저자: 워런버핏 · 외국인
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결론: 이 영상은 특정 자산의 가격 방향에 대한 예측이 아니라, 경영대학원의 투자 교육 방식에 대한 비판과 기업가치 평가 중심 투자 교육의 필요성을 강조한다. 첫째, 투자 교육 과정 추천. 버핏은 컬럼비아대 Bruce Greenwald의 수업이 실무적으로 좋다고 언급하고, 그의 신간이 6개월 내 나올 것이라고 말한다. 둘째, 가치투자 관련 과목이 있는 대학으로 플로리다대와 미주리대를 언급하며, 커리큘럼 비교와 최근 졸업생 면담을 권한다. 셋째, 멍거는 경영대학원 투자 교육의 대부분이 버핏이 벤 그레이엄에게 배운 방식과 다르다고 지적한다. 스탠퍼드의 가치투자 과목 사례로 Jack McDonald 교수가 인기 과목을 맡고 있지만 학계에서는 소수파라고 설명한다. 넷째, 버핏은 투자 교육의 핵심은 사업의 가치를 평가하는 법이라고 강조한다. 가치를 모르면 주식의 가치도 알 수 없으며, 현재 교육은 효율적 시장가설 등 '아무도 모른다'는 입장을 가르친다고 비판한다. 다섯째, 버핏은 미국 금융 교육이 전반적으로 형편없다고 평가하며, 회계·인사관리는 잘 가르치지만 투자 가치평가 교육은 크게 부족하다고 말한다. 여섯째, 경영자들이 기업 인수 시 가치평가 능력이 부족해 투자은행의 조언에 의존하는 문제를 지적하며, 이것이 버크셔가 이런 주제를 글과 강연으로 다루는 이유라고 밝힌다. 일곱째, 특정 종목·지수·금리·환율에 대한 1~3개월 가격 방향 예측 발언은 없다.
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to know what business school oh business schools yeah well i would i would say this that that uh i think bruce bruce greenwald's class at columbia is very good he gets in a lot of people that that are practitioners so there's a lot of practicality to the course and i think bruce is good he's got a new book coming out that that uh probably within the next six months or so that that we'll deal with that and then there also has been a endowed at the university of florida certain courses relating to value investing and i think there's been one at the university of missouri so i would suggest you at least check out the curriculum at the university of missouri in columbia and in florida and and do a little comparison and maybe check with a few graduates recent graduates as to what kind of experience they had that i think you can if you can find them i think that's the best the best system for evaluating a place but those three at least have courses that that based on the on the catalog sound sound like uh they might be of interest to you charlie yeah a huge majority of the business school teaching on the field of investment of passive portfolios of securities is not what we believe and not what warren was taught years ago by ben graham uh they're just little pockets of of uh our attitude left there's one at stanford jack mcdonald yeah sure and uh yeah this graduate school graduate school and what's interesting about that is i think it's the most popular course in the whole stanford business school they've got some kind of a bidding system and yet i asked jack how he felt and he's he he said he felt lonely he's got the most popular course but in the whole professoriate dealing with investment matters the jack mcdonald's are a little clan of their own in a in a side pocket so to speak now they're right and they can take whatever consolation they get from that but but mostly if you go to business school you will learn a lot of things we don't believe yeah jack bob kirby comes in and works with jack sometimes too and you couldn't and bob has got a terrific mind in terms of investment so that i mean there's no question about that if it you know it's not the easiest school in the world to get into and and and it is at the graduate level but there are these occasional uh uh little anomalies as they would say uh in in the teaching world i mean what you really want a course on investing to be is how to value a business that's that's what the game is about i mean if you don't know how to value a business you don't know how to value a stock and if you look at what is being taught uh i think you see very little of how to value a business and and the rest of it is playing around maybe with numbers or you know greek symbols or something of the sort but but it doesn't do you any good i mean in the end you have to decide you know whether you're going whether you're going to value a business at 400 million or 600 million or 800 million dollars and then you compare that with the price and that's that's what investing is and i don't know any other kind of investing you know basically to do and that just isn't taught and the reason it isn't taught is because there aren't teachers around you know who know how to teach it i mean they don't know themselves and since they don't know themselves they teach something that says nobody knows anything and which is the efficient market theory and if i didn't know how to do it and if i ever teach physics i'm going to come up with a theory that nobody knows anything because it's the only only way i can get through the day you know but uh it's fascinating to me how uh how uh how the you know the really great universities operate in this respect they uh if you get a sacred writ i mean you get in the finance department because you sign on you know to whatever the present group thinks and if they think the world is flat you better think the world is flat too and your students better answer the world's flat when they get on exams doesn't i i would say investment finance teaching in this country is is uh in general is kind of pathetic well i think the business schools do a pretty good job when it comes to accounting or sure or personnel management or a whole lot of subjects i think they do quite well with but they miss one enormous opportunity if you learn to think intelligently about how to invest successfully in businesses you'll become a much better business manager then you will if you aren't good at uh understanding what's required for successful investment so they're missing a huge opportunity to improve the management profession by doing such a lousy job in teaching investment yeah see charlie and i see ceos all the time who who in a sense don't know how to think about the value of businesses they're acquiring and then you know so they've gotten and hire investment bankers and guess what the investment banker tells them what to do it tells them to do it because they get 20x if they do it and x if they don't do it and guess how the advice comes out so it it's uh when a manager of a business feels helpless which he won't say out loud but but but inwardly feels helpless in in the question of asset allocation you know you've got a real problem and and there aren't they have not gone to business schools that have given them any real help i think in in terms of learning how to think about valuation and businesses and you know that's one of the reasons that we write and talk about it some because it's there's a gap there
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