巴菲特在精密铸件上拍了一流

What precisely doesBerkshire Hathaway CEO Warren Buffettsee in Precision Castparts Corp.? It’s understandable that investors are asking themselves that question, given the renowned investor’s penny-pinching reputation.

显然，伯克希尔·海瑟薇于周一宣布的飞机组件制造商235美元的每股交易，并没有火灾销售。价格在其上一个接近的价格代表了21.2％的溢价。根据晨星数据，22.2的精密铸件的价格远远高于标准普尔500指数的高度高于标准普尔500指数，以及该公司自己的五年平均水平为20.5。

“就价格收益的倍数而言，这是在顶部的那里，”巴菲特周一在接受采访时告诉CNBC。“由于石油和天然气领域的发展，精确的盈利已经适度地跌倒，在那里他们做了一些业务，以及航空航天。但这是我们支付的非常高的多个。“

And the purchase is a monster bet, totaling $37.2 billion, including assumed debt — making it Buffett’s biggest purchase ever. The deal depletes enough cash on Berkshire Hathaway’s balance sheet to the point that it may curtail big acquisitions for a healthy spell.

Still, Precision Castparts is a classic wide-moat business — the kind that value investors like Buffett salivate over. The Portland, Oregon–based company manufactures critical castings and components for jet engines and turbines. Rivals find it difficult to wrest market share because customers such as theBoeing Co.和洛克希德马丁公司的终止转向未经证实的供应商，尤其是当昂贵的成本昂贵时。因此，与许多广泛的公司的情况一样，营业收入利润是脂肪。截至6月30日截止的财政季度，它们分为25.7％。

精密铸件可能会有湍流。尽管商业航空旅行上涨预测，但持续行动净收入为3.99亿美元，截至6月30日截至每年较早的4.85亿美元，截至6.85亿美元。销售额为24亿美元，从一年前的25亿美元略有下降。除了缓冲所提到的能源领域的弱点之外，军事销售和货币逆风还有一个堕落。

在2014年的两位数下跌之后，今年精确的Castparts股价下跌超过19％以上。这一切都可能相结合，使销售更具吸引力的精密Castparts的首席执行官，Mark Dengan。一些公司的股东可能宣布令人高兴。

伯克郡Hathaway股东思考的主要思想是巴菲特的公司肯定没有在多年来的航空航天投资中射出灯光。1989年，伯克希尔·海瑟薇在Usair集团的首选股票中购买了3.58亿美元，从而获得了9.25％，正如高兴的公司正在增加的竞争下。1994年，经过多年的Usair损失，首选付款被暂停，伯克希尔将其投资下调了75％。“我对USAIR的业务的分析既肤浅则，错误，”巴菲特写在1996年股东的信中。尽管如此，首要地位，首选的持股可能是值得的，而伯克希尔则收到了24050万美元的股息。所以没有人应该抱怨太大声。

Berkshire Hathaway had a somewhat better experience with FlightSafety International, a top-notch pilot-training business that it bought in 1996 for a reported $1.5 billion in stock and cash. In his 2007 annual report, Buffett wrote that at the time of its purchase, pretax operating earnings were $111 million, which grew to $270 million. Since its acquisition, depreciation charges totaled $923 million and capital expenditures $1.635 billion. Still, Buffett characterized the return on the FlightSafety investment as only “good,” given the amount of reinvested earnings it required.

The biggest aerospace problem was Executive Jets, a fractional jet ownership business, which CEO Richard Santulli sold to Berkshire Hathaway in 1998 for about $725 million in stock and cash. Over ten years, Berkshire Hathaway helped bankroll the renamed NetJets’ expansion in Europe, losing a cumulative $212 million on the build-out before turning a profit, Buffett wrote in his 2007 letter to shareholders.

Things, however, soon took a turn for the worse. In his 2009 letter, Buffett revealed that in the 11 years that Berkshire had owned the company, NetJets had recorded an aggregate pretax loss of $157 million. Debt rose to $1.9 billion in 2009 from $102 million at the time of purchase. “Without Berkshire’s guarantee of this debt, NetJets would have been out of business,” he wrote. “It’s clear I failed you in letting NetJets descend into this condition.” In 2009 alone, NetJets lost a “staggering” $711 million, Buffett added.

David Sokol, who led the expansion of utility giant MidAmerican Energy Holdings Co., renamed Berkshire Hathaway Energy, replaced Santulli and returned NetJets to profitability. Sokol later left Berkshire Hathaway after successfully lobbying Buffett to purchase Lubrizol Corp., a chemical company in which he had only days earlier bought shares.

Characteristically, the story-loving Buffett waggishly traces the aviation industry’s problems back to the days of the Wright brothers. “If a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down,” Buffett concluded in the 2007 letter.

那么，为什么在航空航天的变化？距离伯克希尔·赫拉韦耶的6月30日的结果仅仅是上周发布的结果，可以提供线索。集团在本季度发布保险承销亏损3800万美元，而今年较早的期间利润为4.11亿美元。六个月，承保营业利润降至4.42亿美元。

虽然财产和伤员率是周期性的，但伯克希尔·海瑟薇在其保险子公司面临世俗的逆风，其中包括国家赔偿股份有限公司，地球议会和将军雷森..过度的资本正在洪水进入该行业。纪律处于纪律，伯克希尔·哈达韦荣誉为挖掘市场份额，支持有利于有利可图的承保。这是收益下降的下降。

Berkshire’s insurance float — paid-in capital that it may pay out in claims some day but in the meantime can be invested for profit — grew just 1.4 percent year-to-date, to $85.1 billion. “Reinsurance isn’t as attractive as it used to be because of an abundance of capital,” says Mark Curnin of White River Capital, a Chappaqua, New York, hedge fund firm that invests in financial stocks. “All this means, Berkshire will have a much more diverse stream of capital.”

Precision Castparts，如Berkshire Hathaway的Myriad其他工业企业，包括其公用事业，BNSF铁路，Marmon集团，Lubrizol和IMC国际金属加工Cos。，将能够帮助部署大量的钱。Precision Castparts'Dodgan在上季度刚刚宣布的两次宣布，有一个强大的赛道记录。

That’s something to think about as Buffett marches through his ninth decade.