저자: 미상 · 외국인
요약 보기
결론: 영상은 워런 버핏의 장기 가치투자 원칙을 소개하며 단기 가격 변동에 흔들리지 말고 사업가치로 투자하라는 메시지다. 주식 심리와 가격 인식: 가격 변동에 쉽게 흔들리는 사람은 주식을 보유하지 말아야 하며, 집을 샀는데 누가 15로 사겠다 해도 팔지 않듯 기업의 실제 가치를 봐야 한다고 주장한다. 주가는 사업에 대해 아무것도 말해 주지 않으므로 가치를 먼저 평가한 뒤 가격을 나중에 비교하라고 한다. 좋은 사업의 기준: 유형자산에 대해 높은 수익률을 내는 기업이 좋은 사업이며, 성장까지 하면 최상이다. 다만 비싸게 사면 좋은 사업도 나쁜 투자가 된다. 초기에 좋지 않은 사업을 싸게 사려 했던 것이 실수였다고 회고한다. 분산과 거래 빈도: 미국 전체에 분산투자하고 잦은 매매를 피하라고 권한다. 주식시장은 삼진 없는 야구처럼 좋은 기회만 골라 칠 수 있으니 수개월~수년 기다리는 인내가 필요하다. 채권과 주식 비교: 에드가 로렌스 스미스의 주장을 인용해 유보이익 재투자로 주식이 장기적으로 채권을 앞선다고 설명한다. 현재 저금리 상황에서 30년 국채 수익률 2%는 이익이 30년간 늘지 않는 주식을 PER 50배에 사는 것과 같아 불리하다는 논리이며, 주식이 채권보다 싸다고 본다. 자기계발과 인생 조언: 자기 자신에 대한 투자가 가장 중요하며, 소통 능력이 가치를 최소 50% 높인다고 한다. 몸과 마음은 하나뿐이므로 일찍부터 관리해야 하고, 함께하는 사람(특히 배우자)이 자신보다 나은 사람이어야 한다고 조언한다. 출연자 전망: 특정 자산에 대한 1~3개월 가격 방향 예측 발언은 없으며, 장기 원칙 중심의 조언만 있다.
다듬은 글
should not own stocks at all cuz they just get too upset with price fluctuations. If you're going to do dumb things because your stock a stock goes down, you shouldn't own a stock at all. If you buy your house at $20,000 and somebody comes along next day and says, "I'll pay you 15." You don't sell it because the quote's 15.
You look at the house or whatever may be. It But some people are not actually emotionally or psychologically fit to own stocks, but I think they're more of them would be if you get educated on what you're really buying, which is part of a business. The man, the myth, and the investing legend, Warren Buffett.
Considered one of the greatest investors of the 20th century, Warren Buffett began his investing career when he was only 11 years old, and by the time he was 16 had already made $53,000. It is clear to see that he has the Midas touch when it comes to investing, but the biggest question most have is how does the average investor become successful like Warren Buffett?
In this video, we will cover some of the best investment advice Warren Buffett has to offer on investing in 2022. You do not have to be able to play three-dimensional chess or be in the top leagues in terms of bridge playing or something of the sort. You need a stable personality. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd because this is not a business where you take polls.
It's a business where you think. And Ben Graham would say that you're not right or wrong because a thousand people agree with you. And you're not right or wrong because a thousand people disagree with you. You're right because your facts and your reasoning are right. Certainly most of the professional investors focus on what the stock is likely to do in the next year or two.
And there are all kinds of arcane methods of approaching that, but they do not really think of themselves as owning a piece of a business. But the real test of whether you're investing from a value standpoint or not is whether you care whether the stock market is open tomorrow. If you're making a good investment in a security, it shouldn't bother you if they close down the stock market for five years.
It's all the ticker tells me is the price. And I can look at the price occasionally to see whether the price is outrageously cheap or outrageously high, but but prices don't tell me anything about a business. Business uh business figures themselves tell me something about a business, but the price of a stock doesn't tell me anything about a business.
I would rather value a stock or a business first and not even know the price so that I'm not influenced by the price in establishing my valuation, and then look at the price later to see whether it's way out of line with what my value is. A good business is the one that earns a high rate of return on on tangible assets.
Very simple. That's pretty simple, yeah. And and the very best businesses are the ones that earn a high rate of return on tangible assets and and grow. But even ones that don't grow, they earn a high return on tangible assets, and then of course if you don't pay too much, they can be a good investment.
They're good businesses to start with by the returns. If you pay too much for them, you can turn a a good business into a bad investment, but if you pay an appropriate price, you can you can do all right. Now, the the big mistake which we made in the early years was to try and buy a bad business at a really cheap price, and it took me about 20 or 30 years to figure out that wasn't a good idea.
All you have to do is just buy a cross section of America and then never listen to people like me or read the papers or do anything subsequently. They think they think that because you can trade, you should trade. They you buy a farm, you buy an apartment house, you can't resell it tomorrow. And you know, cost of moving around or doing.
Now, you get something handed to you, liquidity, you know, which is instant. You can sell the cost of doing it are pennies, you know, compared to other kinds of investment activity. So, because they can so easily move around, they do move around, and moving around is not smart in investing. And you don't have to make any decisions.
You have to make nothing is forced upon you. So, you there are no called strikes in the business. The pitcher just stands there and throws balls at you. And if you're playing real baseball and it's between the knees and the shoulders, you either swing or you got a strike called on you. If you get too many called on you, you're out.
In the securities business, you sit there and they throw US Steel at 25, and they throw General Motors at 60. You don't have to swing at any of them. They may be wonderful pitches to swing at, but if you don't know enough, you don't have to swing. And you can sit there and watch thousands of pitches, and finally you get one right there where you want it, something that you understand, and then you swing.
And uh So, you might not swing for six months. You might not swing for two years. Isn't that boring? It would it would bore most people, and and certainly boredom is is is a problem with most professional money managers. If they if they if they try to sit out an inning or two, not only do they get somewhat antsy, but their clients are starting to start yelling, "Swing, you bum." You know, from the from the stands, and that's very tough for people to do.
Edgar Lawrence Smith set out to write a book on bonds versus stocks, and he said that he went in with the idea that bonds would be a better investment in times of deflation and stocks would be a better investment in times of inflation. And the first line of his book was to say that he'd been wrong, but he had enough sense to look at his evidence.
I mean, I think Darwin said if you found evidence that was contrary to what you already believe, write it down in 30 minutes or your block in your mind will just block it out. I mean, people have a great resistance to new approaches. And he said that if a stock yields 4% and a bond yields 4%, which is what he was talking about then, the stock was going to outperform the bond because there were retained earnings that were building beyond that yield.
And that's that had been true for a long, long time, but nobody paid any attention to it. We don't get rich on our dividends that we receive. Although we're happy to receive them, we get rich on on on the fact that the retained earnings are used to build new earning power, repurchase uh shares, which increases your ownership in the company.
And and uh and Berkshire's retained earnings ever since we started. That's the only reason Berkshire's worth a lot more as we retain earnings. Old boss Ben Graham told me very early on, "You get more trouble with a good idea than a bad idea." Because the good idea works. I mean, it's a good idea to buy a home, for example, and then people go crazy.
The good idea works, and it works, and it works. Stocks work out better than bonds most of the time. And after a while, people forget that there were some other limiting conditions. With Edgar Lawrence Smith's book, it was that when bonds yield the same as stocks, which was the case then, the stocks are going to outperform because they have this retained earnings.
So, stocks started going up in the '20s, and all of a sudden they were selling at five or six times the prices as when he bought the book. And the original correct uh perception on his part had experienced changing conditions, but people just looked They they got their confirmation through stock prices.
And people That's what happens in bull markets. People People start out thinking stocks are cheap, and then they start thinking stocks are going up. And and a stock can be a good buy or a bad buy. A bond can be a good buy or a bad buy. It depends on price. But that leads us to today. I mean, if his premise was that stocks are always going to be a better a better investment than bonds, that's kind of what you hear today, which we've been hearing for a while is Tina, there is no alternative, right?
You have to buy stocks because bond yields are so low because interest rates are so low. Well, if if you look at the present situation, we've talked about this before, that you get more for your money in stocks than bonds. That doesn't have to be the case. I mean, uh but it's usually been the case in America, very usually been the case.
And and if you buy a 30-year bond today with a yield 2%, you're paying 50 times earnings for an investment where the earnings can't go up for 30 years. Now, if somebody said, "I want to sell you a stock that's at 50 times earnings and the earnings can't go up for 30 years." You'd say that doesn't sound very good.
Stocks are way better than 30-year bonds. I mean, it's it's it's it's that's clear, and and that's one of the alternatives people have. People really have three basic alternatives, short-term cash, which is an option of doing something later on, long-term bonds or or or long-term stocks. And stocks are cheaper than bonds.
By far the best investment you can make is in yourself. I mean, that For example, communication skills. I tell those students that come that they're going to graduate schools in business, and they're learning all these complicated formulas and all that. If they just learn to communicate better both in writing and in person, they increase their value at least 50%.
I mean, that It If you can't communicate, somebody says, you know, it's like winking at a girl in the dark. Nothing happens, you know, basically. And and you have to be able to get get forth your ideas, and uh and that's that's relatively easy. I did it myself with a Dale Carnegie course. Some people wish I taken a shorter course now in terms of my talking later on.
But it it's just hugely important. And you if you invest in yourself, nobody can take it away from you. I mean, you And uh the second thing which I'll get a certain criticism for not living it, but but I do tell them those students, you know, that if I gave you a car, it'd be the only car you get the rest of your life.
You'd take care of it like you can't believe. Any scratch, you fix that moment. You'd read the owner's manual. You'd keep a garage. Do all these things. You get exactly one mind and one and one body in this world. And and you can't start taking care of it when you're 50. By that time, you'll have rusted it out if you haven't done anything.
So, you you should you should really make sure that you just remember that you just got one mind and one body to get through life with and to do the most with it. What about life advice? Well, life advice is uh uh you know, the most important thing uh aside from the things I've talked about already is is really who you associate with.
You want to associate with people who are better than you are. I mean, basically, you'll go in the direction of the people that you associate with and and you want to have the right heroes. Uh you want people If you want to emulate somebody, you better pick very carefully who you want to emulate and uh and when obviously, you can't pick your parents.
Uh uh they're going to have an enormous influence on you, but you don't get a choice on that. But, you get choices as you go down the line and you who you uh who you admire, who you who you who you want to copy, and the most important for most people in terms of that decision is their spouse. It's also important in terms of a partner business, but partner in life is is the most important.
You You want to pick a spouse that's that's that's better than you are. And then he or she and hopefully and hopefully they don't figure it out too fast. There you have it. The best investing advice right from the legend of Omaha himself. What steps are you going to take to put your new investing knowledge to good use?
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