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hey everyone billionaire investor and portfolio manager Bill Amman has 37% of his over 10 billion dollar portfolio in just two stocks and I agree with him on one of the stocks I'm bullish on the same stock that he's really bullish on and the other one H I can understand why the investment is attracted to that stock so let's take a look at these two stocks and the reasons why I think Bill Amman owns these and what has him thinking that they're going to generate strong Returns on investmen like I mentioned this investor Bill Amman owns 37% of his portfolio in these two stocks technically they're three stocks but it's one of them is the same company right alphabet has uh a shares and see shares one of them has voting rights the other one doesn't and so two of the stocks are uh those split 12.7% in go and 5.85% on go I tend to recommend whichever one is trading at a lower valuation for most investors the voting rights do not matter you don't have enough voting rights to influence anything at the company for some investors if you're owning a large percent percentage of the company the Voting Rights make a difference because it gives you a chance to influence the board of directors you can vote in a director of your choosing and it increases your chance of getting that director elected but for most of us that voting power doesn't really make a difference so we'd prefer or I prefer the shares with the lower price so the other stock I'm going to talk about is Chipotle Mexican Grill which he owns 18.15% of his port portfolio in Chipotle Mexican Grill so take let's take a look at these one at a time starting with Chipotle and what has Bill a been attracted to Chipotle stock so one of the reasons why Chipotle is an attractive investment is because of the solid Revenue growth I have here a 10-year chart of revenue for Chipotle compared to Domino's and McDonald's and you can see Chipotle in the purple there demonstrating growth over the last decade it's adding new loow locations robustly at a larger percentage than Domino's or McDonald's is even though the others have more locations the rate of growth in new locations is faster for Chipotle and the company thinks it can grow to roughly double the size it is today in terms of the number of locations while the others they might be growing but not at that rate 9.87 2 billion in Revenue compared to 4.47 n billion for Domino's and the lower Revenue total for dominoes is not indicative of the size of the company because it has more locations than Chipotle does and then McDonald's decreasing all the way up to 2020 and then finally now doing better actually McDonald's did a really good job during the pandemic in adapting and expanding its digital service it's now got a robust app that customers are finding very useful and more more of their orders are coming online but that's a story for another video Chipotle meanwhile is not only growing its Revenue but it's also doing so with a relatively strong profit margin you could see Chipotle's profit margin expanding here ever since the disaster of the food outbreak I think it was an ecoli outbreak or some outbreak in their food where customers who were eating their food were getting sick me and my wife were a victim of that we ate Chipotle's food and we were sick and many many customers got sick and so that caused the company significant headwinds and they've now since recovered from that since 2015 2016 and you can see their profit margin expanding since then Domino's 18.3% compared to Chipotle at 16.5% and McDonald's at 46.07305 interestingly Chipotle is the only one of these three that's not running on the franchise model it's not running on the franchise model dominoes and McDonald's are on the franchise model which makes it easier to generate profits because you're taking royalties from your franchisees and those come with lower expense compared to running your own locations where you're having to serve customers pay for food pay for wages and all of that weighs down your profit margin as has Chipotle's profit margin but when you look at the return on invested Capital you'll notice that chipotle has done a really good job expanding this metric 45.2 n% 60% for dominoes and 26% for McDonald's so Chipotle is right up there with the Giants doing a great job generating great Returns on invested Capital generally speaking anytime you have an roic over 12% for a established company that's that's good and when you surpassed 20% now you're getting really really good anything above 30% now you're getting into the excellent category and chipotle has put itself in the excellent category for Returns on invested Capital the one gripe I have with Chipotle is the valuation Chipotle is trading at a forward price to earnings of 46 compared to 28 for dominoes and 1986 for McDonald's so while Chipotle is growing faster than these other two restaurant stocks it's also trading at a significantly more expensive valuation that's my only concern with Chipotle otherwise it is arguably the best-in-class restaurant operator it's done a great job especially after that outbreak in 2015 2016 when customers got sick it's done a great job returning and retrieving trust from their customers and expanding revenue and profitability excellent return on invested Capital Management saying that they can grow their locations to nearly twice where they're at and management has already delivered great results in terms of the amount of Revenue per location that's done a great increase over the years and chipotle is one of those few management teams that I've said has done a good job in going into the pandemic and coming out of the pandemic McDonald's didn't do that great going into the pandemic dominoes did great going into the pandemic but didn't do so great coming out Chipotle was one of the few that did great going in and coming out management adjusted was the quickest to adjust to the digital offering the take-home offering the delivery offering and it was on point and that helped the business really really well during the pandemic and of course coming out of the pandemic it's absolutely thrived as people have preferred going out and eating away from home more often the next one alphabet in his portfolio I mentioned that one of the two stocks I strongly agree with his purchase and it's alphabet alphabet I've recommended as my top stock to buy in 2024 I made that recommendation around December 30 30th December 31st and I've uh reiterated that recommendation several times I think alphabet is a phenomenal business excellent business model 307 billion in Revenue in trailing 12 month you see that growing from roughly 70 billion in 2015 and I've compared it with meta platforms here who's the next closest in terms of AD Revenue generation and alphabet has trounced meta Platforms in terms of operating profit margin alphabet's done a good job 27.4 2% growing slightly over the last decade while meta platforms has had a hard time keeping its margins where they were its margins have decreased over the last decade to 34.66345 are going to help boost its return on invested capital in recent years prior to this cost cutting effort I felt that alphabet was getting a little bit sloppy in terms of their expense control um employees were getting treated to some lavish perks massage therapist on site and food and all of these other lavish perks and wages were getting elevated and the number of employees was getting elevated and the number of projects they were going after that were outside of its core capabilities was growing wider and wider and so I was glad to see them get some cost control under their belt lay off some people keep costs down and I think that's going to help their return on invested Capital improve over the next several years and finally they're not trading at expensive valuations especially alphabet is trading at a relatively cheap forward price to earnings of 20 forward price to earnings of 20.57% think is a bargain for alphabet stock and it seems like Bill Amman also agrees and thinks it's a bargain in fact alphabet stock is trading at a similar valuation to McDonald's right think about a high-tech company like alphabet with a dominant market share in Search and a dominant social media business in YouTube or you could say a streaming business in YouTube is trading at a valuation that is very close to McDonald's McDonald's is at 19 .86 and alphabet is trading at a forward PE of 20.57% of his portfolio invested in just two stocks even though one of them I think is a really really good stock the other one is a really good business I don't know if it's a really good stock or not because of the expensive valuation
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