버크셔 해서웨이 주주서한 2023-1

Charlie Munger – The Architect of Berkshire Hathaway

Charlie Munger died on November 28, just 33 days before his 100th birthday. Though born and raised in Omaha, he spent 80% of his life domiciled elsewhere. Consequently, it was not until 1959 when he was 35 that I first met him.

* domiciled: 거주하는

eg, The people were domiciled in the region.

 

In 1962, he decided that he should take up money management. Three years later he told me – correctly! – that I had made a dumb decision in buying control of Berkshire. But, he assured me, since I had already made the move, he would tell me how to correct my mistake.

* dumb: 멍청한, 바보 같은

If the police question you, act dumb.

 

In what I next relate, bear in mind that Charlie and his family did not have a dime invested in the small investing partnership that I was then managing and whose money I had used for the Berkshire purchase. Moreover, neither of us expected that Charlie would ever own a share of Berkshire stock.

 

Nevertheless, Charlie, in 1965, promptly advised me: “Warren, forget about ever buying another company like Berkshire. But now that you control Berkshire, add to it wonderful businesses purchased at fair prices and give up buying fair businesses at wonderful prices. In other words, abandon everything you learned from your hero, Ben Graham. It works but only when practiced at small scale.” With much back-sliding I subsequently followed his instructions.

 

 

Many years later, Charlie became my partner in running Berkshire and, repeatedly, jerked me back to sanity when my old habits surfaced. Until his death, he continued in this role and together we, along with those who early on invested with
us, ended up far better off than Charlie and I had ever dreamed possible.

* jerk: 홱 낚아채다

eg, She sat up with a jerk.

* sanity: 온전한

eg, They are much better off than us.

eg, to keep/preserve your sanity 

* better off: 형편이 더 나은

 

In reality, Charlie was the “architect” of the present Berkshire, and I acted as the “general contractor” to carry out the day-by-day construction of his vision. Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades. In a way his relationship with me was part older brother, part loving father. Even when he knew he was right, he gave me the reins, and when I blundered he never – never –reminded me of my mistake.

* take credit for: ~의 공을 차지하다

eg,  can't take credit for any of the vegetables though.

* take a bows: 갈채를 받다

eg, The audience cheers as actors take a bow.

* accolade: 포상, 칭찬

eg, In Hollywood, an "Oscar" is the highest accolade.

* rein: 고삐

* blunder: (어리석은) 실수

eg, She cast a sidelong glance at Eric to see if he had noticed her blunder.

 

In the physical world, great buildings are linked to their architect while those who had poured the concrete or installed the windows are soon forgotten. Berkshire has become a great company. Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect.

 

2024.03.10 - [투자] - 가치투자에 관한 명언들 1

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