저자: CharlieMunger · 외국인
요약 보기
투기식 단기 매매는 실패하고 장기 가치투자가 성공한다는 주장. 버크셔 해서웨이 주식은 $16에서 약 $300,000로 상승, 소수 종목 장기 보유가 핵심. 중국 시장은 홍콩을 본보기로 장기적으로 발전하며 투자 관행도 개선될 것이라 전망. 중국의 장기 주식 투자 문화와 미국 내 중국계 성공 사례도 언급.
다듬은 글
if you invest the way people gamble in casinos you're not going to do very well it's the long-term investment that works best but if you like the action of investing sometimes winning sometimes losing just like when they gamble in a casino those people are not my people I like the long-term investors who figure out something that's going to work over the long term and buy that and the sooner the Chinese people gamble less and invest patiently for the longterm more the sooner they will do better the world is full of foolish gamblers they will not do as well as the patient investors well I think it can be learned to some extent and to some extent you're born with it there's a saying in America they go a long attention span they can keep their mind on a game or an activity for a long time until they've solved it and the Chinese do have a long attention span and that is a hugely desirable quality because you're more likely to get the right answer if you think deeply and hard about a subject for a long time and it's odd that a group of people who are so good at having a long attention span like to gamble so much which is quite counterproductive a lot of people think there is such a thing as truth in the markets that the market is going to tell you something just by bouncing around that is not the way bir your halfway or Charlie Munger invests money we have a view as to what the intrinsic value is of what is being traded and we only buy it when we think it's worth more than we're paying so we're trying to make a long-term investment by waiting for something to be underpriced and then buying it and we don't give a damn about all these gamblers in the market to me they're just so much froth and it's a foolish way to spend your time if you want to get rich but Chinese Market is going to create a lot of successful investors if you look at Hong Kong which has been full of Chinese people in meshed in a capitalist order with a good Securities Market that is going to spread all over China and increase in respectability and size for decades ahead I anticipate the China's security markets and investing practices will get better and better for a long long long time there'll be fluctuations to be sure but the long-term Trend will be more achievement more respectability and higher prices the Chinese who've gotten rich in Hong Kong over the last 50 years are not the short-term Traders and the gamblers it has been the long-term investors who sought out good long-term Investments and stubbornly held them for long periods of time and just as that worked for the Chinese in Hong Kong it'll work for the Chinese on the mainland it's not the short-term gambling that's good it's the identifying the good long-term investment and sticking with it for a long time my birkshire haway stock cost me $16 a share and it's now selling for almost $300,000 a share that's been a very good investment it took a long time and it was a long-term investment where I liked the people I was investing with and I like the companies I was investing in and I just sat there for more than 50 years and lo and behold it's worked out very well and there are lots of stories like that lilu and I have been investing together in China for what 15 years and we have bought a lot of Securities and we sold very few have not made very many bad Investments it's uh they've been small and not very many I don't have many bad Investments neither does Leu basically the mon have three stocks we've got Berkshire we've got Costco and we have an investment in Lee partnership three things I'm well along in my 95th year three things you don't need to own a lot of different things to get rich the New York Times just interviewed and they asked me why are these people in China so interested in Berkshire Hathaway and Charley Munger I know it's very peculiar it is very peculiar partly the book did it but why do the Chinese like that book I think the answer is that it sounds confusion China has a deep confusion ethos they want people act modestly even though they're rich and Powerful they want people to constantly keep learning and to behave with dignity and reason and improve as they get old and keep working those lessons are not confined to one country it just happens that Warren Buffett and I act like a bunch of people who take confusion ISM very seriously that's why they like us they know I like books so he will give me so many books that either skim or read through 20 books a week no I I get lots of books I read a lot of biography and some history I read almost no fiction he asked me what other reason for the reason that we're suddenly popular in China and I said there's one more reason is that B and I really like the Chinese and of course everybody likes people who like them so that's what happens now you say why have the Chinese gotten so popular with a couple of omo boys that's something that a lot of Chinese don't understand if you look at China with the Viewpoint of a United States citizen here is what you see when the Chinese first came in here we're trying to build the Sierra the transc Continental Railroad in the winter through horrible passes in the Steep mountains and nobody could do it was impossible people were dying and they just it was just too hard so they brought in like 50,000 Chinese coolies who were in those days practically slaves and they took those coolies up into the mountains in the winter and you build a railroad and they did and the Americans couldn't do it by themselves well that of course made a very favorable impression well fade in Fade Out and now we've had all this immigration of Asians Chinese Japanese Korean Vietnamese so on and what have those Asians done in America well they've come in and rapidly become doctors lawyers professors businessmen and so forth and succeeded mightily and if we go to our symphony orchestra which didn't used to have any Chinese in it every instrument that's hard to play and takes unlimited practice you look up from the instrument there's a Chinese face of course we find people popular who are succeeding so much in our country and they're not causing a lot of trouble they're just succeeding and so naturally we like the Chinese and I don't think the ordinary person on the mainland China understands what an image of success China has in the United States because the Chinese Americans have done so well here and the most extreme thing of all that nobody could have anticipated nobody ever talks about it and you should talk about it in your magazine is because there was so much poverty in China and it was so overpopulated if an American couple were unable to have children of their own they could always go to China and adopt a Chinese girl from a very poor family so in every important city of America people soon learned they got better babies taking The Unwanted Chinese girls from the remote Chinese Farms that those babies on average worked out better than have had their own children and so everybody wanted to adopt a children they don't want American jail they want a Chinese girl and of course all those girls worked out well and most people in China don't realize how extreme that's been that's happened in every American city every American private school is full of the discarded Chinese girls from the Chinese country side and they're getting all A's and winning the prizes of course it makes a favorable impression
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