저자: MohnishPabrai · 외국인
요약 보기
찰리 멍거의 습관과 원칙을 소개하며 투자 교훈을 전함. 멍거는 대량 독서와 학습 기계형 태도를 보였고, 신뢰가 핵심 경쟁력이며 투자 파트너와의 피어 대화가 중요하다고 강조. 개별 종목 집중 투자 철학을 주장: 라케시 준준왈라는 타이탄에 약 4% 베팅해 포트폴리오 절반 이상이 되었고, 아마존 사례처럼 한 종목이 80%가 되어도 방치하는 것이 옳다고 말함. 분산 후 승자를 계속 잘라내는 것은 잘못이라는 주장.
다듬은 글
Charlie is like an assembly line devouring I mean there's an engine of this these things running through from the unread pile to the red pile and I would estimate that he's he's reading more than 500 books uh I think it's more than one a day now he doesn't read the way we you know he's skimming a lot and and and he's especially skimming a lot when you know he's not he's not you know he finds the author rambling or whatever you know and so he's trying to get the Nuggets he wants and and they are in such a wide range and you know usually i' sometimes I'd go in on a Saturday evening or something to have dinner with him and he'd be reading something about you know global warming some book on global warming or climate but one of the things uh Charlie told me many years ago he said in the investing business it's really important to have somebody talk to uh just you know you're not in an echo chamber and so on so I said Oh you mean like you have warned he said it wasn't wasn't always War but I had somebody and he said it's really important that you have somebody to talk to and the person shouldn't shouldn't be someone who reports to you it should be kind of like a peer type relationship and uh he told he told Liu and me that he wanted us to get together for lunch once a he basically pretty much instructed us that the two of you uh I want the two of you to meet once a month for lunch and uh and I told I told Charlie and Liu if Liu wants to waste you know an afternoon or you know hour a month with me I'm more than happy to do that yeah and actually you know so Charlie's absolutely right uh probably a a hug portion of why I'm so ethical is because of self-interest enlightened self-interest uh so I think I think what what people uh don't realize is most things in life function on trust uh they don't function based on contracts uh they function based on trust and and uh so if you if you become very trustworthy it gives you massive competitive Advantage a huge leg up in life we see that in Spades in B shahat you know bah hat does all kinds of things where they just say something to someone and people will accept that they don't need to have it in writing or anything like that it just Warren's word is enough and the other thing he said that our which he also said publicly said there our record would be a a shadow of itself if we were not learning machines so I think what happened days is that C's taught them a lot of lessons Blue Chip Stamps taught them a lot of lessons Buffalo News taught them a lot of lessons and diversified retailing taught them a lot of lessons and even the textile mill and the insurance forage so they the important thing about these guys was they were learning machines and they absorbed I am actually really happy that I went into the insurance process it did not work out I didn't lose my shirt I got my money back if I make a mistake and I get my money back I'm really happy okay and uh but I learned a tremendous amount and I know I won't go there again you know been there done that got the T-shirt why you're so extreme in in sifting those people out yeah I mean I think that's a great question so my my dad used to say that to have a great life one needs one good wife and one good friend uh less is more right so and I find with myself that I don't need a very large network of best friends or close friends find that if I spend time with myself reading and thinking and doing my thing I'm very happy I I don't need a whole lot and so when I'm interacting with someone I I just want to uh make it so that those interactions when I look back at them that I enjoyed them anytime you can identify asymmetry uh in some action or something that you could take uh you should go for it uh so for example U you know uh Charlie Charlie told me and I've seen it with him is he likes to introduce Randomness into his life sometimes in our meet him you know from his court pocket he'll remove a bunch of letters he's receiv received from people all over the world you know there's a lot of will write to him and whatever and he'll go through a few letters and say okay this one uh I'm going to have breakfast with this person I'm just thinking you know that guy's going to fall off his chair when uh uh someone from uh you know Charlie's assistant contacts him or something uh but Charlie likes likes that Randomness it has led to uh many great friendships and in some cases business Partnerships uh for him and again there's no downside and so uh I would just say that uh normally when I make investments in the fund I I don't I in fact I've never invested more than 10% 10% of assets uh in any one bet so typically ideally it's kind of a 10x1 portfolio um there was a uh a very good investor in India who passed away recently Rakesh junjun Wala and he never managed money uh outside money and he had probably less than you know $500 to his name and he started his career didn't live that long actually died in his early 60s um and uh when he passed away his net worth was north of 6 or 7 billion you know no fees these are all you know organic and he didn't run companies these are all you know passive Investments uh but half that half that money was from one company so he made a 4% bet a few decades ago in a company called Titan Industries in India which ended up becoming more than half his portfolio and Titan has done extremely well uh over the years going to keep doing well um so if you think of someone like rak's portfolio let's say the other 96% of the portfolio went to zero and uh he just hung on to his Titan but he still end up with like 3 billion or something you know and so we start out I would say not that concentrated uh but if we but if the job is done right you would end up very concentrated uh so one of the things I I always kind of scratch my head about is that um you know these very smart investors would Buy Mastercard after the IPO you know they might be more Diversified than me you know maybe they might have 20 positions which is fine no problem and so master car is like a 5% position and then it does really well and it becomes a 25% position or a 30% position because done so much better than everything else and like Jack Nicholson said they can't handle the truth and uh in some cases the grandmothers took away certain body parts when they were 13 and uh so you know they're done it gets to 15% and they trim it gets to 17 they trim again and it never gets to even 20% right and so to me I really scratched my head about that so yes uh you get a diversified portfolio but you're cutting the flowers and watering the weeds and uh that's not what raak junjun Wala did and that's not what Warren Buffett did um so um so I think that uh if an investment manager has done the job right they're going to end up with 80 90% of the net worth in one stock and the way they should think about that stock so if we think about the Walton family and their own ship of Walmart so Sam Walton passed away a long time ago there are no Waltons running Walmart they might be a couple of them on the board but they really don't have much influence about the way Walmart runs but almost all the Waltons are extremely concentrated with 90% or more of their wealth in just one stock right so you don't need to be a founder or a founding family to have that concentration so uh my friend Nick sleep for example uh you know hung up his boots he had three stalks and uh one stock Amazon became 80% uh because it did so well versus and the other two wer slouches but it did better than Burkshire and Costco and the way to think about Amazon 80% is the way the Walton family thinks about Walmart stock when it's 80 or 90% which is uh you are effectively like the founding family and it's a great business and you just leave it alone and um and and but but this is hard uh this is hard for most people uh to do and um I think and um I think uh I have a lot of uh respect for Rakesh uh because of what he was able to do on that 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