원문 보기
charlie munger is one of the world's most successful investors and is best known as the partner of warren buffett at berkshire hathaway in the book the complete investor the author tren griffin claims that the most fascinating thing about munger are not his investment returns but the way he thinks and keeps his emotions under control a fundamental truth about investing is that people who can think independently gain control of their emotions and avoid psychological errors have an advantage as investors monger who has read a lot of biographies thinks that learning from the success and failure of others is the fastest way to get smarter without a lot of pain he likes being a teacher and says that the best thing a human being can do is help another human being know more in the same spirit the purpose of this book is to teach ordinary investors how to think more like charlie munger and apply his approach to their portfolios at read and grow we believe that books can change your life whatever your situation is someone out there has gone through the same and shared the lessons in a book subscribe and join us on our quest to solve problems one book at a time tren griffin introduces the value investing system developed by ben graham and used by monger the system is simple monger has a passion for keeping things simple this system is about doing things that are not likely to result in a mistake for this reason it tends to shine most brightly during a flat or falling stock market the system is designed to underperform an index in a bull market which is confusing for many people one core idea monger has borrowed from algebra is that many problems are best addressed backward by eliminating the stupid paths that one can take in life a person can find the best way forward according to munger being smart is often best achieved by not being stupid he says knowing what you don't know is more useful than being brilliant he points out that the investor should be very patient but also very ready to aggressively invest when the time is right successful gram value investors spend most of their time reading thinking and waiting although they are bullish about the market in the long term they don't make investing decisions based on short-term predictions about stocks or markets their job is to recognize mispriced assets when they see them the principles of the gram value investing system first principle treat a share of stock as a proportional ownership of a business put simply if you do not understand the actual business of the company you cannot understand the value of assets related to that business like a share of stock or a bond the best way to determine the value of a business is based on the price a private investor would pay for the entire business monger doesn't buy gold as an investment because gold is not an income producing asset gold has speculative value and commercial value but in munger's view it has no calculable intrinsic value determining speculative value is all about making predictions about mass psychology and that is a game munger doesn't want to play second principle buy at a significant discount to intrinsic value to create a margin of safety intrinsic value is the present value of future cash flows margin of safety reflects the difference between the intrinsic value and the current market price a margin of safety is analogous to a safe following distance when driving on the freeway the intent of both approaches is to avoid having to make predictions charlie munger is trying to succeed by avoiding what is hard for example predicting the future in the short term having a margin of safety means that even if you make mistakes you can still win and if you don't make mistakes your win will be even bigger an investor should always remember price is what you pay value is what you get the goal is to buy a dollar for 70 cents third principle make mr market your servant rather than your master mr market is unpredictably bipolar in the short term for that reason when the market is depressed it will sometimes sell you an asset at a bargain price other times because it is euphoric the market will pay you more than the asset is worth mr market's emotional problems arise because he is composed of many people who in the short term vote to establish a price for an asset based on their emotions and predictions and actions of all other people who make up the market when mr market is depressed the greatest opportunities to purchase assets exist stocks at that time are likely to be mispriced to an extent that generates a significant bargain the investor's job is to patiently watch rather than predict price movements and be ready to quickly and aggressively buy at a significant discount to intrinsic value and sometimes sell at an attractive price in relation to intrinsic value monger doesn't try to predict when the wiggle will happen but rather waits for when it happens patience is a difficult part of this investing system mr market is the crowd if you are the crowd you can't beat the crowd the best advice is simple buffett says be fearful when others are greedy and be greedy when others are fearful the system is based on the premise that risk is determined by the price at which you buy an asset the higher the price the greater the risk fourth principle be rational objective and dispassionate if you are buying an investment by definition someone else is selling either the buyer or the seller makes a mistake because humans do not have unlimited time and complete information they tend to copy the behavior of other humans learning to ignore the crowd and think independently is a trained response that needs to be practiced regularly according to charlie munger a successful investor should be one patient monger's approach is to wait for bargains to appear focusing on whatever is happening in the present moment he thinks that the stock market is designed to transfer money from the active to the patient to disciplined you need to be disciplined in avoiding doing something just because you can't stand inactivity there is a penalty for being overactive due to associated taxes fees and expenses read and think while you wait three calm but courageous and decisive the best times for you are the worst times for other investors and speculators it takes the greatest courage but provides the greatest profit when the investors are under pressure to do something even if the best thing to do is nothing 4.
reasonably intelligent but not misled by his iq a lot of people with high iqs are terrible investors because they've got terrible temperaments you don't need extraordinary intelligence to succeed as an investor 5. honest monger believes that it's important to stay a safe distance away from anything illegal dishonest and immoral 6.
passionate passion is more important than brain power you can't be passionate about something you don't understand the more you know about some topics the more passionate you will get 7 long-term oriented pain today gain tomorrow in the long term the power of compounding becomes more evident eight frugal the understanding of opportunity cost and the power of compounding makes an investor frugal 9.
risk averse risk for monger is the risk of permanent loss of capital and the risk of inadequate return risk comes from not knowing what you are doing risk is something an investor should retire rather than dial up we have more excellent book summaries on the topic of investing make sure to check them out
Comments 0