伯克希尔，重大发布！最后一次！“巴菲特溢价”面临考验

Core Insights - Berkshire Hathaway, led by Warren Buffett, released its latest financial report before his resignation as CEO, showing stable performance but underperforming compared to the market [1] Financial Performance - In Q3, Berkshire Hathaway reported revenue of $94.972 billion, a year-over-year increase of 2.13% [2] - Net profit attributable to shareholders was $30.796 billion, up 17% year-over-year [2] - Operating profit reached $13.49 billion, a significant increase of 34% compared to $10.09 billion in the same period last year [2] - As of September 30, the fair value of the company's equity securities investments was $283.241 billion, with the top five holdings (American Express, Apple, Bank of America, Coca-Cola, Chevron) accounting for 66% of the total fair value [2] - The company announced a major acquisition plan to purchase Occidental Petroleum's chemical business for $9.7 billion in cash, expected to be completed by Q4 2025 [2] Stock Performance - Despite stable financial results, Berkshire Hathaway's stock has underperformed since Buffett announced his resignation as CEO in May, with a decline of 11% from a historical high of $812,855 [3] - In contrast, the S&P 500 index has increased by 21% during the same period [3] - Analyst Meyer Shields downgraded Berkshire Hathaway's A-class stock rating from "in line with the market" to "underperform," citing several factors moving in the wrong direction [3][4] Analyst Insights - Shields also lowered the target price for Berkshire Hathaway's A-class stock from $740,000 to $700,000, highlighting unique challenges related to the successor of Buffett and weak performance in key business areas [4] - Concerns about the uncertainty surrounding Buffett's successor are seen as a major factor affecting investor sentiment, with the so-called "Buffett premium" appearing to diminish [4] - The company faces operational pressures across its diversified portfolio, including insurance, railroads, and energy sectors [4]