저자: 미상 · 외국인
요약 보기
찰리 멍거의 투자 원칙을 Tren Griffin 저서 기반으로 요약한 영상으로, 특정 종목 매수·매도 권유나 가격 전망은 없음. [핵심 투자 원칙] 주식은 기업의 일부 지분이며 본인이 일부 소유자라고 생각해야 한다. 내재가치보다 상당히 낮은 가격에 사는 것이 원칙이다. 시장을 주인이 아닌 하인으로 부려야 하며, 공포에 휩쓸리지 않아야 한다. [리서치와 의사결정] 투자 전 충분한 조사와 실사가 도움이 된다. YouTube나 페이스북의 종목 추천을 무비판적으로 따르는 것은 합리적이지 않다. 이해되지 않는 사업이면 다음 종목으로 넘어가면 된다. [장기 보유와 복리] 인내는 시장에서 수익을 내는 핵심 요소이며, 시장은 적극적 트레이더에게서 인내하는 투자자로 부를 이전하도록 설계되어 있다. 이해하고 좋아하는 기업이라면 복리 효과를 위해 자본을 오래 두는 것이 현명하다. [사업 유형과 성장주] 매년 자본의 약 12%를 사업에서 회수할 수 있는 사업이 최선이라고 설명한다. 미래에 실질 이익을 내지 못하는 성장주는 투자자에게 큰 손해를 줄 수 있으며, 닷컴 버블 사례가 예로 제시된다. [해자와 경쟁우위] 경쟁우위를 지키는 해자(moat)를 이해하는 것이 중요하다. 해자가 없는 기업은 대자본 경쟁자에게 잠식될 수 있다. [지표와 태도] 특정 기업에 대해 최소 2년 이상의 유효한 데이터를 확보하라고 권한다. ROI, ROC, ROE 등 투자 용어를 이해해야 한다. 인덱스 펀드는 조사할 시간과 기질이 부족한 투자자에게 적합하다고 말한다. [결론] 좋은 주식을 찾아 오래 보유하고, 단순하게 유지하며, 해자와 비즈니스 언어를 이해하라는 것이 핵심 교훈이다.
다듬은 글
Hello to all investors, and welcome back. In today's video, we'll do a quick summary of *Charlie Munger: The Complete Investor* by Tren Griffin. Please remember to buy the book and support the author for the full, complete content. If you like what you see, our quick summary might do an injustice to the authors and their complete work. That is why we always recommend our viewers buy the book. Thank you. Now, let us dive in.
Before investing in any stock, consider four things. First, always treat a stock as a portion of a company, and you are a part owner for buying that portion. Second, we should buy the company at a significant price below its intrinsic value. If you don't already know the meaning of intrinsic value, please check out our other video. Third, make the market your servant, not the other way around. This requires a lot of brainpower not to panic when the market panics, and doing your research and due diligence before investing in a stock really helps. Fourth, make a rational decision. Listening to people on YouTube or Facebook for stock tips is not very rational. If you just buy something without thinking and without doing research on the tip, that's not rational.
Always keep things simple. If you don't understand the business, move on to the next stock. No one is forcing you to buy it. Did you know there are over three thousand listed companies in the United States? So when you do find one that you like and understand, and that business can generate income for a long period of time, at least ten years and more, you can sit your damn ass on it. Sorry for my colorful language, but we can't do a complete summary with Mr. Munger without colorful language. You can expect more of those in this video, and only in this video.
Oxymoron is next, so please, viewers, be advised. Patience is one of the key drivers in profiting from the market, because the market is designed to transfer wealth from active traders to patient investors. Sometimes the best thing to do is nothing. So don't be an oxymoron and do everything, every day.
Understanding the power of compound interest is very important. However, harnessing that power is not an easy task. Therefore, when we find a company that we understand and love, it is not only wise but prudent to leave our capital in there and let it compound. As the late Einstein once mentioned, compound math is the most powerful math in the universe. So when we do find such a company, why leave it unless we find another company with a better opportunity cost? The lesson here is: don't try to invest every day in everything, unless it is an index fund. Once you find a company that makes sense to you, following value investing fundamentals, sit on it and let compound math work its magic for you.
Figure out your temperament and see whether you are well suited to be an investor at all. This is a very wise decision. If you are a wretched excess like I am, and think the stock market is a lottery ticket, it is best for you to be an index investor.
It is very important for us to understand that risk only comes to those who do not know what they are doing. If you are going to invest in a stock yourself, here is a tip from this book: there are two types of businesses. You can extract 12 percent out of the business every year, or you must put everything back into the business and add more in to keep it afloat. The best business is the one where you can extract 12 percent a year from it.
As for growth companies, they are only good if they produce more dollars in the future. Growth companies can do great harm to investors if they don't produce anything in the future. We have seen great examples of growth companies that failed and just consumed cash in the dot-com bubble. Most of the companies involved in the dot-com crash weren't producing anything except ".com" on their websites. It ended up very well for the startups that managed to get dot-com in their name, but it destroyed and wiped out many investors in the process. So only invest in growth companies that you truly believe have a real product behind them, and that is what consumers want.
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Understanding the moat that protects the business you want to invest in is extremely important. Please check our video on Mary Buffett's part 2 for understanding moats if you are not sure what a moat is. As Mr. Munger said, "How do you compete against a true fanatic?" You can only try to build the best possible moat and continuously attempt to widen it. In other words, if a company has no moat, there is no competitive advantage for that company to survive and thrive. Any other company with large capital will come in and swallow it.
According to the author, Mr. Griffin, we should have at least two years of viable data on any particular company we would like to invest in. It takes a lot of work and discipline to be a good investor. You must understand the financial and business languages of investing. For example, what is ROI, what is ROC, what is ROE, and why are those important? Even a blind squirrel once in a while finds a nut. Consistently place the right bets, take patient time, and maintain discipline.
We hope this video somewhat helps you. Before we let you go, if you do well, or when you do well in life, seek ways to pay it forward to others who are less fortunate than you. This message is brought to you by payingforward.net, direct giving is what they believe in.
Let us sum up the valuable lessons in this video. One: find a good stock, sit your ass on it, and allow compound math to do its job. Two: keep things simple. If it is complicated, move on to the next one. An index fund is good for investors who don't have the temperament or the time to do research; if you want to know more about index funds, please check out our video on why stock prices go up and down. Three: understand whether the company has a moat, and if it does, what moat it is. Finally, you have to understand the language of business.
Thank you so much for your time. Once again, we hope everyone does well in the market. All the best, you are amazing, and we hope to see you in the next video.
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