投資の天才バフェットは自分で経営しない?「物言わない株主」の流儀とは

スポンサーリンク
投資の名言
スポンサーリンク

何でも自分でやらなければ気が済まない人がいます。しかし、それが全体のために一番良い選択かというと、必ずしもそうではありません。人に任せるのも時には必要です。人に任せるのが不安になった時には以下の言葉を思い出しましょう。

And so the important thing we do with managers, generally, is to find the .400 hitters and then not tell them how to swing.

ウォーレン・バフェット

なので経営者について我々がやる重要なことは、一般的には、4割バッターを探してきてそしてスウィングの仕方は指示しないようにすることです。

In effect, we can obtain a better management result through non-control than control.  This is an unorthodox view, but one we believe to be sound.

ウォーレン・バフェット、株主への手紙1977

結果的に、我々はコントロールするよりもしないほうが良い結果を得られます。これは普通ではない考えかもしれませんが、我々は健全だと考えています。

上の趣旨をさらに難解に説明するとこうなります。

Our view, we warn you, is non-conventional.  But we would rather have earnings for which we did not get accounting credit put to good use in a 10%-owned company by a management we did not personally hire, than have earnings for which we did get credit put into projects of more dubious potential by another management – even if we are that management.

ウォーレン・バフェット、株主への手紙1980

お伝えしておきますが、我々の考えは標準的ではありません。しかし我々は10%しか持ち分のない企業の貸方に載る、自分たちで雇ったわけではない経営陣によってうまく使われて得る利益の方を、可能性が心もとない事業に使われて我々の貸方に載る、別の経営陣が得る利益-たとえそれが自分たち自身だったとしても-よりも、好みます。

読み手泣かせ…笑 言いたいことは「誰かがしっかり稼いでくれればいいよ、自分でやることにはこだわらない」ということで一貫していると思います。

また、企業買収よりも公開市場での買い付け、それも経営権を握ることに興味は無いと言わんばかりのセリフもあります。

We expect that undistributed earnings from such companies will produce full value (subject to tax when realized) for Berkshire and its shareholders.  If they don’t, we have made mistakes as to either: (1) the management we have elected to join; (2) the future economics of the business; or (3) the price we have paid.

ウォーレン・バフェット、株主への手紙1981

我々はそのような企業(公開市場で買い付けた経営権を持たない企業)からの未処分利益はバークシャーとその株主にとって最大限の価値を産む(もし実現利益となると課税される)。もしそうならないなら我々は(1)選んだ経営者か(2)ビジネスの将来か(3)我々が支払った価格のどれかにおいて過ちを犯したことになる。

バフェットの領分は企業投資です。そしてバフェットの投資先には優秀な経営者がすでにいます。そういうところしか投資しないからです。決して投資先を経営しようとは思わないことで、バフェットは次の投資先を見つける時間を確保しているのです。

ここには2つ重要なことがあると思います。まずは相手が4割バッターかどうか見極めること。そのくらいの信頼をおける人を近くに置くこと。もう一つはそういう人が来たら余計な指示を出さないこと。

誰でも信頼すればいいというわけではなく、能力の高い人を信頼する。能力の高い人を近くに連れてこられるくらい、自分もその人に釣り合うように努力をする。そして一度能力の高い人が来たら、その人に任せることは任せて、自分は自分の必要なことをする。

何でもできてしまう人ほど陥りやすい間違いをうまく表現している一言だと思います。そして優秀な人を呼ぶためにはそれに見合うものが自分にないと…ということで自分の高め方にはこれ。

It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.

ウォーレン・バフェット

自分よりも優れた人と付き合うことはいいことです。あなたよりも品行優れた人と付き合えばあなたもそのようになっていきます。

レベルの高い人と付き合うことで、普段の会話からですら何かを学び取れる…それはとても楽しくありがたい時間になります。

It is a real pleasure to work with managers who enjoy coming to work each morning and, once there, instinctively and unerringly think like owners.  We are associated with some of the very best.

ウォーレン・バフェット、株主への手紙1978

毎朝喜んで職場に出てきて、一度来ると無意識に、しかし確かにオーナーのように考える経営陣と仕事ができるのは本当に喜ばしいことです。我々は最高の経営陣と協力できています。

現にバフェットは株主の手紙などでも傘下企業の経営陣をほめたたえることが多いです。

Insurance companies offer standardized policies which can be copied by anyone.  Their only products are promises.… there is no question that the nature of the insurance business magnifies the effect which individual managers have on company performance.  We are very fortunate to have the group of managers that are associated with us.

ウォーレン・バフェット、株主への手紙1977

保険会社は誰にでもコピーできる標準化された方針を提供しています。会社の唯一の製品は約束です。…保険事業の性質によって個々の経営者が会社の成績に与える効果は増大させられます。我々は現経営陣とともに仕事ができていてとても幸運です。

Ben Rosner, at Associated Retail Stores, continues to pull rabbits out of the hat – big rabbits from a small hat.

ウォーレン・バフェット、株主への手紙1979

アソシエーテッド・リテール・ストアズのBen Rosnerは引き続き帽子からウサギを引き出してくれています。それも大きなウサギを小さな帽子から。

ここでの帽子とウサギは会社と利益を指しているのでしょう。小さな会社で奮闘して大きな利益を出している姿をマジシャンのようだと絶賛しているんですね。

バフェットの名言まとめ
バフェットの名言をまとめました。...

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