3 Lessons From Investing For Growth by Terry Smith

요약 보기

테리 스미스의 투자 원칙 3가지(좋은 기업 투자, 과도한 지불 금지, 장기 보유)를 정리한 영상. 투자 대상 기준: 투하자본수익률(ROIC)이 자본비용을 지속적으로 크게 웃도는 기업이 장기간 초과수익을 낸다고 설명. 가격 결정력이 강하고 높은 수익률을 장기간 재투자할 수 있는 기업을 선호. 가격 원칙: 사이클 고점에서 높은 가격에 사면 수익률이 낮아지므로 과도하게 지불하지 말 것을 강조. 주식뿐 아니라 토지, 금 등 모든 자산에 적용되는 상식으로 설명. 보유 원칙: 좋은 기업을 찾은 뒤 아무것도 하지 않고 기다리는 인내가 가장 어렵다고 주장. 테리 스미스의 펀드 실적(2010~2020년 연 약 18% 수준)을 언급하며 복리 효과 강조. 특정 종목·지수에 대한 가격 전망이나 매매 권유는 없음. 리스크 언급은 경쟁 심화로 높은 ROIC 유지가 어렵다는 점 정도.

다듬은 글

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01. Terry Smith is called the Warren Buffett of Great Britain he runs a fun Smith he's a CEO and far Smith has done a stellar performance over the last 13 years between 2010 and 2020 or 2021 his fund has written approximately kagger of 18 percentage what does Terry Smith do differently well his approach is completely about Quality quality and quality now here is uh so he has written a book called investing for growth which is a must read book and it is a compilation of all his letters and articles uh fund shareholder letters and all and a lot of in lessons to be learned from that book but here are three key takeaways that what Terry Smith calls it as the path to heaven now what are those three steps first one invest in good companies second one don't overpay and third one stay invested don't do anything do nothing now let's get into each of this so a good company is a company that creates values a one which creates value for shareholders by returning High return on invested capital above the cost of capital significantly above the cost of capital across the business and economic cycle a company that generates High Returns on invested capital and are able to redeploy continuously you know that higher Returns on top of the cost of capital will be able to sustain that reinvestment opportunity can make significant returns for shareholders so a company that returns High Ro I see that is higher Returns on invested capital or over the cost of capital which is nothing but a capital uh when a company raises Capital what is the cost of capital how much percentage of uh you know weighted average cost of capital how much percentage of interest uh it has to pay the company has to pay to get that Capital it could be to from a shareholders it could be by raising Equity it could be from financing or through a lending whatever mechanism it is what is the cost of capital and how much return on investor Capital company is generating on top of cost of capital and the ability to reinvest this higher returns consistently for long periods of time will give supernormal returns for investors that is a simple concept of what do you mean by investing in good quality companies now uh it's not easy to find such companies because it is not easy to get continuously High Returns on invested Capital uh because the competition will come in and take away the market share or put your put a pricing pressure on the products or services so it is very difficult to sustain that higher Returns on invested capital for long periods of time but there are companies who does it and if you can find those companies the idea is very simple and what Warren Buffett and Terry Smith and others did is find companies that can return even six to seven percentage on top of on top of the cost of capital and consistently do that for long periods of time that has high pricing power significantly strong pricing power and those kind of companies uh you know once you find it even if the appreciation is 18 to 20 percentage the compounding over long periods of time for 18 20 percentage will make a significant returns for shareholders so that is the simplest idea they follow and they've been successfully doing it over decades right so that is investing in good quality companies now second one is don't overpay now that is a common sense when it when somebody is investing their money or Capital into anything it doesn't have to be stocks alone it could be land it could be gold whatever it has to be an asset that is available cheap or available at a good price you should not be that you go and invest at the peak of a cycle for paying much higher price and you end up you know paying higher price your returns get subdued so it is important to not overpay and third one according to Terry Smith is the most difficult thing to do which is do nothing after investing he says the most challenging part of an investment strategy is to have a patience of sitting and doing nothing once you find these Stella companies and uh these are the three high-level principles so if you find his if you follow his book there are much more details to it I would recommend doing that but this is a high level takeaway from this book and Terry Smith's three steps to Heaven principles trust this was helpful signing off Sandeep