“巴菲特溢价”消失，伯克希尔股价或面临更大抛售？

Core Viewpoint - Warren Buffett's prediction of Berkshire Hathaway's stock price increase upon his retirement has not materialized, with the stock price declining over 10% since the announcement of his succession plan [1]. Group 1: Stock Performance - Berkshire Hathaway's stock has underperformed the S&P 500 by approximately 15 percentage points since Buffett's announcement on May 3 [1]. - The stock price began to decline from a historical high reached on May 2, just before the company's annual shareholder meeting [2]. - The company's market capitalization remains above $1 trillion despite the recent downturn [2]. Group 2: Factors Influencing Stock Price - The decline in stock price is partly attributed to the "Buffett premium," which reflects investors' willingness to pay extra due to Buffett's investment track record and capital allocation skills [1]. - Analysts suggest that algorithmic trading has significantly influenced the recent stock price movements [2]. - Berkshire's operating profit for the first quarter fell by 14% to $9.64 billion, contributing to the stock's poor performance [1]. Group 3: Future Outlook - Some analysts estimate that the stock still contains a "Buffett premium" of 5% to 10%, indicating ongoing investor confidence in Buffett's role as chairman [2]. - There are concerns that the stock price may decline further after Buffett officially steps down as CEO at the end of the year [2].