저자: 미상 · 외국인
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찰리 멍거의 포트폴리오 구성과 투자 교훈을 설명하는 영상이다. 결론: 멍거는 소수 종목에 집중 투자하며, 영상은 이를 통해 이해하는 기업에 투자하고 장기 보유하라는 교훈을 강조한다. 멍거는 데일리저널의 회장으로 포트폴리오를 관리하며, 공시 의무로 보유 종목을 알 수 있다. 최대 보유 종목은 뱅크오브아메리카(BAC)로 약 43% 비중이며, 주가 약 44달러, PER 13, 배당수익률 2%로 소개된다. 웰스파고(WFC)는 약 33% 비중이며 주가 약 48달러, PER 11, 배당수익률 1.67%다. 두 은행 합산 76%로 극단적 집중 투자라고 설명된다. 알리바바는 약 20% 비중으로 주가 약 110달러, 2020년 10월 고점 315달러 대비 하락했다. 과거 10년 매출 연평균 60% 성장, 아이언 트라이앵글(이커머스·물류·결제) 해자, PER 16.6을 긍정 요인으로 든다. US뱅코프(USB)는 약 4% 비중, 주가 55달러, PER 11이다. 포스코(PKX)는 1% 미만 비중이며 철강·무역·건설·기타 사업 부문을 가진다. 교훈 1: 이해하는 기업을 고수하고 화제성 신생 기업을 쫓지 말 것. 교훈 2: 잦은 매매를 피하고 복리를 기다릴 것. 출연자 전망: 영상에서 대상 자산에 대한 구체적 가격 방향 예측 발언은 없다.
다듬은 글
just this past week charlie munger sat down for a rare interview in this interview charlie munger warned that this current stock market is quote the craziest market i have ever seen considering charlie munger is 97 and has lived through his fair share of stock market bull runs and crashes these are pretty strong words so this raises the billion dollar question how is charlie munger positioning his portfolio in this crazy stock market make sure to stick around till the end of the video to see what you can learn from munger's portfolio and how to invest in these quote crazy markets let's jump right into the video charlie munger manages the portfolio of a newspaper company named the daily journal and is also the company's chairman he purchased the paper in 1977 and through a series of acquisitions and organic growth built it into a group of newspapers and websites that provides information on the legal industry real estate and general business the company now publishes 10 newspapers in california and arizona its largest publications are the los angeles daily journal and the san francisco daily journal however what is most important is that since the daily journal is a publicly traded company trading on the nasdaq stock exchange under the ticker symbol djco it is legally required to disclose what stocks it holds within its portfolio that means you and i as outsiders can see exactly what stocks monger owns now let's take a look the largest position in the portfolio is bank of america ticker symbol bac the stock currently trades at around 44 dollars a share has a p e ratio of 13 and a dividend yield of 2 percent bank of america is the second largest bank in the united states next to jpmorgan chase bank of america has multiple different business segments consumer banking makes up 40 of its revenue this business segment is what you think of when you think of a bank checking accounts for individuals in small businesses credit and debit cards traditional savings accounts and different types of loans such as mortgages when someone buys a house the next largest segment is the global wealth and investment management segment making up about 20 of revenue this is where the company manages money on behalf of wealthy people through financial advisors this group focuses on managing the money of rich people it makes money by taking a percentage of the money they manage in exchange for the advice they offer next up is the global market segment which accounts for around 15 percent of the company's revenue this is where the company provides trading and research services for clients so for example if you see an article saying that bank of america is predicting something in the economy it comes from this business segment bank of america makes 55 percent of its money from interest paid on loans so think of interest payments on a bank of america mortgage for example the other 45 percent comes from what is referred to as non-interest income this includes investment and brokerage services trading account profits card income and investment banking profits it is really interesting to note that the position to make of america makes up roughly 43 of the entire portfolio one key element of charlie monger's investment strategy is that he believes in having a very concentrated portfolio focusing on only a few stocks if you want to learn more about charlie munger's investment strategy make sure to check out the video i did on the checklist he uses when investing here next up in munker's portfolio is wells fargo ticker symbol wfc this position makes up nearly 33 percent of the portfolio meaning that between the largest position bank of america and wells fargo 76 of monger's portfolio is concentrated in just two names just for some context some investment funds have rules that prevent any single position from being more than five percent of the total portfolio this just goes to show that munger has never been one to listen to conventional wisdom wells fargo stock currently trades at around 48 a share has a p e ratio of 11 and a dividend yield of 1.67 percent wells fargo is the third largest bank in the united states the company is organized into three separate business units community banking the firm's largest segment at around 50 of total revenue offers consumers and small businesses with a full range of retail banking products including checkings and savings accounts and credit and debit cards as well as car home and small business lending the next largest segment is wholesale banking which accounts for 30 percent of total revenue and provides banking and financial services to larger businesses with revenues exceeding five million dollars a year the third and final segment is wealth and investment management which generates 20 percent of the company's revenue this segment provides financial planning for individuals through financial advisors as well as investment products through the investment management arm of this segment monger's history with wells fargo goes back decades he and his business partner warren buffett bought chairs in the bank through berkshire hathaway all the way back in 1989 given that munger has been involved in owning wells fargo stock for decades it's fair to say that he understands the company very well monger has continued to own shares in the company despite the bank stumbles in recent years with issues such as a scandal where the company's employees were opening up fraudulent checking accounts and customers names in order to hit sales goals the third largest position in monger's portfolio is chinese e-commerce company alibaba this position totals roughly 20 percent of the entire portfolio alibaba stock currently trades at around 110 a share which is down from the three hundred and fifteen dollars a share it was trading at in late october twenty twenty this is the newest position in the portfolio and is the first new stock to be added to the portfolio in many years it was obviously huge news when monger started buying shares in alibaba in fact i actually did an entire video on the topic that you can watch here if you want a detailed explanation of why munger was buying tens of millions of dollars worth of alibaba stock alibaba is frequently referred to as the chinese amazon the company operates through four segments core commerce cloud computing digital media and entertainment and innovation initiatives and others the stock currently trades at a p e ratio of 16.6 despite being nearly 100 years old munger is still the ultimate long-term focused investor however with that being said alibaba's stock price has fallen by nearly 50 since munger started buying shares in the company you don't have to be a billionaire investor to understand why someone would want to invest in alibaba here are three reasons i can think of right away number one high growth alibaba has grown revenue at 60 per year on average over the past 10 years the company grew free cash flow by 57 over that same time period alibaba was able to grow earnings per share by 66 on average over the past 10 years these figures are all significantly higher than the average stock for most mature american companies five to six percent revenue growth makes for a pretty solid year number two moats alibaba's moat or competitive advantage is called the iron triangle alibaba's iron triangle is a combination of e-commerce logistics and finance this triangle consists of alipay for payment sign now for logistics and this combination of payments and logistics creates a network effect for taobao and tmall through these services alibaba has become an ingrained part of the life of chinese consumers so much so that it would be extremely difficult for a competitor to come in and take away alibaba's customers and then third and finally you can make a case for alibaba being undervalued the stock currently trades at a p e ratio of 16.
this compares pretty favorably to other large tech companies facebook's p e ratio is 22x amazon's is at 66x and apple's pe is at 29x so even though munger's investment in alibaba isn't off to the best start it will take more time to see how things truly turn out next up at just under four percent of the portfolio is u.s bancorp ticker symbol usb the stock currently trades at 55 dollars a share and has a p e ratio of 11.
u.s bank corp is the holding company for u.s bank the united states fifth largest bank by assets the company's operations are broken up into distinct business segments the largest of which is consumer and business banking raking in more than 35 percent of total revenue this is where u.s bank corp markets at standard banking products such as checkings and savings accounts and offers loans to individuals and businesses the next largest segment is payment services at 25 of revenue this covers business activities and cards such as consumer and business debit corporate cards and merchant processing then a 15 of revenue is the corporate and commercial banking segment this segment focuses on banking services for larger companies which includes offering depository services treasury management and capital market services to middle market large corporate commercial real estate and non-profit and public sector clients and then finally at under one percent of the portfolio is postco ticker symbol pkx posco is a south korean based manufacturer of various types of steel products the company produces hot rolled steel cold rolled steel stainless steel and other forms of steel posco produces its products mainly to automobile construction and ship building industries postco operates in four distinct business segments the steel segment and nearly 50 of revenues includes the production of and sale of steel products the trading segment at about 40 of revenues consists mainly of global trading activities and natural resource development activities this segment includes the export and import of a wide range of steel products both from posco as well as between other suppliers and purchasers in korea and overseas then there is the construction segment which accounts for five percent of revenue which is involved in the planning designing and construction of industrial plants civil engineering projects and commercial and residential buildings both in korea and overseas finally there is the other segment which includes power generation lng logistics and manufacturing of various industrial materials so now that we know what stocksmunger has in his portfolio i want to talk a little bit about what lessons you can apply to your own investing from monger the first and biggest lesson is to stick to companies you understand and don't chase the new popular companies over the last 12 months or so there have been a ton of new companies coming to the market that have received a ton of buzz and attention while there may be a ton of focus and attention on those companies over the long run how much money will be made in those companies that barely produce a product and have little to no revenue it's hard to say but i would make the argument that it might be better to stick with companies you understand another lesson is don't feel the need to constantly buy and sell stocks in nearly 10 years munger has only bought one additional stock to his portfolio now you don't have to be that extreme but keep in mind one of my favorite quotes from charlie in investing you don't make your money when you buy or when you sell you make your money in the waiting this means be patient and wait for compound interest to work wonders don't interrupt it unnecessarily by also buying and selling different stocks so there we have it if you want to watch a video i did on charlie munger's investing checklist you can check that out here as always thank you for watching and i look forward to speaking with you again very soon
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