저자: WarrenBuffett · 외국인
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워런 버핏은 자신의 성공 비결을 조기 시작, 독립적 사고, 정서적 안정에서 찾는다. 초기 시작과 독서: 아버지가 투자 업계에 있어 어릴 때부터 사무실에서 책을 읽었고, 약 7세에 독서를 시작해 12세 무렵 도서관의 투자 서적을 거의 다 읽었다. 이로 인해 남들보다 약 15년 앞선 출발을 했다고 말한다. 투자에 필요한 자질: 높은 IQ보다 정서적 안정과 독립적 사고가 중요하다. 결론에 도달하면 타인의 말에 신경 쓰지 않고 사실과 추론을 따라야 하며, 이는 많은 사람에게 어렵다고 한다. 감정의 역할: 투자에서 감정은 적이며, 시장이 좋을 때 기분이 좋고 나쁠 때 기분이 나쁘다면 반대로 행동하는 편이 낫다는 취지를 말한다. 능력 범위(Circle of Competence): 잘 아는 분야에만 머무르고 모르는 것은 피한다. 톰 왓슨의 말을 인용해 자신은 천재가 아니라 특정 분야에서만 똑똑하다고 한다. 제1원칙과 손실 회피: 첫 번째 규칙은 돈을 잃지 않는 것, 두 번째 규칙은 첫 번째 규칙을 잊지 않는 것이다. 큰 손실을 피하는 것이 탁월한 결정을 많이 하는 것보다 중요하다. 벤저민 그레이엄의 영향: 그레이엄에게서 큰 손실을 피하는 법을 배웠다. 대학 시절 『현명한 투자자』를 읽고 투자에 대한 체계를 잡았으며, 주식을 단순한 숫자가 아닌 실제 사업의 일부로 보라고 배웠다. 시장 등락은 자신에게 유리할 때만 신경 쓰고, 가격이 떨어지면 사실을 확인한 뒤 더 살 수도 있다고 한다. 안전마진: 한도 10,000파운드 다리를 9,900파운드 트럭으로 건너지 않듯, 여유를 두고 투자해야 한다는 원칙을 강조한다. 이번 영상에서 개별 종목이나 지수의 1~3개월 가격 방향에 대한 구체적 예측은 없고, 투자 철학과 원칙에 대한 일반론이 중심이다.
다듬은 글
coming by and uh thank you for the facilities Warren uh you two are unique even though you're in different spheres you've reached a level of success almost legendary uh what did you do what made you different Warren we'll start with you because they're in investing there are a lot of bright people they've all claimed a readed Graham and DOD uh they all claimed to be disciplined and yet there's only one Warren Buffett well I was lucky that I got started early I mean always helps to get started early and and and my dad happened to be in investment business so I would go down 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 15year jump on many people and 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 of6 to 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 uh 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 uh 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 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 uh 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 and so uh in terms of uh people who are not even in the business if they uh I think we're talking when we had dinner the other day about how in tennis most of us are never going to get to Wimbleton uh but if we just focus as somebody once said get the ball over the net don't try to be fancy about it just get the ball over the net you'll do fine yeah and that's a little bit like I've got this rule the rule you know the first rule is don't lose and the second rule is never forget the first rule so it really isn't so much having a lot of brilliant decisions it's just not really having some terrible ones and and and frankly I did learn from Ben gram how to avoid ever having any disasters in Investments it wasn't that you were going to come up with the very smartest thing but if you never have any any significant losses you know some singles and doubles will produce a lot of runs before you get through who was Ben Graham he he was your primary Mentor model he was a wonderful man and he was my professor at Columbia I read his book when I was 19 at the University of Nebraska and I started investing when I was 11 and I started reading about it when I was like seven so I'd gone through all I read every book in the ELO public library that there was on by the time I was 12 on on investing and stock market and I had a lot of fun but I never really found out I never got grounded in anything and it was it was entertaining but it wasn't going to be profitable and then I read Graham's book The intelligent investor when I was at the University of Nebraska and that just opened the whole thing up to me yeah and I and I named my my oldest son is named Howard after my dad grahe Buffett and then he was a marvelous man never expected anything from me in return he just did all these things for younger people you just a couple of quick examples of the things that he did that you will look back on it's one thing to read something but quite another to see it in action well he but what he what he did was he got me thinking not as a stock as something with a ticker symbol that Wiggles around and that you know that you look at charts on or he he taught me to think about it as part of a business and and that was vital and he and he and he he taught me not to really pay any attention to stock market fluctuations except when they were working in my favor so that not to get you know elated because something had gone up or depressed because it went down so if I knew the facts on something and it went down I bought more of it you know and and uh because I looked at it as a business and then and then he then he then he taught that famous lesson about a margin of safety that you don't drive a truck that weighs 9900 lb across a bridge that says limit 10,000 lb because you can't be that sure about it if you see something like that you go down a little further down the road and you find one that says limit 20,000 lb and that's the one you drive across so he in effect taught you that uh stocks weren't just numbers numbers were shorthand for Flesh and Blood businesses and uh very easy to over I've never forgotten that
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