老巴減碼穆迪

From: mikeon
Sent: Thursday, July 23, 2009 2:20 PM

穆迪是一家買回庫藏股買到淨值為負的好公司，
不知為何老巴會減碼 ?
它的常利其實不差，即便在金融風暴下


















「神功」
P78
圖1：巴：關於減資，值得順道一提的，賺錢的公司淨值也可能為負喔
圖2：常虹：咦 ! 怎麼可能 ? 不是只有虧損的企業淨值才會變負的嗎 ?
圖3：巴：不然，買回庫藏股也會讓淨值變負，
圖4：買回庫藏股一股，股價五十元，淨值由三十元減五十元，變成負二十元

例如，公司的股數2股，EPS5元，淨值30元。

淨值(股本20＋EPS 5x2股)＝淨值(30)
30－買回庫藏股50＝ -20

註：減資：每位股東同比例被減到；
買回庫藏股：公司到市場上去買回自家股票。

常虹：真有趣啊 ! 以前倒不曾想過呢。
圖5：巴：會把淨值買到負的，可是很好的公司喔，表示它的現金充足且穩定，不用自有資金，光靠借貸即可以營運
圖6：像康寶濃湯、雅芳都是。


From: Tequila
To: mikeon
Sent: Thursday, July 23, 2009 3:46 PM

很可能是因為它把Berkshire Hathaway的評等往下調降的關係...


From: 大汗
To: mikeon
Sent: Thursday, July 23, 2009 5:35 PM

哈哈哈
這個有趣
我怎麼沒想到勒！？

老巴的確對Moody's 和其他信評機構調降BRK評等相當感冒
認為這只是因為套用新的會計原則
以致於BRK有「立即的帳面損失」
還寫新聞稿回擊表達不爽

我本來以為是因為加州公務員基金控告這些信評公司之故
但如果是如此，老巴應該會全部賣掉，
（同時跟SEC申請延遲申報），等我們發現時他已經出清了。

另外一個原因，就是他在調節現金水位
可能他又要花錢購入其他股票了吧
（之前為了買高盛和GE需要銀彈，賣掉部分JNJ，
後來還不是都買回來了）
我們拭目以待


From: mikeon
Sent: Thursday, July 23, 2009 11:35 AM

Warren Buffett Cuts Stake in Moody's By Almost 17%
Published: Wednesday, 22 Jul 2009 5:54 PM ET
By: Alex Crippen
Executive Producer

Warren Buffett's Berkshire Hathaway has cut its stake in Moody's by 16.6 percent, reducing its exposure to the beleaguered credit rating agency by selling almost eight million shares over three days.
In a filing with the SEC late today (Wednesday), Berkshire says it held 40,013,700 shares as of July 22. That's 16.98 percent of Moody's shares outstanding.
Berkshire reported holding 48 million shares as of March 31. That would be a stake of just over 20 percent.
Moody's shares fell sharply in after-hours trading on the news. They closed today at $26.52 and were trading at $24.35 just after 6p ET.
Current price: [MCO 26.52 -0.28 (-1.04%) ]
Berkshire's National Indemnity sold the shares on the open market over a three-day period starting Monday. The selling prices ranged from $28.73 to $26.64, with an average of $27.25. The sales raised $217.6 million for Berkshire.
Today's filing notes that there could be additional sales, and while there are no "present plans" to purchase more shares, that could also happen in the future.
The major credit rating agencies, including Moody's, have been heavily criticized for failing to warn investors about the subprime mortgage collapse. The Obama administration recently proposed new rules designed to stop the credit agencies from consulting for the same companies they are also rating.
And last year, Connecticut Attorney General Richard Blumenthal called Berkshire's relationship with Moody's a "symptom of flaws in a system rife with conflicts of interest and problematic relationships."
Moody's stripped Berkshire of its triple-A credit rating earlier this year.