저자: HamishHodder · 외국인
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결론: 이 영상은 버크셔 해서웨이의 2020년 3분기 자사주 매입 90억 달러와 주식 순투자 47억 달러를 10-Q 현금흐름표로 분해해 설명하며, 가격 예측은 없다. 자료 확인 방법: 미국 상장사의 분기 10-Q 현금흐름표는 누적 기준이므로 3분기 값은 9개월 누적에서 상반기 누적을 빼서 구한다. 자사주 매입: 현금흐름표 재무활동 항목에서 자사주 매입 90억 달러 유출이 확인된다. 자사주를 사면 발행주식 수가 줄어 지분율이 올라간다. 자사주 매입 판단 기준: 회사가 주식을 사들이는 것은 본인이 주식을 사는 것과 같으므로, 매입가 대비 얻는 지분 가치가 배당이나 다른 투자보다 나을 때만 정당하다. 가격과 무관하게 대량 매입하면 주주에게 불리하다. 순 주식투자: 3분기 주식 순투자 47억 달러 증가가 확인되나, 종목 내역은 13F 보고서 발표 전이라 영상에서 알 수 없다. 13F는 2020년 11월 14일 전후 공개 예정이며 영상은 이후 이를 다룰 예정이라고 밝힌다. 구독 및 기타: 채널 구독자 5만 명 달성 임박을 언급하며 좋아요와 구독을 요청한다. 리스크: 자사주 매입이 과도하면 배당과 본업 투자 여력이 줄어든다는 점을 강조한다.
다듬은 글
warren buffett has been quite active in the latest financial quarter investing a total of 13.7 billion dollars into the stock market in today's video i'm simply going to be breaking down what those investments were as well as how you can go out and interpret these kinds of investments for berkshire hathaway in the future and also any other business that you want to assess in terms of what internal investments they are making first of all i just want to explain where i'm getting the data from that i'm using in today's video and that will help you be able to find this data for any public company that you're looking to analyze every quarter u.s public companies release a quarterly earnings report called a 10-q which includes the financial performance of the business over the past three months and within this 10q the quarterly filing we can find a financial statement called the cash flow statement and this statement basically shows us all of the cash in and outflows of that business money coming into the business from their various uh activities operations and money going out of the business in a number of different ways in terms of their operations in terms of paying their staff and paying for inventory but also in terms of their investments where they've spent money to invest in assets whether that's for their business or whether their stock market investments in berkshire hathaway and warren buffett's case and then of course money that is coming in from investments as well money where they've sold some investments and received cash back the easiest way to find these reports is to go to the investor relations page of the company's website and within that page there will be a section called sec filings click on that section and then search for the 10q and that will show you all of the quarterly reports for that company now there's one more step that makes it a little bit more complicated when it comes to quarterly financials you would expect that the quarterly report would show you the cash in and outflows from just that quarter but because we're now in the third quarter the quarterly financials on the cash flow statement within that 10q is actually showing us the cash in and out flows from the past nine months from q1 to q3 so if we want to figure out what movements of cash have happened just in the last three months just in q3 then we need to do a subtraction between the last nine months which will be found on the q3 quarterly report and the first six months of the year which will be found on the second quarter the q2 quarterly report for example if a company had a cash outflow of 100 million dollars for the past nine months on their third quarter quarterly report remember it's showing us the first three quarters of the year and then let's say we had a look at the second quarter report and they had a cash outflow of 60 million dollars and that we know that that 60 million dollars is for the first six months of the year q1 and q2 then we can look at the difference between that 100 million and the 60 million and we now know that 40 million dollars of that cash outflow occurred in the third quarter now i'm sure there's tons of people watching this video that would love to go out and now figure out the difference between those two and calculate the cash in and outflows of a business but there's also probably a lot of people who don't want to go out and do all of that grunt work so that is what i'm here for today we're going to talk about what happened with berkshire hathaway warren buffett's company in terms of the investments that they made in the third quarter the first major cash flow to note for berkshire hathaway is a nine billion dollar outflow for acquisition of treasury stock this is a section in the financing activities section on the cash flow statement and whenever you see acquisition of treasury stock or share repurchase or share buyback all of those things mean the same thing it means that the company has spent some of the company's uh cash and has repurchased stock from the public markets and what that basically does is of course the company's cash goes down because they're spending money on stock but when they repurchase that stock it essentially gets deleted meaning that the total number of shares outstanding goes down and it means that the value or the percentage ownership for each share goes up so again just to give you a simple example imagine that you had one share out of 10 total shares so a business on the public markets had 10 total shares and you had one share that would mean you had 10 ownership you could then imagine that the company repurchases or buys back two shares okay now you have one share out of eight so you have the same number of shares but you have a bigger percentage of the company it's like the pizza the pie has been cut into a smaller number of pieces so your one piece is now a larger piece of the pie and i think the most important thing to understand when it comes to share repurchases as confusing as it can be is you should think about it in the same way as if you were personally buying the stock okay they're very much the same thing not exactly but it is pretty much the same thing as if you were to go out and take some of your money and buy more stock as if the company spends company cash to repurchase stock here's how so let's first explain what happens when you personally buy more stock so this should be pretty easy to understand uh when you buy stock your the cash in your bank account goes down and your percentage ownership goes up right because you now have more shares your ownership has gone up your cash has gone down and of course when this happens you would want to make sure that the ownership that you just gained brings you more cash than you initially gave up to buy the shares if you paid one dollar per share for example to buy a stock that's one dollar leaving your bank account per share then you would want that business to bring you back more than one dollar per share right it's the basics of investing and the same thing is true when a company repurchases stock okay cash in the company's bank account goes down and your percentage ownership goes up because there's less shares in total so again you only want the company to do a share repurchase when the increased ownership that you get brings you more cash back than the cash that was given up by the company because if a company does a share repurchase and they spend some money that's in the bank account for the company and your ownership goes up but then it doesn't deliver you more than they spent on those sherry purchases then you would have been better off if the company just gave you that money as a dividend right the company is making a decision to repurchase stock rather than paying you a dividend or investing within the business so you want to make sure that it is a worthwhile investment in the same way that you would consider investing in a company using your own money in your own bank account far too often you will see companies that repurchase a ton of stock regardless of what the stock price is and this is incredibly bad for shareholders because while yes your percentage ownership does go up that's not the only impact the other impact is that the company has substantially less money to pay to you as dividends for example as i just mentioned but also to invest in actually growing the underlying business a company should only be repurchasing stock if they are getting a good deal and by a good deal i mean that there is a good relationship between the price they're paying and the gain that you get from that extra ownership and that there are no other better internal investment opportunities and the exact same thing applies to you personally if you are buying a stock you should be buying it because the price that you're paying is far lower than what you reasonably expect to get back from that business over the next few years and at the same time you should be buying that stock because there are no other better opportunities if there's a better opportunity that you see then why would you buy that stock you would buy the better opportunity so the same thing applies to businesses and that's how you can assess whether a company is making a good decision in the same way as you would you can look to the business see what price they repurchase the stock at and say would i have repurchased the stock at that price so that accounts for 9 billion of this 13.7 billion that warren buffett invested so where is the rest where's this remaining 4.7 billion dollars so the 4.7 billion dollars was money that was spent on equity investments during the past three months and that 4.7 billion dollars is a net increase so i'm taking a comparison between the money that was brought in from their investments and to the money that went out from their investments and the difference was 4.7 which means they added 4.7 billion dollars to their equity investments during the past three months unfortunately we do not currently know what those investments were specifically and the reason why we don't know is because berkshire hathaway has yet to file their 13f filing now the 13f filing is different to the quarterly report it is something that big businesses that invest a lot of money in the stock market they need to do this every quarter and it is this filing that will tell us the specific trades that berkshire hathaway and warren buffett made during the past quarter now these filings are expected to come out on the 14th of november so if you're watching this as soon as this video was released they may or may not be out if you're watching this way after the video was released then they are probably out and i will be making a video covering berkshire hathaway's trades that will be listed in this 13f filing so if you're watching this at a later date or even if you're watching this on the date click over to my channel hit subscribe so you stay up to date and check out some of my latest videos and you will probably see that i've done a video covering that 4.7 billion dollar investment and we can discuss some of those investments around berkshire hathaway and what are my thoughts on them in terms of giving a value investors perspective on a value investors purchases but that's all for today's video i hope you enjoyed it and as always i very much appreciate it if you did enjoy the video if you could leave a like on it and then head down to the comment section and let me know your thoughts down there and of course hit subscribe if you haven't already we're almost at 50 000 subscribers which is a huge milestone for me i can't wait till i hit it we should be hitting it within the next month so if you haven't subscribed already please hit subscribe i'd very much appreciate it but other than that hope you guys have a great day and i'll see you in the next video
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