저자: Motivation2Invest채널진행자 · 외국인
요약 보기
이 영상은 Li Lu(Himalaya Capital)의 6개 종목 집중 포트폴리오 상위 3종목을 소개하는 해설 영상이다. 결론: 마이크론·뱅크오브아메리카·버크셔해서웨이 B가 상위 3종목이며, 진행자는 2022년 7월 시점 기준으로 이들 가치 평가에 긍정적인 입장이다. [1위 마이크론(MU)] 포트폴리오의 약 37%를 차지하는 최대 비중. 이 종목은 D램 공급사로, 5G 기기는 4G 대비 D램 약 50% 많이 쓰고 낸드는 두 배라는 점이 수요 근거로 제시됨. 5G 시장은 향후 몇 년간 연 52% 성장, 2030년 무렵 약 1.6조 달러 규모가 될 것으로 언급됨. 마이크론 매출은 D램 76%, 낸드 26% 구성. Li Lu는 Manish Pabrai와 함께 평균 약 48달러에 매수했다고 언급됨. [2위 뱅크오브아메리카(BAC)] 포트폴리오의 약 25% 비중. 미국 2위 은행이자 세계 8위 은행이며 소비자 금융 원스톱 플랫폼으로 소개됨. Li Lu는 2021년 4분기 평균 약 45달러에 추가 매수. 영상 작성 시점 주가는 그보다 약 30% 낮아 매수 평균가보다 싸다고 설명. 2022년 1분기 매출 232억 달러(전년 대비 2% 증가)로 안정적 블루칩으로 평가. 고금리 환경에서는 변동금리 대출 비중이 커 이익이 늘어날 수 있고, 금리 100bp 상승 시 순이자수익 약 65억 달러 증가 전망이 인플레이션 헤지로 제시됨. 밸류에이션 모델상 현재 주가(약 37달러)는 소폭 저평가. [3위 버크셔해서웨이 B(BRK.A/B)] 포트폴리오의 약 13% 비중. Li Lu는 2021년 3분기 평균 약 280달러에 매수했고 현재가가 그 근처라고 언급. 보험(GEICO 등)의 플로트를 투자에 활용하는 구조가 핵심 강점으로 설명. 주요 자회사는 애플 지분(전체 투자가치의 약 42%), 번링턴 노던 산타페 철도(연간 순이익 60억 달러 수준), 버크셔 해서웨이 에너지(2021년 기록적 순이익 40억 달러)로 소개. 진행자는 이 포트폴리오가 인플레이션 역풍에 대한 요새 같다고 평가.
다듬은 글
what are the top three largest stocks in lilu's investment portfolio well in this video you guys are going to find out i'm ben and welcome to motivation to invest who is lee liu while lee liu is an investment manager at himalaya capital management which has 2.38 billion dollars in assets under management but the interesting thing about lee liu is charlie munger warren buffett's right hand man calls him a genius and historically lilu has been credited with giving buffet and monger the ideas to invest into chinese electric vehicle maker byd which actually turned out to be an incredibly successful investment so back in 2008 warren buffett had his arm twisted and he ended up purchasing a 10 stake in byd for 232 million dollars and today that stake is worth 5.6 billion dollars so in this video i'm gonna dive into the top three largest stocks in lilu's concentrated six stock portfolio now most investors tend to have a portfolio of over 50 stocks to ensure they're well diversified but legally prefers a more focused approach which can lead to more risk but also to more reward so that being said let's dive in okay so the first and largest stock in lilu's portfolio is micron ticker symbol mu now this is the largest stock and it makes up approximately 37 of lilu's investment portfolio which is incredibly high now micron is the fourth largest semiconductor company in the world and they're one of the big free providers of dram or dynamic random access memory which is used in your laptop in your tablet and even in your cell phone now the stock price nose dive from 94 dollars per share and now lilu actually collaborated with manish pabrai on this investment and they both were loading up on the stock at an average price of 48 per share now micron is expected to benefit from the rising and growing semiconductor industry and also the supply shortages worldwide and we can also look at the 5g market because i think that's a very interesting tailwind for this company so i found this statistic 5g devices have 50 high dram and double the nand which is also a technology which micron produces versus 4g phone now this is a major deal given the 5g industry is expected to grow at a blistering 52 growth rate over the next few years and reach a whopping 1.6 trillion dollars in market value now micro makes 76 of its revenue from dram and the other 26 from nan so this is really a major deal for the company now previously did a full analysis of that company in the fundamentals of it and also looked at the thoughts from manish prabhai very popular video and i'll link to that on this video here and also in the description below for you guys to find out more if you're new around here feel free to join the investing family by hitting that subscribe button and turning that notification bell on okay so stock number two in lilu's investment portfolio is bank of america ticker symbol b a c now this is the second largest bank in the us and eighth largest bank in the world now the bank has one of the largest brick and mortar branch networks in the u.s and has become a one-stop shop for consumer banking and it has a weight of 25 in lilu's investment portfolio now this is also one of warren buffett's most famous investments and it makes up approximately 11 of berkshire hathaway's gigantic 363 billion investment portfolio now lilu was adding to his position in the fourth quarter of 2021 at an average price of 45 per share so that might be a figure you want to write down so you know the value that lilu thinks the stock is undervalued at now the good news is the stock is actually trading approximately 30 percent lower than that price at the time of writing so at the moment it's cheaper than lilu was buying the stock at so as you can see from this chart here revenue has been steadily growing over the past few years now this is not a fast growth company for example revenue was a whopping 23.2 billion in the first quarter of 2022 which was only up two percent year over year but this is quite a stable blue chip company and a great one for many people's investment portfolios such as buffett and lee now of course i'm sure you're aware that we're living in a high inflation environment now that means central banks from around the world need to try and curb this high inflation by raising interest rates now now the beautiful thing about a bank is with higher interest rates people have to pay more to service their debt for their mortgage for their loans and thus banks tend to make more profits now this is only true when banks have a large portion of their loans with variable rates so they're not fixed rates now in this case i discovered that bank of america actually has a very large variable loan portfolio so that's a major deal and means this stock could act as a big inflation hedge so according to the management of the company for every 100 basis points rise in interest rates net interest income is expected to increase by a whopping 6.5 billion dollars so this is a true inflation hedge and according to this valuation model here the stock is currently modestly undervalued at the current price of 37 dollars per share okay and finally stock number three which is the third largest position in lilu's investment portfolio and that is warren buffett's investment conglomerate berkshire hathaway with the ticker symbol brk dot a now this makes up 13 of lilu's investment portfolio and he was purchasing the stock at an average price of 280 dollars per share which is close to where the stock trades today and he was buying the stock in the third quarter of 2021 now berkshire hathaway is a mammoth of the game it's the world's largest investment conglomerate and what's crazy about this company is it has over 360 000 employees but just 25 people at the headquarters now this unique decentralized setup is crazy and many other companies are not run this way but of course they have the genius that is warren buffett managing the investment capital and deploying that capital into various businesses which are wonderful businesses at fair prices or undervalued prices which is warren buffett's investment strategy which i spoke about many times on this channel now in terms of the makeup of berkshire hathaway this is really diverse but really it consists of the four giants so we have insurance which includes geico general re national indemnity etc which the firm owns hundred percent of the float of these companies and what warren buffett does which is genius is he invests the float of these insurance companies into stocks to generate return now this really acts as a dual engine and generates immense growth for berkshire hathaway now the second major giant is apple which has actually been one of berkshire's most successful investments and this makes up a whopping 42 percent of birch's entire investment value and the third giant in berkshire's portfolio is burlington northern santa fe which is the railroad one of the largest networks in the us with 32 500 miles of track and they had six billion dollars in earnings not revenue like these technology companies in pure earnings in 2021 which is incredible then finally the big giant we have is berkshire hathaway energy which earned a record 4 billion in 2021 so it's pretty clear that berkshire hathaway's portfolio is a real fortress to help battle against any inflation headwinds which are coming up so really this is a giant of the industry and it's pretty clear why lilu has it as the third largest stock in his investment portfolio so that's lilu's investment portfolio if you did find this video valuable feel free to give it a big thumbs up helps out tremendously with the channel if you haven't joined the family yet feel free to subscribe by hitting that subscribe button and turning that notification bell on with that being said thank you guys for watching i hope you all have an incredible day and i'll see you guys in our next video invest safe you
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