[상식][경제] 버핏은 ’필립피셔’와 ’벤자민 그레이엄’에게서 얼마나 영향을 받았나?
buffet / 몇프로 영향을 받았나 / 버핏 투자 스타일
버핏은 ’필립피셔’와 ’벤자민 그레이엄’에게서 얼마나 영향을 받았나?
Besides having no use for glamour stocks or conglomerates, Warren Buffett scorns what might be called the numerology approach to the stock market-charting, resistance points, trend lines and what have you. He’s a fundamentalist. “I’m 15% Phil Fisher,” he says, “and 85% Benjamin Graham.”
대부분 자막을 보고 typing 한 것이라 실제 발언과 다를 수 있다. 영상을 확인하자.
… I rather think of myself as being a sort of a 100 percent Ben Graham and a 100 percent Philip Fisher and in the points where they don’t
Ah..
they really don’t contradict each other it’s just that they had a vastly differenct emphasis.
Ben would not have disagreed with the proposition that if you can find a business with a high rate of return on capital that can keep using more captital on that
that’s the best business in the world
and of course he made it most of his money on a Geico which was precisely that sort of business
so he recognized it. it’s just that he felt that the other system of buying things that were statistically very cheap and buying a large number of them was an easier policy to apply and one that was a little more teachable he would have felt that Philip Fisher’s approach was less teachable than his
but his had a more limited value because it was not workable with large really large sums of money at Graham Newman Corp was a closed-end fund was, it was technically an open-end fund but, had six million dollars of net worth and Newman and Graham the partnership that was affiliated with had six million
so you had get a total pool of 12 million
you could go around buying little machine to a company of stocks and machine tool companies whaterver it might be
they’re all statistically cheap and that was a very good group operation
and he had that you have if you own a lousy business
you have to sell at some point if you want to group a lousy businesses
better hope some of them get taken over or something hanppens you need turnover
if you own a wonderful business you know
you don’t want turnover basically
- https://www.youtube.com/watch?v=sxS8pF7ft8E, 97년 주총
- 버핏이 이야기하는 자신에게 벤자민 그레이엄, 필립 피셔가 어떤 영향을 줬는지에 대한 이야기.
- 그레이엄은 교수였기에 최고의 방법을 찾기보다는 general 한 방법을 찾은 것이다.
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