저자: 짐로저스 · 외국인
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짐 로저스는 투자 스타일은 시행착오로 자신에게 맞는 것을 찾는 것이며, 장기 투자와 철저한 기본 분석(재무제표, 주석 확인)이 핵심이라고 강조한다. 그는 단기 매매에는 재능이 없어 장기 투자를 택했고, 연차보고서 주석까지 읽는 노력만으로도 월가 대부분보다 앞설 수 있다고 말한다. 인기 있고 과열된 종목은 피하고, 저평가되어 있으면서 긍정적 변화가 일어나는 대상을 찾는 것이 핵심이라고 설명한다. 러시아 투자 사례를 들어 '싸고(저부채) 변화가 있는' 곳이 부자가 되는 길이라고 했다. 자신이 잘 알고 열정을 가진 분야를 찾아 꾸준히 공부하는 것이 중요하며, 주변의 비웃음에 흔들리지 말라고 조언한다. 30대 시절에도 방식을 바꾸지 않았고, 투자는 쉽지 않으며 많은 노력이 필요한 일이라는 점을 반복해서 강조했다. 이 영상은 2020년 인터뷰로, 특정 종목이나 자산의 향후 1~3개월 가격 방향에 대한 구체적 예측은 포함되어 있지 않다.
다듬은 글
do you think an investor at one point consciously picks a style let's say value versus growth for example or is it more that the style picks the investor meaning that eventually it conforms to her personality well that's a good question but i think it's uh the question the answer to that question is figure out what you yourself know best when i first started i had no clue i i once worked for a guy who was a genius traitor i mean he he would he were about 50 or 100 stocks on the stock exchange he didn't know much about them i mean he knew ibm was a big company but he didn't know what they he knew very little but my god he could buy and sell it he once said he there's a there's a block of a hundred thousand ibm for sale on the floor of the exchange go buy them for me at 90.
i said what are you talking about how do you know he was just sitting there reading the newspaper i mean the tape was running by in those days they had the tape running by sure enough it was there i mean he was a genius short-term trader he never owned anything longer than a week or two but my god he was good but i am hopeless i'm the worst short-term traitor in the world in the world uh so everybody i didn't know that people had different styles i didn't know that that wouldn't work for me but eventually i found by trial and error uh what i was less bad at but i was reasonably good at and so i found my way uh i know i'm a terrible short-term trader well i don't even try it anymore i didn't know it then but i found out and whether the style picks you or you picked the style for me it was trial and error i think what separates you from a lot of investors is that like you said you're not a short-term trader you're you pick things for the long term and you're good at it you've been good at it and a lot of people are wondering especially in this environment how do i weed out the bad investments for example if i give you a company any company and i ask you just look at the three statements income cash flow balance sheet what are the red signs red flags that you would pick up on and say hey this company is not going to survive the next crash like you said there's another crash coming well first of all you just said something very important you looked at all of those things the income statement the balance sheet etc you know i found david early on that if you read the annual report you do more than 90 of the people on wall street if you read the notes to the annual report you do more than 98 of the people investing so back to what i said before do your homework this is not easy everybody looks on tv and they say i could i could have bought apple 30 years ago i could have done that well maybe they could have but they didn't because it's not easy so you have to do your homework you have to research you have to do the balance sheet you have to understand the numbers uh how do i do it i don't by now i've done it you know 100 thousands of times so i have a little bit of experience i have a little bit of self knowledge and experience and so i look at things that i maybe didn't know about before but i used to be a professor and i explained to them you have to understand the numbers first of all but then you have to understand the competition you have to understand everything this is not easy i wish it were one of the things that i have learned about me is if something is really high and popular i usually don't bother with it unless it's obviously a bubble and then i'm i will look at it to sell short but mainly i look at things that are ignored hated you know i want something that if it's hated and ignored it's probably very cheap that does not mean i will buy you have to find something that's hated and cheap and then you have to find a change taking place for many decades i was anti-russia and soviet union i've never only time i ever invested in russia was i was short of the ruble once but then in recent years i have come to realize my god this place is hated very cheap low debt and i thought i perceived a change taking place in the kremlin and that's the second word you need to understand cheap and a positive change so if you can find something that's cheap and a positive change you're probably going to get very rich everybody watching this knows a lot about something whether it's fashion or cars or sports or something when you see something that you know is going to be successful and exciting don't just say oh that's going to be great don't tell all you then you go and you do your research and you figure out how to and if you should invest and how to invest and then you invest you will know it long before i will long before other people in the investment community you will also know when to sell because you will know when something's going to change again nobody likes to hear it david everybody wants a hot tip everybody wants to be rich this month yeah so just stay with what you know it's boring and nobody wants to hear it but that's how you become successful you know in those days we get nothing but focus and concentrate and dig deep and dig deep and dig deep that's how you become successful quite a few number of uh younger viewers in our program right now myself i just turned 30 and i know you made your first million in your 30s so let's say today you were 30 years old what would you do what would you do differently with your money would you have invested any differently today well when i was 30 i was in i was on a roll i mean you said we made 4 200 in 10 years when the market made i wouldn't do anything different i found my niche i found what i loved i found what i was good at so my answer to you is if you're looking figure out what you love the most whatever it is and if people laugh at you you're probably really right you're probably really doing the right thing just find your own passion and stay with it my passion was and still is but especially them my passion was the investment world all over the world it didn't matter we didn't know about countries we didn't have all these labels about value and blah blah we just found things that were cheap and bought them or found things that were expensive and sold i'm sure i love so if you can find your passion whatever it is that's what you should do ignore your friends uh if you say i want to be a gardener david everybody's going to laugh at you your parents are going to say david we didn't educate you to become a gardener your friends are going to say you hear about david he's a gardener your teachers are going to say david we educated you you do it you go and become a gardener because if you love you'll never go to work you'll wake up every day and have fun you'll be the happiest person around uh it won't matter if you're successful because you're happy but you will be successful because those are the people are the most successful and someday when you have a chain of garden shops listed on the new york stock exchange your parents are going to call you and say oh david you remember how we used to give you seeds when you were a child we knew you would be a good gardener someday the professors are going to call and say david we knew it we helped you give us a building your friends are going to call and say david i see you're on the new york stock exchange i need a job all those people laughed at you and ridiculed you before so david find your passion whatever it is and then do it to this you know that's all i did in those days i loved it so much i just loved it so much i couldn't wait i didn't like it when the market closed you know because it was harder to do research how did you how did you educate yourself you didn't go to business school you graduated from college and then you went straight into wall street working as a research assistant and you were thrown right into the fire how did you how did you educate yourself about finance investing and picking companies at first i thought everybody was smarter than me because they were older and and been around more experience than me then i found that most of them made many mistakes too i should stop listening to them and i started realizing that if i could find things that's when i started realizing any key for me was to find something cheap that was changing and i realized about the numbers and the balance sheets i told you before i realized that i was once working on reading an annual report and doing a spreadsheet an experienced guy walks in the room and said people still do that nobody looks at breast spreadsheets anymore laughed at me well i mean i was embarrassed but i kept doing it that was what i i loved and i by experience i learned that if i understood the numbers and i understood what was going on i was to be ahead be ahead of other people it wasn't easy but it turned out i loved it and i love to track down everything but it was purely by experience and learning that the more i knew about the companies the competition the numbers the more likely i was to be successful because i realized that nobody else was doing it and david after you have a few successes doing it your way then you realize hey i'm on to something but it wasn't because i realized i was on i realized because i loved it so much i love tracking down you know it's like going to work every day you were in a three-dimensional puzzle and every day they were changing the parts all day long all week long it was a fabulous it is a fabulous way to spend your time because it's a three-dimensional puzzle that is always changing my gosh it's fun jim i want to thank you so much for taking the time to speak with me today uh you've been such an inspiration to many generations of people interested in finance and and uh and investors alike so thank you again i appreciate it well david i don't i want to emphasize again it's not easy this is not an easy way to make money or to even make a living so you it takes a lot of work like most things in life comment your though and found some value then
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