저자: 미상 · 외국인
요약 보기
버크셔 해서웨이는 워런 버핏이 펀드매니저 대신 기업 경영자처럼 운용하는 지주회사로, 2020년 2월 주주서한 기준 최고 경영 원칙은 좋은 자본수익률, 정직하고 유능한 경영진, 합리적 가격이다. 회사 구조: 약 40만 명 임직원이 보험·에너지·섬유 등 다양한 업종에 속해 있으며, 본사 인력은 약 30명에 불과하다. 상장 지주사로서 다수의 소수지분 투자를 보유한다. 버핏 보수: 연 10만 달러 기본급과 변동 보너스를 합해 연평균 30만~40만 달러 수준으로 언급된다. 단순함과 투명성을 강조하는 경영 스타일이다. 주가와 클래스 구조: A주 가격은 약 31만 3,100달러 수준이며, 1996년 B주를 신설해 액면분할로 일반 투자자 접근성을 높였다. B주는 A주의 1/1500 크기이며 의결권은 비례적으로 적다. B주 1주로도 연차총회 참석 자격이 생긴다. 연차총회: 매년 오마하에서 열리며 버핏과 찰리 멍거의 발언, 주주 행사가 열리는 투자계의 큰 행사다. 출연자 전망: 장기 실적은 우수하나 단기적으로 시장을 하회한 시기도 있었다. 시장이 고평가라고 판단하면 현금 비중을 높이고 자사주 매입을 활용한다. 가장 큰 리스크는 버핏(89세)과 멍거(96세)의 고령에 따른 후계 문제이며, 경영 체계와 문화는 유지되겠지만 버핏 특유의 비전과 천재성이 대체되기 어렵다는 우려가 제시된다. 특정 자산의 1~3개월 가격 방향에 대한 예측 발언은 없다.
다듬은 글
Hello and welcome to the zonebourse.com channel. As you probably know, Warren Buffett is one of the best fund managers in the world, and his publicly traded holding company is called Berkshire Hathaway. And I do mean his holding company, because Warren Buffett isn't really a fund manager like the others.
He didn't want to create a company outright and receive management fees because, for him, fund managers are overpaid for what they do. In fact, he finds it abnormal that he receives a percentage of the assets they manage. So he created a holding company in which he is, of course, the main shareholder along with his partner, Charlie Munger, but which is publicly traded and therefore in which you too can invest.
This approach changes everything, firstly because Buffett thinks like a company manager and not like a fund manager. And as they explained again in their latest letter to shareholders in February 2020, their goal is to buy companies that meet three criteria: first, a good return on capital; second, the company itself.
It must be managed by good and honest managers, and finally, it must be bought at a reasonable price. He specifies that when they find a company of this type, their goal is to buy it outright, but since it's a fairly rare opportunity, they end up buying many minority stakes in companies that meet these three criteria.
Berkshire Hathaway is therefore a company, first and foremost, with 400,000 employees in sectors as diverse as insurance, energy, and textiles. Plus, of course, all these minority stakes are a disadvantage of having Buffett as CEO. It's true that he's the best manager in the world, but also because he's one of the lowest paid.
He theoretically receives $100,000 a year in addition to bonuses that vary from year to year, so he's paid on average between $300,000 and $400,000 a year. And the fact is, he's the king of simplicity, as you can see on the Berkshire Hathaway website, where you 'll find his letter to shareholders every year around this time, so at the end of February.
I recommend So, the lyre, it can sometimes be a little long, you really have to read the beginning and the end, but there are some of these letters that are real gems. And I told you about 400,000 employees, but barely 30 work for the holding company, and all the others work directly in the companies, so on the productive side, which I think is a record and shows how he manages one of the biggest companies in the world as if it were an SME where every dollar spent has to be justified.
So, of course, Berks Hathaway has impressive long-term results elsewhere. I emphasize long-term because he can underperform the markets for several years, like during the dot-com bubble of the 2000s or even in the recent period, but well, that's a bit like all other active managers, and when they find the markets too expensive, like right now, he maintains a large cash position, which of course impacts his performance, and his goal is to buy companies cheaply or even buy back his own shares if they They can't find a company to buy, but what's great about being a shareholder alongside Buffett is that he explains everything he does publicly and very transparently.
We know all his positions; he has a very simple strategy, which he often explains with just a few key ratios, and ultimately, an unwavering logic. All of this is very reassuring. Plus, we know he's a cautious person, apart from a few slightly riskier moves. Overall, he's had a very, very cautious approach for decades.
And now you're going to ask, "Yes, but what's this number? 3-3 3-1 9 0c, the stock code?" Well, no, it's the price of the class at $3,133,100. Because the problem with Buffett's performance is that the stock price has climbed so much over these decades that you'd have to do stock splits regularly to maintain the...
The price is reasonable, so a stock split involves dividing the price of a share, for example, by ten, and then multiplying the number of shares by the same amount. So you're not necessarily richer, not even before or after; you just have more shares. Whichever is cheaper, Buffett decided in 1996 to maintain a high price for Class A shares to retain loyal investors and then create a new class, a second class, Class B, on which he now performs stock splits to keep them accessible to the general public.
This Class B share is affordable because it's 1,500 times smaller than Class A, but it also has proportionally fewer voting rights. This isn't a problem for most individual investors, since very few vote at general meetings. And speaking of general meetings, if you're passionate about finance, one of the advantages of holding Berkshire Hathaway shares, even if it's just one Class B share, is...
$200 is what gives you the right to attend the Berkshire Hathaway Annual General Meeting, which is held every year and is a very, very big event in the investment world. It takes place, of course, in Omaha, Nebraska, where Warren Buffett lives and where Berkshire Hathaway's headquarters are also located.
You'll be able to listen to him give his speech, explain Berkshire Hathaway's results and investments. You'll also see and hear Charlie Munger, his partner, even though he's getting on in years and speaks much less. But you'll also run into many Warren Buffett fans, like Bill Gates, for example, who goes every year.
So, one comment before I leave you: India is probably the biggest risk right now if you invest in Berkshire Hathaway. The ages of these two managers, Warren Buffett and Charlie Munger, are 89 and 96 years old respectively, and that makes me very aware that it's about time. The current situation is a concern or even a deterrent for investors, especially in his latest letter to shareholders.
He spends a long time explaining, giving many arguments to explain why it's not a concern, why the succession will go very smoothly, and that there are no problems for the future of Berkshire Hathaway. So I imagine they know this, which is why he planned the succession so well. But I think it's a bit like Steve Jobs' succession; at Apple, the problem wasn't transmitting the company culture or ensuring the company was well-managed.
I think it's the same with Darth Vader Hathaway. There's little doubt that the company will remain well-managed and retain its culture, but what will be missing is that stroke of genius and visionary aspect that Steve Jobs certainly possessed, and which Warren Buffett also had in his field. Warren Buffett did so many really interesting things, which deserve to be told in videos.
I'll probably make some on the subject in the meantime. Thank you for watching this one to the end. Don't forget to subscribe if you haven't already, and if you enjoyed it, I'll see you soon for more videos.
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