????2011年拖累伯克希爾利潤的另一個因素是房地產(chǎn)行業(yè)未能出現(xiàn)復蘇,。一年前對樓市相對樂觀的巴菲特如今承認自己“大錯特錯”,。
????伯克希爾不僅持有美國最大的預制屋生產(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)務合計稅前利潤高達18億美元,，但2011年僅為5.13億美元。
????巴菲特認為眼下的房地產(chǎn)市場仍陷于特殊的“蕭條期”,。但他相信，狀況正在穩(wěn)步好轉(zhuǎn),，,。美國經(jīng)濟中大多數(shù)其他行業(yè)已經(jīng)出現(xiàn)明顯的復蘇跡象，與此一致,，房地產(chǎn)行業(yè)也將會出現(xiàn)回升,。
????再來看看好消息。巴菲特給伯克希爾旗下最大的非保險類公司BNSF,、Iscar,、路博潤（Lubrizol）、Marmon Group和MidAmerican Energy取了個新的綽號,，稱贊它們是“非凡五人組”,。2011年，這五家公司的合計稅前凈利潤超過了90億美元（包括伯克希爾于9月份收購路博潤前該公司大半年的利潤）。巴菲特在致股東的公開信中稱,，他預計五家公司今年的利潤都將創(chuàng)造新高,。
????BNSF是美國最大的鐵路公司之一，自2010年初被伯克希爾收購以來一直表現(xiàn)不凡,。去年,，該公司稅前凈利潤為47.4億美元，高于2010年的約40億美元,，增長超過了18%,。
????本文作者是《財富》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年義務擔當沃倫?巴菲特致股東公開信的編輯。 |
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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. |
