巴菲特致股东的信原文精读Day206：

巴神原文：At yearend, our only major arbitrage position was 3,342,000 shares of RJR Nabisco with a cost of $281.8 million and a market value of $304.5 million. In January we increased our holdings to roughly four million shares and in February we eliminated our position. About three million shares were accepted when we tendered our holdings to KKR, which acquired RJR, and the returned shares were promptly sold in the market. Our pre-tax profit was a better-than-expected $64 million.

Earlier, another familiar face turned up in the RJR bidding contest: Jay Pritzker, who was part of a First Boston group that made a tax-oriented offer. To quote Yogi Berra; “It was deja vu all over again.”

英文释义：1.“tendered”意为“投标”；“promptly”意为“立即”；

2.“deja vu”意为“似曾相识”。

投资解读：截至年底，我们唯一的主要套利头寸是334.2万股雷诺兹-纳贝斯克股票，成本为2.818亿美元，市值为3.045亿美元。1月份我们增持到了大约400万股股票，2月份我们卖出了全部持仓。我们将所持的300万股卖给了收购雷诺兹的KKR，其余的100万股随即在公开市场售出。我们的税前利润约6400万美元，好于预期。

早些时候，另一位熟悉的面孔出现在雷诺兹的竞标中：杰伊·普里茨克，他代表第一波士顿集团，提出了以节税为导向的报价。引用约吉·贝拉的话说：“又是似曾相识。”

手抄原文：

大声朗读：大家请自由发挥，哈哈哈！大家的手抄原文，也可以在评论区上传打卡。今天的内容，巴菲特简单提及了另一起套利案：雷诺兹-纳贝斯克。今天就是2024年啦，祝大家新年快乐！