저자: 미상 · 한국인
요약 보기
찰리 멍거 관련 도서 '찰리 멍거 바이블 완결판'을 소개하는 영상으로, 투자 조언보다는 인생 철학과 사고방식 중심의 내용이다. 결론: 이 영상에는 대상 자산(주식·지수·코인·금리·환율)에 대한 향후 1~3개월 가격 예측 발언이 없다. 책 소개: 찰리 멍거 바이블은 절판되었던 구판을 잇는 완결판으로, 멍거 사망 후 나온 최종본이다. 진행자는 이 책을 10~20년 전에 누군가에게 줄 수 있었다면 가장 먼저 줬을 책이라고 평가했다. 멍거의 인생 이야기: 아들이 백혈병으로 사망한 경험, 이혼, 경제적 어려움 등을 언급하며 슬퍼할 수는 있어도 포기하지는 말라는 메시지를 전했다. 사고 방법론: 역발상(거꾸로 생각하기), 망치 하나만 든 사람의 위험(만능 도구 함정), 여러 격자 모형(멘탈 모델) 활용을 강조했다. 투자 철학: 그레이엄·버핏·멍거의 투자 흐름을 설명했다. 버핏은 초기 저평가 주식 투자에서 출발해 멍거를 만난 후 좋은 기업을 적정가에 장기 보유하는 방식으로 바뀌었다. 손실을 피하는 것이 가장 중요하고, 집중 투자는 아는 만큼 하라는 원칙을 제시했다. 가치 평가: 주가가 떨어져도 배당과 사업 펀더멘털이 유지되면 배당수익률이 올라가는 것이므로, 공포 매도보다 본질을 봐야 한다고 강조했다. 손익비 계산(매수가 대비 회수 가능 금액)을 습관화할 것을 권했다. 출연자 전망: 특정 자산 가격 전망은 없고, 일반적 투자 원칙과 도서 추천에 집중했다. 참고: 영상 말미에 반도체 섹터 공부 필요성을 언급했으나 구체적 방향 예측은 없다.
다듬은 글
The person who had the most influence. If I had to name just one investment master, I would undoubtedly name Charlie Munger. Honestly, no matter where you open it, it's a great quote. that's right. My investment perspective has definitely changed before and after meeting Charlie Munger . If I could just give him a map, I would have given this book to Daewoo 20 years ago 10 years ago .
Ah, so this person is the real deal. I am glad to see that many people really want to learn this . Welcome. Representative Lee Dae-oh is here. hello. Ah, we see each other often. No, actually, I read a book over the weekend. If you are an investor, there are a few must-read books, aren't there ? yes .
Ah, that's right. Warren Buffett and Peter Lynch are the most representative investors that Koreans like the most. But there are many people who don't know Charlie Munger, and many who do it too carelessly. Isn't the Jeyo T-shirt actually an all-time great T-shirt that brings together the godfathers and gurus of value investing ?
I made these nine things. They aren't for sale, but the person standing right here at the location of my heart is none other than Charlie Man . Benjamin Graham, War Buffett, and Charlie Monger— if I had to choose just one person among the investment masters who have influenced me the most, I would undoubtedly name Charlie Monger .
Oh, why? Actually, this person isn't just someone who tells you how to invest to become richer; they are like a great mentor in life . that's right. I heard that was the case with Wall and Buffett as well . sure. yes. So, actually, this is something many people agree with: if Warren Buffett hadn't met Charlie Munger, the Berkshire Hathaway and the Walloon Buffett of today probably wouldn't exist.
Of course, Charlie Munger says that since War Buffett is such an excellent person, he would have done well even without meeting me . I said that he was someone destined to succeed, but my investment perspective definitely changed before and after meeting Charlie Munger . I could really feel how much a person changes depending on how many good people are by their side, and rather than feeling like an investment book, I got the strong impression that it was more of a guide to life .
That's it. So I really like this book . Ah, actually, I introduced the book *The Black Charlie Monger Bible* about three times on the broadcast alone . Charlie Munger passed away in November 2023 . The very next day, I made a video titled "Goodbye Charlie Monger," a tribute video, because the single book that has had the most influence on my life is *Kobrai* as an investor.
It is definitely the Charlie McKer Bible, but this book went out of print a while ago. I actually confronted the president of FA Media. Oh no, what are we going to do if this goes out of print ? So, since he passed away, he said he was preparing a new book, and the recently released Charlie Munger Bible Complete Edition is it.
The final edition. So, it will probably be an upgrade from the content of the existing CM Charlie Munger books. That's right . Because I think this came out in 2022. And unfortunately, just before he passed away, two weeks before he died, there is a CNBC interview. It is still widely talked about on YouTube.
It includes that content as well. At Berkshire Hathaway's general meeting of shareholders, Charlie Munger and Wallace Buffett gave various answers, but in fact, the main point was that Warren Buffett was the protagonist and Charlie Munger was just assisting him. However, the Q&A sessions led by Charlie Munger at places like the Daily Sundere and Wesco Finance were included more in the latter part, along with some changed content and updated information from that time.
Also, we covered the Q&A from Berkshire Hathaway's general meeting in the past as well. This is also covered extensively in the Warren Buffett Bible and the Warren Buffett Shareholder Letter . It contains more of that content, compressed and made easier to understand. Among the contents, could you please introduce a few key elements that beginner investors or those who have just started investing in stocks should review?
So, there are some updated details that I couldn't explain in the last video, you know . But there is the content of that CNBC Encyclopedia interview from two weeks before he passed away in this Charlie Munger . Charlie Munger's fortune was probably a little over 3 trillion won just before he passed away.
Berkshaw's stake is 0.3 %, which is worth 3 trillion won, and they are also investing heavily through Daily Jeon-eo . So, it’s just like Buffett’s Berkshire is the equivalent of Charlie Munger’s Daily Chronicle . So, it is essentially being used as a vehicle for investment [snorting], and even just that alone involves enormous assets.
But actually, before getting into how those assets were built, I think what many people really want to learn is Charlie Munger's life story . He is actually a bit of a super genius. Physics, mathematics, meteorology, psychology, economics, and finance are all obvious fields; he is someone who has truly achieved interdisciplinary integration.
But actually, this person lived a rather unfortunate life. That's right . Young days. She divorced once more in her youth, got married in 1946, and divorced for the first time 53 years later; about two years later, her son contracted leukemia and died . Economically, they probably weren't wealthy at that time.
Of course, he was a lawyer, though. There was also no proper health insurance to pay the hospital bills. There are stories like this about when your son is sick. And well, this is just an anecdote, but in the 1950s, the mortality rate for cattle leukemia was 100% . Ah, so he realized again that this was a death that could not be prevented by his own abilities or money .
And after going through divorce, the death of a child, and financial hardship, this person cried profusely. I cried even while walking down the street, and I just cried for days and days. But regarding how he managed to talk about it after that, in an interview two weeks before he passed away, he said that if you grit your teeth and endure, you can overcome almost anything .
And that is the only choice. You cannot bring the dead back to life, nor can you heal a dying child. You cannot do all kinds of things. I just have to endure . Just somehow. If you have to walk the streets and cry for hours a day just to endure it, go and cry your heart out . However, you must not give up .
It's okay to cry, but you must never give up on . This is something he says while reflecting on the loss of his son; the point is, if you want to cry, go ahead and cry. It really resonates with me. But giving up is a separate matter. Just don't give up . Of course, you could say this is just the story of some old man who has lived his whole life, [snorting] but that kind of spirit...
I mean, difficulties can come to anyone, you know. That's right . Honestly, does Charlie Monger's story resonate with you? I really liked it. is it so? yes. It’s the same with investing, but if you look at books about ways to be happy, you can see things like what was said in high school graduation speeches or interviews listed there .
However, doing only one of those things might not make you happy. You're speaking in that negative format. aha. yes. Don't let those things live only like this . Then you can be happy . There are many parts of this that resonate with me . I've been using that a lot lately too . So, ever since I got to know Charlie Munger, it has been called the reverse technique .
Thinking upside down, thinking in reverse. How can I become happy ? It's vague, you know. But what if I want to become unhappy? For example, do n't keep your promises. Become an untrustworthy person. Right? Squander your assets excessively. Consume excessively. Speculate. You just need to look at it from the other side.
uh. Ah, right. So, doing that makes you unhappy . But the point is that if you try really hard to live the opposite way, you will succeed. It means you can find your way . So, is n't there something I always say? Do n't let only great people use that as a line. I would rather die than buy bankrupt Ji-seok from those lowlifes around me.
I need to see people like that to awaken . Thinking about it from a different perspective, like that . I'm telling you to think about how to make Y Street get its subscribers to unsubscribe . hmm. If you know that doing this will result in cancellation, then as long as you don't do that, you won't get canceled, right?
That's right. So, the point is to tell many people not only how to be loved, but also to think in reverse about how to be hated, and to act only the opposite of that approach. So if I knew where I would die, I would never go there . Charlie Mer often tells stories like this, too. But you seem to be very humorous.
that's right. So you can feel that humor and wit are infused throughout his entire life, even in the book. that's right. So, he probably said something like that during the last interview . yes . He actually said himself that it is quite ironic for someone with a background as a lawyer to have gone beyond being just a wealthy person and become a guru of life.
So that is the reason why many people, including myself, like Charlie Munger. Not just a wealthy and successful investor, but a thinker beyond that. that's right. That is why it is also called Mungurism . So, people who like this kind of philosophy even gave it the name "Mungerism." Because it's so good .
The more I learn about Wall and Buffett, the more famous they are—the more they are called the investment geniuses and the more they appear in the media—but as I read this Charlie Bunger vibe, I really felt that he is the real deal . Actually, this book isn't just this newly released complete edition; it's the old black Charlie Munger Bible that's now out of print, so this book will be released.
Honestly, no matter where you open it, it's full of great quotes. that's right. Even if you just close your eyes, really do it like this, stop, and look around, they are all hospitals. Actually, I got the Charlie Monger, but I also did a lot of content. I previously worked on the book "Poor Charlie's Almanac" and also used "Charlie Munger, Come Here" as content.
And as for this one, I bought it directly from overseas; is it the original price? Charlie Monger, how much? Ah, so this is... ah, Poor Charlie 's Almanac, the same thing. If you look inside, well, there are lots of tables and photos, and it's a book written quite humorously. The Korean edition is called "Grandpa Ghana," and actually, the Charlie Monger Bible...
oh my, I feel like I've been selling books . You look like some kind of door-to-door salesperson. But the good thing about the book is that it compresses all of this . Especially since this book wasn't written by foreign authors... ah, I have to talk about this again . Mr. Lee Geon and Kim Jae-hyun, who are the only ones to appear on YouTube as Wyst, are currently columnists at Money Today.
I'm not sure if you get the gist of it, but those two are actually authorities on Charlie Man and Warren Buffett . Everyone in South Korea would probably acknowledge those two . For those who have read a lot of investment books together, this is a book written by those two people themselves. That's right .
It's not just a simple translation. So the content is more substantial and easier. Even beginners can read it quickly. I told you I read it too. So, you can basically just consider it a book about life . It is a book about life rather than an investment book . But what surprised me was that while there are many books about Charlie Munger, he has n't written a single one himself.
It is the same with Wallon Buffett, who wrote about it himself, and with Charlie Monger. [Clears throat] Of course, the book by Charlie Munger Al-Manyai was written by Charlie Munger's friend, and he even signed it himself, but I didn't grant the rights to sell it overseas . Wow, so books compiled like this have come out.
Anyway, I have given this book as a gift to many people around me, and I also mentioned Charlie Munger . They say that his mind is like an egg cell. An egg? When we talk about eggs and sperm, it is because when fertilization occurs—we refer to the egg as the sperm—once one is introduced, it blocks everything else from there.
Right ? Let's close it. Let's just close it. The human brain is similar. Ah, the first book I read. why? You know how they say the person who has only read one book is the most dangerous . So, what I accepted at first is the correct answer. And if I talk about something else, you keep raising counterarguments even though it’s not what I studied.
So, I'm saying that human thoughts are similar. Right ? That is why you really need to read the first book carefully, and who you meet first, who you learn investing from, and what kind of philosophy you are instilled in you are very important, aren't they? Communists just keep going toward communism and socialism, you know .
Just like that. But Charlie Munger talks a lot about how to create such a framework of thinking , and how to accept and filter things . hmm. So, it is a bit of a stretch to call him a philosopher, but anyway, as a figure who integrated everything, he was practically at the level of a philosopher—or even to that extent— because if you look at what follows, doesn't it also appear as the psychology of misjudgment?
It is even at the back of this book that psychology is taught to undergraduate and graduate students . So, you also talked a lot about why humans make misjudgments and what kind of misjudgments we should be careful of. So, it also includes content like a few mistakes made while managing the economy .
And what impressed me was the story about the nail. [Laughs] Ah, that's something I say a lot too . To a person holding a hammer, every problem looks like something. yes . That is exactly what it means to be wary of that . yes. why? It's a saying I really like. that's right. So, just like you mentioned earlier, if a person reads only one book—and that is, the most dangerous person—they think they are a hammer.
You need a hammer, a wrench, and this and that; you have to find various methods suitable for every situation. But someone who thinks this one hammer is a panacea is bound to make mistakes in both investing and life. In other words, the point is that they are highly likely to make mistakes, and that really resonates with me.
What does Michael Burry, the character also known as the protagonist of The Big Short, do all the time? You only go around looking for short selling opportunities. For that person, short selling is just the only hammer. That's right . But it’s just that he’s been getting a lot of media attention; he’s actually very wrong .
sure. So, actually, you need to become someone who can utilize various means and equipment in a multi-dimensional way, so do n't get too bogged down in just one thing. Actually, you told me this story through that lesson as well. Isn't that a very important part of one's attitude toward investment as well?
sure. It needs to be open. Earlier, I mentioned eggs and sperm, but the point I made was that we need to keep our minds open. More importantly, I will now talk about the grid model . A grid frame is something like this . Like this grid frame. If you set the grid on the camera like this, it looks like a horizontal and vertical grid, just like computer folders.
There might be a background, but didn't you say that Buffett and Munger study by reading 500 pages a day ? Of course, he is a great figure who achieved various forms of convergence, so we should try to imitate him a little . What if I am indebted to this thought, rather than relying on the fragmentary knowledge I possess?
What happens if it becomes a debt in that case? You try applying the contrast of your grid-frame thinking model by thinking in reverse like this . So, actually, it’s a bit difficult to explain, but I’m suggesting that you try thinking in various ways . I thought about it this way and tried it that way.
That's right. yes . But to do that, of course, a lot of learning is required. But where and how am I supposed to start? Ah, actually, YouTube is everywhere these days. However, how you absorb that content and how you use it to build a framework of thinking is something you really have to do yourself .
yes. But I think books like this are very useful . That's right . Please tell me a little about Charlie Monger's investment style as well . What kind of style did it have, and what were the differences compared to the Law Fit? That is what has changed a lot about Buffett. Originally, Professor Benjamin Graham of Columbia University refers to it as protein-based investment.
So, I picked up companies that others had already washed away but could still be washed a few more times, so I frequently repeated the strategy of buying mediocre companies at a low price and selling them when the price came up . Right? So, Wallace Buffett did a lot of that in his early days as well .
However, that is what he taught me while I met Charlie Munger in the 1950s and invested with him starting from the 1960s. Buying a great company at a fair price and investing in it for a long time. Meeting a great manager and going the distance with them for a long time. It changed a lot in this way .
So, that is how the Warren Buffett and the Buckway of today came into being. But the really funny thing here is that, even I found out later after reading a book, Benjamin Graham— Will Buffett's mentor, yes, Benjamin Graham—actually did that kind of protein-based investing, discovering undervalued value stocks and selling them at their fair price, didn't he?
But the truth is, Benjamin Graham earned more than half of his fortune from a single sector . Ah, it's not a Danbi Gong investment. What I mean is, there is an insurance company called Geico, which Burke just acquired entirely and became a subsidiary. More than half of those who read Benjamin Graham's *The Fire* [laughs]—what he taught them—was not "anti-princess" investing, but rather that they earned the majority by buying truly excellent companies at their fair value and investing for the long term.
That is quite paradoxical, isn't it? That's true. hmm. So, the companies that Charlie Munger bought on his advice were things like See's Candies and things like that . See's Candy. That Nebraska Kitten is probably one of them, and well, Coca-Cola and Apple are actually probably similar. In that kind of way.
Ah, but you know how Wall and Buffett, and Charlie Monger, always emphasize that investing without losing money is extremely important? Even Warren Buffett doesn't lose the first one . The second point is to not lose sight of the first principle. You might think that diversification is something difficult, but if you look at the books, Wallen Buffett and Charlie Monger concentrated 60% of their total assets—they had the temperament of a gambler.
How can these two do it together? You gave me a really important point: you must not become a gambler. But these people didn't think, "I'm going to hit the jackpot with this stock. I'm going to make money with item bags ." hmm. He did n't take a gamble; as Buffett has mentioned many times, he did the easy thing .
It wasn't a 2m high jump, but several 30cm jumps . hmm. hmm. But that was simply finding an excellent manager and a good company that anyone can recognize, and I don't know if that is always the topic of discussion, even when doing macro-level work. If you complete just three interest rate cuts, you will become the richest person in the world .
However, the style is that we do not know the macro environment, but we are looking for a fish that can swim upstream even in such a difficult economic environment . I'll tell that story too . The point is that you need to condense your portfolio now. The more you know, the more you should focus; the less you know, the more you should diversify your investments.
So, isn't that why they say to just buy the SP 500 index if you don't know ? Lawpitdo. But the fact that this company is great, even knowing that. Not investing heavily even though you know it is a foolish thing to do. hmm. But whether we can actually do that is something we have to reflect on ourselves .
Also, in the latter part of this book, Cheollimeongeo tells such a story. There are almost no geniuses who can manage 20 great companies while holding a portfolio of 20. yes . That is beyond my capabilities. For example, when earnings are announced, is it really possible to continuously make 20 judgments about how the company performed or the management?
That is an extremely difficult task . That's right . You know how, when I have exactly twenty tickets to invest in stocks, you also tell me which stocks to buy and with how much caution I should exercise for the rest of my life . That's right . Oh, right. So there is that as well. In the case of cars, once men buy one, they really take care of it, cleaning it thoroughly and polishing it.
Is it possible for even someone who loves cars to change them more than 20 times in their lifetime ? no. No matter how much you change, five to ten times in your life, yes. So, once you buy a car, you stop drinking. I'm going to drive this for 100,000 km . You have to drive it for 5 or 10 years. So, the point is that if you invest in stocks like that, if you discover companies like that, you already know what you would do if you only had 20 chances in life.
That's right . But the question is whether this Warren Buffett and Charlie Munger style of investment works in the K-stock market. I'm curious about that. Ah, that is not easy. First of all, Warren Buffett didn't invest in the K-stock market, did he? Of course, there is a cycle, and it is heavily influenced by the economies of developed countries, so Charlie Monger also really liked Costco.
He is a major shareholder of Costco and also served on its board of directors. Costco has no downsides except for the fact that its P/E ratio is over 40 times. I want to invest forever. He mentioned this as well, but generally speaking, he did n't really like retail stocks that ride the cycle . hmm.
But I liked Costco simply because it holds an overwhelming position among them . [Snoring] But looking at the Korean industrial cycle, which is heavily influenced by such cycles, there actually weren't many things that these people would like. Ah, and also, in our country, we have to choose not only the number one in South Korea but also the number one in the world, but actually, if you are number one in the United States, you become the global number one.
Right? But just because they ranked first in Korea, can they really make it into the global top 10 ? That is another separate story. So, actually, it’s not a very easy model. But I had a somewhat negative view of investing in tech stocks because I heard that Charlie Munger had also lost everything when he first invested in them, but that changed with Apple.
hmm. So, actually, it’s not that I had a negative view of investing in tech stocks . I just assumed it was within my capabilities . Ah, unlike Buffett, we can't keep up with how quickly tech stocks are moving . Let's just find a company that will grow steadily and that we can buy at a fair price . So, during the IT bubble, these two were also subjected to a lot of insults .
Old kids who can't even invest like that can't keep up with market returns. It was the same during the IT bubble, right before the global financial crisis, and actually, it was the same during the liquidity rally after the COVID-19 pandemic. But these people are just consistently doing what they know how to do well.
And after 2010, was it from 2013 or 2011? So, actually, Berkshire Hathaway started investing in Apple in earnest a bit late. yes . At that moment, people were very surprised. People kept asking questions at the general shareholders' meeting. Wait, why are you buying Apple when you say you don't like IT stocks ?
But from that point on, Buffett viewed Apple not as a tech stock, but as a consumer product. hmm. Recently, right before Buffett retired, he started buying Google Alphabet, you know. I viewed it as zero consumption, just like that. On top of the overwhelming house. But then Charlie Munn chimed in from the side.
The fact that Apple has invested means that the Wallen Law has finally gone crazy or is still learning. But I think that statement is correct. If you look, it says that he constantly studied how AI would change the world right up until just before he passed away . Right ? You've studied a lot. Wow, but come to think of it, I still find running the kiosk difficult.
hmm. [Clears throat] Look, something gets stuck for about a second. So, adopting new technology and making it my own isn't so much that I can't do it, but rather that it's a bit of a hassle. So, people often have their children do things like that, but the fact that he maintained a learning attitude regarding the new technologies emerging in the world right up until the moment he passed away was truly admirable.
Charlie Munger, in particular, says that a lot now. This is a story I really like. Try to become a little wiser every day when you wake up. Be content with what you have, move forward steadily one step at a time, and read a lot. So, you go to bed feeling a little wiser than when you wake up that morning, right ?
day. yes . It means to live each day. So, just move forward one inch a day—that is, 1 inch in his expression. Grow only one inch at a time. Don't think too radically, either. If I keep doing that, in the long run, in the very long run, I will have become the grown version of myself . I really feel that, too.
So that I can be a better version of myself than yesterday, something I can acknowledge to myself, but while doing so, read 500 pages a day . [Laughs] Ah, those are these people. So, actually, when Charlie Munger was over 70, a surgery went wrong, and he completely lost sight in one eye. Still, one of my eyes has really severe astigmatism.
So, the fact that he read 500 pages a day despite having terrible eyesight in just one eye . Enormous amount of academic study. So, I'm telling you to just keep reading. untiringly. Ah, even now, the important thing is to read diligently, but actually, there are people who can do that and people who cannot.
That is referred to as temperament . that's right. They say you ca n't coach a basketball player's height . So, the point is that the DNA, genes, and temperament a person possesses cannot be changed. So, Charlie Munger actually argues that while it is right to guide those capable of learning in that direction, there is no need to teach those who absolutely cannot.
In fact, if you have just three things—temperament, patience, and ceaseless learning—success is simply a matter of time. Anyone can read to some extent . They say that it could come closer . So, you need to read a lot. They say that they have never seen a wise person who does not read much . Another temperament alone is not enough.
They say you should have a lot of curiosity. curiosity. So, there is a saying that I really like. If you have to pass on just one thing to your children, pass on their passion. It's passion. Uh, but that passion is a passion accompanied by curiosity . Ah, I mean, not money, not ideas, not anything else, but a child who can harbor only curiosity and, actually, passion.
If someone is curious and passionate, do you think they wo n't succeed? You also need patience. You also need patience. Of course, you should n't give up too quickly. So, as that whatever said, temperament, patience, and continuous learning through eating. Ah, with that, I actually think you can call anything .
that's right. This is advice coming from someone who read this, knowing that even after losing his son, divorcing his wife, and losing money, he kept crying but ultimately endured until the very end. hmm. I mean, it’s advice from someone who went all the way to the end. But what also left a very strong impression on me regarding the content was, yes.
There was a point stating that there is no investment strategy that suits everyone. So, this method is all correct. I think the idea that there is no single strategy that works for everyone—saying, "If you do this, you will succeed"—is in line with that [snobbish] temperament. For example, there are people for whom leveraged investing suits well, while for those with certain temperaments, it can actually be more harmful.
Since it seems to vary depending on one's disposition, the point was that you should consistently study and figure that out for yourself . hmm. Something that suits you. yes. A method that suits you. But now, for example, you know our national high jumper Woo Sang-hyeok, right? And Usain Bolt, who is really good at the 100m...
ah, both of them are crying. Would it be right to call Usain Bolt "the marathon runner"? If you asked Woo Sang-hyeok to play Go, he might certainly be good at it, but if you asked him to become a Go or chess player, would that be the right fit for a high jumper? So, it is different because you are born with it.
But Warren Puppett and Charlie Munger asked, " Can I jump 2 meters like Woo Sang-hyeok?" Can I run the 100m in the 9-second range like Usain Bolt? I figured out in advance whether I could or couldn't do it. It is also called metacognition, and it involves first identifying one's own temperament and the range of one's abilities .
But now, most investors think, "I think I can do day trading well too." It means people are under the delusion that they can become rich like others by going all-in with leverage. But I'm not Woo Sang-hyeok; I tried to jump 2 meters, but I broke my knee and injured my back. So, since we can't jump the 2m one far from Buffett, let's keep jumping over the easy 30cm one.
I am saying that I will do this . But what if you also think, "Oh, I really hate the Charlie Munger style"? I'm going to get rich in a day by just going all-in on an investment . I'm saying you should do it if you can. But we know that Wistilit is a value investment subscription. Of course, we don't only do value investing content.
Perhaps the reason value investing is preached so strongly is that anyone can do it. Well, it means that even if you only have a middle school or elementary school education, you can do it if you just learn it . That is why we are doing it. Something that I can do, Reporter Song Il-ha can do, and any subscriber watching this can do .
That is what investing together is. Right? Buying good stocks at a reasonable price and holding them for a long time. Right? But I think the hardest part is keeping it going for a long time. sure. Doing nothing is the hardest thing. People keep trying to do things . Ah, that's exactly what I'm saying.
But if you look at this content, you know one of the things they usually emphasize the most is not to be jealous. You [cleared your throat] that jealousy is madness. Let's assume that I, Reporter Song Il-ha, am doing well. I'm really jealous of Reporter Song Il-ha. He's a colleague at the same company, and he's really good at his job.
It's popular. There are a lot of likes and comments . But does anything good happen to me just because I say I'm jealous? There isn't. There isn't. My insides are boiling. I get stressed. So, this is it. There are things that work out and things that don't just because I get worked up, so I'm saying that being jealous all day long doesn't do you any good .
So, the point is that jealousy is crazy, and you shouldn't compare yourself to others. If you're going to compare yourself, don't compare yourself to others; compare yourself to your past self. It means to compare me to this morning, and that is exactly it. Oh, come on, that's easier said than done.
But it is true that jealousy can be a driving force that helps me grow further. That's good jealousy. But that is that. So, I used that jealousy as my driving force for growth. I'd think, " That person has already become a million-subscriber YouTuber, and they watch so much a month," and "I want to become one quickly too." So I'd go up to them and leave hateful comments.
[Laughs] It's not like that. It's just tormenting me when I try to sleep. It's not that; it's more like, " How can I become a million-subscriber YouTuber too?" yes . How did that friend become so successful? What book did you read to be acting like that? Then I should read that book too . hmm. How do I do the work?
If you think, "I should try learning how to work that efficiently," that’s actually a good kind of jealousy. So, instead of envying or being jealous of others, I am using it as a stepping stone for my own growth . that's right. Ah, I thought there were a lot of things in this that would be really good for people in their early 20s, just starting out in the workforce, to read.
There were a lot. Ah, that book is really funny. Yes, it's fun. For example, the only way to get a good spouse is to be qualified to have a good spouse . It's only ordinary up to this point. But that is because a good spouse is, of course, also sane . These somewhat positional words and sentences make you chuckle a bit, but there are actually a lot of things that really hit you hard.
That is also something Charlie Munger studied. That's the humor. hmm. Ah, I am a learned nanny. I learned it. That's what's scary. So, of course, he is someone who has passed away now, and he was allowed to pass away at the end of 23 at the age of 99, but he even learned that sense of humor. I studied because I really liked the Jewish way of learning and their sense of humor.
Ah, I mean, you know how in that Buck Show, whenever you went to the main stage, he was always that old man eating peanuts next to you? I do almost 90% of the talking, like Wallace Buffett, and Charlie chimes in once or twice; there is nothing more to add . He's just an old man who keeps eating peanuts and cola, but it's so funny how he casually tosses out a remark or two .
So, for example, I want to marry Jangwon. So Ji-sub is my ideal type. Why would that person marry you? That person is acting like this because they are out of their mind . So, for example, if you want to marry Jang Won-hyung, it means you need to reach a level where he can meet you. Get that qualification.
It is simple. Ah, but the fact that even that humor was learned makes him a truly tough person. But, for example, he has read a lot of Jewish books, such as stories about baldness, and this is probably Jewish humor, but you know that fishing tool I mentioned that I like. Things where the bait is all over the place.
Isn't it blue, sky, and total color? Oh, full color... what did I say? Youthful blue, that could be the case. [Laughs] I mean, I asked a merchant who sells colorful, flashy bait. "Oh, do fish like bait of this color?" So, that's what he said. This is not for sale to fish. She is a nanny I really like.
It's sold to people, so it looks fancy. It looks flashy and there's some kind of golden bait. The fish likes that. I do n't know if they like that in the water, but anyway, this is n't something you sell to fish. Because water isn't sold to fish, but to people. person. That's right. And also, do n't ask me why it's time for a haircut.
That kind of story. You know, when you go to the clothing store and ask, "Does this suit you well ?" Oh my, it's my sister's clothes. Oh my, this is totally yours, unnie. That's how it is . Also, why take it to a car dealer? Why does the person selling Mercedes like BMW? I like Mercedes-Benz. Why are you asking?
I went to the Seonghoe and saw that face, and what is that? Why are you asking? Go there. Isn't that obvious? That's right . Ah, that is what life's wisdom is. But in a way, doesn't it seem like Wallen Buffett and Charlie Monger might not go well together ? No, but it is in the book, but how did War Buffett and Charlie Munger first meet?
There is a doctor couple in the Oma area. He is very wealthy. Rich. So, they meet occasionally and ask about investment, but perhaps regarding Charlie Munger and the Wallon Law, one of them happened to meet a doctor couple when he returned to his hometown due to a family bereavement, and he became completely engrossed in their story.
In particular, when he met Wallon Buffett, who was just starting his investment partnership at the time, he talked a lot about investing, and he said that the people listened attentively with great concentration. So that's why I asked about it later. But Lawfit met someone a while ago who thinks exactly like you.
uh . So, who is that? So, he is playing Charlie Munger, and apparently, he is also from this neighborhood. They arranged for me to meet them later . So, the chronology that follows states that Charlie Monger and Warren Buffett first met in the 1950s. That's right. This blind date, this blind date. yes.
In '59, Edwin Davis, that Dr. Yes. Warren Buffett and Charlie Munger first met in 1959 at a dinner hosted by their children. yes. I went on a blind date. That's right . [Laughs] Even though we lived far apart, it was like that our whole lives. Warren Buffett keeps buying in Oma. He still lives there, and Charlie Munger is in LA.
I used to live in LA, but there is something in common. What is it? In one house, Wallace Buffett lives for 60 years and Charlie Monger for 70 years, or something like that, and they each live there. Even now, until he passed away, Wallace Buffett still lived in that house. yes . that's right. What also impressed me was that it revealed that what they truly wanted was independence, not money or wealth like expensive houses and cars.
So, freedom. So, the freedom not to do things I don't want to do . So, Charlie Munger must have been asked a lot of questions like, "Why did n't you become a lawyer and instead chose the path of an investor?" But I didn't want to cater to those customers' tastes; I wanted independence as a capitalist.
That suited my aptitude better. Things like this were coming up. So, I see that the children are all thinking similarly. The freedom not to do things you do not want to do. hmm. That is more precious than money, isn't it? In fact, that is why they invest and why they seek to become wealthy. Since these individuals have built assets worth at least trillions of won, they did n't really feel a need for anything beyond that; that is why they donated so much.
Another point is found in this book—I believe it is from the Q&A session at the Berkshire Hathaway general shareholders' meeting—where they were asked: "If you could travel back in time in a time machine and give advice to your 41-year-old self, what advice would you give?" This is the answer you gave.
It is natural to miss opportunities sometimes . There is no point in worrying about things that cannot be undone. It means that if you get swept away by anger and hatred, it is a big mistake and you might miss the opportunity. It means not to dwell too much on every single little thing, nor to get angry about it, and there is a German proverb that I like.
It means that people mature too early and too late . The reason I mentioned this is that Charlie Munger must have been asked this question many times: "If you could go back to your youth and have regrets, would n't you agree?" It is a pity that I couldn't become wiser, even just one day sooner. They say, " Oh." So, people age too quickly and mature too late .
Among my favorite sayings, there used to be a book title like that, but if I had known back then what I know now, I would have taken out a lot of things too. Ah, if I had known this in my 20s, or in my 30s, I’m in my mid-40s now. It broke, but now I think, if only I had known this 10 years earlier, it would be right.
So, in the book, it says that both Warren Buffett and Charlie Monger really enjoyed talking to older people, like grandfathers, from a young age . yes. So, I've definitely seen a lot of friends who succeed early getting along well with seniors who succeeded even earlier than them. But I think those things are somewhat in line with that as well.
that's right. that's right. There was a book I saw a long time ago that was written by interviewing only elderly people, I think it was at least 80 years old or older—I don't remember the title, but anyway—and that is what always came up in it as well. Do n't be jealous. Live content with the present .
Lower your expectations. That is exactly what Charlie Mucker always says, but it is exactly the same. But our PD is now in his early 20s. Well, I am recording it, but it does n't even sound audible to young people. Right? [Laughs] I mean, we're in our 40s now. It's not fun for people in their 40s to sit and talk like this.
Right ? Actually, you probably won't even watch the video all the way to the end. that's right. They are trying to compress and view it using AI, asking it to summarize. But I ca n't help this. Unfortunately, humans realize it late. So, they say there is a German proverb . People put things in too early and mature too late.
But why would this be a proverb? That means most people are like that. But do you realize this in your 20s, 30s, or early 40s? Aren't there things that you only see in hindsight, when you're in your 60s or 70s, thinking, "Ah, I should have watched that Y-Stree video to the end back then," or "I should have read the Charlie Munger vibe and realized it," or "I should have put it into practice" ?
that's right. yes. The book mentions that horse racing and stock investment have the same characteristics. I almost couldn't bring this up last time, but thank you so much for asking such an important question. Another story I like is that investors even go to the racetrack to invest. hmm. People who speculate.
Even in the financial market, they speculate. They speculate even in the investment market . What is the difference? This is it . When repeating a probability game multiple times, and wondering if it is a game I can win or not? You know, when Charlie Munger was young. He said he liked playing marbles when he was in elementary school .
And they say he liked playing marbles and making bets. But he said he would never make a bet with a friend who was better at playing marbles than him . That's it. That is investment, and that is horse racing. Do you know what kind of car it is? For example, there is also something called a parimutual, which is used to calculate probabilities.
If the odds are 50% to win, but you win three times your bet if you win, should you do it or say something? That means... why? It means you win in one go out of the two, 50-50. Probabilistically. Of course, it doesn't mean you win after only two rounds, and the law of large numbers is necessary, but probabilistically, this repeats.
Several times. Then the probability converges to 50%, and when you win once, you earn three times your money. In this case, it would probably just be the last volume. Because it's the option price. Then, what if we repeat this 100 times, 1,000 times, or 10,000 times? I have no choice but to earn it.
I'm a marble pro playing against a loser and a kid who's playing for the first time, and we keep repeating the same thing . Gaekode will probably take it all. But since the world marbles champion came, I guess I'll lose . Don't you like tennis? Tennis is like that too. It is not a game ruled by luck.
In tennis, skill reigns supreme. I also play chess and Go against Lee Se-dol 9-dan 10,000 times. I said it was one round. I can't win. But for example, regarding the soccer match this time, that Cabo Verde... I mean, that African team became really famous, right? Cabo Verde... Oh, I'm sorry. What is Karjam?
The Cabo Vert competition went incredibly well, didn't it? You can beat even strong teams by just defending hard and then launching a single counterattack . That is soccer. Upsets happen; for example, in rugby, baseball, and soccer, upsets occur probabilistically . But that rarely happens in Go or chess .
Ah, so the point is that you need to know whether this is a game that converges heavily on skill, like Go or chess, or a game where luck plays a significant role . What is 100% luck? Almost gambling. I went to a gambling table and hit the jackpot on the first round. Then I already told you. I have to get up and kick off quickly.
You have to take that money with you. I bet 100,000 won and won 1 million won. Do the heating plate again. Then of course you'll lose. The probability of winning the lottery is 8.14 million. But wow, I won the lottery. I'm a lottery genius. So I'll use all the winning 1 billion won to buy lottery tickets again.
This is a stupid thing to do. But it's the same in investment. If it is a high-probability investment game where you just have to jump over a 30cm hurdle, the point is to quickly distinguish whether it is a game you will win or a game you are bound to lose if you repeat it in the exact same way 100 or 1,000 times.
Even a three-year-old child can tell whether a player knows how to do that first—whether they are a player I can beat at marbles or an opponent I can beat at Go . Even elementary school students. But in the investment world, they don't make that distinction . Ah, I know I can win everything. I think I can do it all.
Citadel, Renaissance Technologies, and that hedge fund think they'll win the marriage. So, that means you should practice metacognition. That's right . Actually, it starts from there . Now, dig deep into only what you can do and make your decisive move there . That's the point, you know. That's right .
I almost forgot to tell you this when we were talking about the investment earlier . It's similar to that metacognition I mentioned earlier, but it is the absolute basics of investing . This is what Charlie Munger said in 2022. There are countless people who do not know how much they gain in exchange for what they pay .
Because, as Buffett and others have mentioned many times, you must distinguish between price and value . Price is what I pay, and value is what I get. But regarding how much I can get when I make this payment, did n't we sell cosmetics a while ago as well? There is a pinned comment saying nm repo, so please buy a lot.
Or how much is this book? 30,000 won. It's 30,000 won, so should I buy it or not? They say that cosmetic [snorting] costs about 40,000 or 50,000 won, but you have to say you have to buy it because it's worth that much, right? yes . People don't think about that with stocks . hmm. How much value do I get compared to the money I pay?
That's right . You aren't thinking about how much value you will get by buying Hynix for 3 million won . That's because it's a negative. Ah, look at that after it's over. So, that is also always referred to as the profit and loss ratio. You actually need to consider the probability of making a profit or that return when entering at this current price, the probability of incurring a loss and the range of losses, and the maximum drawdown—the amount of maximum loss you are willing to forgo—before you go in .
So, what I mean is, like Buffett, if I acquire this company for 10 billion won, when will I recoup that 10 billion won? Or, you know how self-employed people calculate how many years it will take to turn a profit after paying key money to buy that business? But the thing is, people don't think about those things when investing in stocks .
hmm. That's right . So, I'm also trying to make it a habit to calculate profit and loss ratios these days . Especially these days, since AI is so advanced, when you enter a position, of course, it varies from company to company—some have target stock prices and some don't, and some pay dividends and some don't .
But at the very least, I always analyze how many times the value I can receive compared to the current stock price I paid . Mechanically. yes . It looks like it's going to be between 100,000 and 200,000 won right now. Ah, it’s not like saying, "If I can't buy it now, it looks like it will go up to 3 to 4 million won," but that just means you keep looking at the price.
A car that seems like you pay the price and get it back. That is not the point; you should consider the value as how much you can get back when you pay this price, but the problem is that almost no one does that. hmm. Then, how exactly do you calculate it ? There are two ways to calculate the profit and loss ratio based on value, and that is an example.
Well, when you talk about dividend stocks, there is the dividend yield, you know. We previously discussed what the dividend yield is when entering now, and how theoretically the dividend yield doubles if the stock price is cut in half due to war or competition variables, and we also posted that on Shorts .
So, do you know what gets posted the most in the comments? Hey, if the stock price drops by half, the dividend is reduced too. People ask where such a stock exists. So, you're only earning money superficially. But the important point is not that the company's profits have decreased, the industry has collapsed, sales have plummeted, or the business model has failed; in that case, of course, you have to sell.
Without a second thought. But that's not the case; the industry is doing well. The company's position has n't changed either. The results are good, too. The dividends don't change and keep giving out. But just because Trump said one thing, stock prices are getting wrecked because of leveraged ETFs .
why? People are selling their 3-game Nicks to recover their losses, and they're just leaving. Because of that, because of a problem that has absolutely no impact whatsoever, it's been cut in half. Theoretically, then oh my, is this the left side? Oh my, thank you. The dividend yield becomes 7% and then 8%.
It means picking things up, picking them up . But the question is, can you see that? It is visible to those who know, but to those who don't, it just goes like this: "Oh, the stock price is dropping, it's scary, I guess I should sell too." But for example, people are suddenly selling Hermes bags that used to cost 10 million won for as little as 5 million won on Carrot Market.
It's just crazy. The stock price just dropped, so I have to sell that Hermes bag and average down on my Samsung Electronics purchase. Just sell a 10 million won bag for 5 million won. yes . I'm not going to buy it. I should buy it. I should buy it. If it is temporary. So, but that's a fake. Or they say Hermès has started selling 1 million 10 million-won bags a day .
hmm. If the PQ increases, then you should n't buy that. So, the point is that we need to look at the essence, but people keep looking at it superficially. Price only. That is all because of shorts. yes . Then, would there be people who would tell these types of people to read this first ? If I could meet Daeho 10 years ago and talk to him, or if I really swear I'm saying this.
Or, if I could meet Lee Dae-ho 20 years ago and give him just one book, I would give him this book without hesitation. Oh, well, actually, FA Media gave us an advertisement, but I told CEO Kim Ki-ho that we absolutely have to do this book. I said that, and it really needs to be this much effort that I am already on my fourth time doing this Charlie Munger Bible content.
That's tremendous praise. Ah, it's a book I really love. If I had to read just one thing, and if I had to travel back 20 years in a time machine to give it to someone, I would choose this book without hesitation—not *The Intelligent Investor*, but *The Intelligent Investor* is a bit of a difficult book.
Honestly, Benjamin Graham practically made that for his lectures . But I'm telling you, this is just a life-changing book. yes . They were really good at cooking alcohol. So, putting aside investment techniques and ways to become rich, if I could go and give you life guidelines—even if I couldn't give you a map with the coordinates of a treasure island—I would just give this book to Daewoo 10 years ago, 20 years ago .
I dare to think so . Wow, the first book you were going to give me as a gift 20 years ago was the Charlie Munger Bible, right? So, I told the boss what I said when this book went out of print. I asked, " Why did you let this book go out of print?" Just like this. But this book is currently out of print, so yes.
Since this is the new version, you can read this one, right? The final edition. With the detailed explanations provided by Teacher Lee Geon and Teacher Kim Jae-hyun, this is a life-changing book. yes . So oh my, who just buys it? Just buy it. I’m not really buying it, but since it is a hardcover anyway, please read it yourself and lend it to others to read as well .
Well, it is 30,000 won, but I guarantee they won't lend it to me. that's right. If you lend it to me, I think it will become a life-changing book. So I won't lend it to you . Is there no event for this? doesn't exist. Buy it with money. I won't give it to you. yes . As expected, buying and watching them together is the best.
So that's it. You can gain knowledge . You can also get it by watching YouTube. But as for Ji-hye. You have to figure it out on your own . No one can give you wisdom. But instead, while reading books like this—and as I mentioned earlier about the locking frame model and reverse techniques—you have to realize it yourself.
Right? Then you slap your knee and think, "Ah, so that's what it was." So, it will be a book to buy and give as a gift . Ah, this is a book I would want to publish if I had a publishing company . Really. Ah, ah, we should have paid. Yes. [Laughs] So today, we did this and had a variety of conversations about the final edition of the Charlie Munger vibe.
From 1924 to 2023. That is now engraved on the front. To be honest, I didn't know Charlie Munger personally, but I really wish he had lived to see his 100th birthday. It is quite unfortunate that he passed away just a month before that milestone, when CNBC was actually preparing a special broadcast about him.
However, I dare say that he was a true guru—a teacher of life, an investment guru—and more than that . Yes, yes. I hope you buy and read it. [Laughs] If this was helpful to you, please turn on notifications, subscribe, like, like, comment, and watch other videos. Thank you always for being with us. Thank you.
Right now, there are an unusually large number of companies whose investment appeal has increased . It is time to update my knowledge by studying the semiconductor sector once again. The important thing is that when we invest, this key variable determines more than 90% of the stock price . Please refer to the pinned comment for more details on topics not covered in the basic section, such as the exchange of memories and techniques.
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