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워런 버핏의 투자 원칙을 여섯 가지 정도로 정리한 교육 영상이다. 결론은 '좋은 회사를 싼 가격에 사라'는 것이며, 손실 회복의 수학적 어려움(30% 하락 시 43% 상승 필요)을 근거로 손실 회피의 중요성을 강조한다. 핵심 원칙 1: 높은 투하자본이익률(ROCE)과 낮은 부채. 이익을 많이 내면서 차입이 적어야 하며, 은행권처럼 레버리지로 수익률을 끌어올리는 방식은 가치 창출이 아니라고 지적한다. 핵심 원칙 2: 예측 가능한 이익과 현금흐름 뒷받침. 닷컴 버블처럼 급등락하는 기업을 피하고, 영업이익이 실제 영업현금흐름으로 이어지는지 현금흐름표로 확인해야 한다. 핵심 원칙 3: 단순하고 이해 가능한 사업. 이해하지 못하는 사업에 투자하는 것은 복권과 같다고 한다. 코카콜라, 질레트처럼 누구나 이해하는 제품이 예시로 언급된다. 핵심 원칙 4: 강한 브랜드와 가격 결정력. 면도날, 프린터 잉크 같은 소모품 모델을 예로 들어 경기침체에도 가격을 유지할 수 있는 기업을 선호한다고 설명한다. 핵심 원칙 5: 경영진의 지분 보유. 현금 급여만 주거나 주식 옵션만 주는 양극단은 모두 문제가 있으며, 경영진이 자기 돈을 회사 주식에 묶어두는 구조가 바람직하다고 주장한다. 결론적으로 진행자는 이 원칙들을 따른다고 해서 버핏처럼 될 수 있는 것은 아니며, 버핏조차 최근 수익을 내기 어려워했다고 덧붙인다. 구체적인 개별 종목이나 시장 가격 전망은 언급되지 않는다.
다듬은 글
rule number two of investing is C rule number one all right now the reason it matters is down to maths and then we'll talk about how you do it all right why is it so important not to lose money Ian it sounds ridiculous to have to prove it but it's because the losses are really really hard to recover okay just give you one example if you currently hold an investment and it drops 30% in value tomorrow morning mathematically you need it to rise 43% just to get back to where you started from all right that's the maths of losses so Buffett was on to something when he said don't lose money but okay good so how do you not lose money when you buy shares and the answer to Warren Buffett was you look for good companies at cheap prices and there are two vital words that go together there a good company at a cheap price no point in finding a bargain if it's a load of rubbish right you don't just want cheap companies anyone can find cheap stuff that turns out to be jargon or rubbish okay what you want is good companies at a cheap price okay no point in buying a good company if it's expensive if everyone else knows about it right so the key good company that cheap prices the question we're going to focus on right now then is what makes a good company what made those Coca-Cola Gillette AMX Investments qu quite so successful now you can't repeat those Investments tomorrow because they've been done in one sense those are much bigger companies now and maybe they're not as cheap as they once were maybe they don't have all these qualities when you go rumaging around looking for stocks trying to apply waren buff principles um what is a good company as far as he's concerned well let's have a look at a few key investing lessons investing the Warren Buffett way okay so number one you want companies with a high Rocky return on Capital employed and low debt Now High return on Capital employed that means they are generating annually lots of bang per Buck okay I'm not going to do a lot of DET detail on return on Capital employed in this video have a look at my related video what is return on Equity but here's the concept okay lots of bang perck in profit terms combined with low debt all right and high return on Capital employee that just means if you take from a profit and loss account profit before interest and tax and put it over uh debt and Equity Capital employed that's the capital that's come from shareholders and the capital that's coming from lenders and Banks so one year's profit per interest and tax over total Capital employed as a percentage you get Rocky so in very simple terms if that was a 100 million from the profit and loss account Sterling that was 500 million adding up shareholders funds and any interest bearing debt employed by the business 100 over 500 as a percentage is about 20% all right so one you want High return on Capital employed with low debt so you want this to be low so the interest bill on that debt is also low and he's absolutely right right an awful lot of banks for example have driven up return on equity and return on Capital employed by deploying gearing dead not adding any value War Buffet was saying it's the value you want it's the ability to to generate proper operating profits bang per Buck not some kind of financial Alchemy based on borrowing lots of money all right so high return on Capital low debt now if everyone thinking that's a bit quick on point one because there's more points to come all right take a look at my return on equity video and also have a look at my um how you can make money from gearing videos and they'll explain those in a bit more detail right that's Point number one he didn't get to be the world's richest man by just having one point all right so there are a few more tricks of the Warren Buffett trade if you like so there's point one point two you want to find companies with predictable earnings now Warren Buffett's broken his own walls a few times recently with one or two of his Investments but that's beside the point predictable earnings you don't want any surprises all right you want companies that are going to be there day in day out and a feature of his portfolio is a lot of those shares been there in an awful long time these are not fly by night companies that suddenly gone on bust these are not dotom companies for example and Buffett famously avoided the doom boom and the share price Rises that went with it and also the do bust and the pain that went with that okay okay so steady predictable earnings and you want profits backed by cash flow I'll put profits equals cash flow now uh analysts rather grandly call this Cash cover but you want to check for example that operating profits in the profit and loss account are not a kind of accounting Mirage you want to have a look at the cash flow statement and check that the cash from operations is in line with operating profit okay Cash cover is the idea there's lots of cash being generated for lots of operating profits in other words this and this bear some resemblance to each other and Buffett likes that okay he doesn't like firms where there's lots of profit being generated and virtually no cash all right for more on that see why the profitable firms go bust not by Warren Buffett by me all right so there's number three uh number four and um half dozen of these by the way he liked businesses that were uncomplicated now some would say well he didn't he just invest in Goldman Sachs that's fairly complicated some would say um uncomplicated to you all right there's no absolute measure here what Buffett was getting at was you must understand the business you invest in because if you don't you're just playing the lottery if you have no idea how the directors are doing it what if they stop doing it all right you're stuffed okay so find businesses that you understand all right and a lot of people obious point to make didn't have any clue how companies were ever going to make profits all right um let alone generate cash flow and Buffett's point was the business doesn't have to be hugely complicated or hugely simple the fact is you've got to understand how it's doing what it does okay if you're an expert in financial derivatives you will understand those businesses and you can invest in them if you're not you probably don't want to bother all right so uncomplicated as far as you're concerned all right good example you know Gillette one of um buff it's early Investments there's a product everyone understands and there's a product everyone's probably seen okay same with Coca-Cola all right um then you want a strong brand coupled with pricing power now I'm going to use Gillette razor blades as an example or the um ink cartridge I recently bought for my printer at home as another example of what Buffett means lots of things have gone down in price in recent years thanks to the Chinese um clothing Springs to mind CDs but anyone who shaves using Gillette razor blades like me will know somehow they managed to keep pulling off a remarkable trick the price of those razor braids seems to keep going up the little thing you attach them to doesn't that's cheap but the business model is clever right the price of those razor blades keeps creeping up and the way they do that partly is they say well you were shaving with two now I have three okay so I'll pay more for those all right so they've got their ways of making sure that leing in a recession they maintain pricing power same with the people quite often who make um replenishment cartridges for printers the printer is cheap try and fill it up with anything and you end up paying an arm and a leg and you think hang on minut this is more expensive than it was 12 months ago what's going on where's the tech Revolution here right those are clever business models and those are the sorts of things that Buffett was talking about pricing power you can't suddenly just be undercut and who can't suddenly be undercut strong strong Brands but you're more likely not to be suddenly under cut if you've got that sort of brand power and buff Buffett likes brand names okay you know even in the financial investment Market I mean Goldman Sachs love more lo them has quite a brand name okay now um final Point um there are there are others we could make but management need to be owners of the business not 100% all right it's often not possible when a Stock's listed for example I mean if they own 100% how would you ever buy into it but the point is management need to have a high stake in the future of the business all right now there's no science to this it's a little bit Art and Science there are two extremes when it comes to paying managers you can pay them all cash give a massive salary or you can pay them no salary and give them all shares or share options those are the two extremes all right and both have their drawbacks pay managers all in cash with no shares or share options in the business you want to buy into they're just going to do what they need to do to earn their salary and nothing more goes the argument give them all shares and share options and all they'll do is try and boost the share price very short term cash in and get out all right so so those two extremes often won't work as attractive they might seem superficially so um there is obviously a middle ground here but what you don't really want is management not prepared to back their own decisions with their own Hard Cash okay so on companies take a look at the arrangement for directors are they required to put a certain amount a percentage of a year salary or something into sh shares by a certain time you what's the management scheme that gets them into buying shares in the company because if they own some shares at least they're likely to be more committed to doing what you want them to do which is raise the share price not just collect their salary and go home if you see what I mean all right there's the problem with bonuses as well you know a bonus is fine doesn't help you as a shareholder all right you know a bonus doesn't have to have anything to do with share price increases look at Banks recently it can simply be um part of the benefits negotiated by that particular director all right so bu Buffett said make sure that the managers are to some extent owners of the business you're buying into all right so there you have it when you're buying shares um half a dozen key invest likee Buffett tips will these half a dozen tips turn you into to Warren Buffett no there are historical reasons why he's the greatest investor of all time even he's found it more difficult to make money recently
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