Abatshalizimali kufanele bagweme imakethe yamabhondi, babhale encwadini yonyaka eya kubaninimasheya uWarren Buffett. "Abatshalizimali ezimakethe zezinsimbi ezinemali ebekiwe emhlabeni wonke, kungaba yizimali zempesheni, izinkampani zomshuwalense noma abahola impesheni zilinde ikusasa elimnandi," kusho umqondisi jikelele oneminyaka engama-90 ubudala waseBerkshire Hathaway. - Ababambiqhaza bemakethe, zombili izizathu zokulawula kanye nokusuka endaweni yokubuka izilinganiso zesikweletu, kufanele banake izibopho. Kepha imakethe yebhondi akuyona indawo lapho udinga ukuba khona namuhla. "
Ngemuva komhlangano waminyaka yonke weBerkshire Hathaway Yabaninimasheya angasekuqaleni kukaMeyi 2020, i-Guru yokutshala imali yesikhathi sobunkulu azenzeli izitatimende zomphakathi. Encwadini yakhe yonyaka, ehambisana nokushicilelwa kombiko waminyaka yonke wenkampani, waphawula ngesimo samanje ezimakethe zebhondi, wandisa kakhulu emasondweni asanda kwenziwa, wabelana ngombono wakhe ngamathemba omnotho waseMelika futhi wachaza, kungani iBerkshire Hathaway uchithe cishe ama- $ 25 billion wokuhlenga amasheya abo ngonyaka owedlule.
Inzuzo yezibopho zikahulumeni zamazwe athuthukile ikhule kakhulu ngeviki eledlule ngenxa yokuthengiswa okukhulu, okwakuthinta ababambiqhaza bezimakethe zesitoko zomhlaba. Isivuno samabhondi ongumgcinimafa oneminyaka eyi-10 e-United States, okwathi ekuqaleni konyaka kwakungu-0.9%, ngasekupheleni kwaleli sonto kuvuka ku-1.415%. Abatshalizimali baphume ngamathuluzi aphephile, balinde ukusheshisa okubukhali kokukhula komnotho. Ithemba eliphathelene nokuvuselelwa komnotho wembulunga yonke futhi livuse okulindelwe kokusheshisa ukwehla kwamandla emali kanye nokubuyekezwa kwenqubomgomo yemali ye-Ultrabas emabhange amakhulu.
Abatshalizimali abaningi bashiya izibopho zombuso zizibuyisela esikhundleni sephothifoliyo yabo enobungozi kakhulu bekweletini ephansi. "Eminye imishwalense, kanye nabanye abatshalizimali ngamabhondi, bangazama ukuncipha okungenani okuthile emholweni ongemthetho manje osemakethe, ukuhumusha imali kwizibopho zababolekayo. Kodwa-ke, imali mboleko enobungozi ayiyona impendulo yamanani entshisekelo anganele, "uBuffett waxwayisa. "Eminyakeni engamashumi amathathu edlule, lapho izinhlangano ezinamandla zemalimboleko zokonga imali azilethela ekufeni, kubandakanya ngoba engazange azinake lesi sibalo," kukhunjuzwa umtshalizimali.
Inhlekelele Yezinhlangano Zokonga Okonga ↓
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Ngenxa yokuqina ngeminyaka yo-1970. kanye nokuphakamisa isilinganiso esemthethweni Fed ekuqaleni kweminyaka yo-1980. Amanani wediphozithi ezingcupheni zemalimboleko yemalimboleko yase-US akhuphuke kakhulu. Imali engenayo baqhubeka nokuthola imali mboleko yempahla ekhishwe ekuqaleni kwamanani aphansi aphansi. Izinhlangano eziningi empeleni ziqala ukuzikhohlisa, zazama ukuzibandakanya emisebenzini eyingozi ukunweba imisebenzi yazo. Ngemuva kwenkinga ephelele kusuka ngo-1986 kuya ku-1995. Bangaphezu kuka-1000 zezinhlangano ezingama-3234 eziqediwe.
IBerkshire Hathaway ngokwayo ingumuntu obambe iqhaza elikhulu emakethe yamathuluzi angenayo imali engenayo - ngezindlela eziningi ngoba idinga ukugcina imali enkulu endaweni ethile, okufika ema- $ 138.3 billion azotshalwa ngama- $ 113 billion awo Iphepha le-Telm - Amabhilintshi wezeMgcinimafa ke, kuma-bond-terwor amade - kuphela ama- $ 3.4 billion. Inkampani incishise ukutshalwa kwezimali kwayo kumabhondi ezinkampani kwikota ye-IV.
I-Buffett esikhathini esedlule iye yaphawula kaningi ukuthi ayikwazi ukuthola inhloso enkulu yokumunca. Ngakho-ke, iBerkshire Hathaway Cash Ekhululekile iyaqhubeka nokukhula, futhi lokhu akubathandi abatshalizimali. Eminyakeni emibili edlule, amasheya awo ahamba ngemuva kwe-S & P 500 Index. Isibonelo, ngo-2020 bavuka ngo-2.4%, kanye nenkomba - ngo-16.3%.
Ngonyaka owedlule, iBerkshire Hathaway ichithe ama- $ 24,7 billion ekuhlengweni kwamasheya ayo, kanti okuthengile kwaqiniswa kwikota yesine ($ 8.8 billion). UBuffett wawachaza kanjena: Kanye nomlingani wakhe uCharlie Manger, "wanquma ukuthi bazokwandisa inani lemvelo langaphakathi lenkampani futhi ngesikhathi esifanayo eBerkshire bazohlala namathuluzi angeqile ukuze basebenzise amathuba noma ukuxazulula izinkinga uma bevuka. "
UJim Shanakhan, no-Jim Shanakhan, no-Jim Shanakhan, no-Edward Shanakhan, no-Edward Jones Analystst. Ngokusho kwakhe, kulo nyaka inkampani yathenga amasheya ngenye imali engama- $ 4,5 billion.
Ukukhula kwemakethe yesitoko kusho ukuthi amathuba we-buffett ukuze amuncu azohlala lilinganiselwe. "Iningi lalawa mabhizinisi amahle ngempela alinandaba nokuthi othile awuthengayo," kusho uBuffett. Ngakho-ke, yena nombhedo banaka kakhulu kwiphothifoliyo yesitoko, usayizi wayo ngo-2020 wafinyelela ama- $ 281 billion. I-Berkshire Hathaway ithenge amasheya opharetha we-verizon billion kanye ne-chevron - ngama- $ 41 billion (amasheya we Inkampani kawoyela yawela kakhulu ngesikhathi senhlekelele, ngokungafani ne-exxon mobil, yagcina ukuhamba kwemali okuhle kwamahhala ngo-2020). IBerkshire Hathaway ibuye yanciphisa isabelo esincane kutshalomali lwayo olukhulu kunazo zonke - i-Apple (iphakethe libiza ama- $ 118 billion ngasekupheleni konyaka).
"Uhlala ethandana ngodaba lwe- [PURPER] futhi namanje unesiyalo endabeni yokuqagela kwenani - amazwana sanyan. - Ngenxa yalokho, waphuthelwa amathuba. "
UBuffett ubuye waqinisekisa ukuqiniseka kwakhe encwadini ngamathemba omnotho waseMelika, ethi kubanini bamanzile ukuthi izwe "liyaqhubekela phambili" nokuthi "akudingi ukudlala ngokumelene neMelika."
"Eminyakeni engu-232 efishane yokuba khona kwayo kwakungekho enye incubator enjalo yokudalulwa kwamandla abantu njengeMelika. Naphezu kokuphuka okuthile okunzima, inqubekela phambili yezomnotho yezwe lethu imane nje iyamangaza. "I-Berkshire Hathaway, engumnikazi wezinkampani zomphakathi nezamandla ezingxenyeni ezihlukene zezwe, wachitha ingxenye yemali yamaphrojekthi wamandla avuselelekayo, futhi futhi isebenzisa iphrojekthi yamadola ayizigidi eziyizinkulungwane eziningi ukwenza ama-lines ama-pollar ayizigidigidi ezinamabhili anezigidigidi. "Izinkampani zikagesi ezweni lethu zidinga ukulungiswa kabusha okukhulu, inani eliphelele lazo lizoba nkulu," kubhala uBuffett.
Engxenyeni ye-IV, i-Berkshire Hathaway Net inzuzo (kufaka phakathi imali engenayo evela ekutshalweni kwezimali esitokweni) inyuswe cishe ngo-23% billion ngokuqhathaniswa nama- $ 5 billion we- $ 5 billion for full 2020 g . Inzuzo yokusebenza yehle ngo-9% kuya ku- $ 21.9 billion.
Kuhunyushwe uMikhail Overchenko