伯克希尔，大幅跑输美股大盘

Core Viewpoint - The recent decline in Berkshire Hathaway's stock price, attributed to the impending retirement of CEO Warren Buffett, has led to a significant drop in its valuation, contrasting sharply with the strong rebound of the S&P 500 index [1][3]. Group 1: Stock Performance - Since Buffett announced his plan to step down as CEO, Berkshire's A-class shares have dropped over 10%, underperforming the S&P 500 by approximately 15 percentage points [1][3]. - The stock's price-to-book ratio has decreased from about 1.8 times its March 31 book value to approximately 1.6 times, nearing its historical average of about 1.5 times [5]. Group 2: Market Sentiment - Analysts suggest that the recent sell-off may be linked to the evaporation of the "Buffett premium," which reflects the additional valuation investors assigned to the company due to Buffett's influence [3]. - Some market observers predict that the underperformance relative to the market could approach 20 percentage points in the coming weeks as shareholders react to the stock's recent performance [3]. Group 3: Company Fundamentals - Berkshire's operating profit, including its wholly-owned insurance and railroad businesses, fell by 14% year-over-year to $9.641 billion in the first quarter of 2025 [4]. - The initial stock price decline may have been triggered by algorithmic trading in response to leadership change announcements, while subsequent declines appear to be driven by fundamental factors related to the company's performance [4]. Group 4: Leadership Transition - Buffett's planned retirement has raised concerns among shareholders about the future direction of the company in the "post-Buffett era," despite his continued role as chairman [5]. - Greg Abel, the current vice chairman, is expected to succeed Buffett as CEO, with shareholders hoping he will maintain the company's long-term value investment philosophy and decentralized management culture [5].