저자: 미상 · 외국인
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버크셔 해서웨이 2024년 2분기 13F 분석. 현금 포지션이 277B달러로 사상 최대 수준이며, 애플 지분 약 49% 감축, 파라마운트 전량 매도, 울타뷰티 신규 편입 등 17건의 거래 확인. 2분기 매도액 약 77B달러로 역대 최대, 매수는 약 1.6B달러. 상위 5종목에 73% 집중. 진행자는 울타뷰티가 품질 대비 저평가로 보인다고 언급하나 명확한 예측은 아님. 워런 버핏이 항상 옳지 않으므로 맹목적 추종 주의를 강조.
다듬은 글
Warren Buffett's birkshire hathway just released their latest form 13f and this document reveals every move he made last quarter and gives us an update on his entire portfolio Buffett actually made quite a few interesting moves this quarter so in this video I want to look at a few key takeaways I also put together an entirely free spreadsheet with details on all the Holdings in Buffett's portfolio so if you'd like to download it just click on the link in the description or the pin comment now let's go ahead and dig in now to start out one of the first key takeaways that you will notice is Burk Shar currently has a massive cash position this is one of the largest they've ever had the company's current cash position Grew From around 108 billion in Q2 of 2022 to 189 billion in the first quarter of 2024 but here's where things get crazy in Q2 birkshire increased the cast position to 277 billion so right now Buffett is completely comfortable holding a very large cash position and from what I've seen he hasn't given us too much insight as to why that is now the second key takeaway is we can simply see buffets buys and sells and to make this a little bit easier let's actually jump over to the free website datar Roma and we can go over all of these moves now Buffett currently has 41 different positions in his portfolio but we can see all of the additions new buys and all the sells and reduced positions right here so let's go ahead and take a quick glance at each one of them now one of the first things that I want to point out is there aren't really any massive moves here except for a huge reduction in his Apple position and we'll talk more about this later in the video but we can see he added added Capital to serus XM Holdings added Capital to Liberty serus series a stock and series C he added more Capital to chub limited that stock ticker CB a Financial stock that he recently started adding to his portfolio he also has oxy but then two new additions we have Ula that's Ulta beauty this is an interesting one and then we have H.A another interesting one we can also see he reduced capital in Liberty Media Corp series a stock and series C he slightly reduced his Chevron position which is a pretty large one in his portfolio he reduced his Louisiana Pacific position his T-Mobile position his Floor and Decor Holdings his Capital One financial position again Apple stock huge reduction but then he sold out of two positions entirely one was Paramount Global and then we have Snowflake and we'll touch on Paramount more here in a minute so overall we saw 17 different transactions in Q2 of 2024 now like I mentioned the biggest move was selling Apple stock and this has been talked about pretty frequently over the past few weeks and like I mentioned here reduced this position by nearly half reduced it by 49.3 3% and to put this into perspective in Q2 of 2023 Apple made up 51% of the entire birkshire hathway portfolio now as of right now it's still a pretty large position it makes up around 30.9% and to be fair part of the reason it still makes up such a large position in his portfolio is because the run up in share price over the past few years to put this into perspective Apple over the past year up 23.5% and if we look at them in the past 5 years alone up 337 so obviously this position has done very well but what's also interesting is buff has now sold shares of Apple for three quarters in a row and a few months ago Buffett was actually asked why he started selling's position and he basically stated that it was mainly due to tax reasons but he also likes being able to build a larger cash position so I'll go ahead and play this quick clip from Buffett we will end up something dramatically happens that really changes Capital allocation uh strategy and uh uh we we will uh we will have apple as our largest investment uh but I don't mind it all under current conditions building uh the uh cash position now like I mentioned earlier one of the more interesting moves was completely selling out of Paramount Global and he started selling this position actually last quarter he sold a pretty large chunk of it and then he entirely sold out of the rest of his shares this quarter in q1 of 2022 that's when birkshire started initiating position in Paramount global and Warren Buffett has stated it was his decision to buy into the stock we can see he added capital in Q2 of 2022 Q3 Q4 and q1 of 20123 and since the beginning of 2022 Paramount Global's actually down 68% so down a massive amount while the market is up by a pretty large amount so really this is just a simple reminder Warren Buffett is not correct 100% of the time nobody is and a big mistake we see all too often is people want to copy famous investors trades but the reality is that every everyone has a different time Horizon different risk tolerance and different goals Warren Buffett can afford to be a little more risky if he decides to do so and it's very realistic that his time frame is probably very different than yours so sure it can give you confidence when you see super investors making similar moves to you but again don't blindly follow their moves and then perhaps the most interesting takeaway in my opinion is Buffett is now a net seller of stocks birkshire hathway has now been a net seller of stocks for the seventh straight quarter so they've been selling off quite a bit for for the past couple of years let's go ahead and put this into perspective first off Buffett sold over 77 billion worth of stocks in Q2 and that exceeds any amount Buffett has ever sold in any given Year let alone a single quarter and if we want to put this into even more perspective Buffett had about 1.6 billion in stock purchases last quarter so 1.6 billion in stock purchases last quarter versus selling over 77 billion worth of stocks that is a massive difference so we're seeing a lot of selling and building up that cash position it's pretty interesting so his cash position is larger than ever and he's selling more stocks than ever our six key takeaway is that he is betting big on top Holdings and this is nothing new for Warren Buffett again he has 41 total Holdings in his portfolio and about 90.48% of this is in his top 10 stocks and 73% in his top five stocks let's jump over to data Roma again and take a look at the top Holdings in his portfolio we'll go ahead and scroll down again like I mentioned earlier even with a large reduction in Apple stock the this makes up around 30% of his portfolio and he continues to expect it to be one of the largest Holdings we then have Bank of America around 14.67% of his portfolio American Express around 12.54 Coca-Cola a position he's held for a very long time and he actually has a yield on cost on this position of over 50% we have Chevron at about 6.63% and this was a slightly reduced position in the most recent quarter we didn't have oxy another Oil stock he added just a little Capital this quarter we also have craft Hines Moody's and then we have chub limited this is his newer addition to his portfolio added in just the last year and then the 10th largest position in his portfolio is DVA Dita healthc Care Partners we can see City Group makes up about 1.25% of his portfolio but other than that each position is less than 1% so there's a lot of very small positions in this portfolio and then if we take a quick glance at some key facts from Buffett's portfolio nine out of 10 of Buffett's largest Holdings actually do pay a dividend we've always known he does like his dividend paying stocks in the right circumstances the average holding time for each of the positions in warm Buffett's portfolio right now is about 6 years and like I mentioned earlier portfolio value is now sitting at about 280 billion there's definitely plenty of research that could be done into each of these moves but in my opinion one of the most interesting ones is adding for the first time Ulta beauty to his portfolio again this is a small addition to his portfolio but Ulta is really interesting at its current price let's go ahead and go over to Seeking Alpha and plug in Ulta up here and I'll show you what I mean now first off we can see Ulta beauty over the past year is down around 28.24 the company's trading at $ 3295 per share now this is a makeup company they operate in specialty retail and I know a lot of people don't like to invest in retail companies but I do think this one presents an interesting opportunity and it's actually quite a bit more high quality than a lot of other retail stocks and I'll show you what I mean if we jump over to my stock screener now like always if you'd like to how to download any of my spreadsheets and also get access to the ticker data add-on on Google Sheets that allows you to automatically import stock Financial straight into your spreadsheet then you can head over to Ticker dat.com at the link in the description now if we come up here and plug in Ula and hit enter and we can see all this data will load in now first off this is not a stock that pays a dividend but there's a lot of signs that this is a high quality company so first off look at Revenue per share we've seen this grow at a very rapid rate over the past decade going from around $35.10 to in 2023 $1 19860 the same has been true for free cash flow and for earnings per share we're seeing very consistent levels of high growth from all of these key metrics here earnings free cash flow and revenue we can see they have been buying back shares over the past decade going from around 63 million to in 2023 down to around 51.4 million what's really interesting is they have very high levels of return on invested Capital now keep in mind roic this is telling us how profitable are the projects that the company is investing into so typically we want to see above 10% but Ulta Beauty in 2023 was at 32.0 7% 2022 29% now they had a couple of lower years here in 2021 at about 9% but 2020 was actually really good too 18.28% so they're consistently getting high levels of return on invested Capital this is a key metric for searching for Quality stocks so this is a good sign if we jump over to the profitability spreadsheet I've already plugged in Alta Beauty and we can see gross profit ratio took a little bit of a dip in 2021 but over the past couple of years it's actually been higher than it has been over the past decade for example in 2023 the gross profit ratio was at 39.623119 and if we look back at my stock screener based on 2023 free cash flow the company currently has a free cash flow yield of close to 7% so it looks like it's trading at a pretty decent value so overall this will definitely be a stock I'm following closely and I'll be interested to see how Buffett does with this position so go ahead and let me know what you think of all these moves that Warren Buffett has recently made and again if you'd like a free spreadsheet with details on all the Holdings in Warren Buffett's portfolio then you can click on the link in the description or in the pin comment and again like always if you'd like to go to download any of my spreadsheets and also get access to the the ticker dat add-on and Google Sheets then you can head over to Ticker dat.com at the link in the description so with all that being said thank you guys so much for watching and please don't forget to like And subscribe to the channel
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