8 Easy Strategies For Successful Investing and Becoming Profitable | Bill Ackman

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빌 애크먼은 펀드 성공 원칙 8가지를 돌에 새겨 사무실에 두고 지키는 것이 핵심이라고 강조한다. 2015~2016년 큰 손실은 이 원칙에서 벗어난 투자(Valeant, Herbalife 등) 때문이었다고 회고한다. 원칙의 요지는 단순·예측 가능하고 잉여현금흐름을 창출하는 지배적 기업, 높은 진입장벽, 높은 자본수익률, 외부 리스크 노출이 제한적인 기업, 튼튼한 재무구조, 우수한 경영진과 지배구조에 투자하는 것이다. 그는 자신을 매크로가 아닌 액티비스트 투자자로 규정한다. 수동적 투자자는 시장의 봉이 되기 쉬운 반면 액티비스트는 가치를 창출할 수 있다는 입장이다. 치폴레(Chipotle) 사례를 들어, 위기 중이던 회사에 이사를 파견하고 신임 CEO를 영입해 주가가 거의 세 배가 된 것을 성공 예로 든다. 원칙에서 벗어날 때마다 사업의 질이나 복잡성에서 타협했고 그때마다 손실을 봤다고 정리한다. 이 영상에서는 개별 종목의 향후 1~3개월 가격 방향에 대한 구체적 예측이 없다.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. sure so there's sort of eight principles that have driven our investment success and when we have veered from those eight principles uh we've lost money and uh after the uh two thousand went through a very difficult period circa 2015 2016 the two investments you mentioned were big drivers of that it was uh you know if you will experiences making mistakes and learning from them and it was a moment of reflection for the firm and i went back to the core principles that have driven our success for the first 12 years and i had a member of the investment team literally engraved them in a stone tablet not dissimilar from moses's ten commandments and i had that stone tablet put in what you might call a deal toy sits onto everyone's desk in the office and we've adhered to those principles you know ever since and you know we've been fortunate uh to return to the success we had for the first dozen years so you are what's called an activist investor not a macro investor an activist investor typically invests in companies or makes specific bets on companies the direction up or down and so forth how did you get into being an activist investor as opposed to let's say a value investor a macro investor was it something you decided to do while you're in college or early in your professional career what led you into that route i think it's part of my personality you know i started as an investor i raised the first pool of capital when i was 26 and i made an early investment in a company called rockefeller center properties and i saw management making a series of decisions that made no sense to me it was just so obvious the right thing to do as to how to create value and it was being a frustrated passer investor that made me into an active investor and you know that investment turned into a very profitable and very high profile investment and with success uh you know one is motivated to try it again and it's been helpful to the strategy over a very long period of time and it's fun and uh if you're passive you can feel like the market's patsy and if you're active you can actually create some value and i think it's a lot more interesting than just picking securities you know we bought a stake in chipotle at a time where the company was struggling a few years ago we put a few directors on the board we recruited a new ceo named brian nichol it's completely turned around the company the stock is you know almost tripled in in the midst of a crisis uh and it just tells you that you know that's a lot more fun and it's a lot more profitable and i would say bet good for a lot more good for america than just simply being a passive stock picker so let's talk about for a moment um some of the campaigns you've done as activists some of them have worked out some have not uh chipotle has seems to have worked out but you did a couple that were difficult ones or herbalife or valiant uh they didn't work out what would you say is the mistake you made in hindsight and that you would try to avoid in the future sure so there's sort of eight principles that have driven our investment success and when we have veered from those eight principles uh we've lost money and uh after the uh two thousand we went through a very difficult period circa 2016 the two investments you mentioned were big drivers of that it was uh you know if you will experiences making mistakes and learning from them and it was a moment of reflection for the firm and i went back to the core principles that have driven our success for the first 12 years and i had a member of the investment team literally engraved them in a stone tablet not dissimilar from moses's ten commandments and i had that stone tablet put you know what you might call a deal toy sits onto everyone's desk in the office and we've adhered to those principles you know ever since and you know we've been fortunate uh to return to the success we had for the first uh dozen years so i think it's about keeping to your our principles are basically one invest in simple predictable free cash regenerative dominant companies with large barriers to entry that are in high returns on capital that have limited exposure to extrinsic risk we can't control strong balance sheets don't need access to capital to survive have excellent management good governance sounds logical um but you know occasionally we've diverged and there's uh those times you know there's a certain discipline that comes with investments and there always seems to be a countervailing quality that caused us to diverge but in really each case we've compromised on business quality or complexity we've been harmed you