저자: 미상 · 외국인
요약 보기
한 줄 결론: 빌 밀러라는 투자자의 투자 원칙을 소개하는 교육 영상으로, 특정 종목이나 자산의 가격 방향에 대한 예측은 없다. 인물 소개: 빌 밀러는 미국 투자자로 Legg Mason에서 일했고 Miller Value Investments를 운영하며 약 15년간 주식 운용을 했다고 소개된다. 그는 단기간 운이 좋은 경우와 지속적인 시장 초과수익의 차이는 실력에 있다고 말했다고 전해진다. 투자 원칙 1 - 밸류에이션과 기업 펀더멘털: 기업의 밸류에이션, 펀더멘털, 전략, 향후 계획, 경영진의 정직성과 자본 활용 효율을 본다. 투자 원칙 2 - 장기 관점: 단기 유행이 아닌 장기 보유 관점으로 기업을 보고, 주주로서 장기간 보유를 전제한다. 워런 버핏의 장기 보유 철학이 함께 언급된다. 투자 원칙 3 - 역발상: 시장 전체가 외면하는 섹터나 가격이 내재가치 이하로 떨어진 기업을 살 수 있다는 관점이 소개된다. 투자 원칙 4 - 지적 호기심: 가격이 오르고 내리는 이유를 끊임없이 질문하고 탐구하는 태도가 중요하다고 강조한다. 안전마진과 매수 방식: 높은 가격에 사지 말고, 소량씩 나눠서, 낮은 가격대에서 분할 매수하라는 조언이 있다. 보유 기간과 회전율: 5~30년 같은 긴 보유 기간을 권하며, 잦은 매매는 수수료 부담을 키우므로 포트폴리오 회전율을 낮추라고 말한다. 시장 활용: 미스터 마켓의 기분에 따른 가격 변동을 이용하고, 정보 비대칭 상황에서 시장의 무지를 활용하라는 관점이 제시된다. 자본 수익성: 자본비용보다 높은 투자수익률을 내는 기업, 잉여현금흐름(FCF)이 지속적으로 나오는 기업이 장기적으로 초과수익을 낸다고 설명한다. 리스크: 영구적 자본 손실 가능성을 강조하며, 코로나 시기 등 시장 급락 때 기업 자체가 회복하지 못하면 투자금이 소멸할 수 있다고 경고한다. 시리즈 예고: 세계적인 위대한 투자자들의 삶과 전략을 다루는 시리즈의 첫 편이다.
다듬은 글
Hello friends, how are you all? Today I am going to talk to you about a very big investor whose name was Bill Miller. This man, Mr. Miller, was a very big investor, just like Warren Buffett, Charlie Mughal, and Mr. Rakesh Jhunjhunwala, similarly, he was a very big investor, a great investor in the United States of America.
His name was Bill Miller. I have told you all this. He had this to say that he was in the market for a long time. He did a very good job in equity investment. He had his own company, Miller Value Investments, which continuously traded equities for almost 15 years. He said that you can get lucky once or twice, but if you want to short-form the market, you must have skill.
Only a skilled person can always fit the market. If we look back, even a beginner or a novice can get lucky once or twice. He always used to say that one can act and be successful. This person used to work in Legg Mason, an investment company. He used to work there and he used to work on his investment strategy continuously.
He used to make alliances and test them. If his investment approach is right or wrong, then he used to make corrective changes. He used to make changes in it. So, such a big person used to work on his investment study and did it and wherever he needed, he used to make changes there. He did not feel that his EVO was getting interrupted.
Then how can I become Ram? Usually, it is a thing to learn that for the 19th time, an investor takes it to heart. If he did not do well in buying some shares or did not give a proper assessment, then he feels that he can be wrong. So, ECO is a big problem in the market. So, this Bill Miller used to make his strategy and when he felt that this strategy is not working for us, then he used to change the study and improve it and always He kept improving, this is his extract, and this person Akhilesh Pickup studied flowers and trees at John Hopkins University.
He was interested in the market because his father used to invest himself, used to check market rates, etc., used to show prices. When he was just nine years old, when he saw his father quickly checking business newspapers or journals and maxims, that is, he used to stand behind and watch, which city's price is my father looking for, what should I check.
So, from the age of nine, he started getting interested in the equity market since childhood because his father was interested in it and gradually his knowledge grew as he increased. As I told you, I studied at John Hopkins and it is said that studying philosophy helps him a lot in the market because the logical thinking that is there in philosophy, the analytical mind that is required, all these things were given to him by philosophy.
So it is said that he had a very good background in the market as well, the background of flowers paid off very well and what he did, you know that many times in the market such incidents happen that your money gets lost forever, but what is called permanent law of capital, if you invest money in any share and that company does not do well, then whatever money you invested, all of it will be lost, it will get destroyed, it will turn into dust, where you thought it would be gold, but where will it turn into dust, so we call this permanent law of capital, now if the money itself is lost then how will that money move forward, it is lost, so we call this permanent lots of capital, so this is the residents, towards that, this organization of theirs had developed a side that do not invest anywhere in such a way where there will be permanent lots of capital, like right now during the time of Corona, many people have suffered losses, just looking at the market of Friday, the market is 1808 It has gone down so much that the market has gone down temporarily, so the market is a mood swing.
But I'm talking about a company in which you invested, and that company never recovered. It's finished, its performance is over. It's a feature of Bancroft, it must have been over by Diwali, it will be out of the market, so the investment you made has become zero, you have n't got anything. How to make such permanent dead bodies?
When capitalists are in this, they gradually start understanding all these things. When they have been spending a lot of time in the investment world, they can make such regimented decisions. They start to understand this thing. To a great extent, they started to realize what can happen, what cannot happen, when it can happen, how it can happen.
And this can happen only when you remain engaged in the investment market for a long time, only then you develop a sixth sense and understanding. No matter how much knowledge you acquire, no matter how much you do, but its application is a fixed date, time, date, fixed patience, it requires time, it requires patience.
For that, money is needed, a lot of things have to be developed over a time period, that is all these things. Plus, Bill Miller had his own investment strategy, what is that investment strategy, he used to focus a lot on four things, one is valuation, he used to say that for any company, you should look at the valuation, understand what are the fundamentals of the company, secondly, spread, how is the company adopting strategies, what are its future plans, what is the feature plan, what is the market condition and does the company have good management or not, good and honest management is a very important thing, good and honest management is and one point, he used to say that how are you utilizing the capital, is there adequate or optimum utilization of the capital, so you must look at the valuation of the company and within the valuation, what are the fundamentals of the company, what are the fundamentals, you have to see what is the company's strategy, what are the feature plans, what is the capital and does the company have good and honest management.
Or not, then you will check all these things in your graduation, which was developed by one investment principle and the second is that time and also tree time. What does army dress mean, that whatever investment you take, it will not be for short term war, today people like this, tomorrow those people like that, today people like IT company, tomorrow someone likes cement company, the market is changing, the principles of the market are changing, so it is not that you go according to the market, short term review is your one year or two year review, you will always have to take a long term view as well, in whichever company you invest, if you have bought its shares, then you have become the owner of that company, you are a little owner, full respect to my owner, but you have bail, if there is no profit then it will be yours, so whenever you invest, you will have to think on a very long term basis, ah Prithvipal, it is 10 years, 2016, 25 years and how can you do this in this Warren Buffett says that whatever company I invest in, I request for it forever, so I do n't even think of selling it, I invest forever because the company is good, I will analyze it, if the company is good then once I invest, then I remain interested for a very long term, thirdly his investment principle is the concept of Acoon Trial Court Peon, what does it say that sometimes some sectors have a lot of staff and no one wants to buy, there are staff in it and so on and so on, some time ago and those were in favor that IT companies of good times were on the face, there are some companies which become favored and it happens that its price does not even remain that much as its internal value, for example, if there is a company, its price is Rs.
100 but because of its business, because of its market share and in it its price is Rs. 250 but now its price is Rs. 100 It does not mean that its real value is fixed or its real value is ₹100 but if it is available at that price today then you should buy it, so they say who is Indian means that you bought the sector in which the whole world is selling and whose prices are stuck, no one is asking for the shares and the staff and no one wants to buy, is not even thinking about it, so you bought it, so this country is thinking that when the whole world is selling then you are buying, when the whole world is buying then you are in the middle, apart from the contribution hot mentality, the earthquake that happens that the whole world has done this, then this is what we are doing, that is called your mentality, but if you have the real power of knowledge, if you really know about the company, know about the industry, have very deep knowledge about it, have intimate knowledge, have information, then you will know this thing that what is the fair value of this share, what is its intrinsic value, how much should be bought first, how much should not be bought, and the fourth principle is their There is a non-traditional principle in which it is said that the duty of an intellectual is to have curiosity within you.
Now ask questions like if things are falling then why did they fall or if they are going up then why is it going up, the answers to that should be people and universities. This question should arise within you, why is this happening, why is the market repeating this, why is the market price going up or down a little, why is it going down this time or last time, then you will find the logic of all those things only then you will ask the answer to that question, you will ask questions and you will keep asking questions only when you will have this curiosity within you, you will be curious as to why is this happening, a part of it is adaptive thing, the market will always change a lot and there are questions in it, like inside the ocean sometimes it becomes calm, sometimes there are tides and sometimes there are waves, similarly the market is never fixed, it is highly anemic, the market is highly anemic, so in this you will need an attractive thing that today If the market is like this, then what are you thinking, how should you think, and next, creativity, that creativity should remain alive within you, so these are all the things, plus for how you can earn a superior return, he has said that you must have a margin of power.
Margin and power means that the shares you are buying should be at a higher price. In simple terms, I am telling you that you should buy them at a higher price because if you buy them at a higher price, then you will not have any margin of safety. Always try to buy shares in small quantities, buy them at a regular interval and buy them at lower prices.
Buy when the market is surrounded, when the sector is down, when no one is asking, so that you get them at a lower price. We call all these things margin of power in simple terms, in level language. And the second thing is that you must keep a long period of holding, keep a long term view, keep a view of 5, 10, 20, 30 years, by keeping it in a good company, you will hold it and there should be no turnover in the portfolio.
Turnover means that whatever you are buying, you are taking it with you. You should not buy and sit comfortably. The more you buy or send, the more brokerage will be charged. The more commission will be charged. The more turnover you give to the broker, the more income you will get. This is the reason why the broker calls you and says, "Sir, this has gone too high, send it, Sir, this has gone too low, buy it." Then he will tell you to buy, sell, buy, sell.
So, you don't have to listen to the broker much. Listen to yourself. Invest in a good company and keep it secure. By buying and selling many times, you know that there will be a lot of bureaucrats and commissions in it. Gradually, this brokerage and commission come out to be very big. Always keep this thing in mind, that is why there should be low portfolio turnover.
He said that there are two ways to take advantage of the inefficiencies in the market. He says that one is the mood of Mr. Market, a very important concept. Whenever Mr. Market's mood remains depressed, the market falls, the sector falls, then when the price falls, then go and buy. Secondly, he says that any information available in the market is never a value addition.
You know something about Tata Motors, I don't know something about Tata Chemicals, I don't know something about us. There is information in the market, but I don't know something about you. In- efficient information is discrimination, so take advantage of that. If someone is not aware of something and because of this the price is falling, then why should you participate in their foolishness?
And ignorance also includes friends, that if the price of Rs. 20 has an intrinsic value of Rs. 50, then buy it. But all this will happen only when you do your proper analysis, when you have your own understanding, and to build your own understanding, you will have to work hard, read annual reports, analyze, do research, only then will you know what this company is, what is the thing you are buying, actually, are you buying soil or gold?
How will you know? Okay, and after this he says that if any company which has a cost of capital gets a return on investment more than that, like Spock Capital, you have acquired a company at 10 percent, you bought the web title for the cost, but its return is 15 percent, that is an amazing amount of rupees, so such companies always do well, which we call free cash, free gas, free build, that is, if the company is generating free cash and its investment is also good, then such companies going forward give very good returns in the long run, give super profit, give superhit, that is, now you have to see whether this company gets a return more than its cost of capital, the first thing, the second thing is whether this company has a free Castrol, how much is its free Castrol India, so you should know to check all these things and with this video I have started a series of great investors all over the world and in it there are all the great personalities, if you are interested honey, I will give you input and discuss about their lives.
I will do this so that we all can get motivation and inspiration about how he used to invest, we can learn his strategy, his principles and we can make our life better, we can become a good inverter ourselves by studying his life, so with this I sign up, if you like this video then do not forget to like and subscribe and share it as much as possible with your friends, bye thank you, I am here
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