저자: 미상 · 외국인
요약 보기
한줄결론: 마이클 버리의 투자 원칙(독자적 연구·역발상·가치 탐색)을 소개하며, 특정 종목이나 가격 방향에 대한 예측은 없는 교육형 영상이다. 핵심 교훈 1 - 남을 따라 하지 말 것: 버리·버핏·스티브 맥나이트 등 유명 투자자의 방식은 각자의 성향에 맞춘 것이므로 그대로 모방하기보다 자신의 관심과 강점에 맞춰 투자해야 한다. 핵심 교훈 2 - 직접 공부할 것: 누구도 좋은 투자자가 되는 법을 가르쳐 줄 수 없으며, 스스로 연구해 자신만의 투자 매뉴얼을 만들어야 한다. 다만 다른 투자자들의 공통 원칙(버핏의 능력 범위 투자, 린치의 이해 가능한 기업 투자 등)은 참고할 만하다. 핵심 교훈 3 - 자신감은 연구에서 나온다: 근거 없는 오만이 아니라 깊이 있는 연구에서 비롯된 자신감이 필요하다. 버리는 2008년 서브프라임 모기지 증권의 구조를 수년간 공부해 주택시장 붕괴를 확신했다. 핵심 교훈 4 - 역발상을 두려워하지 말 것: 대다수가 동의하는 시장 합의도 검증 없이 따르면 군중 심리에 휘말릴 수 있다. 2008년 버리는 군중에 반대해 큰 수익을 얻었다. 핵심 교훈 5 - 어디서든 가치를 찾을 것: 버리는 부동산, 미국 기술주, 일본·한국 주식, 원자재 등 다양한 영역을 살폈고 CDS·옵션 등 여러 금융상품을 활용했다. 다만 자신의 능력 범위를 벗어나는 무리한 확장은 경계해야 한다. 출연자 전망: 특정 출연자의 시장 전망 발언은 자막에서 확인되지 않는다.
다듬은 글
the man the myth the legend the guy who shorted the u.s economy and made billions when the stock market crashed in 2008. let's see what he has to say and advice he can give us when it comes to investing so in this video we'll be talking about the five key lessons from michael berry and the way he goes about his investing lesson one don't be a copycat investor so of course we don't go out and buy stocks based on what other people are saying or advising however don't feel compelled to copy the strategy of another investor simply keep to your own interests and strengths as michael bury observed in michael lewis's book the big short if you want to be a successful investor you have to match the style to who you are it's also worth noting that despite having every benefit in learning from benjamin graham warren buffett did not follow in his footsteps but instead charted his own course and ran money according to his own set of rules this is critical because while another investor's technique may work for them it is unlikely to work for you for example warren buffett has an incredible investing approach and as a result of this plan he invests in banks because not everyone is familiar with banks simply imitating what he's doing with his investments won't work for everyone steve mcknight is a well-known australian real estate investor and his method is rock solid and profitable for him it is unlikely that it would work for us we don't know much about real estate after all so while you should listen to what these folks have to say and learn from their investing views you should avoid trying to emulate them concentrate on your own skills and experience in the companies that you want to invest in lesson number two to be a good investor you have to learn about it yes you'll never be a great investor if you only follow instructions you'll need to do your own study and write your own guidebook i soon internalized the idea that no school could teach someone how to be a good investor michael berry continues returning to the massive short if this were true it would be the world's most well-known school with tuition that is unaffordable and as a result it's impossible to be true this is simply not the case at the end of the day you must write your own manual you must be the one who understands how to invest independently that isn't to say that you can't benefit from the experiences of other investors in fact analyzing these great investing names and identifying common traits is an excellent method to begin developing your own investing guide those are a few of the most frequent investment approaches for example warren buffett believes that you should only invest in your area of expertise you must know what you own according to peter lynch you should never invest in a company that you don't understand according to charlie munger these investors are no longer following in the footsteps of one another it's only that based on what they've learned over the years they've created their own instructions and how they learn to invest all of them come to the same conclusion and we might observe it and think you know what that is a logical conclusion we need to understand a company before we invest in it let's stick to what we're familiar with overall you have to teach yourself lesson number three you need to have confidence to be a genuinely outstanding investor you must have the confidence to stand up and support the investments you make there are two types of confidence the first confidence is comparable to arrogance in that you stand up and proclaim what i believe is true and is definitely accurate no one else is right yet you have a different position the second type of confidence comes from putting in the effort and conducting significant research on the topic or outcome you're betting on and almost having that self-confidence as a result of the effort you put in so far the first confidence which is arrogance includes failing to consider other people's perspectives this can be detrimental to investment and will lead to losses on the other hand if you want to be a successful investor you must have the second form of confidence and as i previously stated it all boils down to really going out and doing the research i believe that a mortgage that enticed subprime home buyers to buy would emphasize the housing market's peak monthly payments were near zero with the teaser rates and subprime mortgages were turned into securities marie learned about the industry through regulatory filings which were necessary due to a shortage of credit mortgage and refinancing options would eventually come apart causing home values to plummet he didn't skip a beat in his investigation he had to study mortgages and mortgage-backed securities for years before he was comfortable with them learn about credit default swaps and the state of the american housing market well everyone else says housing is strong what are you doing he would say actually the system is defective and i have the confidence to take this step because i've done my homework and studied all of the choices he added and i know that i am correct berry has full confidence in what he knows lesson number four don't be afraid to be a contrarian to do very well in investing usually you have to go against the grain this is the kind of building on that point that we were just talking about where it's all about confidence because you know it's the confidence that you get from going in and going that and doing that in-depth research that enables you to stand up and be confident in going against the grain and again that's what michael berry did he saw that everyone in 2008 was saying but he was not afraid to go against the grain and be a contrarian because what you kind of realize after watching the stock market how it works and how wall street works you realize there is a big herd mentality people may not accept it but it is the situation usually there's a way of thinking whether it's about a certain stock or an entire industry that gets on and becomes the consensus and a lot of folks don't actually do this study to see if the consensus is correct or incorrect they just follow the herd so even in the realm of investing a lot of people are just following the herd and the problem with that is that occasionally the herd just walks straight into an avalanche and this is obviously exactly what happened in 2008 in 2008 michael berry went against the grain he had the confidence he did the research to be the contrarian and he profited very handsomely from the events that took place through 2008 2009 and so on lesson number five don't be afraid to look for value wherever you can find it michael bury for example has studied the property market in the past as well as u.s technology equities he's looked at stocks in japan and korea and he's even looked at water as a commodity and he's employed financial instruments like credit default swaps derivatives and options throughout his career he's bought just regular old shares so the point is that michael berry isn't someone who sits around waiting for the one stock he's been eyeing on to go on sale he might waive five years for that golden opportunity and then he just buys the shares and holds them for a long time he's always looking for value wherever he can find it and then he figures out what is the best financial instrument he can use to profit as much as possible from this thesis and the thing with michael bury is that he constructs this investing thesis betting on some particular outcome to occur and then after he's done with that he figures out the best possible thing to buy to best exploit that the potential hypothesis that he thinks is going to come to fruition talk about looking for value wherever you can find it this definitely doesn't mean you want to go and reach outside of your circle of competence just try and find something new like maybe devote an hour a week towards your investing you can only stay up with the industry in which you work so maybe there are only a few companies in which you feel comfortable keeping up with that's perfectly fine but something that's extremely intriguing that i've discovered about michael bury is that the whole notion of finding value he starts with that basis and then he works out how to investigate it how to best profit from this outcome and he conducts his research and he really makes sure he understands the best manner that he's going to be able to do just that
Comments 0