罕见！巴菲特要卖子公司？

Core Viewpoint - Warren Buffett's Berkshire Hathaway is undergoing significant structural changes, indicated by the potential sale of its subsidiary, Home Services of America, amidst a record high cash reserve and a continuous sell-off of stocks for nine consecutive quarters [1][2]. Group 1: Potential Sale of Home Services of America - Berkshire Hathaway is in advanced talks with Compass for the acquisition of Home Services of America, which is one of the largest real estate brokerage firms in the U.S. The sale price is speculated to be in the billions, although not explicitly stated [1]. - Buffett has historically been reluctant to sell subsidiaries unless they face insurmountable issues, suggesting that this potential sale indicates a willingness to divest smaller, non-core business units to streamline operations for future management [1][2]. Group 2: Financial Performance and Market Conditions - Home Services of America has faced challenges due to a housing shortage and high prices, resulting in a loss of $107 million in 2024, compared to a profit of $13 million in 2023 and $100 million in 2022. Part of this loss is attributed to a $250 million settlement related to real estate commission lawsuits [3]. - Despite the losses, the company generated $150 million in cash flow before accounting for the lawsuit settlement, indicating some operational resilience [3]. Group 3: Market Position and Future Outlook - Home Services of America operates under 48 brands with approximately 37,700 real estate agents across nearly 820 offices, and manages around 1,400 franchise offices with about 44,700 third-party agents [3]. - The annual sales for the brokerage business are estimated at $125 billion, and the company is positioned to benefit from a potential recovery in real estate sales [4]. - Compass's stock has seen a significant increase of 144% over the past year, with a current market capitalization of $4.7 billion, reflecting positive market sentiment [5].