#70. BUY AND HOLD
“We just keep our heads down and handle the headwinds and tailwinds as best we can, and take the result after a period of years.”
- <THE TAO OF CHARLIE MUNGER> (with commentary by DAVID CLARK) 중에서
찰리의 말과 본문을 그대로 옮기고 해석을 달아보자면
“We just keep our heads down and handle the headwinds and tailwinds as best we can, and take the result after a period of years.”
-> 이건 그냥 다 밑줄. 역풍이건 후풍이건 그저 고개를 숙이고, 결과를 받아 들이는 건 몇년 후! 어쩜 이렇게 멋지게 말씀하시는지!
'Once Charlie gets his hands on an excellent business at a fair price, he knows that the smart thing to do is to hold on to it and let the company's accumulated earnings pile up.'
-> 주가의 변동성에 하루종일 매매하는 게 아니라 기업이 돈 벌 시간을 주며 그저 기다리는 게 현명한 일.
'In that time the underlying value of Coke's and Wells Fargo's businesses has increased, and even though we have seen several bull and bear markets, their stock prices have continued a slow rise, reflecting the increasing value of their underlying businesses.'
-> 찰리가 한 말을 풀어 쓰자면 이렇지 않을까. 'the headwinds and tailwinds'가 'bull and bear marktets'에 해당할 것이고, 'their stock prices have continued a slow rise, reflecting the increasing value of their underlying businesses'이기 때문에 'take the result after a period of years'라고 하지 않았을까.
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