幾個月前, 巴菲特的Berkshire Hathaway投資了Apple, 為什麼呢? 大家猜測的方向, 都跟Apple的"價值"脫不了關係. 難道沒有其他的原因?
[商業經營模式business model][護城河]
幾個月前, 巴菲特的Berkshire Hathaway投資了Apple. 其投資主管Ted Weschler在一家德國雜誌上的訪問中表示, 是因為Apple的訂閱模式,而這個訂閱模式會讓客戶變忠誠(its “subscription” model that keeps customers loyal). "一旦你(指消費者)在Apple的app生態系統裡做了完全的投資後, 你就變成一個很黏(sticky)的消費者了(因為照片也在其雲端裡, 習慣了Apple的鍵盤與功能)"Mr. Weschler說. (P.S. 巴菲特並沒有買Apple股票. 是旗下的主管購入的. 主管購入股票時, 也沒有與他商量.)
了解一家公司是如何獲利的, 相當重要. 獲利的模式也可以成就護城河的一部分. Apple的app生態系統以及它的訂閱模式, 讓消費者變得很黏. 這樣就是增加了消費者的轉換成本(switching cost).
全文在此:
Finally, some insight into one of the most talked about investments
Berkshire Hathaway invested in Apple because of its “subscription” model that keeps customers loyal, one of Berkshire’s investment managers told a German magazine in an interview.
Ted Weschler, one of the two investment managers hired by Berkshire CEO Warren Buffett in recent years, explained the company’s Apple investment in a interview with Manager Magazin, according to a press release by the magazine.
“Once you are fully invested in the App ecosystem and you have got your thousands of photographs up in the cloud and you are used to the keystrokes and functionality and where everything is, you become a sticky consumer,” Mr. Weschler said, according to the press release. The interview took place in Germany in June, reporter Mark Böschen said in an email.
Berkshire watchers were surprised when the company disclosed a $1 billion Apple stake earlier this year, as Mr. Buffett has long avoided investing in technology companies. But Mr. Buffett said the investment wasn’t his.
Mr. Buffett told the Wall Street Journal that his investment managers, Mr. Weschler and Todd Combs, pick investments without consulting him.
Mr. Weschler stayed coy about which of the two bought Apple. “We haven’t disclosed whose position Apple is. But I have been following Apple a long, long time,” he told the magazine.
