저자: RaamdeoAgrawal · 외국인
요약 보기
가치투자의 핵심은 가격과 가치의 차이를 찾는 것이며, 시장 전체보다 소수 기업을 깊이 파악해야 시장을 앞설 수 있다고 주장. 좋은 기업은 장기적으로 복리로 성장하지만 나쁜 기업은 자본을 잠식한다는 점을 강조. 워런 버핏 2007년 주주서한을 기업 질 평가의 기준으로 추천. 약 4,000개 상장사 중 소수(약 400개)만 우량 기업으로 선별해야 한다고 설명. 특정 종목 예측 발언은 없음.
다듬은 글
So finding great value uh and uh paying very little price for that. Literally the greatest investors pay literally nothing right for what they buy. Okay. You know that's the trick of uh uh investing and stock market is a funny place where you can you can buy uh 100 rupees thing for 5 10 bucks and you can also sell at some euphoric time.
Sure. 5 10 bucks stuff for 100 bucks. 100 bucks. So if and it's a very tricky situation. Sure. So you have to figure out uh you have to be sure that you know the you know the game that you are buying 100 rupees thing for 30 40 50 60 you're definitely not paying more than 100 bucks. Okay. So you're saying in order to uh in order for an investor to be able to do this there should be certain principles that he should follow which is what we are trying to show out here.
See any investing any investing whether you call it growth investing value investing penny stock investing you know I mean there are million guys million names are there but everybody is trying to find in different way a difference between price and value price is known to everybody you have to figure out the value I find it in particular way QGLP we call it but somebody uses some other method somebody use the inside information also somebody just do the sidecar investing okay famous investors are buying this so let me also pile on Right?
Which is a big way you know. So there are various ways of uh getting to feel the value of the company but world over uh irrespect the style the game is of finding the value is the price. Okay. So viewers remember as as we put out in one of our social media posts as well you give a man a fish you can feed him for a day.
You teach a man how to fish and you can enable him to not or rather fill his stomach throughout his lifetime and that's what we attempting to do via this series. The first topic of the series is the power of focus. The importance of the power of focus in investing. Now Ramdev why is focus so important?
Yeah. So as I said uh understanding value is very important. Now how do you understand value? There are 4,000 companies listed. Can you understand value of all the companies? Obviously you can't you cannot so you have to arrive it. So human brain is brilliant but it has its own limitation. Yes. You know and uh so you have to process few companies very well better than the market you know.
I mean if you have to go and figure out value of uh uh say 100 companies it's very tough. I mean you'll get somewhere but you'll not go deep enough. So you have to you have to beat the market because market is continuously pricing what market comes to know. Sure. So you have to be ahead of the market.
So how do you go ahead of the market? Only by going deeper into that particular company. Yes. You know. Yes. So uh and you can go deeper into very few companies and strange thing or good thing about stock market is that there are very few good companies, great companies. M time is friend of good companies and equally big enemy of bad companies.
It's not like gold. I mean gold you buy anywhere. Sure. Over a period of time if it doubles it doubles anywhere. It's not like that in the stock market. Right. If you buy a good company like Infosys you bought in 93 it is 6,000 times. Yes. Okay. 6,000. And if you if you bought uh uh say Kingfish Aine or something like that so that has become zero.
Yes. In the same period. So uh it is very important to uh to focus on few companies and few great companies and know very deeply about it. In fact uh you must reach to a level where you must say after the management we are the first guys to be uh knowing enough about the company. How do you know when you're choosing a company that this will be a great company?
You don't. Yeah. But their financial parameters I mean that's when then the research starts. Got it. Then the understanding of what value pack means you know I mean what businesses are meant for right what is the business meant for it is it is meant to make money sure it's a moneym machine it's a cash flow machine so uh somebody has given uh to that entrepreneur see it is a interaction uh businesses are interaction of uh of capital given by say outsider and the entrepreneurship provided by the management right when these two things come together to exploit a business idea, you know, the magic happens if they're successful.
Got it? If they're not successful, then the magic happens on reverse side. Okay? You know, the 100 becomes zero or uh uh if magic happens, then 100 becomes to millions. And if you are focused enough, you'll be able to identify this over the course of a Yeah. So, it's like a I mean there I mean we'll try to give as many analogies.
So, you go and look at a cow. Okay. Cows for the milk, hence for the egg. M so so uh you know if a cow is giving a litter of milk so price is at 10,000 bucks but if after some time you know for sure after looking at the cow this is very young and uh if I do this this this cow could give 5 lit of milk so there's no trading the cow is standing there you pay 10,000 bucks okay after a year you come back the cow is not sold but the cow is actually giving 5 lit of milk does the price change It should obviously it will be five times.
So that is what happens in the stocks. You have to figure out which company is going to make a lot more money. So there is always some evidence in the past. I mean 10 years data, five years data depending on the age of the company and what the company is doing. You look at that data look at what is the understanding of the businesses.
Look at uh what is the understanding of the management competence. So it is interaction of the business. So uh I mean to start with uh uh like we'll go to the our framework how we look at the value that is see it starts with the uh fantastic business long-term very good business. So if businesses there are three types of businesses okay uh good great gross the three types of businesses this Mr.
Buffett wrote in 2007. Okay. In his letter, Bakshah letter 2007 annual letter page 6 and 7 he talked about great good. My sense is whatever he wrote in 60 70 years. This is the best two pages he's ever written. Okay. And 2007 annual letter page six and seven. Page six and seven. Okay. Yeah. You must download take a print out and read at least 50 times.
Wow. Okay. I I guarantee you every time you read you'll get something. Okay. Even now I get something. Awesome. So, so it's an amazing piece of those two pages and uh so the first thing is figure out whether the company is good or bad. Don't look at the price. Don't go to the price. Price is last. People start with the price.
That is the whole problem. First assess the value and the assessment of value starts from the quality of the business underlying quality of the business. So there are good businesses, there are great businesses and there are 90% of nine out of 10 companies are bad businesses for long-term investing.
Got it? So how do we clean up that first, you know? So, so don't look so what is a good business you know I mean we can go at length out there but good business is a business which earns say 20 25% return on capital uh and if you want to double the profit you have to put more money but it keeps earning uh on a 10% risk-f free you're getting 20% uh return on capital so all the banks and you know so they are good businesses sure great business are where you make 25% 30% 40% 50% and eventually you don't need capital Sure like Google and Microsoft they don't need capital to make money or even Asian paints Nestle Lever Indigo I mean these companies they don't need capital to make money they just make money so what more you want sure so you so that but there are only 10% out of 4,000 companies only 4 500 companies are this category there are 3,500 companies which are substandard which are gruesome in your gruesome that's a very harsh word but that's how it is so sake of simp I'm very clear the first thing is I mean I I have to say no 9 out of 10 in any case no sure you know so I straight reached to 400 companies from 4,000 in 400 then we have to figure out quality of management sure so there are for everything we have deop filter and then you go one by one to figure out the
댓글 0