Практика Shadowing: Warren Buffett: I'm not buying the Uber IPO, but I've never bought any IPO - Изучайте разговорный английский по видео

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You both have made some comments about, recently to us, that you think prices are very high in terms of what
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you have to pay for a premium for buying a company outright.
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Is that still the case?
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There's probably more competition for buying companies by people who are using other people's money
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and therefore have less sensitivity to price
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and who are willing to borrow a whole lot more
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and are being offered the ability to borrow a whole lot more with less in the way of covenants.
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So the competition is tough on it.
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And they get part of the upside and none of the downside.
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In fact, they make money on the downside.
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Yeah, so that is really terrible competition for us.
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And it gets worse every year.
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Is that why you're sitting on such a big pile of cash at this point?
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Part of the reason? Of course.
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It's residual.
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On the other hand, you know, I would much rather own many common stocks than bonds.
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And, of course, that's—I think stocks compared to bonds, and you have to compare—they are the ultimate.
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And we've talked about bond yields and, in fact, being gravity.
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And when they're very low, there's very little gravity to pull down stocks.
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And that condition exists today.
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You know, we'd so much rather own the business of America than get a 3 percent for 30 years from the government.
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And people were making those choices all the time in the investment world.
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Stocks actually, in many cases, they look like perfectly intelligent investments.
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Charlie, you agree with that?
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Sure.
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Let's talk about some of the IPOs that have been coming to market recently, because there has been a bit of a fervor.
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Many of these IPOs have done very well, although not all of them.
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Lyft shares are under pressure.
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Uber comes to market this week.
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And Warren, you mentioned this weekend, you talked once again about how you had looked at Uber about 18 months ago and passed on that.
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What do you think about Uber coming to market now?
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Well, because I looked at it, I really don't want to discuss Uber.
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I don't have any special feelings about it than any other coming to market.
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But I would say that in 54 years, well, I don't think Berkshire's ever bought a new issue.
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I mean, the idea of saying the best place in the world I
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can put my money is something where all the selling incentives are there, commissions are higher, you know,
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the animal spirits are rising.
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That's going to be better than a thousand other things I can buy where there is no similar selling enthusiasm
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and the desire to get the deal done and extra commissions.
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That's the single best thing to buy on a given day.
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I mean, it's...
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And I can't think of a time we've ever done it.
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Ever bought an IPO?
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Yeah, never bought one.
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How can it be that?
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They don't even call us.
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Yeah, but how could it be the best single thing to use your money for in a given day?
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Is it something that you've got?
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They got everybody in the world out pushing it.
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It just doesn't make any sense.
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I mean, I'm not saying that necessarily what we're buying is going to work out better,
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But there have to always be better things than one single issue.
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If you make one decision on investing, if you can't find something among all the choices we see that is better than something that,
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and like I say, the commissions used, they've come down I think now on this,
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but the highest commission thing that a stock salesman can sell a security was the new issue.
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So you have all this push-by.
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We like to buy things where nobody's making a dime selling them to us.
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Charlie, just specifically on some of these companies, and I won't talk about Uber versus any of the others, but a lot of these companies are coming very late in the cycle.
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They've had massive private capital that's been put to work to this point, and they still have massive losses in the need for more capital.
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What's even worse than that?
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Some of them have preference for each round, and so the rounds aren't really fair rounds.
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There's a lot of lying in modern finance.
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So you're not in favor of any of these big companies?
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I don't like lying.
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What do you think of these?
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I ask this because we have a lot of retail investors who watch
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and who are looking at this and they feel the excitement behind it.
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Well, don't you get any wonderful advice from us about buying IBOs?
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Whenever you buy a stock, let's say you're buying General Motors, 1.4 billion shares out.
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We'll say the stock's four years a little below that.
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You should be able to take out a one-page sheet of paper and say, I am buying the General Motors Company at $56 billion because.
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And if you can't answer that question, if you can't write that out, then you'll go on to something else.
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And if you're buying Berkshire, you have to say, I am buying Berkshire Hathaway at $500 billion because.
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And if the answer isn't something you can write, you can't say I'm buying it because my neighbor thinks it's going to go up
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or because everybody's talking about it on CNBC this morning or whatever it may be.
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Or I'd like to ride around an Uber.
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Yeah.
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No. That's the question you answer.
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Now, when you buy groceries, buy everything else, you can answer that question.
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But if you can't answer it on something that you're involving your savings of many years for,
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why in the world should you be doing it?
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Thank you.

Контекст и фон

В этом видео Уоррен Баффет делится своим мнением о публичных размещениях акций (IPO), особенно подчеркивая свою осторожность в отношении таких инвестиционных возможностей. Он рассматривает высокие цены и конкуренцию на рынке, где многие инвесторы используют заемные средства. Баффет акцентирует внимание на том, что, несмотря на популярность IPO, он предпочитает более устойчивые и проверенные инвестиции. Этот разговор может быть полезен для изучающих английский, так как он включает в себя богатую лексику и реальные обсуждения, которые позволяют лучше понять язык бизнеса и инвестиций.

Топ-5 фраз для повседневного общения

  • Цены на акции слишком высоки. (Prices are too high.)
  • Я предпочитаю владеть акциями, чем облигациями. (I would much rather own stocks than bonds.)
  • Конкуренция на рынке становится все жестче. (The competition is getting tougher.)
  • Мне неинтересно обсуждать Uber. (I don't want to discuss Uber.)
  • Это не имеет смысла. (It doesn't make any sense.)

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