巴菲特旗下公司面临财务披露压力

Warren Buffett is under fire from investmentanalysts who cover his $370bn company, BerkshireHathaway, over the quality of its financialdisclosures.

沃伦•巴菲特(Warren Buffett)正遭到投资分析师的批评，他们正对其市值高达3700亿美元的伯克希尔哈撒韦(BerkshireHathaway)财报披露的质量提出批评。

While Berkshire has grown to be the third-largestcompany on the US stock market, its quarterlyfilings reveal far less detail than companies of asimilar size, according to the analysts, who all urgedMr Buffett to consider expanding disclosures, particularly about Berkshire’s large insurancebusinesses.

分析师称，尽管伯克希尔哈撒韦已成长为美国股市第三大公司，但其季度财报提供的具体信息远远不及同等规模的其他公司。这些分析师都敦促巴菲特考虑扩大信息披露，特别是有关伯克希尔哈撒韦旗下大型保险公司的信息披露。

Mr Buffett rejected the criticism, telling the Financial Times that Berkshire communicates “all therelevant factors for a long-term investment in the shares”.

巴菲特反驳了这一批评，他告诉英国《金融时报》，伯克希尔哈撒韦已经公布了“所有长期股票投资的相关因素”。

The FT interviewed five of Berkshire’s six analysts, all of whom noted the difficulty in modellingthe company’s financial results. One said Berkshire “could stand to reveal more”; othersdescribed the level of disclosure as “limited”, “poor” and “terrible”.

英国《金融时报》采访了6位分析师中的5位，他们长期研究伯克希尔哈撒韦，但他们都指出很难绘制该公司的财报模型。其中一位分析师表示，伯克希尔哈撒韦“还可以公布更多”;其他人则认为该公司的信息披露“有限”、“匮乏”和“糟糕”。

Berkshire’s businesses span insurance, utilities, railways, manufacturing, retail, newspapersand many more industries. Eight of its subsidiaries would be Fortune 500 companies if theywere split off.

伯克希尔哈撒韦的业务遍及保险、公用事业、铁路、制造业、零售、报纸以及更多其他行业。如果分拆，有8家子公司将跻身《财富》(Fortune)500强。

Berkshire has never sought analyst coverage — its six analysts compare with more than 20 forGeneral Electric, for example — and Mr Buffett said that, since he began investing in shares atthe age of 11, he had never once bought something on the basis of an analystrecommendation.

伯克希尔哈撒韦从不谋求分析师的研究报道，例如，对该公司进行研究的分析师有6位，而通用电气(GE)则多达20多位。巴菲特表示，自从他11岁开始投资股票以来，他没有一次是根据分析师的推荐来买入股票的。

Many of the largest investment banks have declined to assign analysts to cover Berkshirebecause its high-priced and closely held shares trade relatively infrequently, and institutionalinvestor interest in the stock is low compared with other companies.

很多最大投行拒绝指派分析师去研究伯克希尔哈撒韦，因为该公司股价很高，投资者紧密持有，而且交易相对不频繁，相对于其他公司的股票，机构投资者对这只股票的兴趣较低。