A company is a mispriced gamble when the price of the stock is out of sinc with the company's long-term future economics. This mispricing can be on the upside, meaning that the stock price significantly overvalue the long-term prospects of the business. Or it may be on the downside, meaning that the stock price greatly undervalues the long-term prospects of the company.
- <THE TAO OF CHARLIE MUNGER>
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Charlie, by contrast, is concerned only about where a company's underlying economics are headed over the next ten years. It is the discrepancy between the two that creates his mispriced gamble - his buying opportunity.
- <THE TAO OF CHARLIE MUNGER>
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앙드레 코스톨라니가 경제와 주가를 주인과 개에 비유했듯이 주가는 long-term prospects of the company와 달리 overvalue 될수도 undervalue 될수도 있다. (이 사실을 모르는 투자자도 있을까?)
그렇다면 우리는 개에 집중해야 할까 주인에 집중해야 할까.
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