버핏 타임라인
워런 버핏과 버크셔 해서웨이가 산 대표적인 주식들을 10년 단위로 — 대략 언제, 왜 샀고, 지금은 어떤지.
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One of Berkshire's longest-running and most significant holdings
American Express
Warren Buffett first bought into American Express in the mid-1960s, before Berkshire Hathaway was his main investment vehicle, after the company's shares fell sharply during the so-called salad oil scandal. The market was worried about near-term financial damage and reputational harm, but Buffett focused on whether the core franchise was still intact.
What stood out to him was that customers and merchants continued to trust and use American Express's charge cards and travel-related services. That fit a pattern seen throughout Buffett's career: when a strong brand or network suffers a temporary shock, he has often asked whether the business's competitive position is actually broken or merely under pressure.
Over time, American Express became a classic Buffett-style holding: a well-known consumer-financial brand with a durable moat, strong customer loyalty, and the ability to earn attractive returns over long periods. Berkshire has held the stake for decades, and it has remained one of the company's better-known long-term equity investments, even as its relative size within the portfolio has changed over time.
교훈: A temporary scandal or market panic can create opportunity if a business's underlying customer trust and competitive advantage remain intact.
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