Investing by Charlie Munger During the 2023 Recession

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멍거는 장기적으로 인플레이션이 불가피하다고 보며, 그래서 Daily Journal이 국채 대신 주식 등 증권을 보유한다고 설명한다. 금리 인상은 주식에 역풍이지만 제로금리를 영원히 유지할 수는 없었다고 평가한다. 단기 금리 변동은 예측하지 못한다고 밝힌다. 만기 지연 보상(마시멜로 실험)을 감수하는 습관이 성공에 중요하다고 강조한다. 가장 큰 자질로는 '비합리적이지 않음'을 꼽는다. 기업 평가에서는 좋은 사업이 먼저이고 훌륭한 경영진이 다음이라고 본다. 나쁜 사업을 좋은 경영자가 살리기는 어렵다고 말한다. 기업은 대부분 결국 사라지며(코닥, 제록스 사례), 부정(denial)이 나쁜 결정을 낳는다고 경고한다.

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01. foreign if you think we might have on and off waves of inflation like we did prior to when volcker stepped in at the Fed in the 70s era of course it will happen some in the future yes I think we'll have some of that in the future and I think more inflation over the next 100 years is inevitable with given the nature of democratic politics hello and welcome to financial Fortune your go to channel for all things related to finance Investments and the economy the investing strategies of Charlie Munger during the 2023 recession Munger is one of the most successful investors of our time and his insights into the market are invaluable for anyone looking to navigate the current economic climate in 2023 as we are all well aware the economy faces formidable obstacles and the United States appears to be staring down the barrel of a sizable recession boom times are over as inflation has caused interest rates to rise and fewer people are saving money while I haven't lived through a major economic downturn in my adult years Berkshire Hathaway Vice chairman Charlie Munger has although he was probably just a youngster at the time he experienced the Great Depression for recessions in the 1950s and 1960s the.com bubble and the oil crises of the 1970s and 1980s let's just say Charlie knows what he's doing when it comes to investing during downturns let's review everything you've said recently about the Daily Journal shareholders meeting in this video along with some wise investment advice we can Implement as value investors in times like these let's get Charlie's take on the current High interest rate environment brought on by the fed's efforts to control inflation first given the increasing raid environment what are the ramifications of moving away from a close to zero interest rate policy so what do you do now that the interest rate environment is changing well there's no question about the fact that as the interest rates have gone up its its hostile to stock prices and but they should go up we couldn't have kept them Forever at zero and and I just think this is one more damn thing to adapt to an investment life is that there are there are headwinds and there are Tailwinds and one of the headwinds is inflation and I think more inflation over the next hundred years is inevitable with given the nature of democratic politics politics in a democracy so I think we'll have more inflation that's one of the reasons The Daily Journal owns Securities instead of government bonds Charlie Al pitten writes in from Chicago and wants to know if you think we might have on and off waves of inflation like we did prior to when Volker stepped in at the Fed the 70s era of course it will happen some in the future yes I think we'll have some of that in the future do you think we'll have it immediately right now with what the Jay pal is dealing with I don't I don't I don't I I don't regard myself I think I'm pretty good at long run expectations but I don't think I'm good at short-term wobbles I don't know the famous idea is what's going to happen short term okay did you start out having to work delayed gratification or is that just how you were born no I I learned this trick early and you know they've done that experiment with the two marshmallows with little kids yeah leave your weight yeah yeah and and they've done watch them how they work out in life by now and the delayed grass the little kids who are good at deferring the marshmallows are all also the people that succeed in life it's kind of sad that so much is inborn so to speak but you can learn it to some extent too so I'm gonna go home and test that out on my kids well I was very lucky I I just naturally took the Deferred gratification very early in life and of course it's helped me ever since what quality has helped you the most in life well that's easy rationality if you're just not crazy you have a big advantage over 95 of the people because most people have all kinds of crazy patches if you just are consistently not crazy you had a you get a big advantage in life and here patient and uh gratification defer in addition to being not crazy then it's practically a saint is it harder with success age wealth to hold on to rationality I think it's it's always hard but you get better at it if you get good at Young keep practicing but it's it's never easy you climb as hard as you can by just advancing one inch at a time that's the secret of life and now there's always somebody who's a little nuts and who succeeds but that's but for every guy who's exceeds there are a thousand failures some of the things that surprised me the most was how how much dies the business world is very much like the physical world where all the animals die in the course of improving all the species so they can live in niches and so forth all the animals die and eventually all the species stuff that's the system and when I was young I didn't realize that that same system applied to what happens in capitalism to all the businesses they're all on their way to dying is the answer so other things can replace them and live and it causes some remarkable deaths imagine having Kodak die it was one of the great trademarks of the world there was nobody who didn't use film they dominated film they knew more about the chemistry of film than anybody else on Earth and of course the whole damn business went to zero and and look at Xerox is one show in the world this is a pale shrink it's a nothing compared to what it once was so practically everything dies none of the Eminence lasts forever when you're evaluating a company for potential investment what do you place the most emphasis on the business or the management and do you differ with Warren when it comes to what you place first no I don't know I think we're the same I think we like the business great first and then second we want a great manager but we we have not made a huge success by investing on grade managers to take over lousy businesses that is not the way we Rose and can a great business be run by a lousy manager the inverse so sometimes Coca-Cola was run for years by a man with a very severe mental impairment and the directors just assumed he was drunk and let him stay there year after year no that's my idea of a wonderful business that you do you can be mentally defective and run it pretty well that was Coca-Cola and it's Heyday if I had to name one factor that dominates doing bad decisions it would be what I call denial if the truth is unpleasant enough people kind of their mind plays tricks on them and they they think it it isn't really happening and of course that causes enormous destruction of business where people go on throwing money into the way they used to do things oil isn't going to work at all well in the way the world is now having changed I am interested in hearing from you as to which a Charlie munger's investment lessons or quotes you find most inspiring that's all for today's video on financial Fortune we hope you found this information useful and informative don't forget to subscribe to our Channel and hit the notification Bell to stay up to date on the latest news and Trends in the world of Finance thanks for watching