저자: WarrenBuffett · 외국인
요약 보기
워런 버핏이 11세 때부터 주식을 시작한 경험과, 20세 무렵 네브래스카에서 벤저민 그레이엄의 『현명한 투자자』 한 문단을 읽고 기술적 분석 중심 투자 접근이 잘못됐음을 깨달은 계기를 회고한다. 이 깨달음이 자신의 삶을 바꿨다고 말하며, 기술적 지표(헤드앤숄더, 200일 이동평균, 오드랏 비율 등)에 매달렸던 시간을 돌아본다. 또한 살면서 어떤 것을 갑자기 깨닫는 순간의 경험, 그리고 찰리 멍거의 사례 등 인간 행동에 대한 이해의 중요성을 강조하며 마무리한다. 종목·지수·자산에 대한 가격 전망이나 매매 권유는 언급되지 않았다.
다듬은 글
I started buying stocks when I was 11. I read all the books in the library about it. I really liked it. My dad, you know, it was his business, and I could go to his office and read books there. And I saved money, and finally, when I was 11, I was able to buy a stock, and I can tell you that I went to the New York Stock Exchange when I was nine.
My dad took us to New York, each child to New York once. Uh, and he took me. I went to the New York Stock Exchange, and I was in awe of it. I could tell you how the specialized system works and about the strange lot patterns and I could tell you the history of finance and all that. And then I got really into technical analysis, stock charts, and all sorts of crazy stuff, for hours and hours and hours, and, uh, saving money to buy other stocks, and trying to short a stock, and I just did everything.
And then, when I was maybe 19 or 20, and I don't remember exactly where I did it, uh, I picked up a book somewhere. It wasn't a school textbook, but it was in Lincoln, Nebraska. And I, uh , you know, I looked at this book and I saw one paragraph, and it told me that I was doing everything wrong. Me, I just had the wrong approach.
I thought I was doing something that was trying to pick stocks that were going to go up, and within one paragraph I saw that it was complete nonsense, and then suddenly you see something different than what you saw before. I found that it led me to stocks that I was really interested in, and I had a decent IQ, and I was reading and thinking, and, you know, it was important to me to make money at it.
I had every, every motivation in the world. And then I read a chapter, I read a paragraph, actually, in chapter eight, I think, of the book The Intelligent Investor, and it just told me that I wasn't looking at a duck, I was looking at, you know, now it was a rabbit, whatever it was. And whether it was a light bulb or a moment of truth, whatever it was, it happened to me in Lincoln.
I mean, it changed my life. If I hadn't read this book, I don't know how long I would have spent looking for head and shoulders patterns, 200-day moving averages, odd lot ratios, and a million other things. And I love things like that. But that was not the case. These were the wrong things. I was looking at this, and this happened to me.
And this happened to Charlie . I'm sure it happens a few times in life, and suddenly you see something important, why the hell did n't I see it first? Maybe it was a week ago, maybe a year ago, maybe 5 years ago, maybe it's learning how to get along with people, you know? I mean, is it actually better to be, you know, good or not, or are they just learning to have what you need to do, or what it is, it's like, you know, when you see it, but you didn't see it 10 years ago.
And I don't know if Charlie has any thoughts on this or not, but this has happened in a couple of situations in business where I've looked at a company for a decade , and then something just kind of shifts in your head, and you, you know, you could say, "Well, why didn't I see this five years ago?" Or, but usually this has happened to me several times.
Obviously, everyone here has had this in different areas of their lives, and you're thinking, how could I be so stupid? That's what happened to Charlie when he was in law practice, and he had a partner, Roy Toles, and every smart guy who got into trouble ( usually it was men, and usually it was with women), and, uh, you know, they'd come into the office and look, you know, depressed and all that , and say, " It seemed like a good idea at the time," you know, I mean, and their lives would fall apart.
You know, in a lot of cases, uh, there's this receptive mass that's kind of sitting there inside, and every now and then it gives rise to some kind of understanding. It's actually better if it generates understanding of your behavior than whether it generates understanding to make money. I mean this, and some people never understand this, and they wonder why you know, if their kids hate them , or if there's no one in this world who would give a damn whether they live or die.
In fact, they'd rather die, because then they'd be courting them for their art collection or something. Charlie would just say, you know, you know, just write your obituary and redo it. And, uh , not exactly a crazy idea.
댓글 0