저자: Jean-MarieEveillard/인터뷰어:Wealthtrack진행자 · 외국인
요약 보기
금은 가치투자자 입장에서 생산성 없는 자산이라 매력이 낮지만, 극단적 위험에 대비한 보험 성격으로는 소량 보유할 만하다는 대비되는 시각을 다룬 영상이다. [Eveillard 견해] - 개인 자산의 약 15%를 금(실물 금괴+금광주)으로 보유하고 있다고 밝힘. - 현재 시장의 리스크를 과소평가하는 사람이 많으며, 최근 6년간 주식시장이 약 3배 상승해 밸류에이션이 높은 편이라고 진단. - 장기 분산 포트폴리오에 넣을 자산으로 금을 추천, 다만 큰 비중이 아니라 극단적 결과에 대한 보호 목적의 소량 보유. [Buffett 견해] - 금은 가치 저장 수단으로서 매우 낮은 순위이며, 농지·아파트·인덱스펀드를 선호. - 1900년 이후 금 가격 상승률이 다우지수 대비 열세였고, 금은 배당이나 현금흐름이 없고 보관·보험 비용만 발생한다고 지적. - 금의 생산 증가로 과거 수익률이 좋지 않았고 향후에도 좋은 성과를 낼 이유가 보이지 않는다고 평가. [Munger 견해] - 금은 1930년대 비엔나의 부유한 유대인 가문처럼 위기 상황에서 유용했을 수 있으나, 2005년 버크셔 해서웨이 입장에서는 전혀 관심이 없다고 언급. [종합] - 금에 대한 입장은 Eveillard(소량 보험성 보유)와 Buffett·Munger(비보유)로 갈린다. - 영상은 구체적인 단기 가격 전망 대신 장기 자산 배분 관점의 논의에 초점. - 발언 시점은 2023년 2월 업로드 기준 과거 인터뷰 클립이며, 현재 시세에 대한 예측은 포함되지 않음.
다듬은 글
hello my fellow investors gold and value investing is a interesting topic most value investors don't like to invest in gold for a very good reason as Warren Buffett says gold isn't a productive asset and for years and years and along an entire history of human gold is like a major investment and today the investors don't like to invest in gold and bullions around the miners I just wanted to bring a interesting perspective of John Maria Villar he's a French value investor a very good one actually he ran the first Eagle phone like for close to 30 years with the annual's return of close to 16 if I'm not mistaken and I just hear his perspective and then I'll bring on the clip of Warren Buffett and Charlie manga in their perspective on gold gold right first Eagle Global fund which we used to manage has a maximum now of 10 gold you hold gold personally yes what percentage of your portfolio is gold for you personally that's right but for me personally I don't have to account to anybody except it's not as if yes I'm learning other people's money it's my own money I have to account to my wife resume monthly but otherwise you know I don't have to account to to anybody else and I I was always worried about you know mutual funds you have a lot you have a few wealthy people you have a few institutions as shareholders but basically you have you know middle class Investments money that in essence the owner cannot afford to lose because it's supposed to help Finance children's education or retirement all right uh and I was you know I side a sigh of relief when I stop being responsible because all of a sudden the building was off my shoulders yes um so they're therefore for gold you're you are free now to do whatever you wish to do and I have a bit more than 15 there in combination gold bullion and gold minings yes and and is is that a statement on your part about the dangers that you see in the market what does that represent it's a statement that number one I think there are risks which uh 180 few people seem to perceive uh and number two uh the stock market has it and other stock markets have well have more or less you know tripled over the past six years you know there is a price five I think but because so few people seem to worry about the risks I see and maybe they're right and maybe I'm alone uh the the valuations seem to be on the high side at the end of every interview we ask each of our guests what is the one investment that we should all own some of in a long-term Diversified portfolio what would yours be my answer would be gold Boolean not necessarily in an enormous size of a portfolio but some right because I think it provides protection against extreme outcomes and extreme outcomes may not happen but at the same time they may genre eviard is such a treat to have you here on wealthtrack it's always a pleasure so this is his perspective and now I want to give you Warren Buffett and Charlie among his perspective yeah I would say that gold would be way down on my list as a store of value I mean I would much prefer uh I would much prefer owning 100 acres of land near here in Nebraska or or a an apartment house uh or an index fund uh um gold we'll say was freed up 30 odd years ago but it adjusted to a market that still if you go back if you go back to 1900 you know we were talking 20 gold well you take 20 to 400 uh in a hundred years the Dow went from 60 to what 12 or 13 000 and then 12 000 or whatever it might have been in that same period and paid you dividends during the time you owned it was 66 I think and on the start of the century and and I forget what it ended but it's 11 or 12 000.
and like I say it was paying you something every quarter during that period And if you own gold you you pay twenty dollars uh 1900 or thereabouts and then you will say you had a 400 dollars a hundred years later and uh uh in the meantime you paid insurance and perhaps some storage cost it it it it it really is not a it's not a store of value and it's uh uh I'm not arguing for paper money but if if you're worried about paper money and I think you know makes a lot of sense to worry about paper money over long periods of time but it's just it's just about you know it's just about the last thing uh I would want to own under those circumstances you know it has a farm has utility an apartment house has utility a business you know will produce earnings and to some businesses will produce them in real terms as they go along you know I'd rather have the ability to sell people a pound of candy 20 years from now and if they're dealing in seashells I'll get an appropriate number of seashells instead of paper money for it but I I it uh uh I just don't I don't see I don't see uh gold as a store of value and it's the truth is it hasn't worked very well but forget about whether it's worked well the last 100 years in the last 50 years or the last 10 years I see no reason you know why it would why it would work well in the future I forget whether we're turning out about three or four thousand tons of gold a year you know we take it out of the ground in South Africa and we put it in the ground at Fort Knox or someplace and you know in the New York vet I mean and it doesn't do much along the way uh for anybody um so I I don't know Charlie how do you feel about Golden well I think gold was a and similar items that was a great thing to have if you were a well-to-do Jewish Family and Vienna in 1935 because you had hazards where that gold had enormous utility to you but for Berkshire Hathaway sitting here in 2005 it just doesn't interest us at all now if you like this video don't forget to smash the like button and to subscribe to the channel thank you very much
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