저자: CharlieMunger · 외국인
요약 보기
찰리 멍거의 투자 철학과 포트폴리오를 소개하는 영상입니다. 결론: 멍거는 분산투자에 회의적이며 소수의 우량 기업에 집중하는 가치투자를 옳다고 봅니다. 멍거의 투자 철학: 워런 버핏이 초기 '담배꽁초' 방식(마지막 한 모금 수익)에서 벗어나 일시적으로 어려움을 겪는 좋은 기업을 장기 보유하도록 설득했다고 설명합니다. 분산투자 비판: 영상 속 발언에서 멍거와 버핏은 분산투자가 자신이 무엇을 하는지 모르는 사람의 보호장치일 뿐이며, 잘 아는 사업 3~4개면 충분하다고 주장합니다. 현대 포트폴리오 이론은 유용성이 없다고 비판합니다. 멍거 가족 포트폴리오: 코스트코, 버크셔 해서웨이, 히말라야 캐피털 세 포지션 위주이나, 버크셔와 히말라야는 지주형 투자회사라 실질적으로 애플, 뱅크오브아메리카, 코카콜라, 아메리칸익스프레스 등 30여 개 기업에 간접 투자하는 구조라고 분석합니다. 데일리저널 포트폴리오: 멍거가 회장인 회사로 약 1억 달러 규모, 뱅크오브아메리카 56%, 웰스파고 38%, US뱅코프 5%, 포스코 소액으로 구성됩니다. 마무리: 초기 10만 달러 종잣돈 마련이 가장 어렵고 이후 복리가 작동한다는 멍거의 말을 인용하며 마무리합니다. (영상은 2020년 11월 제작된 과거 영상으로, 대상 자산에 대한 앞으로의 가격 방향 예측 발언은 포함되어 있지 않습니다.)
다듬은 글
charlie munger is known for being warren buffett's right hand man educated at harvard with a net worth of 1.7 billion dollars and now at 96 years old interesting charlie munger was responsible for changing the way warren buffett invested before charlie munger warren buffett's strategy warren referred to as cigar but investing finding companies that had one last puff in them that you could make a decent profit on charlie had to explain to warren that although this had worked and made him a lot of money this strategy wasn't going to scale it was much smarter to find great businesses that were temporarily under a bit of pressure and then stay with them for the long term they soon became business partners and have worked alongside each other for the last 40 years in this video we're going to look at the charlie munger investing philosophy which is a bit contrarian as you'll see he's not a big fan of diversification we'll then take a look at two investment portfolios first is the charlie munger family portfolio followed by an investment portfolio that he manages at the daily journal as always if you do find anything in this video useful be sure to drop a like are the investment portfolios of charlie munger warren buffett's right hand man so here is what we're going to be looking at we're first going to take a look at a quick video clip of charlie and warren as they discuss diversification as it's relevant to the whole piece and interestingly it goes against traditional teaching we'll then take a look at the charlie munger family portfolio so you can see where he puts his own family's money and then we'll take a look at the daily journal portfolio which is a company that charlie is the chairman of just so you can see a comparison all intelligent investing is value investing acquiring more than you are paying for we think diversification is as practice generally makes very little sense for anyone that knows what they're doing uh the diversification is a protection against ignorance i mean if you want to make sure that nothing bad happens to you relative to the market you own everything there's nothing wrong with that i mean that's a perfectly sound approach for somebody who who does not feel they know how to analyze businesses if you know how to analyze businesses and value businesses it's crazy down 50 stocks or 40 stocks or 30 stocks probably because there aren't that many wonderful businesses that that are understandable to a single human being in all likelihood and and to have some super wonderful business and then put money in number 30 or 35 on your list of attractiveness and forego putting more money into number one just strikes surely as as madness and it's conventional practice and it it may uh you know if all you have to achieve is is average uh it's uh it may preserve your job but it's it's a confession in our view that you don't really understand the businesses that you own um you know i basically i mean on a personal portfolio basis you know i own one stock you know but it's a business i know and then it leaves me very comfortable uh so you know do i need to own 28 stocks you know are you going to have proper diversification be nonsense and within berkshire i could pick out three of our businesses and i would i would be very happy if they were the only businesses we owned and i had all my money in berkshire now i love it the fact that we can find more than that and we keep adding to it but three wonderful businesses is more than it's more than you need in this life to do very well yeah what he's saying is that much of what is taught in modern corporate finance courses is twaddle you want to elaborate on that charlie you cannot believe this stuff i mean it's a modern portfolio theory and yeah it's it's it has no utility but i mean it it will tell you how to do average but you know i i i think anybody figure out how to do average in fifth grade i mean it's just not that difficult then it's elaborate and you know there's lots of little greek letters and all kinds of things that make you feel that you're in the big leagues but it uh there is no value added i have great difficulty with it because i am something of a student of dementia and i have we hang around a lot of nearly classified dementia you know on some theory structure of models but the modern portfolio theory uh it involves the type of dementia i just can't even classify it something very strange is going on if you find if you find three wonderful businesses in your life you'll get very rich and and if you understand them bad things aren't going to happen to those three i mean that's the characteristic of it uh by the way maybe that's the reason there's so much dementia if you believe what warren said you teach the whole course in about a week so first up is the manga family portfolio and this is just made up of three positions pretty much like he was explaining in the video we have a block of costco a block of berkshire hathaway and a block of himalaya so the first thing to point out is that this is a private portfolio so we don't actually know the exact amounts in each position but charlie has been on camera and in interviews and he refers to it as this his money he's got a block in costco a block in berkshire hathaway and a block in himalaya and then a smattering of other companies so i've put it as an equal weighting so this is a good representation of what it might look like now as you saw he said he wasn't a fan of diversification which is why he only invested in three companies but for me this is a little bit misleading because berkshire hathaway is a company of companies and that's the same with himalaya as well it's a company of companies let me show you what i mean so this is actually the portfolio of berkshire hathaway and you can see this is an entire company of companies so by default he's also invested into apple bank of america coca-cola american express craft heinz as well as many other companies same is true with himalaya this is actually an investment company made up of companies so this one is approximately half as in micron technology 30 in bank of america and then positions in facebook and google so going back to charlie's portfolio although it's only three positions this makes up over 30 different companies so i would say this is a very well diversified portfolio the big money is not in the buying or selling but in the waiting and the second portfolio is a company that he is chairman of and this is made up of four different positions it's approximately a hundred million dollar portfolio but this time 56 of it is in bank of america and 38 is in wells fargo so as you can see this one follows a lot closer to his philosophy the vast majority of this portfolio is only two positions and they're also both bank stocks then there is five percent in u.s bancorp and then just a fraction in posco and i believe this is a korean steel making business but as you can see for a comparison the vast majority of this portfolio is only two businesses the first hundred grand is a but you've gotta do it if it means walking everywhere and not eating anything that wasn't purchased with a coupon find a way to get your hands on a hundred thousand dollars after that you can ease off a bit now i do love this quote because i think it's saying that the first hundred grand is the hardest to make but then once compounding kicks in the money that follows is a lot easier but the first hundred is the hardest so there you are guys that was the investment portfolios of charlie munger warren buffett's right hand man as you saw in the interview both warren and charlie claim that they are not big on diversification however both their portfolios contain quite a lot of companies so make of that as you will if you do enjoy seeing the portfolios of billionaires i have done the portfolio also of warren buffett jeff bezos bill gates ray dalio so if you'd like to see those then links below this video i do have drop a like and if you've got any questions any comments just post them below now okay cheers
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