저자: ChrisHughen · 외국인
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결론: 영상은 머스크와 버핏의 '경제적 해자' 논쟁을 정리하며 테슬라가 넓고 깊은 해자를 가졌다고 평가하고, 그 때문에 주가가 이익·자산 대비 높은 프리미엄에 거래된다고 본다. 경제적 해자의 개념: 해자는 경쟁사가 사업모델을 복제하지 못하게 막는 경쟁우위이며, 자본비용 이상의 투하자본수익률을 지속 가능하게 만든다. 버핏의 핵심 주장: 투자의 핵심은 산업의 성장률이나 사회적 영향이 아니라 기업의 경쟁우위와 그 지속성(내구성)을 판단하는 데 있다. 해자를 만드는 6가지 방식: 큰 시장점유율(규모의 경제), 특허·저작권, 저비용 생산, 독특한 기업문화, 높은 고객 전환비용, 네트워크 효과. 머스크 발언 논란: 2018년 실적발표에서 머스크는 테슬라 슈퍼차저를 타 자동차업체에 개방하는 질문에 '우리는 해자를 만들지 않는다(월드 가든이 아니다)'고 답했고, 해자는 '우스운 개념'이며 침략군을 막기엔 충분하지 않다고 말했다. 테슬라의 규모의 경제: 기가팩토리는 세계 최대 건물 규모의 배터리 공장으로, 고정비를 대량 생산에 분산해 배터리 원가를 낮추고 저비용 생산자가 되겠다는 계획이다. 특허 공개 논란: 2014년 머스크는 특허를 오픈소스 정신에 따라 공개했다고 밝혔으나, 영상은 테슬라가 GPL 등 오픈소스 라이선스 준수 소스코드 공개를 2018년에야 시작했다며 실제 행동과 말이 다르다고 지적한다. 기업문화·네트워크: 혁신 속도를 경쟁력의 근본 결정요인으로 보는 머스크 주장에 대해, 테슬라는 딜러망을 우회하는 직판망과 OTA 업데이트·원격진단·이동식 정비 서비스를 갖춘 독자적 네트워크를 보유했다고 평가한다. 최종 판정: 진행자는 넓은 정의의 해자 기준에서 테슬라가 넓고 깊은 해자를 가졌다고 보며, 버핏의 승리로 결론짓는다. 출연자 전망: 영상은 특정 자산의 1~3개월 가격 방향에 대한 예측 발언을 포함하지 않으며, 테슬라 주가가 이익·자산 대비 높은 프리미엄에 거래된다는 현 상태 설명에 그친다.
다듬은 글
Elon Musk is the co-founder and CEO of Tesla which makes electric cars that are among the fastest and sexiest in the world during your earnings call on may 2nd 2018 Elon made some controversial statements about the concept of an economic mode I want to first define the concept second explain its inherent and portance to the stock market and three declare that a winner and the billionaire battle on modes so what is an economic mode and you can have a mode as a competitive advantage that prevents others from replicating a company's business model it enables sustainable value creation and provides a return on invested capital that's above the weighted average past cost of capital or whack the importance of this concept was succinctly described by Warren Buffett who is the CEO of Berkshire Hathaway and perhaps one of the most successful investors in the world Warren said the key to investing is not assessing how much in the industry is going to affect society or how much it will grow but rather determining the competitive advantage of it of any given company and above all above all the durability of that advantage the products and services that have wide sustainable moats around them are the ones that deliver rewards to investors so how the companies achieve an economic mode there's six ways and I want to run down the list first they're huge market share this is called economies of scale companies can have patents or copyrights it can be a low-cost producer they can have unique corporate culture they can have high customer switching cost or they can have the network effect Elon Musk made some controversial statements about economic moats and Tesla's latest earnings call he was asked about letting other automakers used a Tesla supercharger station he said this stuff Arden or the other car makers have wanted to do this but it's like not because of opposition from us this is not a walled garden you know kind of make a moat full share he would not explain it Mozart to old school for him here's what he wants out of course well I think modes are lame I mean they're like nice and sort of quaint mr.
Joel way but like if you if you're if your only defense against like invading armies is a moat you will not last long so our economic moves important as a spouse by Buffett or just Tesla not have them or care about them let's go back to the main ways to create a sustainable competitive advantage economies of scale well for this first one Tesla has the Giga Factory which is a massive battery factory this expected to be the biggest building in the world by spreading the fixed cost over a large quantity they plan to drive down battery cost through economies of scale in order to be a low-cost producer second patents and copyrights back in 2014 Elon said quote yesterday there was a wall full of Tesla patents in the lobby of our Powell out to headquarters that's no longer the case they've been removed in the spirit of the open source movement for the advancement of the electric vehicle technology in quote that sounds great but as Tesla truly walking the walk or just talking the talk tells us cars incorporate open-source software developed by organizations like Linux and busybox open-source software is released under a license like the GPL or the general public license this license allows anyone to use and modify software release under it as long as they release their source code to tehsil only recently started releasing the source code as of 2018 in other words it took them over six years for Tesla to abide by the open-source software license that's arguably very similar to a copyright on their software what about a unique corporate culture of innovation perhaps here's what he wants what matters is the pace of innovation that is the fundamental determinant of competitiveness what about a network well first Tesla has built a unique cells network that circumvents the traditional dealer network second they have a proprietary service and repair system that provides over-the-air software updates does remote diagnostics and can dispatch mobile service bands these are two very valuable networks that command a premium price so who won the billionaire battle on economic modes was at Elon Musk or was a Warren Buffett in my opinion clearly Buffett using a broad definition of an economic mode Tesla has a wide and deep one and that's why the stock trades at a rich premium to earnings and assets
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