저자: RyanK.Perez · 외국인
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찰리 멍거의 투자 4원칙을 소개하는 교육 영상이다. 결론: 멍거는 능력범위 안의 기업을, 지속가능한 경쟁우위(해자)가 있고, 정직하고 유능한 경영진이 이끌며, 적정가격보다 충분히 싸게 살 때만 투자한다는 원칙을 쓴다. 첫째 원칙은 능력범위(Circle of Competence)다. 자신이 잘 이해하는 산업 안에서만 투자해야 하며, 레모네이드 가판대 예시로 설명한다. 둘째 원칙은 지속가능한 경쟁우위(해자)다. 코카콜라 vs Joe's Cola, 애플의 생태계 락인을 예로 들며, 멍거의 대표 투자처인 코스트코는 고객 서비스와 회원카드 충성도가 해자라고 설명한다. 셋째 원칙은 정직하고 유능한 경영진이다. 스캔들이 있는 경영진은 피해야 하며, 마크 저커버그(페이스북)와 스티브 잡스(애플)를 예로 든다. 창업자 지분 보유, 이사회 구성, 경영진의 자사주 매입 여부를 확인하라고 조언한다. 넷째 원칙은 가격과 안전마진이다. ROE·ROIC 등 재무지표와 순이익·장부가치·매출·영업현금흐름을 보고 적정가치를 산정한 뒤, 예시처럼 100달러 가치 주식을 50달러에 사는 식으로 50% 안전마진을 확보하라고 권한다. 영상 전체에서 특정 종목의 가격 방향이나 목표가에 대한 예측 발언은 없다.
다듬은 글
hey devnation my name is ryan today we're going to be taking a look at charlie munger's four rules for investing these are pretty much just gonna be the four rules that charlie munger actually uses to go ahead and see if he wants to actually make an investment within a specific company if you guys gain value out of today's video please make sure to hit that like button and don't forget to subscribe and follow if you haven't already it truly truly helps out the channel and i truly truly appreciate your support so without further ado let's get into the video for those of you guys who might not know who charlie munger is he is pretty much the right hand man of the oracle of omaha himself warren buffett he is the reason for berkshire hathaway making investments of over billions of dollars successful investments and successful returns on those investments within berkshire hathaway over the last many decades of being a part of that company taking a look at the actual four rules that charlie monger tries to follow when investing it's gonna be your circle of competence rule two is gonna be your intrinsic and durable competitive advantage rule three is gonna be management with integrity and talent number four is gonna be pricing and margin of safety so we're gonna go ahead and pretty much break those down so we can get a better understanding of charlie munger's rules for his investment strategy circle of competence what what is it it's literally gonna be an imaginary circle that you have to think about that represents your competence within the industry so for example let's imagine we have a lemonade stand industry let's say you're back to 10 years old and you realize you know what i've been raised here my entire life i know all the other lemonade stands i know there's three i know there's a lemonade stand three blocks that way i know there's a lemonade stack five blocks that way and you know what it's the summer it's really hot i know there's a great demand for it you understand where the other competitors are and you know the actual area you know how to set up an actual lemonade stand and manage and do all the operations therefore you actually have a good and solid foundation and understanding of doing your lemonade stand industry so you decide you know what because there's one five that way and three block stairway i think this is enough distance to where there needs to be lemonade stand here and you actually have competence within that because you built that knowledge and understanding within that specific industry now obviously that's a much simplified version but the idea is the same if you work in technology and you actually understand technology you understand the competitors that are within that industry and you understand what works and what doesn't and vice versa if it's an industry you don't understand let's say you have no concept of technology you don't really know how it works or anything like that but solid with the lemonade stand that would the lemonade stand will be inside your circle of competence while the technology would be outside of your circle of competence are pretty much your circle of understanding intrinsic and durable competitive advantage now for any of you guys who are warm buffer fans this is also known as your moat so what is a company's mo you can think of this let's say a coca-cola compared to joe's cola you know the sound that it makes when you go ahead and you crack it open you hear that fuzzing and you just drink it and you get that nice iconic taste that you know and love as compared to let's say joe's cola where you go ahead by you crack it open you hear the fuzzing and then you go ahead and taste it and you realize it's not a taste you actually really love or enjoy it's just not that iconic taste that you come to know and love well this is known as the economic mo you can think of this sort of like a branding over joe's cola joe's coal is worth a dollar and coca-cola is worth a dollar you bet your dollar you're gonna go ahead and use a dollar on coca-cola over joe's color it has that economic mode to pretty much out do joe's cola you can also think of this with apple apple has their iphones that in itself is an economic model how many times have you decided you know what maybe i want to switch to android but because i have an iphone and i have the macbook and i have the whole ecosystem of apple you decide you know what i don't really want to switch to android because i would be such a pain that in itself is also another economic mode for apple so usually when you want to go ahead and invest in a company at least for charlie munger he makes sure that this company that he invests in has an economic mode now i know one of his biggest investments is actually in costco and i used to think you know why would he invest in costco i mean yeah they're cool and whatnot but do they really have an economic mode but i'm telling you every time you go to costco i mean they're super customer service friendly and focused on the actual customer and consumer providing the best value and the best customer service as possible so they have this sort of economic mode plus they have their costco card memberships which again is another moat for that company that's sort of a loyalty to that company now the next principle is gonna be management with integrity and talent when you go ahead and you invest in a company you're investing in the overall team as well and with the scandalous behavior it's going to make the company look really bad and lose out on business i mean nobody wants to do business with jerks right you also want to make sure even if they are a good solid person that they actually do have some talent behind them for example if they bring in a new ceo that you know can actually go ahead and increase revenue increase marketing increase all these different statistics and awareness to the company and would be a solid fit for that company it would make sense i mean you can think of it as mark zuckerberg with facebook mark zuckerberg is the ideal person to be running facebook he's been running it i mean he founded it back when it started and he knows and continues to evolve in the technology and marketing industry of you know facebook and he understands both technology as well as consumer behavior so he's an ideal ceo for that company another example we could think about would be steve jobs with apple i mean you think of apple and you automatically think of steve jobs and how he helped create the iconic iphone and how that really changed the world but i bet you this are you able to name the ceo that was at apple before steve jobs came back probably not you also want to take a look at their management style you also want to take a look at if they're a founder of the company for example with steve jobs he definitely has some skin in the game because that was his baby he wanted to continue to have apple grow and grow and push the boundaries of what we see as technology and phones and computers and he really wanted to continue pushing and he really cared for apple as his own because he was the one that founded it you also want to take a look at who the board of directors are as they are the ones who control the overall management for that company one last thing to look at is even if perhaps they're not a founder of the company is this a person who actually has some sort of ownership within the company you know they have a little skin in the game so if they're a new ceo of that company did they go ahead and invest a fair amount of their net worth into the company because they truly do actually believe in that company and want to see it grow now the last rule to charlie monger's rules for investing is going to be pricing and margin of safety now on the technical side these are going to be your numbers such as roe roic as well as the big four numbers big phone numbers going to be net earnings book value sales and operating cash but aside from that you don't want to pay any price for any company now let's say you a really big fan of apple or tesla perhaps microsoft now even though they're all really great companies you're not going to pay hundreds of thousands of dollars for that company if it's worth a hundred dollars right it's like if you had a hundred dollar bill you wouldn't go ahead and pay a thousand dollars for that hundred dollar bill you want to go ahead and actually find a fair price for that company once you find a fair price as in you know that this company is worth a hundred dollars per share now you know the actual value of that company per share you know that hey this hundred dollars is actually worth a hundred dollars then from there you want to go ahead and take a look at the margin of safety so this is gonna be you can imagine it's sort of like your cushion of protection for in case you make any sort of investing mistakes this will actually protect you from when you actually go ahead and buy into the company so back to our hundred dollars if we have a hundred dollars you want to go ahead and buy that hundred dollars for fifty dollars obviously instead of buying actual cash you wanna use your cash to buy into other companies but the idea is the same you wanna find that a company's stock is worth let's say a hundred dollars per share and buy into the company's stock when it's let's say fifty dollars per share and so now the hundred dollars that you know the company's valued at per share and the fifty dollars that you decide to buy in at is gonna be known as your margin of safety that's gonna be a 50 margin of safety again this is just an extra cushion of protection to protect you in case the company decides to tank completely you know that hey because i bought it at 50 i know i'm still getting a great value for the company in the long haul now when it comes to the margin of safety you can always change it from 50 to 25 or from 50 to 75 percent whatever you find is best for your investment strategy but i found that 50 sweet spot for your margin of safety to go ahead and set up and say hey if it's 100 of value let me go ahead and put a margin of safety of fifty percent which means i buy it in at fifty dollars the four rules to charlie muller's investing are your circle of competence intrinsic and durable competitive advantage management with integrity and talent lastly pricing and margin of safety if you guys enjoyed today's video please make sure to hit that like button don't forget to like follow subscribe all that good stuff i truly truly appreciate your guys support remember it's a great day to have a great day so have a great day thanks for watching
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