저자: MichelleMarki · 외국인
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2024년 1분기 13F 공시 기준 슈퍼투자자(버핏/버크셔, 멍거 다닐리저널, 파브라이, 스파이어, 리루, 마이클 버리, 그렉 알렉산더)의 포트폴리오 변화를 정리. 버크셔는 애플 지분 약 13% 매도, 현금 비중 확대(약 2000억 달러 목표), 다닐리저널은 은행주·알리바바 축소, 버리는 알파벳·아마존 매도 및 JD·알리바바 매수, 그렉 알렉산더는 스텔란티스 지분 약 절반 축소. 영상 내 투자 권유 아님을 명시.
다듬은 글
Hey, investor friends, I'm Michelle Marki. Today I'm going to talk about the latest equity holdings of some of my favorite super investors, like Warren Buffett and the late Charlie Munger's Daily Journal company, and also what Guy Spier, Mohnish Pabrai, Li Lu, Michael Burry, and Greg Alexander have been invested in as of the first quarter of 2024. That covers January through March 2024, and these 13F equity holdings came out in May this year. So even though I'm a little late in sharing my thoughts on what has changed in some of these portfolios, I think there's still educational value in it. If you enjoy learning from my YouTube videos, I hope you'll like and subscribe to this video and channel, because I'm trying to learn from some of the best investors, and I hope some of my takeaways might also help you on your learning journey as an investor.
With that, let's look at the Berkshire Hathaway portfolio, led by one of my favorite investors, Warren Buffett. It surprised me to see that Berkshire Hathaway sold about 13% of its Apple holding, and they've come down in a lot of their other holdings from a couple of quarters ago. I remember when Berkshire had about 48 stocks in its portfolio, and now it has only 41. So they're becoming more concentrated. Even so, the portfolio is still worth about $332 billion as of the end of March 2024, so even though they've sold some holdings, they're still doing pretty well in their equity portfolio.
Some of the things I observed in the Berkshire portfolio include how they've added to their Occidental Petroleum holding, while selling some Chevron, though not by much in either case; they're still holding on to a lot of both. They've added a significant amount to their Chubb holding, which makes it their ninth-largest holding now. They've also added significantly to both Liberty SiriusXM Series A and Liberty SiriusXM Series C, which is a bit of a mouthful. They've reduced their holdings in Louisiana-Pacific Corp and also in SiriusXM. That's interesting, because they've been adding to a couple of the Liberty SiriusXM shares while trimming the SiriusXM holdings. Then, as I mentioned, there's the significant reduction in Apple, which I'll get into in a moment. They also reduced their Paramount Global stake significantly, which I'll explain as well, and they sold off their HP computer stock entirely.
On Apple and Paramount Global: I learned from the Berkshire Hathaway annual meeting, and you can watch my key takeaways video on that if you like, that Buffett said he was entirely at fault for buying Paramount and then selling the Paramount stake. Whether good or bad, Berkshire probably lost a little on the Paramount holding, but in the grand scheme of things it wasn't such a big deal. I estimate they invested maybe a billion dollars or so in that holding, so it wasn't too bad. The Apple sale, though, I estimate was about $22 billion worth or so. Supposedly Buffett said it might have been a result of realizing some tax gains and wanting to be taxed at a lower rate. Who knows if that's really the motivator, but I find it an odd decision. Yet a little later, during Apple's earnings, the company announced a $110 billion stock buyback. So why does Berkshire want to sell some Apple while Apple itself wants to buy back its shares? Who is more correct about the value of Apple, Buffett or Tim Cook? That's something I'm wondering about. Was it better for Berkshire to sell some of that and add to its big cash pile and cash equivalents, like U.S. Treasury bonds, which Buffett said should swell to around $200 billion by the end of June 2024? That's about 23% of Berkshire's market value at the time I'm recording this. Berkshire is trading around $885 billion overall, and its equity portfolio is worth about 38% of that, which leaves about 40% of the value that people are paying for when they buy a Berkshire share in the rest of the businesses. That's interesting.
So for better or worse, that's where Berkshire stands right now. I don't know if they made the right call in reducing some of their Apple holding. If you're trying to take gains off the table at a favorable tax rate, why not do that with some American Express or Coca-Cola stock? Why do it with arguably the best stock in the world, Apple, unless you think Microsoft or even Berkshire itself is a better stock? It's a bit questionable. But Buffett reassured investors that they would still continue to hold a lot of Apple shares. So I don't know why they reduced it, but we'll see who is more right in the end. Will Berkshire reallocate those funds to something else, or will Tim Cook and Apple, which are currently buying back a lot of shares, be proven right? I'm guessing Apple is close to its all-time high, if it hasn't already exceeded it.
For Charlie Munger's Daily Journal, the current CEO, Steve Jones, may have been responsible for some of the reductions here, because across the board there were significant cuts in their bank stocks and in their Alibaba holding. They still own all of them, but the portfolio is significantly reduced, and I don't think that's what Charlie would have wanted. That's a bit too bad in my opinion.
Moving on to Mohnish Pabrai's Pabrai Investments: from their American portfolio holdings, we can see they only added a little, but they reduced a lot in some of their other holdings, which is interesting. I haven't been keeping close tabs on their international holdings in the Pabrai Funds. There's also something I wasn't sure was a scam or not, and maybe it's legitimate. I haven't done any real research into it, but it's Mohnish Pabrai's Wagons Fund, which apparently people can invest in. If you've always been trying to emulate whatever Mohnish Pabrai has been invested in, look into this Wagons Fund. I haven't tried to copy many of Mohnish Pabrai's investments, but I think it would be worthwhile to study the holdings in this fund and see whether it reflects what Pabrai owns in his normal Pabrai Investments. Definitely do your own homework before investing in anything. This is not advice, and I'm not trying to promote whether the Wagons Fund is a good investment. It's just something that might pique your interest if you're curious about how Mohnish Pabrai invests, so look into it for learning purposes.
With Guy Spier, we can see he reduced his Ferrari holding by about 25%, and that's basically all Guy Spier seems to have been up to. Everything else is pretty static. With Li Lu, nothing much seems to be going on in the American portfolio either, so I won't dwell there for long.
Moving on to Michael Burry and Scion Asset Management: I think the interesting thing here is less about all the different stocks he's been adding to, even though he's been pretty aggressive in adding to his JD.com and Alibaba shares. What I find noteworthy is that Michael Burry has sold off his Alphabet (Google) shares and his Amazon shares entirely, along with Warner Bros. Discovery and something with an almost similar ticker to Berkshire called BRKR, Bruker Corp, which I'd never heard of, and he sold out of that too. So there are some interesting moves here. Why would Michael Burry sell out of some of the big tech stocks? I'm wondering about that too. Who knows why he's buying some things and selling others, but he's definitely an interesting person to study. See if you can reverse-engineer why he's made some of his investment moves.
Finally, I'd like to mention Greg Alexander of Conifer Management. I don't always talk about Greg's investments, but in this case it's interesting to see a number of car-related holdings in Conifer's portfolio. Greg Alexander used to be really bullish on Stellantis, the maker of Fiat Chrysler, Jeep, RAM, and many of the Peugeot-related cars that were combined into this large conglomerate. But it looks like Greg is no longer as bullish, because he reduced his Stellantis holding by almost half. I don't know the details behind a lot of his other stocks, but he still has a pretty significant holding in Lithia Motors, which I've talked about with my friend Alejandro. If you want to learn about Lithia Motors, feel free to check that out. Otherwise, it's interesting to check back in on Greg's holdings periodically, because he's a really great investor too. I know Warren Buffett respects him. If you're curious, definitely take a look at his portfolio and see whether any of those holdings interest you. Maybe you're really into the automotive industry and some of these moves are compelling. They aren't that compelling to me, since I'm not very knowledgeable about cars, so I'm staying away from that for now. But there could be something in these investors' portfolios that piques your interest and makes you want to learn more. Even if you don't invest in them, it's a great learning exercise.
So I just wanted to catch us up on what these investors were invested in as of the latest filings. I'm still going to ponder what Berkshire Hathaway, aka Warren Buffett, will invest in next. I wonder what's next. Why would Berkshire rather hold far more cash than invest in Apple, or buy back shares of either Apple or Berkshire itself? Berkshire would rather have more cash. What could Warren Buffett be thinking, being so conservative and keeping perhaps a fifth or a quarter of Berkshire's wealth in cash? Could there be a potential stock market buying opportunity in the near future? Or is Berkshire looking to buy whole companies, which is why it needs a lot of cash on hand? I know Buffett said they have no plans to buy Occidental Petroleum entirely, so if they're only going to keep their current rough amount of Oxy, what else could Berkshire buy, either on the stock market as a partial equity holding or as whole companies that could become future subsidiaries? If you have any thoughts or want to share speculations, feel free to do so in the comments. If you enjoyed this video or learned something, please like and subscribe. I wish you well on your journey to becoming the best investor you can be, and I hope what you've learned here inspires you to do more research. Until next time, all the best.
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