저자: 미상 · 외국인
요약 보기
워런 버핏의 생애와 투자 이력을 소개하는 교양 영상으로, 특정 종목이나 자산의 향후 가격 방향에 대한 예측 발언은 없다. 초기 투자 이력: 11세에 첫 주식을 매수했고, 이후 신문 배달과 중고 핀볼 머신 사업 등으로 자산을 불렸다. 교육과 투자 경력: 컬럼비아 경영대학원에서 가치투자를 배웠고, 그레이엄 밑에서 일하며 투자 원칙을 익혔다. 버핏 파트너십과 버크셔 해서웨이: 1950~60년대 여러 투자 파트너십을 운용했고 1969년 해산 후 버크셔 해서웨이 중심으로 재편되었다. 주요 투자 사례: 아메리칸 익스프레스, 월트디즈니, 워싱턴포스트, 코카콜라, IBM 등에 투자했다. 자산 추이: 1945년 약 1,200달러에서 시작해 1979년 약 1억 4천만 달러, 2008년 세계 최고 부자 등극, 2019년 기준 대규모 자산가로 성장한 과정을 설명한다. 최근 실패 사례: 2015년 크래프트하인즈 인수 후 실적 부진으로 기업가치가 크게 하락한 사례를 언급한다.
다듬은 글
Warren Edward Buffet, son of John Hardy, a stockbroker and member of Congress, and Leila Buffet, was born in Omaha, Nebraska on August 30, 1930. While he is among the richest men in the world, he is an exception. Although he is surrounded by entrepreneurs and heirs, he is an investor and it's safe to say that he started making money very young.
At the age of 11, he bought his first shares in a brokerage firm where his father worked for a cost of $38 per unit. The company's stock price fell to $27 before rising again to $40 per unit. Warren then decided to sell his shares. But what is missing then is the meteoric rise of the stock in the weeks that follow, to $200 per unit.
This was his first lesson on the lost revenue [in music] from prematurely exiting a good investment. In 1943, at the age of 13, he told a friend that he would be a millionaire by 30 years old, otherwise he would jump off the tallest building in Oma. He complied and found his first job in the same year where he wrote some stock quotes on the blackboard in his father's brokerage firm .
According to Forbs, still at age 13, he delivered newspapers and filed his first tax return, deducting his bicycle as a business expense worth $35. In 1945, at the age of 14, Warren earned up to $175 a month delivering The Washington Post newspaper and invested $1,200 of his savings in 40 acres of farmland rented to farmers.
His net worth thus increased from 0 to over $1200 in 1945. In 1947, he invested with a friend in a used pinball machine for $25. Sensing the potential of this machine, he placed it near a barber's shop. In the following months, three more machines were purchased and positioned in different locations around the city.
This business was resold within the year to a veteran of the last war for the paltry sum of $1200. His net worth was then estimated at between 5000 and 7500 dollars. In addition, his job as a newspaper deliveryman allowed him to earn nearly $5,000. Despite this, her father asks her to pursue university studies, which she doesn't really like.
He nevertheless enrolled at the Warton School of Finance and Commerce in Pennsylvania. In 1949, Warren was 19 years old and transferred to the University of Nebraska because he hated Warton School where he felt he had more knowledge than his teachers. He was offered a job at JC Penis but he refused.
His assets, meanwhile, are growing and are worth over $9800. In 1950, at the age of 20, Warren applied to Harvard Business School. He failed. He therefore turned to Columbia Business School after learning that famous financial analysts taught there. A year later, in 1951, Warren attended Braham's courses where he studied alongside other value investors, that is, investors who buy companies that they consider undervalued.
In this BGAM course, he is the only one to have received the maximum grade of A+. Upon learning that his teacher is on the board of directors of the GO insurance company, he decides one Saturday to take the train to Washington DC and knocks on the door of the head office. He then met with Vice President Laorimer Davidson for 4 hours and questioned him about his insurance business.
Also in 1951, he acquired $10,282 worth of Geko stock and graduated with a master's degree in economics. He wants to work on Wall Street but is dissuaded by his family. He also received a refusal from Gram who did not want to hire him even without paying him a salary. He therefore returns to OMA and invests in a small Texaco station, but works in parallel as a exchange agent with his father and attends Del Carnegi lectures as well as evening classes on investment principles with students who are twice his age.
His net worth at that time was $20,000, half of which was from Jo's action. In 1952, Warren married Susan Thompson. They rent their first apartment for $65 a month and have their first child, Suzann Alice. In 1954, at the age of 24, Graham recalled Warren and hired him at the Gram Newman Corp for a salary of $12,000 a year.
At present, taking inflation into account, that represents $112,000. There he will learn the strict rules of grammar regarding investment. Warren and Shizan also have their second child. In 1956, Gram retired, which ended his association with Waren. Back in OMA, he created his first company, Buffett Associates Limited, where seven members of his family and friends invested $105,000 while Warren invested only $100.
He is now his own boss and will never work for anyone else again. During the year, he opened two other investment partnerships, that is, joint ventures where he partners with others to manage money entrusted to them. His [musical] assets then amounted to more than $140,000. In 1956, at 26 years old, Warren and Suzan were expecting their third child.
Warren buys a house with five bedrooms for a cost of $31,500. He also adds two new investment partnerships to his collection and manages his five funds from home. In 1958, Warren was at the end of the 3rd year of operating his first funds and had doubled the initial investment. He had his 6th fund in 1959.
In 1960, Warren asked one of his associates, a doctor, to find 10 other doctors willing to invest $10,000 each. In the end, 11 doctors joined Buffett's investment fund. He now has seven partnerships with the Buffet Associates, Buffet Found, Daisy, MD, Glennof, Mobuf and Underwood funds. In 1961, at the age of 31, with partnerships worth over $1 million, Warren made his first industrial investment of $1 million in an industrial flour mill in Amsterdam.
His net worth then exceeded $1 million. In January 1962, Buffett's various partnerships were valued at $7,178,500 , of which more than $125,000 was owned outright by the investor. All the funds under his direction were then grouped together into one, Buffet Partnership Limited. During that same year, Warren spent a few weeks in New York with his wife Suzy.
It was mainly about raising funds from old acquaintances [in the music industry], and upon his return, his partnership had a few more associates and hundreds of thousands of additional dollars. This is because the minimum investment or entry ticket is increased from $25,000 to $100,000. The fact consults Charlie Munger, a highly reputable investor, on the fate of the dumpster company bought the previous year.
He recommends Harry Bottle, a boss who cuts costs, reduces staff and makes the company profitable again. Buffet also discovers an industrial company specializing in textiles, Berkshire Ataway. With shares trading at $7.60, he begins to buy them. In 1963, at the age of 33 , Buffet sold Demster for three times its original price.
Having no real value at the outset, this company built a securities portfolio valued at $2 million during the holding period 1961-1963. The Buffet Partnership Limited becomes the largest shareholder of Berkshire. The massive entry into the company's capital is at a price of $14.86 per share while the cash already represents more than $19 per share.
In 1964, due to tax fraud, American Express shares fell to $35. Buffet buys up the discounted stocks in bulk. Warren's father, Howard Buffett, died on April 30, 1964. In 1965, at the age of 35, after meeting Walt Disney in person, Buffett began buying shares of the Walt Disney Company. $4 million , or 5% of the company, is invested.
American Express securities that were resold the previous year at double their purchase price. And at a Bshire board meeting, Warren Buffett takes control of the entity and appoints a new chairman to run it for him, Ken Chase. In 1966, Warren's personal investment in the partnership and therefore his net worth amounted to $6.85 million.
The fund is closed to new subscriptions, meaning it is no longer accepting new investors. In his letter to shareholders, he specifies that this closure will remain as long as the circumstances are the same. Only new conditions involving more capital to increase results or the arrival of a partner bringing a non-financial asset will lead him to reconsider this decision.
Meanwhile, Buffett announced in a second letter his first investment in a private, unlisted business, namely a Baltimore department store, Host Child Con and Co. In 1967, American Express stock was trading at $180, bringing the investment fund's stake in the remaining shares to $20 million for a total investment of $13 million.
Berkshire pays its first and only dividend 10 cents per share. Considering that his company remains the best place to invest, Buffett will subsequently forgo reversing other dividends that would be less well placed. He acquires the insurer National Indemnity for $8.6 million. In October, Buffett wrote in his letter to shareholders that he could no longer find businesses to invest in due to an overvalued stock market environment.
Berkshire's share of Toenariat Buffet Partnership Limited was then valued at $65 million, with Warren's share worth more than $10 million. The investor also briefly considers leaving the world of investing to pursue other interests. Warren's net worth at this date is therefore over $10 million. In 1968, Warren Buffett was 38 years old and the Buffet Partnership Limited earned $40 million, bringing the total value to $104 million.
In 1969, after its most successful year, the Buffet Partnership Limited was closed and the assets liquidated for the benefit of the partners. The largest share goes to Berksheer at only 39 years old, Warren Buffett's personal fortune amounts to more than $25 million . In 1970, the Buffet Partnership Limited was now completely dissolved.
Warren Buffett is now only interested in Berkshire, of which he owns 29% of the shares. He appoints himself president and begins to write his famous annual letter to shareholders. While revenue in its original textile business is only $45,000, Berkshire Away's banking, insurance and investment activities represent $4.7 million.
For his part, Warren Buffett's non-own investments are greater than this amount. In 1971, at the insistence of his wife, Warren Buffett, although known to be thrifty, bought a summer residence in Laguna Beach. In 1973, the stock markets were in a bear market. Warren Buffett, buyer and euphoric. Berkshire ATW begins acquiring shares of the newspaper The Washington Post.
Warren joins the company's board of directors. He also became a close friend of its president, Catharine Meyer Graham. Berkshire Atawe delivered a yield of 8% in 1973. In 1974 at age 44, due to the continuation of the bear market initiated the previous year, due to the oil shock, the value of Berkshire Ataw's portfolio fell.
Warren Buffett's personal fortune is halved, to $17.5 million . That same year, the SEC opened a formal investigation into Warren and a possible conflict of interest in one of Berkshire's merger acquisitions. Ultimately, nothing came of it. In 1977, Berkshire Ataway indirectly bought the Buffalo Evening News newspaper for $32.5 million .
A rival newspaper will later launch antitrust charges. His wife Suzanne abandoned married life without officially divorcing him. Warren is beaten up. In 1979, Berkshire Owes traded at $290 per share. Warren Buffett, then 49 years old, had a personal fortune of $140 million. However, he is content with a meager salary of $50,000 a year.
Berkshire begins acquiring shares of ABC. In 1981, Warren Buffett and Charlie Munger founded the Berkshire Sheritable Contribution plan, allowing each shareholder to donate a portion of their profits to the charity of their choice. In 1983, Berkshire Ata began the year with a valuation of $775 per share and ended at $1,310 per share with a securities portfolio of $1.3 billion .
Warren Buffett's net worth then reached $620 million , placing him for the first time among the Forb 400 ranking. During that year, Buffett bought Nebraska Furniture Mart for $60 million . This will be one of his best investments. In 1985, at the age of 55, Warren Buffett finally stopped Berkshire's historic but unprofitable textile business in Toronto after years of support.
He refuses to impose the cost on the shareholders. Buffett is also involved in the merger between ABC and Cap Cities. He then had to relinquish his position on the board of directors of the Washington Post, as federal legislation sought to prevent any conflict of interest. The president of Bershire Ata buys Scott and Fzer, now Scott Fzer Company for $315 million .
This subsidiary company carries out various activities, including the production of Kirby vacuum cleaners and the sale of the Worldbook Encyclopedia. In 1986, Berksharier Ataw stock broke above $3000 per share. In order to avoid the inconveniences of celebrity caused by his wealth during commercial flights, Warren buys, despite his taste for economy, a second-hand private jet, a Falcon for $850,000.
In 1987, Berkshaya Atawe acquired 12% of Salomon Brothers Ink. thus the first shareholder and Buffet the director. After the October 1987 crash, Berkshire Away lost 25% of its value. The stock price drops from $4230 to $3170. On the very day of the collapse, Warren Buffett personally lost $342 million.
In 1988, at the age of 58, Buffett began buying shares of the Coca-Cola Company. 7% are acquired for an amount of $1.02 billion. Coca-Cola will be one of Berkshire's most profitable investments, and to this day it remains one of its main shareholders. In 1989, following the surge in his stock, Warren Buffett now has a personal fortune of $3.8 billion.
In 1998, in less than 10 years, the value of Berkshaya stock more than tenfold, going from $5,875 in September 1990 to $78,300 in June 1998. In 1999, at 69 years old, Warren Buffett was named the best investor of the 20th century by a survey by the consulting firm Carson Group. However, in that same year, Berkshire Atawen's stock only rose by 0.5 %.
Warren Buffett, having not invested a single dollar in new technology and internet stocks, is criticized by other analysts and some even consider him outdated. In 2000, with the bursting of the technology and internet bubble, Warren Buffett's sagacity allowed him to regain his reputation as the sage of OMAha among investment commentators.
Berkshire Ataw stock, which had fallen by nearly 50% to $44,000 per share in April 2000, resumes its upward trend. It will surpass its previous high of $78,300 in 2003. In 2002, Warren Buffett bet $11 billion on the dollar against other currencies. And in April 2006, his earnings from his contracts will be $2 billion .
In 2004, his wife Suzanne, from whom he had been separated since 1977, died on Thursday, July 29, 2004 of a heart attack. She was a major shareholder in Berkshe and a member of its board of directors. In June 2006, Warren Buffett announced that he would donate 85% of his Berkshire Ataw shares to five foundations through annual contributions.
The first one began in July of the same year and the largest contribution, $37 billion, is that intended for the Bill and Melinda Gates Foundation. In 2007, at the age of 77, in a letter to shareholders, Warren Buffett announced that he was looking for a younger successor or several in order to continue his investments.
He had initially thought of Simpson. Go's investment director. But he is only 6 years younger than him. In 2008, Warren Buffett became the richest man in the world with a fortune estimated between $58 billion according to the website and $62 billion according to Forbs magazine. For the first time in 15 consecutive years, his friend Bill Gates has temporarily dethroned him.
In 2009, with the financial crisis initiated in 2007 and which gained momentum in 2008, Warren Buffett ceded his position as the world's richest person to his friend Bill Gates, who regained it. In 2010, at the age of 80, Warren Buffett's net worth was estimated at $47 billion. In 2011, Warren acquired, through Berkshire Ataw, 64 million IBM shares, representing 5.5% of the capital, for $10.7 billion, becoming its largest shareholder.
On Tuesday, April 17, 2012, Warren announced that he had stage 1 prostate cancer. This was diagnosed on April 11, 2011 and will be treated with radiotherapy. In 2014 at the age of 84, Warren Buffett bought the batteries of the racel for $4.7 billion from the American giant Procter and Gumball on November 13, and his personal fortune was estimated at $73.8 billion.
That same year, Berkshire's stock reached $200,000. In 2019, Waren, aged 88, admitted to having overpaid the food company Craft, which merged it with the famous ketchup brand Heinson. This movement was carried out with the 3G capital fund of his friend Rorge Paolo Leman. However, the food products sold by the company, often highly processed, are becoming less and less appealing to the market and the company's stock in March 2019 was worth half as much as at the time of its creation.
On February 22 of that same year, it even had a daily loss of 4 billion dollars following the company's poor results.
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