저자: 미상 · 외국인
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결론: 영상은 Joel Greenblatt의 책 'You Can Be a Stock Market Genius'에서 저평가 'hidden gems'를 찾는 5가지 유형(스핀오프, 합병·인수, 합병 차익거래, 구조조정, 경영진 평가)을 소개하며, 특정 종목의 방향성 예측은 없다. 책의 저자와 배경: Greenblatt는 Gotham Asset Management 설립자로 1985~1994년 연 50% 수익을 냈다고 소개되며, 마법공식의 발견자로 언급된다. 첫째 유형, 스핀오프: 모회사가 자회사를 분리해 독립 회사로 만드는 것이며, 기관투자자와 애널리스트가 시가총액이 작아진 스핀오프 종목을 외면해 매도가 과도해질 수 있어 저평가 기회가 생긴다고 설명한다. 둘째 유형, 합병·인수: 현금, 주식, 부채 중 부채로 인수할 때 불확실성 우려로 주가가 급락할 수 있으며, 예시로 ICBP의 Pan Hill 인수(부채 기반)를 들어 주가가 약 36% 하락한 사례를 언급한다. 발언자는 이 사례를 투자 기회로 봤다고 설명한다. 셋째 유형, 합병 차익거래: 인수가 격차를 노리는 거래는 인수 무산 시 손실이 이익보다 훨씬 커질 수 있어 비대칭성(asymmetry)과 안전마진을 확인해야 한다고 강조한다. 예시는 가상의 회사명(PT Cebong, PT Kampret)을 사용했다. 넷째 유형, 구조조정: 적자 사업부 매각·폐쇄는 수익성 개선과 가치 상승으로 이어질 수 있어, 구조조정을 하는 기업을 주목할 만하다는 취지다. 다섯째 및 도구: 경영진의 정직성과 지혜를 평가하고(예시: e1ware 경영진의 경쟁 문제 은폐 추정), 자신의 능력 범위(circle of competence) 안에서 투자하며, 무엇보다 스스로 조사할 것을 권한다. 영상은 투자 조언이 아닌 오락 목적이라고 명시한다.
다듬은 글
If culinary content often has hidden James, investment content also has hidden James, this time we will discuss how to find hidden James in the world of stock investment and the name hidden James is definitely very delicious, eh sorry, it's really profitable to sell Green Blade, the author of the little book on How to be the market, the person who discovered the Magic formula, the founder of Gotam asset management, who succeeded in generating a 50% return per year from 1985 to 1994, that 50% return is really crazy, 100 million with a 50% compound return per year will become 8 billion, bro, in 9 years, cool, no, that's crazy, and in this book, Jo Green bed will discuss investment strategies for finding the identity he uses to generate a 50% return, let's just eat, bro.
Uh, let's start, bro. Welcome to channel 321, starting this channel, discussing books that I have read, this topic is 5 packages of knowledge from the book you can be a stock market genius from Joel Green Blade and I'm sure God will give you abundant sustenance if you help our brothers and sisters in need at Wisma Tunaganda, you can check the details at rumah piatu.org, help them, guys, if you want it cheap fortune anyway thank you very much if you have helped and just go straight to 3 2 1 start the first package of company Spin off company Spin off is the separation of a subsidiary from the parent company which produces a new company that will stand with its own capabilities and existence simply the parent company releases its shaft division or business branch to stand as its own company no longer under the control of its parent company Why the parent company wants to release its business branch is simple because the parent company thinks that if the business is released the stock market can value the business with a higher valuation it could be that the business branch is not profitable so it wants to be separated from the parent company so it looks better the parent company could be that the parent company cannot sell its business branch So they just separate the business then another reason the branch is separated is because the business branch is growing and its operations become Complex if separated it will make control easier it will be more efficient can So if separated the evaluation value of the business branch becomes higher also another reason could be that the parent company wants to get rid of its debt in its new company This aims to make the parent company look better anyway Whatever the reason is, spino company shares are often dumped and sold by investors for many reasons that are often not related to the company's fundamentals and intrinsic value Well, this is where we can find Hidden games, this is where we can buy good companies at low prices in Spinner conditions, large institutional investors often do not want Spin off companies because their market capitalization often becomes small after the skin off, institutional investors are often only interested in the parent company but not interested in its business branches So they ignore its subsidiaries for this reason, institutional investors often sell shares of spinnov companies not for fundamental reasons or intrinsic value of the company but more for technical and regulatory reasons then in Spin off conditions, market analysts no longer like to cover spinnov companies because the company's market capitalization often becomes small so it is no longer in accordance with the investor's appetizer, their hobby is to see market analyst recommendations, finally investors also follow suit, not interested and doubtful about Spin off companies with the assumption that analysts don't discuss it, it must be bad In fact, this could be the reason why Spin off companies are attractive because often companies that are no longer under the control of their parent companies have increased incentives for companies to be freer to move in their business operations which of course can improve their business performance So the point is that spinnov companies are often discarded by institutional and retail investors for various reasons and our task is to find out whether the intrinsic value and fundamental value of the company are still good or not, it could be a company with spinov on sale cheaply even though the company's fundamentals are still very good and of course we can buy a good company at a cheap price the second package merger securities merger or company acquisition is when a company buys another company for expansion reasons or other business interests when a company wants to merge or acquire another company often occurs the purchase of company shares there are 3 payment methods that are often used when acquiring a company first can be paid in cash second paid with company shares third paid with debt many investors do not like when paid with debt They see uncertainty in their business many investors See it as a risk this often makes investors rush to sell their shares and causes the stock price to fall here we can see hidden James Where we have the opportunity to buy good shares at a discounted price here is a case study that I think is suitable because I have experienced it when icbp did acquirepan Hill using debt in 2020 icbp shares from 11,000 per share fell to 7000 per share fell 36% investors acquisition of Pan Hill became a risk because of the uncertainty in its business when investors saw the risk of course after reading this book saw the opportunity of course I have done my own research before I Seeing it as an opportunity I read 10 years of ICBP financial reports read the panel financial reports read the acquirer's report to find out Indomie's Market Share in the Middle East to find out management's opinion regarding the panel acquisition and when ICBP reached 7700 I saw this there was an investment with Loris So the point is in mergers and acquisitions there are often hidden James where good companies are discounted for reasons institutional investors analysts and retail investors see uncertainty They see uncertainty as a risk when seeing the risk investors rush to sell their shares this is where we can take the opportunity and in my opinion the acquisition of ICBP vanilla is a suitable case study the third package Ris arbitrage is still related to mergers and acquisitions not all mergers and acquisitions are opportunities for profit can also be a risk for investors let's just take an example so it's easy to understand take the example of PT Cebong wanting to acquire PT Kampret the price of PT Kampret shares was Rp1,000 per share before the acquisition there was an issue that PT Cebong wanted to acquire PT Kampret at a price of 1500 per share hearing this issue stock market investors bought up the price of PT Kampret shares so that it rose to 1400 per share then I feel smart I see an arbitrage there profit opportunity of 100 rupiah per share if I buy at 1,400 if I realize it at 1,500 I can profit 100 stop stop stop if you are faced with this situation Jojo in the book Joe greenback explains that there are two risks that must be faced the first is that often issues like this are not realized for various reasons such as not having the money not passing the feasibility test shareholders do not agree and other reasons if this happens the risk of loss is much greater than the profit when it is not realized the share price can fall to 1,000 rupiah again or even fall further while if it is realized the profit is only 100 rupiah the loss can be more than 500 but the profit is only 100 there is no symmetry in this case it is very important to buy investments that have asymmetry the second is the risk of opportunity loss often the acquisition of a company can take years if the arbitrage profit is only 100 or 5% then you have lost time and the opportunity to get more profit from other investments so be careful of the risk of arbitrage before investing look for know the risk Does the investment have a margin of safety find out the asymmetry before investing in the arbitrage situation of the fourth package of companies ristracturing ristracturing in question here is not about small things but big things like selling or closing its business branches closing business branches often happens in large companies and if you look deeper you can find opportunities here if the company closes its business branches it is definitely because the business is losing or no longer profitable let's take the example of PT Cebong PT Cebong has 3 business branches the first business sells milk with a profit of 600 million the second business sells eggs with a profit of 300 million the third business is rice rods with a loss of 400 million every year the business becomes a profit of 500 million 600 plus 300 minus 400 simply suddenly PT Cebong decides not to sell rice anymore because it continues to lose then PT Cebong's profit per year will be 900 million 600 plus 300 the profit increases by selling the loss-making business PT Cebong's profit increases moreover management feels more profitable because it can focus more resources The company's power to profitable products of course this will increase the value of the company to be more competitive in the market is often a difficult decision for management who have a big ego because it means their business will look smaller often management with a big ego maintains a loss-making business line because it is ashamed that the company has become smaller or looks like it is going backwards because it is very important to have wise management that can prioritize the interests of shareholders over their egos So the point is that companies that experience restructuring does not mean they are bad it could be a good decision for investors and their business so pay attention to companies that make changes to the package of the five tools for finding hidden James if you start to be confident You can profit after watching this video Wait a minute don't be too excited here are some tools we need to find hidden James first don't trust anyone who is over 30 years old Don't trust anyone who is under 30 years old and also don't trust anyone who is 30 years old So the point is actually Don't trust anyone what you have to do is your own research research research Don't trust anyone including this channel believe in yourself if you don't believe in yourself don't buy the stock second invest in the operator Company management is an important subject when we do research on a stock we have to be able to assess whether the management is wise, honest, or maybe covering something up good management is those who are honest about the bad and good of their company I have discussed in detail how to find out good management or not in the real one book you can check the investment book playlist anyway to make it easier to explain I will use a case study from the e1ware company and here is a statement from management regarding the challenges eh hardware per 2022 according to Ace Hardware management the challenges faced are PPKM and containers but they did not mention their biggest challenge which is competitors according to me S1 management covers up their biggest problem which is competition with online retailers I am sure management must know that PPKN and container problems are temporary problems that will definitely return to normal in the end the real challenge is competitors my guess is that management covers up this big problem afraid of publicity anyway what do you think write in the comments column guys third click your spot and content in every book I read always appears circle of competence always invest in areas or subjects that you understand if you only understand or understand the consumer goods industry just invest in consumer goods stocks you don't need to invest in coal companies if you don't understand the industry anyway always Play in the game that you have the highest So The point is that the tool to find hidden jeans is yourself, don't trust anyone, always do your own research.
Secondly, we have to find out whether the company has good management or not, and the third is to always stay in your circle of competents. The investment book link is at the end of this video and this video is not financial advice but is made for entertainment only. You can read the book yourself for more details.
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