저자: RamdeoAgrawal · 외국인
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워런 버핏의 은퇴를 기념하며 출연자 Ramdeo Agrawal이 버핏 투자 철학과 경험을 회고. 버핏의 핵심 원칙(가격 vs 가치, 우량기업 장기투자, 찰리 멍거의 영향)을 설명하고, 인도 시장에서는 성장성을 명시적으로 고려한 QGLP(quality growth longevity at reasonable price) 프레임 적용을 강조. 기술주 급등 사례로 Apple, Microsoft, Nvidia를 언급했으나 개별 종목 가격 방향에 대한 예측 발언은 없음.
다듬은 글
Today we celebrate the Oracle of Omaha, Warren Buffett, the man who redefined investing, building uh Burkshshire Hathway into a global icon and inspiring millions with his wisdom and humility. He retires today as Burkshshire Hathway CEO at the age of 95. It's not just the end of an era, it's a moment to honor a legacy that will shine for generations and frankly someone who's had an impact far wider than his geography, perhaps wider than he also expected.
And uh n you know I think you're you should be the one to take this forward because you are so invested in Warren Buffett's legacy. I personally don't know anyone who's gone the last 3 years uh at your own time and expense to listen to Mr. Buffett at the famous annual conference and you've always come back and described it to us and these are some of the pictures that NR just taken over the years when he has gone there uh at this conference in Omaha.
You've described it like a stadium filled out for a rockstar. Yeah. And it it was in fact in rockstar concerts maybe the people are not standing behind the pop the rockstar. In this case it's surrounded entirely. But yeah Tam I mean it's it's a long and hardest trip to Omaha. It's back off beyond if you will for an Indian traveler for sure.
But be there for those two hours or two and a half hours and listening to him just being in the same room I was and I I don't know. I mean it's difficult to describe because to an odd to to a lay man like just another person equity investors why does it matter why does it matter to you I just think the the having read so much about him all through the years having heard the AGM for since the last nine years now uh some of the things that he says which are applicable to both investing and life uh are so profound and Tamana both you and me are lucky of the fact that one of his key key messages in life, which is that the most important decision in your life is who you choose to marry.
We've been on the lucky side of it, right? That both of us have better halves in that our our partners are the better halves of our 100%. So, we've kind of gotten that, but it is beyond just this advice. So much of what he says is so practical to implement in your lives for making your lives better.
Yeah. and you've had the opportunity uh h to you know share that with a lot of top Indian investors as well. Oh you bet. So all through those times and tana a special treat for all our viewers today simply because we chose the two men who I believe uh in addition to maybe a couple of others are have followed Warren Buffett's principles down to the tea and have implemented them in the Indian standard.
So starting off this uh very special set of conversations uh decoding the Buffett legacy with none other than Ramdev Agraal chairman and co-founder of Motila Losal Financial Services Limited and Mr. Graval thank you so much for joining in all the way from London and I'm inclined to ask you what is your favorite learning of Warren Buffett?
Yeah, thank you N for remembering me today. Uh so actually I mean I've learned everything from him uh way back in '94. First time I heard about him and I was very excited about uh stock market and I thought I'm a smart guy. I knew everything and when I read first annual report of 94.95 I realized that I I have to go to KG for invest learning investing.
So uh and good thing is that I found him as my guru and uh since then I've not bothered to figure out other gurus in investing. There are so many gurus but I just followed him throughout. So the one of the most important thing I learned first thing I learned is that uh earlier we used to know only about EPS and P the only two ratios then I learned about return on equity.
I mean the power of high quality companies, return on equity that is what I learned first and uh then uh we learned about uh quality investing uh and uh uh so and then you know it kept on evolving as his biographies and other books started coming. we started learning more and more and then finally I wrote my version of bufferology called QGP quality growth quality growth uh quality growth at reasonable price uh so uh so that's what uh I mean ultimately buffet loy terminated into my philosophy QGP quality growth longevity at reasonable price so uh that's how uh I would sum up uh what I learned from him
interesting Now can I ask you Mr. Garbal the the most often asked question is is what Warren Buffett whatever he has done is it replicable and I wonder that in the Indian context or in this age of AI and algorithmic trading can a buy and hold forever strategy still generate the kind of alpha that Warren managed to generate?
Yes, I think uh investing is no different. uh uh the new technologies, new way of evolution has always been happening. Might be in the technology era things are a little faster but at the same time the wealth created is also very fast and the size of wealth created is also very fast. I mean you can see Apple and Microsoft and now it's just four five years Nvidia $5 trillion kind of thing.
So I think you can create a lot of wealth very very fast in technological era. uh but I think the principles of investing remain same. It was 200 years back same and today I think he has framed it very well. Price is what you pay value is what you get. So uh the whole thing is about understanding underlying value uh of the company.
In fact the researchers and people like us we are supposed to learn value price is given to everybody. And this is the market where you can get $1 things for $10 and $10 thing you can buy at $1. So you have to understand underlying value and that's where Buffett and Mer both excel. Yeah. Great that you brought up Charlie Manger because I'm I'm inclined to ask you we can't talk about Warren Buffett without talking about Charlie Manga, right?
How crucial Mr. was that partnership in moving Warren Buffett from buying cigar butts which is cheap bad companies to buying wonderful businesses at fair prices. Yeah, Benjamin Graham is his guru. I mean he learned investing from Benjamin Graham in Colombia but I think real architect in his tribute he said the real architect of Bakshahway was Charlie and Charlie showed him the way to quality investing.
So the famous saying of Charlie is that it is it is far better to buy a wonderful company at a fair price than a fair company at wonderful price. And uh actually Buffett's biggest mistake and the first big mistake was buying box itself which is a very kind of a value company available at very very cheap price but he had tough time getting out of it.
So uh and the money which he got from there and uh he spent in buying Coca-Cola seas candy uh so all those kind of wonderful companies he bought. So then they focus on the quality investing at reasonable price rather than uh buying cheap companies of lowquality ones. So I think uh Charlie Ma was a I think he must be missing him big time.
Oh yeah it was evident in the 2024 meet wasn't it when he looked at Greg Ael and said okay to you Charlie but any um Mr. Gal Ram Warren Buffett largely missed the India growth story right largely. Now do you think his principles work as well in a high growth slightly more volatile market like India?
Yeah. So that's why uh in his thought process quality means high quality company with reasonable growth. So growth was not that explicit in his 2007 letter. He says the business we understand the first point. Second, highquality company. The companies with a uh long-term great economics run by honest passionate uh management uh and for a reasonable price.
So in that growth is not very explicit. Growth is part of the quality. In our QGLP framework we have said quality growth and growth that longituded growth. So that's what India is all about and uh not that US was not a growth growth economy between 80 to 2000. It was a big growth economy. Even today it is growing well.
But India is at a break neck speed of seven 8% maybe even higher going forward. So growth has to be explicit. So we have to buy quality business quality management and growth has to be implicit and for that you have to understand power of compounding and what could be the present value of the companies.
So I think yes India context you have to explicit the growth and put into the quality companies and that's where I think all the companies are expensive but uh you need to really find the nudgets in India and sit through long periods of time. Okay. And Mr. Garval I'm tempted to ask this to you. What is your favorite Warren Buffett memory?
Huh? So many of them but I think most important was the shaking hands with him and getting a sign done on a dollar dollar bill. First thing I didn't know that you take a signature on autograph on a dollar bill that's very common in US. So I went in the I think in ' 95 97 I I went to meet him uh I mean on the eve of AGM at Borcham he was sitting on a chair and in a queue we could go and get a signature shake hands and all.
So that was the most memorable one and the first time I did second or third trip I it was so that is the most memorable uh thing I have of still I can feel the hands of his in my hand. My hand is so small and his hand was so big but his you know that always like a like a child he'll always be giggling he'll be always laughing and I never saw a stress in his uh face.
uh so always people's people's person always wanted to connect with the people and so much of enthusiasm at this age also in some sense Mr. Al you you kind of exhibit those qualities as well right you are you're not too moved during the covid lows etc what is it that you've taken from Warren Buffett and kind of molded it into your or the Indian context can you talk about that
yeah so you know one of the quotes you know be be uh be greedy when world is fearful and be fearful when the world is greedy I think that is a that is one thing which is which will be timeless uh in terms of uh the market uh the opportunities in the market and uh the challenges of the market you know at the top of the market you are so greedy so confident overconfident at the bottom of the market nobody believes in the market so I think uh that was one thing which always keeps ramming in my head
all right Mr. We'll take a moment to thank you for joining in today all the way from London and giving us a sense of your thoughts around Warren Buffett's retirement. really appreciate your time uh and and and your insights all through the
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