最后一次！伯克希尔重大发布，“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-on-year increase of 2.13% - Net profit attributable to shareholders was $30.796 billion, up 17% year-on-year - Operating profit reached $13.49 billion, a significant increase of 34% compared to $10.09 billion in the same period last year [2] Investment Portfolio - As of September 30, the fair value of the company's equity securities investments was $283.241 billion - The top five holdings, which account for 66% of the total fair value of equity securities, include American Express, Apple, Bank of America, Coca-Cola, and Chevron - 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 - Since Buffett announced his resignation in May, Berkshire's stock has underperformed the market, dropping 11% from a historical high of $812,855 [3] - In contrast, the S&P 500 index has risen by 21% during the same period [3] Analyst Ratings - Analyst Meyer Shields downgraded Berkshire Hathaway's A-class stock rating from "in line with the market" to "underperform," citing various factors moving in the wrong direction [3][4] - The target price for Berkshire's A-class stock was lowered from $740,000 to $700,000, with concerns about the uncertainty surrounding Buffett's successor and weak performance in key business areas [4] Leadership Transition - Greg Abel, Vice Chairman of Non-Insurance Operations, will succeed Buffett as CEO, while Buffett will remain as Chairman of the Board [4]