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버크셔 해서웨이 연례 주주총회 현장 분위기와 워런 버핏·찰리 멍거의 투자 철학을 소개하는 방송. 핵심은 장기적으로 원칙을 지키고 합리적으로 행동하면 시장을 이길 수 있다는 메시지다. 버크셔 주주총회 참석 경험: 매년 수천 명이 오마하를 찾으며, 자막 속 출연자는 17회 참석했다고 밝힘. 현장에서 동일 인물을 반복해서 마주치는 분위기가 소개됨. 버크셔 주식의 장기 성과 사례: 1968년 주당 가격으로 빅맥 76개를 살 수 있었고, 이후 타이어, 농기계, 주택, 픽업트럭, 하버드 학비 1년분까지 살 수 있을 정도로 지수적으로 성장했다고 설명. 투자 원칙: 찾아야 할 것은 '성배'가 아니라 자신의 원칙이며, 시장의 압력에 흔들리지 말고 일관되게 실행해야 한다는 주장. 미스터 마켓의 변동성을 이용하라는 조언. 버크셔 전망: 회사가 커져서 수익률은 둔화될 것이며, 시장(S&P500) 이상을 기대하는 정도가 현실적이라는 시각. 버핏은 아내 유산의 90%를 S&P500에 투자하라고 지시한 것으로 언급됨. 펀드매니저 관점: 수수료를 정당화하려면 장기간 시장을 이겨야 하며, 고객 자금을 자신의 돈처럼 운용하고 과도한 회전율을 피해야 한다고 강조. 놓친 기회: 버핏과 멍거는 구글과 아마존을 놓친 것을 아쉬워했으나, 실수 대부분은 '잘못된 투자'보다 '놓친 기회'에서 비롯됐고 좋은 결정을 나쁜 결정보다 많이 하면 된다고 정리. 진행자 마무리: 출연자는 지난 10년간 펀드가 지수를 크게 앞섰다고 소개되며, 방송은 버핏·멍거 철학의 실천을 강조.
다듬은 글
so every year thousands of pilgrims make their way to the annual Berkshire Hathaway General Meeting they're looking for valuable investment insight from the sage of Omaha this year was different because I was also there and it was awesome and I'm exhausted inject egged and a bit grumpy this is the money makers i'm bruce with villa join them skype by a regular omaha pilgrim who joins me from koh samui in thailand this is not gonna help my jet lag or grab it is one little bit he's been there 17 times over the last 18 years he's the founding fund manager eilat wall saying that he joins me to discuss valuable lessons from investing in berkshire hathaway I didn't see you there Walter where were you I was there I've got some witnesses it's laughs I've got used to doing squat keep a low profile now now it's an incredible experience I mean I don't know what time you were up on Saturday morning I was up at 4:00 I was about number 100 in the particular queue that I chose and stood there until quarter to seven when the doors open and then all hell breaks loose with little loss ladies elbow their way to the front and behave like it's Black Friday sales that's right that's right so it's all part of the experience it's a nice part of your pilgrimage as you call it and you know he's sitting like grahdens you'll be amazed how many times you see the same people every year there's a guy called George from Kuwait is night know go to Australia and I've done ginseng three different times in the same place at the same time and it is extraordinary I mean just to describe to people what it's like this is a basketball Stadium it's called capacity inside the stadium for about 20-25 thousand people this the spillover rooms a huge affair on the side where berkshire hathaway companies sell their product to discount to shareholders and that's a bun fight of epic proportions to bump into anybody you know in that space is is quite remarkable but you go with a group of people you take the same people year after year my question to a group of people I bumped into they're led by cookie komen who you will know is what did you learn different this year from any of the last 16 or 17 years that you've been going well I started with cookie in your rectal coronation and and that's kinda how we started the people group are quite big as we've done better you know it's not about learning Bruce I think it's about reinforcing your behavior of the past three years you go there to kill the the investment windscreen we set the campus to Juneau and just to remind yourself you know what you do for a living you know initially I think we all would try to find the Holy Grail to investing but in truth it's more about how you live your life you know how you treat your clients money and how you think about how you operate an investment operation so what makes what may be resources good behavior sure what makes Berkshire Hathaway so remarkable in that perspective we only you know I've been an analyst with 99 and it's paid for my kids to go to university and yeah we owners that that's it's that simple with not really not data as one of these the Omaha the local Omaha newspaper which sure Warren Buffett owns we're showing 1968 one Berkshire Hathaway share could buy you 76 Big Macs ten years later could get you full radial tires and wheel alignment a couple of years later it would get you a disk John Deere disk and in by 1988 and you could have brought us up a small house for $70,000 and by 1998 by the time you invested you could have got to pick up trucks to Chevy pickup trucks now you can get a four-year education with one share and at at Harvard in you know include ebooks and accommodation I mean it's been an exponential growth story one in which you participated now you say that it's not your only investment obviously but what do you get from listening to the wisdom of the guy behind the magic that is the other way well as I say these very consistencies worked out those principles at a very early aging laughs and he's storytest never changes and so then what I get out of it is that you got to work out what your your principles aren't people can change you know they reaction with an obvious reaction that's a scientific principle so you're trying to find these principles that are that that don't change that work for you and the lesson what I get is just keep on a plan and consistently don't try and change them when the pressures are near your not performance is not so good remind yourself of those principles remind yourself of mr.
market and the maniac that mr. market can be and take advantage of mr. market and that's what I get out of it it's a rough quote of Charlie Munger's from Saturday when you were saying with we picked all the low-hanging fruit and now we have to look further up the branches I mean isn't that a change in in philosophy a change in practice now they've been very clear right up front about the size issue that they were big they they've warned us consistently that their returns over the years will will go down and I think on balance all we do we expect them is just to beat the market we don't expect much more meth it's a great proxy for the S&P and I think Charlie butted rightly said I'd rather invest in virtually decent PDGF and that's what I think about Berkshire today but isn't that such an interesting dichotomy as well because he has Warren Buffett ooh at the age of 87 is beginning to think about his wife and is beginning to think about what her life might be like once he was gone and he's telling his the trustees of his estate to basically put 90% of her inheritance into the S&P where as Charlie Munger is very keen to continue seeing investment going into Berkshire Hathaway these are the co-founders that the business partners the best buds who run this business well I think Charlie's goes right through these yeah but David I said you know again it's a good topic that Bruce and I think we fund managers better take it a bit more seriously you know South Africa we've beaten the index handsomely and we'll certainly not be who says for the last 11 years but I think offshored is definitely more competitive and we've got a we've got to come back we've got to come to the pipeline explain why we think we add value I think I think Warren's got a lot but one's got a rather Charlie started right well I think Charlie's got a rack in that virtual view better than the S&P right if you if you don't understand butcher and you like his wife I don't think this is a bad option all right I mean but but from a from a fund manager point of view then you've got to really start justifying why people are paying you the fees they pay I'm sure they're very reasonable and for the very happy water and but increasingly as it becomes more and more difficult to make money as we see the J's E and on a trot along with global markets with the VIX index down to the lowest level since 1993 as it is right now it becomes quite a difficult space to invest doesn't know I don't think to the country I think this is Africa is not as hard as investing or shown up in dream or show investing for 25 years and you know equity fund is beaten there Walsh a bar 90% every 11 years and the reason why we've beaten it is simply that our clients allow us to invest the long term they don't put pressure on us and I think the problem with the investment world is even in social to America's they weren't allowed to act rationally and I know if you remember that one part of Charlie we said we just do rational things and while other people are trying to be brilliant and I think that's the trick it's just you remind yourself that this is a long term story and if you allow to be rational you will beat the market but but oh sure it's a lot harder there's no doubt about it and and you know the way I try to deal with these I put all my money with my clients so I try to treat myself as if I am a client I don't allow my staff or myself to buy shoes we have to buy the fans that are moving dreamers from day one that solves a lot of problems and if we don't beat the market what's the point and that and that's a great philosophy while things are going well you haven't yet experienced a down time you haven't yet experienced underperformance I take it I mean have at the moment at the moment I'm at that exits in for the other market it doesn't bother me one bit because I'm not underperforming the market I'm and the performance I don't own aspect and I don't care about my stress or wish month I'm willing to wait and in the past I have underperformed bar 52c but it all came back to small and you don't beat the market by 90% but trying to borrow more you've got to do something differently and you got it you've got to be willing to take career risk which means do you know what's right for plants and that's what's right for your business I mean this is a Memphis it's so interesting there because there's this concept of FOMO the fear of missing out and on Saturday at a Berkshire Hathaway meeting and Charlie Munger and Warren Buffett were we're sort of berating each other for missing two great investment opportunities one was Google and one was Amazon Google they missed even though they were the insurance business Geico is a client of Google's and they were paying $10 a click to get advertising through Google Ads and they still didn't see the opportunity there the other one was they just didn't think that Jeff Bezos at amazon.com could pull it off and he did and and so they're sitting there going you know what we really must have we really grumpy the woman's dad but it's okay that we missed out well well that's right and I think I'd rather have areas of a mission than areas of commission and you know at elenco we've had very few errors of commission it's been one of opportunity I mean we should have bought mousepressed long time ago but we didn't and you will make those mistakes and I mean Warren missed Walmart as well and that costing a billion dollars so I just think it's part of the game you've got to acknowledge that you can't cover everything you don't want to cover everything and there will be things that enhance that you'll look back and say oh I missed it that's part of the game and to quote Charlie Munger once again you just got to make more good decisions than bad decisions and you will outperform the market yeah and sometimes it's only one decision maybe two three years you don't have to make James 15 decisions a year you know the business most fund managers turn over the portrays 100 percent per annum section in my mind is just not very valuable I mean a friend don't change less than 50% plan is that a problem with incentive structures is that a problem with people wanting to be seen here look busy and to do their jobs rather than and I mean if you saw the Buffett the the Buffett movie which was released a week or two I think as an HBO movie becoming Buffett and how his diary has got one or two appointments in and Charlie Rose interview I think it was we've got one or two of what I've seen for the week ahead because it doesn't still his diary was looking busy he is busy he's just not seen to be busy yeah and and she says not a lot he sits in his office doing what he loves and I think if we found managers could do that and I stopped worrying about the korky figures and try and stop trying to be brilliant because most fun mazes actually I think are pretty good but I think what happens is they clients and the wholly changes scheme does not allow them to be long-term in anything if you go look at the personal profiles you'll probably find that done really well and that's where enough for me that's quite interesting you know they're not eating their own cookie well they'll thank you so much for joining us on holiday in Thailand the founding fund manager at Eilat and Kerr fund management company outperforming the J is he very substantially over the last decade in using the philosophy of course of Warren Buffett and Charlie Munger and monkeys is is smarter and more I think one would probably agree with that thank you so much for watching lots more pearls of wisdom or tutor money makers for now have a very good
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