저자: GabyLapera,JohnMaxfield · 외국인
요약 보기
결론: 글쓰기는 투자 판단을 논리적·규율 있게 만들어 감정 개입을 줄이는 도구이며, 훌륭한 투자자들 상당수가 뛰어난 작가이기도 하다. 의사결정 피로: 결정을 많이 할수록 나중의 결정이 나빠진다(마트 예시). 중요한 결정은 하루 끝에 피하고 신선한 상태에서 내리는 것이 좋다. 글쓰기와 투자의 연결: 투자 결정은 많은 판단을 요구하므로 명확하고 비판적·논리적으로 사고해야 한다. 글로 생각을 정리하면 규율이 생겨 감정 요소를 일정 부분 걸러낼 수 있다. 투자자 사례: 버핏의 주주서한, 벤저민 그레이엄, 하워드 막스, 조지 소로스, 헨리 클루스, 데이비드 아인혼, 피터 린치 등이 뛰어난 투자자이자 훌륭한 작가로 언급된다. 근거: 개인투자자는 감정에 따라 결정해 시장을 유의미하게 하회하는 수익률을 내는 경향이 있으며, 글쓰기는 이를 줄이는 데 도움이 된다. 특정 종목·자산에 대한 가격 방향 예측이나 목표가는 언급되지 않았다.
다듬은 글
Gaby Lapera: Let's talk about how you can use writing to make you a better investor. I think that most people are familiar with the concept of decision fatigue right? Just as a summary, just in case you aren't. Decision fatigue is the idea that the more decisions you make, you are more likely to make poor decisions going forward.
So say you are at the supermarket and you are there for a whole hour, which is a long time to be at the supermarket. So maybe at the beginning you go in and you are like, I'm going to eat real healthy this week, I'm going to get all my fruits and veggies. But after you are there for an hour all you want to do is get a package of double stuff Oreos and just stick them all in your face all at once.
All right, because you have already made so many decisions about what brand of orange juice to get and how many peppers you need and I don't know what, all the decisions you make at the grocery store. But this applies to real life, this happens to you all the time. This is why you should not make decisions, like important decisions at the end of the day if you can avoid it.
You kind of want to go into this fresh. Now the reason I'm talking about this is investing is about making decisions, a lot of decisions, and in order to make good decisions you want to know that you are thinking as clearly and as critically and as logically as possible. So Maxfield pitched me this idea that writing is a great way to do that.
John Maxfield: Yeah, I mean, and you think about again. First of all I love your supermarket analogy. It makes me think about when I go to the supermarket and then I'll get like candy, I literally just did this the other day at Trader Joe's. Then you make them put it on the top of the bag so that you can eat it in the car, like what ...
What animals are we? You know what I mean? What is that all about? But yeah, I love that. When you think about writing and you think about investing there is a huge overlap, and here's where I kind of came up with that whole thought process. You know, one of the benefits of working as a writer for The Motley Fool is that we are able to read a substantial amount.
I've read on average probably a book a week every week since I started writing for The Fool five years ago. One of the things that I have come away with from that whole process is that there is a large overlap between the best investors and really good writers. Let me give you some examples. Warren Buffett, his annual letter to shareholders is not only interesting because this is the richest guy in America writing it but it is really well written and really well laid out.
Benjamin Graham, obviously his mentor, who kind of started that whole value investing process, he was an excellent writer. Howard Marks at Oaktree Capital Management, brilliant, brilliant investor equally brilliant writer. George Soros, Henry Clews who was the Warren Buffett of the gilded age, he wrote a ...
I mean these guys. David Einhorn, Peter Lynch and I know you don't like, your not as big of a fan of Peter Lynch, but all of these guys are excellent, excellent writers and excellent investors. Then so you say, is there some type of correlation here, or is it completely coincidental. To your point Gaby, I can't help but think that there is a relationship here, and here's why.
One of the things that we know about investing, is that as general rule, individual investors underperform in the market to a meaningful degree and the other thing that we know is why they underperform. That is because they allow emotions to dictate their investment decisions in the place of logic. What writing does, is when you are forced to put down your ideas in print, you have to be more disciplined about them.
So when you think that through, that allows you to take out, to a certain extent, emotions from your investing decisions. That is why, as a general rule, while writing, it's also very beneficial in a lot of other areas in your life, but it's particularly beneficial in investing.
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