저자: CharlieMunger · 외국인
요약 보기
찰리 멍거의 투자 실수와 원칙을 정리한 강연형 영상이다. 결론: 멍거는 실수를 잊지 말고, 감정을 배제하며, 이해할 수 있는 사업에 장기 투자하라고 강조한다. 실수와 학습: 실수를 잊어버리는 것이 가장 나쁘며, 버크셔는 2004년 구글을 알고도 늦게 대응했고 이후 애플 투자로 만회했다고 설명한다. 감정 통제: 질투, 원한, 복수심, 자기연민은 투자에 해롭고, 손실이나 기회 상실 후 빠르게 다음 투자에 집중해야 한다고 본다. 인성과 협력: 도덕성과 평판이 장기적으로 유리하며, 투자자끼리 협력하고 서로에게 배워야 한다고 말한다. 가치투자: 모든 현명한 투자는 가치투자이며, 좋은 기업을 적정 가격에 사는 것이 싸다는 이유만으로 사는 것보다 낫다고 한다. 이해 가능성: 사업 구조를 이해하지 못하면 투자하지 말아야 하며, 버핏 기준으로 약 10분 내 이해가 안 되면 패스하라고 한다. 학습과 한계 인식: 매일 조금씩 배우고, 자신의 능력 범위와 한계를 아는 것이 천재성보다 중요하다고 강조한다. 거시 예측: 경기 사이클 예측은 시도하지 말고, 장기간 게임을 한다는 태도로 좋은 조류와 나쁜 조류를 모두 견뎌야 한다고 본다. 광풍과 레버리지: 투자 광풍(밈주식 등)에 휩쓸리지 말고 버티며, 신용으로 투자하는 것은 도박과 유사하다고 경고한다. 분산과 집중: 분산투자 통념에 반대하고, 소수의 좋은 기업을 깊이 이해하는 것이 중요하며 장기 보유의 복리 효과를 강조한다. 출연자 전망: 특정 종목·자산에 대한 가격 방향 예측 발언은 없다.
다듬은 글
charlie munger may be 97 years old but he's still one of the most successful investors in the world the vice chairman of berkshire hathaway and business partner of warren buffett has long been regarded as one of the wisest investors of our time which is why people often turn to him for advice if you want to find out how to become as successful as the billionaire investor stay tuned till the end as we take a look at 10 investing mistakes people make and how to avoid them according to charlie munger we all make mistakes but according to charlie munger the worst thing we can do is forget all about them he said forgetting your mistakes is a terrible error if you're trying to improve your cognition why not celebrate stupidities and if you take a look at berkshire hathaway's investment history in the tech sector you'll find proof of a statement for a long time buffett and monger shied away from investing in tech simply because they felt that they didn't understand it well enough during the late 1990s that turned out to be the right approach as the tech sector first experienced an irrational boom before it crashed however the tech sector eventually turned into the dominant consumer sector and buffett and monger realized that they should have paid attention sooner they had already noticed google in 2004 but didn't act on it until much later but unlike most investors buffett and monger didn't try to come up with excuses and didn't pretend that what they did was the right thing to do instead they admitted their mistake to themselves and publicly even answering questions about it at their annual shareholders meeting before making up for it by buying into apple and all in all berkshire hathaway and its shareholders ended up making better and more profitable investments out of it charlie munger like many other great investors is convinced that when it comes to investing you should leave your emotions out of it he says generally speaking envy resentment revenge and self-pity are disastrous modes of thought in his opinion you should always try to move on quickly after taking a loss missing an opportunity or having something not work out as you'd hoped hunger believes that it's important to focus on your next investment as soon as possible because the faster you can leave things behind you and focus on new investments the better you will perform in the long run some might think that it's best to be hard-edged and aggressive to become successful as an investor but charlie munger believes that it's better to be kind in an interview the billionaire investor explained that having morals and a good reputation will bring you a lot further in life in general than aggressive self-centered behavior will monger reminded investors and those who want to become investors that things are much harder to achieve without the approval and support of others instead investors should be working together and learn from each other because this will allow them to accomplish much more than they will ever accomplish by working on their own or even against each other when teaming up you can analyze your investment ideas together discuss your mistakes and learn lessons from them all of which you'll miss out on if you try to work independently and denying yourself these learning experiences could hurt your chances of success in the long run both charlie munger and his business partner warren buffett have often warned investors to not only look at short-term results but to look at the fundamental value of the business that you want to invest in munger has even gone so far as to say that all intelligent investing is value investing this means that investors should not focus on the day-to-day share price movements but take a closer look at the things like financial statements product modes and other factors that play a vital role in a business's long-term success anyone considering investing in a business should look at its stock prices in relation to the company they represent and investors should also keep in mind that value investing doesn't mean that you should buy anything just because it's cheap the most important thing when making investment decisions is to take a look at a company's quality and only after you've found a company that's worth investing in should you consider value because as monger puts it a great business at a fair price is superior to a fair business at a great price monger just like his longtime business partner and friend warren buffett is convinced that the most important thing before investing in a company is to fully understand it before even considering an investment in a company you need to understand how the company makes money and if a business is too complicated you should just walk away and find a different company to invest in according to monger berkshire hathaway has three baskets for investing yes no and too complicated that basically means that your main focus should be on market sectors that you know and understand buffett has even said that it shouldn't take you much more than 10 minutes to understand a company and if you can't figure out how a business operates generates income or why it's valued the way it is in that time you should pass on it and invest your money elsewhere one thing that both charlie munger and warren buffett never tire of pointing out is that you should never pretend you know everything monger even went a step further saying that you should also avoid people who do instead you should be aware that there is a lot more to learn and you should always strive to keep learning according to munger every missed opportunity and every mistake is also a chance to learn something he often encourages investors and anyone else for that matter to spend each day trying to be a little wiser than you were when you woke up monger even pointed out that it doesn't need to be a lot each day because over a whole lifetime even a little bit of learning each day can add up for that reason you should try to read a little bit or seek out advice each day and don't shy away from casting your net wide munger believes that you should learn about all kinds of subjects because you never know when inspiration hits and any topic might end up inspiring a new idea similarly to not pretending that you know everything bunger also likes to remind investors that they should understand their own competency and limits he says it's not a competency if you don't know the edge of it you're a disaster if you don't know the edge of your own competency according to munger it's a lot more important to know what you don't know and he believes that knowing your limits is a lot more useful than being brilliant he says that when it comes to investing what you don't know can hurt you so it's important to accept and even actively seek advice from people who might know a little more about certain things than you do especially when you come across an opportunity that looks too good to be true charlie munger is well known for his witty remarks and during an interview at the university of michigan raw school of business in september 2010 he had some pretty good advice for students and faculty when asked about his best guess on the economy the vice chairman of berkshire hathaway said that he and buffett hadn't made their fortune by predicting the market and betting on their conclusions but rather tried their best in any given economy which sometimes worked out and sometimes didn't he said our system is to swim as competently as we can sometimes the tide will be with us and sometimes the tide will be against us but by and large we don't much bother with trying to predict the tides because we plan to play the game for a long time i recommend to all of you exactly the same attitude it's kind of a snare and delusion trying to outguess macroeconomic cycles very few people do it successfully and some of them do it by accident according to munger you just have to try your best and realize that in the long run you will always have your share of good tides and bad ties meaning there will always be times when your investments are going to do better and times when they will do worse during the daily journal annual meeting in february earlier this year charlie munger was asked about coping with periodic investor frenzies like the sky-high run-ups and so-called meme stocks in the months before munger had a clear message for investors when he said you should never be caught up in frenzies like that but rather ride them out he said that this has always been his strategy and he would advise anyone to do the same he said there are these periods in capitalism i've been around for a long time and my policy has always been to just ride them out and i think that's what shareholders do he also added that taking part in buying frenzies gets even worse if investors buy stocks on credit which monger called a dangerous way to invest and something similar to gambling sam huskaso a certified financial planner and founder of sgh wealth management in southfield michigan agrees saying every investment should have a purpose if you can't come up with a purpose for why you're investing that money you're a rudderless ship then you're approaching it like gambling you're just hoping you get lucky while many investors will tell you that the best thing to do is diversify probably munger feels the exact opposite in fact during the 1996 berkshire hathaway annual meeting he said that much of what is taught in modern corporate finance courses is twaddle buffett added that if you find three wonderful businesses in your life you'll get very rich he emphasized that being able to analyze a business and only investing in the right businesses is much more important and if you do that there won't be any need to invest in 30 or 40 companies for safety monger has also often said that patience is key to success because you'll make more money if you hold on to a stock for a long time than you'll make if you keep buying and selling constantly however it takes time to see a return on an investment the monger urges investors to be patient because returns compound over time so the longer you hold on to a successful stock for a long time the more rewarding it will be you
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