{"id":5800,"date":"2021-04-08T11:09:05","date_gmt":"2021-04-08T11:09:05","guid":{"rendered":"https:\/\/www.getstoryshots.com\/?p=5800"},"modified":"2023-11-21T14:46:38","modified_gmt":"2023-11-21T14:46:38","slug":"the-warren-buffett-portfolio-summary","status":"publish","type":"post","link":"https:\/\/www.getstoryshots.com\/ar\/books\/the-warren-buffett-portfolio-summary\/","title":{"rendered":"\u0645\u0644\u062e\u0635 \u0648\u0645\u0631\u0627\u062c\u0639\u0629 \u0643\u062a\u0627\u0628 \u0645\u062d\u0641\u0638\u0629 \u0648\u0627\u0631\u0646 \u0628\u0627\u0641\u064a\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 | \u0631\u0648\u0628\u0631\u062a \u062c. \u0647\u0627\u062c\u0633\u062a\u0631\u0648\u0645"},"content":{"rendered":"
\"\"\/<\/figure><\/div>\n\n\n\n\n\n

Life gets busy. Has The Warren Buffett Portfolio\u00a0been gathering dust on your bookshelf? Instead, pick up the key ideas now.<\/p>\n\n\n\n

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<\/p>\n\n\n\n

Getting above-average returns in the stock market is not only a function of picking the right stocks. It is also a function of structuring your portfolio in a clever manner. Warren Buffet is the greatest investor of all time. So I think he is the best subject to study to learn about portfolio allocation.<\/p>\n\n\n\n

In this summary, you will learn that his approach, which could be called Focus Investing, differs a lot from what you might have heard before and or have been taught in school. This is a top-five takeaway summary of the Warren Buffett Portfolio written by Robert Hagstrom. <\/p>\n\n\n\n

Takeaway #1: Focus Investing<\/h2>\n\n\n\n

Perhaps you noticed in the introduction since 1980 Warren Buffet has almost always had the top five companies of the portfolio of his company, Berkshire Hathaway representing more than 50% of the total. In 1990, they were almost 70% of the total. And this was at a time when the company had close to a $10 billion valuation, or in other words, it had quite a large portfolio. This approach could be called Focus Investing. The essence of it is this: Bet big on a few stocks that are likely to produce above-average returns over the long run and stick with these stocks through short-term fluctuations. There are many advantages to this approach compared to the ultra-diversified portfolio that many of the money managers on Wall Street run these days.<\/p>\n\n\n\n

Firstly, it reduces costs. There are many things that are quite unpredictable in the stock market, but costs is not one of them. A focused portfolio reduces the costs of investing both in terms of transaction fees and in terms of taxes. The difference between running a high-cost portfolio and a low-cost one is quite astonishing. <\/p>\n\n\n\n

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Thirdly, it reduces risk. Yes, reduces. When risk is defined in the only manner that risk can intelligently be defined in, it lowers the risk of your portfolio to use focus investing. You learn why in takeaway #3.<\/p>\n\n\n\n

Takeaway #2: The higher the probabilities, the bigger the bets<\/h2>\n\n\n\n

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<\/p>\n\n\n\n

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\"\"<\/figure>\n\n\n\n

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Takeaway #3: Is focus investing super risky?<\/h2>\n\n\n\n

The answer is NO.<\/p>\n\n\n\n

\u0631\u0628\u0645\u0627 \u064a\u062c\u0628 \u0623\u0646 \u0623\u0648\u0636\u062d \u0642\u0644\u064a\u0644\u0627\u064b. \u0623\u0631\u0627\u0647\u0646 \u0623\u0646\u0643 \u0633\u0645\u0639\u062a \u0645\u0646 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0645\u0635\u0627\u062f\u0631 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629 \u0623\u0646\u0647 \u064a\u062c\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0631\u0621 \u0643\u0645\u0633\u062a\u062b\u0645\u0631 \u0623\u0646 \u064a\u0646\u0648\u0651\u0639 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a\u0647.<\/p>\n\n\n\n

\"\u0627\u0644\u0642\u0627\u0639\u062f\u0629 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629 \u0627\u0644\u0648\u062d\u064a\u062f\u0629 \u0627\u0644\u062a\u064a \u064a\u0639\u0631\u0641\u0647\u0627 \u0627\u0644\u0623\u063a\u0628\u064a\u0627\u0621 \u0641\u064a \u0645\u062c\u0627\u0644 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0647\u064a \u0627\u0644\u062a\u0646\u0648\u064a\u0639. \u0625\u0646\u0647 \u0627\u0644\u063a\u062f\u0627\u0621 \u0627\u0644\u0645\u062c\u0627\u0646\u064a \u0627\u0644\u0648\u062d\u064a\u062f. \u064a\u062c\u0628 \u0639\u0644\u064a\u0643 \u0627\u0644\u062a\u0646\u0648\u064a\u0639.\"<\/p>\n\n\n\n

\"\u0627\u0644\u062a\u0646\u0648\u064a\u0639 \u0623\u0645\u0631 \u0628\u0627\u0644\u063a \u0627\u0644\u0623\u0647\u0645\u064a\u0629.\"<\/p>\n\n\n\n

\"\u0648\u0643\u0644\u0645\u0627 \u0632\u0627\u062f \u0627\u0644\u062a\u0646\u0648\u064a\u0639 \u0643\u0644\u0645\u0627 \u0643\u0627\u0646 \u0630\u0644\u0643 \u0623\u0641\u0636\u0644.\"<\/p>\n\n\n\n

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The opposite is of course also true. In a portfolio with 100 companies, each representing 1% of the total, you cannot gain more than 1% should any single one of the stocks in it double. 20 stocks, and you can gain at maximum 5%. 10 stocks, and you can gain 10%. What diversification gives them is reduced volatility. Your portfolio will fluctuate less and less the more companies you add to it, given that the stocks of these companies do not move in tandem, of course. But risk is not volatility. If your portfolio fluctuates a lot, who cares? Is this a bad situation? Not necessarily because it probably means that you can buy more of the great companies that you already own at bargain prices. Is this a bad situation then? Well, a few would question that, but it could mean that your companies are overvalued and that some of them should be exchanged for lower valued ones, or it could simply mean that your companies are doing great.<\/p>\n\n\n\n

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Takeaway #4: An alternative portfolio benchmark<\/h2>\n\n\n\n

Perhaps you noticed in the introduction the portfolios that I presented represent the earnings of Berkshire Holdings as a part of total earnings and not the market values of the holdings as part of the total. The reason for this is twofold. Firstly, it was difficult creating these illustrations as it involved a lot of assumptions and guesstimates. It would have been even more difficult if I tried to convert Berkshires wholly-owned subsidiaries into market values. So yeah, the first reason is that I was kind of lazy.<\/p>\n\n\n\n

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Take the returns of some of the greatest investors of all time, such as John Maynard Keynes, Warren Buffet, Charlie Munger, Bill Ruane, and Lou Simpson. Notice how they have performed compared to the S&P 500 over the years. Their returns have fluctuated a lot. Sometimes they have underperformed the market over several years, but over the long run, their portfolios have had huge returns. One reason why they were able to stay the course, even during times of turmoil is because they focus on the companies that they own and not the price that the market sets on these companies. One way to do this is to look at earnings instead of market values. Earnings will fluctuate much less and over time they will decide how successful you are as an investor. The market may ignore business success for a while, but eventually it will confirm it.<\/p>\n\n\n\n

Takeaway #5: The Warren Buffet principles<\/h2>\n\n\n\n

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Business principles: Do you understand the business? Is the history of the business consistent? Does the business look promising in the long run?<\/p>\n\n\n\n

Management principles: Are the managers rational? Are they honest with shareholders? Do managers show independence of thinking?<\/p>\n\n\n\n

\u0627\u0644\u0645\u0628\u0627\u062f\u0626 \u0627\u0644\u0645\u0627\u0644\u064a\u0629: \u0627\u0644\u062a\u0631\u0643\u064a\u0632 \u0639\u0644\u0649 \u0627\u0644\u0639\u0627\u0626\u062f \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644. \u0627\u0643\u062a\u0634\u0641 \u0645\u0627 \u0647\u064a \u0623\u0631\u0628\u0627\u062d \u0627\u0644\u0645\u0627\u0644\u0643. \u0627\u0628\u062d\u062b \u0639\u0646 \u0647\u0648\u0627\u0645\u0634 \u0631\u0628\u062d \u0639\u0627\u0644\u064a\u0629. $1 \u0627\u0644\u0645\u062d\u062a\u0641\u0638 \u0628\u0647\u0627 \u0641\u064a \u0627\u0644\u0639\u0645\u0644 \u064a\u062c\u0628 \u0623\u0646 \u062a\u0646\u062a\u062c \u062f\u0627\u0626\u0645\u064b\u0627 \u0623\u0643\u062b\u0631 \u0645\u0646 $1 \u0645\u0646 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0629.<\/p>\n\n\n\n

Market principles: What is the value of the business? Use a margin of safety. Buy the stock at a price which represents a comfortable discount to the value of the underlying business.<\/p>\n\n\n\n

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