Why Kevin O'Leary, Howard Marks, and Charlie Munger are my three favorite investors

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결론: 이 영상은 Kevin O'Leary, Howard Marks, Charlie Munger 세 투자자의 원칙을 소개하며 배당·현금흐름 중심 투자와 신중한 리스크 관리를 강조하는 교육 영상이며, 특정 자산의 가격 방향에 대한 명시적 예측은 거의 없다. 배당·현금흐름 중심 투자(O'Leary): 배당을 지급하지 않고 주주에게 자본을 환원하지 않는 기업(예: GoPro, Yahoo 사례)은 피하는 것이 좋다는 주장. 근거: 발언자는 수익의 상당 부분(71%)이 배당에서 나온다고 주장하며, 현금흐름이 강하고 여분의 자본을 분배할 수 있는 기업을 선호한다고 함. 리스크: 경영진이 자본을 소모하고 주주에게 돌려주지 않는 구조를 경계. 신중한 자산배분(Howard Marks): 투자자들이 돈을 너무 많이 쫓는 상황("too much money chasing too few deals")과 높은 자산가격·낮은 실업률·높은 이익 낙관론이 맞물린 현재 시장을 경고. 조건: 주식에 머물되 리스크 노출을 과거보다 줄이고, 공격과 방어를 균형 있게 가져가야 한다고 주장. 발언자 본인 포트폴리오도 Marks의 조언에 따라 보수적 방향으로 치우쳐 있다고 밝힘. 비트코인 비판(Munger): 비트코인을 '인공 금'이자 불법 활동을 촉진할 수 있는 무가치한 자산으로 비판. 과거 사례: 영상 촬영 당시 약 1,800달러 수준이던 비트코인이 약 3,600달러로 올랐다는 언급(과거 설명이며 예측 아님). 기타: Munger가 Valiant Pharmaceuticals의 사업 관행을 강하게 비판한 사례와 Bill Ackman과의 일화를 소개. 출연자 전망: 세 투자자의 원칙을 따르면 더 나은 투자자가 될 수 있다는 일반적 메시지 외에 특정 종목·지수 방향 예측은 없음.

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01. return capital how risky they are take a gopro for example i'm not just picking one company i'm just giving you a good example of a company that basically has lost 70 percent of its value never returned a dime to shareholders or how about a company that's been around much longer yahoo never paid a dividend it's never made money for anybody except all the ceos that have gone through there and got whacked it's just a rotating door where management extracts capital never returns any to shareholders and i look at that and say to myself why don't i just avoid that altogether if it doesn't pay a dividend i know that 71 percent of the time all the returns come from dividends why should i own stock doesn't pay a dividend and i never will even when i look at my own portfolio and my personal investing strategy it syncs up with kevin's pretty closely not only do i focus on companies that have dividends but a huge focus is on cash flow and if you follow kevin you know that he looks at companies that have strong cash flow and balance sheets and are able to disperse extra capital that's a huge focus of his here's how i think of my money soldiers i send them out to war every day i want them to take prisoners and come home so there's more of them your army every soldier dies that you send out every day when you have no soldiers you're wiped out that's the game of life stop this madness i am so out all right that's enough of kevin next up we have howard mark so i honestly think is a genius and what he's most known for are probably his memos hello i'm howard marks it's after hours here at oak trees los angeles trading desk but this quiet room wasn't so quiet a few hours ago the question posed in my latest memo is in the future will it be like this all the time in short will we be investing without people howard mark's memos are incredibly insightful the one he's talking about in that clip he goes over the rise of automated investing and money being poured into etfs he talks about what he believes are the impacts of what that will be in another memo he goes over what he believes are the seven worst words in the world quote too much money chasing too few deals he describes the current market as one that has low unemployment high earnings optimism which has led to high asset prices and those high asset prices have led to investors taking on greater risk he believes in staying invested but doing so with caution his advice is primarily why my portfolio has gauged more to the conservative side than most the economy has gone upward for almost 10 years the markets have gone upward for almost 10 years the too much money phenomenon is certainly underway it would be a mistake to have as much risk in your portfolio today as you did two years ago five years ago or 10 years ago you have to acknowledge that i use the term calibrate today is not the time for max risk full risk or for in my opinion evenly balancing offense and defense your pull your portfolio should be skewed toward less risk yes but not extremely i can't stress enough how awesome howard mark's memos are i will warn you they're little on the heavy side but i think it's worth the read the question he raises and the points he makes are extraordinarily insightful in his latest memo political reality meets economic reality he briefly at the start of it goes over the effects of the tariffs but the majority of the memo addresses the growing populism of anti-capitalist sentiment and the risks at this pose he brings up so many good points and so many good questions if you're at all interested in the current debate over socialism or capitalism going on right now i highly recommend reading this and we'll link it in the description bitcoin is worthless artificial gold which if it succeeded would facilitate a lot of illicit activity now that is not something i think the world needs now that of course is charlie munger who's honestly kind of hilarious warren buffett refers to him as colorful charlie whenever he says something outspoken like this at the time of this clip a single bitcoin was worth about thousand eight hundred dollars the current price today is about three thousand six hundred dollars that's around a sixty three percent decline in a year that has passed that goes to show even though charlie and warren are very old their deep wealth of knowledge and proven investing principles are still applicable today i love charlie because he doesn't just say the truth he shouts it he literally called valiant pharmaceutical a sewer that's the pharmaceutical company if you recall that continually purchase smaller companies and then jacked up the price around 700 percent martin shkreli did a little bit of that but valiant was the one that really did that on a large scale charlie munger was so against their business practices the way that they operated that he said that it was an insult to sewers to refer to valiant as a sewer he was so harsh on valiant that bill ackman the man there on the picture on the right actually contacted charlie through email asking him to meet with him so that he could re-evaluate a statement which of course he never did well i hope you guys have enjoyed this little highlight of three of my favorite investors i really do believe following them will make you a better investor yourself and i appreciate everyone that has liked my videos and subscribed to the channel if you haven't already be sure to share this video and subscribe to the channel so it can continue to grow and thanks again guys i'll see you next time