저자: ParkevTatevosian,CFA · 외국인
요약 보기
데이비드 테퍼 Appaloosa 포트폴리오 상위 4개 종목(Constellation Energy 16.08%, Alphabet 14.1%, Amazon 12.04%, Meta 8.73%, 합계 약 51%)의 밸류에이션과 투자 논리를 분석한 영상. 결론: 테퍼는 온라인 소비·디지털 광고 확대라는 구조적 추세에 베팅한 포트폴리오로 보인다. Constellation Energy: 선행 PER 19.37배. 에너지 가격 상승과 공급 제한 구조가 수혜 요인으로 제시됨. Alphabet: 선행 PER 21배로 2022년 1월 이후 최저 수준. 팬데믹 특수 이후 성장 둔화가 단기 역풍이나, 온라인 매출 비중 확대라는 장기 추세는 유효하다고 평가. Meta Platforms: 애플의 개인정보 정책 변경으로 타겟 광고 판매가 어려워져 밸류에이션이 10년 내 가장 매력적인 수준으로 하락. 테퍼는 이를 극복할 것으로 본다는 해석. Amazon: 선행 PER 66배로 상위 4개 중 가장 비쌈. 팬데믹 중 과잉 설비투자가 단기 부담이나, 온라인 쇼핑 확대 추세의 수혜는 장기적으로 기대됨. 리스크: 알파벳·메타·아마존은 단기 성장 둔화와 과잉투자 부담이 존재. 아마존은 밸류에이션 부담이 큼. 출연자 전망: 진행자는 상위 4개 종목 중 3개가 온라인 소비 증가와 연관돼 있어 테퍼가 전자상거래 성장 추세에 강세적 시각을 가진 것으로 해석함. 단기 역풍을 장기 추세 매수 기회로 본다는 입장.
다듬은 글
a whopping 50.95 of David tepper's Appaloosa management portfolio is in these four stocks those four stocks are Constellation Energy at 16.08 percent alphabet at 14.1 percent Amazon at 12.04 percent and meta platforms at 8.73 percent the billionaire uh portfolio manager is followed by many on Wall Street because of his success over the years and a lot of investors respect his decision so I wanted to kind of look at these four stocks and uh look at their valuation and try and figure out you know what has David Tepper and his Appaloosa management team so excited about these four stocks to make it such a large part of his overall Appaloosa management portfolio starting with Constellation Energy and Appaloosa Constellation Energy trading at a forward price to earnings ratio of 19.37 and of course energy companies overall have caught a bid in recent quarters as Energy prices have soared in response to Rising inflation and the Russian invasion of Ukraine and it's also a benefit because there's limited con uh limited competition in the industry it's not like you're getting this Rush of energy companies coming out and saying we want to produce more energy the supply is getting limited and so when there's a surge in demand and when there's a further shock to supply like we saw with the Russian invasion in Ukraine that causes prices to soar and which causes the industry overall to catch a tailwind and that could be one reason why David Tepper is attracted to Constellation Energy Corporation the other stock here is alphabet Google trading at a forward p e ratio of just 21 the lowest since January near the lowest since January of 2022 alphabet is experiencing slowing growth following the surge in revenue and profits it experienced during the onset of the pandemic as people we're spending more time at home buying more things online and that's all a benefit for alphabet because if you're buying more things online it makes its advertising digital advertising business more lucrative to marketers right they're more interested in um paying to show up in Google search results if we're buying more things online right because we're a few clicks away from making a purchase so marketers are increasing their spending to capture and influence those purchases if they're being made online if we're spending more of our money on away from home things like restaurants like bars and like travel maybe marketers are less interested in that because they're you're they're not certain that your click is going to lead to a purchase and that's less measurable if you're gonna search for a maybe a restaurant nearby or a bar nearby yeah marketers are interested in in showing up if you're looking to go out to a bar or restaurant but it it cannot be measured as precisely as clicking and making a purchase online so that's a bit of a headwind now for alphabet Revenue New Growth has slowed down considerably however that's a shorter term uh issue right as consumers are unleashing this pent-up demand for away from home experiences longer term they'll go back to the normal Trend where online sales as a percentage of overall sales continues to grow that's just a secular Tailwind the advantages of spending uh shopping online are far too many in order to neglect so I can see what has uh David Tepper attracted to alphabet at a time where near term it has a lot of headwinds but longer term the story remains intact so I like that investment there the next two meta platforms and Amazon meta platforms a lot of the similar uh reasons that I talked about for alphabet applied to meta platforms as well several near-term headwinds uh that are impacting meta platforms growth and valuation but one more that is uh kind of exclusive to meta and not to alphabet is the privacy policy changes made by Apple that makes it harder for meta platforms to sell targeted advertising and so that's brought its valuation down to arguably the most favorable levels in a decade so David Tepper here has faith that meta platforms will figure out how to sidestep these issues and maybe find the solution to that and come out ahead again digital advertising going to benefit from that secular Tailwind more money being spent online consumer spending more Time online Amazon is a bit surprising to me because of its expensive valuation the other three stocks that consist of his top four are a bit more um favorable in terms of valuation Amazon trading at a forward PE of 66 way above nearly more than three times more expensive than the other companies in his top four although again Amazon facing near-term headwinds from the over investment in capacity during the pandemic trying to meet that soaring customer demand choosing to over invest rather than under invest and now it needs to work through those issues again longer term gonna benefit from that trend of more money being spent online so uh three out of the top four of his portfolio Holdings uh strongly correlated to an increase in consumer activity online and consumer shopping online so you could see what David Tepper is thinking here he's seems bullish on that trend of e-commerce spending overall to grow of people spending more time online continuing to increase and taking advantage of the fact that in the near term we're kind of not doing that as much because consumers are unleashing this pent-up demand trying to get out more often because we're a bit exhausted from spending so much time at home so capitalizing on that near-term headwind uh with a long-term Tailwind here so interesting interesting mix of Investments here for David tepper's top four stocks in his Appaloosa management portfolio these four stocks of course consist over 50 percent of his portfolio all right this was interesting I had fun doing this video thank you for joining me as always I appreciate your viewership and I'll
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