Warren Buffett On: What does it take to be a good investor?

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훌륭한 투자자는 타고나는 것이 아니라 만들어진다는 결론이다. 핵심 주장: 높은 IQ가 필수는 아니며, 군중에서 벗어나 생각하는 기질과 합리적 사고 습관이 중요하다. 투자 성과와 IQ 사이의 상관관계는 크지 않다. 학습 경로: 버핏은 초기 여러 투자서를 읽었으나 성과가 없었고, 벤저민 그레이엄의 책을 읽은 뒤 주식을 사업의 일부로 보는 관점으로 바뀌었다. 이후 필립 피셔와 멍거의 영향을 받았다. 기본 접근: 그레이엄과 피셔의 접근(주식을 사업으로 보고, 좋은 사업의 특성을 생각하며, 안전마진을 확보)은 지금도 유효하며 그 이상의 개선은 보지 못했다. 실천 조언: 자신의 능력 범위(circle of competence)를 정확히 정의하고, 이해하지 못하는 사업은 과감히 제외하며, 연차보고서를 많이 읽고, 대중 의견에서 차단되어야 한다. 남의 의견을 듣는 것은 시간 낭비다. 멍거의 견해: 세상이 왜 그렇게 되는지에 대한 지속적 호기심과 인과 사고 습관이 장기적으로 현실 대응 능력을 높인다. 높은 IQ를 가진 사람이 실패하는 이유를 연구하고, 그 요인을 자신에게서 제거하거나 통제해야 한다. 기질: 돈에 대한 관심은 필요하지만 지나친 탐욕은 합리성을 압도해 재앙이 된다. 특정 종목이나 자산에 대한 가격 방향 예측 발언은 없다.

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01. every one of these including yourself learn to be a great investor Graham learned from his experience you bill burr Wayne Walter slot learn from Graham Richard rainwater learned from you Phil Fisher and Charlie Allen and from reading Graham Robert bass and Ed Lampard learned from Richard rainwater and most likely from reading Graham and Fisher as well these observations lead me to the conclusion that despite intellectual brilliance although that probably helps I've come to the conclusion that great investors are made not born do you and mr.

02. Munger agree with this conclusion if so why if not why not and if you do agree what things would you recommend that someone do if they wanted to become a great investor also what mental attributes do you think a person should have if they want to try to become a great investor thank you very much yeah I largely agree with what you said and I would say that there I don't know to what extent an ability to detach yourself from the crowd for example I don't know to what extent that's innate or to what extent that's learned but that's a quality you need I would agree totally with you that a a great a great IQ is not needed I mean you do not have to be terrifically smart to do well as an investor at all I would say you're a hundred percent right that I learned from Graham first in a very very big way and I learned something additionally from Phil Fisher and I learned a lot from Charlie and the proof is in my record actually from 11 to 19 I was reading Garfield drew and Edwards and McGee and all kinds of I mean I read every book Ruggiero them Loeb I mean I read every book there was on investments and I didn't do well at all and I had no real investment philosophy a lot of things I tried I was having a lot of fun I wasn't making any money and I read Ben's book in 1949 or 49 when I was university Nebraska and that actually just changed my whole view of in dusting it and really that basically told me to think about a stock as a part of a business now that seems so obvious you can say you know that that why should you regard that as a as the Rosetta Stone but it is a rosetta stone in a sense it once you crank in the your mental apparatus that you're not looking at things that wiggle up and down on charts or that people send you little misses on you know saying buy this because it's going I'm actually here it's gonna split or the dividends gonna get increased or whatever but instead you're buying a business that you've now set a foundation for going on and thinking rationally about investing and there's no reason why you need a high IQ to do that there's no reason why you have to be born in some way i I do think there's certain manners of temperament that maybe an a and they may be learned they may be intensified by experience as you go on the partially innate but then reinforced in various ways by your experience as you go through life but that's enormous ly important I mean you have to be realistic you have to just define your your circle of competence accurately you have to know what you don't know and I get enticed by it you you can't you can't be you have to have an interest in money I think or you won't be good at investing but I think if you're very greedy it'll be a disaster because that will overcome rationality but I think I think the same books I read and really molded what I how I thought about businesses and investing I think that they're just as valid now I mean I haven't seen anything in the last twenty five years and I've read my glance through most of the books that I have I've seen nothing to improve on Graham and Fisher in terms of the basic approach of going about investing which is to is to think about stocks as businesses and then think about what makes a good business and really that's all there is to to investing and and and having a margin of safety which Ben talks about and so on it's it's not a complicated process but it definitely requires discipline it requires insulating yourself from popular opinion you just you simply cannot you can't pay any attention to it it just doesn't mean anything so you can't the idea of listening to lots of people tell you things that on that it's just a waste of time and you know you'd be better off just sitting and thinking a little better I mean there were there were no analyst reports on custom frame makers you know and they wouldn't have been any good anyway you just have to you have to think but you have to think about them as in terms of their business characteristics and what they can earn on the on that on capital employed and that sort of thing I would just read the you know I would I read read the Graham and the Phil Fisher books and and and then read lots of annual reports think about businesses and try and think about which businesses you understand I wish you don't understand and you don't have to understand them all just forget about the ones that you don't understand charlie yeah a deeper level of generality if you have a passionate interest in in knowing why things are happening you always are trying to figure out the world in terms of why is this happening or why is this not happening that cast of mind kept over long periods and gradually improves your ability to to cope with reality and if you don't have that cast of mind I think you're you're destined probably prevail you're even if you've got a pretty high IQ I would say we've seen relatively little correlation between investment results and I killed I mean not that there are a whole bunch of people out there with Adi cues that are knocking you know the cover off the ball but but there are all kinds of people with high IQs that get no place and yeah it's probably in a sense it's more interesting to look at why if people with high IQs don't succeed and then sort of cast out those factors see if you can cast them out in yourself and leave a residual that will work because if you you know it's like Charlie always says you know all I want to know is where I'm going to die so I'll never go there so if you study the people who die financially you know with high IQs and say why do they die you know you'll see certain overwhelming characteristics that are present and and and and in these and most of the cases and you just got to make sure that either you don't possess them or if you do possess them that you can get rid of them or control them in some manner