저자: 미상 · 외국인
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약세장은 일시적이며 계절처럼 순환한다는 Rakesh Jhunjhunwala의 관점을 소개. 하락장은 산불처럼 파괴적이지만 새 성장의 기반이 된다고 봄. 명확한 재무건전성·경쟁우위를 가진 우량주를 할인가에 전략적으로 매수하라는 취지. 단기 변동에 흔들리지 않는 장기 관점과 감정 배제, 계획 고수를 강조. 2008년 사례와 'Market can remain irrational longer than you can remain solvent' 인용 포함.
다듬은 글
it always struck me first about chunin Walla was how he viewed bare markets as temporary right you know it wasn't just something he said it's like he truly believed it I was like did he lived it yeah it was part of his DNA that they're temporary almost like uh you know like the seasons totally like winter always comes yeah Winter's coming but Spring's coming too that's right it's cyclical and that's that's I think such a powerful shift in mindset to realize that it's not if the market recovers it's when exactly and and he often compared Market downturns to forest fires you know initially very destructive of course but they clear the way for fresh growth so Janan Walla saw those you know those dips and those crashes as really the foundation for the next rally so so he's not panicking no he's like all right shopping let's go shopping exactly looking for opportunities well let's find some Bargains and and he talked a lot about quality stocks at a discount yeah so I guess my question is what exactly did he mean by quality socks because yeah I mean it can't just be it's got to be more than just a cheap price right it can't just be a low price tag there's got to be more to it oh for sure he was very specific about that you know a quality stock had strong fundamentals he thought of it like a building you know with a solid foundation you're looking at things like you know Financial Health is the management team competent do they have a real competitive Advantage you know in their Market one of his favorite examples was Titan the watch and jewelry REM maker he loved their brand recognition yeah you know and how they were constantly expanding their market so it's not about grabbing any stock that's dipped it's about finding the companies that are built to withstand the storm the ones that are going to make it through right so it's it's not bargain hunting it's strategic shopping that's a great way to put it yeah and this ties into his whole long-term Vision right absolutely I remember reading a lot about how he stressed patients you know not getting caught up in those daily swings daily swings weekly swings you know he was really in it for the long haul yeah wealth creation was a marathon not a Sprint and I think you know especially nowadays yeah with everybody you know on their phones and constantly checking the market oh my gosh yeah it's easy to get so easy to get caught up caught up in the noise and he would say yeah you know those little blips those shouldn't distract you from the bigger picture he built his fortune over decades not days remember in 2008 I was just glued to the news oh yeah you know watching my portfolio just stomach and stach and nuts just absolutely tank and uh White Knuckles but you know looking back junan Wall's approach seems so much more levelheaded levelheaded yeah and and that's where his focus on staying rational really comes in okay you know he knew that fear and panic they just lead to bad decisions right think of it like driving in a blizzard okay if you get scared and you slam on the brakes you're much more likely to spin out but if you stay calm you trust your skills and you keep a steady hand you've got a much better chance of navigating through it so don't let your emotions drive the car right stick to the plan have a plan and stick to it yeah and that brings us to another one of his um bold statements yes B sa you could say that he actually said that fortunes are made during bare markets yeah now that sounds almost crazy on the on the face of it right cter intuitive but it's really about understanding how markets work when prices drop it creates opportunities you can buy those you know quality businesses that we talked about at a much lower price than you could during a bull market feel like a sale exactly it's a it's a hidden sale for The Savvy investor yeah and so while everybody else is running for the hills he's stocking up he's like all right let me stock up yeah getting ready for the next on those blue chips and those companies that are going to come back strong they're going to bounce back yeah I mean that takes some guts it does it takes guts but it also takes a plan right don't let fear drive your decisions research focus on quality be patient you know this is like his Mantra yeah it really was and you know he was famously quoted as saying the market can remain irrational longer than you can remain solvent wow that's why having a strategy and sticking to it is so important okay so I think we've covered quite a bit here and
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