CNBC:巴菲特称股市表现将优于债券和黄金
2012-02-10 09:44阅读:
CNBC:巴菲特称股市表现将优于债券和黄金
2012年02月10日07:15腾讯财经我要评论(1)
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腾讯财经讯 北京时间2月10日早间,CNBC头条刊文《
巴菲特称
股市表现将优于债券
和黄金》,现全文摘要如下:
全球亿万富翁、明星投资家沃伦-巴菲特日前表示,在未来一段时间里,股票或者对任何“生产性”资产进行的投资,其表现都大大好于债券,甚至是
黄金。更为重要的是,迄今为止,股票已经成为了最为安全的资产。
巴菲特表示,对于债券,目前应该发出警告了,因为这类投资产品的收益率并不高,不足以在经过通胀和税收调整后为投资者带来真实的回报。尽管一直以来,市场一直认为债券以及其他基于
汇率的投资品种相对安全,但事实上,目前这些已经是最具风险的资产。
巴菲特表示,其执掌的伯克希尔哈撒韦公司之所以持有
美国国债仅仅只是为了确保该公司较高的流动性,即在急需资金的时候,能够迅速变现。巴菲特指出,对于非生产性资产,诸如黄金,目前其价格已经具有较大的泡沫。(翊海)
Warren Buffett: Stocks Will Outperform Gold and Bonds .. and
They're Safer 'By Far'
Published:
Thursday, 9 Feb 2012 | 1:38 PM ET
Text
Size
By: Alex
Crippen
Executive Producer
http://www.cnbc.com/id/46328808
 |
Getty Images
Warren Buffett
|
Warren Buffett is making his case. Stocks, or investments in any
'productive' asset, will 'prove to be the runaway winner' over
bonds or gold 'over any extended period of time' .. and 'more
important, it will be
by far the safest.'
Buffett lays out the argument in a bylined article appearing in
Fortune's February 27 issue and on its
web site.
It's described as an 'adaptation' from his upcoming annual letter
to Berkshire Hathaway shareholders.
Fortune's
Carol Loomis edits that letter each year
with Buffett.
In the piece, Buffett argues that bonds 'should come with a warning
label' right now, because interest rates aren't high enough to make
up for inflation and taxes.
Even though bonds, and other currency-based investments, have a
reputation of being safe, 'in truth they are among the most
dangerous of assets.'
Buffett says Berkshire holds U.S. Treasury bills only to make sure
the company has quick access to cash if it is suddenly
needed.
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As for 'non-productive' assets, most notably gold, Buffett argues
their 'owners are
not inspired by what the asset itself
can produce — it will remain lifeless forever — but rather by the
belief that others will desire it even more avidly in the
future.'
While a rising price can encourage even skeptics to join in,
'bubbles blown large enough inevitably pop.'
Buffett writes that if all the gold in the world were combined into
one cube, about 68 feet on each side, it would be worth $9.6
trillion at its current price of $1750 per ounce.
For that amount of money, 'we could buy
all U.S. cropland
(400 million acres with output of about $200 billion annually),
plus 16 Exxon Mobils (the world's most profitable company, one
earning more than $40 billion annually.)'
Another trillion would be left over.
'A century from now the 400 million acres of farmland
will have produced staggering amounts of corn, wheat, cotton, and
other crops -- and will continue to produce that valuable bounty,
whatever the currency may be. Exxon Mobil (XOM) will probably have
delivered trillions of dollars in dividends to its owners and will
also hold assets worth many more trillions (and, remember, you get
16 Exxons). The 170,000 tons of gold will be unchanged in size and
still incapable of producing anything. You can fondle the cube, but
it will not respond.'
This is not a new position for Buffett.
For several years
now, he's favored stocks
over
bonds or
gold.
Current Berkshire stock prices:
Class B:
[BRK.B
79.20
-0.46
(-0.58%)
]
Class A:
[BRK.A
118855.0234
-619.9766
(-0.52%)
]