저자: 워런버핏 · 외국인
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첫 줄 결론: 버핏·멍거의 원칙은 '잃지 않는 투자'와 가치 대비 싼 자산 매수이며, 단기 가격 예측이나 시장 타이밍에 의존하지 않는다는 것이다. 핵심 원칙: 첫 번째 규칙은 돈을 잃지 않는 것, 두 번째는 첫 번째 규칙을 잊지 않는 것이다. 가치보다 훨씬 싸게 사서 여러 종목을 보유하면 기본적으로 손실을 피할 수 있다고 주장한다. 투자자 기질: 필요한 것은 높은 IQ보다 안정된 기질이다. 군중과 함께하거나 군중에 반대하는 데서 쾌감을 느끼지 않아야 하며, 옳고 그름은 다수의 동의가 아니라 사실과 추론에 달려 있다고 강조한다. 시장 전망에 대한 견해: 주가 상승이 기업 이익과 배당 증가 없이 이루어졌다면 과거 잘못된 예측을 바로잡는 조정일 수 있다고 본다. 주식시장은 때때로 좋은 예측 지표이지만 자주 빗나간다는 입장이다. 단기 방향 예측 발언은 없다. 소규모 자금의 이점: 소액 자금을 가진 투자자는 대규모 자금보다 훨씬 넓은 투자 대상을 가지므로 높은 수익을 내는 기회를 찾을 수 있다고 본다. 버핏은 자신이 과거 무디스 매뉴얼 2만 쪽을 두 번 통독했다고 설명한다. 가치 투자 관점: 주가는 기업에 대해 아무것도 말해 주지 않으며 기업의 실적 수치가 중요하다. 가치를 먼저 평가하고 나중에 가격을 확인하라는 원칙을 제시한다. 시장이 며칠 닫혀도 좋은 투자라면 무관해야 한다고 말한다. 역량 범위: 자신이 가치 평가할 수 없는 분야(기술주, IBM, 코코아 등)는 투자하지 않았다고 밝힌다. 증권시장에서는 매일 가격이 제시되지만 반드시 결정할 필요는 없으며, 이해하는 종목이 나타날 때까지 기다리는 인내가 중요하다고 강조한다. 비트코인 관련 발언: 농장 전체 지분을 제안받으면 식량 생산 가치 때문에 가치를 설명할 수 있지만, 전 세계 비트코인을 소유해도 사용 가치가 없어 사지 않겠다는 부정적 견해를 보인다. 학계와 실무: 학자들은 요일이나 선거 연도 같은 데이터 변수에 집중하지만, 사업가가 사업체를 살 때 그런 변수를 고려하지 않듯 주식도 사업의 일부로 봐야 한다고 주장한다. 리스크: 과도한 자극과 단기 시선은 장기 수익에 방해가 된다. 영상은 대부분 과거 인터뷰 인용이며 특정 종목에 대한 현재 추천은 없다.
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the first world on investment is don't lose and the second order investment is don't forget the first rule and that's all the rules there are I mean if you buy things for Far Below what they're worth and you buy a group of them you basically don't lose money all right what do you consider the most important quality for an investment manager it's a temperamental quality not an intellectual quality you don't need tons of IQ in this business you have to have enough IQ to get from here to Downtown Omaha but you do not have to be able to play three-dimensional chess or in the top leagues in terms of bridge playing or something of sort need a stable personality you need a temperament that neither derives great pleasure from being with the crowd or against the crowd because this is not a business where you take polls it's a business where you think and Ben Graham would say that you're not right or wrong because a thousand people agree with you and you're not right or wrong because a thousand people disagree with you you're right because your facts and your reasoning you're right welcome back Rich followers we hope this video inspires you to get started on your dream so please watch until the end and if you are new here consider subscribing so that you won't miss other educational videos like this let's get started in this video we go over some of Warren Buffett and Charlie munger's famous quotes and sayings to questions that people have wanted to know I think the president's action on steel probably had something to do with the timing of the decline but I don't think it was the factor which and the amount of the decline for some time stocks have been rising at rather rapid rates corporate earnings have not been rising dividends have not been increasing and it's not to be unexpected that perhaps the correction of some of those unusual factors on the upside might occur on the downside the stock market has been a good forecaster from time to time in the past it also has been a rather poor forecaster occasionally for example the last four or five years the stock market has been booming along and presumably forecasting Better Business which is really not materialized corporate profits are not any better than they were five years ago but stock prices are 50 percent higher thereabouts so maybe the stock market is really correcting a previous incorrect forecast this time rather than making a new correct one I've had calls from a couple of friends in the last month that don't know anything about me that investing money they've been unsuccessful and everything else and you know one of them called me the name said I'm forming a small hedge fund 125 million he was talking about like the thought that since it was only 125 million maybe we ought to put in 10 million or something if you looked at this fellow Schedule D on his 10 40 for the last 20 years he'd think he ought to be mowing lawns but but he may get his 125 million it's just astounding to me how willing people are during a bull market just to toss money around because they they think it's easy and of course that's what they felt about internet stocks a few years ago they're thinking about something else next year too but if I were working with a small amount of money the universe would be huge compared to the universe of possible ideas I work with now when I started I went through the pages of the manuals Page by page I probably went through 20 000 pages in The Moody's industrial Transportation Banks and finance manuals and I did it twice and I actually looked at every business I didn't look very hard at some that's not a practical way to invest tens or hundreds of millions of dollars so I would say if you're working with a small sum of money that and you're really interested in the business and willing to do the work you will find something there's no question about in my mind you will find some things that promise very large returns compared to what we will be able to deliver with large sums of money I absolutely advise to that students last week 160 of them from Harvard South Dakota State I just tell them try to find your passion and I mean may not find it the first time but don't sleep walk through life find something that you really enjoy doing if you can do it and not everybody's lucky enough to be able to find that but it's it ought to be your goal make ten dollars a week more doing something that you don't feel good about compared to something you'd feel good about make the change Warren what do you do that's different than ninety percent of the money managers who are in the market certainly most of the professional investors focus on what the stock is likely to do in the next year or two and there are all kinds of Arcane methods of approaching that but they do not really think of themselves as owning a piece of a business the real test of whether you're investing from a value standpoint or not is whether you care whether the stock market is open tomorrow if you're making a good investment in a security it shouldn't bother you if they close down the stock market for five years all the ticker tells me is the price and I can look at the price occasionally to see whether the price is outlandishly cheap or outlandishly high but prices don't tell me anything about a business business figures themselves tell me something about a business but the price of a stock doesn't tell me anything about a business I would rather value a stock or a business first and not even know the price so that I'm not influenced by the price in establishing my valuation and then look at the price later to see whether it's way out of line with what my value is so Buffett chose to stay in this world Omaha Nebraska where corn grows just minutes from downtown now Omaha is a nice town but nobody claims it's a world financial center but here the only Thundering Herd is actually on four feet don't you find Omaha a little bit off the Beaten Track for the investment World believe it or not we get mail here and we get periodicals and we get all the facts needed to make decisions unlike Wall Street you'll notice we don't have 50 people coming up and whispering in our ear that we should be doing this or that this afternoon if you appreciate the lack of stimuli I like the lack of stimulation we get facts not stimulation here can you stay away from Wall Street if I were on Wall Street I'd probably be a lot poorer you get over stimulated in Wall Street and you hear lots of things and you may shorten your focus and a short focus is not conducive to Long profits and here I can just focus on what businesses are worth and I don't need to be in Washington to figure out what the Washington Post newspaper is worth and I don't need to be in New York to figure out what some other company has worked it's simply it's an intellectual process and a lot static there is in that intellectual process really the better off you are what is the intellectual process the intellectual processes is defining your area of competence and valuing businesses and then within that area of competence finding whatever sells at the cheapest price in relation to value and there are all kinds of things I'm not competent to value or but there are a few that I am confident about have you ever bought a technology company no I really haven't in 30 years of investing not one I haven't understood any of them so you've never owned example IBM we never owned IBM marvelous company a sensational company but I haven't known IBM and so here is this technological Revolution going on and you're not going to be a participant gone right past me is that all right with you it's okay with me I don't have to make money in every game I don't know what cocoa beans are going to do are there all kinds of things I don't know about and that may be too bad but why should I know all about them I haven't worked that hard on them in the Securities business you literally every day have thousands of the major American corporations offered you at a price and a price that changes daily and you don't have to make any decision nothing is forced upon you there are no called strikes in the business the pitcher just stands there and throws balls at you and if you're playing real baseball between the knees and the shoulders you either swing or you got a strike call I need to get too many calls I knew you're out in the Securities business you sit there and they throw a U.S steel at 25 and they throw General Motors at 68.
you don't have to swing in any of them they may be wonderful pitches to swing at but if you don't know enough you don't have to swing and you can sit there and watch thousands of pictures and finally you get one right there where you want something that you understand and then you swing and the so you might not swing for six months you might not swing for two years isn't that boring it would bore most people and certainly boredom is a problem with most professional money managers there's all kinds of people watching this that are long Bitcoin and there's nobody that's short and nobody wants their windpipe stepped on if the people in this room owned all of the Farmland in the United States and you offered me a one percent interest in it and you said from one percent interest in all the Farmland in the United States by our group now let's see 25 billion dollars I'll write your check this afternoon now if you told me you owned all of the Bitcoin in the world and you offered it to me for 25 I wouldn't take it because what would I do with it I have to sell it back to you one way or another it isn't going to do anything the Farms are going to produce food if I've got all the Bitcoin if I'm trying to get rid of it people will say why should I buy some Bitcoin why don't you call it buffered coin make your owners I'm not going to give you anything for it Warren your approach seems so simple why doesn't everybody do I think partly because it is so simple that the academics for example focus on all kinds of variables so they focus on whether if you buy stocks on Tuesday and sell them on Friday your better offer if you buy them in election years and sell them in other years you're better offer if you buy small companies there are all these variables because the data are there and they learn how to manipulate data and as a friend of mine says to a man with a hammer everything looks like a nail and once you have these skills you're just trying to utilize them in some way but they aren't important if I were being asked to participate in a business opportunity would it make any difference to me whether I bought it on a Tuesday or Saturday or an election year or something it's not what a businessman thinks about in buying businesses so why think about it when buying stocks because stocks are just pieces of businesses if you found value in this video we would like to give you another video for you to enjoy next please like this video and share it with your friends on social media don't forget to subscribe if you are new here so you won't miss another one of our videos the more you learn the more you earn
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