저자: 미상 · 외국인
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버핏의 2023년 주주서한을 해설. 찰리 멍거를 추모하며 버크셔의 설계자로 평가. 영업이익은 미실현 자본이득을 제외하며, 단기 시장은 투표기계, 장기는 저울이라는 그레이엄 인용 강조. 좋은 기업을 적정가에 장기 보유하고, 영구적 자본 손실 위험을 피하라는 원칙 제시. 2023년 버크셔는 S&P500 대비 10.5%p 하회했으나 누적으로는 앞섬.
다듬은 글
Warren Buffett's letter to shareholders is always waited upon with great anticipation and this year's letter has been no different this one however carries with it a Bittersweet feeling since it's the first letter after the passing of chal manga charie manga died on November 28th just 33 days before his 100th birthday though born and raised in Omaha he spent 80% of his life domiciled elsewhere consequently it was not until 19 1959 when he was 35 that I first met him in 1962 he decided that he should take up my management 3 years later he told me correctly that I had made a dumb decision in buying control of birkshire but he assured me since I had already made the move he would tell me how to correct my mistake and what I next relate bear in mind that Charlie and his family did not have a dime invested in the small investing partnership that I was then managing and whose money I had used for the Burkshire purchase moreover neither of us expected that Charlie would ever own a share of Burkshire stock nevertheless Charlie in 1965 promptly advised me Warren forget about ever buying another company like birkshire but now that you control Berkshire add to with wonderful businesses purchased at fair prices and gave up buying Fair businesses at wonderful PR prices in other words abandon everything you learned from your hero Ben Graham it works but only when practiced in small scale with much backsliding I subsequently followed his instructions many years later Charlie became my partner in running Burkshire and repeatedly Jered me back to sanity when my old habits surfaced until his death he continued in his role and together we along along with those who early on invested with us ended up far better off than charie and I ever dreamed possible in reality Charlie was the architect of the present Berkshire and I acted as the general contractor to carry out the day-by-day construction of his vision Charlie never sought to take credit for his role as Creator but instead let me take the bows and receive the accolades in a way his relationship with me was P older brother part loving father even when he knew he was right he gave me the Reigns and when I planned that he never never reminded me of my mistake in the physical world great buildings are linked to their architect while those who have ped the concrete or install the windows are soon forgotten Berkshire has become a great company though I have long been in charge of the construction crew Charlie should forever be credited with being the architect what a fitting tribute from Warren Buffett to his longtime friend business partner and redhead Man charie manga he credit him for a lot of the successes of the business and rightly so as Charlie was always known to be the more thoughtful and more grounded of the pair and this made for a wonderful partnership that is practically impossible to replicate he refers to him as the architect of bshe hathway as we know it for me he'll be remembered for his wisdom and his quick wit which produced memorable moments and oneliner such as War if people weren't so often wrong we wouldn't be so rich he will be missed for sure may his soul rest in peace now that we've covered that let's look at what Wen had to say concerning the business and what lessons we can learn from him this year so it starts off the letter talking about how he and Charlie have always felt the responsibility of communicating with the investors in beire and how both the good and the bad should be communicated by him and none else he wrote the letter with a certain kind of investor in mind the kind which his own sister ber is a perfect model off one who is a lifetime investor and is interested in that which is going on in the company one who ask questions and understands the basics of the stock market and knows not to listen to anyone and everyone in describing his sister Warren takes a jab at pundits who try and predict the market as a way of telling us not to trust such people so if you anything like biry or you would love to become such an investor then listen up at Burkshire our view is that earnings should be a sensible concept that ber will find somewhat useful but only as a starting point in evaluating a business accordingly Burkshire also reports to ber and you what we call operating earnings here is a story they tell $26.6 billion for 2021 30.9 billion for 2022 and $37.4 billion for 2023 the primary difference between the mandated figures and the ones Burkshire prefers is that we exclude unrealized capital gains or losses that at times can exceed $5 billion a day make no mistake about the significance of capit gains I expect them to be a very important component of berkshire's value acation during the decades ahead why else would we commit large dollar amounts of your money and parities to marketable equities just as I have been doing with my own funds throughout my investing lifetime I can remember a period since March 11th 1942 the date of my first stock purchase that I have not had a majority of my net worth in equities us-based equities and so far so good the Dow Jones Industrial Average fell below 100 on that faithful Day in 1942 when I pulled the trigger I was down about $5 by the time school was out soon things turned around and now that index hovers about 38,000 America has been a terrific country for investors all they've needed to do is sit quietly listening to No One it is more than silly however to make judgments about burk's investment value based on earnings that incorporate the Caprices day by day and yes even year-by-year movements of the stock market as Ben Graham taught me in the short run the market acts as a voting machine in the long run it becomes a weighing machine Warren touches on a very interesting subject here earnings it indicates that for long-term investing earnings are important Noe but and the end all be all he introduces the concept of operating earnings that doesn't take unrealized capital gains or losses into account the reason for this being that for a company like Burkshire the swings between unrealized profits and losses can be very big and change way too often for one to be able to really tell the value of the business with them included the quote from BR Graham in the short run the market acts as a voting machine in the long run it becomes a weighing machine means that if we look at the market in the short term we will see what the price of the business is and how it fluctuates but in the long term we see what the value of the business is and how much value it has provided thus the other popular saying in the investment world price is what you pay and value is what you get I guess if you think about it Warren here is teaching us not just to buy shares in a company for the m fact that the price is going up we need to see the value in the company for it to be a good investment to double down on this point he further goes on to say our goal at bursh is simple we want to own either all or a portion of businesses that enjoy good economics that are fundamental and enduring within capitalism some businesses will flourish for a very long time While others will prove to be sink holes it's harder than you would think to predict which will be the winners and losers and those who tell you that they know the answers are usually either self- delusional or snake or salesmen again Warren speaks out about those who like to make predictions about where the market is going to go and offers a better solution investing longterm in a sound company that will enjoy the storms this is however not an easy feat as he further had this to say at birkshire we particularly favor the rare Enterprise that can deploy additional Capital at high returns in the future owning only one of these companies and simply sitting tight can deliver wealth almost beyond measure even Airs of such Holdings can sometimes live a lifetime of leisure we also hope that these favored businesses are run by able and trustworthy managers though that is more difficult judgment to make however burshire has had its fair share of disappointments so if Done Right a lifetime investment can become a legacy for generations to come one of the big determinant of this is management if the management is good then the company will do good too he then quotes from Hugh mccullock who once said never deal with a rascal under the expectation that you can never prevent him from cheating you meaning stay away from trouble when you can see it from afar don't put your money into risky and speculative Ventures with our present mix of businesses Burkshire should do a bit better than the average American corporation and more important should also operate with materially less risk of permanent loss or Capital anything beyond slightly better though is wishful thinking this modest aspiration wasn't the case when berti went all in on Burkshire but it is now Berkshire is a big business and therefore operates in a unique fashion that being said said we can learn a thing or two from this we shouldn't think that we can always make big returns furthermore there are other factors to take into consideration here's Warren speaking further on this although the stock market is massively larger than it was in our early years today's active participant are neither more emotionally stable nor better than they were when I was in school for whatever reasons markets now exhibit far more Casino like Behavior than than they did when I was young the casino now resides in many homes and daily temps the occupants one fact of financial life should never be forgotten Wall Street to use the term in its figurative sense would like its customers to make money but what truly causes its denis's juices to flow its feverish activity at such times whatever foolishness can be marketed will be vigorously marketed not by everyone but always by someone occasionally the scene turns ugly the politicians then become enraged the most flagrant perpetrators of misdeed slip away rich and unpunished and your friend next door becomes bewildered poorer and sometimes vengeful money he learns has trumed morality one investment rule at Berkshire has not and will not change never risk permanent loss of capital thanks to the American tailwind and the power of compound interest the arena in which we operate has been and will be rewarding if you make a couple of good decisions during a lifetime and avoid serious mistakes the lesson here is simple and straightforward be careful and make informed decisions don't risk more than you can afford to lose those who try and play the market often get burned because they overestimate their abilities and think that the market will go up indefinitely Warren also took us a bit back to last year's letter where he spoke about American Express and Coca-Cola and gave us a bit of an update on how the two companies are still doing great and have continued to increase their dividends which means more money for stock BuyBacks which gives investors a bigger portion of the holding all because the consumption of liquids and the need for unquestioned financial trust are Timeless Essentials in our world the lesson from Coke and MX when you find a truly wonderful business stick with it patience pays and one wonderful business can offset many mediocre decisions that are inevitable the lesson here is one that is very interesting essentially a few good Investments can make up for a bunch of mediocre ones this to me means that you don't have to be invested in every business that seems to be doing well you just need a few good businesses that you can hold on for the long term and get the most value out of of them Warren also talked about Burkshire steak in ocidental petroleum and the five Japanese stocks that the company holds it toou marubeni mitubishi mitui and Sumitomo which he sees as the next companies that Burkshire will hold for a lifetime and find great long-term value in still a lot of value investing been done in the company as stated Warren feather went on to talk about the losses that the company made as well as well as H's thoughts on how such was the case they talking about the business for a bit he then talked about the annual shareholder meeting taking place on the 4th of May which you can expect a video from me talking about some of the lessons learned from it because that event always has some of the most interesting things you might not even have thought of before so stay tuned as always the letter featured berkshire's performance versus the S&P 500 for the year 2023 burshire actually underperformed the market by 10.5% largely due to the outstanding performance of The Magnificent Seven stocks that moved the needle big time when we look at lifetime performance though be share is ahead by 9.6% so the company has been doing quite well if you've ever needed evidence that the principles that Warren taught work look no further than the company's performance well then there you have it Warren Buffett's advice to you is to buy wonderful businesses at fair prices and and hold on to them for the long term let compound interest do the work for you speaking of compound interest you can make it your best interest by subscribing to this channel so you keep learning how to make it so go ahead it's free after all I hope you found value in this video if you did then show some love by leaving a like and sharing a video with a friend as mentioned before subscribe for more and turn on notifications so you never miss an upload if you haven't watch the video about last year's letter I highly recommend that you do so by clicking the suggested video or clicking the link below see you there
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