저자: WarrenBuffett · 외국인
요약 보기
버핑은 소액 투자 초기 성공을 뛰어난 집중력, 정서적 안정, 벤저민 그레이엄 『현명한 투자자』를 통한 원칙 확립 덕으로 설명. 찰리 멍거는 단순 주식 선별·보유만으로는 충분한 삶이 아니며 버크셔 경영이 더 보람 있다고 언급. 다우존스(WSJ)는 금융정보 독점적 지위를 가졌으나 혁신 부재로 기회를 놓쳤고, 블룸버그 등장으로 위상이 흔들렸다는 사례를 제시. 정량적 투자 근거 수치는 제시되지 않음.
다듬은 글
What would you cite as the most important reason for your early success with small amounts of capital? And given hindsight today, what might you have done to improve your strategy with these small funds? Yeah. Well, I had a great teacher. I had exceptional focus and I had the right sort of uh uh emotional uh qualities that that would help me in being investor.
I enjoyed the game. I mean, if it you're just about, you know, hard enough to be interesting, but not so so hard as to be beyond the capabilities of people understanding it. And that's kind of the way this game is. I mean, it's it's it's not like Henry Singleton kind of questions he took on. It's it's it's actually a pretty easy game and it does require a certain [clears throat] uh emotional stability.
Uh, and I I went at it, you know, hammer and tong. I I went through the manuals and everything, but I was enjoying when I when I did it. And and and like I say, I started out between ages seven and [clears throat] about 19. I had that same enthusiasm, but I didn't really have any guiding principle. And then I ran into the [clears throat] intelligent investor and Ben Graham and and and uh and then at that point I was able to take all this energy and everything and enthusiasm for it and and and now I had a philosophy that uh uh made a lot of sense, total sense, and I found that I could employ.
And so the game became even more fun. But it wasn't wasn't really more complicated than that. Charlie. Well, I I don't have anything to add. I do think that that it's an easy game if somebody has the temperament for it and keeps at it because he's likes it and is interesting interested in it. I have a problem that Warren has less of.
I don't like being too much an example to people who want to get rich by being shrewd and buying and passively holding securities. I don't think that's enough of a life. If you rest a fortune from life by being shrewder than other people and buying little pieces of paper, uh I don't think that's an adequate contribution in exchange for what you're taking.
So, so I like it when you're investing money for an endowment or a pension fund or your relatives or something, but but I I I never considered it enough of a life to merely be shrewd in picking stocks and passively holding them. Yeah, running Bergkshire has been far far more fun than running in my case Buffett Partnership or or just an investment fund.
I mean that you'd be less of a man if you run [clears throat] that partnership. It'd be a crazy way to go through life. Yeah. Yeah. I mean it just you know Bergkshire is incredibly more satisfying. So, if you're good at just investing your own money, uh I hope you'll morph into doing something more.
Okay, we'll do eight and then that'll then we'll move on to the annual meeting. Uh my name is John Boxto. I'm from South Dartmouth, Massachusetts. My question was regarding an interview that you gave Mr. Buffett several years ago. Uh you made a very interesting point. It was about the old Wall Street Journal, if you will, the one before it was purchased by News Corp.
You mentioned in the interview that Wall Street Journal at some point in the past had very significant competitive advantages, but a number of them were largely unrealized. I was just wondering if you could elaborate on that, what the advantages were, how they unrealized, etc. Thank you. Yeah. Dow Jones which owned the Wall Street Journal uh you know in the in the 60s uh and 70s going into the area into the era of the enormous spread of financial information and value of financial information.
You know they basically they owned the field. They had the they had the news ticker and they had the journal which you know anybody interested in finance in the country uh identified with and uh they starting with that in what would be the an incredible growth industry finance uh you know for the next 30 or 40 years they they uh I forget a couple of those ventures they went into and they bought a chain of small newspapers Uh I remember one time and they they just totally missed uh what was going to happen.
You know, here here comes Michael Bloomberg and you know takes away financial information. I mean they they had such an advantage and uh they didn't really see uh various areas that they could have pursued which it could have turned that company into something worth many hundreds of billions of dollars in all probability.
And uh you know they had a situation where a family owned it and a lawyer essentially controlled the family uh family's behavior and they were sitting pretty you know they they were all getting dividends but there was nobody there with any imagination as to what could be done in the financial field.
So starting with this position, they were a trusted name. They were in every every every brokerage firm in the country with a with a news ticker. I mean went to Waler Anenburgg's house one time and he had the Dow Jones ticker there. I it just it or the news news ticker and it it it was they couldn't have been in a better place.
They couldn't have started with a stronger position. They had a they had a very good balance sheet. Uh and they just let the world pass them by. Uh, now Rupert is is is changing it into a different newspaper. He's going into he's basically going into competition with the new or has gone into competition with the New York Times.
So he but that's the game he likes and uh and it makes for a very [clears throat] interesting competitive situation. Charlie, well they did end up with six or seven billion dollars. So they may have blown their opportunities but they they didn't destroy their fortune. If you'd had the hand, if Tom Murphy had had the hand Oh, yeah.
It would have been in the hundreds of millions, wouldn't it? Well, I don't know. I'm not sure if we had had that hand, we would I'm not so sure about Murf. There were a lot of opportunities there. Well, I think even Murf is more like us than he is like Bill Gates. No, I'm not sure where that goes, but
Well, but I think it's hard to invent new entirely new new modalities and and so on. I think Bill would have done very well with D Jones, too. Yes, he might have done better than Yeah, I'd like to buy into that retroactively. I wanted to ask you from my point of view, what would be the answer to the most intelligent question I could ask you right now?
Everybody tries that question and it would be wonderful if that would solve all your problems. [clears throat] But I don't think it's a very good question. Or perhaps I should say let's let's phrase that differently, Charlie. Well, what I mean is you're asking too much of somebody when you you ask him to honestly say what is the most enlightening question he could answer.
Yeah, I I get that asked by the students a lot and I've had a lot of practice in hearing it get asked, but I haven't had very much success in answering it. Uh so I I'll have to beg off on that one. How about seven?
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