저자: Jimmy · 외국인
요약 보기
워런 버핏 투자 체크리스트를 초보자용으로 정리한 교육 영상이다. 결론: 사업 이해, 재무, 리스크, 포트폴리오 4개 범주를 차례로 점검해 각 항목에 체크할 수 있을 때만 투자하라는 내용이다. 사업 분석: 기업 구조, 경쟁우위(해자), 현금흐름(돈이 회사를 통과하는 방식) 세 가지를 이해해야 한다. 코카콜라 연차보고서의 사업 섹션(약 8페이지)을 활용하라고 권한다. 성장과 경영진 평가: MD&A 섹션에서 경영진의 사업계획과 성장 동력을 확인하고, 과거 계획 대비 실제 실적을 비교해 경영 품질을 판단한다. 재무 분석: 손익계산서는 매출·EPS 성장과 이익률(순이익률 등), 대차대조표는 유동성 비율과 부채비율·이자보상배율·신용등급, 현금흐름표는 영업현금흐름 대비 설비투자(CAPEX)로 잉여현금흐름을 본다. 코카콜라 예시에서 매출은 감소 추세, 순이익률은 개선으로 제시됐다. 리스크 점검: 내 분석이 틀릴 수 있는 지점을 검토하고, 지나치게 좋아 보이는 수치는 경쟁사와 비교한다. 투자 전 질문으로 여러 투자 대안과 비교하고 안전마진을 확인하며, 기존 포트폴리오와의 상관관계를 낮추고 주식·채권·우선주·전환사채 등 최적 투자 형태를 고려하라고 강조한다. 출연자 개별 종목 가격 전망은 없음.
다듬은 글
Hi, I'm Jimmy in this video we're looking at an investing checklist for beginners based on Warren Buffett's investing style. Now, I built this investing checklist largely from Warren Buffett's letters to his shareholders at Berkshire Hathaway. Then I also used some letters that he had back when he ran Buffett Partnerships, which was before Berkshire Hathaway.
I pulled some information from various. Well. Now, if you're curious to go deeper on your own. I really liked a book called The Essays of Warren Buffett. And basically what they did in that book is they broke down Warren Buffett's letters to the shareholders and they grouped by topic. And it's a great way to sort of break out different parts of what he tries to teach.
I've got an affiliate link to Amazon in the description below. If you're interested in supporting the channel and interesting learning more about the way Warren Buffett thinks about investing. OK. So for this video, I've broken down Buffett's investing checklist to four main groups when analyzing a company.
So we have the business that we have the financials risks and then a portfolio check. Now, the key for a beginning investor is to be able to check off each of these categories as you've done the research. And we think each category is good. Now, obviously, we could go much deeper than this if we wanted to.
But I think that this is a great place to start, especially for new investors. Now, we're going to look a bit closer at each of these four main categories and we're going to try to simplify it so a beginning investor can easily find out whether or not they think that each category is good for a particular investor.
Let's kick it off at the business section. So broadly speaking, we can break this business section into two main categories, understanding the business and the company plan. So how do we know if we understand the business well enough or how do we go about understanding the business? Well, there are three main things that a new investor can focus on to completely understand the business or to more completely understand the business.
First, we have the corporate structure, then we have does the company have any competitive advantages? And then I think the key to this whole thing is understanding how the company's cash flows or better put how money flows through the company. Okay. Great. And I'm sure we've all heard Warren Buffett talk about each one of these at some point or another, even if it wasn't presented in an investing checklist.
Stop. But the question is now, how do we do this? Would we find this information? And for that, I think the most important place to start is the company's annual report. So in the early part of any annual report for a company, well, there's going to be a business section using Coca-Cola, which is one of Warren Buffett's largest and longest holdings.
As an example, if we use that as an example, their business section is only about eight pages long. But in that, they break down both the corporate structure and they talk about the competitive advantage of the company. Now, this is a great way to set up understanding how money flows through the company or how the cash flows through the company.
For that, we can also use the financial statements, which we're going to get to in a second. Now, for the corporate structure, what we care about there is how did they look at their business? So in the case of Coca-Cola as an example, well, they break it out by different segments. They have Coca-Cola bottling and then they have different regions.
They break it down. Well, we want to know that because if one region is doing better than another, then that allows us to analyze that region in isolation. It makes it much easier to understand the company. If we know how the business or how management of the business looks at the company, knowing that will help us define whether or not there is a competitive advantage.
Warren Buffett calls this a moat. And then when it comes to the cash flow, well, let's just illustrate this real quick. Just to give an example, using Coke as an example, let's pretend that Coca-Cola has 100 dollars to work with. Well, they have that hundred dollars. And the first thing they're going to have to do is start creating product.
About 40 percent of that hundred dollars goes to our goal goes towards creating the product. Well, then they have to sell the product. About 32 percent of that hundred dollars in Coke's example goes towards selling the products, selling general and administrative. Well, then they have to pay interest for Coke.
It's about a dollars. I was about 1 percent of the total hundred. So dollar goes towards interest. Then they pay a few dollars towards taxes. Well, overall, they end up with profit margins of about 20 percent, which in our example is about 20 dollars. Well, just creating this type of visualization allows us to better understand what's happening with the company.
So if management comes out and says that they've lower their lowered their cost of goods by 10 percent or what? Or increased it by 10 percent. Well, we know that the number at the top will get bigger or smaller depending on what they've done. This gives us a true understanding of what's happening with the business.
And I believe this would meet the criteria that Warren Buffett has laid out for. You need to. Really understand a business before you invest in it. And this brings us back to our checklist. So in the checklist, we have growth. And this is focusing on where we believe the growth of the company is going to come from in the future.
And then we have management versus their own history. And for this well, here we're looking at in any any report or quarterly report. There's a section called Management Discussion and Analysis. And in that section, they're going to lay out their business plan where they see the growth coming from and then what they think that type of growth will provide for the company.
So our question is, do we believe in management's plan? Does it make sense? Do we think it's realistic? And then when it comes to analyzing management versus their own history? Well, what we can do is we can look at, let's say last year, a management discussion and analysis section and look to see what they said they were going to do.
Did they do it? Did it work out the way they will? Did they over or underestimate the impacts of their plan? Well, if we would answer those questions just a few times. Just a few years. Go on, Jim. Going back just a few years. Well, we can get a much better understanding of the quality of that management.
Okay. Now, now, let's pretend that we've completed everything on this one checklist for the business section. And we really like this company. If we really like it, we could check off each of these boxes. We like what they're doing. We'd like their plan. And we think that they have the ability to pull it off.
Well, we can add a check on our main checklist for our main groups here. Well, now we can add a check to the business section. Then we move on to the financial section. Now, we don't necessarily have to move on to the financial section. If we have question marks about the business section, we should simply move on.
Warren Buffett says that investing is a game where we don't have to. That we can wait for the perfect pitch. We don't have to swing every time. If we don't like the company, we don't like the business itself. We can simply move on. We don't have to waste our time analyzing the financials. But if we do, let's jump into the financial section to see what we should do over there.
Now, the financial section is a bit easier and a bit faster to go through. It's more just basic numbers. It's a simpler checklist. And here we're going to look at the income statement, the balance sheet and the cash flow statement in the income statement. Rule two of the most important things we want to pay attention to is growth, then profitability.
Now, when we look at growth, once again, sticking with Coke as an example. Well, this is a chart of Coke's revenue. And clearly, we can see that Coke is heading in the wrong direction. So revenue growth has been negative. Now, when we look at the earnings per share, well, now this looks quite different.
We're not sure why we'd have to dig into that. Maybe they bought back shares. There's lots of ways this could happen. But getting an idea of the growth overall we'll give it will help us further understand the business and how they're making money. Now, what about profitability? Now, usually we can see profitability in the margins.
So for that, we weren't gonna want to check gross margins, operating margins and net income margins using net income margins as an example. Well, this is Coke's net income margins and we could see that Coke's net income margins actually got stronger. Okay, that's a good thing. Now we sign onto the balance sheet where we're going to look at two main categories, liquidity and debt.
Now, for liquidity, there are a few ratios or a few important liquidity ratios that Buffett says are important. A lot of it depends on the industry. But broadly speaking, we're looking at the cash ratio. The current ratio, the quick ratio. And he also likes debt to equity. Now, debt to equity helps push us to our debt analysis.
So here we're looking at ratios like the debt to equity ratios. But we should also look at interest coverage. And another great shortcut for understanding the balance sheet and debt in general is to look at the company's credit rating. Oftentimes, a rating agencies will map out what they like, what they dislike about a particular balance sheet.
So overall, obviously, we want debt to be as low as possible and we want the company to have at least enough revenue to cover any interest payments that they may have to make or when they have to return the principal of bonds to their investors want to make sure they have that cash on hand. And this leads us to the last section of financials, and that is the cash flow statement.
Now, in the cash flow statement, I think it's best to focus on free cash flow. Flag is always preaching the strength and the importance of a company's free cash flow. So for that, we're going to want to look at the operating cash flow section of a company's cash flow statement. And we're going to look at what we look at capital expenditures, how our capital expenditures trending.
Are they trending higher, lower? How do they compare relative to the cash flow from operations? Those are the two most important numbers on the cash flow stream. Ideally, the higher the cash flow from operations is, the lower the capital expenditures are. That means we're gonna have higher free cash flow.
That's a raft of them. Okay. Simple enough. Now, jumping over to our third section and this one is risks. Now the final two sections here, they're gonna be there a bit quicker and easier. So we should move through this whole thing a much faster. And under the Risks section, we're first going to look at self check and then second is pre by questions, especially for beginning investors.
These are questions that we shall always ask ourselves before we go ahead and buy the stock. So under self check, the first thing we need to ask is where could we be wrong in our analysis? And basically, this gives us a chance to say, OK, what if the plan doesn't work or what if margins get worse? What if they get better?
Or what if they make a new acquisition? Does that acquisition play out? This is a chance for us to challenge our own investment thesis in doing this. We're going to get a better understanding of what we should look for either on the positive side or on the negatives. And then we want to ask ourselves, is anything here too good to be true?
Maybe their profit margins are way higher than their competitors, or they have almost no debt or the growth rate is significantly better than everybody else's. And this is a good this is an important point, because through almost all of this, we're going to want to compare our company wherever we're analyzing to other companies, because if we don't have something to compare to, how do we know if something looks too good to be true?
So at this stage of the game, it's a good chance to go over and analyze a few competitors, even if we just do, let's say, the financial section for competitors to give us something tangible to compare our company to and then into the pre buy questions. Well, here the first thing we want to do is compare our potential investment to other potential investments doesn't necessarily have to be in the same industry.
You might have two investments that you're considering that you're waiting for and comparing which one should get our capital first. We all have a limited amount of capital, so we want to be very careful with where we put our investments, what where we put our money to what which investments we put our money into.
Now, when I was reading through Buffet's shareholder letters, I I noticed how often he talked about the quality of his investments versus another investment and or an opportunity versus another an opportunity. So I think for new investors, this is a great place for any investor. This is a great place forward for us to consider.
Quick, quick question for us to ask ourselves. Okay. And then we ask ourselves, does this investment have the margin of safety we need to get involved in? No. I actually did a whole video on margin of safety, so I got the links in the description below, if you're interested. But assuming that we love a business and they have solid financials and we're checking off each of our boxes and we say, OK, this is something we want to get involved with, the concept of margin of safety is where do we get involved with enough upside to make it worth the risk because every investment in the day has some risks.
How do we limit that risks as much as possible? Once again, hold video on that if you're interested. And this brings us to our final and perhaps most underappreciated aspect of building a great investment portfolio for beginners or really for anybody. And that is taking a big picture look at our portfolio.
So first thing we're gonna want to do is look at the correlation to our current portfolio. So if we're considering adding an investment, how does that investment fit in to the portfolio as a whole? If we own three automobile companies, does adding a fourth automobile company help all that much? So we want our correlation to be as low as possible.
And in theory, if with a lower correlation, if one if one of our stocks fall, well, perhaps this one won't do as bad. Maybe it even does a little bit better. That being said, this leads nicely into the next one, which was are we sure that we have the best investment type? So maybe instead of buying stocks, we should buy bonds or preferred shares or stock options.
We have to see which one fits our situation the best. Now for beginning investors, I think it makes the most sense to stick with mostly stocks or bonds. But if we have a company that we love and they have great financials, but perhaps growth isn't where it needs to be overall, or perhaps the pricing of the stock is just too high.
Maybe they have their bonds are pressed a little bit better. Maybe that provides the interest income that we need from this company. Oftentimes by companies issue convertible bonds that can be converted into stock at a later date. That might be a great investment. So pausing to reflect on do we have the best possible version of this investment makes a lot of sense for an investing checklist.
Okay, so that's our entire Warren Buffett investing checklist for beginners. And like I said, we could go much deeper into this for more advanced investors. So if you're interested in seeing something like that, please let me know in the comments below and I'd be happy to put some like that together.
Do you think that I missed anything on that? Buffett would have been. Had he ever put out an investing checklist, please let me know what you think in the comments below. If you haven't done so yet, please sit the thumbs up. The subscribe button. Thank you so much for stick with me all the way. End of the video are seeing the next video. Thanks.
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