저자: 미상 · 외국인
요약 보기
피터 린치의 'One Up on Wall Street'에 나오는 투자자들이 흔히 빠지는 12가지 어리석은 태도를 정리한 교육 영상이다. 영상의 결론은 투자 판단은 가격 움직임이 아니라 기업의 펀더멘털을 기준으로 해야 한다는 것이다. [12가지 잘못된 태도 1~3] 1) 가격이 많이 떨어졌으니 더 떨어질 수 없다는 생각: 가격의 하한은 정해져 있지 않으며, 펀더멘털 없이 물타기를 반복하면 손실이 커진다. 2) 가격이 바닥을 찍었을 때 매수하겠다는 생각: 바닥은 사후에만 알 수 있으므로 떨어지는 칼을 잡지 말고 안정될 때까지 기다려야 한다. 3) 가격이 너무 올랐으니 더 오를 수 없다는 생각: 실적이 계속 성장하면 가격도 계속 오를 수 있으므로 고가 자체보다 고평가 배수(멀티플)를 경계해야 한다. [12가지 잘못된 태도 4~6] 4) 주당 가격이 낮으면 손실 위험이 적다는 생각: 손실 위험은 주가 절대액이 아니라 펀더멘털과 밸류에이션에 달려 있다. 5) 주가는 결국 역사적 최고가로 돌아온다는 생각: 항상 그런 것은 아니며 Eni 사례처럼 과거 고점을 다시 회복하지 못할 수도 있다. 6) 하락한 주식을 가격이 회복될 때까지 보유하겠다는 생각: 펀더멘털이 악화됐다면 반등 가능성은 낮으므로 회복 여부는 기업 상태로 판단해야 한다. [12가지 잘못된 태도 7~9] 7) 자신이 정한 매도 가격에 집착하는 태도: 목표가에 얽매이지 말고 투자 논리가 유효한지 기준으로 매도 여부를 결정해야 한다. 8) 보수적 주식은 변동성이 없다는 생각: 유틸리티 등도 원전 이슈 같은 사건으로 큰 가격 변동이 생길 수 있다. 9) 기대한 성과가 늦다고 바로 매도하는 태도: 린치 본인 경험상 성과는 3~4년 뒤 나타나기도 하므로 기다림이 필요할 수 있다. [12가지 잘못된 태도 10~12] 10) 놓친 기회를 만회하려고 서둘러 투자하는 태도: 감정에 끌려 원래 사지 않았을 주식을 매수하면 큰 손실로 이어진다. 11) 손실을 메우려고 유행주(예: 테슬라)에 다시 뛰어드는 태도: 두 번째 투자도 확실히 옳다는 보장이 없으며 감정적 판단일 뿐이다. 12) 판단의 질을 주가 등락으로 평가하는 태도: 주가가 오르면 잘한 판단, 내리면 잘못된 판단이라고 여기면 안 되며, 판단은 펀더멘털 기준으로 해야 한다. [결론·조언] 영상은 이 12가지 태도를 피하면 투자 손실을 줄일 수 있다고 강조하며, 원서 'One Up on Wall Street' 독서와 펀더멘털 분석 관련 영상 시청을 권한다.
다듬은 글
12 stupid behaviors that we adopt every time we approach the financial markets, therefore both from an investment perspective and from a trader's perspective, unfortunately we are always victims of these 12 behaviors defined as truly stupid, but not by me but by Peter Lynch, a great one on one of the greatest investment fund managers and investors in recent history who has already left a beautiful book, One Upon Wall Street, is a book that I had already read and from which I had extracted two videos, one on Peter Lynn's secrets, that is, the other is the classification of companies where Peter Law tells us how to classify companies and choose the companies in which to invest.
I leave you both videos linked to the police station. I was recently listening to this book again, not actually reading it, because from the audio version, and I therefore wanted to see this third video in which I instead take another part of the book, which are precisely these 12 astonishing attitudes that we are victims of every time we approach the financial market, so knowing them can certainly help us to be millionaire investors because we will certainly have a better chance of avoiding making these mistakes.
they bring us heavy financial losses, they can bring us heavy financial losses, the book is unfortunately in English, so perhaps for those who are not very familiar with it, these videos are even more helpful, from which we are going to extrapolate the essential parts of the book, so let's not waste any more time, the theme song and let's begin the first stupid sentence is that the price has gone so low and that it cannot continue to fall, in reality, obviously this absolutely cannot be alive in any case because there are no rules that tell us when this price has finished falling, in fact, the price, absurdly, can easily go down to zero in the case of the company going bankrupt, so we do not have a real defined limit, there is no rule that tells us when this price will actually finish falling, and it is a very recurring problem when you try to average down the price of the company without considering the fundamentals and therefore you continue to buy and buy but this price continues to fall, among other things, we have done with I always leave this to link a dedicated video precisely when you need to average down when not, second sentence I will buy the company when we have reached the lowest price, obviously no one can know When the company has finished its price drop and going to invest while the price is falling like the famous phrase " trying to catch a knife while the lynx is falling" suggests us not to make this type of investment but metaphorically wait until the knife has hit bottom, stopped vibrating and settled on the floor and only at that point can we go and pick it up so be patient in investments wait until the price has stabilized and perhaps even given signs of recovery and the reverse reasoning is also valid i.e.
the third sentence the price has gone so high that it cannot continue to grow this too unfortunately is not a true sentence because we do not know here either there is no specific rule of how much the price can grow a company as long as the fundamentals of the company are good and the profits continue to increase in that case the price will continue to rise even indefinitely so we must not be afraid of the high price of a company but we must rather be afraid of the high multiples of a company so when expectations are too high we must still go if it will make sure that the price at which we buy a company is consistent with the increase in profits of this company fourth sentence the company with shares cost only 32 to the editorial staff when will I ever be able to lose well if you invest 10 thousand euros you can lose all 10 thousand euros as much as if you buy a company a share that didn't cost maybe 3 dollars a share but 50 dollars a share it 's not the price in absolute value of the share that makes the difference it's rather a question I repeat again both of fundamentals and multiples maybe I leave you above the link to the playlist on fundamental analysis if you want to delve deeper into this type of topic fifth sentence the price will sooner or later return to what was the historical maximum obviously this thing doesn't happen it can happen sometimes but it doesn't necessarily happen we also have the famous Italian cases like Eni for example which had some highs that have never been reached again at least up to now so it's not said that a company necessarily has to return to the price values it had in its history essentially it's the sixth attitude it's a combination of the previous one and the first real I invest in a company when the price is decided because it can then it will return up and therefore I I'm going to make money from it, we don't know, as already said, how much the price will fall or if the company will ever return to having a share price like it has had in its history.
As always, everything depends on the company's fundamentals, so if the fundamentals have not really deteriorated, it is likely that this rebound will happen. If, on the other hand, the fundamentals have deteriorated, then perhaps the company has a turnover that continues to fall or profits that continue to fall, therefore there are management problems in the company.
It is not said that this water is cut off and therefore a rebound will happen, but rather it is more likely that the company will continue to fall. Seventh attitude: we set ourselves sales values that are valid only for us, such as when this company reaches 10 euros, having perhaps that company at 9 euros, 59 euros and 60 euros, you don't sell them because you only have 10 euros in mind and then perhaps from that moment on the company's price will go down, it will return to 87 and so on, and you instead are stuck in that type of investment, therefore general when it comes to a company you would not buy other shares at that time, it means that it is the right time to sell those shares that you have because you do not have to wait for it to reach a certain price just because it is imposed on you because maybe it will never get there, so rather get rid of it immediately if you are not convinced of that investment if those of that investment are not willing at least virtually to buy other shares eighth sentence conservative stocks do not have volatility here too unfortunately this is a sentence that historically has not proven valid even if we think of utilities or companies, for example, that supply an electric power which are normally very stable but even there we can have large price fluctuations in the case in which there are specific events, for example in a book it refers to when there were problems related to nuclear where even there the electric companies had heavy repercussions on the price, so in reality there is no company or sector that has such strong stability that it cannot have heavy price fluctuations, no attitude, I am selling this company because it is taking too long to achieve the results I have predicted, so maybe you have seen potential in a company, you think that the price can reach a certain value in the market, you do not It's giving feedback so you decide to sell that's exactly where Peterlin CC is.
He says the next day the market will surely give value to your company and he himself has spent this experience where most of the investments had higher returns these returns came after the third or fourth year of his investment so he found the company in which to invest already invested but then the market loses the right value of that company maybe it took him 34 years 10 an attitude we are on the home stretch these are the last three I lost money because I didn't buy a certain company at a certain time so look at how much I have to throw myself headlong into the next opportunity so as not to miss that one too this attitude is also very very dangerous because we go and buy shares that maybe we wouldn't have normally bought but we are driven by the emotion of recovering a loss or even a missed opportunity that we were unable to exploit and so we go and buy shares that normally we wouldn't have bought and then the real losses come, those made with real money and above all those that are really heavy so maybe they make us lose the 50 percent of our investment.
This attitude is also closely linked to the previous one and tells us how we are unfortunately pushed when we think we have missed an opportunity to try to force ourselves into the next one. Maybe we feel like we have lost the investment. In this case, Tesla is very trendy now. We have lost the investment so we try to throw ourselves into the new Tesla, not to buy mine.
And even there, we are doing it only because we are pushed by the fact that we have lost a first investment. We do not want to miss the second one. Even in this case, we are not thinking like investors. We are evaluating investments for what they really are. Therefore, we could incur very heavy losses also because it is absolutely not certain that the next one is the truly right investment.
We have the same projection and have the same results as the previous one. The last attitude that we must absolutely avoid is that of linking the quality of our decisions to the price feedback. For example, the price is going up, then I had a good intuition, I made a good investment. Or I am right, but the price instead we see that it goes down, then I am wrong, I did not have a good intuition, I did not make a good investment.
This attitude is certainly wrong because maybe For example, we bought the stock at 10, this stock may first drop to 6 and then rise to 40, so it is not certain that the performance of the stock price is linked to the quality of our decision. The quality of our decision must always be considered linked to the fundamentals of the company and not to the specific price performance.
The better its volatility, let me know in the comments what you think of these twelve tips that we receive from Peter Lynch. I remind you that I leave you released up here for links and the other two videos always taken from the same book below in descriptions instead you will find the link for those who want to read the book which is in English.
I await your comments. Leave a nice like to support the channel. Don't forget to subscribe by activating the bell so as not to miss the next videos and we'll see you in a next video. Bye and happy dividend to everyone
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