It is an unfortunate fact that great and foolish excess can come into prices of common stocks inthe aggregate. They are valued partly like bonds, based on roughly rational projections of use value in producing future cash. But they are also value partly..

This is very interesting, and it belies several of the underlying thought processes that have made Charlie so incredibly wealthy.

- <THE TAO OF CHARLIE MUNGER>

-

For Charlie and Warren, the time to buy the "equity bonds" of a wonderful company is when everyone else is trying to sell their Rembrandts.

- <THE TAO OF CHARLIE MUNGER>

-

주가에 대해 좋아하는 설명 중 하나.

책에서 좋은 회사를 사기 좋은 때에 대한 이야기를 하지만, 반대로 생각해보면 Rembradts를 살 때가 equity bonds를 팔기 좋을 때가 아닐까 싶다.

내가 가진 종목이 테마로 인해 오버슈팅 되었다면 팔고 나오는 것이 현명하지 않을까.