UHAL（U-Haul）
UHAL (U-Haul)
“My algorithm is simple: a friend told me UHAL had net assets of over 5 at the time. Then I asked different people to verify it, and indeed there was around $50 in net assets — so I bought.” — Duan Yongping (2010-03-09)
🏢 Basic Information
- Industry: Moving / Truck Rental Services
- Purchase Time: Around 2003, when UHAL entered bankruptcy protection
- Purchase Price: Around 50)
- Investment Return: Multi-bagger (later rose to nearly $100)
- Characteristics: Cigar butt stock, hidden asset investment
💡 Duan Yongping’s Core Views
Why Buy UHAL?
My algorithm is simple: a friend told me UHAL had net assets of over 5 at the time. Then I asked different people to verify it, looked at it myself, and indeed there was around $50 — so I bought. This kind of opportunity is what Buffett calls “pennies from heaven,” right? The key point: your bucket has to be big enough, or you won’t catch much. (2010-03-09)
UHAL’s Core Business
Through a series of investigations, Duan Yongping discovered that UHAL’s core business operations were sound with outstanding competitive advantages, stable revenue, and abundant cash flow. As long as the company could cut its losses by exiting high-risk investments and selling some commercial real estate, its financial numbers would improve immediately. (The Nature of Investing)
💡 Deep Dive into UHAL’s Investment Logic
UHAL is one of Duan Yongping’s rare “cigar butt” investments, differing from his usual “good companies at good prices” approach:
Why Is This a Cigar Butt?
- Stock price 50 — enormous price discount (90% discount)
- Company entered bankruptcy protection; extreme market panic
- Core business (moving/truck rental) remained healthy — only the capital structure had problems
Relationship with Duan Yongping’s Usual Strategy Duan Yongping described this as “pennies from heaven” — this kind of opportunity is extremely rare and not part of his regular strategy. He typically focuses more on good business models rather than asset discounts. But when the discount is this extreme (90%), even an average business model makes it worth buying.
The Meaning of “Your Bucket Must Be Big Enough”
“The most important thing is that your bucket must be big enough, or you won’t catch much.”
This means: when pennies fall from heaven, you need sufficient position size to catch them. Maintaining ample cash/reserve capacity allows you to buy heavily when extreme opportunities arise.
❓ Selected Q&A
Q: What kind of investment opportunity is UHAL?
A: Yes, Yahoo was one back then, and UHAL was too (a listed company with hidden assets not reflected on the balance sheet). (2010-03-26, Investment Logic Series)
Q: What are UHAL’s hidden assets?
A: Sometimes there are. For example, when I bought UHAL, it was exactly this situation. The real estate owned by UHAL was very valuable, but the financial statements couldn’t reflect it. (2010-05-11, Investment Logic Series)
Q: How did you make the UHAL investment decision?
A: I mainly asked people to look at the assets, not to verify authenticity. UHAL’s asset situation was very complex — it took a long time (several weeks) to fully understand. (2012-02-02, Investment Logic Series)
Q: How should we understand “regrettably I happened to buy right at the bottom, so I didn’t buy enough”?
A: Regrettably, I happened to buy right at the bottom, so I didn’t buy enough. (2012-02-02, Investment Logic Series)
Q: How does UHAL differ from investments like NetEase and Apple?
A: (Duan Yongping didn’t compare them directly, but we can infer from his investment logic) UHAL is a typical “asset discount” type investment, while NetEase and Apple are “business model” type investments. The former relies on extreme undervaluation of price; the latter relies on deep understanding of the company’s future cash flows. Both are value investing, but they take different paths.
📚 Investment Lessons
The UHAL case demonstrates:
- Value of Hidden Assets: Financial statements cannot reflect all value; deep research is required
- Application of 毛估估 (Rough Estimate): No need for precise calculations — a rough judgment suffices (50 of net assets)
- Bucket Must Be Big Enough: When pennies fall from heaven, have enough position size ready
- Cut Losses to Survive: When good companies make mistakes, it’s often a buying opportunity
- Take Time to Research: “It took a long time (several weeks) to fully understand” — even rough estimates require serious research
🔗 Related Notes
Related Concepts 毛估估 · 安全边际 · 买股票就是买公司 Related Person 段永平 Related Topics 段永平的经典投资案例 · 如何研究一家公司
U-Haul 公司（UHAL）> “我的算法很简单，就是朋友告诉我uhal有50块以上的净资产，我不太相信，因为当时股价在5块左右，然后找不同的人查了一下，确实是有50左右，就买了” — 段永平（2010-03-09）
🏢 基本信息
- 行业：搬家/租车服务
- 买入时间：约2003年，UHAL进入破产保护时
- 买入价格：约5美元（净资产约50美元）
- 投资回报：多倍回报（后来涨到接近100美元）
- 特点：烟蒂股，隐性资产投资
💡 段永平的核心观点
为什么买UHAL？
我的算法很简单，就是朋友告诉我uhal有50块以上的净资产，我不太相信，因为当时股价在5块左右，然后找不同的人查了一下，自己也看了看，确实是有50左右，就买了。这种机会就是巴菲特讲的天上掉馅饼的事吧？最关键的是这时候你的水桶要够大，不然也接不到啥。（2010-03-09）
UHAL的核心业务
通过一系列调研，段永平发现UHAL公司的核心业务运营良好，竞争优势突出，销售收入稳定，现金流也很充沛。只要该公司能断臂求生，退出高风险的投资领域，同时出售部分商业地产，它的财务数字马上就能得到改善。（《投资的本质》）
💡 UHAL的投资逻辑深析
UHAL是段永平少有的”烟蒂股”投资，与他通常的”好公司好价格”策略有所不同：
为什么这次是烟蒂股？
- 股价5美元，净资产50美元——价格折扣极大（90%折扣）
- 公司进入破产保护，市场极度恐慌
- 核心业务（搬家/租车）依然良好，只是财务结构出了问题
与段永平通常策略的关系 段永平说这是”天上掉馅饼的事”——这种机会极为罕见，不是他的常规策略。他通常更关注好的生意模式，而不是资产折扣。但当折扣大到这种程度（90%），即使生意模式一般，也值得买入。
“水桶要够大”的含义
“最关键的是这时候你的水桶要够大，不然也接不到啥。”
这句话的意思是：当天上掉馅饼时，要有足够的仓位去接。平时保持充足的现金/仓位，才能在极端机会出现时大举买入。
❓ 精选问答
问：UHAL是什么样的投资机会？
答：有，yahoo就是，当年Uhal也是（有隐性资产没有在账面体现的上市公司）。（2010-03-26，投资逻辑篇）
问：UHAL的隐性资产是什么？
答：有时候会有，比如当年我买Uhal时就是这种情况。Uhal拥有的地产很值钱，但报表没法反映出来。（2010-05-11，投资逻辑篇）
问：UHAL的投资决定是怎么做出来的？
答：找人看主要是看资产，不是看真假。Uhal的资产情况很复杂，花了很久（几个礼拜）才全面搞明白。（2012-02-02，投资逻辑篇）
问：遗憾的是正好买在了底部，所以买的不够多，这句话怎么理解？
答：遗憾的是正好买在了底部，所以买的不够多。（2012-02-02，投资逻辑篇）
问：UHAL和网易、苹果这类投资有什么不同？
答：（段永平没有直接比较，但从他的投资逻辑可以推断）UHAL是典型的”资产折扣”型投资，而网易和苹果是”生意模式”型投资。前者靠的是价格极度低估，后者靠的是对公司未来现金流的深度理解。两者都是价值投资，但路径不同。
📚 投资启示
UHAL案例说明：
- 隐性资产的价值：财报不能反映所有价值，需要深入研究
- 毛估估的应用：不需要精确计算，大致判断即可（5块买50块净资产）
- 水桶要够大：当天上掉馅饼时，要有足够的仓位去接
- 断臂求生：好公司犯错误时往往是买入的机会
- 花时间研究：“花了很久（几个礼拜）才全面搞明白”——即使是毛估估，也需要认真研究
🔗 相关笔记
相关概念 毛估估 · 安全边际 · 买股票就是买公司 相关人物 段永平 相关主题 段永平的经典投资案例 · 如何研究一家公司