美国银行的优先股和认股权证，从而增强了对这家面临次贷损失困扰的存款机构的决计。他在2017年将这些认股权证转换为股份，使伯克希尔成为美国银行的最大股东，并誓词在很长一段时期内不会出售。

这位传奇投资者事先表示，他“十分喜爱”这家总部位于夏洛特的银行的业务、估值和控制。自2010年以来Brian Moynihan指点下的美国银行，刚刚发布了出色的业绩，显示投资银行和资产控制费用上升，并对净利息支出持有积极展望。

最近突出的一个警示信号就是估值。依据FactSet的数据，美银以后的市盈率约为12倍，而过去两年的平均市盈率为10倍。

这只银行股往年下跌了24%，表现优于近15%报答的标普500指数。因此，伯克希尔或许是在美银创下自2022年3月以来的最高水平后启动了获利了却。

依据Edward Jones的伯克希尔剖析师James Shanahan，伯克希尔的美银仓位基础本钱大约为每股14.15美元，或146亿美元（截至2021年底）。到3月底时，这一仓位市值为392亿美元。美银的收盘价为41.67美元。

税务担负

税务也或许是出售美银的一个推进原因。巴菲特在第一季度出售了巨额的苹果股份，标明这次出售或许是为了防止未来企业税率上升带来的更高税单。

巴菲特在5月初的伯克希尔年会上表示:“我完全不介意开那张支票，我真的心愿，思索到美国为你们一切人所做的一切，你们也不应该对此感到困扰。假定我往年以21%的税率缴税，而我们未来以稍高的税率缴税，我不以为你们会在意我们往年卖出了一些苹果股票。”

作为一家企业，自2018年以来，伯克希尔一切支出，无论是来自若Dairy Queen这样的全资业务，还是来自若苹果这样的股权投资，都以21%的联邦企业税率征税。巴菲特在2023年支付了逾越50亿美元的企业税，他以为企业税率或许会上升，以协助填补政府收支的微小缺口。

巴菲特的奇异之处

“顺便说一下，那笔美银的投资，确实是我坐在浴缸里时想到要咨询美国银行，看看他们能否对那个优先股感兴味，”他在2017年的伯克希尔年度会议上说。

为了介入故事的魅力，美银的首席行动官Moynihan回想起，巴菲特最后试图经过银行的公共呼叫中心咨询他，却被服务代表挂断了电话。

不过这并没有阻止巴菲特。Moynihan表示，一旦两人终于咨询上，买卖在几个小时内就达成了。

巴尔经过科林 Warren Buffett has an elegant solution for the thorny problem of too-big-to-fail banks: Put the bankers bank accounts on the line.沃伦巴菲特有一个顺手的疑问处置得优雅，大到失效银行：将上线的银行家的银行帐户。 Buffett, the chairman of Berkshire Hathaway (BRKA, Fortune 500), lashed out at the damage wrought by overpaid, unaccountable finance-industry bigwigs in his annual letter to Berkshire shareholders, released Saturday.巴菲特的伯克希尔哈撒韦（布尔卡，财富500强）董事长抨击了由多付，他每年在伯克希尔股东的信中，星期六宣布不担任任的金融业头面人物形成的损害。 Buffett has been criticizing overreaching corporate managers and complaisant directors for decades.巴菲特不时批判过头了几十年的企业经理和殷勤的董事。 But the question of how to motivate good corporate behavior has taken on new weight as Washington debates reining in the financial giants whose missteps brought the economy to its knees two years ago.但是，如何推进良好的企业行为的疑问已作为华盛顿的错误在两年前提出的经济疲弱的金融巨头赖宁争辩新的重量。 The Obama administration last month proposed separating banks proprietary trading activities from their federally subsidized deposit-gathering and lending ones.奥巴马政府上月提出的从他们的联邦资助分开寄存，搜集和存款的银行的自营买卖活动。 Other proposed rules would increase the amount of capital banks hold against losses and how much cash they carry to deal with a surge of withdrawals.其他建议的规则将参与银行的资本额对持有多少现金损失和他们启动处置的提款潮。 But Buffett said theres a simpler way to cap risk-taking: Forcing lavishly compensated CEOs to take responsibility for assessing the risks at their firms -- and putting their own wealth at stake, to boot.不过巴菲特说，有一个简易的方法来第冒险：强迫华美补偿首席执行官采取了评价在其公司的风险责任 - 并把他们自己的财富在股权，启动。 It is the behavior of these CEOs and directors that needs to be changed, he wrote. “这是这些CEO和董事的行为，要求改动，”他说。 They have long benefitted from oversized financial carrots; some meaningful sticks now need to be employed as well. “他们有常年受惠超大金融胡萝卜，一些有意义的支如今要求受聘为好。 ” The comment reflects a theme that has run through Buffetts letters to investors over the years: Shareholders are best served by managers who think like owners.该评论反映了一个具有贯串巴菲特的信函，多年来投资者：股东最好的控制者谁喜欢业主以为服务的主题。 More often, he has said, they are ill served by executives who instead pursue value-destroying mergers or pile up debt in a bid to boost returns.更多的时刻，他说，他们生病送达主管谁，而不是追求价值的破坏兼并或堆放在债务希图以提高报答。 Buffett, 79, is the controlling shareholder at Berkshire and has received $100,000 in annual salary for the past quarter-century.巴菲特79岁，是在Berkshire的控股股东，并已取得的年薪在过去四分之一世纪10万元。 Since he took over Berkshire in 1965, the companys net worth has increased at a 20% compound annual rate.自从他1965年接手伯克希尔公司，该公司的净资产增长了20％的复合年增长率。 So its no surprise when he heaps scorn on the bankers who made tens of millions of dollars annually as they steered their financial supertankers onto the rocks.所以毫不奇异，他堆的银行家谁提出的数百万美元，每年的蔑视，由于他们在岩石上指点他们的经济超级油轮。 The four biggest financial fiascoes -- presumably including the bailouts of AIG (AIG, Fortune 500), Citigroup (C, Fortune 500) and Bank of America (BAC, Fortune 500) -- cost investors more than $500 billion, by Buffetts count.四大金融“fiascoes” - 大约AIG的救助方案，包括（美国国际集团，财富500），花旗集团（C财富500）和美国银行（BAC，财富500） - 投资本钱超越5000亿美元，由巴菲特的计数。 Shareholders didnt cause those meltdowns, but they have borne the burden, with 90% or more of the value of their holdings wiped out in most cases of failure, Buffett wrote.股东并未形成的解体，但“他们所要担负90％的控股抹去他们在大少数状况下，失败的超时值或更多的担负，”巴菲特说。 The CEOs and directors of the failed companies, however, have largely gone unscathed. “的CEO和失败的公司的董事，但是，大体上曾经消逝毫发无损。 ” Its bad enough that corporate insiders escaped major financial harm in the bailout debacle.真是蹩脚透了，企业外部人逃脱了这次救援执行的关键金融解体的损伤。 But some even managed to keep their jobs: While Citi and BofA have shaken up their boards, 13 pre-bailout directors remain at the two banks.但是，有些人甚至设法保住他们的任务：虽然花旗和美国银行曾经坚定了他们的议会，13前救助董事留在两家银行。 Vikram Pandit continues as CEO of Citi, while Ken Lewis only recently stepped down as CEO of Bank of America.维克拉姆班滴继续担任首席执行官，花旗集团，而肯刘易斯最近才辞去了美国银行的总裁。 Consider too the modest toll paid by the execs who were behind two other major collapses of 2008, former Bear Stearns Chairman Jimmy Cayne and longtime Lehman Brothers chief Dick Fuld.思索太多的平和不要钱由高层谁面前的另外两个2008年，前贝尔斯登主席麦凯恩和常年雷曼兄弟首席迪克福尔德支付了严重坍塌。 While both owned sizable amounts of company stock, neither by any means had the lions share of his wealth tied to the firm.虽然这两个庞大的国有公司股票的金额，都没有以任何方式了大部分的财富分享他的公司咨询在一同。 Fuld, for instance, sold nearly $500 million of Lehman stock in the years leading up to the firms September 2008 failure.福尔德，例如，销售抢先的高达近几年美元的雷曼兄弟公司股票5.0亿的2008年9月失败。 And while Bears collapse cost Cayne $1 billion, he was still worth $600 million after its March 2008 panic sale to JPMorgan Chase.虽然贝尔斯登的解体本钱凯恩10亿美元，他依然是值得6亿美元后，2008年3月出售给摩根大通的恐慌。 Thus the bill for the firms lever-up-and-bet-big strategy was largely borne by smaller shareholders, including many employees, and the taxpayers who must now foot the bill for extraordinary government aid extended later in 2008 to the rest of the financial sector.从而为公司的杠杆起来就打赌，大战略的草案，关键是由小股东承当，其中包括许多员工和征税人谁如今必需作出特殊脚政府援助法案在2008年晚些时刻扩展到其它金融部门。 Since the crash, the notion that executives should have more skin in the game has become commonplace.由于飞机坠毁的概念，即控制人员应该有更多的游戏中的皮肤曾经变得很普遍。 Big Wall Street firms such as Goldman Sachs (GS, Fortune 500), which Berkshire owns preferred shares of, and Morgan Stanley (MS, Fortune 500) are now paying top executives largely in stock that must be held over a period of years, in the name of coupling risk with reward.华尔街大型公司，如高盛证券（GS，财富500强），其中伯克希尔持有的优先股，以及摩根士丹利（MS，财富500），如今已见到的股票必需年满1年时期，举行了高层控制人员关键是奖励的耦合与风险的称号。 But officers and directors commitment to shareholders must go further, Buffett said.但是，人员和董事对股东的承诺必需更进一步，巴菲特说。 Boards that dont insist the CEO take responsibility for risk management are derelict in their duty, Buffett wrote.议会不坚持首席执行官采取风险控制的责任是“尽职的责任”，巴菲特写道。 And in cases where a failure to act prudently results in government assistance, the financial consequences for [the CEO] and his board should be severe.而在失败的状况下，以慎重行事的政府援助的结果，他说：“[首席执行官]和他的董事会应该是严重的财政结果。 ”