How to Overcome Fear in Investing: Insights from Warren Buffett | BRK 2010

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2010년 버크셔 주주총회 Q&A 자막. 시장이 과열도 과매도도 아닌 중간 상태라 현재 위치를 정확히 알 수 없다고 봄. 투자 공포는 시세에 민감한 기질에서 비롯되며, 시세는 주식 가치를 말해주지 않으니 시세에 휘둘리지 말고 좋은 사업을 적정 가격에 사서 장기간 보유해야 한다고 강조. 특정 자산 가격 방향에 대한 예측 발언은 없음.

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01. uh this question is from James a star I have read an enormous amount about past Market declines and the opportunities they presented to investors the last two years have seemed to me a 43-year-old investor a real opportunity yet in the thick of the action I was too scared because I felt the market decline while severe was not necessarily sufficient to match the risks of Global Financial meltdown so my question is given that we are possibly not totally out of the Woods how did how did the two of you assess this latest buying opportunity against the previous opportunities of your life it's not the greatest one we we we've seen a few that scream at us and we've seen a few periods of overevaluation that scream at us and 90% of the time we're somewhere in between and we don't know exactly where we are in between uh uh the business of being scared you know I don't know what you do about that if uh if you're of that if you have a temperament that when others are fearful you're going to get scared yourself you know you are not going to make a lot of money in Securities over time at all probability that uh uh you know people really if they didn't look at quotations but of course the whole world is urging them to look at quotations and more than that do something based on small changes in quotations but if you didn't think how much more rational we've talked about it before but think how much more rational and investing in a farm is than the way many people buy stocks and if you buy a farm do you get a quote next week do you get a quote next month if you buy an apartment house you get a quote next week or month no you look at the apartment house or the farm and you say I expected to produce so many bushels of soy beans and corn and if it does that it meets my expectations they buy a stock and they think if it goes up it's wonderful and if it goes down it's bad we think just the opposite when it goes down we love it because we'll buy more and if it goes up we kills us to buy more um you know Ben Graham wrote about it it's been explained but if you can't get yourself in that mental attitude you're going to be scared whenever everybody else is scared and and to expect somebody else to tell you when to buy and therefore get your courage back up or something you know I could get this fellow's courage up substantially by saying this is a wonderful time to buy and then a week from now he'd run into somebody else that tells him the world is coming to an end and he'd sell I mean he's a broker's friend but he's not he's not going to make a lot of money Charlie yeah I think I developed more courage after I learned I could handle hardship so maybe you should get your feet wet with a little more failure well I've certainly followed that advice all right some people really do not have the apparently they don't have the temperament emotional stability or whatever it may be to to invest in Securities they'd be much better off if there were no quotations at all and K's talked about that some in the past too it to take something that should be an asset a quotation every day you know terrific liquidity nobody says how liquid is my farm or something of the sort so they're not expecting that prices to tell them something about how they're doing the market is saying this or that whenever anybody says the market is saying this or that it you know sort of unbel aable that but there's a lot of there's a lot of interest in in in in in investing and people are going to yak about it all the time and and in the end what counts is buying a good business at a decent price and then forgetting about it for a long long long time and some people can do it and some people can't