저자: 미상 · 외국인
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Bill Ackman(퍼싱스퀘어)의 13F 포트폴리오를 분석. 구글(알파벳) 약 19%, 치폴레 약 18%, 레스토랑브랜즈 17%, 힐튼 16% 등 집중 투자 구조. 구글은 AI 우려로 급락 시 매수했으나 현재 평균단가 대비 손실 구간으로 언급. 치폴레는 높은 밸류에이션 부담이 있지만 장기 보유 가치가 있다고 평가. 영상 제작자는 본인 견해를 밝히기보다 포트폴리오 구성과 Ackman의 가치투자 철학을 소개하는 데 집중.
다듬은 글
bman is one of the best investors in the world This is the Gross performance so the performance before fees of his ed Fund per Square compared to the s&p 500 and As You can see he is crashing the s&p 500 he performed much Better D founded A Pretty Bad Start having some negative Years in 2015 2016 and 2017 but then he Started over performing the s&p 500 and he never stopped and to's video going to analyze his portfolio to see if Maybe we can find some interesting stocks before we start I have to confess that I'm basically doing this video Because I Found This video I'm going to Show you right now Where bman explains Why he is very bullish on Google Now Another area that investors have been very arell are Things artif intell the most Direct investment we have in ai I would say is Google or Alphabet Uh Which You're biggest shareholder of Alphabet We're a Small shareholder of Alphabet because It's a massive Company we've got a you know large investment approaching 2 billion Uh in the business um and actually it was It was the it was ai That created the Opportunity for us to buy Google at an attractive Price you know basically Microsoft and Open ai had a very powerful demonstration of a Launch of a New product and then google's kind of Launch It was A bit of a Disaster stock got crushed on the basis of you know Fear that Google IS Way behind in ai and and you know their advertising franchise More than covered the Value Of The company and you got investment Whatever They were doing in ai If you will for free and our View Based on work We had done is that actually Google was Sort of Neck and Neck if not ahead of Open ai in terms of their their business like as we all know by now google's ai is obviously behind Microsoft even the best investors make mistakes so an important Thing if you want to become a good investor is been able to Accept mistakes and to Accept the fact that you going to make a lot of them This is Something very hard for a lot of people but It's part of the game if you want to play this game You have to Accept it with that Said let's start analyzing the portfolio is Google is just below 19% a very big position We also have to say that built dis position at Lower prices than right now even bman was Wrong about googlei he B the stock at per share and 97.7 estimated Price so Still making a lot of money on Google he made a very good buy if you want to see My analysis and full valuation of Google Please go check out this video his second position is again a very big One and it is chipot Which is Worth 18% of the portfolio he Started building the position in 2016 and is making a Kill on the stock the estimated average Price is5 per share and stock is at 2700 the Past performance of chip has been Unbelievable it 23% kager since 2006 revenue grew Pretty Well in the Past few years and The company was recently able to get Back to the old very high operating margins in3 The company reached a 16.2 per operating margin and also eps growth has been Pretty Good the Balance sheet is very good The company has 1.3 Long CAP 3.8 billion and short Capital for 248 Million so the Balance is really really good also have the flow Generation is very good The company makes a lot of money while spending a good amount of money in Capital expenditures for gr invested Capital was 22% in3 and Equity was much Better at 45% my opinion the biggest problem of this stock right now is the valuation Which is extremely high the for Rao is 50 but This is a Stock Which tring Lel always perform very well Because The company can Keep On growing a lotal estimates are extremely positive for the stock They expect a revenue ker of 14% but they expect an Even Better eps ker of 21% this is helped by the fact that The company buy back a lot of stock So This is a great Company and b it at a great PR Willa own it forever what I do If St hold Forever but personally I would Bu here But if it would be a decent pullback This company stock Could Be very very interesting so It's One to follow for sure the Stock In his portfolio is Restaurant Brands International really likes Restaurant companies This is Worth 17% of the portfolio and estimated average Price Paid is perare anda marins getting worse but they are Still very very High in 203 They reached a 30% operating margin Which is Incredible number for this type of Company margins are much Better Than chipot but Ra are Lower CAP 23 but Equity is very good It was 38% the Balance sheet Is not as Good As chipot One They have Total Cash and short term investments for Just a little bit More than 1 billion but the longterm depth is really High Almost 1 billion Dollar with longterm Capital easis for 1.3 billion dollars so the Balance sheet is not So Good but we have to say that this type of Company Has to use depth to Grow and Build bus Because of Business is very stable and usually is able to a lot of Cash every single Year In fact free cash flow Generation has been very stable and very good in the Past few Years but there hasn't been much growth This company is very generous towards ITS shers because it pays a very good dividend and also buys back stock So every Sher Is going to be very Brands likes to pay off shers if Look at the historical valuation of the stock we can say that The price earnings ratio looks a little bit High right now the first position is hton worldwide Which is Worth 16% of the portfolio and the average estimated Price is 87 per share This is Another Unbelievable Company revenue growth has been very good in the Past few years and operating margins are St theit margin was 51.4 the Balance IS Pretty much similar to that Restaurant Brands The company has 800 Million in Cash and short investments but they have a good Bunch of dept longterm dept is 9 billion and They have just below 1 billion in longterm capital and this is Another stock Which Pretty valuation Ears 28 Which always traded at very High levels what you are noticing is that he has very big positions in Amazing companies he following What Charlie Manger T Warren Buffett He's buying Amazing companies at Fair prices has 15% of the portfolio in our dues on this One he is probably Losing Money but I couldn't Find the average estimated Price Paid and this is a Real Estate Company Which Owns manages and develops commal Residential and mixed properties in the United States Skip the analysis of this because not the best Real Estate analyst but what I need to tell you is that billman is a true Expert in the Real Estate Sector and in the Past he made a lot of money investing in Real Estate stocks so If you know something about Real Estate STS this Could Be a one toal Because the investment Still has not work Given the performance of the stock Next is Canadian Pacific Which is 11.5% of the portfolio the stock has been an Unbelievable performer it basically Just goes up the estimated average Price Paid is4 per share This company and operates a transcontinental freight railway in Canada and the United States R growth in the Past Has Pretty good compy Unbelievable opera marg companies with very high margins and valuation Just reached New Old Time highs with a Forward Rao of 27 last in portfolio is Company but reduced Losing conviction in investment But As You could the portfolio is very focused he has a few positions in Amazing companies Which mostly holds since a long time and Which are performing really Well Ra are very good and also margins are absolutely impressive so I got Nothing negative to say about portfolio I really like the fact STS for very Long Times Which is very R in theed Fund Industry and It's amazing because it resembles Warren buffet and Charlie Manger philosophy so It's amazing he is a true Value investor I'm also very curious to see if he decided To Hold On to his Google position in the next publication of thef Fing because perhaps he changed his Mind since his investment Thesis didn't work out because right now It's Clear that Google IS Behind Microsoft in ai so I'm very curious to see What is going to do with this position and I hope you are curious too let me know if you would like a video When the next 13 F Is going to be published com and Please remember to like subscribe to my YouTube Channel if New see you Next Time bye
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