Why Does Warren Buffett's Bet On Apple And BYD Make More Sense Than Berkshire Throwing Money At Tesla? Fund Manager Explains
Why Does Warren Buffett's Bet On Apple And BYD Make More Sense Than Berkshire Throwing Money At Tesla? Fund Manager Explains
Right after Berkshire Hathaway, Inc.'s (NYSE:BRK) (NYSE:BRK) annual shareholder meeting, Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk yet again indirectly urged Warren Buffett to invest some of his cash pile in the electric vehicle maker. However, Tesla investor and Future Fund Managing Partner Gary Black doesn't see this as a possibility.
紧随其后的是伯克希尔·哈撒韦公司。”s（纽约证券交易所代码：BRK）（纽约证券交易所代码：BRK）年度股东大会，特斯拉公司（纳斯达克股票代码：TSLA）首席执行官埃隆·马斯克再次间接敦促沃伦·巴菲特将部分现金投资于这家电动汽车制造商。但是，特斯拉投资者兼未来基金管理合伙人加里·布莱克并不认为这是可能的。
What Happened: Black stated, "Buffett would not buy $TSLA as an investment – it's not his type of stock," in a post on X, formerly known as Twitter.
发生了什么：布莱克在X（前身为Twitter）上的一篇文章中表示：“巴菲特不会购买TSLA作为投资——这不是他的股票类型。”
He explained that Buffett is a value investor, who typically expects growth rates and margins to revert to the mean. Tesla, on the other hand, is considered a growth stock that doesn't follow this presumption.
他解释说，巴菲特是一位价值投资者，他通常预计增长率和利润率将恢复到平均水平。另一方面，特斯拉被视为不遵循这一假设的成长股。
Value investing focuses on stocks that are undervalued relative to their intrinsic value at a given time, while growth stocks are associated with companies that can increase their stock prices, revenue, profits, or cash flow at a faster rate than the market.
价值投资侧重于在给定时间相对于其内在价值而被低估的股票，而成长型股票则与能够以比市场更快的速度增加股价、收入、利润或现金流的公司有关。
Black highlighted that Tesla was trading at 70 times its estimated earnings per share for 2024. "At 70x FY'24 EPS, TSLA would likely be the most expensive stock in Berkshire's portfolio, so I don't see it," he remarked. Another reason for potential pushback could be Buffett's preference for businesses that can operate independently from the CEO. "He [Buffett] likes businesses that run themselves," Black added.
布莱克强调说，特斯拉的交易价格是其2024年估计每股收益的70倍。他说：“按24财年每股收益70倍计算，TSLA可能是伯克希尔投资组合中最昂贵的股票，所以我看不出来。”潜在阻力的另一个原因可能是巴菲特偏爱可以独立于首席执行官运营的企业。布莱克补充说：“他（巴菲特）喜欢自己经营的企业。”
Why It's Important: Regarding Buffett's stance on investing in the zero-emission vehicle industry, he expressed skepticism during the shareholder meeting.
为什么重要：关于巴菲特投资零排放汽车行业的立场，他在股东大会上表示怀疑。
Buffett mentioned that Berkshire didn't possess any special expertise in that field, stating, "I would certainly not know how to pick the winners in an industry like that — but I'll be delighted if there are some winners — but don't count on us for seeing who the winners will be and don't count on us for predicting when something will happen."
巴菲特提到，伯克希尔在该领域没有任何特殊的专业知识，他说：“我当然不知道如何在这样的行业中挑选赢家——但如果有一些赢家我会很高兴的——但不要指望我们能看到谁会是赢家，也不要指望我们预测什么时候会发生什么。”
What About Apple And BYD? When Black's social media followers mentioned the significant increase in Apple shares since Berkshire first acquired a stake in the company in the first quarter of 2016, he pointed out that, at the time of investment, the iPhone maker's stock was trading at 11 times its earnings for the running year.
苹果和比亚迪呢？当布莱克的社交媒体粉丝提到自伯克希尔于2016年第一季度首次收购苹果股份以来，苹果股价大幅上涨时，他指出，在投资时，这家iPhone制造商的股票交易价格是其连续一年收益的11倍。
Interestingly, Berkshire has invested in the Chinese EV startup BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF). Black noted that BYD's shares currently trade at 18 times the estimated earnings for 2024. When Berkshire initially invested in BYD in 2008, at the urging of Buffett's trusted lieutenant Charlie Munger, the stock was even cheaper, with a P/E ratio of less than 10.
有趣的是，伯克希尔投资了中国电动汽车初创公司比亚迪公司。有限公司（场外交易代码：BYDDY）（场外交易代码：BYDDF）。布莱克指出，比亚迪目前的股票交易价格是2024年预计收益的18倍。当伯克希尔最初在2008年投资比亚迪时，在巴菲特值得信赖的副手查理·芒格的敦促下，该股甚至更便宜，市盈率低于10。
Tesla closed Tuesday's session down 3.76% at $177.81 and was down 1.60% in Wednesday's pre-market session, according to data from Benzinga Pro.
根据Benzinga Pro的数据，特斯拉周二收盘下跌3.76％，至177.81美元，在周三的盘前交易中下跌1.60％。
This illustration was generated using artificial intelligence via MidJourney.
这幅插图是通过 MidJourney 使用人工智能生成的。
译文内容由第三方软件翻译。