[경제][투자] 찰리 멍거의 투자지혜 - 투자관리자는 그들이 사고 싶어하는 소금을 계속 팔 것이다.

찰리 멍거의 투자지혜 - 투자관리자는 그들이 사고 싶어하는 소금을 계속 팔 것이다.

낚시도구를 파는 친구에 대한 이야기는 투자 관리 산업이 어쩌다가 이 정도까지 멍청한 상태가 되었는지를 명쾌하게 설명해준다. 나는 낚시도구 상인에게 “세상에, 미끼가 자주색에다가 녹색이네요. 정말 물고기들이 이런 색을 좋아하나요?” 라고 물었더니 그가 대답했다. “선생님, 저는 생선에게 미끼를 파는 게 아닙니다.”

• 찰리 멍거, 남캘리포니아 대학교 비지니스 스쿨, 1994

Again, this is a concept that seems perfectly obvious to me. And to Warren, it seems perfectly obvious. But this is one of the very few business classes in the U.S. where anybody will be saying so. It just isn’t the conventional wisdom.

To me, it is obvious to me that the winner has to bet very selectively. It has been since very early life. I don’t know why it is not obvious to many other people.

I don’t think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, “My God, they’re purple and green. Do fish really take these lures?” And he said, “Mister, I don’t sell to fish.”

Investment managers are in the position of that fishing tackle salesman. They are like the guy who was selling salt to the guy who already had too much salt. And as long as the guy will buy salt, why they will sell salt. But isn’t what ordinarily works for the buyer of investment advice.