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专栏 - 苹果2_0

巴菲特:如果我是库克,我就回购苹果股票

Philip Elmer-DeWitt 2013年03月06日

苹果(Apple)公司内部流传着一个老笑话,那就是史蒂夫·乔布斯周围是一片“现实扭曲力场”:你离他太近的话,就会相信他所说的话。苹果的数百万用户中已经有不少成了该公司的“信徒”,而很多苹果投资者也赚得盆满钵满。不过,Elmer-DeWitt认为,在报道苹果公司时有点怀疑精神不是坏事。听他的应该没错。要知道,他自从1982年就开始报道苹果、观察史蒂夫·乔布斯经营该公司。
股神认为,公司的职责在于创造价值,而不是一门心思想着推高股价。但是,如果手头有钱,同时股价大幅下挫,回购也是笔好买卖:“假如能用80美分买到价值一美元的东西,无疑是非常划算的买卖。”

    周一早上,在消费者新闻与财经频道(CNBC)长达3小时的Squawk Box节目中,伯克希尔•哈撒韦公司(Berkshire Hathaway)的沃伦•巴菲特谈到了苹果(Apple)投资者所面临的两大首要问题:苹果低迷的股价和引发大卫•艾因霍(对冲基金绿光资本的基金经理——译注)不满的1,370亿美元的现金。

    关于增加股息压力的看法:

    “我没有苹果的产品,从来都没有过。然而,在几年前,我的确和史蒂夫•乔布斯讨论过如何处置现金的问题。对于企业来说,最可行的办法就是把业务做好,股价自然会有回应。”

    关于大卫•艾因霍推动苹果发售优先股的看法:

    “如果是我的话,我不会去理他。在我看来,做企业为的是在未来5-10年间创造最大的价值,而不是每天推动股价的上涨。在历史上,伯克希尔的股票曾4度下跌了50%。发生这种情况的时候,如果你有钱的话应该去回购。只要专心创造价值即可。”

    “每当伯克希尔股价下跌,我就会听到人们说,为什么你不这样做?或者,为什么你不那样做?为什么不派息?我认为苹果在价值创造方面做得很好。他们手头的现金可能太多。他们之所以有这么多现金的一个原因就是,其中的2/3都还没有计税。”

    “当时,乔布斯给我打电话的时候,我问,公司的股价很低吗?他说,是的。我问,公司是不是有很多用不着的现金。他说,有一点。【笑】我说,那就回购股票吧。他并没有那么做。如今,如果我们的股票从9万美元跌到4万至4.5万美元,我写道,我们会回购股票。只是还没跌到那个份上。”

    “然而,假如能用80美分买到价值一美元的东西,肯定非常划算。”(财富中文网)

    In a three-hour appearance on CNBC's Squawk BoxMonday morning, Berkshire Hathaway's (BRKA) Warren Buffett addressed two burning issues in the minds of Apple (AAPL) investors: Apple's depressed stock price and what to do with the $137 billion in cash burning a hole in David Einhorn's pocket.

    On the pressure to increase the dividend:

    "I don't own any Apple and I haven't, though I did talk with Steve Jobs a few years ago about what they might do with the cash. The best thing you can do with a business is run it well, and the shares will respond."

    On David Einhorn's push to get Apple to issue preferred shares:

    "I would ignore him. I would run the business in such a manner as to create the most value over the next five to 10 years. You can't run a business to push the stock price up on a daily basis. Berkshire has gone down 50% four times in its history. When that happens, if you've got money you buy it. You just keep working on building the value.

     "I heard from people each time [Berkshire shares went down], saying why don't you do this or that. Pay a dividend. I think Apple's done a good job of building value. They may have too much cash. Now one reason they have so much cash is two thirds of it has not yet been taxed.

    "When Steve called me, I said, Is your stock cheap? He said, yes. I said, Do you have more cash than you need? He said, a little. [laughs] I said, then buy back your stock. He didn't. Now, when our stock went from $90,000 to $40,000 to $45,000, I wrote about, we wanted to buy the stock. We didn't quite manage to.

    "But if you could buy dollar bills for 80 cents, it's a very good thing to do."

    

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