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- 雅婷1雅婷1
  ·2021-04-14
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  Munger responds to buying Ali: hold a small amount as cash equivalents
  芒格所谓的“一小部分”，是指约19%。
  Munger responds to buying Ali: hold a small amount as cash equivalents
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18:46","market":"us","language":"zh","title":"Munger responds to buying Ali: hold a small amount as cash equivalents","url":"https://stock-news.laohu8.com/highlight/detail?id=2127512016","media":"智通财经","summary":"芒格所谓的“一小部分”，是指约19%。","content":"<p><a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Daily Journal Corp., under Hathaway Vice Chairman Charlie Munger, accumulated holdings through American Depositary Receipts (ADRs) at the end of March, according to a 13F filing with the U.S. Securities and Exchange Commission<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>165,320 shares, based on the latest stock price, the market value of the holdings is approximately $40.33 million. It is worth noting that as of the end of 2020, Daily Journal did not hold any shares in Alibaba.</p><p>Some media asked Munger about this issue, and he responded: \"Daily Journal needs to hold a certain amount of securities as cash equivalents. Generally speaking, the US Treasury Bond is used as cash equivalents. However, because Treasury Bond's earnings are too low recently, it decided to invest in common stocks instead. However, unless the long-term prospects of such common stocks are promising, it will not be regarded as excellent cash equivalents.\" Munger said, \"At present, a small part of Daily Journal's cash equivalents (A minor part) are composed of Alibaba's common stocks.\"</p><p>By \"a small fraction,\" Munger means about 19%. As can be seen from the announced positions, in addition to Alibaba, Daily Journal mainly holds<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>、<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>As its cash equivalents, Bank of America, the largest holding, accounts for about 45%. The relevant shareholdings are as shown in the figure below.</p><p><img src=\"https://static.tigerbbs.com/4742437e81d2a02a2060c5d6b3cefe04\" tg-width=\"456\" tg-height=\"243\" referrerpolicy=\"no-referrer\"></p><p>Munger's good partner-Buffett has long been a loyal supporter of bank stocks. Berkshire Hathaway's holdings in the financial sector account for about 30% of its total market value. In the table above, Bank of America, Wells Fargo, U.S. Bancorp has long-term positions.</p><p>The reason why Buffett prefers bank stocks is also based on their characteristics similar to \"good cash equivalents\": when the U.S. economy expands, bank stocks are cash cows; Although recession is inevitable, the period of economic expansion is very long, and the period of recession often lasts only a few months. Buffett is very willing to tide over the short-term trough, thus taking advantage of economic expansion to bring long-term benefits.</p><p>However, the investment in Wells Fargo did not meet expectations. Berkshire Hathaway sold nearly 75 million shares of Wells Fargo in the fourth quarter of last year, reducing its shareholding to about 52.4 million shares (about 500 million shares in 2016).</p>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Munger responds to buying Ali: hold a small amount as cash equivalents</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMunger responds to buying Ali: hold a small amount as cash equivalents\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2021-04-13 18:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Daily Journal Corp., under Hathaway Vice Chairman Charlie Munger, accumulated holdings through American Depositary Receipts (ADRs) at the end of March, according to a 13F filing with the U.S. Securities and Exchange Commission<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>165,320 shares, based on the latest stock price, the market value of the holdings is approximately $40.33 million. It is worth noting that as of the end of 2020, Daily Journal did not hold any shares in Alibaba.</p><p>Some media asked Munger about this issue, and he responded: \"Daily Journal needs to hold a certain amount of securities as cash equivalents. Generally speaking, the US Treasury Bond is used as cash equivalents. However, because Treasury Bond's earnings are too low recently, it decided to invest in common stocks instead. However, unless the long-term prospects of such common stocks are promising, it will not be regarded as excellent cash equivalents.\" Munger said, \"At present, a small part of Daily Journal's cash equivalents (A minor part) are composed of Alibaba's common stocks.\"</p><p>By \"a small fraction,\" Munger means about 19%. As can be seen from the announced positions, in addition to Alibaba, Daily Journal mainly holds<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>、<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>As its cash equivalents, Bank of America, the largest holding, accounts for about 45%. The relevant shareholdings are as shown in the figure below.</p><p><img src=\"https://static.tigerbbs.com/4742437e81d2a02a2060c5d6b3cefe04\" tg-width=\"456\" tg-height=\"243\" referrerpolicy=\"no-referrer\"></p><p>Munger's good partner-Buffett has long been a loyal supporter of bank stocks. Berkshire Hathaway's holdings in the financial sector account for about 30% of its total market value. In the table above, Bank of America, Wells Fargo, U.S. Bancorp has long-term positions.</p><p>The reason why Buffett prefers bank stocks is also based on their characteristics similar to \"good cash equivalents\": when the U.S. economy expands, bank stocks are cash cows; Although recession is inevitable, the period of economic expansion is very long, and the period of recession often lasts only a few months. Buffett is very willing to tide over the short-term trough, thus taking advantage of economic expansion to bring long-term benefits.</p><p>However, the investment in Wells Fargo did not meet expectations. Berkshire Hathaway sold nearly 75 million shares of Wells Fargo in the fourth quarter of last year, reducing its shareholding to about 52.4 million shares (about 500 million shares in 2016).</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/447989.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/eaf6979a732dc12088754e1d277465fb","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"http://www.zhitongcaijing.com/content/detail/447989.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127512016","content_text":"伯克希尔哈撒韦副董事长查理·芒格管理下的Daily Journal Corp.向美国证券交易委员会提交的13F文件显示，截至3月底，Daily Journal Corp通过美国存托凭证(ADR)累计持有阿里巴巴165320股，以最新股价计算，持有的市值约为4033万美元。值得注意是，截至2020年底，Daily Journal并未持有任何阿里巴巴的股份。有媒体就此问题询问了芒格，他回应称：“Daily Journal需要持有一定量的证券作为现金等价物。一般来说，以美国国债作为现金等价物。而由于最近国债的收益太低，所以决定转而投资普通股。不过，除非这类普通股的长期前景看好，否则不会被视作优秀的现金等价物。”芒格表示，“目前Daily Journal的现金等价物中有一小部分(A minor part)由阿里巴巴的普通股组成。”芒格所谓的“一小部分”，是指约19%。从公布的持仓可以看到，除了阿里巴巴外，Daily Journal主要持有美国银行、富国银行作为其现金等价物，其中第一大重仓股美国银行，占比约45%。 相关持股情况如下图。芒格的好搭档——巴菲特长期以来一直是银行股的忠实拥护者，伯克希尔哈撒韦在金融领域的持仓占其总持仓市值的30%左右，在上表中的美国银行、富国银行、U.S.Bancorp上都有长期仓位。巴菲特之所以偏好银行股，也是基于其类似于“良好的现金等价物”的特性：当美国经济扩张时，银行股就是摇钱树；尽管衰退不可避免，但经济扩张期很长，衰退期往往只持续几个月，巴菲特非常愿意渡过短期低谷，从而利用经济扩张带来长期利好。不过，在富国银行上的投资却没有达到预期，伯克希尔哈撒韦在去年底第四季度出售了近7500万股的富国银行头寸，持股减少至约5240万股（2016年持仓约为5亿股）。","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":1535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}