저자: WarrenBuffett · 외국인
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버핏은 후계자 그렉 에이블이 자본배분과 회사 운영을 맡는 것이 적합하다고 평가하며, 에이블의 역량(사업 이해도, 학습 능력, 규제기관 신뢰)을 강조한다. 버크셔는 여유 현금을 미국채 등 가장 안전한 자산에 두고 재무 요새를 유지하는 원칙을 따른다. 자사주 매입은 주가가 내재가치보다 낮을 때 매우 합리적인 선택이라고 설명한다. 후계 경영의 어려움과 이사회의 책임을 언급하며, 장기적 시각에서 회사 원칙의 지속성을 강조한다.
다듬은 글
the next question comes from slavin VAB brat as CEO will Mr Abel be in charge of the portfolio of Common Stocks that Mr Buffett has been managing or will this function be exercised by Mr comes and Mr wesler as investing could be defined as the discipline of relative selection can major Capital allocation decisions such as large Acquisitions be separated from the common stock selection process yeah I would say that decision actually will be made when I'm not around and I may try and come back and haunt them if they do it differently but I'm not sure the Ouija board I they will get that job done so that job I'll I'll never know the answer on whether I get covered but I feel very comfortable about the fact that it will be made by a board that they've got loads of brain power they got a dedication to a to an unusual institution uh and uh they'll they will figure things out but I would I would say that if I were on that board uh and we're making the decision I would probably knowing Greg uh I would I I would just leave uh I would leave the capital allocation to to Greg and uh he understands businesses extremely well and if you understand businesses you understand you understand Common Stocks I mean if if you really know how business works you are you are an investment manager what how much you manage maybe just your own funds or maybe other people and if you really are primarily interested in in getting assets under management which is where the money is you know you don't really have to understand that sort of thing but but that's not the case with teder Todd obviously but I think the responsibility ought to be entirely with Greg the responsibility with has been with me and I farmed out some of it and I used to think differently about how that would be handled but I I think the responsibility should be that of the CEO and whatever that CEO decides may be helpful in in in effectuating that responsibility uh you know that that's that's up to the Amber herds decide at the time they're running the money but uh so I would say that my thinking on that has has developed to some extent as the sums have grown so large at Berard uh and we do not want to try and have uh you know 200 people around that are managing a billion each it just doesn't work uh and uh I think that when you're handling the sums that we will have You' got to think very strategically about how to do very big things and I think Greg is capable of doing that as we go through any transition it's important to know that the capital allocation principles that Berkshire lives by today will continue to survive warant and I think that's what the thing I'd want to communicate that we'll we have our operating businesses insurance non- insurance we're going to cap we'll provide them the capital necessary to be successful and grow if it's appropriate at the same time expecting a return of capital from them when they have excess cash and then as we've discussed or you've touched on uh always looking at potentially new businesses as a whole or in a piece and as you've always highlighted and I fully agree it's a we're we'll always look at equities as we're investing in a business either 1% or 100% but we're looking at the business we're looking at the economic prospects of that business and how sustainable it is and what it will look like 10 years from now and is our the capital we originally put in at exponential risk or or where where's that risk sit that profile and then of course um and then we'll obviously have our our our our continue to always put excess cash in the safest investment there is in in US treasuries knowing we want to maintain that Fortress of a balance sheet for two reasons one to act but also to always protect our shareholders one year earlier at Daily Journal 2023 annual meeting one of the interesting things about Greg is there's some things he's better at than Warren is and Warren knows that and he just keeps dumping on Greg everything that Greg can do better and it's a lot Matt mallister writes in and I realized he's asked a couple of questions I didn't realize this was a repeat uh send him but I like the questions he said what are some of the most important things that we need to know about Greg Abel have you experienced examples of him also being a learning machine and if so could you share one is just Sensational at being a business leader both as a thinker and as a doer and he's also sensationally good at smoothly getting things done through other people so he's a very remarkable human being and Berkshire is very lucky to have him and and he's also just a tremendous learning machine you can argue that he's just as good as Warren is learning all kinds of things and one of the interesting things about Greg is there's some things he's better at than Warren is and Warren knows that and he just keeps dumping on Greg everything that Greg can do better and it's a lot and and so the system at burshire is working pretty damn well we're very lucky to have a 92-year-old is as good shape as waren and when and we're very lucky to have us a chief executive like Greg Greg is very remarkable Greg is trusted by insurance regul by uh utility regulators and rightly so he is trying to run all those utilities as if he were the regulator now how many people think that way but it's such a smart way to think you mean just from a show of good faith and yeah why not pleas your why not do it the way that you'd want it done if you were on the other side of the transaction how can you fail if you treat other people the way you'd like to be treated to yourself it's the golden rule of course it works one year earlier at Burkshire 2023 annual meeting all right this question comes from almu uh grenell and it's about this is for Warren and Greg since 2019 Berkshire repurchased huge amounts of stock about approximately reducing 10% of the share count and increasing the intrinsic value per share for the continuing shareholders Greg is expected to be the successor of Warren a CEO so will he be in charge of the main capital allocation decisions including future share BuyBacks Greg has been key in the development of birkshire haway energy and I think a good Capital allocator does he has he been involved in the share repurchases that have been executed over the past years and do you both Warren and Greg work together in the estimation of berkshire's intrinsic value and the share buyback decisions well the the answer is that Greg I'm going to turn it over to him but the answer is Greg understands Capital allocation as well as I do and that's lucky for us and he will make those decisions I think very much in the same framework as I would make them and uh We've laid out that framework now for 30 years probably or something like that people make it way more complicated than I mean particularly if you're working on a doctorate or something it's just a great subject to have lots of footnotes and you know 50 pages or 100 pages but it it's no more simp it's no more complicated than if you and I and Charlie had a business and you want to sell your your interest and we could buy it for less than we thought it was worth and and and without misleading you in any way about what was going on and we'd buy it but Greg you're on because you're going to be doing in the future right yeah well I think Warren you said it really well I mean the framework's been laid out we know how you approach it and with uh and and how you and Charlie have approached it and and really don't see that framework changing when the opportunity presents itself we'll want to be a an active repurchaser of Brookshire shares we think it's a it's a great outcome for Berkshire shareholders to own a a larger piece of each of our operating businesses and our and the uh portfolio the equity company when the when the opportunity presents itself it can be the dumbest thing you can do or it can be the smartest thing you can do and know to make it more complicated than that and start getting into all these but you obviously do what the business needs to do first the opportunities are there grow your present business buy additional business whatever it may be and then then you make a decision on dividends but that decision becomes pretty irrevocable because you don't cut dividends without having major effects in your shareholder base and a lot of things and uh and then if you got ample capital and you don't see that you're going to use it all and your stock is attractive and and enhances the intrinsic value for the remaining shareholders it's an no-brainer and if it's if it's above the price of intrinsic value it's a no-brainer that you don't even listen to anybody no matter what investment banker comes in and tells you here's how to do a repurchase program a few moments later this one comes from Drew eses um this is a question for Warren in your 1969 letter to Partners you said in any company where the founder and chief driving force behind the Enterprise is still active it's still very difficult to evaluate second men the only real way to see how someone is going to do when when running a company is to let them run it uh this wise statement now applies to birkshire once the second men are running Berkshire what would you advise owners of Berkshire to watch for specifically what actions if taken should give us concern well I think I would I would have some comfort in the fact that 99% of my net worth is in that company so I I probably got a stronger interest in it and and perhaps 100 billion or more of philanthropy will be affected by and and uh uh but I would say that I don't have a second choice I mean that it it it it is it is that tough to find but I've also seen Greg in action and I feel 100% comfortable and uh uh uh and like I say I don't know something happened to Greg I would tell the directors you know they have a problem and they won't I don't have anybody to name and if they put somebody in buron automatic pilot can work extremely well for a long time I mean it doesn't it doesn't like the businesses go away or any of the thing sort uh and you can't it's hard to judge success or management in a really good business cuz if they if they don't show up at the office it'll keep working for a long time and maybe maybe that La of useful input uh may show itself in five years I mean it may go a long long long time and uh uh how how are the shareholders you know advised by a bunch of people that are concerned about whether you're meeting earnings projections or something telling them whether the Management's any good they you know it is very very hard it's very hard I've been on the board of 20 companies it's very hard to if you ask me to rank the management of each want to it's uh it's it's very difficult to do because some were just better businesses than others some would be better off not managed hardly at all others really need help but they got a lousy business and uh Tom Murphy told me a long long long time ago he said the secret of business is to buy a good business and it's okay to inherit one too and uh Greg is inheriting a good business and I think it'll make it better but I don't think it's easy easy to put any one of the next 10 nominees in and try and judge three years later whether they've done a good job or not so it's going to be a that that'll be a very interesting job for the board but it shouldn't listen to Wall Street on it it they've got the job if they put somebody in there's a surprise we both go down on a plane they put somebody in they've got a real job in assessing that person because it'll depend on how good he or she is as a talker it'll depend on you know them courting Wall Street to be supportive of all kinds of things and and uh uh we've got some very good people on the board but they would be challenged in that position as would I where I have been in that position in other companies where a very great leader has left and uh on the way back from the funeral you know nobody knows what to do exactly so with that cheery message we will go to lunch n
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