저자: BillStone · 외국인
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버크셔해서웨이는 2024년 S&P500을 상회하는 성과를 냈으나 현금 보유액이 1990년 이후 최고 수준. 빌 스톤은 버핏이 좋은 기회를 못 찾고 있어 현금이 계속 늘 것으로 봄. 기술주는 버핏의 역량범위 밖이며 애플 지분은 포트폴리오의 약 25%로 유지. 애플 일부 매도는 리밸런싱과 찰리 멍거 사망 영향, 은행주(뱅크오브아메리카, 캐피털원) 축소는 경기 리스크 회피 차원으로 해석.
다듬은 글
moving on though Warren Buffett's holding company Burkshire Hathaway outperforms the S&P 500 in 2024 and while it side's best annual performance since 2021 the company also amassed a record level of cash the cash stockpile relative to the size of birkshire Hathaway reaching the highest level since at least 1990 here with what might be ahead this year for the conglomerate we we welcoming Glen viw Trust Company Chief investment officer Bill Stone bill I want to just start with the cash pile A lot of people have been talking about this massive cash pile that's growing at birkshire and essentially wondering what is Warren Buffett going to do with it do you think the cash pile keeps growing in 2025 or do you think there are some clear moves that they might make here well I mean I think the cash pile is really he was pretty clear at the annual meeting last year just saying that you know he's just not finding enough things he wants to buy um and so I think until he starts to really find larger targets to buy or that he can buy um it's gonna probably keep growing because perer should continue to to post some pretty nice earnings with and produce cash flow so uh um you know I always look at it as they have the optionality that they have the money available if they if we get a big market sell off or you know specific Company sell off he certainly has the cash to step in Bill let me ask you though what when the Oracle when the greatest value investor of all time is just going to keep sitting on this enormous pile of cash bill is that any kind in your opinion of early warning signal about the market for the rest of us I mean I think it should tell you to be a little careful where you tread now I I do offset that with the fact that you just know he's not the guy that's going to go into technology and and you know as you talk about all the time you know most most of what is the hot things these days are technology um and that's not to say that they're not good Investments it's just you know he says that's out of his circle of confidence the only thing he's really done in that space is Apple and he said he looked at it through the lens of of being a consumer company not a technology company so um I think that's where maybe you don't get quite as negative on things based on how much cash he's got um and they're still buying some things here and there so uh you know it's like everything else there's usually something to do and Bill I want to stick with apple because to a similar vein when Burkshire did sell Apple there was sort of the read of well Warren Buffett's selling Apple why would Warren Buffett sell Apple should I be worried about APPL stock right there was a little bit of a market reaction in that sense how did you sort of view that move I mean Apple become such a large part of their portfolio that I think one could maybe think it was partially just rebalancing like any other investor would do I think that's it I mean I think part of it I do think had to do with Charlie munger's passing um Munger was always one that said essentially don't sell anything uh in terms of great companies just keep riding them and and apple had gotten to be about 50% of the portfolio it was just a crazy percentage of the portfolio for anyone uh other than I guess Buffett who could get away with it um so I do think there was some of hey let's take some risk off the table I think you could make some arguments Apple was certainly not cheap anymore it was trading up a bit I think when he was starting to to sell it in terms of on the you know thoughts that AI would drive the next replac uh you know cycle Etc which you know still may happen and they still own you know 25% of the portfolio roughly in Apple so believe me they'll make plenty off of it if it if it continues to go up what about Bill selling down Bank of America would that be again sort of a simple portfolio rebalancing or something else you know I think I think that may be a couple things so one is you know he he while he's now taking it down to less than 10% so we don't know exactly where he sits on it um I get some feeling and again you know he hasn't said this but I just read through he's somehow worried about the economy eventually uh I don't think he makes any short-term bets but uh he certainly has sold off a lot of the financials you know again take took Bank of America down below you know they used to own more than 10% of it so we and my guess is next time we find out the extra filings I think they're going to taken it down further they sold some Capital One um they bought chub last year which to my view very good company but also a play on taking more risk out of the portfolio because chubs you know Investment Portfolio is heavily in fixed income um so I think he was trying to offset some of the I'll say the the cyclical risk because you know buffet in of itself in within burer hathway has a lot of operating companies with a fair amount of psychical risk themselves Bill Stone appreciate you joining us today we'll have to get you back on once we figure out what buff is doing with some of that cash
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