저자: 리루 · 한국인
요약 보기
가치투자자는 소수(약 5%)이며 시장은 단기 매매하는 다수(95%)를 위해 만들어졌다고 주장한다. 정서적으로 어렵지만 장기적으로 가치투자가 더 나은 수익을 낸다고 말한다. 가치투자자는 군중과 다르게 생각할 수 있어야 하며, 학자·연구자·기자처럼 끊임없이 탐구하는 태도가 필요하다고 강조한다. 개별 종목이나 자산의 가격 방향에 대한 구체적 예측은 없다.
다듬은 글
You are really not to the majority. You are actually a very very minority and the stock market is really not created for you. It's created for the 95% of all the other people and that's really where your opportunity is and that's where your challenge is. So to understand that before going into manage management business is really extraordinarily important and that's really when I that's what I first learned when I when I came here and listen to uh Buffett.
Uh that's one thing that stick in my mind and that really sort of helped me to position where I am because I really know by then what kind of a person I am. I think most of your challenge especially those of you who really want to end up in the manage management business and I'm actually tonight primarily address to that group of people sorry for those people uh that that are not um you are your biggest challenge is really to understand whether you're that 5% of the per people or you're the 95% of the majority and you might think that because of the training because you do this you sort of you know intellectually or theoretically biased to also that small minority group of people you'll be amazed you know how much it would have changed you know my career is sort of take a little twist as well I always kind of run my own fund you know part of the time when Bruce sort of mentioned was u Julian was really sort of when he invited me to really share off it with him because he sort of invite a whole bunch of fund managers that he invested in and also share sto uh share ideas and that's when I sort get a much better understanding of how the 95% of other people really operated and and you know it is tempting because you know why 95% of the people don't do you know what you guys are here try to do despite the spectacular success of Warren Buff and Charlie Monger why is that anybody have a a reason why is that why there's only Yes.
Because emotionally it's very difficult. Yeah, emotionally is very difficult. But if you think that, you know, it's very convincing that value investors over a long period of time really have much much better uh kind of a returns. You know, you think that's where the money is. You know, even if it's emotionally difficult, you think they wouldn't change it.
Any other reason? Right. Right. To that point. Right. Right. We actually very close to the point. I think that the real answer is that's really where the money is. Why that's where the money is because the market is really created for those group those kind of a people who are really thinking of trading in and out all the time and therefore that they will pay attention to the short term and therefore that if you put up with that requirement that's really where the asset is going to find you.
And so as a result that statistic despite the huge diff discrepancy of a performance of that 5% have a spectacular return consistently over a long period of time 95% of the money or something close to that probably would always reside to somewhere else and is if that's where the money is you know most of people naturally would end up there.
So my first kind of a point I want to leave with you is really to understand who you are because you will be tested through all this period of time through your future career development that you're going to really have to really face to to to ask yourself whether you're value investor or you're not value investor.
Now if for whatever reason that your personality is built to be a value investor that probably means that you're somehow you know genetically mutated throughout the the process of evolution that a you're very comfortable being in a minority which is not really very uh natural to human beings. You know throughout our human evolution process the most of us survive because we stick with the group in phase of large mammals.
That's the only way we can we can survive. And so it is really over you know tens of thousands of years of evolution is really you know deeply ingrained into your genes. uh but occasionally you will find a small percentage of people really survive despite the fact that they really have a different kind of a gene is almost through a mutation process that that group of people survived.
So that's the first thing you have to really be very very comfortable uh you know being very much by yourself and therefore you would naturally adopt the attitude you're right not because other people agree with you but because your reason your evidence are right. It is common sense but of course as people said common sense is the least a common commodity.
Most people don't think that way. And secondly that you would probably spend most of your time truly being an academic researcher instead of so-called professional investor. Most of the time you're going to spend as a professional investor, as a value investor, not a professional investor, is really to be an academic, to be a researcher, to be a journalist actually.
Uh to basically be have insatiable curiosity, to really and try to figure out how just about everything works because investing really the more you know, the better off you are as an investor.
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