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   제목: What Warren Buffett Is Buying


What Warren Buffett Is Buying

The Oracle of Omaha isn뭪 taking as many risks as he used to.

By Andrew Ross Sorkin, Jason Karaian, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni


Warren Buffett is playing it safe

Berkshire Hathaway뭩 latest annual results, and the accompanying letter to investors from the Oracle of Omaha, reveal a clear theme: Warren Buffett isn뭪 taking as many risks or big swings at deal-making as he used to.

Berkshire is spending more of its $138 billion in cash on smaller investments, as opposed to deploying it on the huge acquisitions that he famously made in the past. The conglomerate bought back nearly $25 billion of its own shares last year, a record for a company that until recently was reluctant to spend its cash this way.

뷢r. Buffett sang the praises of buybacks at Berkshire and at the companies it invests in writing, 밃s a sultry Mae West assured us: 멦oo much of a good thing can be wonderful.뮅



Mr. Buffett admitted a big mistake in his last foray into blockbuster deal-making. He wrote that the $37 billion he paid for Precision Castparts, a maker of airplane parts, was too much. (The 2016 transaction resulted in a $10 billion write-down last year.) 밡o one misled me in any way, he wrote. 밒 was simply too optimistic.

뷓erkshire reported a fall of nearly 50 percent in its net profit last year, although operating profit was down by less than 10 percent.

Berkshire뭩 biggest bets don뭪 look particularly contrarian. They include a $120 billion stake in Apple and majority stakes in the Burlington Northern railroad and Berkshire Hathaway Energy. Berkshire뭩 stock is up but has underperformed the S&P 500 in recent years.

뷢r. Buffett isn뭪 bullish on bonds, writing that bond investors face a 밷leak future amid signs of anxiety in the debt markets, and he warned that 뱑isky loans and other ways to juice fixed-income returns would lead to ruin.


Investors don뭪 seem to mind that Mr. Buffett has put down his so-called elephant gun for big acquisitions, at least for now. 밐e doesn뭪 really have to find the elephant because he has two elephants already corralled that need to be fed, said Thomas Russo, a Berkshire shareholder, referring to the railroad and energy companies. That suggests investors are on board with Berkshire focusing on buybacks and its existing businesses rather than bold new bets for now.

Excerpts articles from The New York Times
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