저자: 미상 · 외국인
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피터 린치의 투자 원칙 10가지를 정리한 교육용 영상이다. 결론: 주식 투자는 감정 통제, 이해 가능한 기업 선택, 충분한 리서치, 인내가 핵심이다. 감정 통제: 주식시장에서 가장 중요한 장기는 뇌가 아니라 위장이다. 하락을 견딜 수 없다면 주식 비중을 줄이라는 조언이다. 워런 버핏의 '남들이 두려워할 때 탐욕스럽게'라는 말을 인용한다. 이해 가능성: 자신이 이해하는 기업에만 투자하고, 초등학생도 이해할 수 있게 설명할 수 있어야 한다. 리서치와 수학: PER, 배당수익률 등은 단순한 계산이므로 어렵게 생각할 필요가 없다. 재무제표를 꼼꼼히 확인하고 많은 후보를 조사해야 한다. 회색지대: 주식 투자는 과학보다 예술에 가깝다. LTCM 사례처럼 수학적 천재도 실패할 수 있다. 간접 수혜: 골드러시 때 삽과 청바지를 판 사람이 돈을 벌었듯, 인터넷 수혜 기업의 공급사·물류기업 등 그림자 기업을 찾아볼 수 있다. 펀드 활용: 리서치가 어렵다면 저비용 S&P500 인덱스 펀드 같은 분산투자가 대안이다. 린치의 마젤란 펀드 연 29% 수익은 매우 드문 사례다. 손실 수용: 아무리 뛰어난 투자자도 손실은 발생한다. 열 번 중 여섯 번 맞히면 잘하는 것이다. 인내: 큰 부는 수십 년에 걸쳐 만들어지며, 우량 기업 주식을 보유하면 시간이 내 편이다. 저품질 저가주 경계: 싸 보인다는 이유로 재무가 약한 기업을 사면 경기침체 때 더 큰 손실을 볼 수 있다. 린치는 좋은 재무구조와 경쟁우위를 가진 기업을 적정가에 살 때까지 기다렸다. 마무리: 주식 보유는 자식을 키우는 것과 같으니 감당할 수 있는 만큼만 관여하라는 말로 끝난다.
다듬은 글
well you ought to find out why you bought a stock if you're saying it's a sickle company and they're doing poorly and they're doing awful you wait till things are getting better they're doing terrific and then you sell it but with a growth company you have to say walmart's case ten years after they went public you could bought the stock and made 500 times your money when talking about great names in the investment world peter lynch has to be one of them why he managed the fidelity magellan fund for a good 13 years lifting the asset base from just 20 million to well over 13 billion by the time he retired that's the kind of growth that only comes from a genius consider this if you happen to have invested ten thousand dollars with him your investment would have grown to a massive 280 000 by the time he retired if you wish to mirror such success i suggest you take peter lynch's investing roles that i'm about to show you very seriously it's hard for any investor to achieve a 29 gain in a single year and averaging that over many years hardly happens fortunately mr lynch hasn't kept his investing thoughts to himself stick with me for the next 10 minutes or so as we highlight the top 10 peter lynch investing rules that can help you beat wall street but before i begin in the comments below typing lynch or buffett which investor do you look up to the most now let's get it on if you want to be a savvy investor follow these 10 peter lynch investing rules number one in the stock market the most important organ is the stomach not the brain peter lynch says that those who don't expect volatility and can't handle it should look elsewhere to build wealth although there are a few places where you can build wealth over the long run as effectively as in stocks lynch added you've got to look in the mirror every day and say what am i going to do if the market goes down 10 what do i do if it goes down 20 percent am i going to sell am i going to get out if that's your answer you should consider reducing your stock holdings today emotions can be a real performance killer if market drops get you selling out in a panic or market surges have you greedily snapping up overvalued chairs the best investors will do the opposite as warren buffett is quipped it's best to be greedy when others are afraid and afraid when others are greedy number two buy what you understand it's also important to only invest in the stock of companies you understand and some companies are far easier to understand than others it's not enough to understand for example that a certain company makes cancer-fighting drugs you need to know what drugs the company has on the market and how well they're selling what drugs are in its pipeline and how close to market they are considering that many drugs never clear clinical trials well enough to make it to market you need to know about competitors drugs on the market and in pipelines too companies that make and sell soda candies or shoes are simpler aim to be very familiar with the companies and industries you invest in lynch has explained that if you're prepared to invest in a company then you want to be able to explain why in simple language that a 5th grader could understand and quickly enough so the 5th grader won't get bored number 3 do not be intimidated it's easy to let stock investing intimidate you after all there's some math involved but much of the math isn't that complicated the price to earning ratio for example is a mere ratio the stock's current price divided by its annual earnings per share the dividend yield is simply the stock's annual dividend often four quarters worth of payments divided by its current stock price as lynch has noted everyone has the brain power to follow the stock market if you made it through fifth grade math you can do it number four do your research many people buy stocks only after reading a little about them in an article or worse after just hearing a little from a friend or acquaintance for best results you need to pour over a company's financial statements checking to see how much cash and debt it has how fat its profit margins are whether its revenue and earnings are growing and by how much and other numbers like that ideally collect lots of ideas of promising companies and study them to see which remained really promising to you for peter lynch the person that turns over the most rocks wins the game and that's always been my philosophy he also said never invest in a company before you've done the homework on the company's earning prospects financial condition competitive position plans for expansion and so forth number five understand that there are gray areas lynch said investing in stocks is an art not a science and people who've been trained to rigidly quantify everything have a big disadvantage that's important because investing isn't solely about numbers and math consider for example a classic disaster story the long-term capital management hedge fund was literally run by several nobel prize winners and yet it imploded in 1998 and had to be bailed out with several billion dollars investing in individual stocks involves making educated estimates of how companies will perform when several smart and talented people study the same company they may reasonably come up with different estimates and viewpoints tesla is a good example as it has arden supporters and detractors number six look behind the obvious another bit of peter lynch gold is this during the gold rush most would-be miners lost money but people who sold them picks shovels tents and blue jeans made a nice profit today you can look for non-internet companies that indirectly benefit from internet traffic package delivery is an obvious example or you can invest in manufacturers of switches and related gizmos that keep traffic moving it's easy to see promising stock ideas but many others have often already noticed them driving up their share prices many times though many other companies are working in the shadows supporting those companies for example apple has been wildly successful but it's not succeeding alone it has many suppliers of parts for its hardware such as universal display if you're bullish on e-commerce you might look into companies doing a lot of delivering such as fedex or ups as well as various retailers you might look into equipment makers such as middleby or hotpoint for the restaurant industry number seven consider mutual funds all of this might have you realizing that studying companies is just not something you can do either now or ever you may not have the time the interest or the skills to do it or even learn about it right now that's okay because there's a solid alternative mutual funds remember after all that it was a mutual fund magellan that sported the amazing 29 annual return that said though remember that such an amazing record is exceedingly rare and rather impossible to find before it happens for most of us it's probably best to opt for low fee broad market index funds such as those based on the s p 500 they've actually outperformed most other stock mutual funds over long periods as peter lynch has noted mutual funds are the perfect solution for people who want to own stocks without doing their own research number eight expect losses it's also important to expect losses when investing they'll happen no matter how good or bad an investor you are and no matter whether you're investing in individual stocks manage stocks mutual funds or index funds even warren buffett has made some regrettable moves as has peter lynch who said in this business if you're good you're right six times out of ten you're never going to be right nine times out of ten number nine patience pays last but not least be patient because most great wealth from the stock market is built over decades by rich and famous folks such as buffett and peter lynch and by ordinary people who got rich investing too as peter lynch has said time is on your side when you own shares of superior companies number 10 long shots almost always miss the mark according to lynch it can be tempting to buy cheap shares in weak companies due to excessive valuations in today's bull market waiting for lower prices among stronger businesses could provide more appealing risk or reward opportunities the bull market may encourage investors to buy companies with weak finances or relatively challenging outlooks they may reason that such businesses have the potential to deliver better than expected results due to the economy's bright near-term prospects moreover such stocks may trade at a discount to their peers and could therefore offer greater capital growth potential according to some investors however an approach that aims to buy lower quality companies because they're cheap could backfire over the long run investors may fail to appreciate the risk they present since they're currently operating within a relatively strong macroeconomic background when the next recession occurs weaker companies may be less able to survive than their industry rivals as such their share prices may be negatively impacted to a greater extent than their stronger peers this prospect may not currently be factored into their share prices due to excessive optimism prompted by the stock market's recent rise investors bullishness may be overlooking their weaknesses in favor of upbeat financial prospects therefore while some stocks may be cheaper than sector peers they could still trade significantly above intrinsic value this may mean they offer little or no margin of safety should the future performance be less attractive than many investors forecast instead of purchasing long shots lynch sought to unearth companies with solid fundamentals for example he would continually search for firms with good financial positions clear competitive advantages and upbeat growth prospects when such companies were available at a fair price he would buy them crucially if they were not lynch was comfortable waiting for them to come down in price as i wind up i want to leave you with one of my best peter lynch quotes owning stock is like having children don't get involved with more than you can handle and that's it from us today which of these investing rules do you practice let us know in the comments below
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