저자: 미상 · 외국인
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찰리 멍거의 칼텍 강연 인터뷰를 인용해 훌륭한 투자자의 특성을 정리한 영상. 첫 줄 결론: 멍거가 말한 투자 원칙(열정, 지식 축적, 기질, 인내, 지연된 만족, 적극성, 자기인식)을 실천하면 더 나은 투자자가 된다는 취지. 투자 기질·열정: 버핏의 전략이 잘 알려져 있음에도 많은 사람이 따르지 않으며, 투자에 대한 열정이 있어야 꾸준히 배우고 실천한다는 주장. 지식 축적: 10-K, 재무뉴스, 책 등을 많이 읽어 지식을 복리로 쌓아야 좋은 투자 판단이 가능하다는 주장. 안정적·합리적 기질: 매수 가격의 안전마진이 중요하며, 좋은 기업도 비싸게 사면 수익이 낮다. 코로나 급락 같은 기회를 인내하며 기다려야 한다는 내용. 단기 문제로 주가가 40% 빠진 사례도 언급. 지연된 만족: 잦은 매매(특히 로빈후드 투자자, 옵션 거래)를 비판하고 장기 보유의 중요성을 강조. 좋은 기업이라면 수년간 보유해야 하며 너무 일찍 파는 실수를 지적. 인내와 적극성: 야구 비유로, 기다리다가 확신이 드는 기회에서 과감히 큰 비중(15~20%)을 투자해야 한다는 주장. 이런 기회는 드물게 온다고 설명. 자기인식·역량 범위: 자신이 아는 산업(일상에서 쓰는 제품, 소비재 등)에만 투자하고, 모르는 분야(제약, 석유 등)는 피해야 한다는 주장. 모르는 분야의 악재에 패닉 매도하는 위험 경고. 리스크: 영상은 특정 종목·자산에 대한 가격 전망을 제시하지 않음. 원칙 중심 교육 콘텐츠. 출연자 전망: 특정 가격 방향 발언 없음.
다듬은 글
have a good video we're talking about charlie munger's wisdom and what he said to a class of cal tech in his new interview so everything he says in this video this is what you guys need because this is what's gonna get you to become a better investor we're looking at the traits that make you a better investor and he breaks it down really nice and really smooth and we're gonna get into it in this video the first trade is that you have to have some kind of inclination to investing you gotta have some kind of passion towards it because think about it warren buffett has been teaching investing for decades and decades and he keeps saying the same thing over and over again he's literally laying out the blueprint to investing but guess what a lot of people do not take to his strategies to his wisdom they don't they just don't accept it they don't believe it there's been articles trying to disprove it and uh there's been so much stuff trying to go against the grain of what warren buffett says and they're calling him lucky and he was just the lucky person out of a group of investors but that is not the truth he's laying out blueprints and telling you how to invest and people refuse to follow it so that brings me back to the next this point that you have to be kind of inclined to take advice be a little passionate because when you become passionate about a subject you want to spend time on it you want to learn about it you want to like invest so much into it so there has to be a little passion towards it and then when you have that passion you're gonna follow these steps and steps to take to become great in investors second trade you gotta know a lot and when charlie says this he means that you gotta read a lot of information you got to get around to a lot of knowledge and kind of build that up by reading 10ks reading financial news reading books about the world about anything that's going on right because once you read a lot of books and you read get a lot of knowledge that compounds over and over and then when you see a company you can take knowledge from this place and bring it back into this company that you're investing or you can take something that you learn here and it brings it back into what you learn uh what you know about investing in the kind of the company that you're researching so just getting a lot of knowledge compounding that knowledge over time and over time is going to lead to better investments and uh just more knowledge on companies and just the general market in the sphere of the investment world so you gotta know a lot so that means you got to read a lot third thing you need a stable rational temperament and this is so key this is 50 of the battle guys so when we think about investing we make more money when we're waiting than when we're actually putting in money guys the key to investing is we got to buy at a margin of safety price a price that makes sense because when you buy these high prices we're not going to make the returns that we want and in order to buy these low prices you got to think about it these companies that we want to invest in they're all really good companies they're not selling cheap on the market so when you think about it we have to be patiently waiting for our opportunity to strike so we got to strike at the right time and in order to do that we got to be very patient so we're waiting for some kind of macroeconomic situation just like what happened with kovitt and dropped so many companies down for no reason these companies were going to survive they had good balance sheets they had everything perfectly working with them and their prices dropped so that was a perfect opportunity i hope you guys didn't miss it but that was a perfect opportunity to buy stocks right or we look for a business situation where something happens in the business a short-term problem but it doesn't matter because in a year that problem's going to be fixed and that pop that problem is going to be able to be handled and survived and guess what it's going to that stock's going to shoot right back up because it lost 40 percent this is how warren buffett makes this money by being patient and waiting for these situations so that's that's the third thing to get right to kind of jamming your head and get that knowledge down fourth thing we need to be able to defer gratification i feel like this is a huge struggle for everyone we all have that temptation to do something very quickly very immediate and we want to get that reward right away but that's not how you invest we got to be again patient and willing to wait instead of going for that immediate gratification two things come to mind when it comes to defer gratification the first thing is everyone is so quick to just want to buy and buy and buy and buy and sell and sell and sell in the market they're so active they just want to be active just to be active because they want to see immediate returns they think that the more they buy the more they sell that's going to get them the rewards they need and they want to see that growth in their account they want to see that number growing and growing so they keep buying and selling and buying and selling they have no patience to wait and you see this all the time especially especially in robin hood investors people with options like how many people do you think are getting rich on options instead of long-term investing which is the holy grail of investing so yeah so that's not the way to invest it's all about being patient we're not buying and selling and we're thinking we're doing a lot people always think they're doing so much when they're buying and selling and selling but they're not doing a lot they're barely making returns they're barely making money um it's hard to sit on an investment when you have that in your head that you want that immediate reward and the immediate reward is seeing your money increase increase and you think it's increasing but you get that one hit of a bad sell and then boom you lost all those returns so that's one of the things i see in the market that people can't defer that gratification the second thing when it comes to deferred gratification is that people tend to not be able to actually hold on to their stocks when it keeps going up and up and up like they they think they need to sell that stock right away just to capture those gains try to get those capital gains but sometimes that's not the best thing to do sometimes it's best just to hold on wait two three four years with that stock if it's a very good company with a strong competitive advantage people just want to see that money come into their bank they're just so quick to just sell their stock when even goes up what 10 only like and if they held on to that stock it would have went up it would it just went up 40 times or 400 or like whatever percent it went up because we weren't patient so we sold too early on that stock so sometimes we're unable to do that and i even struggle with this myself selling stocks way too early and it's a bad thing you feel bad after too because like you just look at the stock it's just increasing increasing increasing and you already sold off your whole position so man like so deferred gratification i feel like it's very key to your investment success the fifth and sixth thing is kind of combine combined together it kind of goes together and that's the willing to wait and being able to be very patient and very aggressive in different times so let me explain think about baseball baseball you're allowed to have your bat and when you have the bat you only get three strikes to hit the pitch so but in investing you can wait there as long as you want it doesn't matter and the ball just keeps coming by by and by and you can wait for that right pitch but in baseball you have to swing eventually or you're gonna get three strikes and you're out so when we're investing and we're waiting for that right pitch to come by that's when we see that pitch that we want it's in our circle of confidence and then we swing at it with all our might that's when we have we're dropping 10 to 15 of our money into that company that's going to show us how confident we are how knowledgeable we are in that investment and it just shows just the you got to be that courageous because you cannot tiptoe into these investments especially when these like these events that drop the prices of these stocks it does not happen a lot it can be once a year it can be once every three years can you imagine only putting what five thousand or even five percent of your the money that you have when you could have put like fifteen thousand or whatever ten 15 percent these these events these situations do not come up again like think about this covet situation you think how long like how long is that gonna come again like when is that gonna come it probably won't never happen maybe in your lifetime maybe it will happen again but that had a huge buying opportunity so people who tiptoed during that time didn't make a lot of money they just put like a little bit only two percent five percent people who actually knew that there's a huge opportunity and put 15 percent in the company put a 20 in the company here there those are the people making the big gains especially when you have a strong conviction of a company you know you're right you you know there's a lot of potential for growth you know it's a strong company with a strong balance sheet it's not going to go bankrupt you see all those things it's returning high on your equity high on invested capital and it just went down because everyone's afraid everyone's getting up the market so those are those buying opportunities that you have to take advantage of you can't tiptoe into these stocks you gotta thrust with all your might and be very aggressive and buying these companies when the time comes the last thing guys the last thing is that we have to be very very self-aware we have to know where a circle of competence is this basically means that we got to know where we can invest and where we can invest what we know about the world and what we don't know because what we don't know is actually very more important it's very key into our investment practice because think about it i have no idea about pharmaceuticals so i don't invest i don't try to learn about pharmaceuticals or it's not my area expertise i know about more stuff that i actually like like i like nike i like cell phones uh like stuff like that like stuff that you actually use in everyday life and you can kind of understand the business there's not a high barrier to like learn about the company right so learn what you like invest in what you know already and if you want to learn more about a situation or about companies you can you can still do that but like when you want to put a lot of money into a company you got to know what it's about and know everything about it so be aware of what you kind of what you know and what you don't know about the company about an industry because that's where you you just lose out because a lot of the times you think you know a lot about pharmaceuticals and you don't know a lot but you still invest in it because maybe your friend told you about it and a situation comes up in the company that you know nothing about and you have no background information about and then you panic and then you sell even though that situation could have been very minor and nothing you have no idea because you're not you have no background in the pharmaceutical industry so you just sell the stock in the wrong time and boom you're in a huge loss so be aware of those companies that you know that you have a background in that you can invest in and then if you want to expand to like different industries you can still do that but just know that you gotta like build your knowledge up uh just build on that like information we have to make investing very simple jump over those one foot bars why are you going over to six foot bars to jump over and those six volt bars are companies that we don't know nothing about like the pharmaceutical industry or maybe uh the oil industry whatever it is stick to what you know and that's what's gonna help us understand these businesses and make solid sound um investments and that's it for the video if you guys 'll get back to you in the next video peace
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