Charlie Munger How to Invest Small Amounts of Money

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과거 Munger의 소액 투자 조언을 소개하며 세 가지 원칙을 설명한다: (1) 대형 투자자가 놓치는 비효율 시장(소형주, 시총 1천만~2억달러, PER 3~15 스크리닝)을 공략할 것, (2) 좋은 기회가 오면 과감히 베팅(테드 윌리엄스 타격 비유로 인내 후 집중), (3) 소수 종목에 집중하는 포트폴리오. 근거로 버크셔의 대형화 제약, 존 아라가의 스탠퍼드 1마일 부동산 집중 투자 사례를 든다. 영상은 연 50% 수익 가능성을 언급하지만 구체 종목 예측은 없다.

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01. guess what I just came across a long lost clip of Charlie moner explaining the three things he would do to generate 50% annual returns investing small amounts of money this clip looks like it was shot on an iPhone 4 but it is Munger at his absolute best if you want to build real wealth you need to see it there's an old saying that it takes money to make money this saying may be true but the amount of money you need to get started generating High returns is not as much as many would believe according to Munger now let's get into the video um Warren and you are known for saying that if you work with a small sum of capital namely I think being $10 million Warren have public said that he he could guarantee that you compound that at 50% a year so my question is can you provide some examples and and I would ask kindly ask you provide as many examples as possible and be as specific as possible thank you well man I hear somebody really want to get rich at a rapid rate with specifics that is not what we trying to do here we want to leave some mystery so that you can use yourself finding your own way you know the good ideas that I have had life or quite few it's a lesson I can give you is a few is all you need and don't be disappointed pointed and when you find the few of course you've got to act aggressively that's the wonderer system and I learned that indirectly from a man I never met which was my mother's maternal grandfather he was a Pioneer and he came out to Iowa and fought in the Black Hawk Wars and so on and eventually after enormous hardship he was the richest man in town and he owned the bank and and uh so on and as he sat there in his old age up my mother knew him cuz you go to his Elona Iowa where he lived and had the big house in the middle of the Town iron fence capacious Lawns Big Barn so and what Grandpa inam used to tell her is there's just a few opportunities you get a whole lot this guy took over Iowa when the land was the black top soil of Iowa was cheap but he didn't get that many opportunities it was just a few that enabled him to be become Pro prosperous he bought a few Farms every time there was a panic you know and you lease them to Thrifty Germans you couldn't lose money leasing a farm to a German and hour and and but he he only did a few things and and I'm afraid that's like you're not going to find a million wonderful ideas I these people the computer algorithm Ms do it but they have a computer that's sifting the whole world it's like plaster Mining and and of course every Niche they in if somebody else comes in the niche starts leeching away and I don't think it's that honorable a way to make a living by the way I would rather make my money in some other way than outsmarting the trading system so I have a little computer algorithm and just leeches or what everybody's trade I always say that those people have all the social utility of a bunch of rats in a granery it's not that great a way to make money I would say that if you make your money that way you should be very chable with it because you got a lot to atone for and and so I don't think it's an ambition we should encourage and the rest of us who aren't just leeching a little off the top because we're great at computer science and that's what this room is full of and if you're not finding it harder now you don't understand it that's that's my lesson there are three important principles you need to understand if you want to follow monger's advice on generating High Returns on small sums of money the first principle is to look in the inefficient markets Munger is the vice chairman of Berkshire hathway and as of the making of this video Berkshire has a market cap approaching $800 billion that makes Berkshire the ninth largest company in the world by market cap and the biggest non-tech US company in the world to most people bur's massive size would seem like a huge Advantage when it comes to investing right well actually that's not the case Charlie and Warren have repeatedly said that Berkshire size is an impediment to generating High investment returns because Berkshire has so much money Warren and Charlie are forced to only focus on large investment opportunities the odds of these large investment opportunities being mispriced or to use an investing term inefficient are extremely low on the other hand there is a much higher probability of an inefficient icy occurring when the size of the investment is much smaller large investors like M are too busy paying attention to bigger opportunities to even notice these small opportunities this is where your opportunity comes in listen to Charlie W's business partner Warren Buffett explain this concept I was working with a tiny tiny tiny amount of money and so I would pour through volumes of of of businesses and I would find one or two that I could put $10,000 into or $155,000 into into that were just ridic were they were ridiculously cheap and obviously as the money increased uh the the universe of possible ideas started shrinking dramatically when Warren and Charlie were investing small sums of money decades ago they had to spend thousands of hours pouring through tens of thousands of pages of financial reports to find just one potential idea thankfully for us the internet has made sourcing potential mispriced stocks a heck of a lot easier all you have to do is jump to to a stock screener like this one here and you don't need anything fancy a free screener like this will do just fine all you need is a screen that can filter by market cap and PE ratio set the market cap range to 10 million to 200 million and the PE Ratio range from 3 to 15 the companies that meet this criteria will be small by Wall Street standards most professional investors have restrictions around investing in stocks below a certain market cap for example the fund I work at in New York City has a rule in place that makes it so you can invest in any company below a $5 billion market cap this restriction means tons of potentially great Investments slip by us because these companies are simply too small additionally companies of this size likely aren't covered by Wall Street analysts compare that to a company like Apple Apple stock is covered by 31 Wall Street analysts that monitor the company's every move the fact that virtually nobody is paying attention to these small companies increases the probability that you can find a stock that is trading well below its intrinsic value before we get to lesson number two make sure to hit that subscribe button because it is so important to get the teachings from people like Charlie buer to as large of a group as possible learning from Munger and other investing Legends really positively impacted my life and I know it can do the same for you so the next lesson from Munger is take big swings when a good opportunity comes along the logic being that great opportunities are rare So when they do come along you have to take full advantage this point can be demonstrated by using an analogy from the sport baseball for my non- us viewers baseball is a bat and ball sport played on a field by two teams against each other in baseball a player on one team throws a small round ball at a player on the other team who then tries to hit it with a bat the goal of the batter is to hit the ball in such a way that it will allow his team to score runs AKA points according to Munger there are some lessons from the game of baseball that can help you make money in the stock market one of the best baseball players of all time was a man named Ted Williams Williams wrote a book called the science of hitting it contains a compelling illustration of him at bat with the strike zone divided into 77 distinct squares Williams recognized that by waiting for a pitch in his sweet spot significantly increased his chances of getting a hit being patient and waiting for the right opportunity offered a 40% hit rate impatience on the other hand could lower his success rate to a mere 23 to 25% Williams understood that average batters turned into great ones if they waited for the right pitch and even the best batters turned into average ones if they swung at the wrong pitch Munger is a big believer that this concept also applies to investing as an investor each day you are faced with thousands of potential Investments think of these as the pitches in baseball in order to invest successfully you have to be waiting to sit patiently with your bat on your shoulder watching pitch by pitch go by only when you see an investing opportunity that is perfectly in your sweet spot do you swing the problem is though that these perfect pitches aren't all that common in investing it can be months or even years before you finally get one that is why when the perfect pitch does finally come you better make the most of it and swing for the fences this ties perfectly into the third lesson for Monger don't be afraid of a concentrated portfolio conventional investing wisdom states that investors should have highly Diversified portfolios or put another way people should have portfolios that consist of dozens if not hundreds of stocks Munger believes that's incredibly foolish if your goal is to generate High investment returns Munger has the vast majority of his 's entire net worth in just three Investments birkshire hathway stock Costco stock and a fund managed by an investor named Lee Lou instead of favoring diversification Munger advocates for a concentrated approach where investors focus on a handful of outstanding businesses they thoroughly understand he believes that by closely examining and comprehending these businesses investors can make more informed decisions resulting in a higher likelihood of achieving exceptional returns Munger uses the story of his friend John arag to demonstrate the point John araga is a billionaire investor naturally it would be fair to assume that since araga is a billionaire his net worth would consist of many different types of assets maybe he has a few businesses he owns and a countless number of stocks while this may be a natural assumption it couldn't be further from the truth and you'll see why in just a second John araga made his fortune in real estate real estate in its own right is a very broad asset class there are many different types apartment office Industrial single family houses Self Storage additionally there's a near infinite number of locations where this real estate can be located the United States is just one of these countries to pick from just within the United States there are 387 what I refer to as Metropolitan statistical areas think of this as different real estate markets and then within each of these Metropolitan statistical areas there are countless numbers of neighborhoods from which to choose from the point here being that even within real estate there are so many ways investors can diversify a portfolio John Ariaga decided to take a different approach he was going to be super concentrated in building his fortune he was only going to buy real estate located within 1 mile of the campus of Stanford University in California over a 40-year period all araga did was never put down a lot of debt and when things went down he bought and when everyone got euphoric he sold that's all he did I guarantee as Ariaga was building his billion dollar Fortune he was offered investments in things outside of just that one mile existance from Stanford's campus for all intents and purposes araga ignored all other investment opportunities to focus on what he knew best ARA's willingness to stick to what he knew best and as a result have a massive advantage over the competition led him to being one of the wealthiest people in the world as Monger says I would be a heck of a lot poorer if I followed conventional Financial Theory when it comes to investing so there we have it make sure to like this video And subscribe to the channel because it's my goal to make you a better investor by studying the world world's greatest investors talk to you again soon