버핏, 보글, 부처가전하는 12 가지투자비밀 Dec. 14, 2012, 12:01 a.m. EST By Paul B. Farrell, MarketWatch SAN LUIS OBISPO, Calif. (MarketWatch) 크리스마스는버핏과보글, 부처이세현인으로부터배울수 있는투자비밀을공유하기에완벽한때다. 캐롤루미스는자신의신간 Tap Dancing to Work 에서그비밀을밝혔다. 이책은투자자들을위한완벽한크리스마스선물이될것이다. 루미스는 1966년포춘지의한기사에서무명의헤지펀드매니저였던워런버핏에대해처음으로언급한이후로버핏이미국의국민삼촌이될때까지글을써왔다. 그녀가올해홀리데이시즌에버핏의정신적깊이를우리에게상기시키고있다. 몇년전하퍼지표지는버크셔해서웨이의연례총회를담고있었다. 제목은 워런버핏의교회 : 오마하 에서의신앙과펀더멘털 이었다. 그의첫번째원칙에대해묻자버핏은다음과같이부처의평정을가지 고대답했다. 가치투자의비밀은무엇일까? 독립적사고와내적평화이다. 독립적사고? 좌뇌를이용하는전통적지혜는서구리더들에게서찾을수있을것이다. 그런데내적평 화는무엇인가? 이는우뇌를사용하는동양의지혜, 도 (Tao), 불교, 선 (Zen) 과관련된다. 필자가애벗버나드글래스만과릭필즈의 Instructions to the Cook 을읽었을때버핏이말하는가치 투자의비밀인 내적평화 가떠올랐다. Instructions to the Cook 은오늘날의삶에주는선의교훈을알 리는책으로같은이름의도겐의 13 세기고전을바탕으로했다. - 1 -
필자가보기에버핏은수도원주방에서탭댄스를추면서 ( 전력을다하는삶에대한도겐의비유인 ) 최고 의식사 를만드는요리사같다. 그의가치투자는매우간단하다. 선투자의첫번째원칙 : 우리는이미우리에게필요한모든걸가지고있다 선 (Zen) 투자자의첫번째원칙은우리에게필요한모든것이이미있다는것이다. 자신의삶을잘살 펴보면그점을알게될것이다. 언제라도그요소들로훌륭한결과를낼수있다. 많고적음의문제가 아니다. 당장이용할수있는것들로시작하는것이다. 필자는내적평화의영웅들인버핏과잭보글, 부처가함께모여자신들의지혜가 2013 년투자자들에게 어떻게도움이될지를생각하는상상을해봤다. 다음은이 3 명의현인들이줄투자가르침이다. 1. 돈보다선 (Zen) 이먼저 버핏은선을가지고태어났다. 나는다른사람과다를게없다. 돈을좀많이가지고있을지모르지만돈이어떤차이를만들어내진못한다. 최고가의핸드메이드양복을구입할수있지만내가입으면저렴한옷으로보인다. 100달러짜리식사보다데어리퀸의치즈버거를좋아한다. 만약다른사람과내가차이점이있다고한다면그것은바로나는매일내가좋아하는일을할수있는기회를가지고있다는점일것이다. 아직도직장으로가는발걸음이즐겁다. 너무나신난다. 2. 우리의정신이돈을만든다 자신의생각이바로자신이다 라고부처가말한다. 생각이세상을형성한다. 오늘날월가의생각은 - 2 -
쉽고빠르게부자되기 라는중독에의해움직이고있다. 이중독이세상에끊임없는버블을만들었다. 이와는대조적으로버핏은장기적인부를창조한다. 버핏의성공의열쇠중하나는복리다 라고한버 핏팬이말한다. 복리로돈을벌기위해서금리가매우높을필요는없다. 대신에일관성을요한다. 3. 백만장자되는거특별한일아니다 도겐같은선지도자들은종종제자들에게계몽이특별한게아니라고말했다. 백만장자가되는것도마 찬가지다. 원래바보였던사람은수억달러를가지고도바보다 라고버핏이말한다. 4. 경쟁은필요없다 버핏은 IQ가높아야만성공적인투자자가되는건아니다 라고말한다. 단지대중에게서멀어질수있는능력이필요하다. 그렇다, 독립적인사고 다. 부처는 자신의이성과상식으로이해가되지않는다면어디서읽었든누가말했든아무것도믿지말라 고말한다. 그리고보글은다음과같이덧붙인다. 전체증시지수로시작하라. 그리고버핏이선호하는자산보유기간인평생동안가지고있어라. 모든걸그리고영원히보유하는게투자비밀이다. 5. 전문가찾을필요없다 미래는불투명하다 고버핏은경고한다. 사람들은증시투자에너무많은비용을지불하고있다. 트레이딩을하지말고가치주를매수해절대로팔지말아라! 나는증시가다음 6개월간어떻게진행될지에대해조금도모른다. 하지만먼미래를내다보는건훨씬쉬운것같다. 단기적으로는공포와탐욕이중요한역할을한다. 장기적으로는시장이오른다. - 3 -
6. 자기자신이게임의주인 부처는 선의마음은초심자의마음 이라고말한다. 버핏의선의마음에귀를기울여보자. 남은인생동안햄버거를사야한다고생각해보자. 햄버거가격이내려가면사람들은좋아할것이다. 반대로가격이올라가면울상을지을것이다. 사람들이구입하는거의모든것들에적용되는얘기다. 그러나주식은예외다. 주가가내려가면더많은주식을살수있는데도주식매입을꺼린다. 이런행동을이해할수없다. 그래도버핏에게는좋은일일것이다. 7. 진실한선투자자 명성을쌓는데는 20 년이걸리지만그것이무너지는데는 5 분밖에걸리지않는다 고버핏이언급했다. 회사가손실을내는건이해할수있다. 하지만명성에조금이라도흠집이나면본인은가차없다. 진 실성은버핏이자신의 최고의식사 를요리할때들어가는핵심적인재료다. 8. 부축적은캐릭터의형성 현재월가의부에대한집착이즉각적희열을원하는미국으로만들고있다. 투자자들은흥분과비용이 자신의적임을기억해야한다 고버핏이경고한다. 우리자신은어떤사람인가? 돈을만드는기계아니 면정신적인부자? 9. 자신에게필요한유일한스승은자신 선의지도자들은경고한다. 만약길에서부처를만다면그를죽여라. 왜그럴까? 부처를길에서만날 일은결코없기때문이다. CNN 에서도볼수없고골드만삭스에도없으며버핏도부처는아니다. 보글은 자기자신의스승이되어야하는이유를밝혔다. 평생의증시투자로축적된재정적부의 4 분의 3 이상 - 4 -
이펀드매니저에게들어간다. 월가를신뢰해선안된다. 10. 자아발견이라는끝없는여행 기회가오면사람들은뭔가를한다 고버핏이말했다. 자신의삶에서잘못된일을많이하고있는게 아니라면많은무언가를할필요가없다. 모두가세상에태어난이유가있다. 부자가되는것만이그이 유는아닐것이다. 자아여행은끝나지않는다. 11. 새로운비전 자신이 1% 의행운의주인공이라면나머지 99% 에게빚을지고있는것 이라고버핏이말한다. 결국 말보다행동이중요하다. 그가자신의전재산 460 억달러를기부할지도모른다. 우리도그렇게할수 있다. 최고의인생 을만드는데필요한모든재료들을이미가지고있음을항상기억하자. 12. 비밀의힘은우리안에있다 버핏에게인생과투자는단순하다. 수익률보단과정을훨씬더즐긴다. 그는탭댄스를추고요리를하고치즈버거를먹으며많이웃고오래된자동차를몰고다니며화려하지않은집에서살고있다. 그의사무실컴퓨터는전세계의친구들과소통하는수단일뿐이다. 그는선이먼저라는걸잘알고있다. 그는앞으로도매순간내적평화를가지고가치투자에임할것이다. 그는자신안에힘이있음을안다. 우리도자신을신뢰해야한다. This is from http:///story/buffett-bogle-buddha-3-wise-men-at-christmas-2012-12- 14?link=home_carousel - 5 -
Buffett, Bogle, Buddha: 3 wise men at Christmas Commentary: 12 investing secrets of the season Dec. 14, 2012, 12:01 a.m. EST By Paul B. Farrell, MarketWatch SAN LUIS OBISPO, Calif. (MarketWatch) Yes, Christmas is a perfect time to share the good feelings, especially what s coming from my three wise men of investing: Buffett, Bogle and Buddha. Carol Loomis captured it in her new Tap Dancing to Work: Warren on Practically Everything, 1966-2012, the prefect gift for every investor. Loomis has been writing about America s favorite Uncle since she first mentioned that unknown hedge fund manager back in a 1966 Fortune article. She reminds us of the spiritual depth of the man this holiday season. You may recall Harper s coverage of a Berkshire-Hathaway annual meeting a few years ago.the title made us smile: The Church of Warren Buffett: Faith and Fundamentals in Omaha. One of the faithful asked about Buffett s first principle: What is the secret to value investing? Buffett replied with the serenity of the Buddha: Independent thinking and inner peace. Independent thinking? Yes, you d expect such a traditional left-brain wisdom from a Western leader. But inner peace? That s right-brain, New Age, Eastern wisdom, the Tao, Buddhism, Zen, served with down-home Nebraskan wit by Buffett the Buddha. Buffett s remark on inner peace as the secret to value investing struck me as I was rereading Instructions to the Cook: A Zen Master s Lessons in Living a Life That Matters, a modern version by Abbott Bernard Glassman and Rick Fields based on Dogen s 13th century classic by the same name. - 6 -
I could see Buffett the cook tap dancing around the monastery kitchen, singing Jingle Bells, cooking the supreme meal, Master Dogen s metaphor for living your life to the fullest, living the supreme life, and, yes, also a perfect metaphor for Buffett s supreme strategy, value investing. Listen, it s so simple: First Principle of Zen investing: you already have everything you need The first principle of the Zen cook is that we already have everything we need. If we look closely at our lives, we find we have all the ingredients we need to prepare the supreme meal. At any moment we take the ingredients at hand and make the best meal we can, It doesn t matter how much or how little we have. The Zen cook just looks at what is available and starts with that. Dogen, Buffett, Zen cooks, Zen masters, hedge funds, IRAs, all the same. And with that, my Christmas imagination expanded to my three favorite inner peace heroes, Buffett, Jack Bogle, Buddha, three wise men working together in harmony, wondering how their ancient and modern wisdom might help investors in 2013. All this comes together in our Zen Millionaire s 12 principles which we ve updated occasionally over the years. Here s how we see our three wise men investing in 2013 and beyond: 1. Zen first: You get the Zen before you get the millions (or not) Buffett the Buddha was born with it: I am really no different from any of you. I may have more money than you, but money doesn t make the difference. Sure, I can buy the most luxurious handmade suit, but I put it on and it just looks cheap. I would rather have a cheeseburger from Dairy Queen than a hundred-dollar meal If there is any difference between you and me it may simply be that I get up every day and have a chance to do what I love to do, I still tap-dance into work every day. It s tremendous fun. - 7 -
2. A whole new mind-set your mind creates the money We are what we think, says Buddha, our thoughts create our world. Today, Wall Street s thoughts are driven by a blind addiction to get rich quick. That creates a world of endless bubbles. In contrast, Buffett creates long-term wealth: One of the keys to Buffett s success, says an admirer, is compounding. You start early, do not need unusually high returns to make good money with compound interest, but you do need to be consistent. 3. Being a millionaire is nothing special Zen masters like Dogen often told students that enlightenment is nothing special. Well, neither is having a million. Of the billionaires I have known, says Buffett, money just brings out the basic traits in them. If they were jerks before they had money, they are simply jerks with a billion dollars. 4. No competition winning investors are playing solitaire Buffett says a great IQ is not needed to do well as an investor, just the ability to detach yourself from the crowd. Yes, independent thinking. Buddha was simpler: Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense. And Bogle adds: Start with the total stock market index... every company in America, hold it for Warren Buffett s favorite holding period, forever. And that s the secret: Own everything, and hold it forever. 5. No outside experts stay centered within yourself The future is never clear, warns Buffett. You pay a very high price in the stock market for a cheery consensus. No trading, you buy value, never sell. I never have the faintest idea what the stock market is going to do in the next six months, or the next year, or two. But I think it s very easy to see what s - 8 -
going to happen over the long term. Short-term fear and greed play important roles. Long term, the market s up. 6. You are master of the game but always a beginner Buddha says: Zen mind, beginner s mind. Step into Buffett s Zen mind and listen: I m going to buy hamburgers for the rest of my life. When hamburgers go down in price, we sing the Hallelujah Chorus in the Buffett household. When hamburgers go up, we weep. For most people, it s the same way with everything in life they will be buying except stocks. When stocks go down and you can get more for your money, but people don t like them any more. That sort of behavior is especially puzzling. But an advantage to Uncle Warren. 7. The Zen investor makes peace with the dark side It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you ll do things differently, says Buffett. Once to Congress: I want employees to ask themselves whether they are willing to have any contemplated act appear on the front page of their local paper the next day, be read by their spouses, children, and friends... If they follow this test, they will not fear my other message to them: Lose money for my firm and I will be understanding; lose a shred of reputation for the firm, and I will be ruthless. Integrity, a core ingredient when Buffett s cooking his supreme investment. 8. Wealth-building is all about character-building Today Wall Street s total addiction to massive wealth is building an America with the brain of a teenager on speed, hell-bent for instant gratification. Buffett s sense of inner peace cautions: Investors should remember that excitement and expenses are their enemies. Who are you? A money machine? Or a spirit, rich in integrity? - 9 -
9. Trust yourself you are the only guru you ever need Zen masters warn: If you meet the Buddha on the road, kill him. Why? Because the Buddha is never out there. Not on CNN. Nor at Goldman. Not even Buffett himself. You re it. Kill false gods. Bogle offers a practical reason for being your own guru: More than three-quarters of the cumulative financial wealth produced by stocks over an investor s lifetime will be consumed by fund managers. Never trust Wall Street. 10. You re on a never-ending journey of self-discovery You do things when the opportunities come along, says Buffett. I ve had periods in my life when I ve had a bundle of ideas come along, and I ve had long dry spells. If I get an idea next week, I ll do something. If not, I won t do a damn thing. You only have to do a very few things right in your life so long as you don t do too many things wrong. You re on earth for a reason. Not just to get rich. What is it? That journey never ends. 11. New world vision you really are making a difference It s class warfare and my class is winning, but they shouldn t be, says Buffett. If you re in the luckiest 1% of humanity, you owe it to the rest of humanity to think about the other 99%. Most don t. So it s no surprise that in the end Buffett s actions speak louder than words: Yes, the richest man on earth is giving away his entire $46 billion fortune. And yes, you can too: Give the gift of yourself, every day, remember you already have all the ingredients you need to make the supreme life, so you are making a difference. 12. The secret power within you - 10 -
Life and investing are simple for Buffett: We enjoy the process far more than the proceeds. He tap dances, cooks, eats cheeseburgers at Dairy Queen, laughs a lot, drives an old car, has lived in the same modest house forever. And the computer in his office? It s only for playing bridge with friends around the world. He understands, you get the Zen first: Yes, Warren Buffett is the spirit of the Zen cook this Christmas, and he ll be value investing with inner peace every minute in 2013, and on to into the future. He knows the power is within... it s within you too... trust it. - 11 -