저자: RaamdeoAgrawal · 외국인
요약 보기
Raamdeo Agrawal은 신뢰할 만한 우량 사업과 경영진을 검증한 뒤, 불확실성으로 저평가될 때 소액씩 장기 매수하는 전략을 설명한다. 대표 사례로 AU Bank를 약 1400 밸류에서 매수해 현재 4~4.5만 시가총액 수준이라고 언급. 현재 은행권은 예금이 자본시장으로 이동하는 구조적 도전에 직면해 있으나 일시적 역풍으로 본다. 인도 경제는 4~5조 달러 규모로 성장 중이며 장기 복리 성장 스토리를 유지한다고 강조.
다듬은 글
made a late bet in his late' 70s early 80s actually in apple which is the largest part of his portfolio and that in a sense has become his most famous bet in last 15 years in his early 60s what could be that betet for ramdev agrava see the point is that uh as I said my beted is all my my own products you know yeah uh and and uh one or two stocks which I own personally which I see now one of other thing is that I want to buy stocks only forever okay okay I mean I definitely I mean uh after but I don't want to do from zero date once the company uh Becomes of some size say 10 15,000 turnover maybe 500 so I don't have to test whether he's going to he's good or bad his business model is right or not so once that is tested if I like the guy and I like the business I want to buy small chunks forever types and uh the inspiration came from Au Bank you know we bought it uh say at 1400 valuation I bought and uh I'm still holding uh and uh now it is 40 45,000 Market care I mean whether the whatever be the short-term challenges of the sector or the bank or whatever the journey is long very long so you have to sit through I me for 3 four years we have not made any money out of that when the market is just booming but this is the the patience you see I think I have a patients now I have lot of patient Capital so I can sit in a business which is which is a fantastic long-term but very challenging shortterm and that's that's the spot where you'll get good quality business at reasonable price so higher uncertainty and higher margin of safety that combination you look at when there's uncertainty you get good value that's the time you want to buy yeah so I want to test I I want to buy tested good business run by good management but today passing through some headwind because businesses good businesses also have a headwind you know I have seen enough headwind in my business today it is twied but there are headwind and headwind is punished by the market big time today deposits are moving away from Banks to Capital Market there is a challenge for the I mean it's there in the FM interview is there in the RBI interview everywhere it's a big subject I don't know how they will pass through this but this transition is real so you see what is happening on the Capital Market side and what is happening on the Bing side so but then these are all passing phase India has I the nation has to find a way enough credit enough liquidity has to be there for the banks to lend to the corporate world otherwise just the equity is not going to uh solve the problem so you have to have a longer term understanding of the business and the management more importantly management because in the longer run uh businesses remain good but if the management is jocky is not good then also there is a problem so I think when the combination of good business and good management then you can sit long term so I think and India is one hisory see India is a compounded Story one of the beauty of India is that I have seen 40 Years of India what have we not seen Forex crisis Caril crisis atomic bomb crisis uh y crisis 30 years of coalition government the political social crisis milis you have six 50 billion of Reserve every week you are getting 67 billion world is looking at India as the one of the fastest growing economy large economy and the base is there now see for everything you need a base and now we have with four5 trillion of economy $5 trillion of capitation we are there now nobody can ignore us even China someday has to accept that they are honorable neighbor rather than doing musty with them so I think everything is going good so the India story is compounded story past has been compounded there is no reason why the future will not be compounded and in that future compounded story you have lot of businesses which are compounded and within them the good managements they will have a compounded story um you know one of
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