Why Warren Buffett Is Calm During Market Crashes | Berkshire 2025

요약 보기

버핏은 최근 시장 급락을 큰 사건이 아니라고 보며 버크셔는 과거에도 50% 하락을 세 차례 겪었지만 기업 펀더멘털 문제는 없었다고 말한다. 다우지수 역사적 폭락 사례를 들어 시장 변동은 주기적이고 정상적이라고 강조한다. 약 100억 달러 규모 투자 기회 질문에는 그 규모로는 의미가 크지 않다고 답한다. 투자자는 감정을 통제하고 장기 관점과 적절한 기질을 가져야 한다고 조언한다.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. Um, the first quarter ended March 31st, and it did show that Berkshire's cash pile expanded from the end of the last year, but the greatest market turmoil came in April. Martin Devine, a shareholder from Scotland who is attending the meeting today, wants to know has the recent market volatility presented Berkshire with opportunities, and Martin just wrote in an addendum in the last 40 minutes or so, pointing out that you mentioned Berkshire almost invested $10 billion recently, and wanting to know if you could talk more about that.

02. Well, then, I can give you a good answer to the second part, which is no. And um uh the But $10 billion wouldn't have done that much, you know. That's the other side another side of it. What has happened in the last 30 45 days, 100 days, whatever whatever you want to pick up, whatever this uh this [clears throat] uh period has been it is it's it's really nothing.

03. There's been three times since we acquired Berkshire that Berkshire has gone down 50%. Uh in a very short period of time, three different times. Nothing was fundamentally wrong with the company at any time, but but this is not a huge move. Uh the Dow Jones average in 381 in September of 1929, it got down to 42.

04. So, that's like going from 100 uh to 11. Uh Uh this is not this is not been a dramatic uh bear market or anything of the sort. I mean, it's uh pointed out if I've I've had 250 trading days a day, you know, for however many years I've been old enough to trade stocks, uh that's 17 or 18,000 days. There's been plenty of periods that that uh uh just are dramatically different than this.

05. I mean, when the day I was born, the Dow Jones was at 240. And my first That was August 30th, 1930, and between that and the low, it went from 240 to 41. I mean, So, if people think that it made a really major change, it it didn't If it if it gone up 15% instead of down 15%, people think they take that with remarkable grace.

06. If it makes a difference to you whether your stocks are down 15% or not, you're you're you're you need to get a somewhat different investment philosophy because the world is not going to adapt to you. You're going to have to adapt to the world, and you will see a period in the next Certainly in the next 20 years, you'll see a period that that will be in Somebody in the market described one time as a hair curler compared to anything you've seen before.

07. I mean, that's just that's just happens periodically. The world makes big, big, big mistakes, and surprises happen in dramatic ways, and the more sophisticated the system gets, the more the surprises can be out of right field. That's That's part of the stock market, and that's what makes it a good place to to focus your efforts if you've got the proper temperament for it, and a terrible place to get involved if if you get frightened by markets that decline and and get excited when stock markets go up.

08. I don't mean to sound particularly critical. I mean, I know and and People have emotions, but you got to check them at the door when you invest. Okay.