| [: Ʒ Ư ũ(valuewalk.com) 9 3 Դϴ.]
* ó: DIVIDEND GROWTH INVESTOR(www.dividendgrowthinvestor.com/), BUFFETTS INVESTMENT IN SEES CANDY," 2020 9 3, https://www.valuewalk.com/2020/09/buffetts-investment-in-sees-candy/
ϰǴ, 츮 ô ְ ڴ. ״ ũ ؼ̶ ſ μ ̸ , , ƿƼ, ȸ Ŵ ȭ״. ũ ؼ̴ ġ 2,500 Ѵ ֽ Ʈ ϰ ִ. * ó: DIVIDEND GROWTH INVESTOR(www.dividendgrowthinvestor.com/), BUFFETTS INVESTMENT IN SEES CANDY," 2020 9 3, https://www.valuewalk.com/2020/09/buffetts-investment-in-sees-candy/
1964 ũ ؼ̿ 1 ߴٸ 2020 28,000 Ҿ ̴.
< ̷: 1942-2020>
∙1942: ֽ : Ƽ (Cities Service) ֽ 38 ż; 40 ŵ.
∙1951: (GEICO) ֽ ó ż
∙1956: ոȸ( Ʈʽ)
∙1965: ũ ؼ μ
∙1972: ĵ μ(Ĩ )
∙1983: ũ ؼ ְ 1,000
∙1988: īݶ ֽ 10 ̻ ż
∙1992: ũ ؼ ְ 10,000
∙1998: ũ ؼ ְ 50,000
∙2006: ڻ 85% & Ḱ ܿ ϱ ; ũ ؼ ְ 100,000
∙2014: ũ ؼ ְ 200,000
∙2017: ũ ؼ ְ 300,000
∙2020: ũ ؼ ° ȹ
<1964 ڵ 1 2020 ġ>
∙ũ ؼ(BH): 27,373
∙S&P 500: 198
ε ſ ϴ ̴. ϰ, ϰ, ڽ Ǽ ã Ͽ ִ 70ð ִ. ״ پ Ȳ ؿ, ں Ҹ Ͽ ڽ Ȱϰ ִ. ״ 'ι'.
Ʈʽ(Buffett Partnership) 1950 1960뿡 ְ ڻ갡ġ պͰŷ Ȳ(merger arbitrage situations) ִ 鿡 ߴ. ̷ ̸ ʱ̸, ״ ̷ ż ݿ ŵϴ ڸ Ǯߴ. 1960 ̷ ã ڻ Ը ſ Ŀ. ״ ڽ ڻ Ҹ ִ ο ãƾ ߴ.
, ״ ͱ Ƽ ڷ ߽ ȯ ־. װ Ƽ ġ ˰ 쿬ϼ, , Ȥ Ʈ ۰ ִ. 츮μ . Ƽ żϴ ν ڰ Ǿ Ҿ .
: ĵ(See's Candy)
ż Ƽ ʴ 1972 ĵ ̴. ĵ ڽ (Dream Business)̶ ߴ.
ĵ ̱ ؾ, Ư ĶϾƿ 귣 ־. ĵ ǰ ̾, ̾. ĵ ݰµ ־. ̷ ݰ Ȱϸ ǰ 鼭 ø ־. , ݿ ʾ, ĵ ְ ŷ ̾.
ĵ μ ߴµ, ũ ؼ ֵ鿡Դ ེԵ, ᱹ ĵ μߴ.
ĵ 귣 , ݰ, , 漺 īݶ ÿ ڿ Ǿ.
1972 ũ ؼ̴ (Ĩ ) ĵ 2,500 μߴ. ĵ 3,100 , 208 3,000. ں 800 ʿ ȸ翴.
ĵ ġ
ĵ м ĵ 귣 漺 ġ ġ ξ ũٴ ˾Ҵ.
뷱Ÿε̿ ĵ ݸ ڸ ҳ ְ ҳడ ſ Ű Ѵٸ... ̴ ĵ Ű Ͱ ... , ø ִ. -- 1998 ÷θ ָб 濵п
" ù Ʈ ģ ĵ ݸ ְ ׳డ ſ Ű Ѵٸ... ( ĵ ݸ ̱ ) 츮 ϰ ȴ. -- HBO ť DZBecoming Warren Buffett)" .
"츮 ݸ ÷ ݸ ̴. (Ʈ) 峭 ̱ ̴. ť .
ĵ ĵ ȾҰ ̱ ؾ κ ΰ ־. κ 뷱Ÿε Ⱓ ߴ. ĵ ʾҰ, ݵ ĶϾ ؾ κ ġϰ ִ. ٰ ؼ ĵ ũ ؼ̸ Ͱ 帧 â ƴϴ.
(1972 μ ) 2019 ĵ 20 Ѵ â߰, (ũ ؼ̰) ٸ Ǹ żϴ Ǿ. 캻 ġ , ĵ 2007 8,200 ´µ, ̴ 35 ũ ؼ̰ ĵ μ ߴ ݾ 谡 Ѿ.
ĵ μ 1951 ĵ ϰ ǰ Ѱߴ 佺(Charles Huggins) ĵ CEO Ӹϸ鼭 ־ ǰ ǰ ߴ.
Ե ̹
ĵ ǰ
ĵ ſ ߴ. ĵ 1972 167 1984 214 þ, Ǹŵ ǰ 絵 ؼ 1972 1,700 Ŀ忡 1984 2,500 Ŀ尡 Ǿ.
1972 3,100 1984 1 3,600 5 ߰, 1972 208.3 1984 1,338 ߴ.
̴ ǰ Ȯ ϸ鼭 װ ʾҴ ݰ Ȱϰ ߴ.
<Ĩ μ ĵ (1972-1984)>
12 31 Ǵ ȸ迬 ( ְ: 52~53) | () | () | Ǹŵ ĵ (Ŀ) | ش ĵ |
1984 | 135,946,000 | 13,380,000 | 24,759,000 | 214 |
1983(53) | 133,531,000 | 13,699,000 | 24,651,000 | 207 |
1982 | 123,662,000 | 11,875,000 | 24,216,000 | 202 |
1981 | 112,578,000 | 10,779,000 | 24,052,000 | 199 |
1980 | 97,715,000 | 7,547,000 | 24,065,000 | 191 |
1979 | 87,314,000 | 6,330,000 | 23,985,000 | 188 |
1978 | 73,653,000 | 6,178,000 | 22,407,000 | 182 |
1977 | 62,886,000 | 6,154,000 | 20,921,000 | 179 |
1976(53) | 56,333,000 | 5,569,000 | 20,553,000 | 173 |
1975 | 50,492,000 | 5,132,000 | 19,134,000 | 172 |
1974 | 41,248,000 | 3,021,000 | 17,883,000 | 170 |
1973 | 35,050,000 | 1,940,000 | 17,813,000 | 159 |
1972 | 31,337,000 | 2,083,000 | 16,954,000 | 167 |
Ŀ (2007 ũ ؼ ֵ鿡 ѿ) ̷ ߴ.
̾߸ 츮 ã Դϴ. , Ǹ. ص ̶ ġ ֽϴ. âϴ dz ٸ żϸ ˴ϴ.
2007 ũ ؼ ĵ ڿ ϰ ִ.
۰ſ ãϴ:
a) 츮 ϴ
b)
c) 濵 ɷ ְ ŷ ,
d) ո
츮 ü żϱ⸦ մϴ. 濵 츮 Ʈ 쿡, ּ 80% żϰ մϴ.
Ӱ
Ǹ پ ںͷ ȣִ Ӱ ڡ ־ մϴ. ں ø ڵ ä Դϴ. ڰ ǰų(, ڽƮ), 귣带 ų(īݶ, Ʈ, Ƹĭ ͽ) ϴ ڰ غϱ 庮 ״ Ӱ ʼԴϴ.
Ӱɡ̶ 츮 ؿ 츮 ȭ ô ϴ մϴ. ں â ı ȸ ſ ̱ , ȮǼ ذ ˴ϴ. Ӿ ٽ ؾ ϴ ڴ ڶ ϴ. Ӱɡ̶ ؿ Ǹ 濵 Ϳ Ǵ ܵ˴ϴ(濵ο ӵ Ƿ).
̾߸ 츮 ã Դϴ. , Ǹ. ص ̶ ġ ֽϴ. âϴ dz ٸ żϸ ˴ϴ. ٽ ؾ Ѵٴ Ģ ϴ. ϴ Ǽ DZ մϴ. ڻͷ Ǹ ̶ ص , κ, ͷΡ ϴ.
̶ ִ 츮 ĵ Դϴ. ĵ ݸ Դϴ. ̱ 1δ ݸ Һ ſ 嵵 üǾ ֽϴ. ߴ 귣 , 40 Ǵ ÷Ƚϴ. , ĵ ֿ κ ø ұϰ ݸ ü ϰ ֽϴ.
츮 1972 Ĩ (Blue Chip Stamps) ĵ μ ĵ 1,600 Ŀ ϴ. ( ۰ſ Ĩ ϰ ־, Ŀ ȸ縦 ũ ؼ̿ պ߽ϴ). ۳ ĵ 3,100 Ŀ, 1972 2% ߽ϴ. 츮 μϱ 50 (See's family) ϰ ̾ ô 佺( 佺) 귡 Ų(Brad Kinstler) ȭ ĵ ũſ Ư Ȱ ϴ.
츮 3,000 ̰ 500 ĵ 2,500 ż߽ϴ. ĵ ϴ ʿ ں 800 ϴ. (ų ް ణ ä ʿ߽ϴ). ĵ ں 60% ־ϴ. ʿ ں ּȭ ϴµ Ǿϴ. ù° ǰ Ǹ Դϴ. ̸ ܻ ־ϴ. ° ֱ Դϴ. ̸ ؼ ּȭ ־ϴ.
۳ ĵ 3 8,300 ̰ 8,200 Դϴ. ʿ ں 4,000 Դϴ. ̴ 츮 ĵ ణ -- ټ -- ϴ 1972 Ұ 3,200 ǹմϴ.
ڽ ϶
Ⱓ 13 5,000 ϴ. ĵ 3,200 δ ũ(ʱ ħ ) ϴ. Ϳ μ , 츮 ٸ ŷ ż߽ϴ. ƴ ̺갡 60 η ó ĵ 츮 ο õ źϴ. (ڽ ϶(be fruitful and multiply) 츮 ũŰ ϰ Ƶ̴ Դϴ).
̱ ĵ ʽϴ. Ϲ 500 8,200 Ű 忡 4 ں ڰ ʿմϴ. ϴ 忡 ں ϰ ڻ ڵ ʿϱ Դϴ.
ϴ Ը ں() ʿ Ǹ ڰ ֽϴ. ĵ ʿ 帮, 4 ڻ 8,200 ø ƴմϴ. 忡 ̷ Ȳ ĵ Ȳ ſ ٸ Դϴ. ں ʿ䰡 ϴ ξ Դϴ. ũμƮ ʽÿ."
Ƽ ϶ ̴.
ϴ ǰ ƴǰ̶ ص 漺 ϰ ſ ϴ. ø ɷ Ϳ ſ ȴ. ص ̴ ƴϴ. 10 Ȥ 20 â 帧 ϴµ ʿ ڻ ſ Ư . ڸ ϴ ں ( ںͷ) ø ִ. ŸԵ ̷ ڽ ں ͷ ϱ ƴ. ̷ ؾ 帧 âϸ, · ֵ鿡 ְ ȴ. ()
( 0)