- 0
- 타이쿤
- 조회 수 43
##격언
When a position-taker is cornered, the other side has a chance
포지션을 취한 쪽이 코너에 몰릴 때 반대편에 서는 것이 기회
##
##― Benjamin Graham
현명한 투자자는 낙관론자에게 매도하고 비관론자에게 매수하는 현실주의자이다
―벤자민 그레이엄
The intelligent investor is a realist who sells to optimists and buys from pessimists
― Benjamin Graham
##Bill Ackman
In order to be successful, you have to make sure that being rejected doesn't bother you at all
...Bill Ackman 빌 액크만 미국 투자가
거절당하는 것은 성공이라는 문을 열고 들어가기 위한 당연한 통과의례이다
##Bob Farrell (Technical Analyst)
“Bull markets are more fun than bear markets.”
– Bob Farrell (Technical Analyst)
강세장이 약세장보다 더 재미있다
##Charles J. Collins
An excess in one direction breeds an excess in the other,and so on and so on,
한 쪽 방향으로의 과도한 가격운동은 반대 방향으로의 또 다른 초과 운동을 불러온다. 등등
심장박동이 확장과 수축을 계속하는 것과 같이 가격운동도 과매도와 과매수를 영원히 반복한다
diastole and systole in never-ending succession.
...Charles J. Collins
##Daniel S. Loeb
“Timing is everything in this market.” — Daniel S. Loeb
"이 시장에서는 타이밍이 가장 중요하다." - 다니엘 S. 로브
https://everydaypower.com/timing-is-everything-quotes/
##G. Michael Hopf
Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times.”
― G. Michael Hopf
난세에는 영웅이 출현한다. 영웅은 좋은 시절을 만든다. 좋은 시절에는 나약한 인간들이 출현한다. 나약한 인간들은 고난의 시기를 부른다―G. 마이클 호프
https://www.goodreads.com/quotes/8751435-hard-times-create-strong-men-strong-men-create-good-times
##George S. Patton (US Army General)
“If everyone is thinking alike, then somebody isn't thinking.”
– George S. Patton (US Army General)
합창하면 반대로 간다
##John Maynard Keynes 케인즈
There is no clear evidence from experience that the investment policy which is socially advantageous coincides with that which is most profitable. It needs more intelligence to defeat the forces of time and our ignorance of the future than to beat the gun.Moreover, life is not long enough; - human nature desires quick results, there is a peculiar zest in making money quickly, and remoter gains are discounted by the average man at a very high rate.The game of professional investment is intolerably boring and over-exacting to anyone who is entirely exempt from the gambling instinct; whilst he who has it must pay to this propensity the appropriate toll. Career risk is ever present for those managing other people's money.
사회적으로 유리한 투자 정책이 가장 수익성이 높은 투자 정책과 일치한다는 경험의 확실한 증거는 없다. 총을 이기기 보다는 시간의 힘과 미래에 대한 우리의 무지를 물리치기 위해서 더 많은 지능이 필요하다.게다가 인생은그다지 길지 않다.그래서 평범한 인간은 본능적으로 즉각적인 결과를 얻기 원하는데,특히 바로 돈을 벌고 싶어하고, 장래에 얻을 이익에 대해서는 크게 평가절하한다. 전문 투자 게임은 도박 본능에서 완전히 면제된 모든 사람에게 참을 수 없을 정도로 지루하고 지나치게 까다롭다. 반면 그것을 가지고 있는 사람은 이 성향에 적절한 통행료를 지불해야 한다. 다른 사람의 돈을 관리하는 사람들에게 직업상의 위험이 존재한다
John Maynard Keynes 케인즈...A Neoclassical Analysis of Macroeconomic Policy p.42
##Machiavelli (Political Philosopher)
“Whoever wishes to foresee the future must consult the past; for human events ever resemble those of preceding times.”
– Machiavelli (Political Philosopher)
미래를 예측하려는 사람들은 반드시 과거를 참고해야 한다. 왜냐하면, 인간사는 과거의 반복이기 때문이다.
##Mark Cuban
주식 시장을 따르지 않으면 놀라운 드라마가 사라진다.
If you're not following the stock market, you're missing some amazing drama.
– Mark Cuban
##Michael Santoli (Financial Jounalist)
튕겨오르면서 바닥이 형성되는 것이지, 바닥인 듯 보이는데서 반드시 튕겨오르는 것은 아니다
"Every bottom starts with a bounce, not every bounce is a bottom..."
### Nathan Rothschild
Buy on the sound of cannons,sell on the sound of trumpets- Nathan Rothschild
전쟁이 개시될 때 매수해서 승리가 확정될 때 매도하라-나단 로스차일드
##Marty Zweig (Trader)
Don't Fight the Fed. 연준과 싸우지 마라
##Niels Bohr
Every valuable human being must be a radical and a rebel, for what he must aim at is to make things better than they are― Niels Bohr
모든 가치 있는 인간은 급진적이고 반항적이어야 한다. 왜냐하면 그가 목표로 삼아야 하는 것은 사물을 있는 그대로 더 좋게 만드는 것이기 때문이다―닐스 보어
The opposite of a fact is falsehood, but the opposite of one profound truth may very well be another profound truth― Niels Bohr
사실의 반대는 거짓이지만, 하나의 심오한 진실의 반대는 다른 심오한 진실일 수 있다―닐스 보어
When it comes to atoms, language can be used only as in poetry. The poet, too, is not nearly so concerned with describing facts as with creating images― Niels Bohr
원자에 관한 한 언어는 시처럼만 사용할 수 있다. 시인 역시 이미지를 창조하는 것만큼 사실을 기술하는 데 그다지 관심을 두지 않는다―닐스 보어
Every sentence I utter must be understood not as an affirmation, but as a question― Niels Bohr
내가 말하는 모든 문장은 긍정이 아니라 질문으로 이해되어야 한다
― 닐스 보어
The meaning of life consists in the fact that it makes no sense to say that life has no meaning― Niels Bohr
삶의 의미는 삶에 의미가 없다고 말하는 것이 의미가 없다는 사실에 있다― 닐스 보어
How wonderful that we have met with a paradox. Now we have some hope of making progress― Niels Bohr
우리가 역설을 만난 것은 얼마나 놀라운 일인가? 이제 우리는 진전이 있을 것이라는 희망을 가지고 있다― 닐스 보어
An expert is a man who has made all the mistakes which can be made, in a narrow field― Niels Bohr
전문가란 좁은 분야에서 저지를 수 있는 모든 실수를 저질러본 사람이다― 닐스 보어
##― Pablo Picasso
Learn the rules like a pro, so you can break them like an artist.
― Pablo Picasso
프로처럼 규칙을 배워야 예술가처럼 규칙을 깰 수 있다
##Paul Simon
A man hears what he wants to hear, and disregards the rest― Paul Simon
사람은 듣고 싶은 것만 듣고 나머지는 무시한다― 폴 사이먼
A man sees what he wants to see and disregards the rest― Paul Simon
사람은 보고 싶은 것만 보고 나머지는 무시한다 ― 폴 사이먼
##Paul Tudor Jones
ultimately, the market is going to go where is going to go― Paul Tudor Jones
마켓은 결국 가야 할 곳으로 갈것이다―폴 튜더 존스
The basic premise of the system is that markets move sharply when they move. If there is a sudden range expansion in a market that has been trading narrowly, human nature is to try and fade that price move. When you get a range expansion, the market is sending you a very loud, clear signal that the market is getting ready to move in the direction of that expansion― Paul Tudor Jones
시스템의 기본 전제는 마켓이 움직일 때 급격히 움직인다는 것이다. 협소하게 거래되는 시장에서 갑자기 범위가 확장되면 인간의 본성은 그 가격 움직임을 퇴색시키려 한다. 범위 확장이 이루어지면 시장은 마켓이 그 확장 방향으로 움직일 준비가 되었다는 매우 크고 분명한 신호를 보내고 있다
―폴 튜더 존스
"If life ever ceased to be an educational experience, I probably wouldn't get out of bed."
– Paul Tudor Jones II (Hedge Fund Manager)
인생은 교과서에서 배운대로 되는 것이 아니라 다양한 변칙으로 구성된다. 그래서 흥미진진한 것이다.
##Ralph Acampora (Technical Analyst)
“I don’t call it technical analysis anymore, I call it data visualization”
– Ralph Acampora (Technical Analyst)
나는 그것을 기술적 분석이라고 하지 않고 데이터 시각화라고 한다
##Ralph Wanger
대기업에서는 경영진과 이야기한다. 소규모 회사에서는 소유자와 이야기한다. 경영진은 계속 기업을 운영하는 데 능숙할 수 있지만 자신과 그에게 투자하는 사람들을 부자로 만들 수 있는 무언가를 생각하고 창조할 수 있는 위험을 감수하는 사람은 소유자이다-랄프 웬저
At big companies you talk to executives. At small companies you talk to owners. An executive may be good at running a going concern, but it’s the owner who is the risk taker able to conceive and create something that can make him and those who invest in him rich-Ralph Wanger
https://medium.com/@EVPJustin/quotes-from-a-zebra-in-lion-country-c0d18190ae0f
In the investment world, the serious, establishment people stick with the so-called blue chips, secure in the belief that what is now will remain-Ralph Wanger
투자 세계에서 진지하고 기성적인 사람들은 소위 블루칩을 고수하며 현재가 지속될 것이라는 믿음을 가지고 있다-랄프 웬저
https://medium.com/@EVPJustin/quotes-from-a-zebra-in-lion-country-c0d18190ae0f
No wonder they end up with nearly identical portfolios, and that the results of those portfolios cluster around the average-Ralph Wanger
그들이 거의 동일한 포트폴리오로 끝나고 그러한 포트폴리오의 결과가 평균 주위에 모여 있다는 것은 놀라운 일이 아니다-랄프 웬저
https://medium.com/@EVPJustin/quotes-from-a-zebra-in-lion-country-c0d18190ae0f
They lunch together, compare notes, and reinforce one another’s convictions-Ralph Wanger
그들은 함께 점심을 먹고, 메모를 비교하고, 서로의 신념을 강화한다-랄프 웬저
https://medium.com/@EVPJustin/quotes-from-a-zebra-in-lion-country-c0d18190ae0f
If you take things (including yourself) too seriously, you will probably miss the critically important changes that are occurring around you. Doggedly serious people tend to spend their time justifying the world as it is. They have trouble with the new, because new things are hard to understand and therefore intimidating, even a bit frightening-Ralph Wanger
(자신을 포함하여) 일을 너무 진지하게 받아들이면 주변에서 일어나는 매우 중요한 변화를 놓칠 수 있다. 완고하게 진지한 사람들은 세상을 있는 그대로 정당화하는 데 시간을 보내는 경향이 있다. 그들은 새로운 것에 어려움을 겪는다. 왜냐하면 새로운 것은 이해하기 어렵기 때문에 겁이 나고 조금 두렵기까지 하기 때문이다-랄프 웬저
when a stock is skyrocketing, you’ve got to question the prevailing euphoria relentlessly, too-Ralph Wanger
주가가 치솟을 때, 지배적인 행복감에 대해서도 끊임없이 의문을 제기해야 한다-랄프 웬저
https://medium.com/@EVPJustin/quotes-from-a-zebra-in-lion-country-c0d18190ae0f
If you want to buy a stock when it is cheap, you have to go against the grain: it is cheap because most people think it should be and will stay cheap-Ralph Wanger
주식이 저렴할 때 사고 싶다면 흐름에 역행할줄 알아야 한다. 대부분의 사람들이 주식이 저렴해야 하고 계속 저렴할 것이라고 생각하기 때문에 저렴하다-랄프 웬저
https://medium.com/@EVPJustin/quotes-from-a-zebra-in-lion-country-c0d18190ae0f
It has rightly been said that all investors worth their salt must have a contrarian streak in them
-Ralph Wanger
자신만의 가치를 추구하는 모든 투자자에게는 역행하는 경향이 있어야 한다는 것은 옳은 말이다
-랄프 웬저
https://medium.com/@EVPJustin/quotes-from-a-zebra-in-lion-country-c0d18190ae0f
There's always been damn fool investors. You want to go where the value is. Buying stocks is like buying groceries-Ralph Wanger
항상 바보 같은 투자자들이 있었다. 가치가 있는 곳으로 가고 싶겠지.주식을 사는 것은 식료품을 사는 것과 같다-랄프 웬저
https://etc.bdir.in/quotes/search/author/Ralph-Wanger?s=Ralph%20Wanger
Most people ignore probabilities and exaggerate risk-Ralph Wanger
대부분의 사람들은 확률을 무시하고 위험을 과장한다-랄프 웬저
https://www.pinterest.co.kr/pin/370139663107725819/
##Richard Dennis
The market being in a trend is the main thing that eventually gets us in a trade. That is a pretty simple idea. Being consistent and making sure you do that all the time is probably more important than the particular characteristics you use to define the trend. Whatever method you use to enter trades, the most critical thing is that if there is a major trend, your approach should assure that you get in that trend― Richard Dennis
추세에 있는 시장은 결국 우리를 거래로 이끄는 주요 요인이다. 아주 간단한 아이디어이다. 일관성을 유지하고 항상 그렇게 하도록 하는 것이 추세를 정의하는 데 사용하는 특정 특성보다 더 중요할 수 있다. 거래에 진입하기 위해 어떤 방법을 사용하든 가장 중요한 것은 주요 추세가 있는 경우 접근 방식을 통해 해당 추세에 진입할 수 있어야 한다는 것이다― 리처드 데니스
##Robert Tew
Trust yourself. You’ve survived a lot, and you’ll survive whatever is coming
당신 자신을 믿어라 당신은 많이 살아남았고, 앞으로 어떤 일이 일어나든 살아남을 수 있을 것이다.
Robert Tew
##Tharp, Van
오류가 있을 수 있고 실제로 존재한다고 가정하지 않는 한 거래 및 투자 결정에서 많은 실수를 범할 수 있다― 반 K. 타프
Unless you assume that errors can and do exist, you may make lots of mistakes in your trading and investing decisions― Tharp, Van
프로 갬블러와 마찬가지로 이기는 것과 관련된 것이 무엇인지 이해하면 연승 동안 더 많이 베팅하고 연패 중일 때는 덜 베팅하는 경향을 보인다. 그러나 보통 사람은 정반대로 베팅한다. 일련의 패배 후에는 더 많이 베팅하고 일련의 승리 후에는 더 적게 베팅한다― 반 K. 타프
When you understand what’s involved in winning, as do professional gamblers, you’ll tend to bet more during a winning streak and less during a losing streak. However, the average person does exactly the opposite: he or she bets more after a series of losses and less after a series of wins― Tharp, Van
실수는 당신이 만든 규칙을 따르지 않는 것이다. 만약 당신에게 거래 규칙이 없다면, 당신이 하는 모든 것은 실수다― 반 K. 타프
A mistake is when you don't follow your rules. If you don't have rules in trading, everything you do is a mistake― Van K. Tharp
https://www.goodreads.com/author/quotes/93820.Van_K_Tharp
##― Warren buffet
워렌 버핏 (Warren Buffett)
영어 원본:
"No one buys a product or service because the business has a great strategy. They buy it because they perceive it adds value to their lives. Keep your strategy under wraps—competitors will reverse-engineer it while critics second-guess it."
- 버핏은 공식 인터뷰에서 이와 유사한 전략을 강조했으나, 정확한 문장은 그의 구체적 발언보다는 전략적 비밀 유지를 설명하는 현대적 해석입니다.
- 관련 맥락: "당신의 계획이 완벽하다는 것을 증명할 때까지 공개하지 마라" (2006년 Berkshire Hathaway 연례 보고서).
An idiot with a plan can beat a genius without a plan.
― Warren buffet
계획이 있는 바보는 계획이 없는 천재를 이길 수 있다
"The stock market is a device for transferring money from the impatient to the patient." - Warren Buffett.
"주식 시장은 참을성이 없는 사람에서 인내심이 있는 사람에게로 돈을 옮기기 위한 장치이다."- 워런 버핏.
https://www.goodreads.com/quotes/10330302-an-idiot-with-a-plan-can-beat-a-genius-without
10 Powerful Lessons Everyone can Learn from Warren Buffett for Business Success
With an estimated net worth of $72 Billion, Warren Buffett is one of the most successful, wealthiest businessmen and investors of all time. There is no doubt that we can all learn more than a few things about doing business and making wealth from this remarkable billionaire, whose been acquiring, starting and growing businesses for longer than many of us have been alive.
His company, Berkshire Hathaway, owns and operates some of the largest corporations in the world, including Helzberg Diamonds, FlightSafety International, and NetJets. And Buffett generously shares lessons he’s learnt along the way through his extensive writings and talks, and by the way he leads his life. Here are powerful lessons we can all learn from Buffett to succeed in business and in life today.
1. Do work that you love.
Success comes when you do what you love. Warren Buffet lives by this rule and urges us all to live by it too. When you do what you love and are passionate about it, he says, you’ll never work a day in your life.
“There comes the time when you ought to start doing what you want. Take a job that you love. You will jump out of bed in the morning. I think you are out of your mind if you keep taking jobs that you don’t like because you think it will look good on your resume. Isn’t that a little like saving up sex for your old age?”
2. Don’t “thumb suck.”
Warren Buffett prides himself in making swift, well-informed decisions and acting on them just as fast. He deems any unnecessary dilly-dallying as “thumb sucking.” Do your research thoroughly, well in advance. Gather all the necessary information and act decisively. Say “No” if you have to.
“The difference between successful people and really successful people is that really successful people say no to almost everything.”
3. Spell out the specifics of a deal beforehand.
Warren Buffett tells a story about when he was a young boy. His grandfather, Ernest, hired him and a friend to dig out the family grocery store after a blizzard. The boys spent five hours shovelling until they could barely straighten their frozen hands. Afterward, his grandfather gave the pair less than 90 cents to split. Buffett was horrified that he performed such backbreaking work only to earn pennies an hour.
Even when you are dealing with friends and relatives, have all the specifics of the deal spelt out beforehand, including your monetary benefits. Your bargaining leverage is always greatest before you begin a job—that’s when you have something to offer that the other party wants.
“I am a better investor because I am a businessman, and a better businessman because I am an investor.”
4. Assess the risk involved.
Think about the worst and best possible scenarios and promptly make the most rational, progressive decision. That’s basically the advice Buffet gave his son, Howie, when the FBI accused the younger Buffett of price-fixing in 1995. Howie quickly realized that the risks of staying in his then troubled company far outweighed any potential gains, and so he quit the next day. Assessing risks carefully helps you see where you are struggling and can guide you to make smarter decisions.
“I don’t look to jump over seven-foot bars; I look around for one-foot bars that I can step over.”
5. Exercise vigilance over every expense and spending.
Warren Buffett is well-known for being frugal and encouraging others to do so. He’s lived in the same house he bought when he was 28 for a mere $31,500 to date. Being frugal and conservative with your spending helps you avoid waste. And when you avoid waste, you make your money work for you and save enough to invest for the future.
“If you buy things you do not need, soon you will have to sell things you need.”
6. Limit your borrowing and what you owe others.
Warren Buffet has never borrowed excessively, even when he was starting out in business. He says, “Nothing sedates rationality like large doses of effortless money.” He has always negotiated with creditors to pay what he can, and when he is debt-free, saved his money to invest. Living on handouts, loans and credit cards will not make you rich.
“I have pledged – to you, the rating agencies and myself – to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow’s obligations. When forced to choose, I will not trade even a night’s sleep for the chance of extra profits.”
7. Reinvest your profits.
In high school, Warren Buffet and a friend bought a pinball machine and put it to work in a barbershop. With the money they earned, they bought more machines until they had eight of them in different shops. The friends later sold the venture and Mr. Buffett used his proceeds to buy stocks and the rest to start another business. By the time he was 26, he had amassed $174,000, which is equivalent to about 1.4 million in today’s value.
Look broadly for investment opportunities and reinvest like you have a single lifetime “punch card” with only 20 punches—make each one count. Even a small investment can generate great wealth if you are diligent enough to favor substance over form.
“I try to buy stock in businesses that are so wonderful that an idiot can run them. Because, sooner or later, one will.”
8. Judge yourself by your own standards.
Don’t base your decisions, successes or even happiness on what others say or do. Buffet notes: “You don’t have to swing at everything—you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, ‘Swing, you bum!'” Instead of following the crowd, measure yourself by your “Inner Scorecard”—your own standards and not the world’s.
“I would say the most satisfying thing actually is watching my three children each pick up on their own interests and work many more hours per week than most people that have jobs, and trying to intelligently give away that money in fields that they particularly care about.”
9. Be consistent and patient.
Warren Buffett says, “Time is the friend of the wonderful business, the enemy of the mediocre.” The long and rocky road to success holds many valuable lessons and makes victory that much sweeter. So, be patient and keep pressing on. Don’t obsess over quick results and instant gratification. Success doesn’t come overnight—not even for Warren Buffett.
“No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.”
10. Know when to quit.
Warren Buffet makes mistakes just like any one of us, but he learns from his mistakes and doesn’t repeat them. He recalls: “I bought a company in the mid-’90s called Dexter Shoe and paid $400 million for it. And it went to zero. And I gave about $400 million worth of Berkshire stock, which is probably now worth $400 billion. But I’ve made lots of dumb decisions. That’s part of the game.” He is, however, quick to add: “Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”
Know when to walk away from a loss. And remember in businesses and in people, better quality businesses are more likely to grow and compound cash flow; low quality businesses often erode.
“You only have to do a very few things right in your life so long as you don’t do too many things wrong.”
*all quotes are from billionaire Warren Buffett
Warren Buffett Investing Quotes
https://ritholtz.com/2013/05/warren-buffett-investing-quotes/
Given that its the Berkshire annual meeting this weekend, now is as good a time to roll out these quotes from Warren himself:
“To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses
-How to Value a Business, and How to Think About Market Prices.”
Source: Chairman’s Letter, 1996
“The best thing that happens to us is when a great company gets into temporary trouble…We want to buy them when they’re on the operating table.”
Source: Businessweek, 1999
“None of this means, however, that a business or stock is an intelligent purchase simply because it is unpopular; a contrarian approach is just as foolish as a follow-the-crowd strategy. What’s required is thinking rather than polling. Unfortunately, Bertrand Russell’s observation about life in general applies with unusual force in the financial world: “Most men would rather die than think. Many do.”
Source: Chairman’s Letter, 1990
“Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.”
Source: The New York Times, October 16, 2008
“The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball. They know that overstaying the festivities ¾ that is, continuing to speculate in companies that have gigantic valuations relative to the cash they are likely to generate in the future ¾ will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is one helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There’s a problem, though: They are dancing in a room in which the clocks have no hands.”
Source: Letter to shareholders, 2000
“You don’t need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.”
Source: Warren Buffet Speaks, via msnbc.msn
“I have pledged – to you, the rating agencies and myself – to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow’s obligations. When forced to choose, I will not trade even a night’s sleep for the chance of extra profits.”
Source: Letter to shareholders, 2008
“Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are virtually certain to be materially higher five, ten and twenty years from now. Over time, you will find only a few companies that meet these standards – so when you see one that qualifies, you should buy a meaningful amount of stock. You must also resist the temptation to stray from your guidelines: If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio’s market value.”
Source: Chairman’s Letter, 1996
“When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.”
Source: Letter to shareholders, 1988
“Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.”
Source: Letter to shareholders, 2004
“It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
Source: Letter to shareholders, 1989
“The stock market is a no-called-strike game. You don’t have to swing at everything–you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, ‘Swing, you bum!'”
Source: The Tao of Warren Buffett via Engineeringnews.com
“We will continue to ignore political and economic forecasts, which are an expensive distraction for many investors and businessmen. Thirty years ago, no one could have foreseen the huge expansion of the Vietnam War, wage and price controls, two oil shocks, the resignation of a president, the dissolution of the Soviet Union, a one-day drop in the Dow of 508 points, or treasury bill yields fluctuating between 2.8% and 17.4%.
“But, surprise – none of these blockbuster events made the slightest dent in Ben Graham’s investment principles. Nor did they render unsound the negotiated purchases of fine businesses at sensible prices. Imagine the cost to us, then, if we had let a fear of unknowns cause us to defer or alter the deployment of capital. Indeed, we have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.
Source: Chairman’s Letter, 1994
“Long ago, Sir Isaac Newton gave us three laws of motion, which were the work of genius. But Sir Isaac’s talents didn’t extend to investing: He lost a bundle in the South Sea Bubble, explaining later, “I can calculate the movement of the stars, but not the madness of men.” If he had not been traumatized by this loss, Sir Isaac might well have gone on to discover the Fourth Law of Motion: For investors as a whole, returns decrease as motion increases.”
Source: Letters to shareholders, 2005
“Long ago, Ben Graham taught me that ‘Price is what you pay; value is what you get.’ Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.”
Source: Letter to shareholders, 2008
“After all, you only find out who is swimming naked when the tide goes out.”
Source: Letter to shareholders, 2001
“Our investments continue to be few in number and simple in concept: The truly big investment idea can usually be explained in a short paragraph. We like a business with enduring competitive advantages that is run by able and owner-oriented people. When these attributes exist, and when we can make purchases at sensible prices, it is hard to go wrong (a challenge we periodically manage to overcome).
“Investors should remember that their scorecard is not computed using Olympic-diving methods: Degree-of-difficulty doesn’t count. If you are right about a business whole value is largely dependent on a single key factor that is both easy to understand and enduring, the payoff is the same as if you had correctly analyzed an investment alternative characterized by many constantly shifting and complex variables.”
Source: Chairman’s Letter, 1994
“I am a better investor because I am a businessman, and a better businessman because I am no investor.”
Source: Forbes.com – Thoughts On The Business Life
“SUPPOSE that an investor you admire and trust comes to you with an investment idea. “This is a good one,” he says enthusiastically. “I’m in it, and I think you should be, too.”
Would your reply possibly be this? “Well, it all depends on what my tax rate will be on the gain you’re saying we’re going to make. If the taxes are too high, I would rather leave the money in my savings account, earning a quarter of 1 percent.” Only in Grover Norquist’s imagination does such a response exist.”
Source: New York Times
“Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it’s the lack of change that appeals to me. I don’t think it is going to be hurt by the Internet. That’s the kind of business I like.”
Source: Businessweek, 1999
“Rule No. 1: never lose money; rule No. 2: don’t forget rule No. 1”
Source: The Tao of Warren Buffett
“Time is the friend of the wonderful business, the enemy of the mediocre.”
Source: Letters to shareholders 1989
“Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway.”
Source: The Tao of Warren Buffett
Time is the friend of the wonderful business, the enemy of the mediocre....Warren Buffet 워렌버핏
Warren Buffet is without a doubt, one of the most successful individuals who walked the earth, with an equal wealth of invaluable lessons worth sharing. How he accumulated a staggering fortune amounting to $72 billion in his lifetime is worth sharing. The grains of wisdom which produced one of the most successful businessmen of all time can inspire any one to live life in the best way possible, and lead us on the same road to greatness which he has traveled. Following are some values and beliefs extracted from a compilation of Warren Buffett’s many writings and inspirational talks on how to succeed in business and in life.
KEY LESSONS LEARNED FROM WARREN BUFFETT
Warren Buffet is without doubt one of the most successful individuals who walked the earth, with an equal wealth of invaluable lessons worth sharing. How he accumulated a staggering fortune amounting to $72 Billion in his lifetime is impossible to equal, perhaps not in this lifetime. But the grains of wisdom which produced one of the most successful businessmen of all time can simply inspire any one to live life in the best way possible, and lead us on the same road to greatness which he has traveled. Following are values and beliefs extracted from a compilation of Warren Buffett’s many writings and inspirational talks on how to succeed in business and in life.
The Life of Warren Buffett
Warren Buffett was born in Omaha, Nebraska. He is currently the chairman and CEO of Berkshire Hathaway and is considered as one of the most successful and influential investors of the 20th century. In 2008, he was ranked as the wealthiest person in the world while in 2011, he’s one of the top three wealthiest people. Warren Buffett has pledged to donate 99% of his fortune to philanthropic causes.
He started as an investment salesman in 1951 for Buffett-Falk 7 Company after which he worked as a securities analyst at Buffett Partnership, Ltd. In 1962 Buffett earned his first million through his partnerships in business which was highlighted by his acquisition of Berkshire Hathaway textile manufacturing company. He reached billionaire status in 1990 after selling class A shares, acquiring General Re and providing reinsurance through a collaboration with Maurice R. Greenberg at AIG.
Life Lessons from Warren Buffett
1. “Time is the friend of the wonderful business, the enemy of the mediocre.” Be patient—success doesn’t come overnight. Just keep moving on because although the road to victory is difficult or excruciating, it still holds many valuable lessons which make winning much sweeter.
2. “I don’t look to jump over seven-foot bars; I look around for one-foot bars that I can step over.” First weigh the risks, consider all possible scenarios then make a decision.
3. “Exercise vigilance over every expense and spending.” Controlling your spending helps avoid waste, and when you do, you save money that can work for you and enable you to invest for the future.
4. “The difference between successful people and really successful people is that really successful people say no to almost everything.” Act decisively and swiftly, and say “No” if you have to.
5. “There comes a time when you ought to start doing what you want. Take a job that you love. You will jump out of bed in the morning. I think you are out of your mind if you keep taking jobs that you don’t like because you think it will look good on your resume.” When you love what you’re doing, you’ll never work a day in your life.
6. “I am a better investor because I am a businessman, and a better businessman because I am an investor.” When dealing with people, it is always best to bargain, leverage and clarify the deal and conditions beforehand.
7. “Nothing sedates rationality like large doses of effortless money.” “I have pledged – to you, the rating agencies and myself – to always run Berkshire with more than ample cash. We never want to count on the kindness of strangers in order to meet tomorrow’s obligations. When forced to choose, I will not trade even a night’s sleep for the chance of extra profits.” Avoid unnecessary borrowing and limit what you owe others. You will never be rich living on handouts, loans and credit cards.
8. “I try to buy stock in businesses that are so wonderful that an idiot can run them. Because, sooner or later, one will.” Seize investment opportunities and reinvest your profits. Even a small investment can generate great wealth if you nurture it well.
9. “You don’t have to swing at everything—you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, ‘Swing, you bum!’” Instead of following the crowd, measure yourself by your “Inner Scorecard”—your own standards and not the world’s. “I would say the most satisfying thing actually is watching my three children each pick up on their own interests and work many more hours per week than most people that have jobs, and trying to intelligently give away that money in fields that they particularly care about.”
Never make decisions or base your success or happiness on the judgement or standards of other people.
공유
