后巴菲特时代启幕，伯克希尔告别“溢价”迎接新常态

Core Insights - Warren Buffett, the legendary CEO of Berkshire Hathaway, is set to retire at the end of the year, marking a significant transition for the company as it faces challenges in maintaining investor confidence and corporate culture without his leadership [1][4]. Stock Performance - Since Buffett announced the transition of CEO responsibilities to Greg Abel in May, Berkshire Hathaway's Class B shares have dropped by 12%, contrasting sharply with the S&P 500's 21% increase during the same period, indicating market concerns about the post-Buffett era [4]. Market Sentiment - The rapid decline of the "Buffett premium," which allowed investors to pay a higher valuation for Berkshire shares due to Buffett's reputation, is a central concern. Analysts have downgraded the company's rating to "underperform," citing pressures such as declining pricing in property catastrophe reinsurance and the impact of lower interest rates on cash returns [4][5]. Cultural Shift - Buffett's retirement signifies the end of cherished traditions that have shaped Berkshire's unique corporate culture. Greg Abel will take over the writing of the annual shareholder letter and will lead the annual meeting, while Buffett will step back to a chairman role [5]. Transparency Concerns - Berkshire's unconventional operational methods, such as not holding quarterly earnings calls or providing earnings guidance, may face scrutiny as the company transitions to new leadership. Analysts worry that without Buffett's influence, investor tolerance for these practices may diminish, leading to potential changes in disclosure practices [5]. Long-term Value Perspective - Despite short-term stock price pressures and cultural challenges, the fundamental business of Berkshire Hathaway remains strong. Long-term investors express confidence in the company's underlying value, viewing recent stock declines as a technical correction rather than a fundamental issue [6]. Cash Flow Stability - The core value of Berkshire lies in its diverse portfolio of businesses that generate stable cash flows, which are expected to continue regardless of Buffett's presence. Investors believe that the operational capabilities of these businesses will sustain their value over time [6].