저자: 미상 · 외국인
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워런 버핏과 찰리 멍거의 2019년 버크셔 주주총회 관련 발췌로 보이는 영상이다. 투자 성공 판단 기준: 버핏은 재무 수익률이 가장 중요한 결정 기준이라고 말한다. 다만 원래 기대에 못 미치는 기업을 바로 팔지 않는 것이 버크셔의 방식이며, 경영진과의 관계와 어려운 시기의 태도도 중요하게 본다. 기업 보유 방식: 실적이 부진해도 영구적으로 손실이 확정되거나 심각한 노무 문제가 지속되지 않는 한 매각하지 않는다는 원칙이다. 경영대학원 이론과 달리 '감기 카드 돌리기식' 잦은 교체를 하지 않는다고 설명한다. 윤리적 기준: 담배 회사 주식 보유는 괜찮지만 직접 경영하고 싶지 않은 사업이 있다고 밝힌다. 과거 한 사업은 합법이지만 도덕적 이유로 인수를 거절했다는 사례를 소개한다. 종목·자산 가격 방향 예측 발언은 없으며, 해당 영상에서 대상 자산에 대한 1~3개월 방향 예측은 확인되지 않는다.
다듬은 글
hello I'm Laura Johnson I'm from Suffolk in the UK do you have or are there any appropriate criteria beyond purely financial returns in a success in assessing the success or otherwise of your investments well I would say that I would say that the financial returns achieved in a way that we want them to be achieved us are the determinant of whether we've made an intelligent commitment now we don't get rid of companies that don't meet our original expectations there's a section of the back of our annual report on the economic principles and I forget which one it is it's toward the end but we say that Charlie and I have this quirk which business schools would teach is a mistake in that if we have a business that's underperforming and we could sell it and put and achieve greater returns someplace else we don't do it we say that if a business is going to permanently lose money we'll get rid of it if it has major labor problems over a period of time we might get rid of it but we are not going to engage in what we call gin rummy time management where we pick up one card and discard another and so we will not if business has been disappointing to us but we like the people there and we're not having that because of labor problems and we're not going to have to put money in incessantly we will stay with it when business school theory and management theory would say get rid of it and do something else we don't disagree with the people that do it that way it's just that we don't want to live our lives that way if we owned a hundred percent of Berkshire we wouldn't do it that way and we don't and we just we want the shareholders to know that we have this this mindset that may produce slightly suboptimal returns because of our attitude but that's the way we're gonna play it and we tell people the other time that that's that's the way we're gonna play it we like being associated with the managers that we are even the ones that are in facing headwinds I mean but that's in the sense you almost identify more with the ones that are facing ed ones because they're doing a hell of a job under very tough conditions and every business decision an investment decision is going to work out perfectly and some businesses are going to run into unexpected surprises but the people that have gone in with us have stuck with us in times like that and our attitude is we'll stick with them so today I would say that how the people behave with us after we buy the business is an important part of how we feel about you know the whole relationship as well as as well as the returns achieved Charlie yeah I think he's asking in part are there some businesses we won't have as subsidiaries in Berkshire even though they're wonderful businesses is that we were rejecting some business opportunities on moral grounds yeah well we have referred in past meetings to one we did on that basis we will own stocks of companies where we wouldn't want to own the whole business I mean I did you know you can I'm not sure that the logic is perfect on that but we would not have trouble owning stock in a cigarette company we wouldn't want to manufacture cigarettes you know we might own a retail company that sells cigarettes I mean there's all kinds of gradations but we do not there are things we don't want to own and be responsible for their businesses where we we have no problem owning their stocks or bonds and some years back Charlie and I went down to water Memphis yeah yeah we looked at a we were invited down and we looked at a company that made a product that that perfectly legal probably one of the best businesses I've ever seen in terms of the economics of it still doing very well and we met in the room with we went to a hotel we met in the room with the people that had the business and people are perfectly decent people and they described the business to us and we went down in the lobby and as I remember we said on the lobby and we just decided that we didn't want to be in that business and you know that the lines are not perfect on this sort of thing I mean that I'm sure that there may be ads in the Buffalo News that are selling some investment service or something that I would cringe at up I knew that the people involved or what they were selling and if you own a big retail establishment the retailer general merchandise you know you're probably going to be selling cigarettes when you don't think you that you should smoke yourself or that your children should smoke and it's they're not perfect but we have turned down some the most dramatic being that one because we went took us a trip of a thousand miles or so to to finally face up to the fact that we didn't want to own it Charlie everything it had on it because we were young and poor then by modern standards and and we're very human and we could see it was just like putting a hundred million dollars in a bushel basket and setting it on fire as we walked away and feel bad we we made the decision all right and with no difficulty but there was a certain twinge you
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