저자: 미상 · 외국인
요약 보기
워런 버핏의 건전한 투자의 세 가지 초석을 소개하는 교육 영상이다. 핵심 결론: 버핏식 장기 투자는 주식을 사업의 일부 지분으로 보고, 변동성을 활용하며, 안전마진을 확보하는 데서 나온다. 첫째, 주식을 사업의 일부로 보라. 주식은 거래되는 종이가 아니라 기업의 지분이며, 장기 보유가 양도소득세 회피와 복리 효과 극대화에 유리하다. 둘째, 변동성은 적이 아니라 친구다. 벤저민 그레이엄의 '미스터 마켓' 비유를 들어, 시장 가격은 사고팔 기회일 뿐 의무가 아니며 단기 가격 예측은 버핏의 방식이 아니라고 설명한다. 셋째, 안전마진을 두고 투자하라. 내재가치보다 충분히 낮은 가격에 사면 가치 추정이 틀려도 수익을 낼 수 있다는 논리이며, 셀스 클라먼, 그레이엄 등의 견해를 인용한다. 결론적으로 세 가지 원칙은 장기 보유, 단기 시세 무시, 가격 여유 확보이다. 영상은 특정 종목이나 자산의 가격 방향에 대한 구체적 예측은 포함하지 않는다.
다듬은 글
Warren Buffett is the best investor of our time he's amassed an 80 billion dollar fortune by sound investing principles combined with a very long-term time horizon what's really amazing is that his strategy is not that complicated it's easily repeatable by investors like you and I in today's video I'm gonna share with you Warren Buffett's three cornerstones of sound investing the first cornerstone of sound investing is to look at stocks as though they're pieces of businesses Warren Buffett is a firm believer that stocks are not pieces of paper to be traded back and forth instead they represent an actual fractional ownership in the underlying business the following quote from Buffett is very illustrative when it comes to this fact we Warren Buffett and Charlie Munger do not view the company itself is the ultimate owner of our businesses assets but instead view the company as a conduit through which our shareholders own the assets shareholders benefit from this type of thinking because it allows them to be long-term investors when you understand that you're a part owner of a business you're gonna act on the long-term interests of that business which doesn't mean trading back and forth long term investing is very powerful because it causes investors to avoid capital gains tax and take maximal advantage of compound interest the second cornerstone of sound investing is that volatility is your friend not your enemy Warren Buffett has long believed that harnessing volatility is one of the main reasons why he's able to compound his wealth over time the mr.
market analogy is a great example of how this phenomenon is true Benjamin Graham is the creator of the mr. mark analogy and he writes the following about it imagine that in some private business you own a small share that costs you $1,000 one of your partners named mr. market is very obliging indeed every day he tells you what he thinks your interest is worth and furthermore offers either to buy you out or sell you an additional interest on that basis sometimes his idea of value appears plausible and is justified by business developments and prospects as you know them often on the other hand mr.
Market lets his enthusiasm or aspheres run away from him and the value he proposed seems to you a little shorter silly if you are a prudent investor or sensible businessman will you let mr. Marcus Daly communication to determine your view of the value of the one thousand dollar interest in the enterprise only in the case you agree with him or in the case that you want to trade with it you may be happy to sell it to him when he quotes you a ridiculously high price or equally happy to buy from him when his price is low but the rest of the time you will be wise to form your own ideas of the value of your holdings based on full reports from the company about its operations and financial positions Buffett believes that market prices should be seen as opportunities to buy or sell not as obligations to buy or sell it should also be noted that profiting from short-term volatility and stock prices is very different from short-term market timing buying a stock because it's cheap and you expect it to become less cheap over time is very intelligent but making short-term predictions about movement of security prices is not Warren Buffett's third cornerstone of sound investing is to invest with a margin of safety a margin of safety is the difference between a securities purchase price and its intrinsic value now it's a little bit of a tricky concept because real intrinsic value is completely unknowable theoretically speaking a company's intrinsic value is its future cash flows discounted back to present value at an appropriate discount rate in practice however intrinsic value is unknowable but the concept is powerful nonetheless as an example imagine that you have the ability to buy a stock for $70 and you believe that that stock is worth $100 in reality your measure of its intrinsic value can be 30% wrong and you'll still break even for this reason a large margin of safety allows your predictions to be quite inaccurate and you'll still profit over the long run many of the world's most successful investors have made great use of the margin of safety over time for examples consider the following quotes a margin of safety is achieved when securities are purchased off prices sufficiently below underlying value to allow for human error bad luck or extreme volatility in a complex unpredictable and rapidly changing world Seth Klarman the billionaire founder of the Bell post Group leave yourself an enormous margin of safety you build a bridge that a 30,000 pound truck can go across and then you drive a 10,000 truck across it that's the way I like to go across bridges Warren Buffett confronted with a challenge to distill the secret of sound investment into three words we venture the model margin of safety Benjamin Graham the father of value investing in today's video we shared three cornerstones of Warren Buffett sound investment strategy these cornerstones are one treat companies as though they're fractional shares in an underlying business to seek to profit from short-term volatility in stock prices three invest with a margin of safety thanks for watching today's video and we invite you to subscribe so that you can stay tuned with the latest investing content from sure dividend
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