저자: BillAckman · 외국인
요약 보기
빌 애크먼은 수동적 투자의 한계를 느껴 능동적 행동주의 투자자가 됐고, 치폴레 등 성공 사례를 바탕으로 단순하고 예측 가능한 기업에 집중하는 8가지 원칙을 강조한다. 행동주의 투자자가 된 계기 자신은 26세에 첫 자본을 모았고, 록펠러센터 프로퍼티 투자에서 경영진의 무의미한 결정을 보고 능동적 개입을 택했다. 수동적 투자자는 시장의 희생양이 될 수 있지만, 능동적 투자자는 가치를 창출할 수 있다고 설명한다. 치폴레 사례 경영 위기 때 지분을 매수하고 이사를 파견했으며, 브라이언 니클을 새 CEO로 영입했다. 위기 속에서도 주가가 거의 세 배가 됐다고 언급했다. 실패 사례와 교훈 허벌라이프와 밸리언트 투자는 2015~2016년 큰 손실을 낳았다. 이후 초기 12년간 성공을 이끈 8가지 원칙을 돌에 새겨 사무실에 두고 지키고 있다. 투자 원칙 단순하고 예측 가능하며 잉여현금흐름을 창출하는 지배적 기업, 높은 진입장벽과 높은 자본수익률, 외부 리스크 노출이 제한적이고 통제 불가능한 위험이 적은 기업, 강한 재무구조와 우수한 경영·지배구조를 선호한다. 원칙에서 벗어나 사업 품질이나 복잡성을 타협했을 때 투자 손실이 발생했다. 전망 이 영상은 개별 자산의 1~3개월 가격 방향에 대한 예측 발언은 포함하지 않는다.
다듬은 글
Bill Ackman a renowned activist investor with a distinct approach with a career spanning over decades he's known for his Hands-On involvement and Company's strategies aiming to drive positive change and value creation so you are what's called an activist investor not a macro investor an activist investor typically invests in companies or make specific bets on companies the direction up or down and so forth how did you get into being an activist investor as opposed to let's say a value investor a macro investor was it something you decided to do while you're in college or early in your professional career what led you into that route I think it's part of my personality you know I started as an investor I raised the first pool of capital when I was 26 and I made an early investment in a company called Rockefeller Center properties and I saw management making a series of decisions that made no sense to me and it was just so obvious the right thing to do as to how to create value and it was being a frustrated passive investor that made me into an active investor and you know that investment turned into a very profitable and very high profile investment in with success uh you know one is motivated to try it again and it's been helpful to the strategy over a very long period of time and it's fun and now if you're passive you can feel like the Market's Patsy and if you're active you can actually create some value and I think it's a lot more interesting than just picking Securities you know we bought a steak in Chipotle at a time where the company was struggling a few years ago we put a few directors on the board we recruited a new CEO named Brian nickel it's completely turned around the company the stock is you know almost tripled in the midst of a crisis and it just tells you that you know that's a lot more fun and it's a lot more profitable and I would say good for a lot more good for America than just simply being a passive stock picker Bill Ackman highlights how his journey into becoming an activist investor was influenced by his personality and experiences frustration with passive investing led him to become an active investor driven by a desire to create value and influence company decisions he points out that active investing allows for greater engagement and impact as seen in his successful involvement with companies like Rockefeller Center properties and chipotle Ackman emphasizes that being an activist investor is both enjoyable and rewarding offering more than traditional stock picking now let's talk about for a moment some of the campaigns you've done as active as some of them have worked out some have not Chipotle has seems to have worked out but you did a couple that were difficult ones or Herbalife or Valiant they didn't work out what would you say is the mistake you made in hindsight and that you would try to avoid in the future sure so there's sort of eight principles that have driven our investment success and when we have veered from those eight principles uh we've lost money and uh after the uh two thousand we went through a very difficult period Circa 2015 2016 the two Investments you mentioned were big drivers of that it was uh you know if you will experiences making mistakes and learning from them and it was a moment of reflection for the firm and I went back to the core principles that have driven our success for the first 12 years and I had a member of the investment team literally engraved them in a stone tablet not dissimilar from Moses's Ten Commandments and I had that stone tablet put in a what you might call A Deal toy sits on everyone's desk in the office and uh We've adhered to those principles you know ever since and you know we've been fortunate to return to the success we had for the first dozen years so I think it's about keeping to you know our principles are basically we want to invest in simple predictable free cash regenerative dominant companies with large barriers to entry that are in high Returns on Capital that of limited exposure to extrinsic risk we can't control strong balance sheets don't need access to Capital to survive have excellent management good governance sounds logical um but you know occasionally we've diverged and there's uh those times you know there's a certain discipline that comes with Investments and there always seems to be a counter railing quality that caused us to diverge but in really each case we've compromised on business quality or complexity we've been harmed from an investment standpoint in the dynamic world of investing Bill Ackman stands out as a proactive Force his focus on core principles and active engagement has yielded both successes and lessons showcasing the power of strategic activism and shaping the corporate landscape
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