저자: LiLu · 외국인
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Li Lu의 2022년 2분기 13F 공시 기준 미국 주식 포트폴리오를 분석한 영상이다. 결론: Li Lu는 소수 종목에 집중된 포트폴리오를 가지고 있으며, 모두 각 시장의 리더 기업이라는 점이 특징이다. 포트폴리오 구성: 가장 큰 비중은 Micron Technology, 이어 Bank of America, Google(이번 분기 확대), Berkshire Hathaway, Apple(5% 이상) 순이다. Meta 매매: 2020년 2분기부터 약 227달러에 매수하고 261달러, 273달러, 294달러에 추가 매수 또는 매도를 거쳤으며, 2021년 4분기 336달러에 재매수했다. 이후 실적 부진으로 주가가 하락했고, 2022년 2분기 약 188달러에 보유분 100%를 매도했다. 전체적으로 약 10% 손실로 추정되며, 세금 손실 상계(tax harvesting) 목적일 가능성도 언급했다. Apple·Berkshire: 각각 2020년 4분기 약 132달러, 2021년 3분기 약 272달러에 매수 후 변동 없이 보유 중이며 현재 주가는 큰 차이가 없다. Google: Class C 약 70달러에 매수 후 Class A도 추가 매수했다. 현재 약 109달러로 두 배 가까이 올랐으며, 해설자는 Li Lu가 Google의 지속 성장을 믿는다고 평가했다. Bank of America: 2020년 1분기 21달러, 2021년 4분기 44달러에 매수해 한때 두 배가 되었으나 현재 약 31달러이며, 매도 없이 기다리는 중이다. Micron: 2019년 4분기 약 53달러, 2020년 1분기 약 42달러, 2020년 3분기 약 46달러에 매수했고 2022년 2분기 말 약 55달러다. 이 투자는 Monish Pabrai와 함께 이루어졌으며, Charlie Munger의 권유로 두 투자자가 아이디어를 교환하게 되었다고 한다. 리스크·조건: 포트폴리오 집중도가 높고, 해설자는 기업 질과 투자 판단 시 참고할 점으로 제시했다. 출연자 전망: 해설자 개인의 명시적 가격 전망은 없으며, Li Lu의 Google 장기 성장 신뢰를 긍정적으로 해석했다.
다듬은 글
lilu is one of the most exceptional investors out there he came to United States from China after he was involved in tianan men's Square protests as a student and he started studying in United States and there he stumbled upon a lecture by Warren Buffett and he really found this whole value investing thing quite interesting so what he did he took his students loan money and he started investing that and when he ended the university he had one million dollars in his bank account after that he started Himalaya capital and he became friends with Charlie manger and right now he is responsible for investing Charlie manger's family Manny so if you have one of the greatest investors in the world giving his money to another investor to invest that well uh that tells a lot about the quality of this man so today we are going to look at lilu's U.S stock portfolio we know he invests in other places mainly in China but we don't have any concrete data on that so we can have a look at the U.S stocks thanks to the 13f filings that just came out recently the biggest investment is Micron Technologies a company that produces computer memory and computer data storage the second one is Bank of America and the next position is Google and actually in this quarter lilu dabbled that position it was his uh biggest investment and the fourth position is Berkshire Hathaway and the last one is Apple over five percent there are two main stories for this quarter for lilu one is Google we'll get to that later but the other one is a company that he actually sold and that is meta lilu bought meta at Q2 of 2020.
for a price of around 227 dollars then he bought some more at Q3 2020 for 261 dollars and then he started to sell q4020 for 273 and q1 of 2021 for 294 dollars so he made some money on that investment and he still had a lot of shares and he kept them till Q4 of 2021 when he bought more shares for 336 dollars and after this acquisition meta reported their quarterly results and they were really bad and the price went down lilu hold on for another quarter but the second quarter of 2022 he sold 100 of his shares for around 188 dollars so we of course don't know the exact prices but they were in the vicinity of the prices that I show here we can calculate that in the long term he probably lost around 10 percent of his investment but of course the prices may have been different so maybe he broke even and then we have to ask ourselves why did he sell uh at that price is it because he believes that meta is going down and I did a video about meta so you can find the link in the description or was he just tax harvesting so basically he got some gains from other Investments and by selling meta right now he can show a loss on his tax return but let's go through his portfolio so Apple that's an investment that he made at the Q4 of 2020 and he didn't change it till now so he bought the shares around 132 dollars and now they are worth 136 dollars of course in the meantime there are some dividends uh so it's a pretty stable situation next up is Berkshire Hathaway and he invested in Berkshire in Q3 2021 and same story as with apple no change there the price was around 272 when he bought the shares and at the end of Q2 2022 the price is very similar okay so let's get to the interesting stuff Google as you can see we have two lines here because lilu bought not only shares that he had which are Class C but he also bought some class A shares the difference is that class C doesn't have any voting rights but right now lilu also bought shares with voting rights Class A there is also a Class B sure that is only for the founders and insiders and it has 10 votes per every share and the difference in the price between Class A and Class C shares is not that big actually the prices are pretty similar usually he bought the shares in Q2 of 2020 for 70 dollars and right now he doubled that for around 109 dollars so we we can see that lilu really believes that Google is a company that still is going to grow and that it's going to be a good investment and at number two we have Bank of America and in this case he invested in q1 2020 for 21 dollars per share and then at q4021 he bought more shares for a price of 44 dollars so we can see he doubled on his investment already and right now the price is around 31 dollars but of course that doesn't mean anything because he's not selling right now so it's just a period that he is holding um his shares of Bank of America and waiting for things to unfold and his biggest investment that's Micron Technology and this investment was made first in Q4 2019 when he bought the shares for around 53 dollars then in q1 2020 he bought some more for 42 dollars and then in Q3 2020 he bought even more shares for 46 dollars or around 46 dollars and at the end of Q2 2022 the price is around 55 dollars and the interesting thing is that this investment was actually made together with monish pubri they got together thanks to Charlie manger who said that lilu and monish should talk about their Investments that they should bounce ideas from each other like he does with Warren Buffett that's the portfolio of lilu and as we can see it's not only very concentrated but also if we look at the quality of these companies I mean all of them are lead leaders in their markets so it's really something to think about when we are making our investment decisions so that's it for today if you would like to see a portfolio of Charlie manger I made a video about that you can find the link in the description and in the meantime please like the video subscribe to the channel if you haven't already and see you in the next one bye bye
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