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다듬은 글
Mr Buffett how can I make $30 billion start young Charlie's always said that the the big thing about it is we we uh started building this little snowball on top of a very long hill so we started at a very early age and rolling the snowball down and of course the snowball the nature of compound interest is it behaves like a snowball of sticky snow and and uh the trick is to have a very long hill which means either starting very young or living very to be very old the I you know I would do it exactly the same way if I were doing it in the investment world I mean if I were getting out of school today and I had $110,000 to invest i' I'd start with the A's I would start I would start going right through companies and I I probably would focus on smaller companies because I would be working with smaller sums and there's more chance that something is overlooked in that Arena uh and there Charlie has said earlier it won't be like doing that in 19 uh 51 when you could leap through and find all kinds of things that that just left off the page at you but that's the only way to do it I mean you have to buy businesses and or little pieces of businesses called stocks and you have to buy them at attractive prices and and you have to buy them in you have to buy into good businesses and that advice will be the same 100 years from now in terms of investing that's that's what it's all about and you can't expect anybody else to do it for you I mean that people will not they will not tell you about uh uh wonderful little Investments there's it's it's not the way the investment business is set up when I first visited Geico in January of 1951 and I that rest of that year I subsequently went down to blean company and uh actually to um to one other firm that was a leading firm that was a leading guy and company that was a leading analyst and insurance and you know I thought I discovered this wonderful thing and i' see what these great investment houses that specialized and Insurance stock said it and they said I I didn't know what I was talking about you know it wasn't of any interest to them you've got to follow your own you know you you've got to learn what you what you know and what you don't know and within the arena what you know you have to just you have to you have to pursue it very vigorously and and act on it when you find it you can't look around for people to agree with you you can't look around for people to even know what you're talking about you know you have to you have to uh you have to think for yourself and if you do you'll find things Charlie yeah the the hard part of the process for most people is the first $100,000 if you have a standing start at zero getting together $100,000 is a long struggle and for most people and I would argue that the people who get there relatively quickly are helped if they're passionate about being rational very eager and opportunistic and uh steadily underspend their income grossly I think those three factors are are very helpful no one's ever gone bankrupt without any debt now that would take a real I think you have to give some kind of distinguished service award did somebody do that but they had no debt and I said it's not going to go to zero you know I was wrong when I said it can't go below 15 so we hung on and within 3 years they gave out the shares and Kaiser steel gave out the shares and Kaiser spent gave out the shares and Kaiser steel and aluminum and they sold off all the businesses you got about $55 a share but if you didn't know the story and the stock went from 15 to11 and you're just saying how much lower can it go when it went to 9 went to eight you you would have gone so you can't just say it can't go any lower I saw Taco Bell go from 14 to1 in 1974 and they had no debt in making 60 cents a share oh inherited wealth and children kids inheriting money yeah well we have a minority Viewpoint down here in the front row I think my views on that subject changed when I was about 18 until that point I thought it would have been a great idea the uh no I I am quite a believer in a uh meritocracy and I think a part of part of that is uh not having people start way way ahead of other people in life based on whether they were lucky enough to come from the right womb or not so I've never been uh big on the idea that either Society benefited or in many cases the kids although I think that's much more problematic but uh by the fact that great transfers of wealth uh will go from one generation to another I you know I I would rather I would rather see the degree of talent possessed by individuals determine the resources they command in this world and their ability to influence other people's lives and command the labor of other people and all of that than than any divine right of the womb so it's and Charlie has a somewhat different view on that yeah I am a little more willing to let the world take the succeeding Generations down it's I don't think they need much help charie believes in passing it along as long as you're sure they're going to blow it okay if you stop to think Warren of the great fortunes of your if you go back to 1900 1870 name me the people that have vast power because they are in the fourth generation in that family some of them are living awfully well but they are not running the world I would say the Rockefeller family had considerably more influence than if their their name had been uh you know just pling rock I think that's true but but you're picking probably the strongest single family of the piece and now that it's dispersed among 60 or 70 or 80 rockerfeller it uh I think it's true there were four or five brothers there that had an unusual share of worldly influence I must say in that case I think they handled it very well another thing about it is is math and the kind of math we need to do this I don't use a computer I don't have a computer uh I really was doing great math I was I remember 7 * 7 was 41 and 9 * 9 is 81 and you know 12 * 12 I think is 144 so it was some big number I had that one down cold I said this is great I love this stuff and the barge left St Louis going at 8 miles an hour and the train left Pittsburgh and H this stuff is easy I remember one day I think it was ninth grade was a grim day somebody introduced kosan that day I mean remember cosine I mean has anybody used cosine the last couple years I mean let's have a show hands how people have used cosine the last 6 months but I and remember tangent and cotangent why would you want to know about tangent then remember the area under the curve remember that crazy you calculus area under the curve what the hell would you want to measure an area under curve for you know the uh that is such garbage you know you don't need this for the stock market if you can measure if you can add eight and eight and get fairly close to 16 that's all you need you know you say 400 million in debt no equity no cash losing money forget it you know they got 300 million in cash no debt 200 million in net worth they're losing 10 million a quarter but they'll be around that's all you need you have to get that's all you need that is not that hard if you made it through fifth grade math you can handle this stuff
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