저자: HamishHodder—출연자/소속미상 · 외국인
요약 보기
워런 버핏의 투자 원칙을 정리한 영상. 영구적 자본 손실 회피가 핵심 원칙이며, 2013년 헨즈(Heinz) 인수가 실수였지만 9% 우선주로 손실을 방어했다고 설명. 좋은 사업(예: 포니오의 Albeca 액자 사업)을 장기 보유하고, 자신의 역량 범위(circle of competence) 내에서만 투자할 것을 강조. 경영진의 능력과 정직성 평가도 중요하다고 언급. 시장 폭락 시 좋은 기업을 저평가 구간에서 매수하는 전략을 '비밀 무기'로 제시. 특정 종목의 가격 방향 예측 발언은 없음.
다듬은 글
these are the five golden rules of investing if you want to master the stock market from the spoken words of the greatest investor of all time five or six years later bought the place when it was doing $3 million a year now does $300 million a year and recordings that you might not have seen before and from his Brand's new shareholder letter filled with advice for the average investor if you're investing in stocks these are the five principles that you must know for achieving long-term success and at the end of the video I'm going to reveal Buffett's not so secret weapon that you can use to supercharge your results and if there's ever been a time to learn from Warren Buffett it's right now the week of the Burkshire Hathaway annual shareholder meeting for the third year in a row Brandon from new money and I have traveled all the way from Australia to attend the meeting in Omaha to meet some of the most passionate investors in the world some of you who are watching the video right now and to curate the lessons learned from Buffett's Q&A sessions into videos for you none of which would be possible without the help of morning Brew our sponsor for this year's Trip Morning Brew is a completely free daily newsletter for busy people and busy professionals they condense the most important business news into Quick witty stories that make it easy and enjoyable for anyone to stay informed the newsletter is delivered to your inbox every morning and I've been using it to discover current events that I might want to discuss in my videos like this story from one of last week's newsletters about the rise of Serial streaming service churners I was fascinated to learn that about about 40% of subscription cancellations came from people who regularly chop and change services and again it's completely free there's already more than 4 million professionals reading morning Brew it takes 10 seconds to sign up so there's absolutely no reason not to try it sign up for morning Brew today by clicking the link in the description or heading directly to morning Brew daily.com Hamish in 2013 Warren Buffett made one of the worst investments in his entire life in partnership with 3G Capital Management his company birkshire Hathaway bought the Food Giant called hindes which went on to merge with craft to form an even bigger food Empire but since then its stock price is down significantly it's a very valuable business but we paid too much for for for craft and we interestingly despite Buffett admitting the investment was a mistake he did something that saved himself from a complete disaster in the 2013 acquisition he was also buying $8 billion of preferred stock in hindes that paid a fix dividend of 9% every year the condition of this deal prevented Burkshire from suffering permanent loss of capital we have a extreme aversion to incurring any permanent loss with your funds all Investments have some level of risk but you want to avoid situations where you could lose some or all of your initial investment in this year's shareholder letter Buffett writes our investment rule at birkshire has not not and will not change never risk permanent loss of capital a rule that Buffett has used for over six decades in the 1962 partnership letter he wrote I cannot promise results to Partners what I can and do promise is that we will attempt to bring risk of permanent Capital loss to an absolute minimum by obtaining a wide margin of safety by only investing in stocks where their price is far below its value you prevent permanent loss of capital related to your incorrect imation of what the business is actually worth the arena in which we operate has been and will be rewarding if you make a couple of good decisions during a lifetime and avoid serious mistakes what he's saying is that preserving your capital in the inevitable mistakes that you will make over your lifetime is equally as important as picking the occasional winner but this isn't just about the price you pay for a stock permanent loss of capital also arises when you invest in not so great businesses whose value actually declines over time so Buffett's second rule is to only invest in wonderful businesses in 2001 a man named Craig ponzio asked Buffett to buy his business he ran a Custom Framing business in a very very competitive industry well with 18,000 people in that business but in spite of intense competition Pono grew the company into a giant five or six years later bought the place when it was doing $3 million a year now does $300 million a year and it totally dominates the wooden custom frame business ponzio's framing business thrived for many years because it met the characteristics of a wonderful business our goal at birkshire is simple we want to own either all or a portion of businesses that enjoy good economics that are fundamental and enduring the business must be able to generate High Returns on the capital it deploys which usually means it can produce more profit than other businesses on roughly the same physical assets setting prices higher or maintaining lower while operating costs then competitors and it has 22 plants around the country that can get the frame that the custom framer orders 85% of the time if they order it by 5:00 today they'll have it by 3:00 tomorrow afternoon that's what the customer wants they don't care whether they pay $83 or $88 to get the thing frame they they you know you've got something you want done and you want it done fast and and that little custom framer those 18,000 people they want Happy customers and that means speed of delivery and certainty and all that but it's not just about having a superior product or service there needs to be something protecting those economics over time what's stopping other framing companies from matching their fast order turnaround time and eliminating their advantage you couldn't build a distribution system to compete with us I mean you know if just think of trying to build a distribution system starting from scratch that would take that business away from us it can't be done other framing companies didn't have the network of warehouses all across the country it it was physically impossible for them to match ponzio on the speed of his delivery every time I buy a business I say that myself if I had a billion dollar and I want to go and compete with these guys could I knock them off the company ponzio built is called albeca and Berkshire Hathaway acquired them in 2001 but most importantly to this day Buffett still owns it when you find a truly wonderful business stick with it patience pays one wonderful business can offset many mediocre decisions that are inevitable the trick is to hold on to these sorts of companies because their true value reveals itself as it compounds over multiple decades okay let's shift gears for a second let's talk about Tesla I know this video is about value investing but just stick with me for a moment since 2019 its stock has returned over 800% and back in 2019 I actually spent a good deal of time looking at it as an investment in the end I chose not to invest in Tesla and to the uninformed this might might sound like I'm describing a mistake but I'm actually describing a very very good decision because I knew absolutely nothing about the Auto industry this skill is called knowing your circle of competence what other the things that you know extremely well and more importantly what are the things that you don't know well is there anything in that box and can you tell what's in that box and what isn't in that box as simple as this might sound violating this investing rule is the s laws of most bad decisions to be a great investor you need to stick to your advantages Charlie Monga once said I don't want to play a game where people have an advantage over me I look for a game where I am wise and they are stupid and determining whether a stock is in your circle of competence is actually really easy I would say this if you have doubts about something being in your circle of competence it isn't the boundaries of your competence should be pretty much self-evident because again in the wise words of Charlie M it wouldn't be much of a competency if you didn't know where it ends the next rule is the hardest one to follow it's the one where Buffett admits that he's made the most mistakes we also hope these favored businesses are run by able and trustworthy managers though that is a more difficult judgment to make an investment in a stock puts your money in the hand of a group of Executives with enormous power power that controls how capital is allocated in the business and how information is communicated to the shareholders so they must have two important traits skill and integrity assessing those traits in management teams is extremely difficult but there are some tricks when we read things where we basically are getting dishonest messages from the management it makes a difference to us look at the Management's track record do they actually deliver on the promises that they make over time and when times are tough how are they communicating that to the shareholders you're often not really looking to find find honesty but rather find dishonesty that helps you avoid jumping on a sinking ship congrats on making it this far in the video you're about to learn Buffett's not so secret weapon for beating the market over many years but first let's talk about the most fundamental piece of Buffett's investing strategy Birds no not those birds a bird in the hand is worth doing the bush it's a somewhat strange analogy but it perfectly describes the only reason you would ever make an investment in the first place the only reason for making investment and laying out money now is to get more money later on right that's that's what investing is all about when you buy a stock you're buying a claim on the future profits of the business regardless of what you pay the business will go on to produce a particular amount of profit so the variable that you're in control of is how much you pay today for those future profits well what I mean to say is you control your decision to buy or not the market of course sets the price and most of the time theice pric is too high and this is where Buffett's not so secret weapon comes out occasionally markets and all the economy will cause stocks and bonds of some large and fundamentally good businesses to be strongly mispriced 2022 2020 2008 2000 all of these are times where stocks have been broadly pulled down by a shift in Market sentiment the common theme with all of these crashes and every other crash in human history is that they're temporary they simply reflect short-term investor panic and occasionally the price of wonderful businesses become really attractive it's in these moments that all of Buffett's rules and principles come together if you stick to your unique competencies and find the rare wonderful businesses generating high and sustainable Returns on Capital that are run by talented and honest people you have an idea of what they're worth and only plan to buy them when they're far below value to prevent permanent losses of capital then it's in these moments of Market pessimism where you'll be able to make investments that you'll hold for decades hit subscribe to stay up to date with the content that I'll be producing directly from the Burkshire Hathaway shareholder meeting and check out some of these videos next
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