인플레이션 시대의 투자 종목 고르는법 워렌버핏

워렌버핏이 인플레이션시대에 어떤 주식을 사야할것인가에 대해 정리해 놓은 글 중에 가장 핵심적인 부분을 캡쳐해 왔다. 

 

자신의 포트중에 아래와 같은 주식의 비중이 얼마나 있는지 고문해 보야할 시점이 아닌가 생각된다.

 

요점

1. 매출이 늘지 않는 상황에서도 가격을 올릴 수 있는 기업, 즉 가격을 올려서 제품을 구매 할 수 밖에 없는 기업

2. 지출을 많이 하지 않으면서도 사업을 충분히 유지/확장 할 수 있는 기업

Look for companies that can increase prices and handle a lot more business without having to spend a lot.

Of course, most of us are not billionaire buyers of corporations outright, but Buffett’s words on what makes for a great acquisition in the 1981 letter touch on inflation as one of two key factors that make a great acquisition candidate:

“Companies that, through design or accident, have purchased only businesses that are particularly well adapted to an inflationary environment. Such favored business must have two characteristics: (1) an ability to increase prices rather easily (even when product demand is flat and capacity is not fully utilized) without fear of significant loss of either market share or unit volume, and (2) an ability to accommodate large dollar volume increases in business (often produced more by inflation than by real growth) with only minor additional investment of capital. Managers of ordinary ability, focusing solely on acquisition possibilities meeting these tests, have achieved excellent results in recent decades. However, very few enterprises possess both characteristics, and competition to buy those that do has now become fierce to the point of being self-defeating.”

 

2020 4Q에 버라이존이나, 쉐브론을 매수한 이유를 이대목에서 이해할 수 있는 것 같다. 

 

원문: www.cnbc.com/2018/02/12/warren-buffett-explains-how-to-invest-in-stocks-when-inflation-rises.html