저자: 미상 · 외국인
요약 보기
마이클 버리가 1997년 실리콘 투자자 포럼 Q&A에서 추천했다는 투자 도서 6권을 소개하는 영상이다. 벤저민 그레이엄 계열의 가치투자와 필립 피셔의 성장투자가 대비되며, 버핏이 85% 그레이엄, 15% 피셔 방식이라고 밝힌 점이 강조된다. 재무제표 분석, 주가 평가 지표(PER, PCFR, EV/EBITDA 등)를 다룬 윌리엄 파이크의 책과 버핏의 투자전략을 분석한 책도 소개된다. 그레이엄의 '지능적 투자자'는 단기 시장은 투표기계, 장기는 저울이라는 개념을 담고 있으며, 버리가 이 원칙을 투자 기반으로 삼았다고 언급된다. 그레이엄의 '증권분석'은 안전마진 개념을 중심으로 하며 초보자에게는 어렵다고 평가된다. 마지막으로 그린블랫 계열의 특수상황 투자와 버리의 2007년 모기지채권 공매도, 게임스탑 보유 사례가 언급된다. 특정 종목이나 자산의 1~3개월 가격 방향에 대한 예측 발언은 없다.
다듬은 글
today we'll speak about six books that michael berry believes every investor should read you guys might ask how we know that berry actually recommended these well there's a cool story behind that he actually recommended these six books back in a forum a silicon investor during a q a back in 1997 way before he became famous for his 2008 bet against the real estate market number one common stocks and uncommon profits by philip a fisher yet another book that's highly revered in the world of investing and an all-time favorite of warren buffett in interviews barry has stated that fisher's principles were crucial in the development of his portfolio while benjamin graham advocates buying inexpensive companies early and holding them phillip fisher's thinking was the polar opposite philip fisher's strategy which he spells out in his book was to select firms that were reasonably priced and expected to grow as well as companies that could be held for a long period on the surface fisher's investment theory was straightforward bio-focused portfolio of firms with attractive growth potential that you fully understand and keep for a long period he is well known for stating that the optimum moment to sell a stock is virtually never fisher recommended investing in businesses with a growth orientation high profit margins high return on capital a commitment to research and development a superior sales organization a leading industry position and proprietary products or services his most famous stock pick was motorola which he purchased in 1955 and held until his death he was known for conducting extensive studies on firms in which he planned to invest before buying shares he depended on personal relationships which he referred to as the business grapevine and talked to learn about companies warren buffett has stated that his investment strategy is composed of 85 benjamin graham and 15 phillip fisher number two why stocks go up and down by william h pike a crucial skill for value investors is the ability to evaluate a financial statement to determine whether a company is valued correctly and william pike's book has been a top recommendation for investors who want to develop this technique for decades it covers financial statement analysis cash flow creation stock pricing and valuation among other topics frequently misunderstood words such as capitalization diluted earnings or equity are thoroughly clarified price earnings ratio price cash flow ratio enterprise value and ebitda are all discussed as stock appraisal approaches the focus on the text is on the essentials it's not a strategy for making a million dollars in the market the subtitle sums it up best the book you need to understand other investment books number three buffetology by mary buffett and david clarke the name warren buffett is synonymous with success and fortune in the world of investing following warren buffett taught beri a lot as it did many other investors buffetology is a book that delves into warren buffett's financial strategy the book examines decades of buffett trade as well as the lessons that might be learned from them buffett began investing using the ben graham technique buying a large number of cheap companies but his partner charles munger persuaded him that it was better to buy good companies with high potential rather than cheap companies with high potential buffett significantly outperformed graham with the support of monger the essential realization was that if you solely focus on getting something for the lowest possible price you'll wind up with a portfolio full of mediocre companies that never really realized their potential or even worse observe that their value deteriorates over time as many of these low-cost businesses are low-cost for a purpose if on the other hand you bought a fantastic firm with a long-term competitive advantage what buffett refers to as consumer monopoly and which can regularly compound above average profits the price you paid becomes less of a concern because the company's worth will slowly improve over time time is the friend of a wonderful business the enemy of the mediocre as buffett puts it this book clearly chronicles buffett's growth as an investor and how he established his own views that put him on the pedestal that he now sits on number 4 value investing made easy by janet lowe the subtitle of this book says it all benjamin graham's classic investment strategy explained for everyone while many people think this book is too basic to make big trades it's worth reading to really comprehend graham's principles without feeling overwhelmed janet lowe a financial journalist demystifies value investing and provides you with basic trading methods that can help you reap tremendous gains using her easy to understand manner combined with entertaining anecdotes and quotes bury himself places this at the bottom of his priority list because while it's a fantastic book it needs to be reinforced by reading graham's actual works this could only serve as a stepping stone number five the intelligent investor by benjamin graham this is a classic value investing book among the greatest investors of all time the intelligent investor is a popular choice the lesson which was prepared by benjamin graham in 1949 has been modified numerous times since it is ageless bury has stated several times that his investment strategy is based on benjamin graham's rising market theory in short term the market is a voting machine but in the long run it is a weighing machine as graham memorably stated graham demonstrates in this book that short-term prices are influenced by an investor's mood rather than fundamental analysis bury claims that this has helped him uncover inexpensive stocks and that have appreciated dramatically over time he isn't the only one who thinks this way as a result all of the top investors including warren buffett recommend reading this book number six security analysis by benjamin graham graham has written yet another book we can observe how much he has influenced beri's investments the intelligent investor was written by graham with the goal of teaching value investing to the general public on the other side security analysis is more of a technical book intended for people interested in learning more about value investing the goal of security analysis is to offer key information about a stock or bond in a way that is both informative and beneficial to a potential investor using data and criteria to reach solid conclusions on security safety and attractiveness in relation to the present price range warren buffett has praised this book multiple times and berry has said more than once that his investment style is built upon the book security analysis all of his stock picking is 100 based on the concept of a margin of safety the reason this book is so low on his list however is that while it's worth its weight in gold it isn't a book even for an intermediate investor and definitely not a starters book the advanced concepts take the experience to understand and apply and therefore are not for the average investor number 7 the big short a book recommendation from barry and jamie may the president of cornwall capital amongst many others the book discusses a type of investing greenblatt has become known for value and special situations investing the idea behind the approach is to find events that have little to no impact on the underlying fundamentals of a company but which devalued the company's stock price well there are many varieties of special situation investing one for example would be investing in companies that recently incurred some bad pr perhaps their ceo left or elon musk tweeted about them situations like these caused the price to drop even though the fundamentals of the company haven't changed this creates an opportunity to buy low michael bury has created a lot of value from this kind of investing he was known for shorting the 2007 mortgage bond market and he held some stock in gamestop late last year
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