Интервью · 2018

Чарли Мангер и Ли Лу о Китае (2018)

2018 1 ч видео

Источник: Weekly in Stocks / YouTube · встроено из оригинала; мы его не размещаем.

Мангер редко делил сцену с теми, кто управляет его деньгами, — но Ли Лу как раз то исключение, которое показывает, насколько высока была его планка. По собственным словам Мангера, Ли Лу — единственный сторонний управляющий, которому он когда-либо доверил семейный капитал, и человек, которого он, как говорят, считал кем-то вроде «китайского Уоррена Баффета». Эта беседа 2018 года сводит их двоих вокруг темы, к которой Мангер на склоне лет относился всё с бóльшим оптимизмом, — Китая.

Почему стоит посмотреть. Вы услышите тезис Мангера о Китае от человека, который помогал его сформировать, и увидите, как Ли Лу раскрывает, как принципы стоимостного инвестирования переносятся — или не переносятся — на совершенно разные рынки и институты. Под всем этим звучит вечная тема Мангера: тот редкий психологический склад, что отличает подлинного инвестора от ловкого спекулянта. Взаимное уважение здесь очевидно, и это самое близкое к диалогу мастера и ученика, что есть во всём каталоге Мангера.

Посмотрите все три части. Первая часть встроена выше. Продолжите с части 2 и части 3, чтобы увидеть беседу целиком.

China Li Lu investing

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told the lie so we some of which stood out to me some that tweeting social if you're a better person here likely to be a better investor and if you're a wiser person you're likely to be a better investment we some among you puffy could touch it touch it holds the passion don't go Tong soon de cochon you say you some tae-soo goose yo and you do the best you can every day and pretty soon you've had a good life hey Joshua Trager enosis on Delilah total order sri rama yahoo Santander pseudo homogeneous integral a fossa Oh Phoebe sienta Chinchin adore to arrange or Athenian Choshu say de Cali mangu 19 to evade added hostesses on Tia judo to coach young Garibaldi and Aaron those honking hi mango Garuda pijo 2010 UEFA uno hanwen do an for Omaha do a poker Cudahy ginseng llahu anhum powder pin you may gradually ratio to h-holly mangu easy Rajesh Antoine de salamanca the eboard violin maker similarities in 22 shorin-ryu essential to alert antalya without reduction due to and far stronger - 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questions will answer bongos and song each is handier Posen United Russia de yada how the peyote being here your tongue GG ensure side roncada well Holly yeah you did Holly oh so uh sure $23 and Joe cada Triana well Holly Trio you could see quite a sense yeah that's the very sure honey Honduran side ho t port when ye Namjoo central de Buffon cashew tree at hotel her fully turned to a totally Mia mongers and religious hypocrisy report on Pahoa in your short hodr about how the GOP th you can see teams knotted ruched region young woman from Goha Aloha Jerusha Neimoidia x ET rio hondo $3 and da-da-da-da-da Lee tension identity more children Pozzo no more somebody known to allow juicing hui yes well if you if you invest the way people gamble in casinos you're not gonna do very well so it's the long-term investment that works best and but if you like the action of investing and sometimes winning some time losing just like people like the action when they gamble in a casino those people are not my people I like the long-term investors who figure out something that's going to work over the long term and by that and the sooner the Chinese people gamble less and invest patiently for the long term or the sooner they will do better nice in Doha Tian Xiang the Chancellor don't you see Yoda and Hobart and you're sure it holds the natural reservoir Mao Jay go to me see the wooden table holds the world is full of foolish gamblers and they will not do as well as the patient investors oh I think it can be learned to some extent and to some extent you're born with it there's a saying in America they go a long attention span they can keep their mind on a game or an activity for a long time until they've solved it and the Chinese do have a long attention span and that is a hugely desirable quality because you're more likely to get the right answer if you think deeply and hard about a subject for a long time and it's odd people who are so good at having a long attention span liked to gamble so much which is quite counterproductive you mean woman side you go shoot Hana kind of the Dozier yes yeah nama saya uneasy I told her and kind of it - yeah no more genuine our woman someone go hold shooting yeah a lot of people think there is such a thing as truth in the markets that the market is gonna tell you something just by bouncing around that is not the way Berkshire Hathaway or Charlie Munger invests money we have a view as to what the intrinsic value is of what it's being traded and we only buy it when we think it's worth more than we're paying so we're trying to make a long-term investment by waiting for something to be under priced and then buying it and we don't give a damn about all these gamblers in the market to me they're just so much froth and I ended it's a foolish way to spend your time if you want to get rich it's on the tradition we should change the rules of finish in the shisha the Jackie Chan and each other it's really easier lychee idiot where's Hannah go children what's your 20 and this year tianjin she went into the chapter report on frantic utility like should ultimately so there's a huge item for my transition which one day you should be either ryo-san she nearly shroom chords about huh she are from watch out Ian thought house Christian sign on pilot who's young monk or by faith who a trader toaster - tuna manga/anime me push your thoughts on door beyond the foyer Daniela Rueda talamanca truth whoes de la San Goku's trois Angolans FMVs Ramana said kumoi children hundred years older than me marvelous new job Pavitra generally you say no way oh yeah number two - sounds humongous DeAngelo's you will make weather should not hide that send out your sanction yet you should do what elsewhere should have Gio you go shop much not yet what harsh with yet ten okay beautiful Samuel Sunday they are fashion well the Chinese market is going to create a lot of successful investors if you look at Hong Kong which has been full of Chinese people enmeshed in a capitalist order with a good securities market that is going to spread all over China and increase in respectability in size four decades ahead I anticipate the China's security markets and investing practices will get better and better for a long time there'll be fluctuations to be sure but the long term trend will be toward more achievement more respectability and the higher prices I'm being a little Adachi open on isms the usage or that's a charity meeting which we can see Dada - sure my mother's your father yeah the Chinese who got enriched in Hong Kong over the last 50 years are not the short-term traders and the gamblers it has been the long-term investors who sought out good long-term investments and stubbornly held them for long periods of time and justice that worked for the Chinese and Hong Kong it'll work for the Chinese on the mainland it's not the short-term gambling that's good it's the identifying the good long-term investment and sticking with it for a long time number sangala diesel yes sir yeah okay Mahalo kim jeong-hoon was young like this you turned on the motor Natasha I give you a challenge Sheila told interpret what Sheila tell you what you can good Achaia piggy shangri-la same I needed Xhosa my berkshire hathaway stuck cost me 16 dollars a share and it's now selling for almost $300,000 this year that's been a very good investment it took a long time and it was a long-term investment I liked the people I was investing with and I liked the companies I was investing in and I just sat there for more than 50 years and lo and behold it's worked out very well and there are lots of stories like that and Lulu and I have been investing together in China for what 30 or 13 years as oh yeah 15 years and we have bought a lot of securities and we sold very few have not made very many bad investments it's they've been small and not very many I don't have many bad investments neither does Lulu basically the mongers have three stocks what's this so to speak we've got Berkshire we've got Costco and we have an investment in Lee Lewis Partnership three things I'm well along in my 95th year three things you don't need to own a lot of different things to get rich yeah don't want a dearth also do a fade how Co a hope a fate who mango ha world in the same way conjunction do sinful rude as the sovereign hope a fate her yet gender fate hacia want room Warren nama truly anger you inside o Maharaja we Lauren where's your energy don't know it's easy enough without a Shiva means you don't approve of the way I sure have one younger or say exactly what should I do I have him among the Sangha gosh what a material woman Kobe okm jihadi who wasn't that for you worship manana that holds its position is yet sugary sour mango is an unnatural for the video to Sonia orderly Tiffany ownership she's not a cool little create it will culture it an English word for you take that you know what I do I know it's very peculiar it's very peculiar it is very peculiar and they asked me the New York Times just interview wouldn't they ask me why are these people in China so interested in Berkshire Hathaway and Charlie Munger partly the book get it but why did the Chinese like that book I think the answer is that it sounds Confucian China has a deep Confucian ethos they want people act modestly even though they're rich and powerful they want people to constantly keep learning and to behave with dignity and reason and improve as they get a hold and keep working well those lessons are not confined to one country if it just happens that Warren Buffett and I act like a bunch of people who take Confucianism very seriously that's why they like us people they know I like books so it'll give me so many books either scam or read through 20 books a week no I get lots of books I read a lot of biography and some history I read almost no fiction you said he asked me what other reason the reason that we're suddenly popular in China yeah and I said there's one more reason is that Warren I really like the Chinese and of course everybody likes people who like them so that's what happens now you say why have the Chinese gotten so popular with a couple of Omaha boys that's something that a lot of Chinese don't understand if you look at China with the viewpoint of a United States citizen here is what you see the Chinese first came in here we were trying to build the Sierra the Transcontinental Railroad in the winter through horrible passes in the steep mountains and nobody could do it was impossible people were dying and they just was just too hard so they brought in like 50,000 Chinese coolies who were in those days practically slaves and he took those cooks up into the mountains of the weather there you build a railroad and they did and the Americans couldn't do it by themselves well of course made a very favorable impression well fade in fade out and now we've had all this immigration of Asians Chinese Japanese Korea and Vietnamese so on and what of those agents down in America well they've come in and rapidly become doctors lawyers professors businessmen and so forth and succeeded mightily and if we go to our Symphony Orchestra which didn't use to have any Chinese and every instrument that's hard to play and takes unlimited practice you look up from the instrument there's a Chinese face well of course we find people popular who are succeeding so much in our country and they're not causing a lot of trouble they're just succeeding and so naturally we like the Chinese and I don't think the ordinary person on mainland China understands what an image of success China has in the United States because the Chinese Americans have done so well here and the most extreme thing of all that nobody could have anticipated nobody ever talks about it and you should talk about it in your magazine it's because there was so much poverty in China and I was so overpopulated if an American couple were unable to have children of their own they could always go to China and adopt a Chinese girl from a very poor family so in every important city of America people soon learned they got better babies taking the unwanted Chinese girls from the remote Chinese farms those babies on average worked out better than I've had their own children and so everybody wanted adopted sure they don't want it American jail it was a Chinese girl and of course all those girls worked out well and most people in China don't realize how extreme that spin that's happened in every American city every American private school is full of the discarded Chinese girls from the Chinese countryside and they're getting all A's and winning the prizes and of course it makes a favorable impression and you should write about because every city is full of these adopted Chinese girls being raised by American families and they're spectacularly successful even though they come from a background of poverty so it's it's just dramatic and it's all over America you're under Minnesota they're these Chinese girls they're playing the same position with each other in any country at all woman she should Omaha yonder the Year three to mow your feet I'm Janet how the engine is Yahoo idiom condensation was a tall order in Canaan ghoshal easy so his integrity although she can Tongo the ninja trader evaluation interference even want to go to AA so they also want to know the second part of the question is that from your perspective where is Chinese security market today it is like the 73-74 ad do where is it now how do you really see the current stage of the security market they want to both of us to answer so you'll go for it I think there's more value for the better for the investor in the you buy the best companies in China for the best companies the United States I think the current prices the best companies that China are selling cheaper than the best companies in the United States so I think it's the Chinese don't have to go abroad to find good investments they've got plenty right in their own country it's it's a there are some awfully strong companies in China that are selling at reasonable prices don't worry I don't for there you good you got 2000 minting needed a gazillion cows and Ariana patronage from watching this you know without either sitting on the train today and as a real tradition I don't know who you wouldn't or couldn't garner trigger anxiety over you is here Sydney Changa Jacob and Jolie so we thought envisioned to kind of push attention to the regional geology the trigger to anything do you - muah - chanting I should can call them since the pension that has holding a trend home the true cultures of Asia my magnets you know that come to the food shelf a seafood Rana York I should put one as I like ritalin you're like oh Moonraker Chandler challenging - ma'am - whom ranch ago Trenton the child we Tru the room the function attention to our rooms Nicosia eh-heh-heh woman she conquer Piazza so it can go to the 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shrink up go how about one it'll be well China is opening up more and more to foreign investors and its markets are getting stronger and stronger with more participation from the world outside of China that's all of the good and he eventually it'll drive some prices up in China to do a Venetian virtualizes invitation coach editing and then to were truthful now you see some freedom to know that you score go backwards say the certain were to was a pony they should have any benefit immediately Xiu Qi energy come who think option two initially they are shouldn't chase energetic young weights that you two were target research analogy that you saw the tournament another MSA energy which are Wenatchee area should be to either Geico they evaluate your fighting he must want in the incursion on Finland to the liberation patella to machine you on a unit under the government's research a good yeah why it's utility no 414 total highlighting to get certain quality Honda is a tuning bother to go an 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