(Wawancara) Wawasan dari guru investasi Bill Ackman

요약 보기

빌 애크먼의 가치투자 원칙(그레이엄의 price vs value, 안전마진, 장기 관점)을 설명하고, UMG·치폴레·구글 사례로 기업 펀더멘털 중심 투자와 위기 시 기회 포착을 강조. 이사회·경영진 지배구조 개선, 레버리지 회피, 인덱스펀드 선호 등을 언급. 특정 종목·자산의 1~3개월 방향 예측은 없음.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. Today we will explore in depth the key principles of Bill Asman's Kalue Inesting and look at some specific examples Hello this first there is the book Intelligent Inestol by Benjamin Graham which Bill Asman often refers to after the great debacle when fear and panic selling dominated the markets Graham suggested distinguishing between price and value this means assessing the fundamental earnings power of a company beyond the short term confusion P Graham is famous for saying in the short term the stock market is a voting machine but in the long term the stock market is a weighing machine meaning although stock prices may fluctuate temporarily due to market sentiment in the long term the real profits and cash flows generated by the company will be recognized B Asman asserts that This concept is the starting point of Kalue Inesting another core topic is the difference between investigative and speculation speculation refers to short term trading that aims to profit from price fluctuations for example buying simply because of the belief that the price will rise while it means analyzing the future and growth potential of a company and only buying when the present value of the cash flows can be valued much higher than the current share price in this process the important concept is margin of sale you need to buy at a price much lower than its intrinsic value so that even your guess is slightly off the mark losses can be minimized this principle is an important benchmark that B Asman applies in almost all of his investment decisions Now let's look at some examples of companies the first is UN music group which dominates the global recorded music market we need to note that with the advent of digital music streaming services music consumption has become much more predictable Asman believes that music is closely tied to human culture and UNIL can continue to monetize it globally adapting quickly to the Napster era and the digital transition they also have an excellent Atis development system as well as a back catalog including Katlas Umrolin Stones and others that have lasting value responding to concerns that i could replace the music industry Arman argues that the public is still fascinated by the stories and personalities of human beings the second example is Cipotle its stock price was almost cut in half due to a food poisoning incident in its outlets but the company has a different model which is the use of healthy and fresh ingredients and cooking directly in the outlets Asma sees that a sharp decline in a company that has a great operating system just because of one incident is a perfect opportunity for value investors to enter Cipotle now has more than 1000 records worldwide still growing rapidly and has restored its brand image most importantly they appointed BRI as the new to redo the management process and the end that continued as p finally Mer profit bes and once again MTI lesson that sharp decline of the company yangundamentalnyaat seb pel Kis di jug very kekaat Open m danularaal kaborasi argues that go has amassed enormous data and capabilities through dmin and other initiatives in addition the data collected from various diis including YouTube search and serves as a very strong barrier to entry so go will not be eliminated just because of one data cause but Asman believes that Google's financial resources talent pool and dominance in the market are more than enough to offset the challenge Now let's look at the framework of Asman's inestasbil philosophy he said that he learned the long term perspective and calm demeanor from Warren Buffett one common view is that the best time to when the market is dominated by fear and everyone is selling he also emphasizes the principle of when stocks suddenly an sel inestas process pjaman atauad that biapakakan you sebah or give advice to the board of directors and management fixes structural problems and increases company value in cases like wistana Dian pacific and general GR he led the recovery of value through a board overhaul corporate governance improvements and the hiring of new co he said if the board of directors is not functioning well even great businesses can fail therefore the character of incentives and credibility of ja and management are very important there is a story that analyzes companies he often reviews 5 years of conference call recordings to see if what they say matches what they actually do in the end he assesses seuh Man management-ul terhaiemang legit individual his main advice is Never invest with borrowed money if the market crashes and you are forced to panic sell you cannot invest for the long term he also advises against over investing but rather focus on companies in industries and Mer that you understand well lastly he points out that mutual funds often have high management fees making their cost effectiveness lower than their returns as an alternative he recommends index funds or all these principles ultimately help investors not to be swayed by short term volatility but rather focus on the fundamental value of companies with a long term perspective that concludes our first session on B Asman's investment philosophy and For example, thank you, we will continue to try to provide useful information. 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