저자: 미상 · 외국인
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워런 버핏의 투자 여정과 벤저민 그레이엄의 『현명한 투자자』 영향을 설명하는 교육 영상이다. 버핏은 어릴 때부터 독서를 즐겼고, 11세에 주식 투자를 시작했으며 초기에 손실을 겪었다고 소개한다. 19세에 『현명한 투자자』를 읽은 것이 인생의 전환점이었고, 이후 컬럼비아 대학원에서 그레이엄에게 배우게 된 경위를 설명한다. 그레이엄이 GEICO 투자와 이사회 의장을 맡았던 일화가 소개되며, 버핏이 워싱턴 사무실을 찾아 보험 사업 모델을 배운 이야기가 나온다. 그 후 버핏이 GEICO에 투자하고 이후 버크셔 해서웨이 산하 회사가 되었다는 흐름으로 정리된다. 버핏은 여전히 『현명한 투자자』의 8장과 10장 원칙을 따른다고 말한다. 8장 '시장의 변덕(Mr. Market)' 개념이 핵심으로 다뤄진다. 주가 변동을 투자 판단에 쓰지 말고, 단기 투기와 장기 투자를 구분하라는 메시지다. 주가 타이밍 예측 대신 기업의 사업 성장성과 가치 평가에 집중해야 한다고 강조한다. 안전마진(Margin of Safety) 개념도 소개된다. 분산투자로 위험을 줄이고, 내재가치 대비 할인된 가격에 사야 한다는 논리다. 그레이엄이 강조한 투자 원칙으로 투자자로서 사업가처럼 생각할 것, 자신의 돈을 스스로 관리할 것, 손실 가능성이 큰 투자를 피할 것, 자신의 지식과 경험을 믿을 것의 네 가지가 정리된다. 영상은 투자 원칙과 교육 내용 중심이며, 특정 종목이나 자산에 대한 가격 방향 예측 발언은 없다.
다듬은 글
For information on these matters of finance, do subscribe to Vinod Singh Chauhan's channel and click on the bell icon to get notifications. Hello, today we are going to talk about the method that completely changed the life of Mr. Almost, and later he became the third richest person in the world. Mr.
Warren Buffett has been fond of reading since childhood. He started reading books since childhood. He read a book by Ujjain West McCrum Dollar in his childhood and from there he got some business ideas which he started implementing the day after. Based on the ideas seen in them, he started many small businesses and earned a good amount of money and also started investing on them.
He was interested in investment since childhood. When he was 11 years old, he started investing in the stock market. Initially, he suffered losses in many years, so by using them he started making more investments in his investment strategy. When he was 19 years old, he read the book Unnati Intelligent Anniversary and this book proved to be a turning point in his life.
After reading The Intelligent Investor, Egypt Warren Buffett was influenced by both Chief Minister Benjamin Graham and Mr. Dividend. After completing his Bachelor of Science degree in Business Administration, he was searching for MS Word for Master of Science. Initially, he thought that Mr. Benjamin Graham and Mr.
Dividend were dead, but when he was searching for information about different colleges, he came to know that both Minister Benjamin Graham and Mr. Dividend taught at Columbia University, after which he thought for 2 minutes and decided to take admission there, and after taking admission there, I started seeing the signs of investment from Benjamin Graham.
Let me tell you that The Intelligent Investor is called the Bible of the investment world, so you can understand how special it is and how expert the person who wrote it must be in investment. So, when Mishra was studying at Columbia University, he came to know that the investment company of Minister Benjamin Graham was 10 Grams, he had invested cows in the insurance company.
He bought it for 50%, and Benjamin Graham became the chairman of the Cowes. The Cowes' quarterly chairman was in Washington. Mr. Butt immediately left for Washington. The day he arrived was a Saturday, and the office was closed on Saturdays. However, the officials there told him that there were company personnel inside whom he could meet.
When Minister Butt went inside, Mr. Butt was there at the company 's Camp Loy Mission, Norm Davidson. He was sitting in the office and doing his work. Later, Mr. Davidson asked Mr. Butt what his work was. He told Mr. Butt that he was a student of the Cowes Institute and that he was there to understand the Cowes business model and the business.
After that, Mr. Davidson explained the entire insurance business, how the insurance business works, how profits can be made in this business, and how the Senators and fellow Cowes who had completed this business explained how Cowes was different from other insurance companies. He told Mr. Perfect about it, and I can only say that his life changed that day.
Those who have come to know how to understand practical investment, what things have to be looked at and how much in-depth analysis you have to do, then let me tell you that later Mr. Butt invested in cows and fitted the flashlight inside the company, which is a subsidiary of Berkshire Hathaway. Later, Mr.
Butt became the owner of cows, so such things show that nothing is impossible in this world. Mr. Butt says that The Intelligent Investor completely changed his approach towards investing. He says that even today he follows the principles given in The Intelligent Investor and Chapter number 8, Chapter number 10, these are such chapters of The Intelligent Investor book which he likes to read again and again and his investment philosophy is much more important than the birds chapter.
So, someone can understand what things are told in Chapter number 8, Chapter number 20. The name of Chapter number 8 This chapter, "The Inventor and Market Frustration," explains how one should view the ongoing share price movements in the market. This chapter explains that these movements are a part of this market.
Those who train in these short-term stock markets will definitely see these movements. Seeing these movements, many people try to profit by getting carried away by those movements. They try to speculate on them like Yo-Yo Honey. Mishra says that if you want to speculate, then that should be kept separate from your investment activities.
You should never mix investment and speculation. Because according to him, investing is not something done by looking at share prices. Investment is something done by looking at business account statements, business growth, good valuation, etc. So, for market training, all investors should be psychologically and financially ready.
Seeing the ongoing frustrations in the market, many people start timing the stock market, they start predicting when the stock market will fall and when. It will come down and then we start investing according to the on-off dance. So here Mishra Benjamin Graham tells all the investors that you should not try to time the stock market because no one can tell when the stock market will be what it will be and where it will go.
Half the focus should be on that particular business because of the stock market, how that business can perform in the coming time and you should forecast it, so market or any particular topic share price prediction. Instead of this, you should use this business in detail, understand its business growth, think about how it can perform in the future and invest accordingly.
After that he talked about this product with hair. Many investors invest with the help of this, that is, now when the stock market falls a lot, then they buy these hairs and when the market goes very high, then these people sell them. But this activity is a bichiya activity in which instead of focusing on a business, you focus on its share price.
In the case when the share price is down, you have to buy those shares. If you send the price up, but there are many conditions in the market which are happening for the first time due to which you cannot prepare when the market will go up and when it should not. For example, if we talk about Corona now, then four-five months ago, before the record rainfall, no one knew that a virus would come due to which the condition of the market would deteriorate so much.
So when you start using the 'sell his' approach, then somewhere you start trying to edit the market, you start focusing on when the market will fall and when it will go up, due to which your investment activity increases more speculative than investment. Minister Benjamin Graham says that you should not buy Shallu or straight by looking at the share price, you should use elastic from the hair by looking at this business.
Mr. We say that its price keeps changing and daily the market brings a special price for you. If you find this hair oil right, then you can buy shares on it. Also, if you like the share price, then you can send it to your city, but the market changes on a daily basis. While the market will bring different prices to the market, this does n't mean you have to factor in the share price every time you have to make a decision.
Most of the time, you'll have to rely on the market price and make your own decisions. What we're trying to say is that changing share prices can sometimes confuse you, because sometimes, due to fluctuations in the market, even the shares of good companies sometimes fall significantly, and sometimes even those of bad companies rise significantly.
If you observe changing share prices, you're sure to remember this. We're saying that you should act as if the stock market doesn't exist, and it's not bringing you any share prices on a daily basis. You invest in that business and calculate its valuation yourself. Then, based on that, decide what was the direction you took when you bought the shares, and what is the current valuation of the company?
If that valuation is higher than when you bought the shares, it means the direction is correct and the company is performing well. He says that you should n't base your decisions on a company's business performance, not on a changing share price. Therefore, one thing you need to do is realize that there's no stock market, and you should n't focus on the price changing.
You should focus on the company, its business, and its financial details. Here, as Minister Benjamin Graham says, investors need to understand both these things well. The former's job is to stay motivated by market trends and try to make profits. According to Minister Benjamin Graham, investments that contain more vitamin C do n't cause primary cancer.
If you buy a good business, buy it and later become a part of that company's growth and earn a profit. Now, let's talk about using the internet or the chapter called Margin of Safety. The central question is which top investments are Margin of Safety? Margin of Safety tries to protect you from diseases caused by post-investment, but this doesn't mean that you won't suffer losses due to margin and safety and will reduce the quality of your advice.
For this, you have to do diversification. The rule of diversification says that you do not have to invest all your money in a single company. Even if a company is very good, everything about it is very good, still you should not mix all your money in one company. You should always diversify your investment portfolio and invest in a few different companies.
To understand the margin of citizenship, you have to understand the relationship between interest and investment in detail. This topic is a full-fledged topic on which we have created a separate course named Value Investing. In this, we have covered intrinsic value and other things. So, in that point or chapter, especially Benjamin Graham has told four very important principles.
Mishra, we say that any business should be done like a business, only then it will be considered intelligent in English. If you are doing this job in the universe, then you have to think like a businessman. So when you are investing, you have to think whether you are investing or speculation. Whatever activity you are doing at the time of investment, you have to understand this.
What are you doing for it? The second important role is to manage your money yourself. You should decide yourself what to do with your money and not give this work to someone else. He says that if you want to run your business or your investments with someone else, then make a mixture of people whose integrative liability you have full faith in.
The third role is that do not make any such investment in which after doing basic calculations, the chances of profit turn out to be less and the fourth and important one is to trust your knowledge and experience. On the basis of your knowledge and experience, if you feel that investing in a particular company can be very good for you, then you should do it and invest in it.
Even if many people compare it with you, it does not matter. You will always have to show faith in your knowledge and experience and also show timely loans. So, investment channel distribution, apart from these things, is considered a very important thing for investment, so this Summary of Chapter 8 and Chapter 12 of The Intelligent Investor Meanwhile, America has already uploaded a lesson which you can watch by clicking on the link given in the description below. Thank you very much for watching the video and staying connected with us.
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