저자: Tom · 외국인
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찰리 멍거의 투자 철학(소수의 최고 아이디어에 집중, 장기 보유, 낮은 비용, 잦은 매매 자제)을 소개하고, 피델리티의 투자자 성과 연구를 인용해 잦은 매매와 감정적 투자가 수익을 갉아먹는다고 설명하는 교육 영상이다. 핵심 주장: 좋은 투자 기회는 매우 드물며 포트폴리오를 최고 아이디어에 집중해야 한다. 뮤추얼펀드·헤지펀드는 높은 수수료 때문에 시장을 이기기 어렵다. 품질 우위 원칙: 저평가된 저품질 기업을 사고파는 방식은 규모가 커지면 통하지 않으며, 해자(경쟁우위)를 가진 고품질 기업을 적정 가격에 사서 오래 보유하는 편이 유리하다. 피델리티 연구: 평균 투자자는 시장보다 부진했고, 성과가 가장 좋았던 집단은 계좌를 잊어버렸거나 아무것도 건드리지 않은 사람들이었다. 매매 수수료·세금·감정적 고점 매수/저점 매도가 원인으로 제시되었다. 진행자 실천법: 매년 1~2개의 좋은 투자 아이디어를 찾는 것을 목표로 하고, 펀드 조정 시에는 '이것이 실수일 수 있다'는 전제로 명확한 이유가 있는지 점검한다. 펀더멘털 기반의 가치 평가를 강조한다. 조건/리스크: 특정 종목 가격 전망이나 목표가는 제시되지 않았다. 매도는 기업 펀더멘털이 훼손되었거나 극단적 고평가 대비 더 매력적인 대안이 있을 때만 정당화된다고 설명한다. 출연자 전망: 특정 자산의 단기·중기 방향에 대한 발언은 없고, 장기 투자 원칙에 대한 견해만 있다.
다듬은 글
you hey guys tom here from the investing one time YouTube channel welcome back to the channel if you enjoy today's video hit like kep subscribe and that way you can see future videos as well so today's video is about Charlie Munger and if you're not familiar with who Charlie Munger is if you've been living under a rock in the investment world Charlie Munger has for a long time a very long time in fact being Warren Buffett's right-hand man and you might recognize him from the Berkshire Hathaway annual meetings if you've ever watched those as the guy that often just says this your own nothing dad ok nothing that zone 6 Berkshire shareholders Charlie I have nothing to add ok I cannot talk just as well as you can Charlie you monohybrid Oh No I was hoping Charlie would have a near life experience this morning now although Charlie Munger is often a man a few words when he does speak it is definitely worth listening and people flock to Omaha every single year so obviously listen to Warren Buffett but certainly to listen to Charlie as well and one of the things I've been doing more recently is trying to finally get around to completing reading poor Charlie's Almanac which was the giant book that you always see up here and throughout that when Charlie is talking about how he has done so well and investing there's one or two key points that just keep coming up over and over and over again so I want to get into that it's something that is definitely obvious with Charlie Munger's investing strategy if you've ever followed him for an extended period of time but I want to get into it it's certainly a useful tip and it helps us slow down and kind of get away from the everyday ups and downs of the stock market that is for sure and it can only help your long-term performance and of course the opinion of Charlie so let's get into it here are some top investing tips from Charlie Munger from poor Charlie Dominic but the investment lesson from Charlie Munger essentially is this it's that firstly good investment opportunities come along really you shouldn't expect to find them every day or every month or even every year if you're being really strict with where you put your money and only focusing on the few opportunities that I just absolutely no brainers if you can't explain it to a five-year-old if you can't draw on a piece of paper with a crayon to explain your investment thesis as someone like Peter Lynch might put it then it's probably too tricky and something you should you should pass on it and keep filtering through ideas so the first point is that investment ideas are very rare and it makes a whole lot of sense to concentrate your portfolio on your best ideas obviously we live in a world where mass diversification is the norm and mutual funds and hedge funds often employ massive numbers of people to try and basically get in a pen on every single stock if they want some exposure to the healthcare industry they will hire someone to try and figure out what the best best healthcare stockers and to Charlie Munger that just doesn't make any sense at all he thinks you should focus on businesses that you understand realize that really good ideas don't come along that often at a great price so when they do it's worth pouncing on them and forgetting everything else essentially and you know you've got to keep costs low so one of the reasons that we know the average hedge fund and the average mutual fund does not outperform the stock market is basically massive amounts of fees you know if you are competing against let's say an index fund we have essentially no costs everything is just run by a computer the trades are all run by a computer versus a firm that has say 500 employees and they're all on like six figures plus hump because that's what tends to happen in the financial industry then it's no surprise that on average you simply cannot per outperform the stock market as a mutual fund or a hedge fund with all those expenses with all those costs and in particular the frictional costs of buying and selling quite frequently and that's the third point of Charlie Munger when you can find an undervalued business but it's not that high quality of a business that's great and that's the way that warren buffett invested for a long time as he found really really cheap stocks but they were tended to be in poorer industries he would buy them they would appreciate over a few years back up somewhere in the ballpark of intrinsic value he would then sell them and then he would have to go and find something else and although that works it worked really really well for Warren Buffett and his early days with small amounts of capital it doesn't scale particularly well to the tens and hundreds of billions that berkshire hathaway are now managing and it also means that there's more steps so compare that to an investment where you find a higher-quality business and you pay up a little bit more for it but the business is higher-quality it's going to grow into the future all things going well and it has a really good sustainable competitive advantage or a moat as Warren and Charlie would call it so that - Charlie manga is a much more attractive investment proposition because although you have to pay a little bit more upfront you don't necessarily have to do anything you can just sit there for a long long period of time and have that single investment compound and that means you don't have to pay brokerage fees you don't have to pay taxes because you'll basically never selling it and there's a lot of pros to setting things up with your investment strategy that way so those are our lessons from Charlie Munger focus on your few best ideas focus on things that you can hold for a long period of time and do not trade frequently the the factors investment ideas come along very really and making a trade as I'm about to show you in the next part of this video can detract from your results quite significantly due to some frictional costs so let's get into that part of the video now so when I was sitting down and reading this part of poor Charlie's ah manic and I say this part but really the same lesson is scattered right throughout many chapters of this book I couldn't help but be reminded of an article that I had read and I've seen a couple of times actually on the channel already from fidelity investments and fidelity investments did a study a few years back on basically looking at which of their clients had the best investment track record so which of them were making the highest returns after costs after taxes all of that kind of stuff which what were the characteristics of these people that were beating the market versus the average investor who is actually significantly behind the market and what they basically found was that the average investor that fidelity investments had was underperforming the stock market and that was due to a few things that we've really already talked about on the video today which really are are frictional costs so every time you buy and sell a stock there's typically brokerage fees that come along with that and simply human misjudgments and and human emotion often gets dragged into investing so you have people that will get really excited about an investment and about a stock when it's going up and they'll typically start buying lots of it while it's on the way up but they won't necessarily sell it when it gets too extreme prices and they will sell the investments that have been going down a lot and when you're when you're evaluating things on a fundamental basis or potentially actually more attractive investments than the things that have just been going up forever and get into stupid valuations so that's part of it so that so there's the psychology side of it and then there's simply the fees side of it and that was really why the average investor is not doing particularly well in the study and the people that they found did do really well basically fell into one of two categories so either they forgot they had an account with fidelity or they would did just let that sink in for a second they either completely forgot they had an account and just made no changes to their portfolio over an extended period of time or they were did and obviously we're not making changes to their portfolio so having that mindset completely eliminated all of the fees obviously because you're not buying and selling and you're not paying taxes and stuff and it completely eliminated the emotional factor because you're not buying into this exuberant time where prices keep going up and up and up and you're not getting you're not sort of panicked selling out of these low prices that just you know seemingly keep going down so those are a couple of the things that fidelity investments found in this study and that was just something that kept popping into my head every time I read what Charlie had to say about investments so this basically came out to two main lessons and two main takeaways for me the first one is that I really am going to try and continue to have have actually Warren Buffett's analogy which again Charlie brings up in the book of this punch card with this this punch card which has 20 holes in it and essentially that should represent your entire investment lifetime so if you only had 20 investments that you could make in your entire life you would obviously think very carefully about each company that you added to your portfolio before you put them in there and that's basically the way I try to manage things I don't necessarily have a hard limit like after 20 companies I'm just gonna stop investing altogether and leave the portfolio as it is it's not necessarily like that but it's a mental framework I guess for making sure that you're not actively trading more than you probably should be and the way I've implemented that and practice is at the start of each year for the last couple of years I've set the goal of trying to find one to two really good investments per year and to most people that look at the stock market that will seem just obscenely low but I'm really not ever a net seller of stocks and I'm continuously putting money you know and to enter my investments and then so those accounts some accumulating cash and trying to deploy it in an intelligent way and you know one or two investments over a per year over a lifetime is going to you know hopefully give me a pretty pretty good track record so that's what I'm looking to do is simply find one or two investment ideas per year if I find more than that great if I find less than that great but what it does is it takes the pressure off and it allows me to look into a lot of companies without necessarily feeling obligated that I have to put money into that investment just simply because I've spent the time looking into it and I think that as a trap that a lot of people fall into as well so that's the first take away for the first lesson and the second lesson is that whenever you're going to make an adjustment to your portfolio so if you've got an existing portfolio of stocks that at some point in the past you obviously thought it was a really good idea to buy these years there otherwise they wouldn't be in your portfolio the study from fidelity and what we hear from Charlie Munger basically tells us that if you're thinking of making an adjustment to that portfolio statistically speaking if you make an adjustment to that portfolio it's probably a mistake and that might seem really weird you know every time you make an adjustment to your portfolio it's a mistake but I mean statistically speaking and Charlie tells us that the key to outperforming the stock market over a long period of time is basically keeping your costs as low as you possibly can and stick in with high quality businesses that will continue to compound and will continue to have a sustainable competitive advantage so if you're using that framework there's very few reasons why you would sell a business either the motors broken well they're trading at an insane valuation and you've got an equally attractive business model trading at a lot much lower valuation and you simply need cash to put into that that is really the only situation you should be selling any of those great businesses so think about it like that aim for one to two stocks a year that's what I personally try to do if you want to approach it slightly differently feel free but that's the way that kind of works best with my brain is thinking about it like that and the way I look at making adjustments to my portfolio is basically saying to myself Tom this is probably a mistake what you're about to do are you 100% sure that you really want to do this are we buying shares in a business well below intrinsic value I really sell like I say but if I do sell you know do I have extremely good reasons for this or not because if you don't you probably shouldn't be doing it so that some lessons from Charlie Munger I hope you did enjoy the video if you did hit like hit subscribe I'd love to hear some of your favorite Charlie Munger quotes and lessons that you've picked up from the guy as well in the comments below so drop them down below but that's all from me today and I will see you in the next one Cheers
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