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 [转帖]汇投公司"心跳"刚开始 黑石股价接近新低 |
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Buffet is buying good-quality/financially conservative -- parisparis - (527 Byte) 2007-7-31 周二, 09:29 (393 reads) |
sapientaf
头衔: 海归上校
声望: 学员
性别: 
加入时间: 2006/08/20
文章: 821
来自: 弯曲，上海，班格罗尔，北京，新加坡
海归分: 83000
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作者：sapientaf 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Take a look at the 2006 BH annual letter to share holders
https://www.berkshirehathaway.com/letters/2006ltr.pdf
>> I should mention that all of the direct currency profits we have realized have come from forward contracts, which are derivatives, and that we have entered into other types of derivatives contracts as well.That may seem odd, since you know of our expensive experience in unwinding the derivatives book at GenRe and also have heard me talk of the systemic problems that could result from the enormous growth in the use of derivatives. Why, you may wonder, are we fooling around with such potentially toxic material?The answer is that derivatives, just like stocks and bonds, are sometimes wildly mispriced.
For many years, accordingly, we have selectively written derivative contracts – few in number but sometimesfor large dollar amounts. We currently have 62 contracts outstanding. I manage them personally, and they are free of counterparty credit risk. So far, these derivative contracts have worked out well for us, producing pre-tax profits in the hundreds of millions of dollars (above and beyond the gains I’ve itemized from forward foreign-exchange contracts). Though we will experience losses from time to time, we are likely to continue to earn – overall – significant profits from mispriced derivatives <<
作者：sapientaf 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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