저자: RaamdeoAgrawal · 외국인
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한 줄 결론: 시장 변동성에 흔들리지 않고 기업 가치(재무제표·경영진·10년 성장성)에 집중하는 가치투자 원칙을 강조하며, 은행은 경영진의 '스킨인더게임(지분 책임)'을 핵심 기준으로 본다. 투자 철학: 주가 차트나 방송 시황을 보지 않고, 재무제표 확인과 경영진 면담으로 기업의 내재가치를 산출한 뒤 현재 시세보다 낮으면 매수한다. 시장 상황과 무관하게 원칙을 일관되게 지켜야 하며, 가치와 가격의 차이를 찾는 것이 핵심이다. 분산 투자: 본인이 잘 아는 4~5개 섹터에 집중하되, 포트폴리오는 20~25개 종목(펀드는 40~60개)으로 분산한다. 특정 은행이 부진해도 다른 은행 상승으로 상쇄 가능하다고 설명한다. 은행 및 지배구조: 소유 구조보다 '책임 있는 대출'이 중요하며, 대출자가 손실을 직접 감당해야(스킨인더게임) 신중한 여신이 이뤄진다. 공공 부문은 손실이 재정부로 전가되는 문제가 있다고 지적한다. 최근 민간 은행 이슈: 대형 민간은행 관련 논란에 대해 특정 종목 전망은 언급하지 않았다. 다만 본인 포트폴리오는 해당 은행들에 투자하지 않았으며, 지분 책임이 없는 대출기관에는 투자하지 않는 원칙을 20년간 지켜왔다고 밝힌다. 리스크 관리: 특정 종목 손실은 분산으로 흡수하고, 원칙을 장기간 유지하는 규율이 실패를 줄였다고 본다.
다듬은 글
sir thank you so much for taking time out and speaking with us I know it's been a very busy day for you and I appreciate you taking out 5 minutes for this pleasure to talk to it now thank you sir sir I want to start off by talking with you about your strategy and how you are reading the markets right now we have seen a lot of up and down in the market uh a very volatile Market it seems to be how are you basing your strategy right now see the way I invest is I don't look at the markets I don't see it now I don't see CNBC thing okay because we should not bother too much about the prices we should focus on the value and value you don't get it by watching uh televisions and all you have to look into the balance sheet meet the management figure out what the company is doing and what it can do in next 10 years so understand the underlying value and then uh you see whether the the value as per you is higher than that of current quoted price if that is so go and buy that's what I keep doing day and night Sir if I uh understand the situation correctly ly and if I've understood your investment philosophy you've had a bottom up approach am I correct to say so do you think that in the current market situation uh this is something which you can still stick to or are you sort of deviating a bit from this approach no no no see investment philosophy is Perpetual always you do it good time bad time in fact in bad time you should do it in the absolutely in the same way this is like a Dharma when in Good Times you cannot say I'm a Jan and in bad time you say I'm I'm Muslim or something like that no it doesn't work like that you have to be 24 by7 uh 7 days in a week and 365 days and 20 years 30 years through the career you have to maintain the discipline and when you maintain the discipline you become very good at it you know and uh then you are able to see very clearly see whatever be the style every person in the market tries to find a gap between value and price value is what you get price is what you pay people don't differentiate between value and price you have to figure out what is the value and see the price I mean there must be millions of way some people they look at chart and then figure out what to buy but I mean all the investors they are value investors and they have to figure out how to calculate the value and you cannot calculate value of everything every point of time I I could be good in four five sectors so you could be good in another four five sectors so you take your pics I'll take my pics but on the whole I mean if you do a good job you have to make money sir we were speaking at l about banks on the podium and the thoughts you shared were very interesting and thought-provoking I want to ask you is ownership important you mentioned that having skin in the game is important accountability and management is important why do we debate about ownership how does it really matter who owns the bank at the end of the day as long as accountability and management issues are in place yeah so what happens is uh uh in the banking system I I have not run any banks but uh in the financial markets uh the you know that uh ownership the the uh the understanding of the risk when I give you 5,000 CR I mean I should feel the pain of giving you 5,000 CR that I must see 10 times that 5,000 CR will come back with the interest because giving money is easy you can distribute trillions of dollars the point is how do you get it back and when you don't give it back and if it is a public sector the bill goes to finance ministry okay so there is no screen the game of the people people who are lending the money so if I mean at least in Indian context I'm not saying what is the global and all but if you if you see the private sector Banks here they have to if I don't think they have an opportunity to go to finance ministry here is a 10,000 CR default so please give me that money so what is important is whether you have a skill in the game so I will not give only if I feel that uh you are not able if I may not be able to recover the money or uh if there is a deficiency in the recovery I have to have where withal to figure out how to make it up so that is what is called scen in the game and the alignment see once the owner or management in whatever form they have the screen in the game what happens is they will conduct the entire lending operation very very carefully and it is very important that across the economy this responsibility is there and once you have the responsible lending across the economy what will happen is the very solid foundation will be laid for the economic development so how are you reading the development ments at the leading private sector banks in the country they have been hogging headlines for some weeks now as an investor how do you read these developments I mean as an investor we have to take calibrated uh uh what do you call build up of the portfolio that's why you have a diversification we have 20 25 stocks other fund 40 50 60 stocks so what happens is that uh if a bank uh doesn't do well in our portfolio I mean yes I mean 3% is there 3% will lose even 33% you lose 1% but there will be other Banks there Second Bank which will go up by say 50% so you make on 3% 1 and half% so you know that uh uh the diversification within the portfolio takes care of all the challenges of the marketpl would you reduce your holding in these banks no I mean uh see you have to have a strategy I mean somehow we have avoided investing in any of these Banks but it could be a coincidental but but my clear understanding that uh I would not like to buy a lender if he doesn't have skin in the game that I practicing for last 20 years so that's how we have avoided most of the mishaps sir thank you so much I will not hold you back any longer thank you very much for your time sir
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