저자: RaamdeoAgrawal · 외국인
요약 보기
투자 스타일은 기본기를 바탕으로 경험에 따라 점진적으로 개선되며, 핵심은 안전마진이다. 좋은 기업이라도 40~50% 안전마진을 목표로 하는 것이 바람직하다는 견해를 제시한다. 가치는 미래 사업·경영진·성장성으로 추정하며, 25배 PER 수준의 성장 기업을 선호한다는 모델을 언급한다. 시장은 가격을 빠르게 알 수 있지만 가치는 알기 어려우며, 투자의 본질은 가치와 가격의 차이를 지속적으로 찾는 것이라고 강조한다.
다듬은 글
Or what is a matching investing style? You start from the basics and then you keep as you become wiser and with time you make mistakes and learn many things from them, so your style keeps changing, so it is incremental improvement in your investing style, but since you cannot change it, it will never work, your DNA will remain the same, but you will keep learning, so it will become like till 94, I used to think that I am very smart, I have read a lot, I have a lot of understanding and money, but when I read Buffett's letters, I understood it completely, and when I came to Gurudev Gurudev, from there I caught hold of him, whatever problems I faced, I used to listen to his lectures, I used to read his books, gradually I understood it, I read The Intelligent Investor, instead I said that Gurudev Sahib has already studied all these things, we do not need to read his books again, but when in 2003 when the concept of margin of safety was introduced I read it and came to my style.
So what is it like when you are awake then morning is the beginning of investing. Once you understand something, you have to keep incorporating and keep improving your basic investing style. The basic style does not change, but the style keeps changing over a period of time as you become more, learn more, experience.
Tom X has said that if it is a good company, then somewhere or the other, we can buy it at a fair price by ignoring the margin of safety a little. Otherwise, we should try to buy it at a 40 % margin of safety. So what is your thought on this, sir? Margin of safety, you cannot mean that you cannot say it in a precise manner.
It is 40-50%. I see that brother, whatever I know, whatever I am thinking, I understand the future of this company, the future of this management, the future of the business, the current price. I do not believe in the market, I probably know more than the market, for some reason, for some reason, yes, I am a firm.
I do migration and I have confidence in the long term business market. So when I see that, then I look at the price, it seems like the company has 25p and growth can happen from 25p. This is my classical model of 25p or 25p growth. When I see this type of company, then I want to see the valuation. I try to understand the business.
As I understand it, I came to know that many times, a small company gets 12-15p. Yes, right, that means up to 25p. It is fantastic for me. If it is a 25p growth company, then what happens in it? If you get 25p for 25p, then you will make 25p. If you get 15p for 15p, then you will make 35p. Then you are at multi-formula.
The formula is very clear in my mind. Now the question is whether you can get a suitable company from that formula or not and it is not clear that if you buy one pack and half pack, you are clearly creating margin and safety. The gap between price and value base is nothing but the gap between price and value base is what you get.
The price is 100 or 50 or 40 or so. The price is 50 or 40 or so. Well, what is the price, which is what it is, it is known to everybody, known to you also. Value estimate is the one thing that nobody wants to do a lot of hard work, intellectual work, and a lot of experience and that is the value base.
Invest with a margin of safety in mind. They will keep making money because in the market day by day, people who are chasing prices are increasing through channels and lots of things like social media and internet. You can know the price of anything in the world at a given time, at a drop of a hat, but who will tell you the value?
What is the underlying value? And the whole game of investing is finding, continuously finding the difference between value and price.
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