저자: CharlieMunger/WarrenBuffett · 외국인
요약 보기
버핏과 멍거가 은행 파생상품 규제 강화 필요성과 예금 보험 대상 은행 활동 제한을 주장함. 1929년 대공황 등 시대 환경이 개인 투자 성과에 큰 영향을 줬다고 회고하며, 오늘날 미국에서 태어난 아이가 확률적으로 가장 유리하다고 언급. 과거 투자 기회(2008년 등)를 회고하며 현재는 경쟁이 더 치열하다고 평가. 비트코인에 대해서는 보편적 통화가 될 것이라는 믿음이 없고 버크셔는 비트코인에 투자하지 않았다고 밝힘.
다듬은 글
Charlie has been known to express himself on this subject and I'll give him the floor. Well, I'm a little less optimistic about the banking system long term than you are. I would like to see something more extreme in terms of limiting bank activities. I do not see why massive derivative books should be mixed up mixed up with insured deposits that are insured by the country.
I'm with Charlie on that. The more bankers want to be like investment bankers instead of bankers, the worse. I like it. I don't want to say more. Yeah, I get in enough trouble on the subject already. I can I can see the journalists just licking their chops over there, waiting for Charlie to throw a thunderbolt, but he's unusually restrained.
Uh, how do you think you've changed over the last 50 years? And if you could communicate to yourself 50 years ago, what would you tell them? One piece of advice, business or personal, and how would you do in a way where your former self would actually heed it? Charlie, I'll let you answer that. Incidentally, I'll trade you places, so don't worry about your future.
Yeah, we're basically so old-fashioned that it it we're boringly trit. We think you ought to keep plugging along and stay rational and stay energetic and just all the old virtues still work. And uh but find what you turned on. Yeah. You got to you got to work where you're turned on. I don't know about Warren, but I have never succeeded to any great extent in something I didn't like doing.
Charlie and I both started in the same grocery store and neither one of us are in the grocery business. We were not going to be promoted either. And even though you had the family name. Yeah. My grandfather was right, too. No, it it's really I mean, if you're lucky, and Charlie and I were lucky in this respect, we we well, we were lucky to be in this country to start with, but we we we we found things we like to do very early in life and then we, you know, we pushed very hard in doing those things, but we were enjoying it while we while we did it.
We have had so much fun running Bergkshire. I mean it's it's almost sinful and and uh but we were lucky to you know my my dad happened to be in a business that he didn't find very interesting but I found very interesting and so when I would go down on Saturday there were a lot of books to read and you know it uh it just flowed from a very early age and and Charlie found
you found a way to atone by your for your sins be and having so much fun you're giving all the money back. Well, yeah, but you give it all back whether you want to or not in the end. No, no, that's true, too. Being born in the United States, uh, was a huge, huge, huge advantage to me. And as I point out in a recent article, being born male was a big advantage.
I would not have had the same opportunities in the investment or in all in business world remotely uh that I've had uh if if I'd been a female born in 1930. Uh and the timing could have been a little better. Uh actually my dad was a security salesman and and and uh uh you know I was conceived in in uh uh November 1929 and if you remember the stocks had gone down dramatically at that time and there really wasn't anybody to call on uh for my dad and then there wasn't any television at home or anything.
So here I am, you know, at uh so I feel myself very lucky uh that the uh crash of 1929 came along. Uh and that also provided a decade more than a decade of people who were very turned off. Well, it was a decade of terrible business for quite a while and then a decade of or more of people that were turned off on stocks just as we sort of had a decade like that in the past decade going up to 2010 or so of people that a lot of people that have gotten turned off by stocks.
So that was that was a favorable environment. Um but the United States itself was an incredibly favorable environment. If I'd been born five years earlier, I probably would have made more money. But if I've been born 10 or 15 years later, I would have made probably less money. But it I I I I envy the baby that's being born today in the United States.
I mean, I think on a probability basis, that's the luckiest individual that's ever been born. And I think that they will do very well in life in all kinds of ways on a probability basis. Uh better than existed when when I was born. uh and I think they'll have opportunities to do very well in the investment field.
It may may not be as good uh a field as as it was for me starting in 19 say 50 51 or thereabouts. Uh but it will be a very good field to operate in. the the person that has a passion for investing, born today, coming of age 20 years from now, uh is likely in my view to do very well and to to live far better than we live today just as we live far better than John D.
Rockerfeller lived uh uh many years ago. Charlie, well, the competition was very weak in your early days and I don't think the competition is as weak now. So, I I think sure we got advantages from timing and uh and but I don't think that means there's nothing to be done ahead. But Charlie in 200 8 and n there were all kinds of high IQ.
Yeah. Highly experienced investment professionals. I mean thousands and thousands and thousands of them. And you invested at the Daily Journal company and some equities at X that are worth what 3x or 4x now or something like that. That's right. Yeah. Well, I call that opportunity but maybe routine to him but Yeah.
But I sat for a lot of years before I did it. But it still became available. Oh, yes. I I [clears throat] But you were drowning in opportunities when I first knew you. You were not waiting for I wasn't drowning in money, unfortunately. No. Well, you went what you lacked was money. Yeah. Well, now we got money and no ideas.
Okay. station station 10. I have no confidence whatsoever in Bitcoin being any kind of a big universal currency. That would certainly be my gut reaction, but I don't I haven't really looked into it, but I uh I'll put it this way. Of our 49 billion, we haven't moved any to Bitcoin. My Well, the truth is I don't know anything about it.
I'm that that doesn't always stop me from talking about things, but it will in this case.
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