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.. ù ° ڼ

; 21 ڽȭ ź

Buffett; The Making of an American Capitalist in 1995, 2008

- : Ÿ Roger Lowenstein

- ű: / , : ö

- ǻ: / 2009-10 / 760 / \\30,000

 

2012⿡ 뿩 쿬 å Ǿ ° оϴ. ʷ ĵξ ߿ Ϻθ Űϴ. ٵ İ ƴ ϰ ;ϴ.

 

 

1991 , ڼ ڴٰ ,  ε ۾ ׷ٰ ٰ ߴ. Ư å ʿ ڷḦ Ѵٰų ڷῡ ϴ Ŷ ھҴ. – Ÿ, – 11

 

 

û û սǷ ִ. ̿ Ҿ ο ̷е ߵǰ . Ǹ ƶ Ѵ.

The enormous profits should have turned into still more colossal losses, that new theories should have been developed and later discredited, that unlimited optimism should have been succeeded by the deepest despair are all in strict accord with age-old tradition. [Security Analysis, 3]

 

߰ ǰ ޸Ѵٰ ؼ ǰų ׸ٰ ϴ.

You are neither right nor wrong because the crowd disagrees with you. [Intelligent Investor] – 88

 

׷̾ Ȱ 22 ó ׿ A ׷̾-տ ʰ ϰڴٰ ߴ. ׷ ׷̾ ̸ ߴ. ׸ ƮƮ ʾҰ, ̿ źι ׷̾ ϸ Ϸ ֽ. – Morgan Stanley 1963 . – 91

 

̾ ׷̾ ְ м ʰ ġ ߴ. ׷̾ ĭ(Irving Kahn) ڽ ׷̾ ǰ ̾߱Ϸ ϸ ٷ â ٶ󺸰 ߴٰ ߴ. ĭ ׷̾ ̰ ִٰ . – 105

-> 109 Ÿ Ѹ ĭԴϴ. ű ̴ κп - ׾ ǥ߽ϴ. ̸ ϴ ĭ κ̶^^

 

) 30޷ ġ ִ ֽ 10޷ 缭 ϰ ִٰ غô. ٸ ڵ ġ 30޷ ȴٰ Ǵ ٷ ٵ ߿  ġ մϱ? ϳ? ƴϸ  ߻ϳ?

) װ 츮 ̽͸. װ ٸ ƴ϶ Ե ̽͸Դϴ. 츮 ᱹ ġ ´ٴ ˰ ֽϴ. - 107

 

Mr. Chairman: When you find a special situation and you decide, just for illustration, that you can buy for 10 and it is worth 30, and you take a position, and then you cannot realize it until a lot of other people decide it is worth 30, how is that process brought about-by advertising, or what happens?

Mr. Graham: That is one of the mysteries of our business, and it is a mystery to me as well as to everybody else. [But] we know from experience that eventually the market catches up with value.

-> 1955 3 11 ȸ Ʈ ׷̾ 亯

 

ϰų ų 忡 ߻ϴ Ϸ ΰ .

A series of market decisions does add up, believe it or not, to a kind of personality portrait.

- Adam Smith, [The Money Game]

 

ں پ Ǵܷ° ִ ֽĽ忡 ϸ ߻ ֽĽ ̶ մϴ. ׷ ڿ ̿ ٸ Ǵ ϴ. ̵ κ ü ڱⰣ ߿ ߻ ϱ⺸ ֽĿ ġ򰡰  ߺ Ϸ Դϴ. ׵  ֽĿ < > ġ ִ ϴ ƴ϶, ߽ɸ 3 Ǵ 1 Ŀ ֽ ġ  Դϴ. – ̳ʵ ν, 1936 – 181

-> ־ ȸ ؼ ν Դϴ.

 

̻ ϴ Ǯ ο ƲȰ Ŷ մϴ. ſ ̷ ൿϴ ؿԽϴ. 簡 ƴ϶ Ÿ Ȳ ϴ  ս Դ Ѻýϴ. Ȳ ʽϴ. ׷ иմϴ. ִ ٹ Դϴ. ٸ ٹ ϸ ø ׷ ٹ , մϴ. ׷ ϸ Ը ȸ Ұ ս ߻ ɼ ִٰ մϴ. – 1967. 10. 9 Ʈʿ

 

dz 100 ޷ 1 ȿ Ļ ֽϴ.

-> ִ ִµ Ͽ Ƿ Ҹ ʴĴ – 1968 2 25, Omaha World-Herald – 194

 

ϴ ̰, ġ 밡 Դϴ.

Price is what you pay, value is what you get. 1967 1 22 Ʈ - 199

-> ݰ ġ ְ Ƕ Ͽµ, մϴ.

 

ڴ ݴϴ. ٸ δ ᱹ ߴ ߴ ϴ. – 245

 

ڷ۱ ڿ ׳ ٿ 20Ʈ ۱ ΰ ȶ Ѵٸ Ƹ ½ ̴ϴ. ȸ縦 Ǽ ̿ϴϱ. ݸ ֽİŷ . 츮  Ʈ ֽ 8~9% ż ֽ ŵ 4 ޷ ġ ִ 8õ ޷ ȾҴٰ ʽϴ. ŵڵ ȸ ְ ִٰų ٸ Ǵٴ , Ȥ ׹ۿ ٸ ֽ ˴ϴ. Ǵ ŵϴ .

- 1973 Ʈ ֽ Ϳ ȸ, 1984 ׷̾ & ̳ - 258

 

ھ ⿡ 1973~1974 ֽĽ ر ̻ϰ õ Դ. ׷ ر ǰ 1930 Ȳ ߴ. ƼƼ ֽ PER 80 Ⲩ ̴ ݵŴ 40% þ PER 5ۿ ʴ ֽĵ Ϸ ʾҴ. ݵŴ ڽ Ʋ ɼ ߴ ƴ϶  ηߴ ̴. Ѹ 򰡰 ƴ б⺰ 򰡸 ߴٴ . – 265

-> ڵ ̸ ̿ؼ θ ø å ֽϴ.

 

ڿ ʿ ʴ. 켱 ƾ մϴ. ° ħ ؾ մϴ. ׸ ° ߿ մϴ. - 270

Investing did not require a genius. What it need is, first, reasonably good intelligence; second, sound principles of operation; third, and most important, firmness of character.

- 1974-09-23 ׷̾, <ġ ׻󽺿 ָ϶> ߿

 

1974 10 ٿ 580 Ű ó <> ͺ信 ֽĽ忡 ҽϴ. - 271

) ʴϱ?

) ġ ڰ ȫ ̿. ̾߸ ڸ Դϴ.

 

ڰ 󿡼 ϴ. . Ÿ GM 47޷ ϴ. USƿ 39޷ ⵵ մϴ. ƹ Ʈũ ʰ ȸ Ҵ ϵ ϴ. Ϸ ϴ ٸ ˴ϴ. ׸ ̸ ֵθ ׸. – 1974-11-01 <> - 271

 

GEICO ó ׷̾ Ϳ [ ] ڰ ߴ. ׵ DZ ĵó Ǹ ϴ Ҵϰ ; ׷̾ Ϲ ڴ ׷ Ŷ ߴ. ׷̾ ڻ 75% ֽĿ ؾ Ѵٰ , ºλ Ǵٸ ڱ ֽĿ ؾ Ѵٰ ߴ. ᱹ ׷̾ ڰ Ǵ ϰ ڷμ ϱ ߴ. -> ׷̾ 1976⿡ ϸ, ñ Һи

- 1980-01-24 Omaha World-Herald – 321

 

ֽ ϳ մ ġ ī带 ó ؾ Ѵ. ׸ ī忡 ո ̻ ڸ ؼ ȴ. ׷ ڿ ̵ ְ ͸ ɷ ֱ ̴. – GEICO ߿ – 327

 

׷̾ ׷̾ ڹĿ Żߴٰ Ѵ. Ȯ ȭߴ. ״ ۰ų ʸ Ǽ ޾Ҵµ, ׵ Ͱ ޸ 濵 ߵǰ ִ ߴ. ư ڽ 迡 ޾Ҵ. ״ ׷̾ ְ ȸ縦 м п ĵ 簡ġ ߰ ־ ̴. ׷̾ ׷ ǵ帱 ʾҴ.

׷ ̷ Ż ¼ ٺſ ϴٴ ǹ ִ. ֽĿ 簡ġ ִٴ ̵ 系 ׷̾Լ ̾. ׷̾ ̽ ̶ ȭ ʾҴٸ, ȰȲⰡ ų 1974 ħü⿡ ٽ ڼ ư ʾ ̴.

װ ׷̾κ < >̾. װ ġ , ׷̾ ɾ , ׸ ϻ ҿ뵹̷κ ʿ Ѵ. - 329

 

Ǹ ùٸ ̾ϴ. ׷̾ κ Խϴ. - 330

The best thing I did was to choose the right heroes. It all comes from Graham.

 

̷ иġ ʴ. ׷ ֽĽ忡 ؾ Ѵ. ȮǼ < ġ > ģ̴.

The future is never clear; you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.

- 1979-08-06 <> ߿ – 374

 

ġ ó ƹ ȶ γ ص ֵ鿡 ظ ִ ı ʷϰ ϴ. ¾ ׷ Ȳ ûմϴ. ִ ڴ ƴϴ. - 408

 

ġ ġ . - 444

 

ȿ̶ ϴ ȿ ̷ ڵ ȿ̶ ߸ ȴ. ȿ̶ Ͱ ȿ̶ ϴð ŭ ̰ . – 1988 ֺ - 504

Observing correctly that the market was frequently efficient, [EMT adherents] went on to conclude incorrectly that it was always efficient. The difference between these propositions is night and day.

 

 

, <īݶ> 1988 żϿ Դϴ. ̿ ؼ å Ϻθ űϴ.

 

1985 <ijнƼ> ŷ ϳ ֽĵ ʰ ־. ׷ <īݶ> ֽ ŷ ر ũ ðѾ 4 1 ϳ ֽĿ ɾ. –> ּ 3 ֽ ż ʰ ȣ żȸ 븮 ־ٴ ̴ϴ. ŵ ƴ϶ ż <γ> ߿ ˴ϴ. - 522

 

1992 ȸ ְ <īݶ>  ̻ ʴٰ ߴ. ۰ ,

- μ Ǹ ڷ ȸ ׸ ã ٶ Դϱ? – 531

 

 ֽĿ ֱ⸦ ߴ. Ⱓ ݾ ׿ ˷ ʴ ֽ ִٴ ູ ŭ ̴. κ ü 𸥴ٰ ؼ ġ 󸶳 Ǵ ̷ ϴ . ̰ ٷ <īݶ> ٶ ̾. – 532

 

ڴ <īݶ> ϴ ָ鼭 -ƿ﷯ ̷ ٰŷ- ְ ֽ ã ħ ؼ ݴϴ. - 522

 

1. Žð ߼, , Ȥ ְο Ű . Ͻ ġ .

 

2. ɷ¹(circle of competence) ֽ ƶ. Ϳ װ  ȸ 찡 Ҵ. Ģ Ϳ ƴ. Ѵٸ Ź Ʈȸ ֽ ̴.

 

3. ں ڱ ó ϰ ٷ 濵 ãƶ.

 

4. ڸ ϶. мڷᰡ ƴ϶ (raw data) . ڽ ߴ. ׷ٰ ʹ Ȯϰ Ϸ ʿ . ġ Ű 185cm 186cm ʴ´. ״ 2m¥ ã ̴.

 

5. · ټ ֽ ŷ . ޸ġ ֽĿ ǰ ־ ׷ ʾҴ. ׷ ڰ  ֽĿ Ȯ ⸦ 뷮 Ѵ.

 

 

ڿ ؼ , ̷ ؼ  ͵ ʴ´.

Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future. - 660

- 1980 Annual Report

 

󿡼 Ǵ ̴ϴ. – 1994 ȸ - 672

-  ְ 󿡼 ǥ ̳Ĵ

 

ʴ ʿ䰡 . – 676

I dont have to work with people I dont like.

- ִ

 

ڰ ּ ҵ ݾ׸ŭ ȭ ִ ġ ߱ϴ ƴ϶ ̶ ΰ? ֽ ġ ݿ ȸ Ŷ 븦 ǰ ϴ ۿ . - 675

What is <Investing> if it is not the act of seeking value at least sufficient to justify the amount paid? Consciously paying more for a stock than its calculated value-in the hope that it can soon be sold for a still-higher price-should be labeled speculation.

 

 

ڴ ųĴ ̶鼭, ڽ иϰ ƴϿ. մϴ. ٲ ʵ ϵ ʾұ ̶ մϴ. å 1995⿡ Ⱓ Ǿ 2008⿡ ⸦ ϰ ٿ ½ϴ.

 

å Ⱓ , ڴ 1996 ũ ؼ ѿ ؼ Ϳ å а ûϿ ݴϴ. ڰ 1991 å Ͽٴ ϴ Ȳ ø鼭 κ д ٸ Դϴ. ۰ ؼ ߴ ڽ ڼ, [] ȸߴٴ ׷ ? ׷ ־ װ ˾? ǹ̵, Ƹ մϴ.

 

ڰ ڼ ȹ , ģ ̷ ߴٰ մϴ.

󸶳 𸣰ڱ.

 

 

ڿ Ǽ ذ ־ ƴϾ. Ǽ ϴ غϰ װ нɷ ־. ߴ å ڷμ <µ> ߴ ̴. – ö – 8

 

å ùӸ ö ° å ٰɴϴ. å 뿩 о ϰ ; ̶ ( 2 ̻ ߰å ־, װ Ű ʾƼ) 켱 ߾ϴ. Ƽ 쿬 å ־ ǹ̰ ʴ κ ϸ鼭 絶Ͽϴ. , ˸ ˼ ̸ ԰ þ װ 󸶳 ιΰ ϸ鼭 ް Ǵ Ŀ⸸ մϴ.

 

ص ųƮ [ ] о ڴ [] о ڼ 3 ߿ Ⱓ å ְ 򰡸 ߾ϴ. å ٽ ʹٴ ǵ. å鿡 򰡰 ޶ ְ λκ ̰ ٸ ϴ.

 

Ͱ , ġڸ ϴ ڶ 帮 åԴϴ. 




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