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过去一周，与巴老和巴郡相关的琐碎新闻： 穆迪对巴郡降级及所引发的评论（有趣的是，数月前对巴老投资策略颇有非议的Doug Cass也开始买入巴郡）；
巴老成为‘关键人’保险推销宣传样本；
新雇用的‘宝石’；
终生禁入；
竞争获胜。
Published Sunday April 12, 2009
Warren Watch: Raters of Berkshire rate scorn from some observers
BY STEVE JORDON
WORLD-HERALD STAFF WRITER Financial ratings are back in the news, with Berkshire Hathaway Inc. getting tweaked at the same time its stock recovered to its highest point in nearly two months. Berkshire CEO Warren Buffett has long touted the company's AAA rating, saying it shows customers that Berkshire checks won't bounce. Its cash hoard has served as a strong backup, even for the earthquakes and hurricanes its insurance divisions cover. But Moody's Investor Service, of which Berkshire is a major shareholder, dropped Berkshire's rating last week, following Fitch Ratings' similar action on March 12. Standard & Poor's Ratings Services put Berkshire on watch two weeks ago for a possible downgrade sometime in the next year or two. The raters cited various reasons, including the general stress on the financial industry, Berkshire's dependence on Buffett's deal-making abilities and the decline in value of some of its holdings, including lower reserves in its insurance divisions. S&P gives AAA ratings to only five corporations ? Automatic Data Processing, ExxonMobil, Johnson & Johnson, Pfizer and Microsoft ? and has a negative watch on Pfizer. About 20 financial companies, including the Federal Home Loan Banks, carry S&P's AAA rating, with Berkshire the only one that's publicly traded, S&P said. The ratings companies were criticized for not signaling potential trouble in time to warn investors. Now the raters may be going too far the other way, some observers say. Wonkette, a Washington, D.C.-based blog with a taste for irony, noted the latest Berkshire downgrade and said Moody's "two years ago would have assigned a triple-A rating to a crack addict with 35 cents and a half-eaten tube of Chapstick in their pocket." TheStreet commentator Doug Kass, who had been critical of Buffett's investment strategies, called the timing of the Moody's downgrade "laughable" and said "investors have become inured to untimely moves by ratings agencies." Kass lately has changed his view of Berkshire and Buffett, noting improved values in Berkshire's investments and other factors, including favorable news about Wells Fargo & Co., of which Berkshire is the largest shareholder. Kass said he has begun buying Berkshire shares as a "long position." "When conditions change, as they appear to be doing now . . . opinions must change and opportunities must be embraced," he wrote. Berkshire shares are selling for 30 percent less than their true value, he said, and that value likely will be "much higher by midyear." In a related report, the American Banker newsletter reported that Wells Fargo's surprising prediction last week of record first-quarter profits doesn't mean its challenges are over. An analysis by Friedman, Billings, Ramsey & Co. Inc., an investment bank in Arlington, Va., said Wells should have set aside $6.25 billion for possible losses inherited when it bought Wachovia Corp., rather than the $4.6 billion that Wells Fargo did set aside. Wells Chief Financial Officer Howard Atkins says the reserve is adequate and the bank already has absorbed many of the Wachovia losses. Vital executives Buffett is part of a sales pitch for "key man" insurance, which pays off if a vital executive dies or is disabled. MEG Financial of Pensacola, Fla., says the recent ratings markdowns that mention Buffett's importance to the company make him "the ultimate key man." "If Berkshire Hathaway can be downgraded for its exposure," MEG President Michael E. Gray Jr. wrote in promotional material, "what company is immune to the 'key man risk' of losing a master technician, top salesperson or CEO?" Gem of a hire Beryl Raff, now chairman and CEO of Berkshire's Helzberg Diamond Shops Inc. division, has an appropriate name. Beryl is the common term for a mineral, beryllium aluminum cyclosilicate, which is used in jewelry, including emeralds and aquamarines. It is colorless in its pure form but can be green blue, yellow, red or white with different impurities. Raff had the top spot at Zale Corp. before joining J.C. Penney Co., based in Plano, Texas, in 2001, the Dallas Morning News reported. She also had worked for Macy's Inc. In announcing her move to Helzberg's, Buffett described her as "widely recognized throughout the retail industry as an outstanding merchant and strong multistore retail executive. She will bring a finely balanced blend of merchandising instinct and analytical sharpness to her new position." Banned for life The London Evening Standard reported that Milan Vukelic, a former senior executive at Berkshire's General Reinsurance division in the United Kingdom, was banned for life from the financial services industry. The Financial Services Authority, which regulates the industry in Britain, said Vukelic oversaw three transactions that allowed client companies, including American International Group, to hide significant losses. Berkshire fired him in 2005. "Vukelic knew the deals were not genuine reinsurance transactions, and that they could be used to mislead the clients' auditors," the agency said. He was CEO of Gen Re's "alternative solutions" division and subsidiaries Faraday Reinsurance and later Faraday Underwriting. Other former Gen Re executives involved in the transactions in the United States have been likewise punished, including receiving prison terms. Competition wins The Patriot Ledger of Quincy, Mass., praises Berkshire's Geico auto insurance company for giving another choice to Massachusetts motorists starting this spring. In an editorial, the newspaper said Geico and other national insurers finally convinced state officials that their rules made it too tough for new companies to compete against local insurance companies that have political clout. The state started "managed competition" a year ago, relaxing regulations and allowing discounts so car owners can shop for the best value. "Competition is good for consumers and apparently for insurance companies as well, especially national companies that use Internet marketing instead of paying a local sales force," the newspaper said.
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发表于 2009-3-3 10:18:55
发表于 2009-3-4 20:24:47
楼主
Tonight, Moody's downgraded Berkshire by two notches to Aa2 from Aaa. It's a more aggressive move than what we've seen from S&P and Fitch in recent weeks.
发表于 2009-2-21 19:26:52
