Li Lu with Prof Bruce Greenwald: The investor give 10X returns 2 times #investing #munger #success

요약 보기

결론: 이 영상은 특정 자산의 가격 방향을 예측하지 않는 가치투자 교육 대담이다. 주제 1 — 수업 배경: 두 사람이 함께 시작한 베이징대 가치투자 수업(6년 전 시작, 현재도 운영 중)이 소개되며, 가치투자 철학을 다음 세대에 전하려는 취지를 설명한다. 주제 2 — 오너 마인드: 신규 투자자는 회사 지분 100%를 삼촌에게 물려받은 상황을 가정하고 사업을 공부해야 한다. 모르는 것은 알아내려는 자세가 필요하다. 주제 3 — 지적 정직성: 어떤 투자 견해도 가장 똑똑한 반대 논리를 이해하고 그것을 설득력 있게 반박할 수 있을 때까지는 가질 자격이 없다는 찰리 멍거의 관점이 제시된다. 주제 4 — 제로섬 논쟁: 매수자와 매도자 중 한쪽은 틀린다는 점이 언급되며, 모든 투자자의 평균 수익은 자산 전체의 평균 수익과 같다는 논리가 논의된다. 이 부분은 대담자 간 완전한 합의에 이르지 않았다. 주제 5 — 학습 방법: 과거 위대한 기업과 기업가의 역사를 많이 공부할수록 좋은 기회와 기업 특성을 판단하는 능력이 높아진다고 강조한다. 주제 6 — 결론 조언: 오너 마인드, 지적 정직성, 기업 역사 공부 세 가지가 투자 입문자와 실력 향상을 원하는 사람에게 모두 유용하다고 정리한다. 언급 종목 및 방향: 없음. 대상 자산에 대한 가격 방향 발언은 없음. 출연자 전망: 해당 없음.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. actually played a big role in uh promoting and advocating value investing from the books to actually underwrote in this class that we talked about where i went to beijing university and i think it still survives uh what's your vision for the kind of education that a new investor should embrace and where that education might be available well first of all thank you for uh come to uh teach at to the asian university value investing classes that my colleague jeanne channel and i started uh six years ago and now is six years still running and and you have played an important role to then i think our original inspiration for that class was really based on pretty much your class and your class is pretty much inspired and the continuation of the bank among others um warren buffett as student and i'm your student it'll be many more much brighter investors coming after us and that's a good thing so we're trying to do our part to really to pass on those that we philosophy the thinking and the practical parts value investing uh to the uh to the next generation in a sense uh so in terms of the younger students when you started today so i think a few things will be important um when i when i talk to young students and people who started out trying to get into the field i say several things that is important a to always adopt a owner's mentality and so i like to really ask a young student or an analyst for our firm basically to imagine all of a sudden that one of your unknown uncle who died and handed over 100 ownership to the company to you and that's the business you're going to study so any company think starting point that way and once you really kind of think of your own 100 of it your mentality is totally different so you never know that business existed now you're 100 you have no idea how to run it you don't know the people will run it what do you do you want to know everything everything you can possibly get your hands on and a lot of the things you know you don't understand you just know the facts you don't understand it but that's okay you're going to continue to learn until you get a handle of it and even if then because of the constant change you're going to continue to evolve your knowledge of it now if you adopt that mentality study any businesses you have really started the process of becoming a real better investor so that's the first thing the second thing is you really want to maintain intellectual honesty and that is very very very important you have to be really honest what you know what you assume when you pretend unsubconsciously and what you don't know um and how do you really know that one of the things that charlie have talked about that i think make the most sense is it was that i'm never entitled to have a view until i can find the smartest people on the planet who took the other side of that view and i can argue better at that opposition than he does and when i can do that i would be entitled to have a view same thing and applies to uh investing in the sense that intellectual honesty is a good life philosophy to begin with it is critical it is a vital when it comes to investment because as i said that the security market almost exists to really point it to really to find your weaknesses your dishonesty your potential um your bushy mushy knowledges and if you do not really process that fundamental attitude of intellectual honesty you'll be destroyed at some point during this during your career by the financial market it was almost designed that way to catch you can i can i say something about that because it was better than designed that way okay every time you buy a security thinking it's going to do well somebody else is selling you that security thinking it's going to do bad and vice versa and one of you is always wrong so you better be sure that you're the one that's on the right side of that transaction well it is there is some zero some aspect but not always oh no it's a hundred percent zero sum the average return to all investors in any asset class and therefore in all asset classes is the average return to all those assets it brings out just to take a slightly different view but i'm never going to argue against my professors i'm just going to say let's just agree with disagreement that's okay it is a fair point is a fair point and another thing i would say is that you you want to really devote as much time as possible to a study of the history of the businesses and the history of great businessmen in the past the more you'll study more companies the better you are when it comes to judgment on good opportunities and the judgment about the fundamental characteristic of the company of interest and so i say all three things important to start with the 100 owner mentality to continue to trim yourself to have a high degree of intellectual honesty and lastly to be a really a thorough student of the history of the businesses all three things are really going to be very helpful if you are beginning to get into the field of investment or you want to really improve your game so that's going to mice my advice doesn't understand good advice i'm not going to argue with that