저자: Edoardo—제목·설명란에출연자정보없음,사회자단독진행으로추정 · 외국인
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워런 버핏의 생애와 버크셔 해서웨이의 성장사를 다룬 교육용 영상. 버핏은 그레이엄의 가치투자를 배웠고, 1960년대 방직회사였던 버크셔를 보험·투자지주사로 전환했다. 찰리 멍거의 영향으로 질적 요소(브랜드, 경영진)까지 고려하게 되었고, 씨즈캔디·워싱턴포스트·아메리칸익스프레스 투자 사례를 소개. 쿠팡 같은 기업 수치 대신 버크셔 시가총액 1조 달러 돌파, 2023년 멍거 사망, 그렉 에이블 후계 지정 등을 언급. 예측성 발언은 없음.
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Warren Buffett the oracle of Oma The man to call in case of crisis the most recalled name in the titles of articles that talk about Finance why he became so famous What was his secret Hello everyone I'm Edoardo This is starting Finance and today we talk about our beloved Warren Buffett of his Ber chataway Warren Edward Buffett was born on August 30, 1930 in Oma in Brazil and from a young age he had a great interest in the world of business and investments at just 11 years old he bought his first shares in City Service Preferred at $38 each however being a minor he cannot do it directly in his name However he can invest through the money of an adult and in the case of Buffett the purchase probably took place through the account in the name of his father Howard Buffett shortly after he decided to sell the shares and obtained a profit of 4.6% Nothing too exciting but it is Warren Buffett's first contact with the financial markets very early let 's move on quickly Buffett attended the University of Nebraska and subsequently the Columbia Business School where he was a student of Benjamin Graham author of The intelligent investor intelligent investor the pioneer of value investing this too is an incredible author the Value investing For those who do not know it is an investment system in which starting from the analysis of fundamental information regarding the company revenues costs trend of profits and similar one tries to identify the securities undervalued on the stock market financial securities that according to the results of the so-called fundamental analysis appear to have a value greater than the price at which they are traded today on the stock market are undervalued by the market said like this it seems simple but in reality it is a matter of collecting the right information and applying it with the correct formulas as an investor Buffett will always rely heavily on what he learned from Graham we can say in all respects that he was his master who will cut his teeth right in his company but in 1956 at just 26 years old Buffett returns to OMA to assert himself He launches his investment fund the Buffet Partnership Limited a fund based on the value investing strategies learned from Graham however Warren Buffett returned to OMA begins to develop his reputation as an astute and innovative investor over the years Buffett we know will accumulate a large fortune and make a name for himself but his whole history We talked about it in detail in this other video today I want to talk to you about other aspects more closely linked to his first company, his first great love, Berkshire Bell, today the eighth most valuable listed company in the world, making him the seventh richest man in the world at the time, however, it was only a textile company in difficulty when Warren Buffett approached Berkshire Bell in 1900.
The company was not in good waters a few years earlier. In 1955, the then Berkshire Bell Spinning Associates merged with Berkshire Bell Manufacturing Company. This merger represented an attempt to consolidate operations and increase the competitiveness of both companies in a textile market that was increasingly difficult to navigate.
However, this was not enough: international competition and the decrease in demand for American fabrics forced many textile companies to close, and Berkshire Bell was unable to make it in this formula, having to close several factories and lay off many employees. But despite the great difficulties, Warren Buffett was still interested in the company because he saw an investment opportunity and thought it could re-emerge.
At the time, the company was putting A somewhat unusual action is underway for a company in difficulty, namely buying back its own shares with the proceeds of sales. The companies that decide to take this path are generally the most prosperous and solid ones that buy back their own shares in order to have fewer shareholders, to have greater decision-making autonomy and to give more value to the few shares remaining on the market.
If these companies do this often, it means they have something big in mind for which they want to be able to act more freely, and this attracts the attention of Warren Buffett. According to him, Berk Radaway shares are trading at a price lower than their intrinsic value. He used Graham's fundamental analysis models.
The intrinsic value he refers to is based on a fundamental analysis of the company that analyzes current cash flows and possible future operating scenarios. Here are these and other techniques. All the topics addressed by our Academy, which you can find in the description, are the basis of investment analysis.
In other words, compared to other companies in the same sector, looking at the balance sheet data, Buffett believes that Berk Radaway is undervalued and that in reality it was only in a brief period of difficulty. but that in reality it could soon recover. Too bad that this time perhaps the only Warren Buffett got it all wrong yes because he started buying Bercher Highway shares at $7.50 each but in 1965 when he reached the majority shareholding and took full control he paid an average price per share of around $15.
Too bad that the company will never be able to become competitive again in the textile sector and what do you do at this point? Well, he starts cutting costs but despite this the company always makes a loss by now he is convinced that it is a bad investment the company seems to be worth throwing away.
Buffett however decides not to throw everything away he decides instead to change gear. Well, Warren Buffett finds himself with a Bercher Highway installment that is doing poorly And in any case in a textile sector that is losing a lot Buffett then decides to reduce the textile operations and use the company as a vehicle to invest in new companies.
He transforms it into a financial holding and in this sense the first significant operation of Bercher Highway is the acquisition of the insurance packages of Geiko. Buffett is interested in its direct-to-consumer business model that eliminates intermediaries. and reduces operating costs may have good potential.
This insurance company represents a new frontier for the holding company and, above all, a new model because it provides constant cash flows through insurance premiums and insurance payments. The insurance business model fits perfectly with Warren Buffett's investment philosophy. Generating liquidity that can be reinvested in other opportunities.
From this point of view, insurance is a unique sector. Because companies collect premiums in advance and only pay out later when events occur, accidents requiring payments. This creates a buffer, a so-called float, or funds that can be invested until they are needed to cover claims. Warren Buffett will use the float of insurance companies to finance further acquisitions and investments, significantly amplifying Bher Hway's growth capacity.
In addition to the insurance sector, Warren Buffett is starting to expand his horizons in other sectors as well. His investment in the food sector, in Coca-Cola shares, but also in energy, in the media, in luxury goods, and in other relevant sectors will become historic. The important thing is that he buys and holds, buy and hold, never sells.
This is a mantra for accumulating companies that generate revenue. positive returns through dividends and increase in value but Buffett did it all by himself to get there I don't think so When we talk about Berch Radaway we ca n't help but mention Charlie Manger, Buffett's historic sidekick and long-time partner but Hanger is not just a name associated with Ber SH Rada Ma is one of the most influential and respected figures in the world of finance his full name is Charles Thomas Manger he was born in Oma in Nebraska the same hometown as Warren Buffett he attended the University of Michigan during the Second World War he enlisted in the US Army after the war he studied law at Harvard Manger began his career as a lawyer at a prestigious law firm in California Manger and Buffett met in 1962 just the year before the acquisition of Ber Radaway which they will manage together the two as well as business partners they also formed an excellent personal relationship becoming good friends before meeting Manger Buffett almost exclusively followed the investment strategy of Benjamin Gram based on traditional value investing Manger instead encouraged Buffett to evolve his concept and consider in the investment strategy In other words, Manger convinces Buffett not to consider only the balance sheets.
He teaches him to also look at factors such as the strength of the brand, the relationship with employees, and the company's reputation with the public. Thanks to Manger's influence, Buffett manages to find opportunities that he would never have been able to notice before based on the balance sheets alone.
An emblematic example of this strategy is the investment in Seis Candies in 1972 with 25 million dollars. The balance sheets alone did not justify the choice. The company's annual revenues before taxes were around 4 million. But then why spend 25 million dollars to buy it? However, even with a poor balance sheet, they had realized that the company's brand was very strong in America among both the old and new generations.
According to CNBC, since then, Seis has earned Buffett over 2 billion dollars. Another significant investment was that of the Washington Post in 1973. Manger and Buffett saw in the newspaper a large company with excellent management despite the unpromising balance sheet, so Buffett and Manger conclude that: has the potential to recover despite the initial difficulties of the sector, their investment in fact proved to be far-sighted and highly profitable.
However, in 1978 Charlie Manger became vice president of Bard hway and took on a key role in the governance of the company. Manger has always promoted the idea of transparent long-term management by alienating the interests of shareholders with those of management. But how far will Berd hway go with Manger and Buffett?
Under the guidance of Charlie Manger and Warren Buffett, Berd hway becomes a true legend. Warren Buffett over the years has repeatedly revealed that the study of market behavior has been essential to guide his financial decisions almost as much as the value investing models and Manger's advice in the analyses.
Therefore, he also considers the levels of fear of greed and state of mind of the investment community using theoretical tools based on mass psychology. He thus tries to adopt a scientific method to put into practice the search for quality that began with Manger. This type of approach to market analysis called behavioral economics is relatively new and was theorized for the first time in 1979 in the In recent years, however, it has become increasingly widespread and more appreciated.
A clear example of the fruits of this approach for Bercher Hway was the mass purchase of American Express shares in 1995. The financial company was almost at risk of bankruptcy after falling victim to a huge scam. Investors' fear caused American Express to collapse on the stock market by more than 50%.
Buffett and Manger, however, were ready. They decided to better monitor the company's status despite the recent problems. They realized that here too, the brand of the company focused on credit cards was very strong. In theory, the financial difficulties could have led many American Express customers to change operators.
However, the two realized that the general public did not perceive the gravity of the situation. There was no customer flight. Most customers would have continued to use American Express. They did some calculations. They realized that the financial difficulties would have been only temporary if the customers had stayed.
So they convinced themselves that within a maximum of two years, American Express would have returned to its previous value. The time was totally right. Bercher Hway still owns American Express shares worth Over $36 billion since the initial investment. Earnings have continued to grow over the last 50 years.
So we understood that there are three major elements that have driven Warren Buffett: Manger's suggestions on how to improve the investment strategy, the lessons on value investing learned from Graham, and intuition. The analysis of human behavior. These ingredients have led Warren Buffett to grow Bercher Hway to what it is today.
The historical investment in Coca-Cola began in 1988 and today he owns approximately 400 million shares, corresponding to a 9.32 percent. but in the portfolio there is American Express Washington Post Apple which today represents 30% of the Berch Way portfolio gaico many other companies that for Buffett are wonderful that over the years have managed to create a unique product recognizable throughout the world today just to have proof of the increase in the value of Berch Way shares the historical class A has a value of 73,000 the company entirely has a market capitalization that has exceeded the great limit of 1000 billion dollars when you read a trillion or its market value the number of shares of the company for their value Here if we think about the initial value of 1965 of $ 15 per share we understand that the growth has been incredible November 2023 However it was a month that marked the end of an era for Berch Way with the death of Charlie Manger Buffett always careful to ensure the continuity of his company has spoken several times over the last few years of possible successors to whom to leave the leadership of the company at the end of 2021 In fact he had already Current vice president Greg Able AB has been chosen as the designated heir, who has already appeared alongside Warren at the annual meeting with shareholders.
This is a historic moment in the history of Bercher Hway. He began his career at Bercher Hway by joining Mid American Energy Holdings Company, later known as Bachel Energy, from which he managed to quickly climb the ladder until 2008 when he was appointed CEO of the company. Under his leadership, the company has significantly expanded its operations by investing in renewable energy and diversifying its activities.
In short, he has already demonstrated a remarkable ability to manage the activities and guide the company towards more sustainable growth. According to Warren Buffett, with Greg G at the helm, the future of Bercher Hway seems to be in good hands. His experience. His strategic vision and his leadership qualities would make him the ideal candidate to lead the company into a new era.
Buffett has ensured that Bercher Hway will continue to follow the long-term investment philosophy that has made Bercher Hway a successful model while keeping a close eye on new opportunities and challenges in the global market. But whether he will really be able to hold a candle to legends like Warren Buffett and Charlie Manger I leave this to you because for today I'll stop here as usual I'm Edoardo This is staram Finance and we'll see you in the next video Bye
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