저자: LiLu · 외국인
요약 보기
리루는 2006년 컬럼비아 경영대학원 강연에서 가치투자의 핵심을 설명한다. 가치투자자는 주식을 사업의 일부로 보고, 충분한 안전마진을 요구하며, 다수와 다르게 행동할 수 있어야 한다. 정확하고 완전한 정보 확보와 평생 학습이 필수이며, 기회가 오면 빠르게 행동해야 한다. 투자 수익은 소수의 큰 아이디어에서 나온다는 점을 강조한다. 특정 자산에 대한 가격 예측은 없다.
다듬은 글
in 2006 lelu gave a lecture at Colombia business school the same school where value investing was developed by Benjamin Graham and David Dot and luckily for us this lecture was recorded so without spending a single dollar we can take part in one of the most important lectures ever concerning value investing but before we will do that let's take a quick look at leelu's lifestory story because it is quite incredible born in China during Maat tun's cultural revolution in 1966 lilu's early years were very difficult as his parents were sent to labor camps by the government leaving him to navigate through various orphanages and caretakers in 1989 he emerged as one of the student leaders in the tenan man Square protests after a bloody end to the protest he had to flee China for New York at the age of 23 he almost did not speak any English and yet he got accepted to Colombia University and ultimately he became one of the first students in Colombia's history to earn three degrees simultaneously inspired by a lecture from Warren Buffett lelu started to invest paying his way through college that way and in 1997 founding Himalaya Capital Management Charlie manger has stated that lelu is the only outside manager he has ever invested with and has described him as the Chinese Warren Buffett okay so if people like manger believe that leelu is special it is probably wise to try to learn from him oh and apologies for the quality of video and sound but this is the only recording of this lecture that is available well maybe in the future artificial intelligence will make it beautiful and clear so the first question lelu is going to answer is a very fundamental one what is value investing who can really tell me what are the one or two things that really sort of defines a value investor from everybody else they're basically three attitude strict a of the teachings of Ben Graham that a you think yourself as basically not a uh uh a paper Shaffer in a sense you you you really think yourself as as owner of the business and B you sort of you know you you you demand a huge margin of safety When approaching investment and see that U uh somehow you sort of think everybody else is different so this this is where the M Market analogy come in uh this three things actually kind of they all you know come into really coming from one perception which is you know it's you you think yourself as a owner of business rather than kind of a a kind of owner of a piece of a paper and and and and you own a small piece and therefore you really don't control the business and therefore sort of is almost self-defense to demand a large margin of safety because whatever value Perce may not be there because you can't control it uh and then because you thought you're really owning a business and therefore you really don't care you know if you're owner business you don't trade that all the time and so therefore you think that you're somewhat different from just about everybody else in the market participant that is a beautifully simple way of explaining what is value investing one you think of yourself as an owner of a business you feel that you are not buying a piece of paper that you hope to sell for a bigger price in the future but that you are buying a piece of business that you will own as long as you want to two you demand a margin of safety because if you own a business but you are not running it in most cases you can't even influence the management in a meaningful way then you have to create a buffer that can save you when when things start to go in a direction that you did not anticipate and three you are fine with being a contrarian you are fine with being criticized or laughed at by the majority because if you want a margin of safety you will have to buy companies when their Shares are down and why are they down well because the majority think it is a bad investment most of the people to get rid of those shares because they believe it will lose its value and you have to be on the other side of this transaction believing that the majority is wrong but can anyone be a value investor and do we have what it takes to become one 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 to your future career development that you're going to really have to really face to 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 of the the process of evolution that a ver comfortable being in the minority which is not really very uh natural to human beings you know throughout our human evolution process that most of us survive it because we stick with the group in phase of large memos that's the only way we can we can survive and so there really over you know tens of a thousands of years of evolution it 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 gym it's 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 at least a common commodity most people don't think that way and secondly that you would probably spend most of your time truly being academic researcher instead of so-called a 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 journal IST 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 and so you you just have to be naturally interested and accous just about everything any kind of a businesses politics science technology ology uh Humanity history poetry literature everything really affected your business basically so you almost have to a a you you know that I don't want to scare people you don't have to put it that way it will help you it will help you and then occasionally you would to find a few Insight that all of those studies that really gave you tremendous opportunities that other people just for whatever reason couldn't deal with if we want to be value investors then it is important to remember that we are not right because most people agree with us or that we are wrong because most people disagree with us we are right because our own reasoning and evidence are right and the second point is probably even more important we have to really understand the business and the industry we have to to put a lot of work to find what other people are missing that is why all the analysis we do on this channel are just the first step they are a first quick look that makes it simple to decide if we want to study more and spend more time on this business or is it a pass that is my mission here to make investing simpler not easy because it's not but just simp simp to save you time so that you can study only the companies you really find interesting and finally lelu emphasizes a very important Point concerning taking action but when the things happens you just have to really devote day and night into it day and night into it and that's why I'm glad my wife is actually here so that I know all this missing what I was doing you the opportunity like that don't come very often so when it when it comes you have to Seas it you have to do everything complete but you have to do it fast and that's why you have to train yourself all those time and you don't have to do a damn thing put things into bank that's okay you don't have to buy anything but when opportunity comes you have to jump on it and that's what I did when you finish all of the things it doesn't take all that long but you take intensive work for a short period of time that is such an important point we have to study we have to follow businesses we have to be prepared to spot opportunities and that is exactly why I created our stock ranking to have all the analysis in one place to easily see when an opportunity emerges and Market starts to be irrational and when lelu talks about seizing an opportunity it reminds me not only of Eminem song about opportunity coming once in a lifetime but also of Buffett saying that it is only logical to invest your money in your best idea instead of investing it in your 30th best idea so we have to learn we have to understand more and more of the world around us but at the end of the day we also have to take action knowledge that is not put to use is a wasted opportunity okay before we finish let's listen one more piece of wisdom concerning three things we need to do before we can say that we understand the business we understand the industry and we are ready to pull the trigger and become owners of this specific company okay I always tell my analyst I only need two things from you and if you want to be analyst you need to be analyst of course before you become a good investor you want to provide accurate and complete information accurate and complete most the people failed on both score big time and you just have to go to that extra length in order to get it done if you can't succeed on that one you can't succeed succeed in this business because most of the time you're going to stand alone basically against just about everybody else and if you're not really confident about what you know and you're confident about your prediction what other people know or don't know you can't possibly be putting that kind of a money when the things going into a free fall when it looks like you're really losing all your money when everybody else is laughing at you all the smart guys so you must be able to First do accurate and complete and the second thing in this business okay most money are not made on those stocks I was just talking about your biggest amount of money you're going to ever made is not from that those things really get your bread and get your basic business going give you the basic returns they do not provide you outsized return even if both stock went up five six times they do not give you the outsize returns if you're a value investor in the truest sense okay so there are two schools you mean you can do the TWD bronze you can do the benams um or you can do the buff and Banger type which is more of kind of what I interested in if you want to be that one your return is going to come from a h no more than no more than number on the two hand in your entire life of maybe 50 years of tremendous in Insight tremendous insight you're going to a game that no other people have how do you really build that Insight there's no other way other than basically continuous curiosity intense curiosity continueous a study for your whole life okay so what are the main takeaways here first we need to find accurate information and if you want to know where I look for data and news then check out my video about best websites for investors you will see the link to it at the end of this video and finding accurate information is not that hard thanks to technology but we also need to find complete information and that can be trickier of course websites like Seeking Alpha or Google Finance are super useful but to really get all the details we need to go to investor relations pages of any company that we are analyzing it can be a lot of reading but it can make us a lot of money and finally we need to become lifelong Learners we need to become wiser every day and Through the Years this knowledge will start to compound and finally it will allow us to find an edge to find what most other investors missed and if we just find few such Investments during our entire lifetime we are going to do very well and if you would like to learn from other great investors then check out my videos about Terry Smith or Peter Lynch or learn where to find data by watching my video about best websites for investors thank you so much for watching and see you in the next one
Comments 0