저자: WarrenBuffett&CharlieMunger · 외국인
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투자 대가는 타고나는 것이 아니라 만들어진다는 결론을 확인하는 2002년 질의응답 영상이다. 핵심 주장: 뛰어난 투자자는 높은 IQ가 필요하지 않으며, 군중으로부터 스스로를 분리하는 기질과 합리성이 중요하다. 버핏의 학습 경로: 11~19세에 여러 투자서를 읽었으나 성과가 없었고, 1949~50년 그레이엄의 책을 읽고 주식을 '사업의 일부'로 보는 관점으로 바뀌었다. 투자 원칙: 그레이엄과 필립 피셔의 접근법(주식을 사업으로 보고 좋은 사업을 판단, 안전마진 확보)은 지금도 유효하며 더 나은 대안을 보지 못했다. 실천 방법: 애널리스트 리포트나 군중의 말에 휘둘리지 말고, 연차보고서를 읽고 자신의 역량 범위(circle of competence) 안의 사업만 생각하라. 멍거의 견해: 투자 결과와 IQ 간 상관관계는 작으며, 세상이 왜 그렇게 되는지 끊임없이 묻는 사고방식이 중요하다. 재정적으로 실패한 고IQ 사례를 분석해 그 요인을 피하는 것이 유용하다. 탐욕은 합리성을 압도해 재앙을 부를 수 있으므로 경계해야 한다. 특정 종목·자산에 대한 가격 방향 예측 발언은 없다.
다듬은 글
this question is for you mr. Buffett and mr. Munger mr. Buffett I followed your career since I first read about you in the first edition of the Forbes 400 that came out in 82 Green your profile also led me to Ben Graham's book the Intelligent Investor since that time I followed the careers I've also followed the careers of other successful investors such as Walter sloshed bill ruing Richard rainwater Robert bass and Edward Lampert in following your career in the careers of these other highly successful investors it's my observation in my firm belief that despite their obvious high level of intelligence and some of them having gone to some of the best schools in the country none of these people including yourself were born great investors every one of these including yourself learn to be a great investor Graham learned from his experience you build the wing-walker slot learn from Graham Richard rainwater learned from you Phil Fisher and Charlie Allen and from reading Graham Robert bass and Ed Lampard learned from Richard rainwater and most likely from reading Graham and Fisher as well these observations lead me to the conclusion that despite intellectual brilliance although that probably helps I've come to the conclusion that great investors are made not born do you and mr.
Munger agree with this conclusion if so why if not why not and if you do agree what things would you recommend that someone do if they wanted to become a great investor also what mental attributes do you think a person should have if they want to try to become a great investor thank you very much yeah I largely agree with what you said and I would say that there I don't know to what extent the ability to detach yourself from the crowd for example I don't know to what extent that's innate or to what extent that's learned but that's a quality you need I would agree totally with you that a a great a great IQ is not needed I mean you do not have to be terrifically smart to do well as an investor at all I would say you're 100% right that I learned from Graham first in a very very big way and I learned something additionally from Phil Fisher and I learned a lot from Charlie and the proof is in my record actually from 11 to 19 I was reading Garfield drew and Edwards and McGee and all kinds of I mean I read every book Ruggiero them Loeb I mean I read every book there was on investments and I didn't do well at all and I had no real investment philosophy a lot of things I tried I was having a lot of fun I wasn't making any money and I read Ben's book in 1949 or 50 49 when I was University of Nebraska and and that actually just changed my whole view of investing it and really that basically told me to think about a stock as a part of a business now that seems so obvious you can say you know that that why should you regard that as a as the Rosetta Stone but it is the Rosetta Stone in a sense it once you crank in the your mental apparatus that you're not looking at things that wiggle up and down on charts or that people send you little misses on you know saying buy this because it's going on actually here it's gonna split or the dividends gonna get increased or whatever but instead you're buying a business that you've now set a foundation for going on and thinking rationally about investing and there's no reason why you need a high IQ to do that there's no reason why you have to be born in some way I I do think there's certain manners of temperament that maybe an a and they maybe learn they may be intensified by experience as you go on the partially innate but then reinforced in various ways by your experience as you go through life but that's enormous ly important I mean you have to be realistic you have to just define your your circle of competence accurately you have to know what you don't know and I get enticed by it you you can't you can't be you have to have an interest in money I think here you won't be investing but I think if you're very greedy it'll be a disaster because that will overcome rationality but I think I think the same books I read and really molded what I how I thought about businesses and investing I think that they're just as valid now I mean I haven't seen anything in the last twenty five years and I've read my glance through most of the books anyway I have I've seen nothing to improve on Graham and Fisher in terms of the basic approach of going about investing which is to is to think about stocks as businesses and then think about what makes a good business and really that's all there is to do investing and and and having a margin of safety which Ben talks about and so on it's it's not a complicated process but it definitely requires discipline it requires insulating yourself from popular opinion you just you simply cannot you can't pay any attention to it it just doesn't mean anything so you can't the idea of listening to lots of people tell you things and on that it's just a waste of time and you know you'd be better off just sitting and thinking a little better I mean there were there were no analyst reports on custom frame makers you know and they wouldn't have done any good anyway you just have to have to think but you have to think about them as in terms of their business characteristics and what they can earn on the on the on capital employed and that sort of thing I would just read the you know I would I read read the Graham and the Phil Fisher books and and and then read lots of annual reports think about businesses and try and think about which businesses you understand I wish you don't understand and you don't have to understand them all just forget about the ones that you don't understand charlie yeah a deeper level of generality you have a passionate interest in in knowing why things are happening you always are trying to figure out the world in terms of why is this happening or why is this not happening that cast of mind kept over long periods and gradually improves your ability to to cope with reality and if you don't have that cast of mind I think you're you're destined probably prevail you're even if you've got a pretty high IQ yeah I would say we've seen relatively little correlation between investment results and IQ I mean that not that there are a whole bunch of people out there with Adi cues that are knocking you know the cover off the ball but but there are all kinds of people with high IQs that get no place and yeah it's probably in a sense it's more interesting to look at why if people with high IQs don't succeed and then sort of cast out those factors see if you can cast them out in yourself and leave a residual that will work because if you you know it's like Charlie always says you know all I want to know is where I'm going to die so I'll never go there so if you study the people who die financially you know with high IQs and say why do they die you know you'll see certain overwhelming characteristics that are present and and and and in these and most of the cases and you just got to make sure that either you don't possess them or if you do possess them that you can get rid of them or control them in some manner
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