저자: 미상 · 외국인
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워런 버핏의 소액 투자 전략을 정리한 영상이다. 결론: 소액 투자자는 버핏보다 투자 가능한 기회가 넓어 오히려 높은 수익을 노릴 수 있다. 버핏의 초기 투자 시절 자산은 상대적으로 작았고, 1930~40년대 오마하 중산층 가정 출신이었다. 20~30대 때 오마하 부유층 자금을 운용하며 가장 높은 수익률을 냈다는 점이 강조된다. 버핏 발언 인용: 소액으로는 저평가 종목을 찾을 여지가 많으며, 무디스 매뉴얼 등을 훑어 아무도 주목하지 않은 기업을 발굴했다. 대표 사례는 델타덕클럽(98주, 주당 약 2만9천달러, 현금 2만달러, 연 세후 이익 약 1만1천달러)으로, 저평가 사례로 제시됐다. 규모에 따른 투자 가능 범위 비교: 버크셔해서웨이(시총 약 6600억달러)는 의미 있는 투자를 하려면 10%(약 650~700억달러) 규모가 필요해 투자 가능 기업이 극히 제한된다. 반면 개인이 3만달러를 투자하면 자산의 대부분이 되므로 투자 가능 범위는 사실상 무한하다. 경쟁 측면: 대형주(예: 애플)는 수많은 전문가가 추적해 저평가 가능성이 낮고, 소형주는 관심이 적어 오판가격이 나올 가능성이 높다. 실전 조언 3가지: (1) 기관이 보지 않는 곳을 볼 것(일부 국가·종목 등 비인기 시장), (2) 소형주에 집중할 것(피터 린치의 텐배거 개념 인용), (3) 비효율 시장을 찾을 것(예: 리노베이션 부동산 투자로 원가 대비 큰 차익 사례 제시). 영상에서 언급된 대상 자산 중 직접 방향 예측 발언은 없다.
다듬은 글
so it's no secret that if you're watching this video you probably want to be a billionaire just like Warren Buffett but believe it or not if you have a relatively small amount of money in your portfolio you actually have a huge advantage over Buffett when it comes to generating returns that Advantage is that you aren't a billionaire okay I'll admit when you first hear that statement it doesn't sound very convincing but in this video I'm going to explain why actually having less money in your Investment Portfolio than Buffett can actually help you generate better returns than the famous Oracle of Omaha so Buffett's net worth is currently over100 billion but it wasn't always that way Buffett grew up in Omaha Nebraska during the 1930s and 40s far from a booming financial center of the world at that time his family was middle class and he didn't start out with a trust fund to start building his investment Empire this means that there was a time where his Investment Portfolio consisted of relatively modest sums of money in fact Buffett's highest returns of his career generated when he was in his 20s and 30s and was only managing money for wealthy people in Omaha a far cry from the 650 billion doll Empire he's managing now for us investors who don't yet have billions of dollars in our investment portfolios it's super important for us to study how Buffett invested during this time but before we hear from Buffett make sure to hit the like button and subscribe to the channel because a ton of work goes into making these videos now let's seear what Buffett has to say uh my question is you've repeatedly said that you seen many wonderful stock ideas but can't invest because they're too small given that many in the audience today have a lower dollar investment threshold do these stocks have names well said well the answer to that is that we don't look anymore that U we we assume that there are a reasonable of Opp number of opportunities as you work with smaller amounts of capital because it's always been true I mean it was over the years as I looked at things uh clearly you run into companies that are less followed as you get smaller and and there's more chances for inefficiency when you're dealing with something where you can buy $100,000 worth of it in a month rather than 100 million but that is not because I I'm carrying around in my head the names of 25 companies that we could put $1,000 and and I just don't look at that at that Universe anymore I sometimes people send me annual reports or I get letters from managers and they they say won't you know I've got this wonderful thing and I look I I usually know ahead of time but I mean I would first look at the size and if the size isn't isn't right and it isn't going to be virtually anytime I don't I don't look any further because there's just no time to be looking at at uh at all kinds of smaller opportunities I do think I do think if you're working with very small amounts of money that uh that they're almost always are some significant inefficiency someplace to find things that uh I've mentioned to some people when I started out I actually went through the all of the Moody's manuals and the standard for manuals Page by Page and you could and uh you know it's probably 20,000 pages but but uh uh there were a lot of things that popped out and none of them were in any brokerage report or anything of the sort they were just plain overlooked and you had to you could you could find out about but nobody was going to tell you about him uh and my guess is that that continues to be true but not on anything like the scale it was then Charlie well I can remember when you bought one membership in some Duck Club that had oil in under it when you were young yeah therey called when you get down to one duck club membership well you're really Scavenging for cigar butts but uh not a bad cigar but there were 98 shares outstanding it was the Delta Duck Club and the the Delta Duck Club was founded by a 100 guys who put in 50 bucks each except two fellows didn't pay so there were only 98 shares outstanding they bought a piece of land down in Louisiana and one time somebody shot downward instead of upward and oil and gas started spewing forth out of the ground so they renamed it atlid which is Delta spelled backwards which was sort of Illustrated the sophistication of this group and and and a few years later they were taking at $3 Barrel oil they were taking about a million dollars a year in royalties out of the uh place and the stock was selling at $29,000 a share and it was earning $10,000 a share no it was earning about earning about $7,000 a share after tax about 11,000 pre-tax and it had about 20,000 a share in cash and it was a long lived field so you know I use that sometimes as an example of efficient markets because somebody B man offered me a share of it and uh uh those things you know is is is that an efficient market or not you know 29,000 for 20,000 of Cash Plus 11,000 of royalty income at 25 cent gas and $3 oil I don't think so that uh uh you can find things out there uh I'll give you hunting rights on all my duck clubs in the future the First Advantage is that you don't have to make large Investments let me explain what I mean Berkshire hathway the company Warren Buffett runs has a current market cap of $660 billion how large of an investment do you think Buffett has to make to quote move the needle as he puts it using round numbers let's just say that in order for an investment to have a meaningful impact on the results of the company that investment has to represent 10% of the entire value of the company so that investment would have to be roughly worth 65 billion or $70 billion to hit that 10% threshold so just to put that in perspective let's look at at some companies that are currently valued around that range one of the world's most iconic companies General Electric is currently valued at around $80 billion Airbnb is currently valued at 70 billion package delivery company FedEx is currently valued at $61 billion car maker Ford is valued at $58 billion Hotel chain Marriott is currently valued at $52 billion so all of these companies are absolutely massive however it would take Buffet buying one of these huge companies in an elephant-sized acquisition as he puts it in order to have a truly meaningful impact on Berkshire hathway because of this it limits the pool of potential companies Burkshire can invest in in any meaningful way Buffett's investable Universe keeps getting smaller and smaller as Berkshire keeps getting larger and larger compare that to an individual investor with only a small sum of money so let's use that same 10% rule and say that an investment needs to constitute 10% of this Investor's net worth in order for it to be classified as meaningful this in Investor's investable universe is essentially infinite this investor can invest in anything from the largest companies in the world all the way down to his neighborhood small business because the pool of potential Investments is larger it's much more likely that our individual investor will be able to find an undervalued investment the investment in the Delta Duck Club that Buffett talked about is a perfect example of this Dynamic at work the Delta Duck Club started out as a hunting club but it quickly turned into a business when they found out that the land the club members owned actually contained valuable oil underneath there were only 98 shares of this company in existence each share was trading for $229,000 and each share represented $20,000 in cash and produced $111,000 of after tax income every year after subtracting out the $20,000 in cash from the $29,000 purchase price of the share you were essentially paying $9,000 for an investment that produced $111,000 in after tax profit for you in the investing world this is what would be called a complete no-brainer but there's an important caveat as to whether this is a good investment it depends on the size of the portfolio that is making this investment if Berkshire was making this investment today it would represent only 0.004% of the market cap of the company honestly it wouldn't even be worth Buffett's time to make this investment because it represents such a tiny portion of the value of birkshire that it would be virtually meaningless it simply wouldn't move the needle on the other hand let's say we have an individual investor whose entire Investment Portfolio is $30,000 this investment in Delta Duck Club would be amazing for him because it would represent a meaningful portion AKA nearly all of his net worth in other words it truly would move the proverbial needle for our investor with a relatively small sum of money so this leads us to our second advantage of investing small sums of money less competition generally speaking in the world of stocks as the size of the company increases there are more investors closely following the company the more investors that closely follow the stock the less likely it is to be undervalued of course there are exceptions to this rule but generally speaking this rule holds up let's use apple as an example apple is a stock that is extremely closely followed by thousands if not tens of thousands of smart investors and these investors work at some of the most prominent hedge funds and investment banks in the world and went to Elite universities given Apple's large size the company is currently valued as at $2.6 trillion it gets a ton of attention and there's so many smart people following the company's every move the odds of Apple becoming extremely undervalued is low due to how closely followed the company is compare that to a stock that is only valued at let's say $100 million just due to its smaller size this stock will naturally get less attention from investors the stock likely has a tiny fraction of the people following it compared to a massive company like apple because of this Dynamic smaller companies are more likely to be misf valued by the market this is why Buffett said if he was managing small amounts of money he would focus on investing in smaller sized companies because there is more opportunity in these kinds of companies if your goal is to find undervalued stocks the less competition the better so I know that most videos here on YouTube that talk about Warren Buffett's investment strategies aren't the most practical meaning there aren't super tangible pieces of advice that you can begin applying to your own investment strategy immediately my goal for this video is to be able to actually provide you with tangible takeaways you can begin to help grow your portfolio if you appreciate this approach make sure to like this video because it helps me stay motivated to keep making these videos so here's the three pieces of practical advice on how to invest small amounts of money from my study of Buffett the first piece of advice from Buffett is to look where other people aren't when you're investing small sums of money you have an advantage of being able to invest in things that are simply too small for large institutional investors don't throw away that Advantage by always trying to compete against these large players instead focus on investment opportunities that are simply too small to be meaningful for investment funds with billions of dollars one tangible example of these could mean looking for stocks in certain countries that aren't popular with institutions professional investors tend to focus on american-based stocks however there are plenty of great companies in various countries throughout the world that may be undervalued relative to their American counterparts so the second piece of advice is to focus on smaller companies Warren Buffett has said previously that if he was managing a much smaller amount of money he would spend his time focusing on smaller companies because there are more likely to be Bargains in this area of the market this sentiment is shared by other well-respected investors including Peter Lynch Lynch coined the term 10 Baggers meaning investing in a stock that goes on to increase by a factor of 10 from the time at which you made the investment 10 Baggers are every Investor's dream he has talked about how much easier it is for a small company to 10x compared to a large company and this makes sense intuitively it's much easier for a company to go from $1 billion in sales to 10 billion than it is for a company to go from A1 billion in sales to a trillion dollar in sales the larger a company gets the harder it is for that company to keep growing at the same rate the third piece of advice is to look in what is referred to as an inefficient Market an inefficient Market is one in which an assets price does not accurately reflect its true value the best way to show what I mean is to use an example of an inefficient Market I personally invest in so even though I live in the New York City area I invest in real estate in a particular large city in the Midwest of the United States in this city I'm able to buy real estate that is in poor condition and paid to have the property renovated the purchase price of the property plus the cost of Renovations is still significantly less than the cost of a renovated property this is an example of an inefficient Market I can buy a property for $80,000 and spend let's say $90,000 to have that property renovated giving my total investment in the property $170,000 however the value of the house is worth $280,000 in this real life example giving me a profit on my investment of $110,000 this is one example of a so-called inefficient Market but there are plenty of others out there so there we have it I really hope you learned something from this video and make sure to check out this other video from the channel here hundreds of thousands of other people have really enjoyed this video so I'm sure you will too it's also my goal to provide you with as much value as possible if you appreciate that please like the video and subscribe to the channel looking forward to talking again soon
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