저자: AndrewBrown · 외국인
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워런 버핏 스크리닝 기준을 주식 스크리너에 적용하는 방법을 소개하는 교육 영상이다. 버핏의 4M(Meaning·Moat·Management·Margin of Safety) 투자 원칙을 설명한다. 사업 이해도, 경제적 해자(브랜드·진입장벽), 경영진의 지분 보유, 내재가치 대비 안전마진을 핵심으로 제시한다. 스크리닝 기준으로 시가총액 20억 달러 이상, 최근 5년 EPS 성장 양수, 영업이익률·순이익률 10% 이상, ROE 15% 이상, 부채비율 0.5 미만, 주가/잉여현금흐름 15 미만을 든다. 이 조건으로 9개 종목이 나온다고 소개하며 인텔, F5 네트웍스, TD 암테리트레이드, 프로그레시브 등이 언급된다. 기준을 완화(부채비율 0.7, 유동비율 1 이상, 시총 3억~5천만 달러)해 가며 종목 수가 13개, 21개로 늘어나는 과정을 보여준다. 스크리닝은 출발점일 뿐이며 4M 점검이 필요하다고 강조한다. 개별 종목에 대한 가격 방향 예측이나 매수 추천은 없다. 출연자는 다음 주 피터 린치 스크리닝을 예고하며 마무리한다.
다듬은 글
well i couldn't do stock screening videos without looking at the legendary warren buffett stock screen so today i'm going to show you how to use the stock screener like warren buffett would i'm going to do a demonstration and i'm going to give you all the criteria that you need and if you're new to my channel well welcome and my videos are about investments that anyone in the world can make i think being a part owner of a successful company is one of the best investments we can make and the stock market allows us to do that and if you haven't watched my viz stock screening tutorial that i put out about a week ago well i highly recommend going back and watching that because it'll explain how to use the tool that we're going through today okay now let's talk about what warren buffett would look for in an investment and what he looks for are what's called the four amps it's meaning moat management and margin of safety so what is he talking about when he says meaning well i think this one is simple this isn't about a particular metric in the company this is about your understanding of the business do you actually understand the industry and the business itself for example look we hear a lot about tesla but do you actually understand how the car manufacturing industry works or the electric car industry or the solar industry look i have not much of an idea maybe you do but i do understand a business like amazon because i used to run a company that sold a lot of my products on amazon on their platform so i understood it from the seller's side and the buyer's side intricately when i do my analysis of a company well i actually spent a lot of time on this part because i'm trying to make sure that i understand all the dynamics of the industry and the company inside that industry so think about some industries that you actually understand maybe it's real estate maybe it's the ice cream industry maybe it's just an industry that you're a little bit familiar with but it's quite easy so you feel like you can understand it maybe in a few days and you have to be honest with yourself because for me for example i'm really not going to understand the electric car industry with some light reading over the weekend warren buffett would argue that to invest in a company you are becoming a part owner so you have to think like an owner that means understanding the business and its risks so the moat is the term used for how strong and wide is the barrier to entry for the competition it is referring actually to the old castle moats of the medieval period a really big moat was hard for enemy forces to get across and into the castle so google for example has a really strong moat in my opinion they own search it would take a lot to dethrone google as the search engine of choice but maybe something comes along that is even better so the mode is not perfect and no mode is perfect but some i think are better than others now we could look at something like prudential the life insurance company now they have a smaller moat there are lots of insurance companies that can compete and the differences between the companies is minimal but it takes a lot of capital to get started so it's not like new competitors are arriving on the scene every day then there is something like tinder anyone in the world could start a better version of tinder cloning an app can be done with little startup capital and the internet gives access to all so although they have market share right now well new dating apps are popping up every day so i think the mode is small so a strong brand can also be a moat think something like apple with their brand loyalty or even a recipe think something like kfc so from an investing point of view the harder it is for competition to compete against these companies the better it is for us regarding management well it's best when the management team have some sort of stake in the company as they have this invested interest just like shareholders and good management well it can make or break the business we can look at financial metrics to help us see if management are making some good decisions now the last m is margin of safety and i talk about this a lot so a company has an intrinsic value or fair value and we want to invest in companies that are below this value see the reason we want to marginal safety is because predicting the future is just impossible but you can give yourself an advantage by having a bigger margin of safety the bigger the discount to fair value well the bigger the margin of safety will be and i have an intrinsic value calculator it's free and it's in the description and that'll help you find this fair value for any company i think that the four m's are all common sense and i can easily see why warren buffett looks for these things in companies but even he admits he's not always right about six or seven times out of ten he is right which means three four times out of ten he is wrong but overall over the long period of time well that works out very very well for him but it takes a lot of time reading and analyzing all the financial statements and looking into industries so it's really difficult for other people to emulate and the other thing that catches a lot of investors out is it requires a lot of patience because once you've found the investment idea and you're really happy with the company well you still have to wait and be patient for the right price and another thing you also have to try to stick to this approach when the market is really negative and there's lots of volatility going on so i think this is actually really important advice if you're not prepared to invest in a company and then see the share price just go down month after month for a long period of time well this game is just not for you it happens nearly every time i invest you have to be able to stomach this you have to be able to look at the long term time frame and you have to be confident with the research you've done so for the individual investor willing to do the homework well the warren buffett approach is a proven path to success so i've simplified buffer's criteria into this little list so a company needs to be simple and understandable it has to have consistent earnings a good return on equity little debt good management now at the moment warren buffett would say it needs to be two billion dollars in markets in market cap or bigger but well look this is because he's managing huge amounts of money back when he was younger this actually wasn't true but now it is we probably don't need to worry about this one as much but if you want to copy warren buffett like right now well he's looking at companies over two billion dollars now the last criteria is he avoids turnarounds and hostile takeover situations now that's something that he does now but not early in his career see early in his career he actually got a lot of money and made a lot of investors very happy really early on by looking at these types of situations but now because he's managing such big piles of money he just finds it a lot easier to find really high quality companies so we're in the finvis stock screen and i'm going to show you the exact criteria that we use to do the buffett screen so here we go we're going to start first in the descriptive tab here and all we want to look at is the market cap size over here on the left and we're going to make it well we want to make it over 2 billion dollars because that's what warren buffett would be looking for right now now the next metrics are all in the fundamentals tab so we go over there now and the first thing we're going to do is we're going to look at the earnings per share growth over the past five years and we want that to be positive now the next thing we're going to do is we're going to look at the operating margin and the net profit margin now what we would normally do is if we're looking for in a specific industry well we want this to be above the industry average but because we're looking at all of the industries here at once we're going to put both of these numbers to be we're going to make them both above 10 so operating margin we want that over 10 net profit margin over 10 just like that now the next criteria we're going to select is the return on equity and we want to see that above 15 now that's warren buffett's rule it's actually my rule as well so over 15 is what we want to see so let's put the return on equity over 15 now the next thing he would want to see is the debt to equity now he wants to see that under the industry average for a particular company but because we're going to look at all the industries like i did before we're actually going to make it quite low and we wanted to see it under a 0.5 now under a 0.5 shows us that the company has very manageable debt compared to the size that it is now the last criteria we're going to look at is something that i really like to see as well something that a lot of people don't show in screeners and anyway this screener is perfect for this because it has the price to free cash flow and what we want to see is this low we want to see this less than 15.
that's going to show us good value really when we're going to screen out all the companies that are overvalued this is going to show us companies that are undervalued now that's it they're all the criteria that warren buffett would use and it's left us with a list of just nine companies so some of these companies well intel corporation we've definitely analyzed intel before there's some other companies here that i'm a little bit interested f5 networks i've heard about i haven't investigated yet but now it's here on this list maybe i'll look at it a bit more td ameritrade now that's a shared trading platform i use interactive brokers but td marriage ameritrade as a company might be a reasonable investment i'll have to go do some research and the progressive corporation which is an insurance company which i've looked at before now because it's coming up here on warren buffett's screen that makes it very interesting as well now something i'd like to do next would be to actually play around with these criteria and you should definitely do the same thing because they're a little bit strict and that's fine because it's narrowed us down to a nice list but we could probably tinker around let's say the debt equity it's under 0.5 at the moment i don't mind it under a 0.7 so let's see what happens okay now let's make the list now there's 13 companies so it's added an extra four companies here and the companies that had added well biogen is one company here it comes up in pretty much every screen that i ever do but now i've changed the debt to equity maybe i want to change something like the current ratio and i want to see the current ratio definitely above a one normally i want it above a 1.5 so here's current ratio here let's make it over over one just to see what happens okay now that's narrowed my list down to nine again so that's fine okay i can go through these companies here now something that i would definitely recommend doing is something that i would definitely do as well is when i go into the descriptive tab and we remember how we had it over two billion dollars for a market cap well let's make it over 300 million dollars or even over a micro over 50 million dollars so now our list well it's a lot bigger now we've actually got 21 companies now on this list so there's companies here like big lots uh con it's a discount stores that's something that i'm definitely interested in looking at and it just wasn't over 2 billion but it's 1.8 billion so that's why you have to play around with the criteria because some companies miss out by like the tiniest little amount but that that's not really that fair so we have to play around with these criteria and open it up a little bit and see what we can find so here are all the metrics for you to screen like the best investor in the world but remember this is just a starting list you have to check for the four m's meaning mode management and a margin of safety and then when you use this criteria in the finvis stock screener well you can use this list to go through one by one maybe you find something here that warren buffett would also love to see maybe none of them are good enough i'll leave that for you to decide if you like this video make sure you subscribe to my channel so you don't miss any of my future videos and next week i'm going to do the peter lynch stock screen and i'm very excited for that one i really hope you enjoyed the warren buffett stock screen today and i'll see you in the next video
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