저자: RahulShah · 외국인
요약 보기
워런 버핏을 맹목적으로 따르지 말고 벤저민 그레이엄의 가치투자 3원칙을 기반으로 자신만의 전략을 만들라는 영상이다. 버핏의 해석 요약: 주식을 사업의 일부로 보고 장기 보유하며, 좋은 기업을 적정가에 사는 것을 선호한다고 설명한다. 그레이엄 3원칙: (1) 주식은 사업의 일부 소유, (2) 시장은 변덕스러운 미스터 마켓, (3) 안전마진 확보. 출연자 본인의 해석: 자주 포트폴리오를 교체하고(회전율 높음), 주식시장 전체 밸류에이션이 비싸면 주식 비중을 25~30%로 줄이고 현금을 늘리는 등 시장 밸류에이션에 따라 주식과 채권을 오가는 방식을 제시한다. 저평가된 평범한 기업을 큰 할인율로 사는 전략도 소개한다. 특정 종목에 대한 구체적 가격 전망은 없다. 영상 말미에는 유료 이벤트 홍보가 포함되어 있다.
다듬은 글
hi guys rahul here trying to make investing accessible and profitable for the average investor now first up a very belated happy birthday to one of the more world's most successful and respected investors who turned 91 earlier this week yes warren buffett arguably the world's richest investor had his birthday earlier this week and the internet was flooded with wishes and you know messages from his millions of fans across the world and why not i think he deserves every bit of it he has been a wonderful student as a teacher of value investing over the decades always willing to share his wisdom and share his insights on value investing and he is one of the big reasons why value investing has you know attained the cult status over the past few decades now you know there is a huge difference between trying to understand warren buffett or trying to be a value investor and being as successful as warren buffett or successfully implementing his strategies his strategies according to me uh you know are not for everyone in the sense that a lot of people who blindly emulate his talking strategies or stock picking techniques are not as successful as he is and i think the reason behind this is that investors who follow him they make the mistake of assuming that his blueprint is the only blueprint of investing out there and is the original blueprint of value investing but i don't think that's the case you know even warren buffett has himself admitted that he is a student of benjamin graham who is the father of value investing and whatever he has learned about investing is he's learned from his mentor his teacher benjamin graham of course what he has done wonderfully well is he's taken the blueprint the original blueprint of value investing from benjamin graham and customized it or tailored it to suit his needs to suit his temperament to suit his thought process and to suit the capital that enormous capital that he has at his disposal so while he is still stuck to the original blueprint you know benjamin graham he is customized custom customized it what investors need to learn from warren buffett is have a blueprint of their own prepare a blueprint of a kind of strategy or have a strategy that suits our temperament so it's our requirement suits the kind of capital we have not try and blindly emulate someone what i mean by this is you know the three principles of the original blueprint by benjamin graham value investing blueprint are known to everyone you should frame your own strategy or your own technique of value investing in such a way that they do not violate the basic tenets of value investing those three principles and at the same time you know they're customized or tailored to your to suit your requirements and your temperament now let me try and you know explain what these three principles are so principle number one of value investing is think of stocks as partial ownership in a of a business don't think of it as you know just a piece of paper or a stock quotes on a ticker tape on your screen stocks there's a business behind every stock try and value the business and only buy the stock if you're convinced that the price of the stock is a lot less than what the business is worth so that's principle number one think of stock as partial ownership of a business now principle number two is think of the stock market as a moody temperamental fellow think of let's call it mr market now mr market or the stock market is a moody temperamental fellow who you know who's extremely greedy at times and he was extremely fearful at times so if you as an investor have to be successfully successful in investing you will have to buy the buy stocks from mr market when he is fearful because only then they will be available to discount to their you know true values and sell the stocks to him if uh when he's in a very cheerful and optimistic mood because only then he'll be able to give you generous prices for your holdings so that's principle number two principle number three is always insist on a margin of safety while buying you know stock stocks essentially stock picking essentially is taking a bet on the future future is highly uncertain therefore in order to protect yourself against losses in case you know the future doesn't pan out as you expected you should always insist on margin of safety so that you make money if you're right but you don't lose a great deal if you're wrong the margin of safety is very important these principles three principles from the bedrock of value investing they are the original blueprint of value investing now what warren buffett has done you know wonderfully well he's tailored these principles to his own needs like for example his interpretation of the first principle of value investing which is stocks are part ownership of business he is of the view that once he once you buy into a stock you should hold it forever you should never sell it unless the fundamentals of the company deteriorate you should always you know you should keep holding on to a stock even if it means holding on to it for 10 20 you know 30 years now there are stocks in his portfolio which is he has held on to for 10 15 and 20 years and has still has no intention of selling them so that's his interpretation of the first principle where of course stock is a part ownership of a business but once you buy into a business and once the fundamentals remain intact you should never sell it the holding period should be forever his interpretation of the second principle of value investing is uh you know he is not ours to buying a good quality quality stock even at the peak of a bull markets even if the broader stock market is expensive but if the mr market if mr market is offering him a good quality stock at decent valuations he'll still go ahead and buy it because he's betting on the business and he believes that if the business is undervalued and you know is has great long term fundamentals he'll go ahead and buy the stock irrespective of where the broader market is so that's his interpretation of the second principle third principle you know a margin of safety his interpretation of that is he is willing to pay a small premium for a stock if the underlying quality is good he's always looking to buy good businesses at fair prices rather than buy fair businesses at good prices so if the stock has a you know fair value of rupees 100 which he believes will become 200 in say four five years he's willing to compromise on the margin of safety he's willing to buy it at 80 90 or even 100 rupees that's fine with him if the stock is of a good quality and if if he thinks that the stock is going to increase his intrinsic value every year so that's his interpretation of the third principle of value investing or the original blueprint now one of you know there's a different way of interpret interpreting each of these three principles the one of the methods that i prefer using or my interpretation of each of these three principles you know goes something like this as far as the first principle is concerned considering stock as part ownership of a business i am much more willing to churn my portfolio often as compared to warren buffett my holding period is not forever uh the stock market is there so why not take advantage of the stock market and exit the business if it reaches full value and then put the same money into another business so my interpretation is that uh i'll still consider stock investing as having part ownership of a business but i'll buy something at below intrinsic value and sell when it reaches intrinsic value i'll not hold forever i'll churn my portfolio more often so the interpretation is different than that of warren buffett but at the same time it's not violating the first principle of you know stock being part ownership of a business second interpretation my interpretation of it is you know just as i'm paying attention to what mr market is offering a particular stock at i am also paying attention to the broader stock market valuation warren buffett ignores broader stock market violation to a large extent but i am not willing to buy a stock put a lot of money in stocks if the broader stock market is expensive even if a few few good quality stocks are available at reasonable valuations but the broader stock market is expensive i'll put only 25 30 percent of the money in stocks and keep 750 in cash because i think the broader stock market is expensive and is due for a crash likewise if the market falls i'll do the reverse i'll you know take the money out of cash put it into stocks because the broader stock market is cheap and therefore i'll keep toggling between stocks and bonds based on the valuation of the broader stock market which warren buffett is ours to doing so that's my second interpretation that's my interpretation of the second principle which does not violate the principle which is different than what how warren buffett interprets it third interpretation of course warren buffett is does not want to buy average businesses at good prices i am okay doing that in fact i am on the lookout for average businesses which are available at a big fat margin or safety because i don't think i can chase value stocks quality stocks that well uh because there's a lot of competition out there chasing quality stuff so i better not be a part of the competition i'll stay away from the competition and look for average businesses that are trading at a big fat discount margin of safety someone something that's fairly valued at 100 rupees but is currently trading at 20 30 40 rupees in stock market so that's my interpretation of the third principle which is different from buffett's interpretation but at the same time it's not violating the third principle of benjamin graham so this way i think you can create your own interpretation of three principles of value investing of benjamin graham try and test them for maybe a year or two and see if they give you encouraging results if they do then there's no reason why you should not stick to it as long as you don't violate the three principles of benjamin graham as long as you keep in mind those three four principles or the blueprint of benjamin graham create your own techniques or strategies of investing and if the strategy is giving good results year after year over a three year five year period you might as well stick to it rather than copy someone like warren buffett blindly or say even my method blindly ah long term this will be much more helpful you know it will give you a lot more confidence practicing the art of value investing and i am pretty confident that it will give you good results as well so do not follow warren buffett blindly you know learn a lot of things from him learn his discipline learn how is created a strategy which suits his temperament but do not follow his strategy blindly try to create your own strategy around the principles through principles i just mentioned and i think you will definitely be successful over the long term so that's all from me today as usual i'll be awaiting your you know feedback and comments so do keep them coming and i'll see you again next time thank you so much if you are interested in learning how to potentially add tens of thousands of rupees to your income every month then click here to block your free spot for my alphabet profit special event going live on 14 september at 5 pm ist
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