저자: MichelleMarkey · 외국인
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결론: 슈퍼투자자 13F(2022년 4분기) 동향을 정리하며 버핏의 현금 확대·대만반도체(TSM) 축소 등 경계 신호를 짚고, 무작정 추종 대신 자체 투자 논리 점검을 강조한다. 버크셔 해서웨이(버핏): 49개 보유 종목, 약 3,000억 달러 규모. 2022년 강세에서 4분기 들어 약세 전환, 2021년 4분기 이후 가장 보수적. 현금 1,050억 달러 이상 보유로 저평가 기회를 기다리는 것으로 해석. 버크셔 주요 변화: TSM 지분 약 86% 축소(40억 달러 이상 → 약 6억 달러). 4분기 신규 매수는 루이지애나퍼시픽, 파라마운트글로벌, 애플 소량. 은행주·셰브런·맥케슨 등 축소, 액티비전 블리자드·크로거 추가 축소. 찰리 멍거(DJ Co): 데일리저널이 포스코 지분 매도, 은행주와 알리바바 유지. 멍거는 알리바바를 최대 실수 중 하나로 언급. 은행주는 2009년 저점 매수로 막대한 양도차익이 있어 세금 때문에 매도하기 어렵다고 설명. 모니시 파브라이: 브룩필드 계열 BN에 약 2,250만 달러, BAM에 약 500만 달러 보유. 마이크론 약 9,300만 달러 추가 매수. 미국 기업 투자 확대 흐름. 구이 스피어: 4분기 매매 없음, 현금 비중 확대 가능성 언급. 알리바바는 유지. 이총(히말라야캐피털): 알파벳(GOOG/GOOGL)에 약 1.4억 달러 추가 매수, 총 약 5억 달러. 저가 물타기로 평단 하락 추정. 빌 밀러: 주요 보유 종목 전반 축소, 알리바바 약 8.1만 주 감축(약 5,100만→4,900만 달러). 바이킹글로벌은 알리바바 전량 매도. 마이클 버리(사이온): 게오그룹·큐어레이트 일부 축소, 매수 7건으로 매도보다 많음. 알리바바(약 440만 달러)와 징동닷컴(약 420만 달러)에 소액 신규 매수. 종합 메시지: 슈퍼투자자 간 견해 차이가 크고 분기마다 매매가 바뀌므로 13F 추종은 위험. 각자 투자 논리와 리스크를 직접 검증할 것. 출연자 전망: 명시적 가격 예측 없음. 중국 리오프닝으로 소비 회복 가능성 언급은 있으나 특정 자산 방향 예측은 아님.
다듬은 글
hey investor friends I'm Michelle Markey and this Valentine's Day 2023 you may have been feeling some extra love in the air because on this day a bunch of super investors 13f filings came out and so we get to know what a bunch of super investors were invested in as of the fourth quarter 2022 and so I'm definitely feeling the love because I'm gonna cover some of the equity holding changes and updates with some of my favorite super investor homies Warren Buffett Charlie Munger monish pabri guy spear Lee Lou Bill Miller and Michael burry and so if you also enjoy studying some of the best investors out there please be sure to like And subscribe to my video and YouTube channel and without further Ado let's get into what some of these guys bought and sold starting with Warren Buffett's Berkshire Hathaway we know that they generally tend to be pretty careful and I'm not so sure that there's been many Bargains lying around for Berkshire lately because the stock market seems to have been getting a little bit frothier lately and we know that Berkshire Hathaway is holding on to at least 105 billion dollars of cash with which to potentially buy a lot of stuff with and that's what they didn't seem to be doing as much of in the fourth quarter of 2022 where they still had 49 Equity Holdings worth about 300 billion dollars and there were some changes but overall it looks as if they turned increasingly bearish after having been more bullish throughout 2022 and the last time they were this bearish was back in the fourth quarter of 2021 so we can see that as the market is kind of heating up it looks like Berkshire is pulling back and becoming more conservative and among some of the big changes that occurred in the fourth quarter was a surprising 86 percent reduction in Taiwan semiconductor a stock that I had been starting to study but now this is a little bit of a discouraging sign because maybe this semiconductor industry is not as good of an investment case as it may have once been because it caused Berkshire to reduce their stake in TSM from over four billion dollars worth only down to now like 600 million or so and so that's pretty huge in my opinion of a lack of confidence in that investment as well as some interesting things they only bought like three stocks in the fourth quarter and they include Louisiana Pacific Corp which is a building materials company and also Paramount Global and also a little bit of Apple but otherwise they were heavily reducing across a bunch of Bank stocks and also in addition to those also a little bit of Chevron and McKesson and they continued reducing on Activision Blizzard so maybe that's not as good of an Arbitrage bet as it once was as well as Kroger so among some of those it looks as though Berkshire is kind of loading up on the cash to maybe find better Bargains hopefully in the future because right now it doesn't seem as though as much is on sale that's either appealing to Warren Buffett himself or his investment managers Todd and Ted moving on to Charlie Munger of Daily Journal even though Charlie's not the chairman anymore he still has some oversight over the equity portfolio and the 13 up for DJ Co came out actually in early January so we didn't have to wait all that long to know what DJ coat was invested in as of the fourth quarter and I already talked about this a little bit before but I know that DJ Co got rid of Pasco a South Korean steel making company but other than that they kept all of their Bank stocks and Alibaba and we learned some news of insights of what Charlie believes of these Equity Holdings currently in the recent Daily Journal annual meeting that was on February 15 2023 which you can check out in a recent video I talked about some of my highlights of that meeting and Charlie said that Alibaba was one of his biggest mistakes so I'm curious to see eventually if DJ Co will sell the remaining Baba steak in the first quarter or if they're gonna hold on to it in perpetuity and see if it kind of ends up better than where it currently is because they're probably still taking a loss on their current Baba holding but maybe they're just going to hope for the best and in spite of Charlie saying that he lost some focus when it came to this kind of stock maybe he will kind of just stick with it like he's stuck with the bank stocks but he stuck with those for a different reason and that's they had so much gains because he bought it right at the bottom tick of the great financial crisis at the Market's way bottom in March 2009 and so they've had tremendous capital gains and so if DJ code were to sell any of the Bank holdings they would have to pay crazy taxes on them so maybe that's why they choose not to sell it and eventually when they need to they will but for now they're just gonna hold them and so that's basically the news of what's going on with DJ Koh so some fascinating things and I highly encourage you to check out all of Charlie munger's wisdom that he shared at this year's Daily Journal meeting and with monish babri's fourth quarter it was a welcome sign to me to see him investing in more American companies and we already had known that Brookfield Asset Management had somewhat of a spin-off and it looks like in the fourth quarter monish pabri added even more to the spin-off which is still the main company-ish called Brookfield Corporation with the ticker symbol BN and he's got about 22 and a half million dollars in that so considering it's sort of the spin-off ish and it has less of a dividend coming out it looks like he's more interested in that one compared to the BAM which is the more maybe investing management arm which has a ticker symbol bam like I said and he's put about five million dollars in that and that one has a bigger dividend but it seems like that may have been maybe the more Legacy type holding that while he's not as invested in that one as he is in the BN it seems like he likes both BN and Bam so if you've done your homework in Brookfield maybe that could be a potentially interesting investment as well and he also added to his Micron investment to the tune of about 93 million dollars worth in the fourth quarter in total so that seems to be what's going on with his 13f Equity Holdings and then with some of his International Holdings it looks like he reduced some of his stake in Rain Industries and also nice Holdings and I don't know much about those so that's just all I know basically of what monish has been up to and so overall he seems to be increasing in some of his at least American Stock Investments and then with guy Spear of aquamarine Capital it's gonna be pretty short because yet again guy spear did not have any buying activity in the fourth quarter so we'll have to see what guy spear has up his sleeve whether he's going to come out with with some Aces and the coming quarters if there's anything that's of material interest to him but I don't otherwise have much of an update to share on what guy Spears investing activities have been up to other than to say that they seem to be pretty much staying as is so maybe he's also bulking up on cash like Buffett is and then moving on to Lee Lou of Himalaya Capital it looks like after not having bought anything in the third quarter Lee Lou booked up on alphabet in the Google ticker symbol in the fourth quarter by buying about 140 million dollars worth and now the Himalaya Capital portfolio has about half a billion dollars worth of alphabet stock across both the Google and goog ticker symbols so across both of those I would guess that lilu maybe cost average down in buying more Google Shares so he brought down his cost basis maybe when Google was trading in the 85 to 90 dollar range so that's what I'm assuming that he did is like by more of a good thing when it's clearly on sale and with Bill Miller it looks like he's turning increasingly bearish right now because he seemed to reduce his top Holdings by a lot including Baba which he reduced by about 81 000 shares and it's not all that much in terms of monetary value where at the end of the third quarter he had about 51 million dollars worth of Baba and now that's gone down to about 49 million dollars worth so I'm assuming Baba's stock went up a little bit in price because it's not that big of a difference in terms of portfolio value but we see that Bill Miller's also turning a little bearish on Baba for now and when I covered some super investor activities in the third quarter I also mentioned Viking Global Investors that had just invested in Baba in the third quarter but now as of the fourth quarter they've totally sold out of Baba so that was a very short-lived amount of conviction so who knows what's going on there if they got scared like everybody else when the president of China seemed to gain another term and whatever kind of Mayhem that may have caused but in any event that's that and then moving on to Michael burry of Scion Asset Management he seemed to reduce some of his Holdings in the Geo Group and also cure rate but he had seven Buys so he's bucking the trend compared to a lot of other super investors by buying way more than he's selling it seems like but even though he's been buying some it seems kind of like still small potatoes so I wouldn't be surprised if these are kind of his practice shares or his just small skin in the game positions for now because he's always got some interesting aces up his sleeve so we never know exactly what Michael burry is up to but it's actually fascinating that he seems to have invested in a couple of Chinese e-commerce stocks in both Alibaba and also jd.com in roughly similar amounts over four million dollars worth so I find it interesting that he bought about 4.4 million dollars worth of Baba and about 4.2 million dollars worth of jd.com so who knows maybe he's seeing something come back to life in terms of Chinese e-commerce that everybody else is missing because I'm sure a lot of people in China now that things are opening up will want to eventually spend some more and you know enjoy life again like everybody else so we'll see if he ends up having a very interesting investing thesis just when everybody else including Charlie munger's turning especially bearish on Alibaba and so it's just interesting seeing how these super investors have such a different takes and I know I mentioned that guy spear didn't have much activity earlier but he seems to be just holding steady on Baba too for now so there's a few people that still seem to keep the faith in baba but we'll have to see what might shake up throughout the rest of this year we never know if these super investors will turn around and sell it in the next quarter so we have to just always keep an eye out and not just necessarily Rush In And blindly copy what these super investors are invested in because a good lesson for that is how Berkshire Hathaway in what seemed like no-brainer Investments with Activision Blizzard or some of the gas and oil company stocks they've been reducing in those and then just when you thought they invested heavily in a semiconductor industry company then they turned that around and kind of backtrack so you have to really make sure you do your homework and have your own investment thesis and not just piggyback on someone else's investment because if you don't know why they sold then maybe you don't have as good of an investment case in that company to begin with so you might need to go back to the drawing board to kind of try to poke more holes in the investment argument to try to figure out what is it about a company that makes it special is its mode strong or is it being attacked by other competitors or just shifts in consumer patterns and whatnot so across all these things to consider I hope that you found this video helpful and valuable in your own research and evaluation of looking at what some super investors are invested in and maybe that will help give you some ideas of what you might also be able to invest in and if not if everything looks too hard or scary then we can always not invest so no one is saying that we have to swing at pitches of potential investment ideas we can always just keep calm and keep studying on so if you enjoyed this video or learned something please like And subscribe and I wish you well on your journey to being the best investor you can be till next time
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