저자: 미상 · 외국인
요약 보기
찰리 멍거의 소액 투자 조언을 소개하는 영상. 대형 투자자는 큰 기회에만 집중하므로 소형주에서 비효율이 생기기 쉽고, 시가총액 1억~2억 달러·PE 3~15 같은 스크리너로 저평가 소형주를 찾으라고 제안. 소형주는 애널리스트 커버가 적어 가치보다 싸게 거래될 가능성이 크다고 주장. 마지막으로 좋은 기회가 오면 크게 베팅하라는 교훈 강조.
다듬은 글
guess what I just came across a long lost clip of Charlie Munger explaining the three things he would do to generate 50% annual returns investing small amounts of money this clip looks like it was shot on an iPhone 4 but it is Munger at his absolute best if you want to build real wealth you need to see it there is an old saying that it takes money to make money this saying may be true but the amount of money you need to get started generating High returns is not as much as many would believe according to Munger now let's get into the video um Warren and you are known for saying that if you work with a small sum of capital namely I think being $10 million Warren have public said that he he could guarantee that he compound that at 50% a year so my question is can you provide some examples and and I would ask kindly ask you provide as many examples as possible and be as specific as possible thank you well and man I hear somebody really to get rich at a rapid rate with specifics that is not what we trying to do here we want to leave some mystery so that you can use yourself finding your own way you know the good ideas that I have had life are quite few but the lesson I can give you is a few is all you need and don't be disint appointed and when you find the few of course you've got to act aggressively that's the M system and I learned that indirectly from a man I never met which was my mother's maternal grandfather he was a Pioneer and he came out to Iowa and fought in the Black Hawk Wars and so on and eventually after enormous hardship he was the richest man in town and he owned the bank and and uh so on and as he sat there in his old age up my mother knew him cuz you go to his Elona Iowa where he lived and had the big house in the middle of the Town iron fence capacious Lawns big barns all and what Grandpa inam used to tell her is there's just a few opportunities you get in a whole life this guy took over Iowa when the land was the black top soil of Iowa was cheap but he didn't get that many opportunities it was just a few that enabled him to become become Pro prosperous he bought a few Farms every time there was a panic you know and you lease them to Thrifty Germans you couldn't lose money leasing a farm to a German in Iowa and and but he he only did a few things and and I'm afraid that's the you're not going to find a million wonderful ideas I these people with the computer algorithms do do it but they have a computer that's Shifting the whole world it's like plaster Mining and and of course every Niche they're in if somebody else comes in the niche starts leeching away and I don't think it's that honorable a way to make a living by the way I would rather make my money in some other way than outsmarting the trading system so I have a little computer algorithm that just leeches or what everybody's trade I always say that those people have all the social utility of a bunch of rats in a grer it's not that great a way to make money I would say that if you make your money that way you should be very charitable with it because you got a lot to atone for and and so I don't think it's an ambition we should incourage and the rest of us who aren't just leeching a little off the top because we're great at computer science and that's what this room is full of and if you're not finding it harder now you don't understand that's that's my lesson there are three important principles you need to understand if you want to follow monger's advice on generating High Returns on small sums of money the first principle is to look in the inefficient markets Munger is the vice chairman of birkshire hathway and as of the making of this video Berkshire has a market cap approaching $800 billion that makes Burkshire the ninth largest company in the world by market cap and the biggest non-tech US company in the world two most people bur's massive size would seem like a huge Advantage when it comes to investing right well actually that's not the case Charlie and Warren have repeatedly said that birkshire size is an impediment to generating High investment returns because Berkshire has so much money Warren and Charlie are forced to only focus on large investment opportunities the odds of these large investment opportunities being mispriced or to use an investing term inefficient are extremely low on the other hand there is a much higher probability of an inefficiency occurring when the size of the investment is much smaller large investors like Munger are too busy paying attention to bigger opportunities to even notice these small opportunities this is where your opportunity comes in listen to Charlie W's business partner Warren Buffett explain this concept I was working with a tiny tiny tiny amount of money and so I would pour through volumes of of of businesses and I would find one or two that I could put $10,000 into or $155,000 into that were just ridic were they were ridiculously cheap and obviously as the money increased uh the the universe of possible ideas started shrinking dramatically when Warren and Charlie were investing small sums of money decades ago they had to spend thousands of hours pouring through tens of thousands of pages of financial reports to find just one potential idea thankfully for us the internet has made sourcing potential mispriced stocks a heck of a lot easier all you have to do is jump to a stock screener like this one here and you don't need anything fancy a free screener like this will do just fine all you need is a screen that can filter by market cap and PE ratio set the market cap range to 10 million to 200 million and the PE Ratio range from 3 to 15 the companies that meet this criteria will be small by Wall Street standards most professional investors have restrictions around investing in stocks below a certain market cap for example the fund I work at in New York City has a rule in place that makes it so you can't invest in any company below a $5 billion market cap this restriction means tons of potentially great Investments slip by us because these companies are simply too small additionally companies of this size likely aren't covered by Wall Street analysts compare that to a company like Apple Apple stock is covered by 31 Wall Street analysts that monitor the company's every move the fact that virtually nobody is paying attention to these small companies increases the probability that you can find a stock that is trading well below its intrinsic value before we get to l number two make sure to hit that subscribe button because it is so important to get the teachings from people like Charlie Munger to as large of a group as possible learning from Munger and other investing Legends really positively impacted my life and I know it can do the same for you so the next lesson forer is take big swings when a good opportunity comes along
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