저자: InvestorCenter채널진행자 · 외국인
요약 보기
버핏의 2022년 1분기 13F 공시 분석 영상. 버크셔 해서웨이가 신규 편입한 6개 종목(씨티그룹, 마켈, 파라마운트, 맥케슨, 앨리파이낸셜, 셀라니즈)을 소개하며 버핏의 '역량 범위(circle of competence)' 원칙에 따라 은행·보험 등 익숙한 산업 위주라고 설명. 씨티그룹은 주가 약 53달러, PBR 0.57로 BoA(1.24), JP모건(1.51)보다 낮아 저평가로 제시. 마켈은 '베이비 버크셔'로 불리며 보험 + 주식 포트폴리오 + 자회사 구조가 버크셔와 유사하다고 설명. 시총이 작아 대형 인수가 성장에 더 큰 영향을 준다는 논리로 버크셔보다 빠르게 성장할 가능성을 언급. 파라마운트는 케이블 네트워크 의존도가 높아 코드 이탈 추세에 취약하며 주가가 2000년 대비 낮은 수준이라고 설명(시총 약 220억 달러, PER 약 13). 맥케슨은 의약품 유통 기업으로 올해 주가가 약 35% 상승해 S&P500(약 -15%)과 대비되는 흐름을 보였다고 언급. 앨리파이낸셜은 온라인 은행이며 자동차 금융이 매출의 65% 이상으로 가장 큰 수익원이라고 설명(PER 약 5). 셀라니즈는 화학·특수소재 기업으로 버핏의 투자 리유테넌트 테드 웨슐러의 화학업계 경험을 근거로 투자 배경을 추정. 영상 말미에 부동산 크라우드펀딩 플랫폼 Fundrise를 스폰서로 소개하며 부동산 투자에 강한 긍정적 견해를 밝힘. 이 영상은 2022년 6월 공개된 과거 분석이며, 대상 자산에 대한 1~3개월 방향 예측 발언은 확인되지 않음.
다듬은 글
warren buffett runs the most closely followed portfolio in all of investing put simply when buffett's company berkshire hathaway starts buying up stock in a certain company people pay attention i frequently say that probably the best way to learn about investing is to study the investment decisions of great investors by trying to understand why investors like buffett make certain investment decisions we in turn improve our own investing skills and knowledge thankfully for us buffett has given us a lot of content to work with because he has been on quite the buying spree as of late having spent tens of billions of dollars buying a variety of stocks in this video we are going to look at berkshire hathaway's recent purchases to better understand just why exactly these stocks are getting bought make sure to stick around till the end of the video because i guarantee you will learn a thing or two and who knows you may just find your next great investment idea now let's jump into the video once every three months warren buffett's firm berkshire hathaway is required to release what is referred to as a 13f filing this document provides details on every stock in berkshire's portfolio what new stocks are being added to the portfolio what positions are getting added to and even what stocks are being sold during the first three months of 2022 buffett bought eight new stocks two of these stocks occidental petroleum and hp were covered in a previous video that you can check out here so i'm going to spend the remainder of this video talking about the other six new stocks that we haven't gotten a chance to talk about yet let's get into the list the first stock on the list is citigroup ticker symbol c as a quick side note you know a company has been around for a while when its ticker symbol is a single letter buffett bought 55.2 million shares of the company worth nearly 3 billion citigroup is a bank one of the most important lessons i have learned from studying warren buffett is the concept of circle of competence this means that as an investor you only invest in companies you have a deep understanding of imagine a circle only companies that fall within the boundaries of your circle of competence are companies you would consider investing in any stocks that fall outside of your circle of competence are too risky as investments because you simply don't know enough about the company or the industry that it operates in bank stocks including citigroup are definitely within warren buffett's circle of competence he had been investing in bank stocks for decades bank of america is a 38 billion dollar position within buffett's portfolio and represents the second largest position in the portfolio additionally one of buffett's most successful investments of all time was wells fargo when he first bought chairs all the way back in 1989.
that position grew to be worth tens of billions of dollars and turned out to be one of his largest returning investments when the position in wells fargo was exited recently buffett knows the banking industry and as a result the investment in citigroup should come as no surprise citigroup stock currently trades at around 53 a share and has a price to earnings ratio of around six however while the price to earnings ratio is helpful in understanding whether a company is undervalued a more frequently used valuation metric for banks is what is referred to as price to book this is calculated by taking a bank stock price and dividing it by its book value per share book value is the net value of a firm's assets found on its balance sheet and is roughly equal to the total amount all shareholders would get if they liquidated the company as a general rule of thumb the lower the price to book ratio the more undervalued a company is citigroup's price to book is 0.57 meaning that its current stock price is 53 and its current book value per share is 92 citigroup's price to book is extremely low compared to bank of america at 1.24 and jpmorgan chase at 1.51 the next company on the list is markell and this company has a very interesting nickname that nickname is baby berkshire because in the eyes of many it is a smaller version of warren buffett's company berkshire hathaway buffett bought 421 000 shares of markel worth around 620 million dollars the similarities between markel and berkshire hathaway are striking markell is at its core in insurance business however the profits and float as it is referred to in the insurance industry is then invested in a portfolio of stocks and wholly owned businesses take a listen to markel's investment strategy when purchasing equity securities the company seeks to invest in profitable companies with honest and talented management that exhibit reinvestment opportunities and capital discipline at reasonable prices if that sounds familiar it is because that is essentially the same approach warren buffett takes at berkshire hathaway the similarities between the companies even go farther of the 8 billion stock portfolio at markel around 15 percent of the entire portfolio is invested in berkshire hathaway shares in addition to a portfolio of stocks markel also owns a variety of operating companies these include companies ranging from home builders a luxury handbag company a construction equipment manufacturer a commercial real estate firm and even the largest producer of house plants in the world this collection of non-insurance businesses generated nearly 3.7 billion dollars in revenue in 2021.
much like bank stocks insurance companies are also valued on a price to book basis also just like berkshire hathaway markell does not pay a dividend instead of paying out a portion of the profits to shareholders through a dividend the money is reinvested into growing the business as well as acquiring new businesses and stocks to add to the portfolio now markell has a very similar business model to berkshire hathaway but there is one huge difference you have to keep in mind berkshire hathaway has a market cap of over 700 billion dollars markels is around 19 billion dollars this means that berkshire hathaway is nearly 37 times larger than that of markel believe it or not markell's smaller size is actually a good thing for markel shareholders this is because as a company gets bigger it becomes more difficult to grow at the same rate let me explain what i mean let's say there is an amazing company that is for sale with strong investment returns imagine that the price for this company is two billion dollars at a market cap of nineteen billion dollars that two billion dollar price for the business they want to buy represents over ten percent of markel's market cap however at berkshire's market cap of 700 billion dollars that two billion dollar business accounts for less than 0.3 percent of berkshire's market cap so while that 2 billion business purchase would greatly impact markel it would barely move the needle given berkshire's enormous size just for this reason alone it is extremely reasonable to think that markell will be able to grow faster than berkshire in future years one of markel's wholly owned portfolio companies is a real estate investment firm however you actually don't need to be a professional real estate investor in order to get real estate in your portfolio that brings us to the sponsor of today's video fundrise as you may or may not know i am extremely bullish on real estate real estate has traditionally been one of the most sought after asset classes for professional investors and now it's available to normal investors like you and me thanks to fundrise fundrise is america's largest direct to investor real estate investment platform that allows you to invest in a low-cost diversified portfolio of institutional quality real estate here's how fundrise works the fundrise team pairs their extensive network and expertise with the collective buying power of their investor community to acquire high quality assets ranging from debt to equity commercial to residential and more the best part is fundrise follows a value investing strategy of acquiring assets for less than what is believed to be their intrinsic value and typically less than their replacement cost the team then works to increase the value of each asset over time through hands-on management and in partnership with local operators go to the link in my description to get started investing with fundrise today okay now back to the video next up on the list is paramount global ticker symbol p-a-r-a nearly 69 million shares of the company were added to the berkshire hathaway portfolio for a total stake worth 2.6 billion dollars paramount global is a media company the company distributes content through studios networks streaming services live events and merchandise paramount operates through three segments cable networks tv entertainment and film entertainment the cable network segment accounts for nearly half of the company's revenue the company owns networks such as showtime b-e-t nickelodeon mtv and comedy central as i'm sure you can probably imagine the trend of consumers ditching cable for digital streaming has not been a good thing for paramount given how reliant the company is on cable to make money at around 33 dollars per share paramount stock price is trading significantly below what it did 22 years ago in the year 2000.
the company has a market cap of 22 billion and trades at a p e ratio of around 13. the next new stock that got added to the portfolio was mckesson ticker symbol mck mckesson stock currently trades at around 333 dollars per share and has a p e ratio of 14. buffett bought nearly 3 million shares of the company making the stake worth around 900 million dollars mckesson is a top global pharmaceuticals distributor the company delivers prescription and generic drugs as well as health and beauty care products to retail and institutional pharmacies around the world the company is also a major medical supplies wholesaler providing medical and surgical equipment to alternate healthcare sites such as doctor offices surgery centers and long-term care facilities in addition to distribution mckesson offers management consultant and technology services that help customers navigate supply chain clinical administrative and financial operations the company's 2021 revenue was a whopping 264 billion dollars with 80 percent of that coming from the u.s pharmaceutical segment when it comes to revenue mckesson is probably one of if not the largest company that the average person has never heard of while many other stocks have seen their stock prices decline substantially so far this year mckesson stock has been the exception to that trend mckesson's stock is up 35 so far this year while the s p 500 is down around 15 next up on the list is ally financial ticker symbol a-l-l-y citigroup wasn't the only banking stock added to the portfolio buffett bought nearly 9 million shares of ally financial making the position worth around 400 million dollars ally financial is one of the leading online banks in the us ally operates its digital direct bank ally bank which offers deposit mortgage auto and investing products ally also provides auto financing for auto dealerships and their customers this is where auto dealerships take out loans in order to purchase vehicles before those vehicles are resold to customers despite being known more for its digital banking offering the automotive financing business is by far allies biggest earner at over 65 percent of sales ally financial stock trades for around 43 dollars per share with a market cap of 14 billion dollars and it has a p e ratio of five the final stock we have on the list is selinese ticker symbol ce selene stock currently trades at around 160 dollars per share and has a p e ratio of eight buffett bought nearly 8 million shares of the company making his steak worth around 1.1 billion dollars selinese is a global chemical and specialty materials company it produces chemicals and specialty materials that are used in a diverse set of end-use applications including automotive construction consumer and industrial adhesives medical energy storage and paper and packaging despite being a us-based company the company only gets around 25 percent of its sales from the united states investing in chemical companies takes a lot of specialized knowledge of the industry honestly it wouldn't surprise me if buffett wasn't the person behind making this investment buffett has two people at berkshire that also manage significant amounts of money his so-called investment lieutenants todd combs and ted weschler interesting fact ted weschler actually spent his first six years out of college working at a chemical company given his first hand knowledge of the industry it wouldn't surprise me if ted was the one behind the investment in celanese so there we have it thank you so much for watching the video let me know what you think of these stocks getting added to the berkshire hathaway portfolio make sure to like this video and subscribe to the investor center if you aren't already because it is my goal to make you a better investor by studying the world's greatest investors talk to you soon
Comments 0