1. Strengths of the Company and Undervaluation Points
   The company’s main strength is its consistent cash flow generation and the prospect of increased cash flow in the future.
   Based on when Buffett made the purchase, the current stock price appears to have returned to the level of about four years ago.
   This makes it attractive to investors as they can buy shares at a lower purchase price than Buffett.
   The company sells a variety of alcoholic beverages, including beer, wine, and whiskey, and its beer business, which accounts for more than 80% of its main revenue, is steadily growing.
   The company plans to actively engage in shareholder return through share buybacks and dividend expansion policies in response to increased future cash flow.
2. Thirteen Portfolio and Buffett’s Investment Strategy
   Institutions managing more than $100 million in the United States submit quarterly Thirteen F portfolios, which allow us to see the buying and selling activities of major investors.
   Buffett’s Berkshire Hathaway is selling various stocks in this fourth quarter while simultaneously pursuing a strategy of holding stocks through small-scale investments.
   Buffett continues to lead large-scale investments himself, while his successors oversee small-scale investments, continuing his investment philosophy and strategy.
   It is important to note that the Thirteen Portfolio only covers U.S. stocks, excluding foreign assets and derivatives.
3. Impact of Economic Policy Issues and External Factors such as Tariffs

The company operates a manufacturing plant in Mexico to produce beer and export it to the United States.
There have been instances where the stock price has fallen due to external political and economic issues, such as the imposition of tariffs by the Trump administration, which acted as a short-term hindrance.
The market tends to overreact to such tariff-related adversities, but Buffett and other investment experts do not overly exaggerate them.
Buffett also maintains a relatively detached view of tariff issues, preferring management strategies that seek to find and improve shortcomings from a long-term investment perspective.

4. Future Outlook and Investment Conclusion
   The company is already implementing strategies to improve its weaknesses, such as streamlining its underperforming wine and spirits business.
   With the completion of three years of capital investment, production efficiency has improved, and further cash flow improvement is expected in the future.
   The combination of an undervalued stock price, solid cash flow, and an active shareholder return policy makes it an attractive stock for long-term investment.
   Buffett has used the current stock price decline as a buying opportunity and already provides an opportunity to purchase shares at a lower price than Buffett.

< Summary >
The company is actively promoting shareholder return policies based on its flagship beer business, which has steady cash flow generation and future growth prospects.
Buffett seeks to maximize returns through long-term investment strategies by purchasing undervalued stocks, taking into account Thirteen Securities Portfolio analysis and external economic issues.
Despite external factors such as tariffs, improved production efficiency and increased cash flow through weakness improvements are expected to drive future stock price increases.

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Buffett → https://nextgeninsight.net/?s=%EB%B2%84%ED%95%8F
Cash Flow → https://nextgeninsight.net/?s=%ED%98%84%EA%B8%88%ED%9D%90%EB%A6%84

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