저자: Nick · 외국인
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워런 버핏의 주주 소유자 관점 사업 원칙 15가지를 정리한 교육 영상으로, 특정 종목이나 자산의 가격 방향에 대한 예측은 없음. 영상은 버핏의 경영 철학을 소개하며 주주가 회사를 소유하고 경영진도 지분을 가져야 한다는 원칙으로 시작함. 주당 본질가치 성장 극대화, 높은 자본수익률을 내는 현금창출 사업 보유, 회계이익보다 본질가치 중시 등이 주요 원칙으로 설명됨. 부채는 보수적으로 사용하고 자기 과시를 위한 몸집 키우기를 피해야 한다고 강조됨. 주가가 과대평가되든 과소평가되든 모두 불리하며, 주식 발행은 적정가치 이상일 때만 해야 한다고 언급됨. 좋은 사업은 가격과 무관하게 장기 보유하고, 주주에게 정직하게 보고하며, 장기 내재가치 성장률이 S&P 500을 상회해야 한다는 원칙으로 마무리됨. 실천 방법으로 강한 경쟁우위, 과도한 위험을 피하는 경영진, 주주가치 중심 자본배분 능력을 가진 기업을 찾으라고 권고함.
다듬은 글
hey everyone is Nick from share dividend here and in today's video we're gonna be talking about the 15 owner related business principles of Warren Buffett now before I get into the video I just want to invite you to subscribe to our channel because we're really hoping to put some more fantastic content throughout 2018 now before we do have about Warren Buffett's business principles it's nice to start with a little direction of who Warren Buffett is most people know him as the chairman and chief executive officer of Berkshire Hathaway which is a big investment Kawamura that owns businesses like Dairy Queen Fruit of the Loom and GEICO insurance that alone does not really make him worth study but it's his track record that really stands out since taking control of the company in 1964 Buffett has grown Berkshire Hathaway's book value per share by about 19 percent per year which represents a cumulative gain of about eight hundred and eighty four thousand percent Warren Buffett's done this by a combination of owning entire businesses and also purchasing marketable securities and holding them for the long run Warren Buffett has an investment portfolio that's worth about a hundred billion dollars and we actually maintain a database of this investment portfolio that you can download on our website so I'll toss a link in the description for you to access that so the first piece order to talk about is the principle that the shareholders own the business and this principle is best illustrated with this quote we Warren Buffett and Charlie Munger do not view the company itself as the ultimate owner of our business assets but instead you the company as a conduit through which our shareholders own the assets now what does this mean in practice well it means the bucket looks to maximize shareholder value not corporate size and while it might not be clear on the surface how those two things are different there's actually some distinct differences keep this principle in mind as we go through the other principles in this video and it'll start to tie things together into this cohesive investment framework the second principle is that the managers of the business owned a stake in that business and this principle is best illustrated with this quote from Buffett most of our directors have a major portion of their net worth invested in the company we eat our own cooking now this principle is important because it allows shareholder returns with management returns if the company's management has a large stake in the company they're far more likely to maximize shareholder returns because they are the shareholders the third principle is related to the second principle the third principle says the goal is to maximize long term growth in intrinsic value per share Buffett formalizes this principle with the following quote we do not measure the economic significance or performance of Berkshire by size we measure per share progress now this is a little bit of an abstract concept but I find the most helpful way to understand it is by considering the following analogy what is the difference between owning 10% of a $1,000,000 business or owning 1% of a 10 million dollar business now it's kind of a trick question because there really is no difference well one business is far greater in size you own a small much smaller proportion of it and your fractional ownership is actually the same size in either case this is why it's important to have a focus on per share value which is an ideology that differentiates Warren Buffett from many other corporate CEOs now the major way to destroy per share value is by issuing company stock Buffett has talked about this a lot in his annual reports and one of the best quotes we found is the following unfortunately I followed the Geico purchased by foolishly using Berkshire stock a bow load of stock to buy general reinsurance in late 1998 after some problems general Murray has become a fine insurance operation that we prized it was nevertheless a terrible mistake on my part to issue two hundred seventy two thousand and two hundred shares of Berkshire in buying generally an act that increased their overstating shares by a whopping twenty one point eight percent my error caused Berkshire shareholders and they received a practice that despite the biblical endorsement is far from glass when you're buying businesses Buffett follows that up by saying the following early in 2000 I had tone for that followed by buying seventy six percent since grown to 90 percent of mid-american energy a brilliantly managed utility business that has delivered as many large opportunities to make profitable and socially useful investments the mid-american cash purchase I was learning firmly launched us on a present course of one continuing to build their insurance operation too energetically acquiring a large and diversified non insurance businesses and three largely making your deals from internally generated cash today I would rather prep for an issue Berkshire shares now that emphasises ours but I think that if Buffy we're eating it you would place emphasis on the same sentence the fourth owner related business principle of Warren Buffett is this own cash generating businesses with above-average returns on capital Buffett formalizes this principle with the following quote our preference would be to reach our goal by directly owning a diversified group of businesses that generate cash and consistently earn above average returns on capital in the history of Berkshire Hathaway there's no better example of this than the purchase of See's Candies the company's remarkable history is explained in the following quote from Warren Buffett seize sold 16 million pounds of candy in 1972 in 2007 it sold 31 million pounds that's a growth rate of about 2% annually yet the business created tremendous value how because it generated high returns on invested capital and required little incremental investment growth creates value only one of business can invest at incremental returns higher than its cost of capital the higher return of business can earn on its capital the more cash it can produce the more value is created over time it is hired for investors to earn returns that are much higher than the underlying businesses return on invested capital so what's top CEOs and other investors from purchasing such high quality businesses the trouble is that they usually command a premium price and value focus investors are willing to pay up for these high quality stocks Buffett later wrote the following about See's Candies blue chip stamps bought seized in early 1972 for 25 million dollars at which time seized had about eight million dollars of net tangible assets throughout this discussion accounts receivable will be classified as tangible assets a definition proper for business analysis this level of tangible assets was adequate to conduct the business without use of debt except for short periods seasonally seized was earning about two million after tax at the time and such earning seemed conservatively representative of future earnings power in constant 1972 dollars that's our first lesson businesses logically are worth far more than their net tangible assets when they can be expected to produce earnings on such assets considerably in excess of market rates of return for those of you unfamiliar with the history of Berkshire blue chip stamps is a related entity that Berkshire acquired in whole later on the big lesson to take away here is that sometimes a great business is worth paying and not so great price for the fifth owner related business principal Warren Buffett is to give investors data that matters this quote under underscores this principle nicely we believe in telling you how we think so you can evaluate not only Berkshires businesses but also assess our approach to management and capital allocation Berkshire provides far more information than is legally required on the company's operations in its annual reports and other filings with that said they avoid forward-looking projections and don't really provide earnings estimates or guidance the company's communications tend to be focused on philosophy and big picture items not tiny details that don't actually provide much value to shareholders and analysts the fifth owner related business principle is to maximize intrinsic value and not accounting value this quote explains this principle nicely accounting consequences do not influence our operating or capital allocation decisions when acquisition costs are similar we much prefer to purchase two dollars of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable the underlying theme that makes this principle important is that accounting gives only a rough estimate of what a business is actually worth Buffett believes that economic earnings are often different than accounting earnings truly understanding how a business operates and how it works can help you to understand what the most useful metrics are in most investment cases the next principle that we'll talk about is to use debt conservatively here's Buffett's thoughts on the matter the financial calculus that Charlie I employ would never permit our trading a good night's sleep for a shot at a few extra percentage points of return debt is dangerous it uses future earnings and uses them in an attempt to grow faster now Berkshires leverage metrics are quite low for a large corporation and this is because Buffett avoids that wherever possible the next slide has a long quote to help us understand why the fundamental principle of auto-racing is that to finish first you must first finish that dictum is equally applicable to business and guys are every action at Berkshire unquestionably some people have become very rich through the use of borrowed money however that's also a way to give very poor when leverage works it magnifies your gains your spouse thinks you're clever and your neighbors get envious but leverage is addictive once having profited from it's wonders very few people retreat to more conservative practices and as we all learned in third grade and some relearn in 2008 any series of positive numbers however impressive the numbers may be evaporates when multiplied by a single zero history tells us that leverage all too often produces zeroes even when it's employed by very smart people leverage of course can be lethal to businesses as well companies with large debts often assume that these obligations can be refinanced as they mature that assumption is usually valid occasionally though either because of company's specific problems or a worldwide shortage of credit maturities must actually be met by payment and for that only cash will do the job borrowers then learned that credit is like oxygen when either is abundant its presence goes unnoticed when either is missing that's all that is noticed even a short of absence of credit can bring a company to its knees in September of 2008 in fact its overnight disappearance in many sectors of the economy came dangerously close to bringing our entire country to its knees Charlie and I have no interest in any activity that could pose the slightest threat to Berkshire as well being with our having a combined age of 167 starting over is not on our bucket list we are forever conscious of the fact that you our partners have entrusted us with what in many cases is a major portion of your savings in addition important philanthropy is dependent on our prudence finally many disabled victims of accidents caused by our insureds are counting on us to deliver sums payable decades from now it would be irresponsible for us to risk what all these constituencies need just to pursue a few extra points of return so that summarizes the debt based principle of Warren Buffett the next principle is about ego more specifically Buffett believes that you shouldn't grow the business to satisfy your own ego this is related to the previous principle we talked about on creating value on a per share basis corporate managers are often tempted to grow the size of their total business regardless of per share value because leads to more prestige a higher salary and often larger bonuses this is the wrong approach and the way that it's usually implemented is by issuing stock to acquire other companies here's what Buffett says about that finally a word should be said about the double whammy effect upon owners of the acquiring company when valued diluting stock issuances occur under such circumstances the first blow is the loss of intrinsic business value that occurs through the merger itself the second is the downward revision in market valuation that quite rationally is given to the now diluted business value for current and prospective owners understandably will not pay as much for assets lodged in the hands of a management that has a record of wealth destruction through unintelligent share issuances as they will pay for assets entrusted to a management with precisely equal operating talents but a known distaste for an T owner actions once management shows itself insensitive to the interests of owners shareholders will suffer a long time from the price value ratio afforded to their stock relative to other stocks no matter what assurances management gives that value diluting actions taken was a one-of-a-kind of n next up we have a principle about dividend payments Buffett believes that corporate managers should only retain earnings when they can generate positive returns and here's Buffett's test on whether Berkshires should continue doing so he says we test the wisdom of retained earnings by assessing whether attention over time delivers shareholders at least $1.00 of market value for each $1 retained now actually that's a vague summary of his test and he later provided much more clarity the test is based on a five year period and here's what Buffett says about it the five year test should be one during the period did our Book value gain exceed the performance of the S&P 500 and - did our stock consistently sell at a premium to book meaning that every $1 of retained earnings was always worth more than $1 if these tests are met retaining earnings has made sense what many companies pay dividends Berkshire seems to be one of the only publicly traded companies that seriously considers whether it's the right choice for the shareholders principle 10 says only issue new shares if they're fairly valued or overvalued here's what Buffett says about this we will issue common stock only when we receive as much in business value as we give this is a really important principle because issuing common stock reduces each investors fractional share and business profits and assets unless the rising share account is met with an even faster increase in earnings and Book value what this means for corporate managers is that the choice to issue shares is price dependent issuing overvalued stock actually builds shareholder value because you're receiving more cash for every share than what those shares are actually worth the complete opposite of that is issuing undervalued shares in that case you're receiving less cash for each share that you sell than what those shares are actually worth which destroys shareholder value over time the 11th owner related business principal Warren Buffett is to never sell a good business here's what Buffett says about this regardless of price we have no interest at all in selling any good businesses that Berkshire homes we are also very reluctant to sell subpar businesses as long as we expect them to generate at least some cash and as long as we feel good about their managers and labor relations now an important distinction here is that this applies for Buffett to both wholly owned subsidiaries and marketable securities Buffett is famous for buying a business and holding it for decades and then applies to owning the entire business or owning just fractional share of it through stocks this buffett ISM summarizes this nicely in activity strikes us as intelligent behavior neither we nor most business managers would dream of feverishly trading highly profitable subsidiaries because a small move in the Federal Reserve's discount rate was predicted or because some Wall Street pundits have reversed his views on the markets for investors the main takeaway here is to think for the long-term and hold businesses far longer than most people do the 12th owner related business principle of Warren Buffett is to inform your shareholders not mislead them Buffett says we will be candid in our reporting to you emphasizing the plusses and minuses important in appraising business value our guideline is to tell you the business facts that we would want to know if our positions were reversed this is a pretty straightforward concept Buffett believes that corporate executives should be honest with their shareholders honesty is important because a management that deliberately mislead its shareholders wastes time and effort on bending the truth this energy should instead be focused on maximizing shareholder value the thirteenth principle says don't give competitors your best ideas Buffett says good investment ideas are rare valuable and subject to competitive appropriation just as good product or business acquisition ideas are therefore we normally will not talk about our investment ideas the last principle we talked about discussed being candid with shareholders principle 13 explains the limit of this candor manager should tell shareholders the philosophy and guiding rules that they used to run their business but they should not tell them the exact and specific details the 14th principle says it's as bad for your stock to be overvalued as it is to be undervalued Buffett says our it's as bad to be overvalued as to be undervalued approach may disappoint some shareholders we believe however that it affords Berkshire the best prospect of attracting long term investors who seek to profit from the progress of the company rather than from the investments of mistakes of their partners Buffett recognizes that an overvalued stock attracts the wrong kind of investor he looks for shareholders with a long term approach because that aligns them to benefit from the long term intrinsic growth in the business and non day-to-day fluctuations in stock prices the last and 15th principle that we'll talk about is that long term value growth should outpace the SMP 500 Buffett says we regularly compare the gain in Berkshires per share book value to the performance of the S&P 500 over time we hope to help ace this yardstick otherwise why do our investors need us this is really profound the long term intrinsic value growth of a business should grow faster than the S&P 500 over several year period if not investors should sell this business and instead put the proceeds into low-cost index funds that are almost destined to match the market before taking a slight fee in this video we talked about 15 distinct owner related business principles of Warren Buffett these principles can be summarized with the following sentence look for a management team that seeks to maximize long-term per share intrinsic value that is operating a high quality business that treats shareholders as business owners for investors the actionable way to apply the principles that we discuss in this video is to look for a business with the following qualities a high quality business with a strong competitive advantage management that does not take excessive risks management that places emphasis on shareholder value measurement that is skilled in capital allocation and management that seeks to maximize per share intrinsic value that's it for today's video thanks for watching please take a moment to subscribe to our channel if you found this video beneficial
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