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※ 本文轉寄自 ptt.cc 更新時間: 2024-11-13 22:04:00
看板 Stock
作者 DrowningPool (My broken dreams)
標題 [新聞] 南韓券商計畫發行波克夏 正2ETF
時間 Wed Nov 13 15:25:58 2024



原文標題:Buffett’s Berkshire Is Being Packaged Into a Leveraged ETF

原文連結:https://reurl.cc/Or2mkA
Buffett’s Berkshire Is Being Packaged Into a Leveraged ETF
[圖]
(Bloomberg) -- Warren Buffett created Berkshire Hathaway Inc.’s Class B shares almost 30 years ago to stymie money managers who sought to split the hi ...

 

發布時間:2024-11-13

原文內容:

Warren Buffett created Berkshire Hathaway Inc.’s Class B shares almost 30
years ago to stymie money managers who sought to split the high-priced
conglomerate’s stock.

One of South Korea’s largest retail brokerages now plans to package the
Class B shares into an exchange-traded fund turbocharged with derivatives,
another move that Buffett might not like.

Kiwoom Securities Co. teamed up with Milwaukee-based Tidal Investments to
form an ETF designed to provide 200% the daily performance of Berkshire,
according to a regulatory filing.

Single-stock ETFs such as this have been sweeping the fund world, using
leverage that amps up the potential returns — and losses — of high-flyers
such as Nvidia Corp. and Tesla Inc. In South Korea, brokerages such as Toss
Securities and Mirae Asset Securities Co. have been seeking to capitalize on
rising demand for US stocks amid sluggish performance by domestic equities.

“Traditionally on the leveraged ETFs, the lion’s share of the interest and
asset flow has been on the more volatile names,” Gavin Filmore, chief
revenue officer for Tidal, said in an interview. “Berkshire is almost the
polar opposite.”

Leveraged ETFs are often meant for active traders who want to bet on a stock’
s performance for no more than a single day, as these funds typically veer
off course when tracking shares over a longer period. The use of derivatives
to juice Berkshire returns might not sit well with Buffett, who once called
them “financial weapons of mass destruction.”

While Buffett’s firm is a well-known name, it remains to be seen whether day
traders will have an appetite to ride a steady stock such as this one with
this type of leveraged strategy. Buffett is known as the ultimate long-term
investor who advises people to own stocks they’d be comfortable holding for
years.

Buffett, 94, and his firm already have a following in South Korea. As of Nov.
8, individual investors in South Korea owned more than $800 million worth of
Berkshire Class A and Class B shares, according to data compiled by the Korea
Securities Depository.

Asian markets “have a penchant for Berkshire,” said Matthew Palazola, an
insurance analyst at Bloomberg Intelligence.

The ETF listing is not finalized yet and Kiwoom is waiting for the approval
by Korea’s Financial Supervisory Service, the country’s financial watchdog,
Kiwoom said in response to a Bloomberg query. Representatives for Berkshire
didn’t reply to a message seeking comment.

Retail investors in South Korea have embraced some of the largest leveraged
ETFs listed in the US. The Direxion Daily TSLA Bull 2X Shares, a single-stock
ETF for Tesla stock, has taken in $225 million so far this year from South
Korean retail investors, raising their total stake in the ETF to $1.2 billion
as of Nov. 8, according to depository data.

While Kick BRK 2X Long Daily Target, as it’s known, would be the first
Berkshire single-stock ETF in the US, several others trade abroad. Still, they
’ve failed to gain much of a following: Leverage Shares 2x Long Berkshire
Hathaway ETP Securities, which trades on several European exchanges, only has
about $2.3 million of assets.

Kiwoom’s new ETF would buy Berkshire Class B shares and then issue its own
stock to investors, potentially at a much lower price than the $467.36 that
each Class B share sold for as of market close on Monday. To amplify its
exposure to Berkshire’s daily returns, the ETF will enter into swaps with
broker dealers and also trade listed options on the Omaha, Nebraska company’
s B shares.

The Berkshire ETF would be a Kiwoom product that Tidal runs behind the scenes
in exchange for a portion of management fees.

‘Stained Reputation’

Wall Street’s efforts to create an early version of a single-stock fund for
Berkshire shares spurred Buffett to create the company’s Class B shares
almost three decades ago. At the time, Berkshire had only one class of stock
that traded for more than $30,000 a share, and ETFs were in their infancy.

In 1995, Philadelphia politician Sam Katz filed papers to create a unit
investment trust, a fund-like vehicle that buys a fixed portfolio of stocks
and bonds up front and then holds the securities for a set period. He wrote
that the trust would provide “convenient and affordable access to the common
stock of Berkshire Hathaway without the requirement to own full shares.”

Berkshire threatened to put the trust out of business by doing a stock split,
setting up its own trust or creating a second share class, Katz said in an
interview.

Buffett made good on that last threat by issuing Class B shares equal to
1/30th of a Class A share. Investors flocked to the new stock, rendering
trusts such as Katz’s obsolete.

In a 1996 letter to shareholders, Buffett warned that such trusts were “
expense laden” vehicles that brokers would market “en masse to
unsophisticated buyers” in order to earn big commissions. That would have
burdened Berkshire “with both hundreds of thousands of unhappy, indirect
owners (trustholders, that is) and a stained reputation.”

Katz said he doesn’t have any regrets: “How many guys do you know who get
to do battle with Warren Buffett?”


心得/評論:


韓國散戶真的很猛
各種槓桿到現在連波克夏B股也要正2?

但韓國散戶FOMO最後好像都不是什麼好下場  怕.jpg


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※ 發信站: 批踢踢實業坊(ptt.cc), 來自: 218.32.44.219 (臺灣)
※ 作者: DrowningPool 2024-11-13 15:25:58
※ 文章代碼(AID): #1dD5I8lp (Stock)
※ 文章網址: https://www.ptt.cc/bbs/Stock/M.1731482760.A.BF3.html
cutearia    : 發瘋1F 11/13 15:26
stlinman    : 南韓正2教 ?!2F 11/13 15:27
ltflame     : 現金正二怎麼輸3F 11/13 15:29
bpq302302   : 韓國正二歐巴4F 11/13 15:29
lpmybig     : 台灣怎麼不發一個正三或正五的5F 11/13 15:30
idernest    : 等於短債正二6F 11/13 15:30
brain9453   : ???玩這個?7F 11/13 15:31
aegis43210  : 短債正二其實不差8F 11/13 15:32
mitic1029   : 手持現金幾千億美元都短債或逆回購,好像很穩捏9F 11/13 15:32
Centurio    : 台灣有中環正2可買嗎?10F 11/13 15:33
intointo    : 長期正二損耗11F 11/13 15:34
aegis43210  : 巴菲特一定是買最好的短債,風險很低12F 11/13 15:34
alanjiang   : 笑死13F 11/13 15:39
minhsiensung: ...有一種在賭巴爺爺能活多久的感覺14F 11/13 15:42
cccict      : 巴菲特要被韓國人送下去了15F 11/13 15:44
ssarc       : 波克夏也能變成一個標的啦16F 11/13 15:44
GN02209611  : 飲料店正二有什麼好買的17F 11/13 15:45
FncRookie001: 現金正二18F 11/13 15:48
ntnuljg     : 巴菲特頂多再10年19F 11/13 15:51
kimula01    : 那怎麼不如直接買美股的波克夏就好??????20F 11/13 15:51
seemoon2000 : 這不就等於買大盤正2 績效幾乎一樣了21F 11/13 15:58
repast      : 迷客夏正二XD22F 11/13 15:58
zick8932511 : 波克夏冷了23F 11/13 16:05
joewucool   : 光耗損就gg?24F 11/13 16:09
silvertime  : 台灣發一個波克夏正二的正二25F 11/13 16:10
Rex1009     : 美元正二26F 11/13 16:13
Tenging     : 媽的投信廢物拾人牙慧27F 11/13 16:16
Tenging     : 正二教什麼時候又會有個教主
a069275235  : 吃飽太閒= =29F 11/13 16:29
DeFacto     : 巴菲特餘命正二30F 11/13 16:31
fatb        : 有正二十再叫我31F 11/13 16:33
tsgd        : 韓國人真的很愛賭 感覺比台灣人更敢衝XD32F 11/13 16:53
neil1103    : 不如發特斯拉十倍etf33F 11/13 17:10
tctv2002    : 巴菲特隨時會入土的年紀 還敢買這個哦34F 11/13 17:13
Kobe5210    : 巴菲特正二?真的是瘋了35F 11/13 17:19
z22744388   : 各國發來發去都是發美國的 不如直接買美國的xp 量36F 11/13 17:21
z22744388   : 給全球抬
turndown4wat: 丸子38F 11/13 18:09
s56565566123: 笑死39F 11/13 18:21
vtgc161     : 你用一張中環的錢去買一口中環期就是中環正二啊40F 11/13 18:27
MumiPyonPyon: 有沒有短債正10,想買41F 11/13 20:33

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※ 看板: Stock 文章推薦值: 0 目前人氣: 0 累積人氣: 13 
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