저자: WarrenBuffett&CharlieMunger · 외국인
요약 보기
이 영상은 버핏과 멍거가 젊은 투자자에게 주는 조언과 현재 금융 환경에 대한 비판을 다룬다. 구체적인 종목·지수 가격 전망은 없어 예측 발언은 없다. 버핏은 어린 시절부터 독서를 많이 하고 일찍 시작하는 것이 큰 장점이라고 말한다. 투자에는 지능보다 기질이 더 중요하며, 스스로 생각하는 능력과 자신만의 틀(프레임워크)을 갖추는 것이 핵심이라고 강조한다. 그 틀은 벤저민 그레이엄의 책에서 얻었다고 한다. 버핏은 투자 기회는 매일 있는 것이 아니므로 그 틀에 맞는 기회를 기다려야 한다고 말한다. 또한 재미를 느끼는 분야여야 잘할 수 있다고 덧붙인다. 멍거는 기업 경영자들이 투자를 더 잘 이해하면 더 나은 경영자가 될 것이라고 말한다. 그러나 금융 산업이 GDP와 국가의 인재 풀에서 차지하는 비중이 지나치게 커졌다고 비판한다. 버핏은 CEO들이 자기 돈 1만 달러 결정도 어려워하면서 수십억 달러 기업 인수는 투자은행 발표 두 시간으로 결정하는 현상을 지적한다. 멍거는 현재 투자 열풍이 역사상 비교할 만한 선례가 없을 정도로 지적 인재가 작은 증권 조각 매매에 몰리고 있으며, 과거 비슷한 광기 뒤에는 나쁜 결과가 있었다고 경고한다.
다듬은 글
i'm dudley schroeder from council bluffs iowa what when you were younger what first sparked your interest in investing and what advice would you give a younger person if they wanted to invest in the stock market thank you well i i'm not exactly i i got interested probably when i was maybe seven or thereabouts uh uh i wasted my time before that it's a little like wc feels when he inherited some money somebody asked him what he did with it and he said he spent half of it on whiskey and the rest he wasted uh so there i was dawgling around uh but i i got in my dad was in the business so i would go down to his office and i would see these interesting books and i would read them and i would go down he was on the fourth floor of what's now known as the omaha building at 17th and farnam and on the second floor was harris upperman company and they had a board uh and i would go down there um the market was open on saturdays in those days so i could for two hours so i could go down on saturday and i saw these interesting things going across the tape and and i just read a lot i took probably took every book in the omaha public library though and every book they had on investing or other stock market basically i was very interested in new york stock exchange i thought maybe i'd want to become a specialist when i grew up and maybe i still will but the i took all the books out i read them and finally when i was 11 i bought three shares of stock and i didn't know i i was fascinated by the subject my dad got elected to congress so now the library became even bigger uh and i took all the books i could out of there on on on markets and i'd used to chart and do all that sort of thing and then finally i read graham's book when i was at the university of nebraska the intelligent investor when i was 19 and that just changed my whole framework but the advice i would give is to read everything in sight you know and and to start very young it's it's a huge advantage uh in almost any field uh to start young and if that's where your interest lies uh and you start young and you read a lot you're gonna you're going to do well i mean there are no there are no secrets in this business that only the priesthood knows i mean it you know we do not go into we do not go into temples and look at tablets that are only uh available to those who have passed earlier tests or anything it's all out there in black black and white is a it's a simple business it's not it requires qualities of temperament way more than it requires qualities of intellect i mean if you've got more than 125 iq you can throw away the rest of the points or give them to your other members of the family or do something because you don't need it in investing that but you do need you do need a certain temperament that enables you to think for yourself and then you have to you have to develop a framework and i developed it from reading ben graham i didn't come up with it myself very simple framework and then you have to look for opportunities to that fit within that framework as you go through life and you can't do something every day you know you can learn every day but you can't act every day and i'm not i talked about reading the annual reports of anheuser-busch for 25 years but i've read the reports of coca-cola and gilbert and all kinds of companies long before we invested in them and if you enjoy the game uh you know you'll find that uh like playing bridge or playing baseball or whatever and if you don't enjoy it you probably won't do well on it but i would advise you to start early read everything in sight look for the successful uh framework that's been successful for people and there's nothing like grams in my view and you'll have a lot of fun and you'll probably make a lot of money charlie well i'm at a little disadvantage here warren has made himself into kind of a dean of investors starting as a boy and he has a greater respect for the process than i do i have a good bit of kansas attitude that money management is sort of a low calling compared to being a surgeon or a lot of other things i think the corporate types the corporate managers ought to study investing better because they'd be better managers and i think that everyone who thinks about through the investment process learns more about how the world really works and i think that's very worth having but i do not like as big a percentage of gdp as we now have going to money management and its attendant frictions and i don't like the percentage of the nation's brain power that is now in all of these different forms of highly compensated money management i don't think it's a good thing for the country and uh and i hate the fact that we've contributed to it by our own predilections carly is only sitting up here next to me as part of his outreach program actually please don't take any pictures that you could blackmail up with being associated with me charlie made a very good point there about uh about how managers could do better if they understood investments i i find it absolutely fascinating and i've seen this throughout my life i've seen it close up i will have friends who are ceos of companies and they'll have somebody else handle their money uh if you say to them you know should you buy a coca-cola or a gelato or something like that they'll say that's much too tough i don't understand that sort of thing what do i know about investing and then some investment banker will walk in the next day with the idea they buy a three billion dollar company which is just buying a lot of shares of stock of one company and they'll run through some little two-hour presentation and turn it over to a strategic planning group and think that they are then the ones that should make that decision as to whether to buy multi-billion dollar businesses when they really don't feel they're qualified to to make ten thousand dollar decisions uh with their own money and it it it's it's extraordinary what you see in corporate america in the acquisition activity uh it's not it's it's you know it's a little like they say about making sausage and making laws it's better unobserved um uh charlie you have any further thoughts on that you've seen a lot of it with me well i do think that the present era has no comparable president in the past history of capitalism i think we have a higher percentage of the of attention of our intelligent classes into buying little pieces of paper and and uh and and getting trying to get rich doing it and in promotional activities with big profit sharing fees i can recall no past era which had a similar concentration of this type of activity can you warn no but i think you would say probably too that when we've seen sort of baby versions of this something subsequently happened that oh yes if you want to talk about what are the future implications a lot that i see now kind of reminds me of sodom and gomorrah and we we weren't there incidentally i mean no but but that was a published account and and i think when you get as much sort of regrettable activity going on and sort of feeding on itself and frenzies of envy and imitation that uh it has happened in the past that there came bad consequences
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