伯克希尔，重大发布！最后一次！“巴菲特溢价”面临考验

Core Viewpoint - Berkshire Hathaway's latest financial report shows stable performance, but the company's stock price has underperformed the market since Warren Buffett announced his resignation as CEO [1][5]. Financial Performance - In Q3, Berkshire Hathaway reported revenue of $94.972 billion, a year-on-year increase of 2.13% [3]. - The net profit attributable to shareholders was $30.796 billion, up 17% year-on-year [3]. - Operating profit reached $13.49 billion, a significant increase of 34% compared to $10.09 billion in the same period last year [3]. - 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 [3]. Strategic Moves - 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 [3]. Stock Performance - Since Buffett's announcement in May, Berkshire's stock price has declined by 11%, while the S&P 500 index has increased by 21% during the same period [5]. - Analyst Meyer Shields downgraded Berkshire's A-class stock rating from "in line with the market" to "underperform," citing various factors moving in the wrong direction [5][6]. - Shields also reduced the target price for Berkshire's A-class stock from $740,000 to $700,000, highlighting concerns over the uncertainty surrounding Buffett's successor and the performance of key business segments [5][6]. Leadership Transition - Greg Abel, Vice Chairman of Non-Insurance Operations, will succeed Buffett as CEO, while Buffett will continue as Chairman of the Board [7].