저자: AfonsoSantos · 외국인
요약 보기
워런 버핏의 최신 포트폴리오(13F 기준)를 분석한 영상. 버핏은 2026년부터 Greg Abel에게 CEO를 넘기고 이사회 의장으로 남을 예정이며, 버크셔는 현금이 3,000억 달러 이상으로 기록적 수준이다. 구글(알파벳)은 최근 신규 매수로 언급됐지만 가격 매력은 예전보다 낮다고 평가. 크래프트 하인즈는 80% 이상 하락한 실패 사례로 소개. 애플 비중은 줄이는 추세(전체의 약 22~23%). 영상은 예측보다 포트폴리오 설명과 버핏 찬사 중심이며, 자산 가격 방향에 대한 단기 예측은 거의 없다.
다듬은 글
Warren Buffett will step down as CEO of Berkshire Hathaway at the end of this year, and a few days ago his final purchases and sales for the company were made public. In other words, these are Buffett's latest investments after more than 84 years investing in the stock market, 55 of them as CEO of the company, with an average performance exceeding 20% per year.
If we look at the list of the world's greatest investors by average performance, Buffett's name doesn't even appear in the top 30. He is not, and never was, the greatest investor in the world, but he is the greatest in history because he was the only one to apply a successful investment strategy for a longer period than anyone else.
In my opinion, we will never again have an investor like Warren Buffett. That's why I decided to make this video as a kind of tribute to the journey and life of this great man, from whom we have so much to learn, both professionally and personally. Today we will analyze, in a simple and intuitive way, the latest investment portfolio of the greatest investor in history, Warren Buffett.
Let's look at the 10 largest and most relevant companies in your portfolio, which account for more than 87% of its allocation. At the end of the video we have the most important part. Let's find out what the last great message Buffett wanted to leave with the world was. To understand who will be the new CEO of Berkshire Hathaway and what they will do with the more than 300 billion dollars in cash.
And in the long term, what are the expectations for its management? If you like Aaron Buffett, value investing, growth investing, or are simply passionate about the world of finance and investing, I think you'll love this video and should definitely stay with me until the end. Don't forget to like and subscribe to the channel, and let's get to it.
Thank you, Warren Buffett. Buffett's tenth largest company in his portfolio, and also his most recent acquisition, is Alpha, ticker GO GL, currently the third largest company in the world, which controls Google, YouTube (where you are watching this video), and practically everything we use in our daily lives to search for information, with the exception of GPT chat.
This is indeed a new acquisition, only made public a few weeks ago after Bkshy delivered and published the 13F report for the third quarter of the year. Basically, for those who don't already know, the 3F Forum is a quarterly report, meaning it will be published four times a year. All major asset managers in the United States are required to complete and submit this document to the SEC to show the stocks they currently hold in their portfolio, what new acquisitions, new sales, etc.
have been made. At the end of each quarter, or at the latest 45 days after the end of the quarter, all the respective portfolio information of the largest investors from the previous quarter is made public. This acquisition, or the beginning of an acquisition, is very interesting for several reasons.
First, for decades Buffett invested in technology because he said he didn't fully understand the sector, but Alfabet ended up being an exception to the rule, since he himself has admitted that he should have bought shares in the company earlier and that he understands the business more or less. Apparently, however, this position was not opened by Buffett, but rather by other Berkshire managers who are younger and have more free time to analyze this type of company, much like what is speculated to have happened with United a few months ago.
Even so, the catering company had to approve both companies, so the final decision always rests with him. The second reason that makes me find this purchase very interesting is the company's current market position. Until very recently, with the rise of artificial intelligence models like GPT chat, many people questioned the future of traditional web search .
We reached a point where the company's overall results no longer mattered. Everyone just wanted to know if revenue from advertising and search results had increased or decreased. If it hadn't increased, the company's stock would have started to fall immediately, and it would have been the end of the world because Google would have ceased to exist, the end of traditional web search, etc.
In my opinion, Alfabet or Google is, without a doubt, an excellent company. They dominate online search with almost 90% market share, control Android, own YouTube, as I mentioned, and continue to expand into areas such as cloud computing, artificial intelligence, and autonomous vehicles. It's an absurdly scalable business, with extremely high margins and a predisposition for generating cash flow, like few companies in the world have.
Even so, at current prices, and personally, I no longer find Alpabet as appealing or as attractive a price point for investment as it was a few months ago. The ninth largest company in the Berkshy Hatway group is Craft Times Sticker KHC. One of the oldest and at the same time most controversial positions in the recent history of Berkshire Hathaway.
The acquisition of the company was an investment made in partnership with the 3G fund and one of the largest deals ever in the history of the food sector. The idea from Buffet and the other executives was quite interesting. They wanted to merge two historic brands, cut costs, increase margins, and transform the company into a cash-flow machine.
Since most of the companies are part of BKSHi's own portfolio , the reality turned out to be much more difficult, as Craft Times spent years stagnant in the market. Constantly losing relevance, the brands weakened, the portfolio became far less competitive, and the aggressive plan to cut costs in an attempt to increase margins ended up taking away some of the leeway the company had to try to grow.
To give you a bit of a sense of things, since its all-time highs in 2017, the company has already fallen, or has fallen, by more than 80%. To this day, this is one of those BKSHy investments that people most often point to as a failure. Even so, we can still learn a lesson or find something valuable in this experience with the Buffet.
He didn't invest in the company unless, at the slightest sign that things weren't going as expected, he sold everything. He invested in the company as a shareholder. And as a shareholder, when the company has problems, he tries to solve them. It's a completely different mindset from that of most investors.
Despite their operational shortcomings in recent years, they remain giants in the food industry. They are not, and never were, the best company in Buffett's portfolio, but they remain an important holding and show most people that not all investments perform well during the first 10 or 20 years. The eighth company on the list is CHub, with the ticker CB, one of the world's largest insurance companies and one of the newest and most interesting positions in Buffett's portfolio.
And here we are already talking about the total comfort zone of the biggest investor of all time, which are the insurance companies. And we're almost certain it was an investment made by Achub itself. It's not one of those positions that gets immense buzz around the world, but it's one of BKSH's most profitable and fits perfectly with the company's investment philosophy.
It is a solid company, extremely well managed, and with an impressive track record of profitability over the last few decades. We only need to look at the chart showing its price to confirm this information. Furthermore, as we have seen, it is part of one of those sectors, or even the same sector, that the catering company knows best.
I can honestly say that I really like this company, and if one day it were to fall and its dividend would hit 2.5%, I might invest in it. The seventh company on the list is Moodies, with the ticker MCO, one of the oldest companies in Berkshine's portfolio. Those who are starting to invest look at this name and have no idea of the size of this company.
Mud is one of the giants of the financial sector. They completely dominate the credit ratings market, which is absolutely essential for governments, banks, and large companies whenever they want to issue debt. Buffett has been investing in this company for years and has always loved its business model, given its very high margins and immense competitive advantage, as these types of companies are almost oligopolies.
It is virtually impossible to replicate your business model in a new company that is just starting out. There are very few companies in the world with this business model. The barrier to entry is enormous. For BKSY, similar to Chub, Moodies is another one of those well- rounded soft companies that few people talk about, but which generates consistent results year after year and makes Berkshire's portfolio outperform the average performance of the S&P 500.
Now we will have the only two companies that will be presented together: Occidental Petroleum with the ticker Oxy and Chevron with the ticker CVX. It makes much more sense to combine them, since they belong to the same sector and represent very well Buffett's vision for the future of energy companies.
Occidental Petroleum is a riskier investment. Buffett holds a huge position and has a very close relationship with the company's current CEO. He has admitted several times in public that he greatly admires her and the way she is managing the company with a total focus on shareholder return, as well as the ability she demonstrated in turning the business around when many experts considered Occidental to be a bankrupt company.
It's a more aggressive and volatile investment, but one that Buffett strongly believes in the future of energy, largely due to the competitive advantages the company may have over its competitors in the coming years. Chevron is the opposite: a super solid, consolidated, stable, predictable company with a dividend history spanning decades.
It's a company that generates profit even in difficult cycles, has assets spread throughout the world, and represents the more classic part of Buffett's portfolio. The most interesting thing here is that the caterer didn't choose one or the other; they chose both. This makes perfect sense because, despite being companies in the same sector, they are quite different and we could even say that they complement each other in some ways.
If, after a thorough analysis, you wish to start investing in any of these or any of the other various companies in Buffett's portfolio that we will see, you can do so through our partners at Trad Republic, a regulated and secure bank and super-broker with a banking license from the ECB, where commissions are quite fair for the type of service provided, €1 on the purchase and sale of any of the types of assets available at Trad Republic, because yes, at Trad Republic you can start investing in stocks, ETFs, READs, cryptocurrencies and even bonds.
As if that weren't enough, you can also access a bank card that gives you 1% saveback, meaning 1% of all the money you spend with the card is returned to you to invest, up to €15 per month. Then, the money that remains idle in your account continues to accrue interest at a variable nominal interest rate (TNB) based on Euribard.
It's currently at 2%, but until a few months ago it was at four. It varies. If you liked what you heard and are looking for a broker or bank to start investing, you can create your account or install the Trade Republic app through the first link in the description or pinned comment. Now, let's move on to the largest and most iconic companies in Berkshine's portfolio.
We begin with Coca-Cola Ticker KO, quite possibly the most emblematic position in Buffett's entire portfolio and the company that everyone associated with it. Buffett has been investing in Coca-Cola stock since the late 1980s and continues to hold it to this day. It is perhaps the greatest living example of the B and Old philosophy: buying and holding quality companies.
Coca-Cola is one of those businesses that simply doesn't need much explanation because everyone knows it. The name people give to the product, Coca-Cola, is the brand name. The margins are interesting, not incredible, because the company is already quite large and still has a unique ability to increase the value of the product in line with inflation without losing customers, because, as I said, it's one of the companies with the strongest brand moe in the world.
Everyone knows Coca-Cola. People say they want to drink a Coca-Cola. No matter what brand it is, it will always be Coca-Cola. Today, the stake is worth dozens of times Berkshire's initial investment, and the company receives millions of euros in dividends every year, even more annually than their initial investment.
Let's be honest, this is absurd right now. Given its current situation, company size, etc., it is much more focused on continuing to maintain good growth margins and rewarding shareholders well. To kick off the top 3, we have Bank of America with the ticker BC, Buffett's favorite bank and for many years the largest holding in the banking sector within the BKSI.
Again, this is not one of those cases where Buffett invests in the company solely because of the numbers. Naturally, super investors have a strong network of contacts and are just a phone call away from the biggest CEOs of publicly traded companies. In the case of Bank of America, as is obvious, Buffett also looked at the company's numbers and the bank's strengths, but he invested in the company largely because of the confidence he has in its management.
He adores CEO Brian Meinhan and has said so publicly several times regarding the business itself. Bank of America is one of the largest banks in America. Extremely solid, with millions of customers, strong margins, and a business model that is quite simple to understand. And let's be honest, it's the best business model in the world.
For Buffett, the investment in Bank of America is just another piece of the puzzle. And creating a good investment portfolio largely depends on this philosophy. All the companies we choose have to make sense and complement each other in some way. It's rare to see a major investor with two extremely similar companies that represent a large portion of their portfolio.
We can point to the case of Buffett himself, who has shares in both Visa and Mastercard in his portfolio, but even so, these are completely irrelevant positions compared to the company we are going to see next. This company is American Express Sticker AXP. One of the oldest and most popular positions at the buffet.
Modesty aside, it's also my favorite by far. The acquisition of American Express was an investment in a great opportunity, very likely one of, if not the riskiest, purchases in Aaron Buffett's history. At the time, he invested a large percentage of his money in the company, even though many were saying its days were numbered.
It's funny because even though he tends to be against investing in turnarounds, Buffett makes a lot of money in these kinds of situations, which leads us to believe that there are turnarounds and turnarounds. They are not all the same, so we cannot generically define them as good or bad investments.
Going back to American Express, the company has a model that completely differentiates it from its competitors, Visa and Mastercard. Almost everyone with serious money wants an American Express card. And they really focus on that type of consumer and on companies with greater financial power. Once again, margins are high, the customer base is quite solid, they are far from being the best company in the world once again, but they are a company like Buffat Gosta, well-rounded, that generates a lot of money.
Burkshy's largest holding remains Apple with the ticker AAPL, although it is no longer the huge slice it once occupied in a large part of the company's portfolio . Over the past two years, Buffett has been steadily reducing its stake. In fact, the last sale was announced very recently, and they reduced it by another 15%.
Today, Apple represents 22/23% of Berkshire's total portfolio, only 4 or 5% more than American Express, which clearly shows that they no longer want their portfolio to depend so heavily on a single company as it has in recent years. Whether we like it or not, the truth is that it's highly unlikely Apple will be able to continue delivering the average returns it has delivered over the last 10 or 20 years.
Even so, the company remains one of the most impressive investments of Buffett's career. M is undeniable; it has an extremely predictable business, once again, high margins, enormous cash generation, and we ca n't fail to mention the absurd ROIK that the company has, even with its current size. For those who know how to invest or simply enjoy investing, this portfolio is a true work of art.
This is the last portfolio of the greatest investor in history, who, unfortunately, is about to leave us. It's Warren Buffett's legacy, and few people know how to appreciate it. Of course, Berkshire's portfolio has undergone several changes in recent years, as Buffett and the Manger have grown older and have had to delegate extremely important or almost mandatory tasks.
But this is not a bad thing. This means the company has been preparing for this moment for years. Charlie Manger has already passed away, and unfortunately, the truth is that Aaron Buffett isn't exactly young anymore. At the same time that all this is happening, we see Bkshiy with record cash balances, something that usually happens when we are about to enter a crisis.
My honest opinion, if I had to guess, is that Buffat's last wish, or one of his last great wishes, is that he is still alive when this reaction happens, so he can invest heavily and make his last big moves. From 2026 onwards, he will no longer be leading the company, but rather Greg, who is the new CEO.
However, Buffett will remain with the company as chairman of the board and has already said that, as far as he's concerned, he'll continue going to the office every day to continue analyzing, finding, and investing in great companies. which is inspiring, to say the least. Many people are hesitant about Greg, but in my opinion there's no reason to worry, especially since it was Aaron Buffett's choice.
Who are we to doubt the choice of the greatest investor in history? So, let's see how things go from here . For now, everything indicates that Berkshy's philosophy will remain the same. Invest only in good businesses, well-evaluated, and at the right time. It's unfair to compare Greg or any other director who comes after Buffett because they're always going to be worse, there's no way around it .
I might even go further and say that it is highly unlikely that we will ever have an investor as iconic and legendary as Buffett. He 's not, and never was, the best, he admits it, but he's the greatest because he applied a successful strategy with more consistency. He did what needed to be done for a longer period than anyone else has ever done before.
We are all very privileged to be alive and able to witness Buffet's legacy while he is still alive. In his final letter to shareholders as CEO, Buffat said he had done his best for over 80 years and that he hopes Berkshire Hathaway will continue to serve its shareholders as it has done over the past decades with honesty and good returns.
It's a gentle farewell, the kind only someone with a well-organized and structured life can pull off. If you enjoyed the video, don't forget to like it and subscribe to the channel. You'll find all the important links mentioned throughout the video below in the description. It's worth highlighting AS Club, which is the largest investor community in Portugal with over 6,000 active members and cross-border activity.
This year, it will change the way you invest. If you want to stay in my company, click on the video that's playing on eCrab now, I'm sure you'll love it. Here is my tribute to the greatest investor in history. Thank you, Warren Buffett. That's all from me. My name is Afonso Santos, and I'll see you next week.
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