주식투자107 찰리 멍거의 주식투자 조언 #24 투자자문사 The Tao of Charlie Munger www.yes24.com #24 INVESTMENT MANAGERS "I know one guy, he's extremely smart and a very capable investor. I asked him, 'What returns do you tell your institutional clients you will earn for them?' He said, '20%.' I couldn't believe it, because he knows that's impossible. But he said, 'Charlie, if I have them a lower number, they wouldn't give me any money to invest!'" 본문.. 2020. 1. 23. 찰리 멍거의 주식투자 조언 #23 레버리지, LTCM의 교훈 The Tao of Charlie Munger www.yes24.com #23 OVERCONFIDENCE "Smart people aren't exempt from professional disasters from overconfidence." 본문 Here Charlie is referring to the collapse of Long-Term Capital Management, which was a hedge fund set up by the famed Wall Street bond trader John Meriwether in the late 1990s. Meriwether brought together some the smartest people from Wall Streen and academi.. 2020. 1. 22. 찰리 멍거의 주식투자 조언 #22 리먼 브라더스 사태 The Tao of Charlie Munger www.yes24.com #22 DANGERS OF FINANCE COMPANIES "Where you have complexity, by nature you can have fraud and mistakes... This will always be true of financial companies, including ones run by governments. If you want accurate numbers from financial companies, you're in the wrong world." 본문 How complex are financial companies? Charlie says that it is almost impossible to .. 2020. 1. 21. 찰리 멍거의 주식투자 조언 #21 EBITDA의 함정 The Tao of Charlie Munger www.yes24.com #21 EBITDA "I think that, every time you see the word EBITDA, you should substitute the word 'bullshit earnings.'" 본문 EBITDA stands for "earnings before interest, taxes, depreciation, and amortization." Charlie considers interest, depreciation, and taxes to by very real expenses that have no be paid. Interest and taxes have to be paid in the current year. .. 2020. 1. 20. 이전 1 ··· 3 4 5 6 7 8 9 ··· 27 다음