원문 보기
for those of you who are newer readers the first 100 000 was a concept from charlie munger at an old berkshire hathaway shareholder meeting back from the 1990s i think a young guy asked munger for the most intelligent financial advice he could give him this was towards the end of the year when buffett and munger would say very specific things at the berkshire meetings as opposed to the i don't know you and your circumstances and can tell you how to live your life so just try to learn what you can and get a little bit smarter each day that has become the default response to such questions in recent years for a while munger would give the explicit advice the first 100 000 is a but you gotta do it and then he would go on to say my paraphrase from memory i don't care what you have to do if it means walking everywhere and not eating anything that wasn't purchased with a coupon find a way to get your hands on one hundred thousand dollars after that you can ease off the gas a little bit the logic was that one hundred thousand dollars is the mark at which your money really starts working for you to fast forward muncher's advice two decades it might be more appropriate to use one hundred fifty thousand dollars as the figure either way you can see how you're latching yourself onto a rocket ship once you hit the six figures a 125 000 portfolio yielding 3.3 is making 343 per month which you get just for staying alive another 30 days if the dividends grow by 7 across the portfolio and you are reinvesting the dividends those 343 dollar monthly checks will be turning into 378 dollars checks this time next year without you adding anything then they'll turn into 416.2 years from now three years from now they will turn into 458 dollar monthly checks it's a self-propelling thing in munger's early years he had a strong desire for both current income and capital appreciation in practice this led munger towards high quality real estate as well as stock investments munger's desire to get rich while he could still enjoy it led him to selectively take on debt to back his best ideas this decision by the way is a marked contrast to buffett to put it bluntly buffett hated debt and in early 1970s interviews would often compare high debt to an economic form of slavery arguing that intelligent men and women should be able to find a way to become rich without the use of leverage first and foremost munger sought immediate income to fund other investments in much the same way that berkshire hathaway uses its dividends to fund acquisitions of firms munder was eager to find dependable sources of income that would fund other investments in his case he developed real estate and used leverage to buy undervalued stocks such as canadian power companies with stable dividends high enough to service the payments on his debt the take-home lesson by the way is not that you need to employ debt to succeed rather it's the fact that munger saw the dependable generation of cash whether it be dividend income or rent income as something inextricably tied to the creation of wealth through capital gains i.e buying undervalued stocks and selling them after favorable price movement charlie munger structured his business life in such a way that he acquired cash generating assets so that he could always have money coming in to buy other undervalued assets which were often cash generating as well although munger has never labeled himself a dividend investor it was his ability to always have streams of cash coming through the door that enabled him to make capital appreciation investments by the time under opened his fund which by the way generated 19.8 percent annual returns from 1962 to 1975 he had resorted to openly mocking those who worried about lower stock prices even though many of his individual and fund holdings fell by 60 to 75 during the bear market crash of 1973 to 1974 munger did not engage in any panic selling and in janet lowe's book mentioned that the thought of selling out never crossed his mind at any point in his investing career what i find useful is keeping in mind why mundier was able to be this way although his portfolio holdings fell dramatically during the 1973-1974 crash he did not flinch because at this time he had monthly income coming in from an amico oil partnership real estate and some high-paying dividend stocks to satisfy all of his personal needs by having an income generating foundation munger was able to put up with the wild fluctuations that often accompany the pursuit of investing for high total returns
Comments 0