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찰리 멍거의 투자 철학과 명언 10가지를 소개하는 교육용 영상으로, 특정 종목이나 자산의 향후 가격 방향에 대한 예측은 포함되어 있지 않다. 멍거의 생애와 버크셔 해서웨이 활동, 워런 버핏과의 파트너십을 소개하며 장기 투자 성과의 배경을 설명한다. 핵심 명언으로 자신이 모르는 것을 아는 것의 중요성, 가격과 가치가 어긋난 '잘못된 가격의 도박'을 찾는 가치투자, 시장 예측의 한계, 기업을 지분으로 보고 경쟁우위를 평가하는 관점을 다룬다. 인플레이션이 자산 보유자에게는 유리하고 현금·채권 보유자에게는 불리하다는 설명과 함께 빅맥 가격 상승 사례를 제시한다. 코카콜라 투자 사례(1988년 13억 달러 투자가 현재 240억 달러 가치로 언급)를 통해 장기 보유의 효과를 강조한다. 좋은 기업을 적정 가격에 사는 것이 평범한 기업을 훌륭한 가격에 사는 것보다 낫다는 PER·EPS 성장률 계산 예시를 든다. 매일 조금씩 나아지는 자기계발, 독서 습관, 에픽테토스의 스토아 철학적 태도(통제 불가능한 외부 사건과 통제 가능한 대응의 구분)를 강조하며 마무리한다.
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Warren Buffett has described Charlie manga as his closest partner and right-hand man together Buffett and manga have achieved arguably the world's best long-term investing record through their company Burkshire Hathaway in this video we will unlock the towel of Charlie manga and learn how his words of wisdom can Inspire us to be better investors born in Omaha Nebraska in 1924 Charlie manga's first interaction with the Buffett family was when as a teenager he worked at Buffett and Sun a grocery store owned by Warren Buffett's grandfather during World War II a 19-year-old manga served in the United States Army aircore and after the war attended Harvard University law school it was these formative years in the Army and at University that manga honed his card playing skills skills that he credits have helped him during his business career he says what you have to learn is to fold early when the odds are against you or if you have a big Edge back it heavily because you don't get a big Edge often opportunity comes but it doesn't come often so sees it when it does come after a career in lore and running his own Investment Company he teamed up with Warren Buffett as Vice chairman of Burkshire Hathaway in the late 1970s manga is often credited with changing Buffett's investment approach to buying wonderful companies at fair prices Buffett in summing Up Charlie's impact on his investment style over the years has said Charlie shoved me in the direction of not just buying Bargains as being Graham had taught me this was the real impact that he has had on me it took a powerful force to move me on from Graham's limiting view it was the power of Charlie's mind each year over 30,000 people attend the birkshire heway annual general meeting in om Nebraska where Charlie Munger and Warren Buffett are the stars of the show which is colloquially termed the Woodstock of capitalism manger is also the chairman of the Daily Journal Corporation The Daily Journal annual meeting has grown in importance as investors flock to the meeting to listen to the words of wisdom from Charlie manga the top 10 pieces of to wisdom from Charlie manga number one knowing what you don't know is more useful than being brilliant What Charlie is saying here is that we should become conscious of what we don't know and use that knowledge to stay away from investing in businesses we don't understand at the height of the doccom bubble in the late 1990s many people were seduced into investing in Internet stocks Charlie recognized that he didn't understand the new internet businesses which were outside of what he calls his circle of competence so he and Warren Buffett and the birkshire heway team avoided them completely the bubble burst stock prices cred and fortunes vanished in the aftermath Charlie and Warren were left looking brilliant number two you're looking for a misprice scamble that is what investing is and you have to know enough to know whether the the gamble is mispriced that's value investing when the price of a company and the company's long-term prospects are out of sync this is a misprice scamble this mispricing can be on the upside meaning that the stock price significantly overvalues the long-term prospects of the business or it can be on the downside meaning that the stock price greatly undervalues the long-term prospects of the company this is when the odds are in your favor and it is time to buy number three I've never been able to predict accurately I don't make money predicting accurately we just tend to get into good businesses and stay there Charlie doesn't pretend that he can forecast the future especially for the stock market which can be volatile in the short term however the one thing he can predict is that the stock Market will have moments of wild exuberance and high stock prices usually followed by belts of severe depression and much lower stock prices you can learn more about this in the video meet and understand Mr Market Charlie believes in taking advantage of Mr Market when you see the disconnect number four View a stock as an ownership of the business and judge the staying quality of the business in terms of its competitive Advantage Charlie Munga and Warren Buffett look at investing from the standpoint of buying a fractional interest in a business they want businesses that have durable competitive advantages we learn more about these in the video understanding the five company Moes number five I remember the 5cent hamburger and the 40 Cent per hour minimum wage so I've seen a tremendous amount of inflation in my lifetime did it ruin the investment climate I think not McDonald's launched the Big Mac in 1967 the burger consisted of two beef patties three buns one slice of cheese pickles lettuce onions and a special sauce it was priced at 45 cents and was an instant success by 2023 the big mat had all the same basic ingredients that it had in 1967 but now it costs around $5 why did the price go up so much the answer is inflation inflation is the friend of people who own assets inflation is also the enemy of people who own cash or bonds why well when central banks print money and it circulates into the economy interest rates go down this dve drives up the prices of financial assets such as stocks and real estate but the printing of more money also means that our dollars buy less and less which means that things cost more and more number six we just keep our heads down and handle the headwinds and Tailwinds as best we can and take the result after a period of years once Charlie gets his hands on an excellent business at a fair price he knows that the smart thing to do is to hold on to it and let the company's accumulated earnings pile up this will increase its underlying intrinsic value and over time will cause the stock price to go up Burkshire haway bought Coca-Cola in 1988 and today still owns it in the case of Coca-Cola Burk shares $13 billion investment in 1988 is now worth $24 billion today number seven a great business at a fair price is superior to a fair business at a great price we will take a look at some numbers here to explain what Charlie is talking about let's say you have $1,000 to invest and you have the choice of investing in either company red or Company Green the first part we need to understand is that the she price is equal to earnings per share times the price per earnings ratio company red has earnings per share of $1 and is growing its earnings by 15% per year and is selling at a PE ratio of 20 times therefore the share price is $1 of earnings per share times a PE ratio of 20 which gives a share price of $20 this means that at $20 a share with your $1,000 you can buy 50 shares of company red Company Green has earnings per share of $1 but is growing its earnings by 8% per year and has a PE ratio of 10 times therefore $1 of earnings times the PE ratio of 10 means the share price is $10 this means that with your $1,000 you can buy a 100 shares of Company Green at a quick glance company green looks like the better option but if you apply the earnings per share growth rates things add up a little different company greens earnings are growing at 8% per year which means that in 10 years time earnings will be $216 per share if the PE Ratio is the same our new share price in 10 years time will be $216 * 10 being $21.60 therefore our 100 shares of Company Green in 10 years time will be worth $2,160 company Red's earnings growth rate was 15% and this means that in 10 years time earnings per share will be $45 so assuming that the PE Ratio remains at 20 our share price for company red in 10 year's time will be $45 * 20 being $81 therefore our 50 shares will be worth $4,050 and that is $1,890 more than our investment in Company Green in the old days before Warren Buffett met Charlie he would have bought Company Green but after Warren met Charlie he became a company red man with all his heart and soul just remember a great business at a fair price is superior to a fair business at a great price number eight eight spend each day trying to be a little wiser than you were when you woke up discharge your duties faithfully and well Slug It Out one inch at a time day by day at the end of the day if you live long enough most people get what they deserve in Charlie's own life when he was practicing law he implemented a self education regime for 1 hour a day to learn such things as real estate development and and Stock Investing it was slow going at first but after a great number of years and thousands of books read he started to see how different areas of knowledge interplay with each other and how knowledge like money can compound number nine in my whole life I have known no wise people who didn't read all the time none zero you'd be amazed at how much Warren reads and how much I read my children laugh at me they think I'm a book with a couple of legs sticking out Charlie has always been a voracious reader and as a child he almost lived at the downtown Omaha Public Library where he explored towering intellectuals of the past such as Thomas Jefferson and Benjamin Franklin it is reading that helped to put him ahead of the pack number 10 I think the attitude of epicus is the best he thought that every mischance in life was an opportunity to behave well every mischance in life was an opportunity to learn something and that your duty was not to be submerged in self-pity but to utilize the terrible blow in constructive fashion that is a very good idea the Greek stoic philosopher epicus who lived in 55 to 135 ad stuttered Life as a slave to the Secretary of Emperor Nero in Rome he studied philosophy and on Nero's death was made a free man epicus taught that philosophy is a way of life that all external events are determined by fate and are beyond our control but as individuals we responsible for our own actions the financial parallel to epictetus's fate is the macro and microeconomic events that affect individual companies and their corresponding rising and falling stock prices how we respond to those events whether or not we learn from them is our own responsibility you can learn more about stoic philosophy in the video stoic philosophy to improve investing mindset with Marcus aelius you can also learn more about Charlie manga in the book poor Charlie's Almanac the wit and wisdom of Charles T manga there you have it the tow of Charlie manga to assist us and becoming better investors
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