저자: 미상 · 외국인
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빌 애크먼의 질문에 대해 버핏은 코카콜라의 주식 자사주 매입은 대체로 현명하며 고평가(PER 40배) 상황에서도 자사주 매입이 합리적일 수 있다고 답함. 버크셔의 코카콜라 지분은 자사주 매입으로 6.3%에서 8% 이상으로 증가. 다만 자사주 매입이 항상 옳은 것은 아니며 과도한 옵션 발행 후 고가 매입 등은 어리석다고 지적. 요약 자막은 1998년 사건과 코카콜라 주가 하락을 언급.
다듬은 글
Zone Seven yes um Bill Amman from New York uh there is there a price at which it's in appropriate for a company to use its capital buyback its stock give me that again for example Coca-Cola at 40p is that a smart place for Co to deploy capital I believe that with this question bacman believes that Coca-Cola was making a capital allocation Mistake by doing BuyBacks while trading at a high premium like 40 times earnings and he wanted to hear Buffett's opinion on this well it it sounds like a very high price when you name it in terms of a PE to buy back the stock at at uh uh that sort of number but I would say this uh Coca-Cola's been around what 12 years now and uh uh there very few times in that 112 years if any when it would have not have been smart for Coca-Cola to be repurchasing its shares Coca-Cola is Pro in my view among businesses that I can understand it's the best large business in the world I mean it it is a fantastic business and uh we love it when Coke repurchases shares and our interest goes up we owned 6.3% of Coca-Cola in 1988 when we bought in we actually increased that a little bit a few years later but if they had not repurchased shares we probably would own about 6.7% or 6.8% of coke now as it is we own a little over 8% uh through repurchases uh there are going to be about a billion 8 ounce servings of coke sold around the world or Coca-Cola products sold around the world today uh 8% of that is 80 million and 6.8% of 68 million so they're 12 million extra servings for the account of Berkshire pathway being sold around the world and they're making a little over a penny of serving so you know that that gets me kind of excited and I I I think it all I can tell you is I approve of of coke repurchasing shares I'd lot rather have them repurchasing shares at at at 15 times earnings but but uh when I look at other ways to use capital I still think it's a very it's a very good use of capital and maybe the day will come when they can buy it at 20 times earnings and if they can I hope they go out and borrow a lot of money to buy a ton of it at those prices and uh I think we will be better off 20 years from now if K follows a consistent repurchase uh approach I do not think that is true for many companies I mean I think that repurchases have become in Vogue and done for a lot of silly reasons and uh so I I I I don't think everybody's repurchasing of shares uh is well reasoned at all uh you know we see companies that issue options by the ton and then they repurchase shares much higher you know I started reading about Investments when I was six and I think the first thing that I read was you know Buy Low sell high but these companies through their options you know they they sell low and then they buy high and they've got a different formula than I was taught uh so there are a number that we don't approve of it when we have when we own stock in a wonderful business uh we we we we like the idea of repurchases even at prices that uh that may give you nose bleeds uh it it generally turns out to be a pretty good policy Charlie well I think the answer is that in any company the stock could get to a price so high it would be foolish for the corporation to repurchase its shares sure and you can even get into gross abuse uh before the crash the insole utilities were madly buying their own shares as a way of promoting the stock higher it was like a giant Ponzi scheme at the end uh so there's all kinds of excess that's possible but the really great companies that buy a high price earnings rate that's that can be wise our interest in Geico went from 33% to 50% without us laying out a dime because Geico was rep purchasing it shares and uh uh we benefited substantially but we benefited a lot more obviously when prices were were lower I mean we would we would our interest in the Washington Post company's gone from nine and a fraction percent to 17 and a fraction per over the years without us buying a single share um but the post or coch or any number of companies don't get the bargain in repurchasing now that that they used to uh we still think it's probably the best best use of money in many cases zone8 at the 1998 burshire annual meeting Blackman's question prompted a brief but impactful exchange Coca-Cola did decline significantly after 1998 seemingly aligning with anan's point that waiting could have allowed for more significant BuyBacks at lower prices leveraging the same amount of capital and even earning interest in the interim however Warren Buffett's response echoed the importance of consistent BuyBacks for outstanding companies like Coca-Cola emphasizing their historical resilience and the long-term benefits of repurchasing shares Buffett's Insight gained additional weight when considering Coca-Cola's Capital allocation decisions in the 1980s where they weared off the course by investing in Ventures like movie studios this historical contexts supports buffit stance that for Coca-Cola BuyBacks were a more reliable and efficient use of capital moreover the discussion extended to the nature of great companies like Coca-Cola which often trade at higher valuations Buffett highlighted that waiting for an opportunity sale might not always be practical given their INF frequent occurrences in the stock market a crucial aspect often overlooked is the patience required for buyback to demonstrate their full impact the magic of share rep purchases becomes more pronounced after a substantial chunk like ideally 70 80% or even 90% of a company's outstanding shares are bought back this underscores the importance of a long-term perspective when evaluating the effectiveness of stock Buybacks in essence this Q&A session provides a snapshot of the delicate balance between timing patience and the enduring wisdom guiding Capital allocation decisions offering Timeless lessons for investors thank you for listening if you like this one please leave a like comment and subscribe I'll see you in the next one
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