저자: 미상 · 외국인
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워런 버핏이 버크셔 해서웨이 자사주를 310억 달러 이상 매입한 사실을 소개하고, 자사주 매입의 원리와 장점을 설명하는 교육용 영상이다. 버핏 포트폴리오와 자사주 매입 배경 버핏은 자사주 매입을 통해 버크셔 주식을 사들였으며, 이는 주가가 내재가치보다 낮다고 판단했기 때문이다. 대형 인수 기회가 부족해 현금이 쌓인 상황에서 자사주 매입이 현금을 방치하는 것보다 낫다고 봤다. 자사주 매입의 원리 기업은 이익을 재투자, 인수합병, 배당, 자사주 매입 중에서 선택할 수 있다. 자사주를 매입하면 발행주식 수가 줄어 주당 이익 비중이 커진다. 코카콜라 사례 버핏은 1988년 코카콜라 지분 약 6.3%로 투자를 시작했고, 코카콜라의 자사주 매입으로 지분이 현재 약 8~9%대로 늘어났다고 설명했다. 주식을 추가로 사지 않고도 지분율이 증가한 셈이다. 가상 사례 발행주식 100주, 연이익 1,000달러인 회사가 10주를 매입하면 주당 이익은 10달러에서 11.1달러로 늘어난다는 계산을 제시했다. 투자 조건 및 리스크 영상은 자사주 매입이 주가가 저평가되었을 때만 유리하다고 강조하며, 주가가 높을 때 매입하는 미국 CEO들의 관행을 비판했다. 특정 종목의 가격 방향에 대한 구체적 예측이나 목표가는 제시되지 않았다. 출연자 전망 특정 대상 자산에 대한 앞으로 1~3개월 가격 방향 예측 발언은 없다.
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warren buffett he's the chairman and ceo of brookshire hathaway and he's considered by many to be hands down the greatest investor of all time it should come as no surprise that he runs one of the most closely filed investment portfolios in the entire world his investment decisions have the power to move markets with thousands of smaller investors following his every move his portfolio is currently valid over 300 billion dollars and consists of some of the best stocks in the world apple amazon coca-cola and bank of america just to name a few buffett has been quietly buying tens of billions of this stock with surprisingly very little attention anyone who follows buffett knows that he only buys a stock when you can buy that stock for far less than what the stock is truly worth buffett is no different than the rest of us he loves getting a good deal make sure to stick around to the end of the video to learn about how you can apply the lessons of this warren buffett purchase to your own investment portfolio as a long-time berkshire hathaway shareholder myself i love this investment warren buffett decided to make however with that being said this big investment doesn't even show up in his stock portfolio he spent 31.3 billion dollars on this stock but is only known to people who closely follow his company berkshire hathaway that is because his biggest investment of the past 12 months hasn't been a traditional equity investment in an outside company or the purchase of an entire company the over 30 billion dollars in purchases have been berkshire hathaway's own stock yeah that's right warren buffett's favorite stock over the past year has been his own you know we are in a crazy market when the greatest investor of all time can't find an investment he likes better than repurchasing his own company's shares here's what buffett had to say in his most recent annual letter about why he decided to repurchase shares of berkshire hathaway last year we demonstrated our enthusiasm for berkshire's spread of properties by repurchasing the equivalent of 80 998 a shares spending 24 7 billion dollars in the process that action increased ownership in all of berkshire's businesses by 5.2 without requiring you to so much as to touch your wallet following criteria charlie and i have long recommended we made those purchases because we believe they would both enhance the intrinsic value per share for continuing shareholders and would leave berkshire with more than ample funds for any opportunities or problems it might encounter in no way do we think that berkshire shares should be repurchased at simply any price i emphasize that point because american ceos have an embarrassing record of devoting more company funds through purchases when prices have risen than when they have tanked our approach is exactly the reverse there are two main reasons warren buffet is repurchasing shares the first being that in buffett's opinion berkshire hathaway stock was trading at a significant discount to its intrinsic value at the time of repurchases put a more simple way berkshire stock was worth more than what buffett paid for it meaning that the remaining shareholders of berkshire hathaway were better off as a result of the repurchase the second reason isn't as clearly apparent and was even mentioned in buffett's comments buffett has said in the past that his favorite use of capital for berkshire hathaway is buying stocks and entire businesses however with berkshire hathaway having a mark cap of nearly 650 billion dollars buffett has been able to find a large acquisition that really moves the needle as he likes to put it the company is just so big that only really large acquisitions can have substantial impact this fact coupled with high valuations for potential acquisitions that buffett doesn't want to pay has meant that there hasn't been many acquisitions so as a result a lot of cash has been sitting on the company's balance sheet way more than what is necessary to run the company so while berkshire stock may not have been overwhelmingly cheap repurchasing shares was better than just leaving that cash on the balance sheet in buffett's opinion but before we go any farther it is important to understand what exactly sherry purchases are and why a company would do them the best way to do this is to use one of warren buffett's most famous investments coca-cola as an example in 2020 cocoa's profit was nearly 8 billion dollars that's definitely a lot of money coca-cola management had a few different choices with what they could do with that money the first thing would be to reinvest those profits in the business that could come in the form of new products additional advertising or building a new headquarters another option for that money would be something more commonly referred to as inorganic growth that is where a company goes out and buys another company in order to grow their own business in this example it would be coca-cola going out and buying a beverage brand like they have in the past with vitamin water or dasani if for whatever reason these first two options don't make sense for the company the company can decide to do something that's commonly referred to as returning capital to shareholders now this can take two forms the first being dividends that is where a company pays out a portion of its profits to shareholders and in the coca-cola example coca-cola pays an annual dividend of 1.68 cents per share that means for every share of coca-cola you own they will send you payments of 1.68 over the course of a year normally paid out and payments spread out across three months not too bad for not doing any work besides just owning the stock now if the company doesn't want to pay a dividend or still has a lot of cash left after paying a dividend they can decide to do something called buying back their own stock this reduces the total number of shares outstanding and as a result makes each share of stock more valuable so now is the perfect time to listen to this clip of warren buffett describe why he likes sherry purchases so much using coca-cola as an example coca-cola is probably in my view among businesses that i can understand it's the best large business in the world i mean it is a fantastic business and uh we love it when coke repurchases shares and our interest goes up we owned 6.3 of coca-cola in 1988 when we bought in we actually increased that a little bit a few years later but if they had not repurchased shares we probably would own about 6.7 or six point eight percent of coke now as it is we own a little over eight percent uh through repurchases uh they're going to be about a billion eight ounce servings of coke sold around the world our coca-cola products sold around the world today uh eight percent of that is 80 million and 6.8 percent of 68 million so they're 12 million extra servings for the account of berkshire hathaway being sold around the world and they're making a little over a penny a serving so you know that that gets me kind of excited the average person just doesn't understand how powerful sherry purchases can be for long-term owners let's use a hypothetical company for this example to show how share purchases can be great for long-term investors let's say company abc corporation has 100 shares outstanding and earns a thousand dollars a year in profit that means each share represents 10 of that annual profit this is calculated by taking the thousand dollars in annual profit and dividing it by 100 shares outstanding pretty straightforward right now let's throw sherry purchases into the mix let's say that abc corporation decides to use its cash to repurchase 10 of its shares outstanding put another way abc is repurchasing 10 shares this means that the company now has 90 shares outstanding after these repurchases calculated by taking 100 shares originally outstanding and subtracting the 10 shares the company repurchased now let's say next year abc made another thousand dollars in annual profit now doing the same math as before each of the 90 remaining shares represents 11 and 11 cents of that annual profit that is because the annual profit is split amongst a fewer number of shares making each share worth a larger percentage of the company this example clearly demonstrates why sherry purchases can be viewed so favorably this is how warren buffett was able to grow his ownership stake in coca-cola from less than seven percent when he first bought his shares in 1988 to 9.3 percent now all without buying a single additional share buffett benefited both from coca-cola continuing to grow its overall total annual earnings and buffett's percentage ownership of those earnings increasing through coca-cola repurchasing its own stock so there we have it i hope you learned something new in this video make sure to like the video and subscribe to the channel because it is my goal to make you a better investor talk to you soon
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