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2022-02-15

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The "lover" of the stock god: After staying together for six years, where did Buffett fall in love with Apple?

入股苹果，巴菲特大赚1341亿美元。

The "lover" of the stock god: After staying together for six years, where did Buffett fall in love with Apple?

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":9095828707,"tweetId":"9095828707","gmtCreate":1644884039503,"gmtModify":1676533971310,"author":{"id":3586771609683476,"idStr":"3586771609683476","authorId":3586771609683476,"authorIdStr":"3586771609683476","name":"JackJiang","avatar":"https://static.tigerbbs.com/21d7e0d2a9c7ff66594d11d8cc825e95","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Good👍</body></html>","htmlText":"<html><head></head><body>Good👍</body></html>","text":"Good👍","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/9095828707","repostId":1143952641,"repostType":4,"repost":{"id":"1143952641","kind":"news","pubTimestamp":1644830183,"share":"https://ttm.financial/m/news/1143952641?lang=en_US&edition=fundamental","pubTime":"2022-02-14 17:16","market":"us","language":"zh","title":"The \"lover\" of the stock god: After staying together for six years, where did Buffett fall in love with Apple?","url":"https://stock-news.laohu8.com/highlight/detail?id=1143952641","media":"36氪财经","summary":"入股苹果，巴菲特大赚1341亿美元。","content":"<html><head></head><body>Author | Lin YulianFor decades, Buffett has long pampered the consumer and financial industries and is not keen on investing in technology stocks. However, since January 2016,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>This global head technology company has become Buffett's \"favorite\" and has now occupied Buffett's companies<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>42.73% position in the portfolio. From scoffing at technology stocks, to now spending the largest position to buy Apple, \"holding hands\" for six years, where did Buffett fall in love with Apple?Buffett is optimistic that most companies have moat characteristics and excellent management. In addition to product strength and management, Apple is unique in its strong consumption attributes as a technology stock, and its return on net assets has performed well for many consecutive years. As Apple's stock price has been rising all the way, Buffett has made a lot of money, and the investment income of US $134.1 billion in Apple has helped Berkshire withstand the negative impact of the epidemic.At present, Berkshire's market value has exceeded 700 billion US dollars. Against the background that the Federal Reserve's rate hike is expected to envelope the market, will this world's top insurance group, which has long operated under the \"investment + insurance\" model, become the fifth trillion-dollar company?Investing in Apple: Berkshire's Third Largest BusinessIn February 2020, Buffett admitted frankly in an interview with CNBC that Apple may be the best company in the world. It is not only a stock, but also Berkshire's third business. At the beginning of this year, Apple's stock price once rose to a record high of US $182.94 per share, becoming the world's first giant company to enter a market value of US $3 trillion, attracting market attention.As of February 11, Apple closed at US $168.64, with a total market value of US $2.75 trillion, exceeding the UK's total GDP of US $2.71 trillion in 2020, equivalent to 7.5 Maotai.<img src=\"https://static.tigerbbs.com/fc05273ee76ab1ecf41ca6859e0ddcd7\" tg-width=\"550\" tg-height=\"339\" referrerpolicy=\"no-referrer\"/>Among review's many investors with heavy positions in Apple, Buffet is undoubtedly the biggest winner. Buffett's purchase of Apple dates back to 2016, when his potential successors, investment managers Todd Combs and Ted Wesler, guided his funds to buy 9.81 million Apple shares. After receiving Buffett's approval, Berkshire began to lift Apple heavily.Since holding the position, Berkshire has also sold some Apple shares. In 2020, Apple's stock price was halved, and Buffett slightly lightened his position in the third quarter, earning $11 billion in revenue. As of January 3, 2022, Berkshire holds a total of 908 million Apple shares, with a shareholding ratio of 5.56%. Calculated based on the stock price of that day, the shareholding is worth 165.3 billion US dollars, minus the cumulative investment of 31.089 billion US dollars in 2020, which is a huge profit. More than 134.1 billion US dollars have aroused the envy of the market.<img src=\"https://static.tigerbbs.com/2b6123aa7605eb1074af7e2a93fafeb9\" tg-width=\"550\" tg-height=\"240\" referrerpolicy=\"no-referrer\"/>Data source: CNBC<img src=\"https://static.tigerbbs.com/236f8ead633b3024a9f008d243b983b1\" tg-width=\"550\" tg-height=\"84\" referrerpolicy=\"no-referrer\"/>Data source: company financial report;<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>chartingDue to the impact of the epidemic, Berkshire's two pillar businesses-insurance and railways-have been hit hard. Investing in Apple has helped the company successfully weather the impact of the new crown. In just one year in 2021, Apple's stock price soared 33%. Today, Apple is the company with the highest shareholding ratio in Berkshire's portfolio, with a position exceeding 40%. In 2021, Berkshire Hathaway shares rose 30%, slightly ahead of the S&P 500's 27% gain.<img src=\"https://static.tigerbbs.com/acd8a53bdd5ff0b54b22563a8a3a4de9\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\"/>Apple's cumulative total return in the past five years has outperformed the S&P 500 and Nasdaq indexes Data source: Apple earnings reportWhy is Buffett, who has always scoffed at technology stocks, willing to hold Apple for a long time? At the shareholder meeting in May 2021, Buffett revealed the core reason why he is optimistic about Apple, \"Apple is an extraordinary company, they have excellent management, and their products also have loyal fans around the world. Apple's brand and products are all very outstanding, and the profit margin is also very high. At the same time, mobile phones are an essential must-have in the lives of all young people.\"In addition, a company's ROE (return on net assets) of 20%-30% for a long time can be regarded as an excellent company, and only companies with an ROE of not less than 20% and steady growth can enter Buffett's investment scope. A closer look at Apple's financial indicators shows that Apple's ROE performance is equally amazing, exceeding 30% for five consecutive years and continuing to grow. For Buffett, who attaches great importance to ROE in stock selection, this undoubtedly greatly increases his bargaining chips.<img src=\"https://static.tigerbbs.com/8a29f13184edf57b9af5676e5d5dc18b\" tg-width=\"550\" tg-height=\"331\" referrerpolicy=\"no-referrer\"/>Data Source:<a href=\"https://laohu8.com/S/300033\">Straight flush</a>； 36 krypton drawingBuffett's investment strategy: firmly believe in value investingSince the 1950s, Buffett's name has resounded throughout the investment circle and become a legendary myth. In 2021, Buffett will be ranked No. 6 on the Forbes list with a net worth of $96 billion.Buffett has always advocated the concept of value investing. After the collapse of the U.S. stock market in 1929, value investing was first proposed by Graham, the godfather of Wall Street, in \"Securities Analysis\", which is the so-called \"picking up cigarette butts\": the remaining cigarette butts after being smoked are yellow and moldy, but if you can smoke A free sip is of supreme value. The core of value investing is that the margin of safety is high enough. Only by long-term holding on this basis can safe and stable returns be obtained.Buffett was attracted by his book \"The Smart Investor\" at the age of 19, and then went to Columbia University to become a student of Graham. He was influenced by Graham's investment philosophy throughout his life. Buffett's investment logic is also very clear: discover a valuable but undervalued company, and then hold a stake in that company for a long time. \"If you are not prepared to hold a stock for ten years, then don't hold it for even ten minutes.\"Buffett's position directly verifies the above statement. At the end of 2019, Berkshire owned seven stocks that had been held for more than 15 years, namely<a href=\"https://laohu8.com/S/WPO\">Washington Post</a>、<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>、<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>, Procter & Gamble,<a href=\"https://laohu8.com/S/AXP\">American Express</a>Company,<a href=\"https://laohu8.com/S/MCO\">Moody's</a>Company, GEICO Insurance. Among them, the Washington Post has been held for 41 years and GEICO insurance has been held for 44 years.In terms of industry choice, Buffett prefers traditional industries with stable competitive landscape such as finance, consumption, and public utilities; At the company level, Buffett values whether the company has a moat and excellent management, and whether it has advantages in terms of brand, product characteristics, and business model cost control. The so-called moat characteristics are embodied in large scale, sustained profitability, high ROE, low debt, and simple business.As of September 30, 2021, the third quarter position report (13F), Berkshire's top five holdings are Apple,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>American Express, Coca-Cola,<a href=\"https://laohu8.com/S/KHC\">Kraft Heinz</a>, accounting for 42.78%, 14.61%, 8.65%, 7.15%, and 4.09% of the investment portfolio respectively.Berkshire: The Next Trillion-Dollar Company?As the world's top insurance group, Berkshire's predecessor can be traced back to the Valley Falls Company established in Valley Falls, Rhode Island in 1939. Valley Falls merged with other companies again and again over the years of development, and eventually became a textile factory with 15 factories and more than 12,000 workers. It was the early Berkshire Hathaway. By the end of the 20th century, with the successive closures of its factories and layoffs, Berkshire was on the verge of bankruptcy.In 1965, Buffett began to take the helm of Berkshire, began to invest in secondary market stocks and participate in real companies, and continued to outperform the U.S. stock market. Its subsidiaries involve insurance, railways, energy, manufacturing and other industries.In 2021, Berkshire will rank 11th among the Fortune Global 500 with operating income of US $245.51 billion and profit of US $42.52 billion. As of the close on February 11, Berkshire quoted US $479,400 per share, with a market value of US $713.745 billion, a cumulative increase of 6.37% since the year, outperforming the S&P 500 (-7.29%).Since the beginning of the year, the market has been wailing. Under the expectation of tightening monetary policy in the United States, technology stocks are under pressure, and value stocks may benefit. In this context, Berkshire, which has always insisted on value investing, is expected to follow Apple,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>After that, it will become the next trillion-dollar market capitalization company.For this slightly radical judgment, Berkshire's insurance + investment operation model has huge advantages. For many years, the public has mostly focused on Buffett's investment side, but has not mentioned much about his debt side. In fact, the close cooperation between the two established Buffett's unique investment style.On the liability side, first of all, Berkshire's source of funds is mainly non-life insurance premiums. Many of its insurance companies can not only obtain continuous premium income, but also have a comprehensive cost ratio that is much lower than that of their peers, and they can even obtain some zero-cost or even negative-cost funds.Secondly, as an insurance group mainly engaged in non-life insurance, many of Berkshire's non-life insurance products have a duration of within one year, and the capital occupation for compensation is superimposed. Berkshire needs to retain a large amount of cash position to deal with the above situation. Moreover, the asset management strategy of maintaining high liquidity will directly affect the decision-making of the investment side.<img src=\"https://static.tigerbbs.com/48cd1d3a0fe094c6d543c05865cf0abb\" tg-width=\"550\" tg-height=\"347\" referrerpolicy=\"no-referrer\"/>Data source: Straight Flush; 36 krypton drawingFor the sake of premium safety, Berkshire's investment style is more stable. In addition to having higher requirements for asset-liability matching and risk-return, it also strictly controls financial leverage. Its leverage ratio is far lower than that of American property insurance and life insurance. industry-wide level.In terms of investment style, based on the characteristics of its own debt side, Berkshire has always adhered to the principles of value investment such as moat and margin of safety, and avoided technology stocks with higher valuations.On the other hand, the macro background may have little impact on Berkshire. As the Federal Reserve hinted at the beginning of the year that it would rate hike in March, the obviously hawkish stance and the soaring U.S. bond yields, the market sold high-valued stocks one after another and turned to value-defensive stocks to hedge. Berkshire, which is known for its steady style, bucked the trend and was popular with the market.Taking examples as evidence, since the beginning of this year, Cathie Wood, a wooden sister who is optimistic about technology stocks and is known as the \"female version of Buffett\", has suffered from Waterloo. In the turmoil at the beginning of the year, Buffett is still sitting firmly on the Diaoyutai. Previously, Sister Wood owned six<a href=\"https://laohu8.com/S/C76.SI\">Innovation and Technology</a>ARKK funds once far exceeded the broader market, and ARKK has also performed well since the epidemic. However, with changes in macro liquidity, the performance gap between Berkshire and Ark Innovation ETF has narrowed to only 8 percentage points.<img src=\"https://static.tigerbbs.com/f26e36f3ba79a62693b4917318f8eb90\" tg-width=\"550\" tg-height=\"335\" referrerpolicy=\"no-referrer\"/>Data Source Financial TimesAt current valuation levels, it will take time for Berkshire to become the next trillion-dollar company. On January 25, Berkshire claimed it expected to host its 2022 annual shareholder meeting live and webcast on April 30. Affected by the epidemic, Berkshire has completed two consecutive shareholder meetings online. The meeting will reveal the relevant contents of the 2021 annual report, which will be released on February 26.</body></html>","source":"36k","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The \"lover\" of the stock god: After staying together for six years, where did Buffett fall in love with Apple?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe \"lover\" of the stock god: After staying together for six years, where did Buffett fall in love with Apple?\n</h2>\n<h4 class=\"meta\">\n\n36氪财经2022-02-14 17:16\n\n</h4>\n</header>\n<article>\n<html><head></head><body>Author | Lin YulianFor decades, Buffett has long pampered the consumer and financial industries and is not keen on investing in technology stocks. However, since January 2016,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>This global head technology company has become Buffett's \"favorite\" and has now occupied Buffett's companies<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>42.73% position in the portfolio. From scoffing at technology stocks, to now spending the largest position to buy Apple, \"holding hands\" for six years, where did Buffett fall in love with Apple?Buffett is optimistic that most companies have moat characteristics and excellent management. In addition to product strength and management, Apple is unique in its strong consumption attributes as a technology stock, and its return on net assets has performed well for many consecutive years. As Apple's stock price has been rising all the way, Buffett has made a lot of money, and the investment income of US $134.1 billion in Apple has helped Berkshire withstand the negative impact of the epidemic.At present, Berkshire's market value has exceeded 700 billion US dollars. Against the background that the Federal Reserve's rate hike is expected to envelope the market, will this world's top insurance group, which has long operated under the \"investment + insurance\" model, become the fifth trillion-dollar company?Investing in Apple: Berkshire's Third Largest BusinessIn February 2020, Buffett admitted frankly in an interview with CNBC that Apple may be the best company in the world. It is not only a stock, but also Berkshire's third business. At the beginning of this year, Apple's stock price once rose to a record high of US $182.94 per share, becoming the world's first giant company to enter a market value of US $3 trillion, attracting market attention.As of February 11, Apple closed at US $168.64, with a total market value of US $2.75 trillion, exceeding the UK's total GDP of US $2.71 trillion in 2020, equivalent to 7.5 Maotai.<img src=\"https://static.tigerbbs.com/fc05273ee76ab1ecf41ca6859e0ddcd7\" tg-width=\"550\" tg-height=\"339\" referrerpolicy=\"no-referrer\"/>Among review's many investors with heavy positions in Apple, Buffet is undoubtedly the biggest winner. Buffett's purchase of Apple dates back to 2016, when his potential successors, investment managers Todd Combs and Ted Wesler, guided his funds to buy 9.81 million Apple shares. After receiving Buffett's approval, Berkshire began to lift Apple heavily.Since holding the position, Berkshire has also sold some Apple shares. In 2020, Apple's stock price was halved, and Buffett slightly lightened his position in the third quarter, earning $11 billion in revenue. As of January 3, 2022, Berkshire holds a total of 908 million Apple shares, with a shareholding ratio of 5.56%. Calculated based on the stock price of that day, the shareholding is worth 165.3 billion US dollars, minus the cumulative investment of 31.089 billion US dollars in 2020, which is a huge profit. More than 134.1 billion US dollars have aroused the envy of the market.<img src=\"https://static.tigerbbs.com/2b6123aa7605eb1074af7e2a93fafeb9\" tg-width=\"550\" tg-height=\"240\" referrerpolicy=\"no-referrer\"/>Data source: CNBC<img src=\"https://static.tigerbbs.com/236f8ead633b3024a9f008d243b983b1\" tg-width=\"550\" tg-height=\"84\" referrerpolicy=\"no-referrer\"/>Data source: company financial report;<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>chartingDue to the impact of the epidemic, Berkshire's two pillar businesses-insurance and railways-have been hit hard. Investing in Apple has helped the company successfully weather the impact of the new crown. In just one year in 2021, Apple's stock price soared 33%. Today, Apple is the company with the highest shareholding ratio in Berkshire's portfolio, with a position exceeding 40%. In 2021, Berkshire Hathaway shares rose 30%, slightly ahead of the S&P 500's 27% gain.<img src=\"https://static.tigerbbs.com/acd8a53bdd5ff0b54b22563a8a3a4de9\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\"/>Apple's cumulative total return in the past five years has outperformed the S&P 500 and Nasdaq indexes Data source: Apple earnings reportWhy is Buffett, who has always scoffed at technology stocks, willing to hold Apple for a long time? At the shareholder meeting in May 2021, Buffett revealed the core reason why he is optimistic about Apple, \"Apple is an extraordinary company, they have excellent management, and their products also have loyal fans around the world. Apple's brand and products are all very outstanding, and the profit margin is also very high. At the same time, mobile phones are an essential must-have in the lives of all young people.\"In addition, a company's ROE (return on net assets) of 20%-30% for a long time can be regarded as an excellent company, and only companies with an ROE of not less than 20% and steady growth can enter Buffett's investment scope. A closer look at Apple's financial indicators shows that Apple's ROE performance is equally amazing, exceeding 30% for five consecutive years and continuing to grow. For Buffett, who attaches great importance to ROE in stock selection, this undoubtedly greatly increases his bargaining chips.<img src=\"https://static.tigerbbs.com/8a29f13184edf57b9af5676e5d5dc18b\" tg-width=\"550\" tg-height=\"331\" referrerpolicy=\"no-referrer\"/>Data Source:<a href=\"https://laohu8.com/S/300033\">Straight flush</a>； 36 krypton drawingBuffett's investment strategy: firmly believe in value investingSince the 1950s, Buffett's name has resounded throughout the investment circle and become a legendary myth. In 2021, Buffett will be ranked No. 6 on the Forbes list with a net worth of $96 billion.Buffett has always advocated the concept of value investing. After the collapse of the U.S. stock market in 1929, value investing was first proposed by Graham, the godfather of Wall Street, in \"Securities Analysis\", which is the so-called \"picking up cigarette butts\": the remaining cigarette butts after being smoked are yellow and moldy, but if you can smoke A free sip is of supreme value. The core of value investing is that the margin of safety is high enough. Only by long-term holding on this basis can safe and stable returns be obtained.Buffett was attracted by his book \"The Smart Investor\" at the age of 19, and then went to Columbia University to become a student of Graham. He was influenced by Graham's investment philosophy throughout his life. Buffett's investment logic is also very clear: discover a valuable but undervalued company, and then hold a stake in that company for a long time. \"If you are not prepared to hold a stock for ten years, then don't hold it for even ten minutes.\"Buffett's position directly verifies the above statement. At the end of 2019, Berkshire owned seven stocks that had been held for more than 15 years, namely<a href=\"https://laohu8.com/S/WPO\">Washington Post</a>、<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>、<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>, Procter & Gamble,<a href=\"https://laohu8.com/S/AXP\">American Express</a>Company,<a href=\"https://laohu8.com/S/MCO\">Moody's</a>Company, GEICO Insurance. Among them, the Washington Post has been held for 41 years and GEICO insurance has been held for 44 years.In terms of industry choice, Buffett prefers traditional industries with stable competitive landscape such as finance, consumption, and public utilities; At the company level, Buffett values whether the company has a moat and excellent management, and whether it has advantages in terms of brand, product characteristics, and business model cost control. The so-called moat characteristics are embodied in large scale, sustained profitability, high ROE, low debt, and simple business.As of September 30, 2021, the third quarter position report (13F), Berkshire's top five holdings are Apple,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>American Express, Coca-Cola,<a href=\"https://laohu8.com/S/KHC\">Kraft Heinz</a>, accounting for 42.78%, 14.61%, 8.65%, 7.15%, and 4.09% of the investment portfolio respectively.Berkshire: The Next Trillion-Dollar Company?As the world's top insurance group, Berkshire's predecessor can be traced back to the Valley Falls Company established in Valley Falls, Rhode Island in 1939. Valley Falls merged with other companies again and again over the years of development, and eventually became a textile factory with 15 factories and more than 12,000 workers. It was the early Berkshire Hathaway. By the end of the 20th century, with the successive closures of its factories and layoffs, Berkshire was on the verge of bankruptcy.In 1965, Buffett began to take the helm of Berkshire, began to invest in secondary market stocks and participate in real companies, and continued to outperform the U.S. stock market. Its subsidiaries involve insurance, railways, energy, manufacturing and other industries.In 2021, Berkshire will rank 11th among the Fortune Global 500 with operating income of US $245.51 billion and profit of US $42.52 billion. As of the close on February 11, Berkshire quoted US $479,400 per share, with a market value of US $713.745 billion, a cumulative increase of 6.37% since the year, outperforming the S&P 500 (-7.29%).Since the beginning of the year, the market has been wailing. Under the expectation of tightening monetary policy in the United States, technology stocks are under pressure, and value stocks may benefit. In this context, Berkshire, which has always insisted on value investing, is expected to follow Apple,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>After that, it will become the next trillion-dollar market capitalization company.For this slightly radical judgment, Berkshire's insurance + investment operation model has huge advantages. For many years, the public has mostly focused on Buffett's investment side, but has not mentioned much about his debt side. In fact, the close cooperation between the two established Buffett's unique investment style.On the liability side, first of all, Berkshire's source of funds is mainly non-life insurance premiums. Many of its insurance companies can not only obtain continuous premium income, but also have a comprehensive cost ratio that is much lower than that of their peers, and they can even obtain some zero-cost or even negative-cost funds.Secondly, as an insurance group mainly engaged in non-life insurance, many of Berkshire's non-life insurance products have a duration of within one year, and the capital occupation for compensation is superimposed. Berkshire needs to retain a large amount of cash position to deal with the above situation. Moreover, the asset management strategy of maintaining high liquidity will directly affect the decision-making of the investment side.<img src=\"https://static.tigerbbs.com/48cd1d3a0fe094c6d543c05865cf0abb\" tg-width=\"550\" tg-height=\"347\" referrerpolicy=\"no-referrer\"/>Data source: Straight Flush; 36 krypton drawingFor the sake of premium safety, Berkshire's investment style is more stable. In addition to having higher requirements for asset-liability matching and risk-return, it also strictly controls financial leverage. Its leverage ratio is far lower than that of American property insurance and life insurance. industry-wide level.In terms of investment style, based on the characteristics of its own debt side, Berkshire has always adhered to the principles of value investment such as moat and margin of safety, and avoided technology stocks with higher valuations.On the other hand, the macro background may have little impact on Berkshire. As the Federal Reserve hinted at the beginning of the year that it would rate hike in March, the obviously hawkish stance and the soaring U.S. bond yields, the market sold high-valued stocks one after another and turned to value-defensive stocks to hedge. Berkshire, which is known for its steady style, bucked the trend and was popular with the market.Taking examples as evidence, since the beginning of this year, Cathie Wood, a wooden sister who is optimistic about technology stocks and is known as the \"female version of Buffett\", has suffered from Waterloo. In the turmoil at the beginning of the year, Buffett is still sitting firmly on the Diaoyutai. Previously, Sister Wood owned six<a href=\"https://laohu8.com/S/C76.SI\">Innovation and Technology</a>ARKK funds once far exceeded the broader market, and ARKK has also performed well since the epidemic. However, with changes in macro liquidity, the performance gap between Berkshire and Ark Innovation ETF has narrowed to only 8 percentage points.<img src=\"https://static.tigerbbs.com/f26e36f3ba79a62693b4917318f8eb90\" tg-width=\"550\" tg-height=\"335\" referrerpolicy=\"no-referrer\"/>Data Source Financial TimesAt current valuation levels, it will take time for Berkshire to become the next trillion-dollar company. On January 25, Berkshire claimed it expected to host its 2022 annual shareholder meeting live and webcast on April 30. Affected by the epidemic, Berkshire has completed two consecutive shareholder meetings online. The meeting will reveal the relevant contents of the 2021 annual report, which will be released on February 26.</body></html>\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://mp.weixin.qq.com/s/td4Tf0RDcVBGqfZO5CP2qQ\">36氪财经</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9beffeecb928009bf6287e307899ffe3","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔","AAPL":"苹果"},"source_url":"https://mp.weixin.qq.com/s/td4Tf0RDcVBGqfZO5CP2qQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143952641","content_text":"作者 | 林玉莲几十年来，巴菲特长期宠爱消费和金融行业，并不热衷于投资科技股。然而自2016年1月以来，苹果这一全球头部科技公司成为巴菲特的“心头好”，目前已占据巴菲特旗下公司伯克希尔投资组合42.73%的仓位。从对科技股嗤之以鼻，到现在花最大仓位买入苹果，“执手”六年，巴菲特到底爱上了苹果哪里？巴菲特看好企业大都具有护城河特征，以及拥有卓越的管理层。除开产品力、管理层，苹果的独特之处在于作为科技股却有着浓厚的消费属性，以及净资产收益率连续多年表现卓越。随着苹果股价一路走高，巴菲特赚得盆满钵地，1341亿美元对苹果的投资收益帮助伯克希尔扛住了来自疫情的负面影响。当下，伯克希尔的市值已经超过7000亿美元，在美联储加息预期笼罩市场的背景下，这家长期以“投资+保险”模式运作的世界顶级保险集团会成为第五个万亿美元公司吗？投资苹果：伯克希尔第三大业务2020年2月，巴菲特曾在CNBC采访中坦言，苹果可能是世界上最好的企业，它不仅是一只股票，更是伯克希尔的第三项业务。今年年初，苹果股价一度涨至历史新高182.94美元/股，成为全球首家迈入三万亿美元市值的巨头公司，引发市场关注。截至2月11日，苹果报收168.64美元，总市值2.75万亿美元，超过英国2020年GDP总值2.71万亿美元，相当于个7.5个茅台。复盘重仓苹果的众多投资人，巴菲特无疑是最大赢家。巴菲特买入苹果的历程还要回溯到2016年，其潜在接班人投资经理托德·库姆斯和泰德·韦斯勒，指导旗下基金买入了981万股苹果股票。在得到巴菲特批准后，伯克希尔开始大举重仓苹果。持仓以来，伯克希尔也曾出售部分苹果的股票。2020年，苹果股价腰斩，巴菲特在第三季度略微减仓，获得了110亿美元的收入。截至2022年1月3日，伯克希尔累计持有9.08亿苹果股票，持股比例5.56%，按当日股价计算，持股价值1653亿美元，减去2020年累计投入310.89亿美元，大赚1341亿美元有余，惹得市场羡艳。数据来源：CNBC数据来源：公司财报；36氪制图由于疫情的影响，伯克希尔两项支柱业务——保险和铁路均受到了巨大的打击，投资苹果帮助该公司顺利度过了新冠冲击。在2021年仅仅一年的时间内，苹果股价飙升33%，时至今日，苹果是伯克希尔投资组合中持股比例最高的公司，其仓位超40%。2021年，伯克希尔哈撒韦股价上涨30%，略高于标普500指数27%的涨幅。苹果近五年累计总回报跑赢标普500和纳斯达克指数 　　数据来源：苹果财报一向对科技股嗤之以鼻的巴菲特为何愿意长期持有苹果？在2021年5月的股东大会上，巴菲特透露了看好苹果的核心原因，“苹果是一个非凡的公司，他们有优秀的管理层，他们的产品在全球范围也有忠实的粉丝，苹果的品牌和产品都非常杰出，利润率也非常高。同时手机在所有年轻人生活中都是必不可少的必备品。”此外，一家企业ROE（净资产收益率）较长时间处于20%-30%可算作优秀企业，而ROE不低于20%且能够稳定增长的企业才能进入巴菲特的投资范围。仔细查看苹果财务指标可以发现，苹果的ROE表现同样惊人，连续五年都超过了30%且持续增长，对选股极其看重ROE的巴菲特而言，这无疑是大大加重了筹码。数据来源：同花顺；36氪制图巴菲特投资策略：坚信价值投资自上世纪50年代以来，巴菲特的名号就响彻了投资圈，成为具有传奇色彩的神话。2021年，巴菲特凭借960亿美元的身价登上福布斯排行榜第6位。一直以来，巴菲特倡导价值投资理念。1929年美股大崩溃后，价值投资由华尔街教父格雷厄姆在《证券分析》中被首次提出，即所谓的“捡烟蒂”：被人抽剩下的烟蒂泛黄又发霉，但若是能抽上免费的一口，便有无上的价值。价值投资的内核是安全边际足够高，在此基础上长期持有才能获得安全而稳定的收益。巴菲特在19岁时被其著作《聪明的投资者》吸引，之后前往哥伦比亚大学成为格雷厄姆的学生，一生受到格雷厄姆投资理念的影响。巴菲特的投资逻辑也非常清楚：发现有价值但被低估的公司，然后长期持有该公司的股份。“如果你没有持有一种股票十年的准备，那么连十分钟都不要持有这种股票”。巴菲特的持仓直接验证了以上说法。截至2019年底，伯克希尔拥有7只持有时间超过15年的股票，分别为华盛顿邮报、可口可乐、富国银行、宝洁公司、美国运通公司、穆迪公司、 GEICO保险。其中对华盛顿邮报的持有时间长达41年，对GEICO保险持有时间长达44年。在行业选择上，巴菲特倾偏好金融、消费、公用事业等竞争格局稳定的传统行业；在公司层面，巴菲特看重企业是否具有护城河和出色的管理层，是否在品牌、产品特性、商业模式成本控制等方面具有优势。所谓护城河特征，具体表现在规模大、持续盈利、ROE高且负债少、业务简单。截至2021年9月30日的第三季度持仓报告(13F)，伯克希尔前五大重仓股分别为苹果、美国银行、美国通运、可口可乐、卡夫亨氏，分别占去投资组合的42.78%、14.61%、8.65%、7.15%、4.09%。伯克希尔：下一个万亿级美元公司？伯克希尔作为世界顶级的保险集团，其前身可追溯到1939年在罗德岛谷瀑布市成立的谷瀑布公司，谷瀑布在多年的发展中和其他公司一次次合并，最终成为一家有着15家工厂和超过12000名工人的纺织厂，它就是早期的伯克希尔·哈撒韦。到二十世纪末，伴随着旗下工厂接连关闭和裁员风波，伯克希尔濒临倒闭。1965年，巴菲特开始掌舵伯克希尔，开始进行二级市场股票投资并参股实体企业，持续跑赢美股大盘，旗下子公司涉及保险、铁路、能源、制造业等多个行业。2021年，伯克希尔以2455.1亿美元的营业收入和425.2亿美元的利润位列《财富》世界500强第11位。截至2月11日收盘，伯克希尔报47.94万美元/股，市值达7137.45亿美元，年内以来累计上涨6.37%，跑赢标普500（-7.29%）。年初以来，市场一片哀嚎，在美国收紧货币政策预期下，科技股承压，价值股或将受益。在这样的时代背景下，一直坚持价值投资的伯克希尔有望继苹果、微软、亚马逊、特斯拉之后，成为下一个万亿级美元市值公司。对于这个略显激进的判断，伯克希尔保险+投资运作模式优势巨大。多年以来，大众关注巴菲特大都着眼于投资端，而对其负债端却没有太多提及。实际上，二者之间的紧密配合才确立了巴菲特独到的投资风格。在负债端，首先伯克希尔的资金来源主要是非寿险保费，旗下多家保险公司不仅能获得持续的保费收入，而且综合成本率也远低于同行，甚至还能获得部分零成本乃至负成本的资金。其次，伯克希尔作为一家主营非寿险的保险集团，其不少非寿险产品的久期都在一年内，再叠加用于赔付的资金占用，伯克希尔需要保留大量的现金头寸来应对上述局面。而且，保持高流动性的资产管理策略也会直接影响到投资端的决策。数据来源：同花顺；36氪制图出于对保费安全的考量，伯克希尔的投资风格更偏稳健，除了对资产负债匹配、风险收益有较高要求外，还严格控制财务杠杆，其杠杆倍数远低于美国财险、寿险的全行业水平。在投资风格方面，伯克希尔基于自身负债端的特点，始终坚守护城河与安全边际、回避估值较高的科技股等价值投资原则。另一方面，宏观大背景或许对伯克希尔的影响不大。随着年初美联储暗示3月将加息，明显偏鹰的表态加上美债收益率飙升，市场纷纷抛售高估值股票，转向价值防御型股票避险，以稳健风格著称的伯克希尔则逆势受到市场热捧。以实例为证，今年以来，看好科技股、有着“女版巴菲特”之称的木头姐凯西·伍德(Cathie Wood)遭遇滑铁卢，在年初的动荡中，巴菲特依然稳坐钓鱼台。此前木头姐旗下六只创新科技型基金一度远超大盘，ARKK自疫情以来也表现卓越，但随着宏观流动性发生变化，伯克希尔公司与方舟创新ETF之间的业绩差距缩小至仅8个百分点。数据来源：Financial Times以目前的估值水平，伯克希尔是否会成为下一个万亿美元公司尚需时日。1月25日，伯克希尔声称预计于4月30日现场举办2022年度股东大会并进行网络直播。受疫情的影响，伯克希尔已经连续两届股东大会都在线上完成。此次会议将透露2021年度报告相关内容，此报告将于2月26日发布。","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1957,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}