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찰리 멍거의 투자 철학과 워런 버핏과의 관계를 소개하는 교육 영상으로, 특정 자산의 향후 1~3개월 가격 예측은 없음. [결론] 버크셔 해서웨이의 성공은 싼 주식 찾기(시가 꽁초 투자)에서 좋은 기업을 합리적 가격에 사는 방향으로 전환한 멍거의 영향이 컸다는 취지. [버핏의 투자 전환] 벤저민 그레이엄 영향으로 싼 기업을 사던 버핏이, 멍거의 조언으로 우량 기업을 사는 방향으로 바뀌었다고 설명. 버핏은 버크셔 인수가 실수였다고 회고. [멍거의 주요 발언] 어리석은 도박꾼은 인내심 있는 투자자만큼 성과가 나지 않는다. 시장은 장기간 비합리적일 수 있으므로 단기 방향 예측은 무의미하다. 좋은 기업에 장기 투자하고 단기 결과에 집착하지 말 것. [투자 원칙] 주식은 기업의 일부 지분이며 가격 상승이 당연한 것이 아님. 레버리지는 위험하며 100% 확실한 것은 없음. 능력 범위(competence circle) 내에서 투자하고 소수 종목(약 5개 이내)에 집중. [적응과 학습] 세상이 변하면 투자자도 변해야 함. 멍거·버핏은 철도주를 수십 년간 싫어했으나 이후 태도를 바꿈. 애플 투자 사례 언급. [출연자 전망] 특정 종목·지수에 대한 명시적 가격 전망은 없음. 장기 견해만 제시.
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Warren Buffett is widely known as the greatest investor ever and with a company like Berkshire Hathaway A large and successful conglomerate who can argue with that but what if I told you that once upon a time Berkshire was a lousy business and wasn't ran in a way that would allow scalability and that this was so until an extraordinary man came into the picture and changed everything who was that man you may ask that man was none other than Charles T manga better known as Charlie manga welcome to the 8 Charlie manga is the vice chairman of Berkshire Hathaway and Warren Buffett's right hand man he joined the company in 1978 and has been instrumental in growing the company into the large conglomerate that it is today Warren Buffett might not have become the incredible investor he is known as today if it weren't for Charlie panga Buffett famously transitioned from buying the cheapest businesses he could find known as cigarbots to buying quality businesses he largely came to make this transition because of Chilly manga early in his investment career Buffett was largely influenced by Benjamin Graham who was one of the best investors of his time and his mentor he's also the author of the famous investing book The intelligent investor Ben Graham was adamant about ensuring that you don't overpay for a company and that you have a large margin of safety which frequently LED Buffet to buy inferior by Cheap businesses it took someone as wise as Charlie manga to open Buffett's eyes to the profits to be made by paying a bit more for the highest quality business here's Warren explaining how the approach he had been taking wasn't the best in Vegas but but buying Berkshire Hathaway itself was a mistake because Berkshire was a lousy textile business and I bought it very cheap I've been taught by Ben Graham to buy things on a quantitative basis look around for things that are cheap and that I was taught that we'll say in 1949 he made a big impression on me so I went around looking for what I call you cigar butts of stocks and the cigar butt approach to buying stocks is that you walk down the street and you're looking around for cigar butts and you find this honestly this terrible looking soggy ugly looking cigar one puff left in it but you pick it up and you get your one puff it's disgusting you can throw it away but it's free I mean it's cheap and then you look around for another soggy you know one puff cigarette well that's what I did for years it's a mistake uh although you can make money doing it but you can't make it with big money it's so much easier just to buy wonderful businesses so now I would rather buy a wonderful business at a fair price than a fair business at a wonderful price but in those days I was buying cheap stocks at Berkshire was selling below its working capital per share you got the plants for nothing you got the machinery for nothing you got the inventory and receivables with a discount it was cheap so I bought it and 20 years later I was still running a lousy business and that money did not compound you really want to be in a wonderful business because the time is the friend of the wonderful business you keep compounding it keeps doing more business and you keep making more money time is the enemy of the lousy business I could have sold Berkshire perhaps liquidated it and made a quick little profit you know one Puff but staying with those kind of businesses is is a big mistake so you might say I learned something out of that mistake and I would have been way better off taking what I did with Berkshires I kept buying better businesses I started the insurance business to See's Candy the Buffalo all kinds of things I would have been way better doing that with a with a brand new little entity that I'd set up rather than using Berkshire the platform now I've had a lot of fun out of it I mean everything in life seems to turn out for the better so I I don't have any complaints about that but it was a dumb thing to do moving away from his old style of investing wasn't always easy which is why Charlie was so invaluable in helping bring about that change it is highlighted in this video with Warren Buffett and Shelley manga so Charlie where did this thinking about investing that you don't buy cheap Bargains but you look for really good companies well where you come from I have a habit in life which is I look at it and I observe what works and what doesn't and I'd seen so many idiots get rich and easy business so naturally I wanted to be in a easier business Charlie it was very interesting to me when I first met Charlie he had you know a number of clients his father had a number of clients and he had thought about the businesses of each one of those clients probably in a much more perceptive way than most of them have thought about them themselves I mean he was incapable of not thinking through what the realities of the situation were you know and what could be done about it and he just analyzed things what would work and what wouldn't and why it's so simple so what are a couple of those early Investments that were reflective of this new philosophy of buying really good companies well in terms of in terms of stocks you know something like American Express would have been uh that had gotten some trouble but it was a wonderful business and and there were some others that in terms of buying the entire business uh I probably didn't realize how what a wonderful business uh our first Insurance purchase was but I knew it was a good business the first real business we bought that way was See's Candy I mean it was really an outstanding business and and I still had enough almost from my past that I really didn't want to pay the last few million dollars and human video you didn't want to pay the last 25 000.
yeah and Charlie reminded me that I was slipping back into into the Stone Age again and and got me to move over the years Warren and Charlie have formed the formidable partnership and Warren has never shed away from heaping Praise on Charlie and in his recent lecture to the shareholders of Berkshire Hathaway he took time to share some quotes from Charlie and I would like to explore some of them and discuss what we can learn from them in a section of the letter titled nothing beats having a great partner he starts off by saying Charlie and I think pretty much alike but what takes me a page to explain he sums up in a sentence his version moreover is always more clearly reasoned and also more utterly some might add bluntly stated here are a few of his thoughts many lifted from a very recent podcast number one the world is full of foolish gamblers and they will not do as well as the patient investor this is a point I personally agree with and I've brought up a few times in previous videos it is said that the market can remain irrational longer than you can remain solvent meaning that trying to predict where the market will go will always be a futile exercise that will leave you disappointed and running a huge loss on the other hand by being patient and investing in good businesses you'll make great returns over time what you put your money into should not be driven by what the most trending stock is and the desire to see quick results this approach will put you at a greater risk of losing it all as opposed to a well thought out investment for the long term with great earning potential the kind of track record that Warren and Charlie have is a great Testament to this principle over short periods of time there are some investors who have outperformed Berkshire but over the long stretch Berkshire always comes out on top number two if you don't see the world the way it is it's like judging something through a distorted lens this analogy applies not only in the world of investing but in life in general we need to see things what they truly are in order for us to see their true value if you don't learn and understand how the market works you'll never really get the most out of it because your reality will be a distorted version of what it is if you don't see your investment as owning a small part of a business then your vision of what you're investing in might be distorted and might need some work a stock is more than some arbitrary thing whose price is supposed to go up all the time number three all I want to know is why I'm going to die so I'll never go there and a related thought early on writer desired obituary and then behave accordingly this is a very interesting point it can apply in so many ways depending on what you would like to achieve by knowing what things to avoid you can save time and avoid potential losses similarly by setting goals and knowing what it would take to reach them you pretty much have a recipe to follow all that's left is for you to do the work so that the recipe can come to life and you you can benefit from it set goals for what you would like to achieve through investing learn what it would take to get there and then set that working towards that goal number four if you don't care whether you're rational or not you won't work on it then you will stay rational and get lousy results one of the biggest things that Charlie and Warren often address is knowing and operating in your circle of competence this means that they know what they're good at and they stick to the things they know because that is where they can provide the most value we can benefit from understanding our own Circles of competence and our mindsets so that we can work on the things that need Improvement which in turn can provide value if you are driven by emotion and not reason then UI rational and that will affect the kind of results that you will get fortunately this does not have to be a permanent thing you can learn from your mistakes and improve number five patients can be learned having a long attention span and the ability to concentrate on one thing for a long time is a huge Advantage there exists in the minds of many the idea that unless we can see instant results then whatever we're working on is not worth our time and efforts while this may be a common trait among people it can be done away with one of the simplest ways we can learn patients is by learning and practicing you can learn from people like Charlie and Warren get to understand what it is that allows them to be so patient in what they do and over time as you practice you'll make better decisions because you'll be well informed and trained a great company keeps working after you are not a mediocre company won't do that the whole idea of investing is eventually to have your money work for you but where does the money work for you in a business preferably one that has a competitive advantage and is well managed this makes it more likely to continue running for a long time thus helping you generate passive income companies are ran by people that's why you need to understand what the people in management are doing what is the long-term goal and what is the plan to make that dream a reality look for great companies and invest in them for the long term that is essentially what Berkshire does and that is why Charlie has brought into the business that has made all the difference number seven Warren and I don't focus on the froth in the market we seek out good long-term Investments and stubbornly hold them for a long time in times like these where there's a lot going on in the markets with a lot of uncertainty people will often panic and make irrational Decisions by focusing on the long-term performance of the company and not the short term you get to understand that what is happening now most of the time only affects the now but not so much the year after we can avoid a lot of the pitfalls that many will fall into and instead enjoy even greater Returns on the other side of the situation by taking the long-term approach to investing it is said the time in the market beats time in the markets and what bad example can we look for than Berkshire Hathaway itself number eight Ben Graham said day to day the stock market is a voting machine in the long term it's a weighing machine if you keep making something more valuable then some wise person is going to notice it and start buying a lot happens on the stock market every day but just because such is the case it does not mean that you also need to be actively working on something every day by looking for good businesses with a long-term value you'll be far better off than someone who's actively trying to beat the market every day the purpose of businesses going public is to access outside capital and make enough profits to be able to satisfy investors and keep the process going the more value a company provides the more attractive it becomes to investors your duty is to be that wise person who sees the value earlier so you can ride the wave of profit for longer number nine there's no such thing as 100 sure when investing thus the use of Leverage is dangerous a string of wonderful numbers Time Zero will always equal zero don't count on getting rich twice to me this makes to speculation and greed these two things in my opinion should be avoided at all costs especially when it comes to investing I've said before that investing is not a get rich quick scheme so if you start taking up some crazy risk and even think of leveraging in order to get maximum results you can run a huge risk of losing it all and that is definitely not something you want to see it's interesting to hear someone with such a great track record say that nothing is 100 guaranteed risk is effective investing that you'll always need to be aware of and try to mitigate it as much as you can is a good idea number 10 you don't however need to own a lot of things in order to get rich this is a classic Charlie manga philosophy with a portfolio of no more than five Holdings most of the time he keeps things simple buyers in great companies and just enjoys making his money that way I guess you can say that he believes in diversification a whole lot differently than most people do which works and helps him focus better than he probably would otherwise the next two points I'll put together which are number 11 you have to keep learning if you want to become a great investor when the world changes you must change and number 12 Warren and I hated railroad stocks for decades but the world changed and finally the country had four huge railroads of vital importance in the American economy we will slow to recognize the change but better late than never in the beginning I talked about how Warren had to change his investment strategy in order to become more successful as he is now this is a natural thing that can and might I say even should happen in our lives the world is constantly changing and if we are not willing to learn adapt then we will get left behind I liked how Charlie admits that him and Warren were late to the party when it comes to investing in railroad stocks but eventually caught on and got a slice of the pie one of the largest Holdings in Berkshire right now is Apple a tech company something that both Charlie and Warren were never fair enough but have come to recognize as a company that aligns with berkshire's way of running a business which made it a great buy this to me means that it's okay to change and adapt and that is not too late for those who haven't started as the saying goes the best time to plant a tree was 20 years ago the second best time is today to conclude the section on Charlie manga in the letter this is what Warren Buffett had to say finally I will add two short sentences by Charlie that have been his decision clinchers for decades Warren think more about it you're smart and I'm right this is one of those quotes where Charlie's quick word is displayed he's very wise and very funny too he has a way of addressing issues in a very straightforward but funny way and this is one of the things that makes him such a fun lovable character he uses a lot of humor to teach a lot of Truth or in concluded by saying I will add to Charlie's list the rule of my own find a very smart high grade partner preferably slightly older than you and then listen very carefully to what he has to say let's be honest a partner like Charlie manga may be a rare one to find but in a world where Charlie already exists why not just learn from him he may not be your partner but his lessons can benefit you greatly a simple way that you can use in order to learn from Charlie Warren and many other great investors is by subscribing to this Channel and clicking the notification Bell so you stay informed whenever new videos uploaded I hope that you find Value in this video and that you learned something new to show some appreciation for the work that I want you to put in this video together please leave a like share the video with a friend what was your favorite part of the video comment below and let me know thanks for watching hope to see you on the next one but until then stay invested thank you foreign foreign
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