저자: ChristianSoschner · 외국인
요약 보기
워런 버핏과 찰리 멍거가 2022년 버크셔 주주총회에서 ETF·패시브 투자가 미국 주식시장의 50% 이상을 지배하는 현상을 문제 삼은 내용을 다룬다. 멍거: 패시브 운용사 3곳이 기업 지배구조를 좌우하는 것은 좋지 않으며, 인덱싱이 90%에 이르면 제대로 작동하지 않을 것이라고 지적. 버핏: 대중 여론이 3대 운용사가 모든 기업의 운명을 결정하는 데 반대하게 되면 이들이 자기이익을 위해 스스로 조정할 것이라고 봄. 정치권의 규제(1940년 투자회사법 등 개정 가능성)를 피하려는 동기가 있다고 해석. 진행자는 패시브 펀드가 지분을 집중 보유한 상황에서 소수 지분으로도 기업 인수가 가능해질 수 있다는 점을 들며 사안의 중요성을 강조. 투자 종목·자산에 대한 가격 방향 예측 발언은 없음. 중요 쟁점: 패시브 자금 집중에 따른 지배구조 영향과 규제 리스크.
다듬은 글
here is another interesting question from the last berkshire hathaway shareholder meeting in april 2022 it's all about etfs passive investment vehicles now control upwards of 50 of the united states stock market the actual owners of these passive investment vehicles decided passive investing makes the most sense for them yet in doing so passive investors have empowered the large index funds to become the biggest activists in the market these passive managers now enjoy enormous and i would argue undue influence over corporate governance do warren or charlie see any benefit or logic to a rule that would prohibit passive investment vehicle managers from voting the shares they control for their passive investment clients i didn't really know that uh 50 percent of the american stock market is controlled by electronically traded funds these funds are famous for very low management fees and i assume that the fund managers behind it are probably not the most experienced in the field so let's see what charlie manga says i think that's right i think any good thing is out of control and counterproductive and i don't think it's good for the country to have three passive investors with bright young men from harvard or whatever telling them what proper governance of corporations is it's not a good development and it is and i think indexing if it gets to 90 then it won't work very well at all but at the moment it's worked fine and here is the opinion of warren buffett well the one you can count on too is that if it does look like it's going to uh if if the public opinion shifts over to the idea that it really isn't a good idea to let three people decide the fate of every company in corporate america the three people and they won't collaborate or do anything they're now they're evil peoples at least i mean they're just doing what you and i would do they would figure they don't care that much about voting what we do care about is getting well that's just utter value so we'll we'll figure out something that ends up reflecting public opinion and then politicians won't get mad at us and our only threat really is the politicians get mad at us and regulate us in some ways so we'll head it off and i i would predict fairly confidently that if the american public doesn't like the idea of three people controlling things the reboot will and their organizations and everything but the three they're what they want to do is they want to get bigger and they wouldn't be where they are in life if they hadn't wanted to get bigger those that don't happen by accident that it doesn't mean it's the only thing they want they want their investors to get good results and everything but they are certainly not going to follow a policy which is going to cause a backlash that causes them to be a lot smaller then they can figure out their self-interest i mean and it's and it just so happens that in this case it would achieve the right result which is that they would not control america but the uh they they'll do what's good for themselves and and what they have to do what's politically acceptable we the only thing that really can mess up what is a very good deal for them is to have congress change the rules and and um rules were the investment company act of 1940 really changed how people behaved and and it's governed things uh in a big way for a very long time and and uh anybody that takes on the federal government loses him and trying to do that sort of thing and they don't need to do it and they just just say well we'll we'll we'll give up voting or we'll vote our shares as the rest of people do and of course if you vote your shares of the rest as the rest of the people do then if the passive if the if the index funds at 90 of the country you could take take over a company by uh somebody else buying three or four percent because you'd automatically get uh the the funds to follow your very small little percentage you'll see it all play out i mean it's it's not a it's a big case but it's not an unusual case
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