Berkshire Hathaway, el conglomerado de
Warren Buffett, es una de las empresas con mayores
retornos históricos. Para ser más exactos en 2014 lleva un alza del
+23.65% (clase B). De 1965 al 2013 ha conseguido un CAGR de
19.7%, casi un 10% por encima del S&P 500. ¡No está nada mal!
Con estos retornos, no extraña que muchos fondos de inversión
inviertan en esta acción, o incluso grandes patrimonios prefieran
invertir en acciones directas en vez de hacerlo en fondos de inversión
o de private equity. Os dejo este interesante artículo que trata el
tema. ¿Qué opinais? Un abrazo,
Shares in US holding company Berkshire Hathaway could
provide an “interesting alternative” for family offices that are
currently turning to private equity funds and direct deals for
long-term returns, a private investment adviser says.
Last week voting stock in the company, headed by Warren Buffett,
surpassed $200,000 a piece. The next most expensive stock on the US
market is Seaboard Corp, says financial data company FactSet, selling
for a meagre $2,883.
Many companies split stock – increasing the number of shares while
reducing their individual value – to appeal to a greater range of
investors, who may not necessarily have hundreds of thousands of
dollars to spend on one company.
But Buffett, one of the world’s wealthiest individuals, has said the
high price of Berkshire Hathaway stock inhibits speculative trading,
and attracts an elite form of investor that is more likely to share
his long-term investing strategy. Family offices are renowned for
their long-term investment horizons.
Charlotte Thorne, co-founding partner at private investment advisory
Capital Generation Partners, said many families turn to private equity
funds and direct investing to secure long-term returns.
“Families should make use of this edge that they have over other
investors, but neither [private equity funds or direct investing] is
easy,” Thorne said, adding that Berkshire Hathaway provided an
interesting alternative to achieving “very long-term exposure to equities”.
“A private equity fund might have a three- to five-year timeframe,
whereas the Warren Buffett mantra is that if you would not be
comfortable being invested in a stock for 10 years you should not be
invested in it for 10 minutes.”
Thorne added that investing in private equity funds could come with
high fees, while direct investing could have significant, and often
hidden, complexity and risk “that can be underestimated”.
Switzerland-based investor and managing partner at Aquamarine Capital
Guy Spier agrees with Buffett’s assertion that the company’s high
stock price will attract a superior, long-term investor.
Spier is the author of The Education of a Value Investor,
a biographical look at how he built his fortune following in the
footsteps of Buffett – due for release in October. His single family
office is invested in Berkshire Hathaway.
“We know in particular that there is a class of investors who get
excited about stock splits - even though they do not change the value
of the business or achieve anything else substantive,” Spier says,
adding: “By not catering to that group, Berkshire already makes
significant strides in that direction of having a higher quality
Spier, who in 2007 paid $650,100 at a charity auction for lunch with
Buffet, says Berkshire Hathaway is a great investment for family
offices: “When you buy a share of Berkshire, you are entering into a
partnership with the world's best investor.”
Spier adds that Buffett had attracted “an incredible group of people”
to Berkshire Hathaway; however, others raise concerns about succession
plans at the company.
Oleg Nikityuk, investment adviser at Oracle Capital Group, states,
“More than any other large company, the fortunes of Berkshire Hathaway
are inextricably intertwined with one individual.”
While Nikityuk praises the long-term outperformance of Berkshire
Hathaway, he says the cosmetics of a highly-priced share “tell an
Nikityuk says provided there is enough liquidity in a company’s stock
its price shouldn’t be a factor for consideration by high net worth investors.
Thorne added that family offices didn’t necessarily have to invest in
Berkshire Hathaway to take on board some of Buffett’s lessons. “One of
them is that families should recognise their long term investment
horizon as an edge that they have over other investors and start to
use it in their investment decisions,” Thorne said.