저자: WarrenBuffett&CharlieMunger · 외국인
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감정 통제와 합리성이 투자 성공의 핵심이며 높은 IQ보다 정서적 안정이 중요하다는 주장. 버크셔는 감정적 의사결정을 거의 하지 않았고, Wesco 인수 사례처럼 좋은 경영진과 사업을 장기 보유한 것이 성과로 이어졌다. 자기 역량 범위(circle of competence) 안에서만 투자하고 자신이 모르는 것은 피해야 한다. 합리성은 도덕적 의무이며, 버크셔의 성공은 평판과 공정한 방식으로 돈을 버는 태도에서 나왔다. 영상은 과거 회고와 일반 원칙 위주이며 개별 자산에 대한 향후 가격 전망은 없다.
다듬은 글
have we ever made an emotional decision no you don't need the IQ in the investment business that you need in certain activities in life but you do have to have emotional control you need emotional stability Warren Buffett has said time and again that emotions are bad for investing Charlie M says the same thing but is that all there is to be successful in investing please watch until the end to find out if you like this video please like share and subscribe hi narv Patel hail Massachusetts Mr Buffett Mr manger it seems like you found the Sweet Spot between be being too conservative and too aggressive as investors do you ever make bad investment decisions because of your emotions and what do you do to try to keep that from happening well we make bad investment decisions uh plenty of times I make more than Charlie because I'm I like to think it's because I make more decisions but probably my batting average is worse but I can't recall anytime in the history of Berkshire that we made an emotional decision that I know the movie had Jam Lee in there but that that that was for Laughs I mean J Jamie Jamie Lee she's good but she's not good enough to get me or Charlie to make an emotional decision Charlie I'm sure you have something to add on that well it's a different movie than is shown at most corporate meetings yeah but have we ever made an emotional decision no oh that's business we're talking about yeah yeah no you don't want to be a noemotion person in in all of your life but you you definitely want to be an no emotion person in making an investment or business decision that that uh you can argue that that uh with with it we probably I would say that we made an emotional decision perhaps and when a manager has been with us for some period And we haven't we've we we've ignored the fact that perhaps they weren't quite what they were earlier but our businesses are so good that they they've run better sometimes when we I've talked about Wesco for example the wonderful Louis V ctive and it ran on it ran on automatic pilot for a while but I don't think we suffered by it but you can argue that if Charlie and I hadn't liked Louis as much as we did we might have spotted a little bit early but I don't think it made any difference in the results would would you agree with that Charlie yeah I I agree totally with it and I'm glad we behaved the way we did at Westco by the way we bought the thing for few tens of millions and became worth two or three billi yeah that wasn't common in the Savings and Loan business as you may have noticed that want they they really went crazy in that industry and and we had a wonderful guy in Louis and and we didn't go crazy yeah we didn't go crazy last year you kindly shared with me the importance of getting the best reputation you can and behaving well uh this year I'd like to ask and preface with uh Bill Gates wrote Warren's gift is being able to think ahead of the crowd it requires more than taking his aphorism to heart to accomplish that although Warren is full of aphorisms well worth taking to heart and he also uh added that I've never met anyone who thought in business in such a clear way uh Warren what elusive yet obvious to you truth has allowed you to think ahead of the crowd and build a clear mental framework to produce a historically significant uh institution Powerhouse brand uh and Charlie same to you what obvious Truth uh presents itself clearly so clearly to you but U uh many would fervently disagree with you upon I think I got the question and I the you know I always great deal to Ben Graham in terms of learning about investing and I learned a great deal to Charlie in terms of learning a lot about business and then I've also been around I mean I I spent a lifetime you know looking at businesses and why some work and why some don't work you know as Yogi be said you can you can see a lot just by observing and uh that's pretty much what Charlie and I have been doing for a long time and you do I mentioned pattern recognition earlier you know there's you and and I would say it's important to recognize what you can't do so we have we may have tried to department store business and a few things but we've we've generally tried to only swing at things in the strike zone and our particular Strike Zone and it really hasn't been much more complicated than that you do not need know you don't need the IQ in the investment business that you need in certain activities in life but you do have you do have to have emotional control I mean you we see very smart people do very stupid things and it's fascinating how humans do that just just take the people that get very rich and then leverage themselves up in some way that they lose everything I mean that they are risking something that's important to them for something that isn't important to them well you can say you could figure that one out in first grade but people do it time after time and that you see that constantly self-destructive behavior of one sort or another I think we've probably and it doesn't take a genius to do it but I think we've sort of avoid avoided the self-destructive Behavior Charlie well there a just a few simple tricks that work work well and particularly if you've got a temperament that has a combination of patience and opportunism in it and I think that's largely inherited although I suppose it can be learned to some extent then I think there's another factor that accounts for the fact that burch's done as well it has we're really trying to behave well and you I had a great-grandfather when he died the preacher gave a talk and he said none end none envied this man's success so fairly one and wisely used that's a very simple idea but it's exactly what B is trying to do there are a lot of people who make a lot of money and everybody hates them and they don't admire the way they earn the money and I'm not particularly admirable of making money running gambling casinos and and you know we don't own any and and we we've turned down businesses including a big tobacco business so I don't think B would work as well if we were just terribly shrewd but didn't have a little bit of what the preacher said about my grandfather amam we we want to have people think of us as having won fairly and used wisely it works what made you different Warren we start with you because they're in investing there a lot of bright people they've all claimed a red Graham and DOD uh they all claim to be disciplined and yet there's only one Warren Buffett well I was lucky that I got started early I mean it always helps to get started early and and and my dad happened to be in investment business so I would go down to his office on Saturdays and so at age probably seven or something I started reading these books that were around the place and so I had a 15-year jump on many people in in a sense and that that helped a lot and and I was always fascinated about it I knew what I wanted to do early and I think that's a that's a huge Advantage too and then you don't need you don't need a lot of brains in this business I mean I've always said if you got a IQ of 160 give away 30 points to somebody else cuz you don't need it in Investments what you do need is emotional stability you have to you have to be able to think independently and you have to be you have to be when you come to a conclusion you have to really not care what other people say and and and just follow the facts and follow your reasoning and and that's that's tough for a lot of people that part I I think I was just lucky with I was born that way in terms of emotions it's a truism that investing emotions are your enemy absolutely that when the Market's good if you feel good don't if you feel bad you should probably do it right but how uh how how did you uh what what was that extra thing where uh so many will acknowledge that and yet we saw in the current crisis they they panicked while you went into seemingly potential disasters like GE and Goldman Sachs yeah I can't really tell you the I mean I didn't learn in school or anything I just it never bothered me if people disagreed with what I thought as long as I felt I knew the facts I mean there's a whole bunch of things I don't know a thing about I just stay away from those so I stay within what I call my circle of competence you know that Tom Watson said it best he said you know he said he said I'm no genius but I'm smart in spots and I stay around those spots well I try and stay around those spots and I I just don't have a a problem if if uh if somebody says you know you're wrong on something I just I go back and look at the facts and and I think that I think that really is much more important frankly than than having a few points of IQ or or having an extra course or two in in school or anything of the sort you need emotional stability hi my name is Arthur I'm from Los Angeles I wanted to thank you for having us in your hometown and uh we've all been listening to your business prowess and all your successes there's no question that you're good at business and finance and have fun doing it uh but there are comments that you've made on income inequality giving away 99% of your wealth and I'm led to believe that you're motivated by more than just amassing wealth or financial gains so I'd like to speak to your uh to your value core and ask what matters to you most and why Charli what matters to you most well I think that I had an unfortunate uh channeling device I was better at figuring things out than I was at everything else I was never going to succeed as a movie star or as a athlete or as an actor something so and I early got the idea that partly from my family my grandfather in particular whose name I bore had the same idea that really your main duty is to become as rational as you could possibly be I mean rationality was just totally worshiped by judge Munger and and my father and others and and since I was good at that no good at anything else I uh I was steered in something that worked well for me and but I do think rationality is a is a moral duty that's the reason I like confusion I he had the same idea all those years ago and so and I think Berkshire is sort of a temple of rationality what's really admired around birkshire is somebody who sees it the way it is wouldn't you agree with that Warr yeah more than anything more than energy you better see the way it is yeah huh you better see it the way it is yeah see you see it the way it is and so that's the way I did it but that goes beyond uh a technique for amassing wealth to me that's a that's a moral principle I think if you have some easily removable ignorance and keep it it's dishonorable I don't think it's just a mistake or a or a lack of diligence I think I think it's dishonorable to say to stay stupider than you have to be and so that's my ethos and I think you have to be generous because it's crazy not to be we're a social animal one and we're tied to other people well I would say uh doesn't sound very Noble but the what matters to me most now and probably has for some time uh I mean there are things that matter that you can't do I mean there are things that matter that you can't do anything about I mean in terms of health and you know the health of those around you and all of that but actually what matters to me most is that Berard does well that uh you know basically I'm in a position where we've probably got a million or more people that uh are involved with us and and it just so happens that it's enormously enjoyable to me so I can rationalize it uh uh the activity but I would not be happy if if Berkshire were doing poorly that doesn't mean whether the stock goes down or whether you know the economy has a bad year but if I felt that we weren't building something every year that on that was better than what we had the year before I would I would not be happy and and uh uh you know I get this enormous fun out of it and I get to work with people I like and but that's very important the truth of the matter is it's it's easy for somebody like Warren or me to lose a little of our own money because it doesn't matter that much but we hate losing somebody else's it's and that's a very desirable attitude to have in a civilization don't you hate losing Birch yeah it it would that that would be the only thing that would keep me up at night yeah yeah yeah we won't do it we can we can lose money on individual things obviously we can have bad years in the economy and we can have years where the stock market goes down a lot that doesn't bother me in the least what bothers me is if I do something that actually costs Burkshire in terms of his long-term value then I feel you know I do not feel good about life on that day but we can we can avoid most of that fortune we do get to pick our spots we're very fortunate in that resp well a good doctor doesn't like it when the patient dies on the table either you know not a new thought
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