한글 전자책을 못 구해서 영어로 읽었습니다.
좋았던 부분
If you read widely, you can learn from people whose ideas merit publishing. Some of the most important for me were Charley Ellis’s great article “The Loser’s Game” (The Financial Analysts Journal, July-August 1975), A Short History of Financial Euphoria, by John Kenneth Galbraith (New York: Viking, 1990) and Nassim Nicholas Taleb’s Fooled by Randomness (New York: Texere, 2001). Each did a great deal to shape my thinking.
Finally, I’ve been extremely fortunate to learn directly from some outstanding thinkers: John Kenneth Galbraith on human foibles; Warren Buffett on patience and contrarianism; Charlie Munger on the importance of reasonable expectations; Bruce Newberg on “probability and outcome”; Michael Milken on conscious risk bearing; and Ric Kayne on setting “traps” (underrated investment opportunities where you can make a lot but can’t lose a lot). I’ve also benefited from my association with Peter Bernstein, Seth Klarman, Jack Bogle, Jacob Rothschild, Jeremy Grantham, Joel Greenblatt, Tony Pace, Orin Kramer, Jim Grant and Doug Kass.
It’s not supposed to be easy. Anyone who finds it easy is stupid. CHARLIE MUNGER
SETH KLARMAN: Beating the market matters, but limiting risk matters just as much. Ultimately, investors have to ask themselves whether they are interested in relative or absolute returns. Losing 45 percent while the market drops 50 percent qualifies as market outperformance, but what a pyrrhic victory this would be for most of us.
시장을 이기는 것도 중요하지만, 리스크를 제한하는 것 역시 그만큼 중요합니다. 결국 투자자는 자신이 상대적 수익과 절대적 수익 중 무엇에 관심이 있는지 스스로에게 물어야 합니다. 시장이 50% 하락할 때 45%를 잃는 것은 시장 수익률을 상회하는 것(outperformance)으로 인정받겠지만, 우리 대부분에게 그것이 얼마나 허망한 승리(pyrrhic victory)이겠습니까.
In my view, that’s the definition of successful investing: doing better than the market and other investors. HOWARD MARKS
The Most Important Thing Is … Second-Level Thinking
Remember, your goal in investing isn’t to earn average returns; you want to do better than average. Thus, your thinking has to be better than that of others—both more powerful and at a higher level. Since other investors may be smart, well-informed and highly computerized, you ...