收购铁路公司 巴菲特的收山之作？
Cults of personality can become a problem when succession looms. For Berkshire Hathaway, dominated by the figure of Warren Buffett, is buying Burlington Northern Santa Fe one way of addressing this issue?
当交班问题临近时，个人崇拜就成为了一个问题。对一直笼罩在巴菲特(Warren Buffett)光环下的伯克希尔哈撒韦(Berkshire Hathaway)来说，收购Burlington Northern Santa Fe是解决这个问题的一个途径吗？
Berkshire assures investors that plans for Mr. Buffett's retirement--he is 79--are in hand. But part of the stock's appeal lies in the potential gains to be made when its feted chief executive identifies an undervalued company and makes a big bet on it. There is no guarantee such skill can be replicated.
伯克希尔哈撒韦安抚投资者说，已经有了关于巴菲特（今年79岁）退休的计划。但该公司股票的部分魅力就在于，首席执行长巴菲特能够发现被低估的公司并进行大举投资，从而带来潜在的收益。这种技能不一定能够得到传承。
One thing Burlington provides is another industrial arm to Berkshire, taking it further toward looking like a traditional conglomerate. Fox-Pitt Kelton analyst Matthew Carletti estimates Burlington would constitute 12% of Berkshire's 2010 pro-forma revenue, making it larger than the energy business. Whoever succeeds Mr. Buffett will have a broader portfolio of operational businesses to run like a regular CEO separate from the planned chief investment officer position.
收购Burlington的意义之一是这笔交易给伯克希尔哈撒韦带来了又一个工业子公司，使得伯克希尔哈撒韦朝着成为一家传统综合企业集团的方向又进了一步。Fox-Pitt Kelton分析师卡雷蒂(Matthew Carletti)预计，Burlington将占到伯克希尔哈撒韦2010年预估收入的12%，比重超过能源业务。无论是谁接替巴菲特，都将面对一个规模更大的运营业务组合，可以像一个普通的首席执行长一样管理公司，而不是扮演设想中的首席投资长那样的一个角色。
The $15.8 billion cash element of the deal also swallows up a big chunk of the $24.5 billion sitting on Berkshire's balance sheet. Meanwhile, the 50-for-1 split in Berkshire's B-shares, to accommodate small Burlington shareholders exchanging their paper for Berkshire's, should give the stock a more mass-market appeal. One new B share would be worth $67 and change, rather than the current $3,381.
这笔交易包括158亿美元的现金部分，也使得伯克希尔哈撒韦资产负债表上245亿美元的现金头寸损失了一大部分。与此同时，为了让Burlington小股东能将手中持股换成伯克希尔哈撒韦的股票，伯克希尔哈撒韦的B股将按照1比50的比例拆分，这一举动应当能使得该股对大众市场更加具有吸引力。股票分拆后，伯克希尔哈撒韦的B股股价将不再是当前的3,381美元，而是每股价值67美元多。
If greater liquidity results, Berkshire might also attract more analyst coverage. Five analysts provide 2010 earnings estimates for Berkshire, according to Thomson Reuters, compared with 17 for General Electric.
如果这带来了更多的流动性，伯克希尔哈撒韦可能还会吸引更多的分析师的关注。汤森路透(Thomson Reuters)统计，目前有5位分析师提供伯克希尔哈撒韦的2010年收益预期，而研究通用电气(General Electric)的分析师数量是17名。
Such considerations might be thought to apply only to 'regular' companies. But that is what Berkshire may well come to resemble after Mr. Buffett retires.
这些特点可能被认为只适用于“普通”公司。不过，这正是巴菲特退休之后伯克希尔哈撒韦可能的发展方向。
Liam Denning
