On l'a appris ce week-end, Berkshire Hathaway a massivement renforcé en 2017 sa position Apple et en possède pour 18Mds$, soit 2,5% de la société. Après Heinz et Wells Fargo, c'est la 3ieme position de Warrenn Buffett (du moins en ce qui concerne les actifs boursiers).
Cela laisse Carl Icahn, qui en avait pour 4Mds$ avant de tout revendre il y a 1 an, comme un petit joueur court-termiste...Un peu dur comme jugement, mais de facto c'est un raider, pas un bâtisseur long termiste comme l'est Warren.
Si le compte d'exploitation et le bilan d'Apple sont exceptionnels, que l'action n'est pas trop chère (en terme de multiples), Warren Buffett explique aussi son investissement à partir de concepts simples :
"And I don't know what goes on inside [Apple's] research labs or anything of the sort. I do know what goes on in their customers' minds because I spend a lot of time talking to 'em...when I take a dozen kids, as I do on Sundays out to Dairy Queen they're all holding their Apple, they barely can talk to me except if I'm ordering ice cream or something like that. And then I ask 'em how they live their lives. And the stickiness really is something. I mean, they do build their lives around it, just like you were describing. And the interesting thing is, when they come into...when they come into get a new one, they're gonna get they overwhelmingly get the same product. I mean, they got their photos on it and, I mean, yeah, I know you can...you can make some shifts and all that. But they love it."
Ou encore :
"Well, I would say Apple's — I mean, obviously it's very, very, very tech-involved, but it's a consumer product to a great extent too. And I mean, it has consumer aspects to it. And one of the great books on investing, which I've touted before, is one that Phil Fisher wrote back around 1960 or thereabouts, called "Common Stocks and Uncommon Profits." It had an effect on me. I went out to meet Phil Fisher after reading the book, I found him in this little office in San Francisco. And I recommend any investor read that book. And it's still in print. And he talks about something called the scuttlebutt method, which made a big impression on me at the time. But I used it a lot, which is essentially going out and finding out as much as you can about how people feel about the products that they...it's just asking questions, basically. And Apple strikes me as having quite a sticky product and enormously useful product that people would use, and not that I do."
Acuité, simplicité et sagesse...Son bon sens et son inscription dans le temps lui permettent de voir des choses que 99% des investisseurs ne voient pas.
Evidemment, je suis 100% en ligne ! C'est même du bon gros sens paysan : une marque forte, une forte stickyness, un balance sheet incroyable...et une action pas chère !
Et pour la 1ere société à atteindre une market cap de 1000Mds$ : "I'd bet on Apple just because they've got a stronger position."