💡Charlie Munger's Wisdom | Takeaways from Poor Charlie's Almanack📚 | Stock Investing 2020

요약 보기

찰리 멍거의 책 'Poor Charlie's Almanack'를 바탕으로 한 투자 교훈 정리 영상이다. 결론은 멍거의 핵심 교훈은 종목 선택 능력과 합리적·성실한 삶의 태도라는 것이다. [종목 선택 4원칙] 첫째, 능력 범위(capability circle)를 지킬 것. 멍거는 투자 대상을 이해 가능한 범위 안으로 제한했다. 이해하기 쉬운 주류 산업, 성장 여지, 어떤 시장 환경에서도 살아남을 수 있는 산업을 고르라고 권했다. 둘째, 다양한 관련 요인을 종합적으로 고려할 것. 기업 내외부 요인과 산업 상황을 함께 본다. 수치화하기 어려운 요인도 포함한다. 셋째, 안전마진(margin of safety)을 확보할 것. 엔지니어링의 여분 설계처럼 여유를 두어야 한다. 넷째, 투자 원칙 기반 체크리스트를 만들 것. 가치 평가 후 체크리스트로 빠르고 포괄적으로 점검한다. [가치 평가 관점] 멍거는 적정 가격의 훌륭한 기업이 초저가의 평범한 기업보다 낫다고 봤다. 주식을 기업 지분으로 보고, 향후 잉여현금흐름의 할인 가치가 현재 주가보다 높을 때 매수한다는 기준을 제시했다. 미래 희석 가능성도 반영한다. [멍거의 사고방식과 삶] 여러 학문 분야의 다중 사고모델(mental models)을 활용해 투자 문제를 분석한다. 멍거는 평생 독서를 강조했고 기회를 기다리는 인내와 결단을 중시했다. 도덕성과 정직함도 강조했는데, 월가의 비윤리, 회계 부정, 파생상품 위험에 대한 경고가 이를 보여준다. [결론] 멍거와 버핏의 탁월한 투자 성과는 성실한 과정을 즐긴 결과다. 영상 제작자는 일과 삶에서 신념과 원칙을 지키고 끊임없이 배우며 성장하는 것이 마음의 평화와 성취감을 준다고 정리한다. 멍거의 연 20% 수익률도 다중 사고모델과 자기계발의 결과로 해석된다. [원문 관련 참고] 영상 자막에는 특정 종목에 대한 매수·매도 권유나 가격 전망이 없다. 자막 인식 오류가 많아 일부 표현은 원문과 다를 수 있다.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. what's up guys welcome back to my channel today I would like to share some of my takeaways from reading the book poor charlie l neck and also about his advice to young masters so without further ado let's get started Charlie Munger is Warren Buffett's mentor and life partner today's greatest master thinker and the vice-president of Berkshire has been Berkshire Hathaway is the world's fourth largest listed company and ranked number four in the world top 500 in 2019 so one of Charlie's wisdom is the art of stock selection there's no doubt that Charlie's most resonant part is his smart investment decisions it's not only how Charlie achieve financial freedom but also create an extraordinary value for Berkshire Hathaway so there's four effect when it comes to his stock selection wisdom the first one is you must weigh the capability circle the second is comprehensive consideration of various relevant factors the third one is pay attention to the safety margin of enterprises and the last one is make a checklist by using the investment principles so the first one you must quiz the capability circle means you must with the capabilities of your own so Charlie always divided investment object into three types you must all know him as well and too difficult to understand so he and Warren Buffett both image only in this object of their abilities circle so that's those who can be invested the other to identify a masked ball potential object Charlie you're a select a mainstream industry that is easy to understand have development space and can survive in any market environment so if your guys are looking for the tool to search for specific industries you have more knowledge about you guys can go to a smart stock screener and figure it out you can search smart stock screener in App Store and try it by using the industry selector and you'll find the companies in a specific industry you are interested in the second factors is comprehensive consideration of various relevant factors through the detailed evaluation progress Charlie will take into account various relevant factors including the internal and external factors of unpressed as well as an industry situation in which is located even if these factors are difficult to be identified measured or reduced to numbers he believed that investors should buy great enterprise with fair purchase price he said great companies with fair share price are better than other companies with ultra low share price in stock selection Charlie will evaluate the real value whole enterprise and determine the value of each share compared with market price considering the dilution of future equity the third important factor is to pay attention to the safety margin of the companies with regard to the safety margins Charlie often said that investors can benefit from the redundant thinking model of engineering well engineering design a bridge they give it a backup support system and extra protection against collapse assured investment strategy and the last one and maybe the most important one is create a checklist by using the investment sauce after evaluating the value of the stock correctly Charlie will make a more accurate screening and at this time here you use a very effective checklist to make a quick and a comprehensive evaluation after the about tedious work Charlie will patiently wait for the coded opportunity to come well all the conditions are just right and Charlie decide to imagine he's lucky to make a big bet his investment behavior combines extreme patience and determination which is in central quality of success finally original words of Charlie will be used a summary of this part is the most important idea is to regard the stock as the ownership of and oppress and judge the holding value of the enterprise according to its competitive advantage if the discounted cash flow of the enterprise in the future is higher than the stock price you buy now then the enterprise has not been value it is very basic to take action when you have an advantage you had to note us train yourself that one that's good for you we just keep our heads down and try and fast to deal with the thumb wing and have been and be able to read out every few years mobile bookshelf with long lacks is what describe Charlie Munger by Warren Buffett he enjoys reading all his life has include PD acknowledged has mastered all the important series of important disciplines has formed more than 100 unique according to his own automation multiple thinking models for bins analysis and evaluation and can see all the complex business and investment problems Charlie Munger has never fully listed or introduced more than 100 kinds of multiple thinking models perhaps because he thinks these are just a moose just like the best martial arts always been no more wing with move-in thinking and decision-making I'm familiar with the thinking of various disciplines instinctively used to analyze and review the mature influence and connection of investment and related factors and the see clearly the essence of investment problems so poor charlie em neck book is now just a book about investment but also a book about successful work and rational lifestyle for Munger success investment is just a byproduct of rational life patience and integrity different from all kinds of cause in our current society Munger comes from ordinary people step-by-step mongers golden rule is to get what you want you have to deserve what you want he trains his intelligence discipline patience and concentration with hard work and thinking people is that major opportunities really fall on people who are constantly looking for and waiting full of curiosity and keying on analyze various possibilities therefore regardless of surrounding environment and mood fluctuations he always insists on taking precautious and be patient Charlie not only never looks for the great edge to seek all kinds of interests but also have the value of love and hate he feels like it is because he insists on doing the right thing that he makes more money he criticized the lack of morality on Wall Street his aversion to accounting fraud and radical accounting treatment and his warning to financial institutions and derivatives all reflected his integrity at the same time he also insisted on avoiding dealing with people with moral quality problems it can be said that he and Warren Buffett have achieved great investment performance together which is just a manifesto of their enjoyment of the hardwork process if they are not engaged in investment they stick to the right belief in other field and work hard for life they have greater chance to achieve great success at the same time I also believe that even if they don't achieve such great achievements they will always adhere their practical leaves and enjoy the process of their efforts so my takeaway is we as an author a person adhere to our own beliefs and ideals preserve in learning and here to the right action can we also get peace of mind and full sense of achievement in our work I think the answer is also yes so from reading the book I realized how Charlie Munger can achieve 20% return performance is to use multiple thinking models for bins analysis and evaluation and always learning and always develop yourself to be keep updated and to become a better version of yourself I'm happy to share it with your guys today and I will see you guys in my next video bye bye