저자: Business Success Stories · 외국인
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I don't know there are very few people uh you look at the most successful people in the world I know very few of them that haven't had a major failure you know if you read through the um they're not the financially most successful people if you read through the Forbes billionaire list and you read their stories you know they've had failed businesses and they've lost everything and they've hung on the you know they've almost died holding on to the ledge you know uh what's his name uh the C the uh the guy own CBS and uh oh yeah suer fire some Redstone Redstone so there are lots of examples of people who had huge adversity and I think it's how you deal with adversity that determines your ultimate success as opposed to how you deal with success that determines your ultimate success the investing business you can learn by reading you know read everything waren Buffett's ever written watch every YouTube video he's ever appeared in uh that's a great way to learn about investing but in investing is more than just the way to really understand investing is to understand a business and one of the most important skills you need as an investor is distinguishing between a great business a good business a fair business and a bad business and one way to get a sense of the quality of a business is go to work for one so the recommendation I give to people graduating from Business Schools these days is this is the greatest time in in history to work for a startup there lots of incredibly interesting businesses being formed and if you can be one of the early employees you're going to learn a lot about how a business Works how to make payroll how to Market your product how to design something and those skills I think are invaluable first of all you might even find it really interesting you might have joined the next Facebook so that's one thing even if business fails you learn a ton from that I think that's the best experience you can get ultimately to be a good fundamental investor how do you be a successful investor now I'm assuming that you're not going to go into the business of investing I'm assuming that you're going to be a doctor or a lawyer you're going to pursue your passion but you're going to have some money that you're going to save over time and I'm going to give you my advice on the topic it's not necessarily definitive advice but it's what the advice I would give my sister my grandmother on what she should do if she were in the same position I'd avoid investing in startup businesses um where the prospects are not very well known because again you don't need to make 100% a year to have a fortune you just need to invest at an attractive return 10 15% over a long period of time your money grows very significantly so how do you avoid the riskiest Investments I would my advice would be to invest in public security invest in listed companies companies that trade on the stock market why because those businesses are tend to be more established they have to meet certain hurdles before they go public the stocks are liquid so you can change your mind if you want to sell if you invest in a private Lemonade Stand it's hard to find someone to take you out of that investment unless that business becomes fabulously profitable so that's piece of advice number one invest in public companies number two you want to invest in businesses that you can understand what I mean by that is there are lots of businesses that you come in that you deal with in the course of your day and your personal life whether it's a retail store that you know because you like shopping there or it's a a product uh your your your iPad or that you know uh you think is a great product but you you you have to understand how the company makes money the business is just too complicated you don't understand how they make money even if they've had a great track record I would avoid it a lot of people thought Enron was an incredible business because it appeared to have a good track record but very few people understood how they made money it was good to avoid it another very important criteria is you want to invest at a reasonable price it could be a fabulous business that's done very well over a long period of time but if you pay too much for it you're not going to earn a very good return the last bit is that you want to invest in a business that you could theoretically own forever the stock market were to close for 10 years you wouldn't be unhappy what do I mean by that now again if you're going to compound your money at at a 10 or 15% return over a 43e period of time you really want a business that you can own forever you don't want to constantly have to be shifting from one business to the next and what are what are businesses that you can own forever well they very few that sort of meet that standard uh maybe a good example is Coca-Cola right what's good about Coca-Cola is it's relatively easy business to understand you understand how coke makes money right they sell a a formula uh or syrup to bottlers and to retail establishments and they make a profit every time they serve a Coca-Cola people going to drunk a lot of Coca-Cola for a very long period of time the world's population is growing they sell in almost every country in the world and each year people drink a little bit more Coca-Cola so it's a pretty easy business to understand it's also a business that I think is unlikely to be uh competed away as a of technology or some other new product right it's been around long enough people have grown used to The Taste um you know they they parents give it to their children and you can expect that it'll be around a long period of time my Approach in business in my personal life in a management role is Extreme cander and I think that um if you live that way um you know you'll run the risk of offending various people over time um but you'll have much better relationships because um you know if you tell people the truth first it's not typical you know a lot of people u in the interest of politeness or fear of Confrontation or it's just uncomfortable don't speak the truth and that goes for people on boards you know there lots of examples of super talented people sitting around the room as an institution is failing think of all the the banks during the crisis where people were not willing to confront the CEO so I'm willing to confront the CEO uh and uh but I'm completely canid with him about his successes and his failures investing is about the best investments are the ones where we are The Confident we're right and everyone else is wrong okay and you have to in order to be you know been accused recently of being arrogant among other things no no I'm going to actually ask you that it was called it was pompous but that's okay pompus I I don't think I'm pompous but I've certainly been accused of being arrogant and there's a difference between arrogance and confidence yeah if you're arrogant in investing you're going to get killed right if you're not confident you'll never make an investment right so you have to do a sufficient amount of work to be confident enough to have the conviction do something that's contrarian right we bought the stock of a uh of a soon to be bankrupt retailer I'm sorry a shopping mall company during the financial crisis uh at pennies per share you have to be willing to look silly when you do something like that U General growth stocks up 90 fold since our original investment um you know on that's we had confidence maybe people thought it was arrogant to believe that we could be successful in turning it around if you weren an investor what would you be um that's good question I mean I would do what I do now even if I weren't compensated uh for doing it um because I think it's a way for me to make the biggest contribution that I could make I mean I I look I think about uh government if I could if I could effectuate change the same way I can effectuate change in the in the private sector but I think I can have more influence as a private participant than a than a public participant and then there's this guy uh that I met uh money manager named Bob Chapman who uh I met at on a panel 7 years ago we were on a panel together shook hands never spoken to him since I've never had an email correspondence I've never seen him since but in the last 90 days he's been running the talk show circuit on how I'm you know uh either wrong or stupid or arrogant uh you know giving quotes to Vanity Fair um it's unfortunate uh you know I don't mind criticism um but I don't I don't like reading things that are I don't you know it's hard to read for someone who doesn't know me well to be commenting on what I'm like as a person I find I find that difficult um but you know whatever I got you have to have a thick skin to be in this business uh and um you know if you end up in a very public uh uh situation you should expect to have uh fans and critics and you know I just try to focus on you know what my job is and we focus on making money for our investors and I live my life I went to business school to learn how to be a good investor and I learned the first rule of investing which is you do your due diligence before you why you're in your your money and uh when I got to HBS I actually opened the course catalog for the first time and there wasn't a class on investing now there were classes on accounting there were classes on finance so I decided I had to develop my own little self-study program and I wanted to uh so I I opened a Fidelity brokerage account I said this I had some money I'd made in the real estate brokerage business this was my tuition uh in the investment business and it was about a year of tuition and if I lost it it was as if I had gone to business school for you know two years but paid for three so I figured it wasn't like the the inverse of the Oxford uh 1pl one program but um and uh you know I the first stock I bought went up and then I said okay I found what I want to do a little more involved in that but I I uh actually my father who's here he he he came with us uh that's dad over there in the corner um you can ask him whatever questions you want afterwards um he told me it was a really dumb idea to start an investment fund right out of business school and he recommended that I go work for Michael Stein heart or George Soros or one of the other famous investors at the time but I figured that I knew enough this is the the The Perils of Youth um but uh the answer is I was an entrepreneur and uh I felt that I wanted to approach investing my own way as opposed to uh learn from someone else and it's one of the few things you can really learn on your own you can learn investing by reading books by reading annual reports by having a you can have a portfolio and invest $100 and you can and you can learn in in the Bahamas and it's like you know a 20% unlevered return on Capital and he's done an unbelievable job managing in and and uh we hired a guy named marus adamsky who I met on the tennis court uh super talented guy went to wig Forest uh you know top tennis player and uh he um you know I offered him a job and he's worked for us uh for the last couple of years and he did a lot of the research on Ur life uh he did a phenomenal job um so I just you know he's going to go to Business School uh because he's going to he needs more training to to come back into the business but I I
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