저자: RakeshJhunjhunwala—소속미상 · 외국인
요약 보기
시장에서 실수를 인정하고 배우는 태도가 중요하다고 강조. 자본시장은 자본을 생산적 자산에 배분하는 역할을 하며, 중국 사례를 들어 국가 주도 자본배분의 비효율을 지적. 기업이 효율적으로 자본을 사용해 성장하는 구조를 설명. 개별 종목·자산에 대한 가격 예측은 없음.
다듬은 글
attitude that the market is king. You will never admit that yourself and you learn from your mistakes and the admittance of those mistakes. I am always ready to make a mistake provide I make one which I can afford so that I may live to make another mistake and the biggest cost of a mistake is not doing it and I have found that those people who have a very big defiance and don't want to admit a mistake and curse the market right I mean markets can be wrong sometimes want to stop and you didn't go for 10 years market is right I'm wrong so the first thing you got if you want to master markets or you want to successful in markets.
Remember, it's a humbler and it is a thing. Anyway, let me start now with my formal presentation. It's about my learnings and let me start actually by saying that the quest to learn is a basically a journey in knowledge. I think I have learned much from markets but I have still much much much to learn.
I have not met any successful investor who can really be called a successful investor below the year. You know you get flames of people who do very well for two years three years but the people who are very consistent investors consistently good investors require this disclaimer I don't know I don't I don't need it I made an outline it's a long presentation first I want to talk about markets then I'll talk to the evolution of what I learned and at what stage I learn.
Then I talk about trading, investing, some of the best and worst investments, the current scenario internationally and India, my beliefs and my party. Why capital markets? I find in a lot of places people are not able to understand why market is the purpose of markets of capital markets. How did they arise?
Why did they arise? See when we had the the markets as stock of it essentially started 300 years ago and it coincided with the industrial revolution until industrial revolution had not come there was not needed large capital for business. the primary form of of occupation was immigrants. But when the when the industrial revolution started, you needed large capital to build enterprises.
And there had to be made a difference between the people who manage that wealth and the people who provide that. And then came the concept of a limited of a limited liability company because a person who manages and owners are are different. He's not going to be personally liable for the for the wealth for the debt of that enterprise.
Therefore came the arose of the of the cap you know industrial revolution need for capital need for limited liability. Then these people who provide the capital they needed exit and valuation for their investments and liquidity important all things in life. the investors who were who who were investing at that time they needed resents so therefore allows the need for capital markets and that's a very important part of any economic society as I explained to you right so I think these are reasons why markets arose in the first instance and why they are existing Just I have another slide.
I have another one. What are markets? They are temples of capital allocation. And what is this capital allocation? Why is it important? You know, I think communism is the most fair form of society of right. But it is impractical. What distinguishes capitalism and communism? That in communism the state allocates capital.
And when the state allocates capital by China's stock market today, the economy has has become one and a half times the size of 2007 or even double. And the stock market is one/ird of the size it was in 2007. Why? Because there is indiscriminate allocation of capital and there's no return on equity.
Right? So it is the capital markets who allocate capital and capitalism failed. Communism failed because the state was allocating capital leading to capital being used inefficiently. And sir, this is not theory. I believe this is reality. Right? And it is what does the stock market do? It channelize capital to most productive assets.
It's a condition precedent for his capital to exist and grow. Right? See why do you think that Mr. from six area started with half million tend and when ACC was say 10 million or 8 million I don't exactly know but because he was using it more efficiently he could raise capital and it could become the leader of the cement industry look at the difference I think it's a very very pertinent difference that Mr.
area comes from nowhere in 1987. By 20078, his company is one of the largest companies in India, right? Why could he do it? Because he could he could produce in a more efficient way and therefore he got capital from the market. What about Mr. Amani? Mr. Amani could never have been Mr. Amani if he had if he had not raised capital from why Mr.
Amani why the house of Tatas. The biggest owners of Tata Steel when he floated the company were the Maharaj. Because Maharaj has not provided capital, Tata still would develop more. So it allocates capital to productive assets. It is a it is a source from which this can be shared. And where the people who use capital most efficiently are the people who grow and become large. Right?
댓글 0