저자: WarrenBuffett · 외국인
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워런 버핏과 찰리 멍거가 주주총회 Q&A에서 주택 구입 시기, 경영진 보상, 경영대학 밸류에이션 교육을 논의한 영상이다. 주택 구입 시기: 버핏은 결혼 초 자본을 주택에 쓰기보다 사업 투자에 활용했고, 주택 구입 시점은 '필요할 때'라고 설명했다. 당시 기대 수익률을 약 7~8%로 가정했다. 경영진 보상: 버핏은 고액 보상 자체보다 평범한 성과에 큰 보상을 주는 비합리적 보상 체계를 문제 삼았다. 성과에 대한 고액 보상은 정당하다고 봤다. 보상 체계의 문제: 보상이 자기 이익을 위해 설계되고 다른 기업 사례를 기준으로 상향 조정되는 구조가 지속된다고 지적했다. 밸류에이션 교육: 버핏은 그레이엄 밑에서 배운 방식처럼 기업의 핵심 변수를 찾고 예측 가능성을 평가하는 사례 연구가 중요하다고 강조했다. 멍거의 견해: 기업 가치 평가를 부동산 감정처럼 가르치는 것은 불가능에 가깝다고 평가했다. 구체적 종목·자산에 대한 가격 방향 예측이나 투자 권유는 없다.
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let's settle down please and we'll we're going to go to uh we we skipped one last time so we're going to go first to zone four hello um my name is Nelson Arata I'm from Southern California and um I have a question it it's not really related to intrinsic value or any of that stock stuff but uh more on house houses I'm still quite young I don't have a house yet and I'm thinking about buying a house someday soon and in order to do that I'm gonna have to put a down payment which means I might have to share or sell my shares and I was wondering if you can provide some insight on when is the best time to buy a house and how much down payment you should be putting down in relation to interest rates and also in relation to available cash and the stock market well Charlie's going to give you an answer to that in a second I'll just relate one story which was when uh I got married we had we did have about ten thousand dollars starting off and I because of Susie I said now you know there's two choices it's up to you you could we can either buy a house which will use up all my capital and clean me out uh and it'll be like a carpenter who's had his tools taken away from him or uh or you can let me work on this and someday who knows maybe I'll even buy a little bit larger house that would otherwise be the case so so she was very uh understanding on that point and we waited until 1956 so we got got married in 1952.
and uh I I I I decided to buy a house when it was about when the down payment was about 10 or so by net worth because I I really felt I want to use the capital for other purposes but that was a way different environment uh in terms of what was available to buy uh in effect if you if you have the house you want to buy I you know I definitely believe in just going out and probably getting the job done but I uh in effect you're probably making something in the area of the seven or eight percent investment implicitly when you do it so uh you know you'll have to figure out your own equation from that Charlie probably has better advice on that he's he's a big homeowner in both senses of the word the uh I think the time to buy a house is when you need one and and when do you need one well I have very old-fashioned ideas on that too the single people I don't care if they ever get a house okay when do you need one of your marriage early I'll follow up here for this you need one when your wife wants one yeah yeah I think you've got that exactly right sure Gregory Crawford needs to go to the security office please for emergency message Gregory Crawford to the security officer office for emergency message thank you okay hope it isn't a margin call all right okay we'll go to Zone one please I'm Ralph pfeffer from Phoenix Arizona the question I'm going to ask does not pertain to Berkshire Hathaway but I would appreciate it if you gentlemen if you can explain the justification and rationalization for the exorbitant salaries bonuses perks directors fees and other benefits that most public corporations are paying well I would say this in my own view the most exorbitant or not as necessarily the biggest numbers what really bothers me is when companies pay a lot of money for mediocrity and that happens all too often but we have no quarrel in our subsidiaries for example for paying a lot of money for outstanding performance I mean we get it back 10 or 20 or 50 for one and similarly in public companies we think that there have been managers and our managers who have taken companies uh to many many many billions of market value more than would have happened with virtually anyone else and they sometimes take a lot of money for that sometimes as in the case of Tom Murphy at capsidies uh you know he he it just didn't make a difference to him I mean he performed in a way that that would justify would have Justified huge sums but it wasn't it it he would tell you that he had all the money he needed so and and they just didn't care to uh to take what the market might bear but I am bothered I am bothered by irrational pay systems and I'm particularly bothered when when average managers take really large sums I'm bothered when they design or have designed for them systems that are very costly to the company um maybe partly to make themselves look good because they want huge options themselves so they feel like they give options widely throughout the company so they design a system that is illogical company-wide because they want one that's illogical for them personally but large sums per se don't bother me I'm not saying you know whether any individual might want to take them or not but I don't I do not mind paying a lot of money for performance it's it's done in Athletics has done an entertainment but in business the people who are the 200 hitters and the people who would not attract a crowd as an Entertainer have worked it out so that I mean the system has evolved in such a way that many of them take huge sums and I think that's uh obscene but I can tell you there isn't much you can do about it the the system feeds on itself and companies do look at other companies proxy statements every CEO does and they say well if Joe Smith is Works worth X I have to be worth more and they tell the directors that certainly you wouldn't be hiring anybody that was below average so how can you pay me below average and the Consultants come in and Ratchet up the rewards and it's not anything that's going to go away it's like we were talking about campaign Finance reform earlier the people who are the who have their hands on the switch are the beneficiaries of the system where the who have their hands on the switch are the beneficiaries of the system fitting enormously and perhaps disproportionately from that system Charlie well yeah I'd like to report that the original Vanderbilt behaved even better than the people at Berkshire Hathaway he didn't take any salary at all he thought it was beneath him as a significant shareholder to take a salary that ideal I'm afraid died with him yeah Charlie Charlie and I uh our directors are paid 900 a year but I tell them on an hourly basis they're making a fortune because we don't work with that hard but well Charlie and I did not think through when we established that 900 a year is that they set our salaries too so we have not followed the center procedure which is to to load it on the directors and the directors shall load it on you I do think it will have pernicious effects for the country voted on you I do think it will have pernicious effects for the country's escalating because I think you're getting at the very top corporate salaries in America are too high and that is not a good thing for a civilization when the leaders are regarded as as not dealing fairly with the institutions that they had you know if if all I can say is the prostitution would be a step up for them put them down as undecided zone five hello Mr Beth Mr Munger my name is James Claus from New York City and I just wanted to ask you a question both you and Mr Munger have repeatedly said that you don't believe the business valuation is being taught correctly at our universities and as a PhD student at Columbia business school that troubles me understandably because in a couple of years I'll be joining the ranks with those teaching business valuation my question isn't what sources such as Graham or Fisher or Mr monger's talks you would Point people that are teaching business valuation to you but do you have any counsel about the techniques of teaching business valuation well I I was lucky I had a sensational teacher in Ben Graham and uh we had a course there there's at least one fellow out in the audience here that attended with me and and Ben made it terribly interesting what we did was we walked into that class and we valued companies and he had various little games he would play with us sometimes he would have us evaluate company a and Company B with a whole bunch of figures and then we would find out that A and B with the same company at different points in its history for example and then there were a lot of little uh games he uh he played to get us to think about what were the key variables and you know how could we go off the track I remember one time Ben met with uh with Charlie and me and about nine or so other people down in San Diego and and 1968 or so and he gave gave all of us a little true false desk and we all thought we were pretty smart we all flunked but that was his way of teaching us that teaching us that a a smart man playing his own game and and working and fooling you could do a pretty good job at it but I would you know if I were teaching a course on investments and there would be simply one valuation study after another with with the students trying to identify the key variables in that particular business and uh evaluating how predictable they were first because that is the first step if something is not very predictable forget it you know you don't have to be right about every company you have to make a few good decisions in your lifetime but then when you find the important thing is to know when you find one where you really do know the key variables which ones are important and you and you do think you've got a fix on them where we've been where we've done well Charlie and I made a dozen or so very big decisions relative to net worth but not as big as they should have been and we've known we were right based on those going in I mean they did they just weren't that complicated and we knew we were focusing on the right variables and they were dominant and we knew that even though we couldn't take it out to five decimal places or anything like that we we knew that in the general way we were right about them and that's what we look for the fat pitch and that's what I would be teaching trying to teach students to do and I would not try to teach them to think they could do the impossible Charlie yes if you're planning to teach business valuation and what you hope to do is uh teach the way people teach real estate appraising so you can take any company and your students after studying your course will be able to give you an appraisal of of of that company which will indicate um really it's future prospects compared to its uh market price I think you're attempting The Impossible you're probably on the final exam I would I would take an internet company and I would say the final exam the question is how much is this worth and anybody that gave me an answer I would flunk right
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