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巴菲特观察:投GE运气差过高盛很多

(2009-10-02 00:49:50)
标签:

巴菲特

ge

高盛

股票

分类: 投资理财

巴菲特投资在GE上的30亿美元也有和投资在高盛上同样的奖励条款,即可以把贷款以每股22.25美元的价格换成GE股票,可惜在投资一周年之际,GE股价还在16美元徘徊。

 

不过只要GE不倒(这时看比一年前更不太可能发生了),巴菲特的每年10%贷款收益还是不差的。

 

下文来自CNBC:

 

Warren Buffett's GE Warrants Still Under Water One Year Later
Published: Thursday, 1 Oct 2009 | 10:55 AM ET
By: Alex Crippen
Executive Producer

Warren Buffett's warrants to buy almost 135,000 General Electric common shares are still worthless, as they have been for almost the entire time since Berkshire Hathaway's $3 billion investment in the company was announced exactly one year ago today.

That's in sharp contrast to the Goldman Sachs deal Berkshire made just a few days before the GE infusion.  Today, Buffett's Goldman warrants are worth about $3 billion.

The main element of both deals was Berkshire's multi-billion dollar loans to both Goldman ($5 billion) and GE ($3 billion), made near the height of the credit crisis last fall when it seemed that no company was immune from potential collapse.

Both loans, which came in the form of preferred stock purchases, pay a guaranteed 10 percent a year.  Berkshire gets that hefty interest rate on its money no matter what Goldman and GE's common shares do in the market.

 

http://media.cnbc.com/i/CNBC/Sections/News_And_Analysis/_Blogs/Warren_Buffett_Watch/_DAILY%20POSTS/Graphics/081006_wbw_ge_advertisement.jpg
Fred LaSenna / CNBC.com Illustration
Buffett's "celebrity-style" endorsements of General Electric and Goldman Sachs, making last year's investments even more valuable to the recipients during the troubled times, reminded us of the old magazine ads in which a movie star or sports hero talks about his or her devotion to a certain automobile or brand of soap flakes.  Buffett's word of praise for GE are real.  The ad itself is a product of our imagination.

 

But, in what Buffett has called a "bonus," Berkshire also got the right to buy a pre-set amount of common stock in each company at a pre-set price, within 5 years.

Berkshire has the right to buy 43,478,260 shares of Goldman at $115 each, for a total price of $5 billion.  It can also buy 134,831,460 shares of GE at $22.25 each, for a total of $3 billion.

Goldman's stock has soared above the $115/share strike price, which means Berkshire would be getting a bargain if it exercised its right to buy.

 

http://media.cnbc.com/i/CNBC/Sections/News_And_Analysis/__Story_Inserts/graphics/__WARREN_BUFFETT/WBW_warrants_chart1.jpg

 

GE, on the other hand, is trading today around $16, about 27 percent below the $22.25 strike price for those warrants.  Unless GE's market price rises above that level, Berkshire has no reason to exercise its right to buy at the higher market price.

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