Warren Buffett & Charlie Munger, On Investing Small Sums of Money & The Efficient Market Theory 1995

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소액 투자자도 적용 가능한 비효율 시장이 여전히 존재한다고 주장. 대형 종목만 보는 자신들의 접근과 달리, 소형·저관심 종목에는 기회가 많음. 과거 Moody's 매뉴얼 전수 조사로 간과된 종목을 발굴한 경험 언급. 델타 덕 클럽(Delta Duck Club) 사례로 효율적 시장 가설(EMH)에 대한 회의를 드러냄: 자산가치(현금+로열티) 대비 현저히 낮은 가격에 지분이 거래됨.

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01. hi I'm Howard Winston from Cincinnati Ohio first I wanted to thank you and your Char you and Charlie for your sharing your time with us today thank you uh my question is you've repeatedly said that you seen many wonderful stock ideas but can't invest because they're too small given that many in the audience today have a lower dollar investment threshold do these stocks have names yeah well said well the answer to that is that we don't look anymore that U we we assume that there are a reasonable of Opp number of opportunities as you work with smaller amounts of capital because it's always been true I mean it was over the years as I looked at things uh clearly you run into companies that are less followed as you get smaller and and there's more chances for inefficiency when you're dealing with something where you can buy $100,000 worth of it in a month rather than a 100 million but that is not because I I'm carrying around in my head the names of 25 companies that we could put a 100,000 in and I just don't look at that at that Universe anymore I sometimes people send me annual reports or I get letters from managers and they they say won't you know I've got this wonderful thing and I look I I usually know ahead of time but I mean I would first look at the size and if the size isn't isn't right and it isn't going to be virtually anytime I don't I don't look any further because there's just no time to be looking at at uh at all kinds of smaller opportunities I do think I do think if you're working with very small amounts of money that uh that there almost always are some significant inefficiency someplace to find things that uh I've mentioned to some people when I started out I actually went through the all of the Moody manuals and the standard for manuals Page by Page and you could and you know it's probably 20,000 pages but but uh uh there were a lot of things that popped out and none of them were in any brokerage report or anything of the sort they were just plain overlooked and you had to you could you could find out about them but nobody was going to tell you about him uh and my guess is that that continues to be true but not on anything like the scale it was then Charlie well I can remember when you bought one membership in some Duck Club that had oil in under when you were young yeah therey called when you get down to one duck club membership well you're really Scavenging for cigar butts but uh not a bad cigar but there were 98 shares outstanding it was the Delta Duck Club and the the Delta Duck Club was founded by a 100 guys who put in 50 bucks each except two fellows didn't pay so there were only 98 shares outstanding they bought a piece of land down in Louisiana and one time somebody shot downward instead of upward and oil and gas started spewing forth out of the ground so they renamed it atlid which is Delta spelled backwards which was sort of Illustrated the sophistication of this group and and a few years later they were taking at $3 Barrel oil they were taking about a million dollars a year in royalties out of the uh place and the stock was selling a $299,000 a share and it was earning $10,000 a share no it was earning about earning about $7,000 a share after tax about 11,000 pre-tax and it had about 20,000 a share in cash and it was a long lived field so you know I use that sometimes as an example of efficient markets because somebody called me and offered me a share of it and uh uh those things you know is is is that an efficient market or not you know 29,000 for 20,000 of Cash Plus 11,000 of royalty income at 25 cent gas and $3 oil I don't think so but uh uh you can find things out there uh I'll give you hunting rights on all my duck clubs in the future