<質問> ウォーレン・バフェットが師と仰ぐ、偉大な投資家ベンジャミン・グレアムについて

<マンガー> 私はウォーレンのようには、ベン・グレアムや彼のアイデアに惚れこんでいないですね。ただしここで理解しておくべきなのは、ウォーレンはずいぶん若いときにベンをみつけだして、彼のところで働き、彼の見出した物事のとらえかたがウォーレンの生きかたをそっくり変えてしまったことです。ウォーレンは、若かった頃の長い時間を師匠のそばから崇めることに費やしました。しかし私からすれば、ベン・グレアムには投資家として学ぶことがもっとあったはずです。企業を評価する彼のアイデアは、市場の大暴落とその後の大恐慌が彼を破滅寸前に追いやった経験だけで形成されていました。彼はいつでも、市場がどうなるものかという、ちょっとした恐怖感を抱いていたものです。その後の生涯を通じて、彼は当時の恐怖の影響から逃れられなかったのですね。だから彼はあらゆるやりかたを、暴落や恐慌がきても問題が起きないように設計しました。


On Benjamin Graham, the great investor who was Warren Buffett's revered mentor:

I don't love Ben Graham and his ideas the way Warren does. You have to understand, to Warren - who discovered him at such a young age and then went to work for him - Ben Graham's insights changed his whole life, and he spent much of his early years worshiping the master at close range. But I have to say, Ben Graham had a lot to learn as an investor. His ideas of how to value companies were all shaped by how the Great Crash and the Depression almost destroyed him, and he was always a little afraid of what the market can do. It left him with an aftermath of fear for the rest of his life, and all his methods were designed to keep that at bay.

I think Ben Graham wasn't nearly as good an investor as Warren Buffett is or even as good as I am. Buying those cheap, cigar-butt stocks [companies with limited potential growth selling at a fraction of what they would be worth in a takeover or liquidation] was a snare and a delusion, and it would never work with the kinds of sums of money we have. You can't do it with billions of dollars or even many millions of dollars. But he was a very good writer and a very good teacher and a brilliant man, one of the only intellectuals - probably the only intellectual - in the investing business at the time.

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