저자: NeilDenize · 외국인
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버핏이 지난 분기 큰 인수 없이 13F상 일부 포지션만 조정했지만 자사주 매입은 꾸준히 해왔다는 점을 짚는다. 버핏은 2018년 3분기부터 2021년 3분기까지 버크셔 자사주를 약 510억 달러 이상 매입했고, 이는 애플 지분 투자액보다 약 200억 달러 많은 규모라고 설명한다. 버핏·멍거의 발언을 인용해 버크셔 주가가 내재가치보다 낮을 때만 자사주를 사며, 내재가치 평가는 정밀하지 않고 대략적 밴드 수준이라는 원칙을 소개한다. 자사주 매입의 강세 해석은 두 사람이 버크셔가 내재가치 대비 저평가되어 있다고 보고 있다는 것이고, 약세 해석은 투자할 곳을 찾지 못해 현금을 쓸 대안이 자사주뿐이라는 것이다. 리우(Li Lu)가 2021년 3분기 13F에서 버크셔를 신규 편입해 헤일리언 캐피털 포트폴리오의 11.41%를 차지한다는 점을 강조한다. 리우는 멍거의 친구이자 세계적 가치투자자로 소개된다. 진행자는 리우가 버크셔를 내재가치 이하로 판단했을 것이라는 견해를 제시하며, 이 흐름에 대한 시청자 의견을 구한다. 이 영상은 개별 주식의 가격 목표나 매매 권유가 아니라 13F와 자사주 매입 내역을 분석한 콘텐츠다.
다듬은 글
warren buffett he hasn't been doing a hell of a lot these last few quarters if we look at his latest 13 f's there hasn't been a lot of moves he's been trimming a few positions he's been adding to a few positions but there hasn't been any big acquisitions despite sitting on almost 150 billion in cash but there's one thing that he has been doing and that's buying back a fair bit of stock so that's what we're going to be breaking down in today's video how much stock buffett's been buying back within the portfolio and we're also going to have a quick look at lilu's latest 13f as there's one little thing of interest on that as well so with that said let's crack straight into today's video so warren buffett has actually spent more buying back berkshire hathaway stock over these last three years than he has spent on his entire stake with apple which is the biggest position within berkshire hathaway's portfolio berkshire has spent nearly 20 billion more repurchasing its own stock since the middle of 2018 and it deployed accumulating its apple stake so over the last three years buffett has actually piled more than 51 billion back into berkshire hathaway which has been great if you're a berkshire hathaway shareholder we can see that he started buying shares back in q3 of 2018 and he was slowly drip feeding in throughout 2018 19 and then in 2020 of q2 we saw him really starting to deploy the capital back into the company even up to the most recent quarter of q3 he's still being aggressively buying back stock so there's a couple of different scenarios here the bull case would be that both warren and charlie see berkshire hathaway currently has been under intrinsic value we've heard in previous chats where they sort of stress their importance of shear buybacks and they discuss it quite openly where they think it's a good idea sometimes over the weekend a lot of questions came up about share buybacks people were asking specifically about berkshire why don't you buy back more shares of berkshire especially when you have 110 billion dollars in cash on hand what's your answer to that well we want to buy we will only buy berkshire if we think that the shareholder the next day is or that same day is wealthier after we bought the stock in other words we bought it for shade less or maybe a lot less but but at least the shade less than it's actually worth and we don't set out to buy any given amount we set out to buy stock at prices below intrinsic value per share now intrinsic value per share is not something that is is precise to the penny or anything it's probably a band of 10 or something like that and my partner charlie munger if you asked us to give you a slip of paper with intrinsic value per share on it it would not be the same figure but it would be close and we both would have a band or something of the sort if you're buying it below that figure you know if i'm if we've each got a dollar and you'll sell me and we put it on the table you said and you can't reach it for a while you say well i can't reach it so i'll sell you my share for 95 cents i'll give you 95 cents you know say a dollar too you know no dice so it's not complicated maybe it may be beyond my ability to figure out the intrinsic value of certain kinds of businesses but with berkshire i've got a reasonable idea i try to give the shareholders the same information that i regard as important in calculating that now it can change presumably you want it to change upward over time because we retain earnings and we should be building more value so that could be one option and they also think the future outlook for berkshire hathaway is looking very good and they think it's a good use of that capital now the second option which is a bit more of a beer case would be that they're struggling to find other positions to put that capital to good use and they only see this is the only option that they have at their disposal at the current time where markets are at all time highs one more quick thing before we wrap up today's video is i want to have a quick look over lee liu's latest 13f for q3 of 2021 where we've seen him buy into a new position that being berkshire hathaway we can see that his recent position that he brought within berkshire hathaway makes up 11.41 of himalaya capitals portfolio so it's a very large position to be held within the portfolio now this is only just recently brought in this quarter this is not adding to this position at all and we also know that lilu was good friends with charlie munger and arguably you could say that lilu was one of the world's best value investors so he wouldn't be buying into berkshire hathaway unless he thought it was trading below what it was intrinsically worth well that's just sort of my take on it anyway but i'd love to hear from you guys what's your sort of take on these most recent news out of lilu buying into berkshire hathaway and the amount of money that buffett's been putting to work back into berkshire hathaway pretty interesting i feel anyway guys like i said i'd love to hear from you guys what your thoughts are on this drop in the comments below what your sort of take is on it with that said if you did enjoy helps me out a ton helps push these videos out a bit further until next time stay safe and we'll catch in the next video cheers guys
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