저자: Philipp-MalteLingnau · 외국인
요약 보기
찰리 멍거의 2018년 시점 포트폴리오를 소개하는 영상이다. 포트폴리오 개요: 공개된 포트폴리오 규모는 약 1억 6천만 달러이며, 종목 4개로 거의 전부 금융 섹터(웰스파고, 뱅크오브아메리카 등 은행주)에 집중되어 있다. 멍거·버핏의 금융주 선호 배경: 두 사람이 금융 분야를 매우 일찍부터 깊이 다뤘고, GEICO 같은 보험사와도 관련이 깊다고 설명한다. 포트폴리오 변동: 2014년 이후 거의 변동이 없고, 마지막 움직임은 포스코 비중 3% 축소와 일부 종목 정리 정도다. 해석: 가치투자 관점에서 기업의 기본 가치가 유지되므로 장기 보유 중이라고 본다. 또한 버크셔 해서웨이 부회장으로서 버크셔 내 투자가 주된 수익원이라고 언급한다. 출연자 전망: 특정 종목의 가격 방향에 대한 구체적 예측은 없다.
다듬은 글
In this video, we'll take a look at the portfolio of Charlie Manga, Vice Chairman of Workshire Hathaway and partner of Warren Buffett. So, investment risk? I have the opportunity to cover all my expenses with the three-pronged approach shown below. If the will to lead is there, then I see no problem.
And with that, welcome! My name is Philip Malter Lingnerau, and I hope you've had a successful day so far. Yes, Charlie Manga is probably a familiar name to many because he's almost always mentioned in connection with Warren Buffett in every respect. He's Buffett's partner, and their relationship goes back quite a while.
What many don't know is that the strategy Warren Buffett now relies on is largely influenced by what Charlie Manga ultimately contributed. Warren Buffett's development was actually Benjamin Graham, and then the influences of Kent Fisher and Charlie Manga came into play, which also led to the strategy as it exists today.
That's why it's interesting to look at Charlie Manga because he, above all, pointed out, or rather, his philosophy was... to focus on higher-quality stocks and not just look for cigarette butts, as was the case with Benjamin Graham's first strategy. But we don't want to delve too deeply into these stories now; let's take a look at Charlie Manga's portfolio.
So, we see here that Charlie Manga's portfolio, which is publicly accessible at least, is worth 160 million. We have to say that he himself is, of course, also worth billions, but not everything is in stocks, and for another, not everything is publicly disclosed. With such large investors, it always really depends on where the money is currently located in order to even have access to the data.
So, we can see that the whole thing has grown slightly, and now let's look at the portfolio. We can already guess, with only four stocks, that it won't be a particularly exciting portfolio, but rather, as a value investor, he is rather selective in individual stocks, and we haven't seen this with any other investor we've looked at so far: a weighting of almost 100% in one sector.
Now, of course, we always have to put things in perspective when we look at the 160 million in total, and he himself, but I believe around 1.5 It 's worth billions, if I'm wrong, let me know in the comments, but that's what I have in mind. So, yes, it's a whole lot, but still, his overall portfolio weighting, meaning the complete allocation of his money, could look different.
So, we see that here we are primarily invested in financial services, specifically in Wels, Fargo, and Bank of America—basically only in banks. And these banks, or rather this entire financial sector, is simply Warren and Charlie's specialty in this case, because they dealt with it very, very deeply from a very early stage and are also very deeply involved in the subject with Geiko, another insurance company.
But what we see is that, most of the time, if we look at the stock picks, when anything actually happened, virtually nothing happened in his portfolio. That is, in 2014, so almost three and a half years ago, the last movement was that the other stock, Posco, was reduced by 3%. And yes, that's it. Simply put, one of the weightings was reduced and removed from the portfolio.
In this particular case, my view is that the underlying idea of the companies remains intact; they are investing in these stocks. Therefore, it makes no sense for them to sell because they see that they want to hold these companies long-term, and the fundamental values haven't changed. Ultimately, they are simply allowed to run.
Of course, one must always consider that it also has something to do with holding shares in the company, for example, to gain certain positions. Whether that's the case with Charlie Manga, I don't know offhand, but it's often the case with Berkshire Hathaway that shares in a company are bought up to such a high degree that seats on the advisory board become due, and they can exert influence to a certain extent or at least provide advice and support.
So, we have here, yes, another portfolio of a value investor that is very simply structured and has a very high concentration. However, I assume that since we are only considering 160 million here... to which we have access, and we see that other factors come into play where money is simply available.
It must also be said that because he is the vice chairman of Berkshire Hathaway, there is naturally a very high dependence on the investments made there, from which he also profits and into which he naturally puts all his thought and effort. This means I assume that the largest area, or the biggest profit, will come from these areas, which is only logical.
So, here's Charlie Manga's portfolio. Did you expect it to be structured this way, or did you think it might be structured completely differently? Let me know in the comments, and then we can discuss it a bit. By the way, we've already looked at several investors. What parallels do you see, or what might influence your thinking about investments?
Let's talk about that too. Otherwise, I'll see if I can find any other investors who are interesting for us here. If you think of any, let me know. So, if you liked the video, do n't forget to like and subscribe so you don't miss any future videos. You can find other videos that are already online here.
I wish you a successful day, especially when investing, and I say until next time, take care.
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