저자: 워런버핏 · 외국인
요약 보기
버핏과 멍거는 MBA 교육이 투자에 꼭 필요하지 않다고 본다. 투자는 복잡한 고급 학문이 아니라 규율이 중요한 사업이며, 기본기(회계 이해, 소비자 관점)만 있으면 충분하다. 버핏은 경영대학원 상위권 졸업생보다 『현명한 투자자』 8장(사업으로서의 주식 접근)을 체화한 사람을 채용하겠다고 말한다. 좋은 스승을 만나는 것이 큰 행운이며 멍거가 그런 스승이었다고 언급한다. 그레이엄의 방식(저평가된 나쁜 기업을 싸게 사기)은 시대가 바뀌어 더 이상 통하지 않았고, 버크셔는 저평가된 좋은 기업을 사는 방향으로 진화했다. 그레이엄식 투자 기회는 점점 줄었고 규모도 작아 버크셔 같은 대형 자금에는 쓸모가 없다. 그레이엄의 방식은 규모 확장이 불가능했으며 그레이엄 본인도 큰 돈을 벌려는 관심이 없었다. 8장의 기업 분석 관점과 20장의 안전마진 개념은 매우 가치 있다. 멍거는 기업 재무 교육이 공식 중심이라 잘못된 내용을 많이 가르친다고 비판한다. 우아한 이론을 들으면 경계하라는 조언으로 마무리된다. 출연자 소속 및 영상 맥락상 해당 발언은 과거 인터뷰 성격이며 특정 자산에 대한 가격 방향 예측은 없다.
다듬은 글
is what do we think about yeah blizzard's going to be business schools and all that i didn't catch the last one they're better oh he challenged me to rick brown okay the uh i went to three business schools and at each i found a teacher or two i went to one specifically to get a given teacher but each one of them i found a teacher too that everybody got a lot out of um the so we're not in anti-business school here at all we we do think that the priesthood say 30 years ago for example in terms of or 40 years ago in terms of efficient market their internet they they they strayed pretty far in in our view from the reality of investing and i would rather have a person if i could hire somebody among the top five graduates of number one two or three of the business schools and my choice was somebody that had uh was bright but had chapter eight of the intelligent investor absolutely it just was natural to them they had it in their bones basically um i i take i take the person from chapter 8 it this is not what we do is not a complicated business it's got to be a disciplined business but it is it does not require a super high q or anything of the sort uh and there are a few fundamentals that are incredibly important and you do have to understand accounting and it helps to get out and talk to consumers and start thinking like a consumer in many ways in certain industries all of that but it just doesn't require advanced learning and i i i certainly you know i didn't want to go to college so i i don't know whether i would have done better or worse if i'd uh just quit after high school uh you know and read the books i read and all of that uh i think that if you run into a few great teachers and they really change the way you see the world to some degree you know you're lucky and you can find events you can find them in academia and you can find them in ordinary life and i i've been extraordinarily lucky and having great teachers including charlie i mean charlie's been a wonderful teacher and you know the any place you can find somebody that that gives you insights into things you didn't understand before maybe makes you a better person than you would have been before you know you get that's very lucky and you want to make the most of it if you can find it and academia make the most of it and if you can find it in the rest of your life make the most of it did you know that you can make money from youtube without creating vegan pendulum and he was very smart and of course that was very attractive to you and then when you found out it worked you could make a lot of money with sitting on your ass of course you were an instant convert and and and so it still appeals to me actually i mean but the world changed before he died bill graham i mean i mean ben graham recognized that the exact way he sought undervalued companies wouldn't necessarily work for all times under all conditions and and that's certainly the way it worked for us we gradually morphed into trying to buy the better companies when they were underpriced instead of the lousy companies when they were underpriced and and of course that worked pretty well for us and and but and graham he outlived the game that he played personally most of the time he lived to see most of it fade away i mean just to find some county that's selling for one-third of its working capital and figure out it could easily be liquidated and distribute three dollars for every dollar of market price lots of luck if you can find those in the present markets and and if you can find them they're so small that berkshire wouldn't find them any use anyway so we've had to learn a different game and that's a lesson for all the young people in the room if you're going to live a long time you have to keep learning yeah what you formerly knew is never enough so if you don't learn to constantly revise your earlier conclusions and get better ones by you are i always use the same metaphor you're like a one legged man in an ass kicking contest if anybody has suggestions for another metaphor send them to me graham incidentally one point important point graham was not scalable i mean you could not do with really big money and when i worked for graham newmancorp here he was the dean of all analysts you know and he was an intellect above all others around that time but our the investment fund was six million dollars and the and the partnership that worked in tandem with with the investment company also had about six million dollars in it so we had 12 million bucks we were we were working with now you're going to make adjustments for inflation but and everything but it was it was just a tiny amount it wasn't it wasn't really scalable and and the truth is graham didn't care because he really wasn't interested in making a lot of money for himself so it had no reason to want to find something that could go on and on become larger and larger and and so the utility of chapter 8 in terms of looking at stocks as a business is of enormous value the utility of chapter 20 about a margin of safety is of enormous value but that's not complicated stuff i finally figured out why the teachers of corporate finance often teach a lot of stuff that's wrong when i had some eye troubles very early in life i consulted a very famous eye doctor and i realized that his place of business was doing a totally obsolete cataract operation they were still cutting with a knife after better procedures and i said why are you in a great medical school performing absolute obsolete operations he said charlie it's such a wonderful operation to teach well that's what happens in corporate finance they get these formulas and it's a fine teaching experience you give them a formula you present the problem they use the formula it's you get a real feeling of worthwhile activity there's only one trouble it's all boulder dash yeah whenever you hear a theory described as elegant watch out you know
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