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2007.12.29
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Áö³­ ÀϳâÀ» µ¹¾Æº»´Ù. ÇÑ ¸¶µð·Î ¿ë°¨Çß´Ù. ¹«½ÄÇؼ­ ¿ë°¨Çß´Ù. Ã¥ ÇÑ ±Ç Á¦´ë·Î ÀÐÁö ¸øÇß´Ù. ¸î ÆäÀÌÁöÂ¥¸® ÀÚ·á¿¡ ÆĹ¯Çô Áö³Â´Ù. ±×·¡¼­ º°·Î ½×ÀÎ °ÍÀÌ ¾ø°í, ±íÀ̵µ ¾ø¾ú´Ù. ±×·¯´Ù º¸´Ï ¹Û¿¡¼­ ºÎ´Â ¹Ù¶÷¿¡ ½±°Ô Èçµé·È´Ù. ±×³ª¸¶ »Ñ¸®±îÁö »ÌÈ÷Áö ¾ÊÀº °Ô õ¸¸´ÙÇàÀÌ´Ù.
 
ÀÌ°Í Àú°Í »ý°¢Àº ¸¹À¸³ª ½ÇÁ¦·Î ÀÌ·é °ÍÀº °ÅÀÇ ¾ø´Ù. ¾à°£Àº ÀÖ´Ù Çصµ ¼ºÀûÀÌ º°·Î´Ù. ¾ÆÁ÷ ¼¼»óÀ» Àß ¸ð¸£´Â Å¿ÀÌ´Ù. ¼¼»ó º¸°í ¹Ù²î¶ó°í ¼Ò¸®ÃÄ º¸¾Æ¾ß ¾Æ¹«·± ¼Ò¿ëÀÌ ¾ø´Ù. ³»°¡ Á» ´õ Çö¸íÇØÁö´Â ±æ¹Û¿¡ ¾ø´Ù. ±×·¯³ª °¥ ±æÀº ¸Ö°í ³¯Àº ÀÌ¹Ì ¾îµÎ¿ö °£´Ù. ±×·¡µµ °¡±â´Â °¡¾ß ÇÑ´Ù. ´Þ¸® ¸ØÃ߾ ÇÒ Àϵµ ¾ø´Ù.
 
 
* Âû¸® ¸Û°ÅÀÇ ÅõÀÚ ¿ø¸®¸¦ Á¤¸®ÇÑ ±ÛÀ» ¿Å±â¸é¼­ ÇÑ Çظ¦ ¸¶¹«¸®ÇÏ°íÀÚ ÇÕ´Ï´Ù. Áö³­ ÇÑ ÇØ ³ªÀÇ ³ÌµÎ¸®¸¦ ¹Þ¾Æ ÁֽŠ¸ðµç ºÐµé¿¡°Ô °¨»çÀÇ ¸¶À½À» ÀüÇÏ°í °Ç°­ÇϽñ⸦ ±â¿øÇÕ´Ï´Ù.
 
 
An Investing Principles Checklist from Poor Charlie¡¯s Almanack  Âû¸® ¸Û°ÅÀÇ ÅõÀÚ¿ø¸®

Risk – All investment evaluations should begin by measuring risk, especially reputational

􀂃 Incorporate an appropriate margin of safety
􀂃 Avoid dealing with people of questionable character
􀂃 Insist upon proper compensation for risk assumed
􀂃 Always beware of inflation and interest rate exposures
􀂃 Avoid big mistakes; shun permanent capital loss
 
À§Çè - ÅõÀÚ¸¦ Æò°¡ÇÒ ¶§´Â ±× ¼Ó¿¡ µé¾î ÀÖ´Â À§ÇèÀ» °í·ÁÇØ¾ß ÇÑ´Ù.
  • ÀûÁ¤ÇÑ ¾ÈÀü¸¶ÁøÀ» ¼³Á¤ÇØ¾ß ÇÑ´Ù.
  • ¹Ï±â ¾î·Á¿î »ç¶÷°ú´Â °Å·¡¸¦ ÇÏÁö ¾Ê´Â´Ù.
  • À§ÇèÇÑ ÅõÀÚ¶ó¸é ±×°Í¿¡ °É¸Â´Â ÅõÀÚ¼öÀÍÀ» °íÁýÇØ¾ß ÇÑ´Ù.
  • ¾ðÁ¦³ª ÀÎÇ÷¹À̼ǰú ÀÌÀÚÀ²ÀÇ À§ÇèÀ» Á¶½ÉÇØ¾ß ÇÑ´Ù.
  • Å« ½Ç¼ö¸¦ Çؼ­´Â ¾È µÈ´Ù.
Independence – ¡°Only in fairy tales are emperors told they are naked¡±

􀂃 Objectivity and rationality require independence of thought
􀂃 Remember that just because other people agree or disagree with you doesn¡¯t make you right or wrong – the only thing that matters is the correctness of your analysis and judgment
􀂃 Mimicking the herd invites regression to the mean (merely average performance)
 
µ¶¸²½É - ´ÜÁö µ¿È­¿¡¼­¸¸ ´©±º°¡°¡ ȲÁ¦°¡ ¹ß°¡¹þ¾ú´Ù°í ¸»ÇØ ÁØ´Ù.
  • °´°ü¼º°ú ÇÕ¸®¼ºÀº »ç°íÀÇ µ¶¸³¼º¿¡ ²À ÇÊ¿äÇÏ´Ù.
  • ÀÚ»êÀÇ »ý°¢ÀÌ ¿Ç°í ±×¸¥ °ÍÀº ´Ù¸¥ »ç¶÷ÀÇ µ¿ÀÇ°¡ ¾Æ´Ï¶ó ¹Ù·Î ÀÚ½ÅÀÇ ºÐ¼®°ú ÆÇ´ÜÀÇ Á¤È®¼º¿¡ µû¸¥ °ÍÀÌ´Ù.
  • ´Ù¼ö¸¦ µû¶ó Çϸé Æò±ÕÀûÀÎ ¼öÀ͹ۿ¡ ¾òÁö ¸øÇÑ´Ù.
  
Preparation – ¡°The only way to win is to work, work, work, work, and hope to have a few insights¡±

􀂃 Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day
􀂃 More important than the will to win is the will to prepare
􀂃 Develop fluency in mental models from the major academic disciplines
􀂃 If you want to get smart, the question you have to keep asking is ¡°why, why, why?¡±
 
Áغñ - À̱â´Â À¯ÀÏÇÑ ±æÀº ²÷ÀÓ¾øÀÌ ³ë·ÂÇÑ °á°ú ¾à°£ÀÇ ÅëÂû·ÂÀ» ¾ò±â¸¦ ¹Ù¶ó´Â °ÍÀÌ´Ù.
  • ÀÏ»ý µ¿¾È ¿©·¯ °¡Áö Á¾·ùÀÇ Ã¥À» Àоî¶ó. È£±â½ÉÀ» ÀÒÁö ¸»°í ¸ÅÀÏ Á¶±Ý¾¿ ´õ Çö¸íÇØÁö·Á°í ³ë·ÂÇضó.
  • Áß¿äÇÑ °ÍÀº À̱â°í ½ÍÀº ÀÇÁö°¡ ¾Æ´Ï¶ó ÁغñÇÏ´Â ¸¶À½ÀÌ´Ù.
  • Áß¿äÇÑ Çй®Àû ¿ø¸®µé·Î ±¸¼ºµÈ »ç°íÀÇ ±×¹°¸Á(*Á¤½ÅÀû ÆÇ´Ü ¸ðÇü)À» ¸¸µé¾î¶ó.
  • Çö¸íÇØÁö°í ½ÍÀ¸¸é ³¡ÀÓ¾øÀÌ "¿Ö"¶ó´Â Áú¹®À» ´øÁ®¶ó. 

Intellectual humility – Acknowledging what you don¡¯t know is the dawning of wisdom

􀂃 Stay within a well-defined circle of competence
􀂃 Identify and reconcile disconfirming evidence
􀂃 Resist the craving for false precision, false certainties, etc.
􀂃 Above all, never fool yourself, and remember that you are the easiest person to fool

¡°Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.¡±
 
ÁöÀû °â¼Õ - ¸ð¸¥´Ù´Â °ÍÀ» ¾Æ´Â °ÍÀÌ ÁöÇýÀÇ ½ÃÀÛÀÌ´Ù.
  • ÀÚ½ÅÀÌ Àß ¾Æ´Â ºÐ¾ß¿¡¼­ ³î¾Æ¶ó.
  • ÀÏÄ¡ÇÏÁö ¾Ê´Â Áõ°Å¸¦ ã¾Æ³»°í À̸¦ Àß ÀÌ¿ëÇ϶ó.
  • °¡Â¥ Á¤È®¼º°ú °¡Â¥ È®½Ç¼ºÀ» °¡Áö°í ½Í¾îÇÏ´Â ¸¶À½¿¡ ÀúÇ×Ç϶ó.
  • ¹«¾ùº¸´Ùµµ Àý´ë·Î ÀÚ½ÅÀ» ¼ÓÀÌÁö ¸¶¶ó. °¡Àå ½±°Ô ¼ÓÀÏ ¼ö ÀÖ´Â ´ë»óÀÌ ¹Ù·Î ÀÚ±â ÀÚ½ÅÀ̶ó´Â °ÍÀ» ÀØÁö ¸¶¶ó.
"º¹¸®ÀÇ Èû°ú ±× ÈûÀ» °®±â ¾î·Æ´Ù´Â °ÍÀ» ÀÌÇØÇÏ¸é ´Ù¸¥ ¸¹Àº °ÍÀ» ÀÌÇØÇÒ ¼ö ÀÖ´Â ÈûÀ» °®°Ô µÈ´Ù."

Analytic rigor – Use of the scientific method and effective checklists minimizes errors and omissions

􀂃 Determine value apart from price; progress apart from activity; wealth apart from size
􀂃 It is better to remember the obvious than to grasp the esoteric
􀂃 Be a business analyst, not a market, macroeconomic, or security analyst
􀂃 Consider totality of risk and effect; look always at potential second order and higher level impacts
􀂃 Think forwards and backwards – Invert, always invert
 
ºÐ¼®Àû ¾ö°ÝÇÔ - °úÇÐÀû ¹æ¹ýÀ» »ç¿ëÇÏ°í È¿°úÀûÀΠüũ ¸®½ºÆ®¸¦ »ç¿ëÇÏ¸é ½Ç¼ö¿Í ¿À·ù¸¦ ÃÖ¼Ò·Î ÁÙÀÏ ¼ö ÀÖ´Ù.
  • °¡Ä¡¸¦ °¡°Ý°ú ±¸ºÐÇÏ°í, È°µ¿°ú Áøº¸¸¦ ±¸ºÐÇÏ°í, Å©±â¿Í ºÎ¸¦ ±¸ºÐÇ϶ó.
  • ºñ¹ýÀ» ¾òÀ¸·Á´Â °Íº¸´Ù ºÐ¸íÇÑ °ÍÀ» ±â¾ïÇÏ´Â °ÍÀÌ ´õ ÁÁ´Ù.
  • ½ÃÀå, °æÁ¦ ±×¸®°í Áõ±Ç ºÐ¼®°¡°¡ ¾Æ´Ï¶ó ±â¾÷ ºÐ¼®°¡°¡ µÅ¶ó.
  • À§Çè°ú ±× À§ÇèÀÌ ÁÖ´Â ¿µÇâ Àüü¸¦ °í·ÁÇضó. ÆÄ»ýµÇ´Â ³ªÅ¸³¯ ¼ö ÀÖ´Â Ãæ°Ý ±×¸®°í ´õ Å« Ãæ°ÝÀ» Á¶½ÉÇ϶ó.
  • ¹Ì·¡¿Í °ú°Å¸¦ »ý°¢Ç϶ó. Ç×»ó ¿ªÀüÀ» »ý°¢Ç϶ó.
 
Allocation – Proper allocation of capital is an investor¡¯s number one job

􀂃 Remember that highest and best use is always measured by the next best use (opportunity cost)
􀂃 Good ideas are rare – when the odds are greatly in your favor, bet (allocate) heavily
􀂃 Don¡¯t ¡°fall in love¡± with an investment – be situation-dependent and opportunity-driven
 
ÀÚº» ¹èºÐ - ÀÚº»¹èºÐÀº ÅõÀÚ°¡°¡ ÇØ¾ß ÇÒ Ã¹¹ø° ÀÏÀÌ´Ù.
  • ÀÚº»À» °¡Àå Àß ¹èºÐÇÏ·Á¸é ¾ðÁ¦³ª ±× ´ÙÀ½À¸·Î °¡Àå Àß ¹èºÐÇÒ ¼ö ¹æ¾È(±âȸºñ¿ë)À» ±âÁØÀ¸·Î »ï¾Æ¶ó.
  • ÁÁÀº ¾ÆÀ̵ð¾î´Â ¸Å¿ì µå¹°´Ù. ±×·± ±âȸ°¡ ³ªÅ¸³ª¸é ÀÌ °÷¿¡ ¸¹Àº ÀÚº»À» ¹èºÐÇ϶ó.
  • ÇϳªÀÇ ÅõÀÚ¿¡ ³Ê¹« ºüÁöÁö ¸¶¶ó. »óȲ¿¡ µû¶ó ±âȸ¿¡ µû¶ó ¿òÁ÷¿©¶ó.  

Patience – Resist the natural human bias to act

􀂃 ¡°Compound interest is the eighth wonder of the world¡± (Einstein); never interrupt it unnecessarily
􀂃 Avoid unnecessary transactional taxes and frictional costs; never take action for its own sake
􀂃 Be alert for the arrival of luck
􀂃 Enjoy the process along with the proceeds, because the process is where you live
 
Àγ» - ½±°Ô ÇൿÇÏ°í ½Í¾îÇϴ Àΰ£ÀÇ ÀÚ¿¬ ¿å¸ÁÀ» °ÅºÎÇ϶ó.
  • º¹¸®¶õ ¸Å¿ì Áß¿äÇÏ´Ù(¾ÆÀν´Å¸ÀÎ). ºÒÇÊ¿äÇÏ°Ô À̸¦ ¹æÇØÇÏÁö ¸¶¶ó.
  • ºÒÇÊ¿äÇÑ °Å·¡·Î ¼¼±ÝÀ̳ª ºñ¿ëÀ» ÁöºÒÇÏÁö ¸¶¶ó. ÇൿÀ» À§ÇÑ ÇൿÀ» ÇÏÁö ¸¶¶ó.
  • Çà¿îÀÌ Ã£¾Æ¿À¸é Á¶½ÉÇ϶ó.
  • °úÁ¤À» Áñ°Ü¶ó. ±×°ÍÀÌ ÀλýÀÌ´Ù.

Decisiveness – When proper circumstances present themselves, act with decisiveness and conviction

􀂃 Be fearful when others are greedy, and greedy when others are fearful
􀂃 Opportunity doesn¡¯t come often, so seize it when it comes
􀂃 Opportunity meeting the prepared mind; that¡¯s the game
 
°á´Ü·Â - ¾Ë¸ÂÀº »óȲÀÌ ÁÖ¾îÁö¸é °á´Ü·Â°ú È®½ÅÀ» °¡Áö·Î ÇൿÇ϶ó.
  • ´Ù¼ö°¡ ¿å½ÉÀ» ³»¸é Á¶½ÉÇÏ°í, ´Ù¼ö°¡ µÎ·Á¿öÇÏ¸é ¿å½ÉÀ» ³»¶ó.
  • ±âȸ´Â ÀÚÁÖ ¿ÀÁö ¾Ê´Â´Ù. ±×·¯¹Ç·Î ÇÑ ¹ø ¿À¸é Å©°Ô Àâ¾Æ¶ó.
  • ±âȸ´Â ÁغñµÈ »ç¶÷¸¸À» ¸¸³­´Ù.

Change – Live with change and accept unremovable complexity

􀂃 Recognize and adapt to the true nature of the world around you; don¡¯t expect it to adapt to you
􀂃 Continually challenge and willingly amend your ¡°best-loved ideas¡±
􀂃 Recognize reality even when you don¡¯t like it – especially when you don¡¯t like it
 
º¯È­ - º¯È­¿Í °°ÀÌ »ì°í, Á¦°ÅÇÒ ¼ö ¾ø´Â º¹À⼺¿¡´Â ÀûÀÀÇ϶ó.
  • ´ç½ÅÀÌ »ç´Â ¼¼»óÀÇ ¼Ó¼ºÀ» ÀνÄÇÏ°í ±×°Í¿¡ ÀûÀÀÇ϶ó. ±×°ÍÀ» ´ç½Å¿¡°Ô ¸ÂÃß·Á°í ÇÏÁö ¸¶¶ó.
  • ´ç½ÅÀÌ °¡Àå ¾Æ³¢´Â ¾ÆÀ̵ð¾î¶óµµ ²÷ÀÓ¾øÀÌ µµÀüÇÏ°í, ±â²¨ÀÌ ¼öÁ¤Ç϶ó.
  • ºñ·Ï ´ç½ÅÀÌ ½È¾îÇÏ´Â Çö½ÇÀÏÁö¶óµµ ±× Çö½ÇÀ» ÀÎÁ¤Ç϶ó. ƯÈ÷ ´ç½ÅÀÌ ½È¾îÇÏ´Â Çö½ÇÀ» ¸»ÀÌ´Ù.  

Focus – Keep things simple and remember what you set out to do

􀂃 Remember that reputation and integrity are your most valuable assets – and can be lost in a heartbeat
􀂃 Guard against the effects of hubris (arrogance) and boredom
􀂃 Don¡¯t overlook the obvious by drowning in minutiae (the small details)
􀂃 Be careful to exclude unneeded information or slop: ¡°A small leak can sink a great ship¡±
􀂃 Face your big troubles; don¡¯t sweep them under the rug
 
ÁýÁß - ´Ü¼øÇÏ°Ô ¸¸µé¾î¶ó. ±×¸®°í ´ç½ÅÀÌ Ã³À½ ÇÏ·Á°í ½ÃÀÛÇß´ø °ÍÀ» ±â¾ïÇ϶ó.
  • ½Å·Ú¿Í Á¤Á÷ÀÌ ´ç½ÅÀÇ °¡Àå Áß¿äÇÑ ÀÚ»êÀ̶ó´Â °ÍÀ» ±×¸®°í ±×°ÍÀº ¼ø½Ä°£¿¡ »ç¶óÁú ¼ö ÀÖ´Ù´Â °ÍÀ» ¸í½ÉÇ϶ó.
  • ÀÚ¸¸½É°ú ±ÇÅ¿¡ ºüÁöÁö ¾Êµµ·Ï Ç϶ó.
  • »ç¼ÒÇÑ È¥¶õ¿¡ ºüÁ® ºÐ¸íÇÑ °ÍÀ» ³õÄ¡Áö ¸¶¶ó.
  • ºÒÇÊ¿äÇÑ Á¤º¸¸¦ Á¦°ÅÇÒ ¶§ Á¶½ÉÇضó. ÀÛÀº ±¸¸ÛÀÌ Å« ¹è¸¦ °¡¶ó¾ÉÈú ¼ö ÀÖ´Ù.
  • ´ç½ÅÀÇ Å« ¾î·Á¿òÀ» ¸¶ÁÖº¸¾Æ¶ó. ÀÚ¸® ¹Ø¿¡ Áý¾î³Ö°í´Â ¾ø´Ù´Â µíÀÌ ¿©±âÁö ¸¶¶ó.
 
In the end, it comes down to Charlie¡¯s most basic guiding principles, his fundamental philosophy of life: Preparation. Discipline. Patience. Decisiveness.
 
°á·ÐÀûÀ¸·Î Âû¸® ¸Û°ÅÀÇ °¡Àå ±âº»ÀûÀÎ Áöħ°ú ±×ÀÇ »îÀÇ Ã¶ÇÐÀº Áغñ, ¿øÄ¢, Àγ» ±×¸®°í °á´Ü·ÂÀÌ´Ù. 
 
 
* Ȥ½Ã ¹ø¿ªÀÌ ÀûÀýÇÏÁö ¾Ê°Å³ª À߸øÀÌ ÀÖÀ¸¸é ÁöÀûÇØ Áֽñ⠹ٶø´Ï´Ù.