저자: 미상 · 외국인
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Vijay Kedia·Dolly Khanna 등 대형 투자자의 종목 선정 방식을 소개하고, 그들의 습관을 따라야 한다고 주장. 핵심은 주가가 아닌 사업 성장 기대치 대비 실적으로 물타기 여부를 판단하고, 장기 보유 인내심과 확신 기반의 포지션 사이징을 갖추라는 것. 사례로 Affordable Robotics(약 100→27, 73% 하락 후에도 보유, 이후 150~200에서 추가 매수)와 Prakash Pipes(170~450 구간 추가 매수)를 제시. 포트폴리오는 월 1회만 확인하라고 권고. 특정 종목의 향후 1~3개월 가격 방향 예측은 없음.
다듬은 글
Hi everyone, for many of us, people like this seem more like role models than Vijay Kedia Dolly . Because they earned 100 and 100s of crores from the stock market. After hearing their success stories, we think that we too can earn 100 crores or more from the market, and in order to earn this, we too can grow like them if we hold the stocks that Vijaya Kedia bought or the stocks that Dolly bought .
The truth is that if we buy stocks in their portfolio, we wo n't get the same returns as them. Because we know a little late whether they buy or sell a stock . And in fact, if they buy less than 1% of a particular company, we don't even know about such companies. So if we blindly buy stocks in their portfolio and think that we will get returns like them, that is not correct.
That's why in the last three videos yesterday, I explained their style of picking stocks . They explained how they select turnaround companies, how they dare to buy a company even if it is at a loss, and what triggers they look for to invest in a company . This all depends on the style of those investors.
But if we learn this style, we will be able to select stocks like them, but we will not be able to hold them for a few years. Think logically for yourself. If you think a stock should increase 10 times, 20 times, or 100 times, will it happen in one day, one year, or three years? If a stock should increase 50 times, 100 times, then it will take at least 10 years.
Do you or I have the patience to wait for those 10 years? Have we ever tested ourselves and what habits do we need to have to hold stocks for such a long time ? Let's discuss all these things in this video. First, let's discuss what are the habits of these big investors and what are the three major habits that we should definitely implant in them .
And also [snoring][clearing throat] I'll give you a test at the end of the video. Through that test, we will understand whether we really have the patience to hold on for that long . So don't miss that test . Watch the video completely until the end . So coming back to the habits, our first and most important habit is to lower your averages for no reason .
Generally, you have already invested in some stocks. For example, suppose you bought a stock at 100, and when it drops to 90 or 80, what thought comes to our mind? Now, if I average a few more shares, my average price will drop from 95 to 90. So, when the market recovers tomorrow, we think that we will make good profits .
There is nothing wrong in general with thinking like this . But big investors don't make decisions blindly by looking at prices like this. Do you know when they generally average out a stock ? First, when they select a company, they make an assumption about the future growth of that business, as a trigger for why they are buying it .
In case the company performs better than that assumption, then the average is calculated. That is, if the company is performing less than they had previously expected, they definitely won't average it. So actually, they only look at the business performance at the time they average, not the performance of the stock price .
But what do we do? We just wait and see if the stock price goes up or down. Once you think about it practically, what if you bought that stock for ₹100 and it went up to ₹200? Do you average ? Definitely not. If it falls again, we think we will buy it again when it gets close to ₹100. However, no matter how well the company's business is growing, our gut feeling is not enough to average it at 200.
This one habit differentiates us from Vijay Carey. They don't look at whether the stock is in the 100s or 200s . But in general, if someone says something like this in a YouTube video, I personally wouldn't immediately believe it. I'll look for some examples. So, in such examples, Vijay Kadia already has close to 100 shares of Affordable Robotics in his holdings in 2019.
However, in the Covid fallout, this stock fell from 100 to almost ₹27. That means there was a 73% fall. But Vijay Kedia never averaged it anywhere. If you look at the company's revenues and profits at this particular time, that business will decline. But from 2021 onwards, when the market recovered and this share reversed and went up to 150, if we observe its fundamentals, the company's business growth started to increase.
Exactly then, Vijay Kedia started buying it again. They continue to accumulate that stock up to 150-200 levels . So here, observe Vijay Kedia's habit. Even though he bought the company at 100, he did not hesitate to buy the same company at 150 and 200. He kept buying. We can't do this practically. Well, at least we can't do it with our current habits .
But if we change our habits and start understanding the business, we will be able to do the same tomorrow. It's not just Vijay Kedia, but Dolly Kanna's example. When he first invested in Prakash Pipes in 2021 and 2022, the company's share price was around ₹170. Later, even though the share increased to ₹400,500 until 2024 and 2025, he continued to add to it.
Every year, as we observe, he bought it for ₹170 , he bought it for ₹250, he bought it for ₹400 , he even bought it for around ₹450 . Again, they planned to exit only when the business started to decline in 2025 . So what is their habit here, clearly ? They don't care how the stock price moves . They are just wondering whether the business growth is what they expected or not.
So what we also need to do is develop that habit. If we don't develop that habit and just look at the price, we will remain the same forever. The targets we have set for the next 30 years are 100 crores, 1000 crores, and they keep getting postponed. Our dreams will remain just dreams. So now tell me, if a stock is falling, do you do lower averaging or if it is rising, do you do upper averaging?
The answer to this question, whether you say lower averaging or upper averaging, is still the wrong answer. Because we shouldn't average based on whether the stock price is rising or falling . What was the business growth expectation when we did the first time analysis ? If the company's business performance is better than that expectation, it should be averaged.
Whether it increases or decreases, if it means underperforming, then it should not be averaged. This should be our actual change of habit. Hope you understood this habit correctly. The next second habit is to hold a stock for the long term . It's actually very easy to say that this habit should be improved, but it's very difficult to follow through practically.
Because when we buy a particular stock at 100 and it drops 20% to 80, no doubt many of us get scared. They would still be very scared if the same stock fell 40-50% . But for investors like Vijay Gediya and Dolly Kanna, they realized that it was just as common for a particular stock to rise 50% in the stock market as it was for it to fall 50%, and they made a very good note of that point in their brains.
That is why, in the Affordable Robotics example I showed earlier, Vijay Kedia continued to hold Affordable Robotics stocks even though the stock fell from almost 100 to 27, or 73% . If he had also seen the stock price fall and averaged it out, or had gotten scared and exited like us, he would have been a normal investor like us, but not the Great Vijay Kedia.
So if we want to be a great investor, we must have the patience to hold a stock for the long term, at least five or 10 years, no matter what happens, whether it falls 50% or rises 50%. But do you know what we need to do to develop this kind of patience? It's very simple. We already have some personal work.
You may be working a job, running a business, or doing some part-time work . While doing this, let's say we select some stocks and invest in them. Now all we have to do is look at the stocks in our portfolio once a month to see if they are rising or falling. But I know that many of us are looking at our long-term portfolio five or even 10 times a day, every day or every hour, to see if the stock we've invested in for the next 10 years will rise or fall.
Actually checking like this destroys our actual long-term holding habit . Therefore, if you want to hold stocks in the long term and enjoy good returns, you should definitely change this habit and develop the habit of looking at your portfolio only once a month . So for this, concentrate more on your regular job, business, or part-time job .
Because when we invest in the stock market, we want to make money without having to work too hard. The owners of that company are struggling instead of us. So, when we invest in a company, we trust that the owners of that company are working hard for it, so let's put our money in that company and leave it.
If we do n't trust the owners of that company, then why should we invest in such companies? Well, today I opened my portfolio twice and saw which stocks rose and which stocks fell. For example, let's say four stocks rose. If I open it 20 times, will 40 stocks rise? Practically, it doesn't happen. The more times you open it, the more the market will rise or fall.
Similarly, if you open your portfolio less often, it won't rise or fall. Whatever is supposed to happen in the market will keep happening. We have somehow planned and invested for the next five years, 10 years, so why should we open our portfolio and look at it every day ? That's obviously our wrong habit.
We need to get out of that bad habit. So, this second habit is also understood, right? Next, the third habit is conviction building and position sizing. In general, after we read and understand something about a company, we should invest by looking at that business and not by looking at the stock price.
Our conviction that that particular company will grow must be due to the conviction that business will grow . But in general, a common mistake that all of us make here is that when investing in a company, we only look at its pluses . But we also need to know the actual negatives of that company. Conviction should not only include positive bias, but also negative bias.
Otherwise, we should have more positive conviction and less negative conviction. So what you need to do is take a book and whenever you are investing in a particular stock, write down the positives and negatives of that company. Again, I'm not talking about the share price here, I'm just talking about the business.
If we don't write like this, you know what will happen? We will end up like normal investors. What do normal investors do? They invest in a stock for 100. If it increases to 120, 130, 140, they will believe that this business will perform very well . Similarly, if the stock falls from 140 again to 130, 120, 100, they think the business has collapsed.
But there is actually no change in the business. There are just a few bicycles in the market. Money keeps flowing from one sector to another . As a result, the stock went from 100 to 140 and then returned to normal at 100 . This has no actual relationship to the company's business. It's just that investor sentiment has changed.
This sentiment fluctuates slightly from time to time due to the presence of traders in the market . If we invest based on this sentiment, then we, as Yes On Investors, will never grow . So now you have a question . And how do I build conviction and how do I know the positive and negative points in that company?
I have already explained this to you clearly in my last three videos. We use AI. In the last videos, I clearly explained how you can find out the pluses and minuses of a company by taking the data from a company 's annual reports and call calls, writing some sentences, and then using them to find out the pluses and minuses of that company .
Through that process, you can build a conviction about that company . Only when that conviction is strong can such companies be bought. But it does n't end here. Once the conviction is built, we shouldn't invest all our money in that stock. What is also important here is how much weight we should give it.
That's what we call position sizing. We invest in five, 10, 15, 20 stocks, not just one company in the market . When investing like this, we have a unique conviction for each stock . We generally have more confidence in stocks that have more positives and fewer negatives . So we'll give a little more weight to those that have more confidence.
There is also less trust. If we think that the risk here is high and the reward is very low, then we will give it less weight. Let's say I invested only ₹5000 in this stock, so it has become zero . At least I have 95,000 remaining. If this 95,000 increases by 5%, my money will come back to me. So when I invest this 5000, I do n't need to feel too emotional about that particular stock.
This is actually an advantage in position sizing . We should invest more in the stock we believe in most strongly . If you feel that there is a little more risk in something, you should invest a little less in it. This is how we need to learn about position sizing of our portfolio. So you can understand that conviction building and position sizing are very important for us in this habit.
So now let's talk about self-testing . My first question in this self-test is, you bought a stock . Tell us in one line why you bought it . If you are answering like this, "I bought this stock for 100 rupees and it will go up to 200, 300, 500," then this answer is not valid . Your main point should be the reasons why the company went up when you bought it.
If you can't say that, it means you don't have conviction. So if you invest without conviction, you obviously won't be able to get maximum returns in that stock. Next second question: Suppose a company you bought has fallen by 30%. What will you do then? When I say this, a thought comes to your mind.
I will average it out or else it may have fallen by 30%. It means it is not a good company and I will sell it. If you get this feeling, you will never become an investor. This is the mentality of a trader. What are we actually supposed to do when that stock falls 30% ? What have you learned so far in this video?
It doesn't matter whether the stock rose or fell by 30%. We need to see the results of that company. We need to see if the company moves with the same growth expectations we had before, or if it has moved faster or slower . We should make decisions based on that, but we shouldn't form an opinion on whether the stock has risen 30% or fallen 30% .
Tell yourself for a moment that if you do this, will you be a better investor than most normal investors? I'll leave the answer to this question up to you. Next third question: You are buying a company today. Will you hold it for the next five years? That too, if you buy this stock now for ₹100, it will stay around ₹100 for three years.
But still, would you buy this company? As a general rule, if an investor buys a stock today for 100, they expect it to be 120-130 in a year. After that, they expect 140-150 next year . They expect 180-200 next year. They think it should double in three years . But that's not how the stock market behaves .
For about two or three years, it trades back and forth between 100 and 1020, and then in the third year, it suddenly increases from 100 to 200. In actuality, investor expectations are such that they should increase by a certain amount every year. But stock market behavior, in contrast, is very random.
That's why, no matter how psychologically strong these investors try to be, they still get manipulated by looking at this price. That's why you should stop looking at the price right now, or you will forever remain like a normal investor. We need to realize that people like this don't look at the price any more than Vijay Kedia Dolly, whom we thought was inspiring .
We need to start today, even if it means looking at only the business and understanding it . So now, I hope these three questions I asked will help you try to improve your habits a little . So with this, I am closing my Big Investor Secrets series . But anyway, if you have any doubts about this series, I will extend this series to clarify those doubts.
So, if you want to be a good investor in the market in the long run, you need to not only select the stock at the right time, but also have the patience to hold it for a long time. We must not fear or respond to market cycles . I hope you implant this psychology and these habits in yourself and you will grow yourself .
If you liked this video, and also if you have any doubts, ask in the comments section below. Thank you everyone for watching this video.
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