저자: BradKaellner · 외국인
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찰리 멍거의 투자 및 인생 원칙 6가지를 소개하는 영상이다. 결론: 멍거의 원칙은 투자와 인생 모두에 적용되는 시대를 초월한 교훈이며, 핵심은 배움, 자격, 역량 범위, 역경 대응, 이해 가능한 투자, 예측이 아닌 대비다. 원칙 1 - 지속적 학습: 학습은 복리처럼 누적되며, 호기심에서 나온 학습이 가장 크다. 멍거와 버핏은 90대에도 독서를 멈추지 않아 누적된 학습이 투자 능력의 원천이 되었다고 설명한다. 원칙 2 - 원하는 것을 얻으려면 그것을 받을 자격을 갖춰라: 편법보다 세상에 가치를 제공하는 것이 안전한 길이며, '무엇을 하는가'보다 '어떤 사람인가'가 중요하다는 취지다. 원칙 3 - 역량의 경계(능력 범위) 안에 머물러라: 멍거는 자신이 아는 범위의 가장자리를 안다고 말한다. 버핏은 IQ 130이면서 125라고 생각하는 사람이 IQ 180이면서 200이라고 생각하는 사람보다 낫다고 말한다. 아마존, 구글 같은 기회를 놓쳤지만 잘 모르는 영역의 실수를 피했다는 논리다. 원칙 4 - 피해자 의식을 버려라: 인생 역경은 피할 수 없지만 대응이 중요하며, 자기 연민은 생산적이지 않다. 역경을 배움과 성장의 기회로 삼아야 한다는 메시지다. 원칙 5 - 이해할 수 있는 것에만 투자하고, 지속 가능한 경쟁우위(해자)와 청렴하고 유능한 경영진이 있는 기업을 고르며, 무한정 비싼 가격은 피하고 안전마진을 확보하라: 불확실한 세상에서 안전마진이 필요하다고 강조한다. 원칙 6 - 거시경제 예측에 베팅하지 마라: 금리나 선거 결과처럼 예측 불가능한 요소보다 기업의 경영, 경제적 궤적처럼 알 수 있는 것에 집중한다. 테슬라처럼 미래 예측이 어려운 기업보다 역사가 쌓인 기업을 선호한다. 출연자 전망: 특정 종목이나 자산에 대한 가격 전망은 언급되지 않았다.
다듬은 글
Charlie Munger Charlie Munger's investing principles and there's really six that I'm gonna cover here that are timeless principles for both investing and life now Mohnish Pabrai who's my investment mentor has a bust of Charlie Munger in his office you can see it behind him when he does guest lectures at different universities you know virtually and it's to remind mounish that you know Charlie's kind of watching over and to look through his investment decisions look at his investment decisions through the eyes of Charlie because Charlie has just taught him so much and has learned so much himself about what works and what doesn't in the realm of life and investing so let's go through six of these lessons that I picked up from Charlie Munger the first lesson if you keep learning all the time you have a huge advantage learning really is a compound factor through life and the best learning comes when it's it comes from a place of curiosity okay it's not like oh I'm gonna read one or two books a week just because I want to learn no there's this intrinsic driver that you're curious about the world and you want to soak up everything you can about it that's really how Charlie Munger is wired you know his kids call him you know a book with legs he's always reading constantly reading so you know you look at Charlie and and Warren Buffett and they're at the top of their investing game in in their 90's I don't think Warren is quite 290 yet but Charlie is well in his mid 90s and you know he's at the prime of his investment game because you know you get all these decades of learning that have have compounded that have created the investor that he is today so keep learning really important number two the safest way to try to get what you want is to try to deserve what you want and I really like this one you know it's so easy today to you know try to hack your way to getting where you think you want to be and and from Charlie's perspective it's really about delivering to the world what you would buy if you were on the other end okay there's there's a huge pleasure in life to be obtained from getting deserved trust you know this is kind of the golden rule now treat others how you want to be treated and it really involves some you know kind of soul-searching you know what is it that you really want and make sure you deserve it you know who do I need to be in order to deserve what I really want instead of you know what are all these little things that I need to do to get what I want it's more of a being versus doing it really resonates with me number three so yeah so Charlie was asked why do a couple guys in Omaha do so much better than all these powerful minds and great institutions on Wall Street and he says we know the edge of our competency better than other people do it's not a competency if you don't know what the edge of it is okay that's it's the whole concept of circle of competence stay within your circle of competence if you go outside you know you're asking for trouble and then Warren Buffett mentions he'd rather deal with the guy who has an IQ of 31 30 an IQ of 130 but thinks it's 125 then dealing with the guy who has an IQ of a hundred and 80 but thinks it's 200 okay and there's a lesson here in humility as well there's also a quote I'm no genius but I'm smart in spots and I stick to those spots okay this is a incredibly important lesson particularly for investing and it's you know it's what has helped Warren and Charlie avoid making big mistakes you know have they missed incredible business opportunities like Amazon and Google and you know this whole kind of tech realm yeah they've missed those things but you know they've they've avoided a lot of mistakes by staying out of those areas where they don't have particular competency okay number four Charlie says I don't like feeling I don't like any feeling of being victimized I think it's a counterproductive way to think as a human being now I you know who is it it's easy to feel victimized in life it's easy to feel self-pity we all have things that happen to us in life that you know knock us off they knock us off our guard they sneak up on us and it's really about how we respond to those things you know Tony Robbins talks a lot about that how you know it life is 10% about what happens to us and 90% how we respond to what happens to us so you know life is hands each and every one of us terrible blows unfair blows some people will recover and other people really don't recover they kind of go down that spiral of self-pity every missed chance in life is an opportunity to behave well and to learn something so your duty is to not be emerged in self-pity but to utilize that terrible blow in a constructive fashion to learn from it to use it to strengthen to strengthen yourself to to rise up so that's really a character principle here number five we have to so this is really about investing this particular one we have to deal in things that were capable of understanding and you know Charlie has mentioned in the past if he's you know investing in an area that he doesn't understand he doesn't feel like he deserves to make money in that thing so it kind of ties in number two as well this you know only deal in things that you're capable of understanding and that can be really hard in investing when you see your neighbors you see people getting rich in areas that they don't really understand but they're not really getting rich in those areas they're they may be they may seem like they're getting ahead of you in the short term but it's it's not a long term way to get ahead to invest in areas outside of your competence invent investing in areas that you don't understand so in terms of number five there's a number of pieces to this we have to deal and things that we're capable of understanding then we have to D we have to have a business with some intrinsic characteristics that give it a durable competitive advantage okay whether that's being the low-cost producer whether that's being in an industry that's really hard for other people to get into for whatever reason it's gonna have a durable competitive advantage capitalism is brutal and if you don't have that durable competitive advantage that that moat you're gonna get taken down and and it's it's gonna be a tough business to to do well in over the long term so that's the second piece of this one a business with a durable competitive advantage then we have to then we have we would vastly prefer a man in place with a lot of integrity and talent okay you have both integrity and talent finally no matter how wonderful a business is it's not worth an infinite price okay we must have a price that provides a margin of safety we live in an uncertain world okay and when we buy in at a price that provides a margin of safety things can unfold in ways that we can't predict and we can still do well with this investment if we have a margin of safety so the last one number six Warren and I have not made our way in life by making successful macro economic predictions and betting on those conclusions okay they don't make macro bets our system is to swim as competently as we can and sometimes the tide will be with us and sometimes it will be against us but by and large we don't much bother with trying to predict the tides because we plan to play the game for a long time there's so much wisdom in this last one so much of what Charlie and Warren do to be successful is to focus on what they can know okay this is you know on a on an individual business level it's not trying to predict interest rates it's not trying to predict you know who's gonna win what election it's not so many of these macro factors you know Warren and Charlie really see as unpredictable and so they don't make investment that's based on those outcomes because they don't have any advantage in trying to predict those things so they focus on what's knowable which is understanding individual businesses the management of those businesses the economic trajectory of those businesses take Tesla for example Tesla may prove out to be an incredible investment for people who are owners of Tesla but it's very difficult to predict with any degree of accuracy how Tesla is going to unfold okay so they prefer to buy into businesses where there's been quite a bit of history to look at in those businesses these are usually well established businesses that you can estimate with some degree of certainty 5-10 years into the future because they have those moats they have those economic advantages so you know it's it's for Charlie it's really about focusing on the things that are reasonably predictable rather than all of these macroeconomic factors that people love to talk about you know in the news in financial news outlets all the talking heads they love trying to predict what's coming next when the next crash is gonna happen all of that stuff and Charlie and Warren don't don't play that game so that's it guys I just wanted to share those six timeless investing principles really principles for investing and life from Charlie Munger because he is such a wealth of knowledge and has probably the most influential person on my mentor Mohnish Pabrai so I just wanted to dive a little bit into Charlie Munger in this video let me know if you want to hear more about about Charlie Munger he's a fascinating character you know I'm happy to explore further otherwise smash that thumbs up button hit the subscribe button so you don't miss videos about investing and life in the future and I'll see you guys in the next video take care
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