저자: 미상 · 외국인
요약 보기
워런 버핏이 극찬한 벤저민 그레이엄의 『현명한 투자자』에서 핵심 개념 세 가지를 소개하는 교육 영상이다. 결론: 투자와 투기를 구분하고, 안전마진을 확보하며, 미스터 마켓의 감정적 가격에 휘둘리지 않는 것이 성공 투자의 핵심이다. 첫째, 투자와 투기의 차이. 농장 매수 비유를 들어 자산의 내재가치와 장기 수익을 따지면 투자이고, 내재가치를 무시하고 더 비싸게 살 바보를 기대하면 투기라고 설명한다. 투기는 특히 투자라고 착각할 때 위험하며, 감당할 수 없는 돈을 투기에 거는 것은 파산의 가장 빠른 길이라고 경고한다. 하루 종일 통화·주식·원자재를 매매하는 데이트레이딩은 버핏의 방식과 무관하다고 한다. 둘째, 안전마진. 다리 설계에서 7톤 교통량에 10톤을 견디도록 짓는 것처럼, 주식도 적정가치보다 낮게 사야 분석 오류에 대비할 수 있다는 개념이다. 농장 예시에서 적정가치는 약 100만 달러지만 70만 달러에만 매수해 30만 달러의 안전마진을 확보하라고 한다. 안전마진의 정확한 폭에는 정답이 없으니 자신만의 방법론을 세워야 한다고 강조한다. 셋째, 미스터 마켓. 동업자 미스터 마켓이 매일 가격을 제시하지만 그는 감정 기복이 심하다. 낙관할 때는 높게, 비관할 때는 낮게 부른다. 그의 가격은 참고만 하고 지시로 받아들이면 안 되며, 주가가 크게 떨어질 때 공포에 팔기보다 저가 매수 기회로 활용하라고 조언한다. 영상은 마지막에 채널 구독을 권유하며 마무리한다.
다듬은 글
vern buffett multi-time billionaire and probably the best investor of the world says that the intelligent investor by benjamin graham is by far the best book on investing ever written in the book there are three models every serious investor has to know first it is important to know the difference between investing and speculating imagine you want to buy a farm then you would first inform yourself about the current prices of crops and how much income the farm earns with it and the cost of running the farm how much you have to pay for personnel seeds and fodder you would want to know how much land and how many animals the farm has and in what conditions the machines are then you would value each item separately literally you would want to know the value of the land how much the animals are worth and the remaining value of the used machinery and house based on your calculations you would negotiate a price which would give you a decent return when you think like that then you are an investor but if you don't care about the underlying value of the assets and the long-term earnings of the farm and you're willing to pay a price far beyond any reasonable valuation because you are just interested in buying the farm literally hoping to find an idiot who will pay an even higher price then you are probably a speculator this is fine but it's very important that you know the difference there's intelligent speculation as there is intelligent investing but almost always speculation is unintelligent speculating is especially dangerous when you think you are investing and when you are risking more money in speculation than you can afford to lose actually it's the fastest road to go bankrupt and to live a miserable life with everyday financial worries we all know the advertisements of day traders who are spending the whole day in front of their screens trading currencies shares and commodities within seconds but this has absolutely nothing to do with buffett's investing approach and building a fortune over time the second concept deals with the margin of safety this concept can originally be found in engineering imagine engineers building a bridge that must support 7 tons of traffic would the bridge be built to handle exactly 7 tons probably not it would be much more prudent to build a bridge to handle say 10 tonnes to ensure that the bridge will not collapse on the heavy load this gives you a margin of safety of 3 tons the same can be done with securities if you feel that a stock is worth 10 dollars buying it at 750 would give you a margin of safety in case your analysis turns out to be incorrect and the stock is really only worth nine dollars let's have a look at our previous example of the farm as an investor you would want to look at the assets liabilities and future earnings from this you would come up with a fair value of around about 1 million dollars but as a value investor you won't pay 1 million dollars you would only be willing to pay 700 000 because you could have made mistakes in your calculations that leaves you with a margin of safety of three hundred thousand dollars and please guys don't ignore this rule don't think you are so smart even warren buffett is aware that he will make mistakes but it is important to know that no sure formula exists to determine how wide the margin and margin of safety should be you have to come up with your own methodology the third concept is known as mr market imagine you have a private business doesn't matter if it's a local bakery or fortune 500 company you own 50 percent and your accommodating fellow and business partner named mr market on the other 50 every day mr market comes to your office and names a price at which he will either buy your interest or sell you his even though the business that the two of you own may have a stable underlying value mr markets prices will be different every day for sad to say the portfolio has incurable emotional problems at times he feels euphoric and can see only the favorable factors affecting the business when in that mood he names a very high price because he fears that you will snap up his interest and drop him off imminent gains at other times he's depressed and can see nothing but trouble ahead for both the business and the world on these occasions he will name a very low price since he is terrified that you will unload your interest on him mr market has another endearing characteristic he doesn't mind being ignored if his quotation is uninteresting to you today he will be back with a new one tomorrow but it is very important not to forget that mr market is there to serve you not to guide you if he shows up someday in a particularly foolish mood you are free to either ignore him or to take advantage of him but it will be disastrous if you fall under his influence think about it guys the only market where people run out screaming when the prices drop significantly is the stock market everywhere else people welcome discounts and are happy to stock up with cheap groceries electronic items or clothes the same behavior should be applied in the stock market so the next time when the market drops keep the concept of mr market in mind and collect the bargains well these were the three most important concept from the book the intelligent investor by benjamin graham animated by financity if you like the video and you want to discover more financial concept that will increase your investing success subscribe to our youtube channel
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