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重温中石油2001年与2002年年报,可以逐步得出三项结论,一是这是家好公司;二是其价值主要体现在石油斟探和生产业务上;三是2003年前,其价值被严重低估,市价远低于其油气资产的现金流量贴现值。不过,按照同样的逻辑,研读中石油2006年年报后,我们发现,其市价已经超过了油气资产的价值。于是,不论是较早前对中石油的投资,还是2007年的减持,巴菲特的行为都变得理所当然了
Reviewing PetroChina’s 2001 and 2002 annual reports, three conclusions can be drawn step by step. First, it is a good company. Second, its value is mainly reflected in the oil exploration and production business. Third, before 2003, its value was Seriously underestimated, the market price is much lower than the discounted cash flow of its oil and gas assets. However, following the same logic, after studying PetroChina’s 2006 annual report, we found that its market value has exceeded the value of oil and gas assets. As a result, Buffett’s actions have taken for granted whether it was an earlier investment in PetroChina or a reduction in 2007