Warren Buffett: Why You Should Avoid Growth Stocks like Intel and Microsoft

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결론: 버핏은 이해할 수 있는 기업에만 투자하며, 인텔·마이크로소프트 같은 고성장주는 이해가 부족해 피하는 것이 원칙이라고 설명한다. 질문 요지: 고성장 기업(연 30% 성장)에 집중 투자하면 버핏 방식보다 수익이 두 배가 되는지에 대한 질문이다. 버핏의 답변: 이해 가능한 사업을 판단하는 능력이 핵심이며, 그런 기업에 투자하면 큰 성과를 낼 수 있다고 말한다. 이해의 기준: 10년 뒤 사업의 모습을 어느 정도 확신할 수 있어야 이해한다고 본다. 많은 기업이 그 기준을 충족하지 못한다. 인텔·마이크로소프트 평가: 앤디 그로브와 빌 게이츠는 훌륭한 경영자이고 사업 포지션도 강해 보이지만, 버핏은 그 포지션이 얼마나 탁월한지 확신할 만큼 사업을 잘 알지 못한다고 말한다. 코카콜라·질레트 평가: 이 두 기업의 사업은 훌륭하다고 확신한다고 밝힌다. 한계 인정: 상품(코코아, 루블 등)이나 여러 금융상품처럼 평가할 지식이 없는 영역은 투자 대상에서 제외한다. 능력의 차이: 질문자가 버핏보다 해당 기업을 더 잘 이해할 수 있다는 점을 인정한다. 결론적 태도: 더 큰 수익이 다른 곳에 있다면 그것을 얻는 사람들이 그 몫을 가질 자격이 있다고 말하며, 자신은 이해하는 영역에 머문다는 입장이다. 출연자 전망: 영상의 주장은 버핏의 과거 발언에 근거한 것이며, 해당 기업들의 향후 가격 방향에 대한 구체적 전망은 없다.

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01. typically Warren Buffett invests in slow growth stocks like coca-cola however why hasn't he invested in growth stocks like Amazon Intel and Microsoft and yes he did recently purchased Amazon chairs but that was after they already had lots of growth in this clip Warren Buffett explains his thoughts on these growth stocks yes mr.

02. Buffett I would like to thank you again for issuing that Class B shares well I'm glad with it and I hope you honor me and I'm a Class B shareholder I need you a comment on some analysis that we did if someone uses your investment philosophy of building a highly concentrated portfolio of six to eight stocks and adopts you were by and holding principle so that the maths of compounding and no tax works for you but however with one major modification invest in high-octane companies like Intel and Microsoft that are growing at 30% instead of typical 15% growth company in the portfolio my question is will this investment philosophy will translate into twice the shareholder return as you have historically provided reversion well it will certainly work out to twice the return of Intel and Microsoft do twice as well as Coke and Gillette I mean it's it's a question of being able to identify businesses that you understand and feel very certain about and if you understand those businesses and many people do but Charlie and I don't you have the opportunity to to evaluate them and if you decide they're there they're fairly priced and they have marvelous prospects you're going to do very well but there's a whole group of companies a very large group of companies the Charlie and I just don't know how to value and that doesn't bother us I mean you know we don't know what we don't know how to figure out what cocoa beans are gonna do or the Russian ruble or I mean there's all kinds of financial instruments that we we just don't feel we have the knowledge to evaluate and really you know it might be a little much too much to expect that somebody would understand every business in the world and when we we find some that are much harder for us to understand and when I say understand my idea of understanding a business is that you've got a pretty good idea where it's going to be in ten years and I just can't get that conviction with a lot of businesses whereas I can get it with a relatively few but I only need a few as you pointed out you only need a few of the six or eight or something like that it would be better for you it certainly would have been better for you if if we had the insights about what we regard as the somewhat more complicated businesses you describe because there was and may still be a chance to make a whole lot more money if those growth rates that you described or maintained but I don't think there I don't think you'll find better managers then Andy Grove at Intel and and Bill Gates at Microsoft and they certainly seem to have fantastic positions and the businesses that are in but I don't know enough about those businesses to be as sure that those positions are fantastic as I am about being chair the Gillette and coca-cola businesses are fantastic you may understand those businesses better than you understand Coke and Gillette because of your background just the way your your mind is wired but I don't and therefore I have to stick with what what I really think I can understand and and if there's more money to be made elsewhere I think the people that make it are entitled to it Charlie