저자: RakeshJhunjhunwala · 외국인
요약 보기
결론: 주식시장은 도박이 아니라 자본을 생산적인 곳에 배분하는 장치이며, 장기적으로 자본 효율이 높은 기업과 국가에 투자해야 한다는 교육적 강연이다. 주식시장의 존재 이유: 산업혁명 이전 대규모 국제무역이 없던 시기에는 대규모 자본이 필요하지 않았고, 이후 유한책임 주식회사가 등장하면서 주주들이 지분을 자유롭게 사고팔 수 있도록 주식시장과 유동성이 생겼다고 설명했다. 주식시장의 역할: 자본을 가진 사람(자본 소유자)에서 자본을 쓸 사람(자본 사용자)으로 자본을 이전하고, 기업 가치를 평가하고 진입·퇴출할 수 있는 메커니즘을 제공한다고 주장했다. 이를 '자본 배분의 신전'이라고 표현했다. 사회주의 실패 사례: 러시아·소련에서는 국가가 자본을 배분해 비효율이 발생했고, 철강산업 폐쇄 등으로 체제가 무너졌다고 비교했다. 반면 자본주의에서는 시장이 자본을 배분한다고 보았다. 기업 사례: 1987년 구자라트의 한 기업가가 작은 시멘트 생산 규모에서 출발해, 자본 효율성을 바탕으로 시장에서 더 많은 자본을 얻어 2003년경 인도 상위 2대 시멘트 생산 지역 중 하나가 되었다고 소개했다(구체 종목 언급 없음). 위험자본과 성장: 사회 성장의 핵심인 위험자본은 주식(지분) 투자 프로젝트에서 나오며, 비상장 기업도 결국 상장을 출구로 보고 자금을 조달한다고 설명했다. 출연자 전망: 인도 경제성장의 불가피성과 인도 주식시장의 장기 상승 가능성을 강조했으나, 구체적 가격 목표나 단기 방향 예측은 제시하지 않았다. 리스크: 시장이 때로 변동성이 크고 심리에 좌우된다는 점을 언급했으며, 장기 자산배분과 복리 투자 접근을 권했다.
다듬은 글
I have two interests in life and not in the wrong side markets are normal and both are considered four letter words markets with risk and both are interconnected because markets are very much so John chapter said markets are like women always commanding always misters always answer the volatile always excited and you know if you can figure out markets Market driven by human psychology and anyway thanks for the kind words and the warm welcome but you know she's gonna get these words and all these kinds that I feel I should be most alert because the worst other mistakes I've made in the best of the time never forget that you know I've made a presentation where number of points what is the HCL markets one is India's economic growth and its including markets one is the inevitability of India's economic growth then Indian Equity markets in the long run asset allocation and compounding investment approach existing from an investment by life and career and whatever the advice I would like to do so in the history of Market what I find is that a lot of people a lot of people you know discuss markets are they needed can a puppy do without them so why did the markets exist at all why did they start see just prior to the Industrial Revolution when there was no large international trade you know you were basically an agreeance of ingredients Society there's no need for large capital thus was born the idea of the joint stock family who was the joint stock company now the people you all know one of the companies that has limited liability right but the people who are owning the shares of these johnstar companies were divorced they wanted to have a constant ability to sell these shares and have a valuation for these shares therefore arose the idea of stock markets and liquidity so why are stock markets there they provide capital from the transfer capital from owners of capital to people who can use capital right in order to provide liquidity and a mechanism by which this can be valued and it can be exited and entered we had the stock market s so the stock markets have not come because somebody wanted to create a gambling done as many people think right they have very big purpose because they transfer capital from users of capital from owners of capital to users of capital right what are these capitals Capital Market they are the temples of capital allocation right and do you understand the importance of capital allocation do you know why communism said I personally think that is a form of government communism is a very very good form but why did it fail because the state allocated capital and the allocation of capital by the state led to its inefficient use while in capitalism it is the markets which allocate capital why did Russia fail Russia was apparently so see Russia why did Communism fail because the state allocated capital and that kept you killed allocation of capital led to inefficient use look at the steel industry in Russia it all closed down communism was out so but in it is the stock markets and the markets which allocate capital in capitalist societies although there might be some aberration is not the end of capitalism right why do you think of Mr Northern six area in 1987 he had half a million tons of cement ACC may be 15-20 million tons but by 20023 Gujarat became one of the top two producers of cement in this country why because he could use Capital efficiency and because he could use Capital efficiently the market gave him far more Capital than other companies so they are the temples of capital allocation they channelize Capital into most productive assets right how to get risk capital where are you going to get risk Capital you may be able to get that when you're going to get Equity finding project right whether you do it in unlisted company listed company most unlisted companies are also funded with the idea that exit will be through listed companies so for the growth of risk Capital which is the key for the growth of any society the challenge
Comments 0