저자: WarrenBuffett · 외국인
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2017년 3월 9일 Business Wire 50주년 인터뷰. 워런 버핏은 자사주 매입을 주가가 내재가치보다 크게 낮을 때만 하는 것이 원칙이라고 말하며, 최근 자사주 매입 프로그램을 승인했고 서류 절차를 막 마쳤다고 밝혔다. 버크셔는 약 400억 달러 규모의 현금을 보유하고 있으며 주가가 쌀수록 공격적으로 매입할 것이라고 언급했다. 버크셔는 올해 3분기 기준 보통주를 약 40억 달러 순매수했고, 이는 상반기 매입 규모와 비슷하다고 설명했다. 최근 BofA 투자, 루브리졸 약 90억 달러 인수, 보험사 4억 달러 인수 등 기회는 계속 존재한다고 말했다. 버핏은 트럼프 행정부 이전 오바마 정부의 경기 정책과 자동차 산업 구제를 긍정 평가했다. 버크셔는 올해 70억 달러를 설비투자에 쓰고 있으며 그 90% 이상이 미국 내라고 밝혔다. '버핏룰'(연소득 100만 달러 이상 초고소득층 최저 세율 보장)에 대해서는 찬성 입장을 보였으나, 대통령의 25만 달러 증세 일자리안에 대해서는 세부 내용을 아직 검토하지 않았다고 답했다. 후계자 문제에 대해서는 버핏의 대체가 불가능하며 문화 유지가 중요하다고 강조했다. 최근 투자매니저 테드 웨슬러를 영입했고 세 번째 매니저 영입 가능성도 언급했다. 유럽 재정 위기는 미국 경제에 일부 영향이 있겠지만 장기적으로는 낙관적이며, 미국 경기는 2009년 이후 회복 중이라고 진단했다. BofA의 브라이언 모이니핸 CEO에 대해서는 과거 문제 정리에 시간이 걸리겠지만 우량한 사업이라고 평가했다.
다듬은 글
let's go down to the floor Andrew rosin is there with a very special guest this Friday morning morning Andrew uh good morning uh we are here with the the the one and only the Oracle of Omaha Warren Buffett we're also here with Carrie Baron tamas um you're here for the 50th anniversary of Business Wire so congratulations to you Kathy I want to get to you in a second and this anniversary but I also want to get to BuyBacks uh which were in the news this week uh you just announced it um why do it now I think there's a big question uh bu Watchers who've seen you over many years you have not always liked BuyBacks so so what is it about what's going on right now price to Value I mean the only the only time to do Buybacks in my view is when you think your stock is selling well below its intrinsic business value and we talked we've talked about that in many annual reports over the years and we haven't had very many opportunities to do it uh now we think that okay so you've instituted the program but the big question that viewers want to know is have you actually started buying yet we actually have you have started buying yet okay and how much can we expect for you to buy I know you said that you wanted to keep a$2 billion Kitty at all times uh you have about $40 billion on hand right now yeah well we don't have quite that much but but the cheaper it is the more aggressive generally we will be in terms of buying it's just like buying any other stock and how much have you bought so far we only got the paperwork done yesterday okay um and what does it say and then I want to get to Kathy what does it say more uh in a larger picture about your ability to to find elephants you always talk about your your finger no I know that but in terms of moving money into your own stock does it mean that you're not finding the same kind of opportunities right now given the markets we find Opportunities periodically I mean we we did the B OFA deal we did lubers all we put nine almost 9 billion in lubers all we just announced yesterday A $400 million acquisition for an insurance company just yesterday uh we' bought in the last quarter the third at the current quarter we bought net 4 billion of common equities uh which was similar to the total amount we bought in the first half the cheaper stocks get the better I like to buy whether it's our stock or somebody else's so there's still there's still we we will should still see you make a big deal and this is not the buyback is not an announcement that you're taking money into your own stock okay uh Kathy um Mr Buffett bought your company in 2006 um You' you've lasted 50 years through all sorts of different business cycles and yet we're living now in the age of the internet and Twitter and the SEC has now told companies uh that they can actually put their press releases up online uh what do you do to defend your business and frankly to grow business in this environment well actually our business is growing in this environment we also are uh creating websites for companies that want to put their releases online but that's not the way to put out breaking news and that's what we do at Business Wire um and as long as we can push that news out to the investing public I think it's the best way to go if I if I want to know what's going on at Bank of America I do not want to have that a website tuned to that all day I want to get it instantly from CNBC and the way they'll get it is you know is from Business Wire I would I would be remiss if I didn't mention that one of the other reasons you're in town is for this Obama fundraiser tonight at the Four Seasons and I want to ask you specifically so many people in the business Community say that the president is anti- bus um do you believe he's anti- business when you think about his rhetoric and why not oh well I I I rhetoric policies by the way there's so many people who I I mean he he he took action to save General Motors and christler I mean he he he back programs that have kept the banks around and and in the process rejuvenate the econ he he knows and he knew it 10 years ago be president of the United States you know particularly second term you better have business doing well he wants it to do well the talk of higher taxes and more regulation you don't think is creating more uncertainty in the business Community I don't what you what you Theos who talk to you about I don't have any uncertainty we we are investing at Berkshire a record 7 billion in plant and Equipment this year never before that much 90 plus% is in the United States we're seeing our businesses doing well business is coming back in the United States okay let let's talk about the buffet rule for a moment talk about how it came about in terms of the White House getting in touch with you and and you putting your your name to this well James Sperling called and said can we use your name and uh I said yes are H are you happy you said yes sure I I mean I wrote about it I but are you happy with the way it's been described is the program that the White House has presented a million dollars and over your program well the precise program which will I I I don't know what their program will be my program would be on the very high incomes that are taxed very low not just High incomes something I make a 50 million a year playing baseball his taxes won't change make $50 million a year appearing on television his income won't change but but if they make a lot of money and they pay a very low tax rate like me it would be changed by a minimum tax that would only bring them up to what the other people pay okay so does that mean that you disagree with the president's new jobs proposal which will be paid for by raising taxes on on households with uh uh incomes of over $250,000 that's another program that I won't be discussing but I I my program right is to have a tax on Ultra rich people who are paying very low tax rates not just Ultra rich people and it would probably apply to 50,000 people in a population of 3 so but that means you disagree with the president on the 250,000 no no no you may disagree with them I don't I'm ask so you agree the $250,000 is the right number I I will look at the overall plan that gets submitted to Congress and which they are voting on and decide net do I like it or don't do I not like it I I there's no question there will be parts I'll disagree with and are you a supporter of his his jobs program right now I am a supporter of the action he's trying to get the Congress to join him and taking to really do something rather than sit there and Go in different you agre with all the details or no oh I I haven't looked at all the details okay fair enough uh Kathy you know one of the conversations that we have always about Berkshire is succession it is an issue and as someone who understands the culture of this company so well and what Mr Buffett has done for it I'm curious if if you could pick his successor what kind of person would it be who would it be well may I don't want to think about it since you're making me think about it he's irreplaceable in terms of who he is I think um I'm not privy to what's going on that's at the board level but it's got to be somebody that knows how to motivate people because the one thing that Warren Buffett does not better than anything else because he's the capital can the culture remain the same yes because there are so many people throughout the organization that live and breed the same same the culture that Warren has created and it's it's infectious I feel it myself after 5 and half years in the company culture will go on right now you recently hired Ted wel weler to be one of your investment managers right some people have speculated he actually could ultimately be a CEO he's not just been an investment manager but also an investment banker and worked in Corporate America um how should we think about him we got a lot of talent you got a lot of talent and will you be that you have two you suggested that you will go for a you think you would have three in total possi possibly possibly do you have a name already in in your hat I've got a couple in my mind but I'm very happy with the two I I'll be happy if we have a third uh you know and it's not essential at all but and and none of those three do you think will become the CEO of the company hard to tell hard to tell final question uh Burks are hathway long thought of as a play on America given the Industrials and how much that represents um so many people say we're going back into a recession you say what oh we're not where I going I think it's very very unlikely to go back into a recession we're coming out of a recession and we've been doing it since 2009 and a great majority of our businesses are going to be earning more money than they did last year and the year before right how much are you worried about Europe impacting and infecting actually brooker's business and our economy I don't worry too much about it infect infecting us I I worry about what will happen in Europe and it's bound to have some Fallout here how it plays out nobody knows all I know is our business is f years from now and 10 years from now and the country's businesses will be doing a lot better you own some German bonds we own we own German bonds we don't ger bonds uh what kind of haircut you want to take on those on German no you think you're okay they're in a we have we have a German reinsurance subsidiary that's owned those bonds for a long long time and we're fine with them but we we sold other countries Bank of America yeah uh big deal for you um Brian Moran since you since you made your investment a lot of things have happened there did you expect those things to happen the way they have in terms of layoffs and everything else I expected him to clean up a lot of the problems from the past and they're going to take a long time to clean up I mean two years from now and 3 years from now you'll still see some headlines and your bet is that the company not only survives but thrives or you're just making a bet that it sticks around and you're going to get your dividend it's a great underlying business it's a fabulous underlying business but it's got a lot of problems from the past Brian didn't create those he has to he has to clean up the mess but I've been in those kind of situations before fair enough Warren thank you so much Kathy congratulations on 50 years uh let's hope there's 50 50 more uh back to you guys thanks so much so so Andrew has he invited you to the dinner tonight I have not been invited Warren has not invited me am I invited to the dinner tonight I don't know how much that plate cost though get out your wallet here I got to get my wallet out so anyway back to you guys than we very selective all you have to1000 or 358 with the with Warren buff
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