저자: 미상 · 외국인
요약 보기
워런 버핏의 은퇴 서한을 바탕으로 투자자의 6가지 적(투기, 레버리지, 군중심리, 이해 없는 투자, 과도한 매매·수수료, 조급함)을 설명. 버핏 본인의 시장 예측이나 종목 추천은 없음. 버크셔 해서웨이의 현금 약 3650억 달러, 연평균 복리수익률 약 19.7%, 그렉 아벨 체제 이후 자본배분 방향이 핵심 의문으로 제시됨.
다듬은 글
The world's most successful investor is bidding farewell to his company. But he doesn't offer any major investment tips in his farewell message. Neither does he tell about any new stock nor does he make any market prediction. Instead, Warren Buffett tells investors what their real enemies are. Market crashes are not mentioned among these enemies.
Among these enemies, greed, haste, borrowing money, speculation and imitation of others are more dangerous than market crash. At the age of 96, Warren Buffett steps down as chairman of Bershire Hathaway . But as he leaves, he leaves behind a checklist for investors that could perhaps become one of his most important legacies.
Warren Buffett has resigned as chairman of Berghauer Hathaway, effective immediately . When investors across the world received this news early in the morning on September 19, a sense of nostalgia and emotion definitely got attached to it. Buffett will now be the company's chairman emeritus and will remain a director on the board.
He will be succeeded by his son Howard Buffett as non- executive chairman of Berkshire. Warren Buffett has led Berkshire since 1965. At the time, Berscher was a struggling textile company. Buffett turned it into a nearly $1 trillion conglomerate encompassing insurance, railways, energy, manufacturing, and consumer businesses.
Earlier this year, Buffett handed over the CEO position to Greg Abel. Now that he has stepped down as chairman, Bergscheier's formal succession is in full swing. Let us tell you that Buffett wrote in his farewell letter, Father Time always wins. That means ultimately every person has to bow before time.
But he also said that time has been very kind to him. To understand Buffett's success, it is important to look at the performance of Workshare. Under Buffett's leadership, Wenshare Hathaway has given shareholders an average annual compounded return of around 19.7%. This is nearly twice the annual return of the SNP 500 over the long term.
But Buffett's greatest achievement wasn't just returns. He designed the workshop in such a way that the company was not dependent on any one product or sector. The float from the insurance business, i.e., money from policyholders, provided the workshop with capital for long-term investments and acquisitions.
The company bought several strong businesses and held them for a long time. This was Buffett's core model. Buy a good company, pay a fair price and let it compound over the long term. Today, Bergshare is said to have a cash reserve of around €365 billion. This cash is a symbol of Buffett's conservative strategy and now a big responsibility for Greg Abel.
Because the question is when will this cash be used, where and at what valuation. Talking about Buffett's Enemy List, it is not a list of any individual or competition. This is a list of habits, habits, and emotions that prevent investors from creating wealth . So today in this video we will tell you in detail about Buffett's enemy list and will tell you who is the biggest enemy of investors' wealth creation.
So [nasal sound] let's start with the first enemy. Speculation. Buffett has always differentiated between investment and speculation. Investment means understanding a business and buying a share in it. Speculation means buying something only in the hope that someone else will buy it at a higher price.
If you buy a stock just because it is going up rapidly, you are investing in the price movement, not in the business. And when the price falls, you have no fundamental reason to hold on. Let's move towards the other enemy. Leverage. Borrowing to invest can increase profits , but losses can also be very high.
Suppose you took a loan equal to your capital and bought a stock . If the share price falls by 20 or 30%, the loss can wipe out a significant portion of your original capital. An even more dangerous situation arises when the lender asks for margin and the investor has to sell shares in a bad market .
The principle of buffer is clear. Don't take risks that will take you out of the game. Now let us come to the third enemy, Herd Mentality. When everyone in the market is buying, then the investor feels that he will be left behind. This is what is called FOMO in today's time, i.e. Fear of Missing Out.
A stock being popular on social media , repeatedly being discussed on television or being bought by a big investor is not enough reason for you. Buffett's view was that the market is a servant working for you. Not a master giving orders. The fourth enemy is investing without understanding . If an investor does not understand how the company makes money , what its competitive advantage is, and how sustainable its earnings are, then he should not invest just by looking at the price.
Buffett's Circle of Competence philosophy says that not every opportunity is necessary for you. Some businesses can be very good. But investing in them can be risky if you don't understand them. Now let's move towards the fifth enemy. That is fees and over trading. Many investors constantly reshuffle their portfolios.
Sell on every small dip. They buy on every rally and think that more activity will lead to better returns. But frequent trading increases brokerage, taxes, fees and emotional mistakes. Sometimes the hardest thing in long-term wealth creation is to do nothing. The sixth and final enemy is the most important Impatience.
Compounding is not an instant formula. It works slowly. Growth may have appeared modest over the past few years , but returns on returns begin to accrue over time. If investors keep changing strategies every few months, the biggest advantage of compounding, time, will be lost. So, this was Buffett's enemy list.
But now let's come back to Bergshire Hathaway. Because now the question is how will the Bersh Shire go after Warren Buffett ? According to reports and other reports, it is quite natural that Buffett's Buffett Premium, i.e. investors' confidence in his personal leadership, is now gradually decreasing.
Now the market will have to see how strong the institutional culture [of music] at Workshare is and how much it will survive after the person leaves. Workshare investors will need to keep an eye on five big questions after Buffett's departure. First, when and how does Greg Abel use this huge cash reserve ?
Second will the workshop make large acquisitions or maintain cash reserves? Third, will the company increase share buybacks? Fourth, will Workshop's insurance business remain as strong as before and fifth, will the company be able to continue Buffett 's conservative capital allocation strategy. Now it's also important to note that copying Buffett's strategy is not easy.
No investor has the cash flow, insurance float, reputation or acquisition access that Workshop has. So learning from Buffett does n't mean copying every investment he makes. The real lesson is to understand the business and pay attention to valuation. Control the risk and be patient. Buffett's work chapter may be coming to an end, but his Enemy List will remain a permanent checklist for every investor.
So keep his enemy list in mind. Keep their investment patterns in mind and do not forget to take the advice of a financial advisor.
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