The study of Buffett’s Stock Portfolio

• Main Authors: CHEN,YEN-CHEN, 陳彥蓁
• Other Authors: YANG,HSUEH-LAN
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/2q78m3

碩士 === 南臺科技大學 === 企業管理系 === 104 === Buffett adopts the value-oriented stock-picking strategy and the growth-oriented stock-picking strategy at the same time; as a result, he wins his investment success nowadays. In this study, the empirical research for the performance in Taiwan's stock market is conducted from 2006 to 2015. The average of the five-year Return on Equity (ROE) is adopted as the sample screening data. Therefore, the data are backtracked to 2006. The empirical period is from 2010 to 2015. The stock conditions conforming ROE, gross profit margin, price-earnings ratio, the number of years listed, EPS, and the shareholding ratio of directors and supervisors are screened, forming three kinds of portfolio. Further, the three types of Buffett’s stock-picking portfolio are compared with the return on investment (ROI) of the weighted index in Taiwan’s stock market. The empirical results show that the investment performance is often not better than the broader market; only the investment portfolio that the directors and the supervisors hold more than 10% and 20% of shares in Buffett’s stock-picking conditions produce excess returns in the five-year period of share-holding.