Nasehat Warren Buffett – 2017’s Letter to Shareholders

Setelah beberapa lama vakum nge-blog, akhirnya saya kembali punya waktu dan ide untuk nge-blog. Ternyata nge-blog itu juga butuh konsistensi yang tinggi seperti halnya investasi…. 😀

So anyway, akhir bulan Februari 2018 yang lalu, investor terkemuka dunia Warren Buffett mempublikasikan salah satu tulisan periodik yang selalu dinantikan oleh komunitas investor di seluruh dunia. Tulisan yang saya maksud adalah letter to shareholders yang dituliskan oleh Warren Buffett sebagai Chairman & CEO kepada para pemegang saham Berkshire Hathaway setiap tahunnya.

Salah satu hal menarik tentang Warren Buffett adalah kemampuan dan keberaniannya untuk memaparkan hal-hal yang penting untuk diketahui oleh para pemegang saham termasuk kekeliruan-kekeliruan yang dilakukan olehnya dalam mengelola Berkshire Hathaway. Kualitas ini merupakan suatu kualitas yang sangat jarang kita temui pada para CEO lainnya, terlebih lagi di Indonesia. Pada umumnya, para CEO sangat bersemangat untuk memaparkan keberhasilan-keberhasilan yang diraih perusahaan dan mengaitkannya dengan pencapaiannya sebagai individu (dan melupakan fakta bahwa keberhasilan tersebut merupakan kerja tim). Sebaliknya, ketika dihadapkan dengan fakta-fakta yang negatif, maka para CEO ini akan cenderung untuk menutupinya dari para pemegang saham atau kalaupun dipaparkan maka biasanya akan disusul dengan meng-kambing hitam-kan hal-hal/individu lain sehingga seolah-olah para CEO ini tidak terlibat sama sekali.

But anyway, saya tidak akan membahas masalah transparansi dan good corporate governance dalam postingan ini. Yang akan saya bahas adalah isi dari letter to shareholders edisi 2017 yang dipublikasikan pada akhir bulan Februari 2018. Rencananya, saya akan secara konsisten merangkum dan mengutip paragraf-paragraf yang bernilai dari setiap edisi letter to shareholders yang ditulis oleh Warren Buffett dalam blog ini.

***

Letter to shareholders yang ditulis oleh Warren Buffett sebenarnya merupakan pemaparan lugas dan transparan atas apa yang terjadi pada Berkshire Hathaway pada tahun sebelumnya. Yang menarik adalah fakta bahwa Warren Buffett juga menggunakan letter to shareholders sebagai media untuk mengedukasi dan membagi filosofi investasi yang bagi saya pribadi tidak hanya bernilai bagi para pemegang saham Berkshire Hathaway namun juga bagi siapa saja yang membacanya. So, ulasan yang saya coba buat akan lebih terkait dengan wisdom yang menurut saya perlu untuk dipahami oleh setiap orang.

Let’s start it….

Dalam edisi letter to shareholders 2017 ini ada beberapa wisdom yang sangat berharga menurut saya yang saya susun di bawah ini:

  • Tentang kriteria investasi:

“In our search for new stand-alone businesses, the key qualities we seek are durable competitive strengths; able and high-grade management; good returns on the net tangible assets required to operate the business; opportunities for internal growth at attractive returns; and, finally, a sensible purchase price.”

  • Tentang aktifitas akuisisi oleh CEO Perusahaan:

“Once a CEO hungers for a deal, he or she will never lack for forecasts that justify the purchase. Subordinates will be cheering, envisioning enlarged domains and the compensation levels that typically increase with corporate size. Investment bankers, smelling huge fees, will be applauding as well. (Don’t ask the barber whether you need a haircut.) If the historical performance of the target falls short of validating its acquisition, large “synergies” will be forecast. Spreadsheets never disappoint.”

  • Tentang hutang:

“Our aversion to leverage has dampened our returns over the years. But Charlie and I sleep well. Both of us believe it is insane to risk what you have and need in order to obtain what you don’t need.”

  • Tentang kehati-hatian dalam mengambil keputusan investasi:

“Despite our recent drought of acquisitions, Charlie and I believe that from time to time Berkshire will have opportunities to make very large purchases. In the meantime, we will stick with our simple guideline: The less the prudence with which others conduct their affairs, the greater the prudence with which we must conduct our own.”

  • Tentang cara pandang mengenai investasi saham:

“Charlie and I view the marketable common stocks that Berkshire owns as interests in businesses, not as ticker symbols to be bought or sold based on their “chart” patterns, the “target” prices of analysts or the opinions of media pundits. Instead, we simply believe that if the businesses of the investees are successful (as we believe most will be) our investments will be successful as well. Sometimes the payoffs to us will be modest; occasionally the cash register will ring loudly. And sometimes I will make expensive mistakes. Overall – and over time – we should get decent results. In America, equity investors have the wind at their back.”

  • Tentang pergerakan harga saham dalam jangka pendek dan jangka panjang:

“The connection of value-building to retained earnings that I’ve just described will be impossible to detect in the short term. Stocks surge and swoon, seemingly untethered to any year-to-year buildup in their underlying value. Over time, however, Ben Graham’s oft-quoted maxim proves true: “In the short run, the market is a voting machine; in the long run, however, it becomes a weighing machine.”

  • Sekali lagi tentang hutang untuk investasi:

“This table offers the strongest argument I can muster against ever using borrowed money to own stocks. There is simply no telling how far stocks can fall in a short period. Even if your borrowings are small and your positions aren’t immediately threatened by the plunging market, your mind may well become rattled by scary headlines and breathless commentary. And an unsettled mind will not make good decisions.”

  • Tentang keberanian untuk berbeda dari orang kebanyakan:

“Though markets are generally rational, they occasionally do crazy things. Seizing the opportunities then offered does not require great intelligence, a degree in economics or a familiarity with Wall Street jargon such as alpha and beta. What investors then need instead is an ability to both disregard mob fears or enthusiasms and to focus on a few simple fundamentals. A willingness to look unimaginative for a sustained period – or even to look foolish – is also essential”

  • Tentang risiko dalam investasi:

“Investing is an activity in which consumption today is foregone in an attempt to allow greater consumptionat a later date. “Risk” is the possibility that this objective won’t be attained.

By that standard, purportedly “risk-free” long-term bonds in 2012 were a far riskier investment than a long-term investment in common stocks. At that time, even a 1% annual rate of inflation between 2012 and 2017 would have decreased the purchasing-power of the government bond that Protégé and I sold.

I want to quickly acknowledge that in anyupcoming day, week or even year, stocks will be riskier – far riskier – than short-term U.S. bonds. As an investor’s investment horizon lengthens, however, a diversified portfolio of U.S. equities becomes progressively less risky than bonds, assuming that the stocks are purchased at a sensible multiple of earnings relative to then-prevailing interest rates.

It is a terrible mistake for investors with long-term horizons – among them, pension funds, college endowments and savings-minded individuals – to measure their investment “risk” by their portfolio’s ratio of bonds to stocks. Often, high-grade bonds in an investment portfolio increase its risk.”

  • Tentang transaparansi dalam pengelolaan Perusahaan:

“While I’m on the subject of our owners’ gaining knowledge, let me remind you that Charlie and I believe all shareholders should simultaneously have access to new information that Berkshire releases and, if possible, should also have adequate time to digest and analyze that information before any trading takes place.”

***

Kutipan-kutipan dari letter to shareholders 2017 di atas menurut saya sudah sangat jelas. Berpanjang lebar untuk menjelaskan sesuatu yang sudah sangat jelas biasanya justru akan membingungkan. Namun demikian, mendiskusikan kumpulan wisdom ini justru sangat menarik.

Semoga postingan kali ini bermanfaat…..

Bagi yang ingin membaca letter of shareholders secara lengkap, kumpulan tulisan tersebut dapat kalian akses di sini.

~cheers~

   

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