저자: RAAMDEOAGRAWAL · 외국인
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우량 기업 선별을 위한 3단계 체크리스트 제시: ①사업 품질(ROE 20~25% 이상·지속성, 레버리지 구분, 경쟁우위 원천 확인), ②현금흐름 질(거래 조건·외상 회수/지급 기간으로 현금 흐름 스트레스 판별), ③경영진 평가(성장 의지·정직성·성실성 등 3요소, 복합적 판단). 추가로 산업 성장 전망(시장 규모·소비자 행동 변화)을 봐야 한다고 강조. 종목·지수 가격 방향에 대한 구체적 예측은 없음.
다듬은 글
Welcome all of you to the second channel of Invest Aaj For Kal. I know you want quality content, that too in short clips. You will get such content on this channel. So, do not go ahead without subscribing to this channel. The process of stock selection for the common man, we have talked about management.
We have understood all these things. We need some points, sir, that you tell us to look at RV. Give me some points that I can give as a common investor. Sometimes it becomes difficult for me to judge the management. There are eight of them, I can tell you about all three, Brahma Vishnu. You can talk about those three separately.
Now see what happens to all three, I am telling you such point after point. So, let's start with the quality of business. Quality of business, so what is there in quality of business, that you should see how reliable the business is. First of all, what is the average RE, I mean return on equity, return on equity, I am understanding it.
Yes, return on equity, so return on equity, whether it is leverage, leverage, so leverage is different from unleveraged RE, so you have to focus. Also on RO to make it simple I was saying RO but RE can be very leverage 3:1 debt equity ratio actual RO is 10 but your RO is 20 then what should be the minimum RO of our company should be 22-25 only then we say that brother this is a good business and should be consistent it is not like that before 12 months everything goes down it is not like that for the same reason when you go to the screener and see if you get a rate of 101 years then you will get to feel that this is an empty box or money is coming in it whether it is a earning boy or a loss boy you will see that you would expect to get 15% and in our case you should apply the screener and you will get 15% look at only the company making its face not only that look below it you will find the company everywhere means if it will be at 14 or 16 then it will not appear in your screener it does not mean that the company is bad i.e.
but you will waste time and invest a small amount of money So if you go to a company, go to that company which earns 20 2 p.m. Well, there are companies everywhere in the market. You can also get a company earning at 25 p.m. very cheaply, but you should work hard for it. So, the consistent earning at 25 p.m.
does not happen every year. 22 21 19 25 27 30 35. All this will come in a line. So on average, you should be above 20 p.m. So, look at the company, the percentage of earning is about 7 p.m. Now, if in a country like India or America, if a person earns 15 p.m., does it mean that there is magic going on or something like this?
There should be such a basic faith that a person is earning 15 20 p.m. every year, he is earning for a year and is earning in size. The profit is 0.00 p.m. brother, there is power in this. What is he doing? I don't know, but whoever is doing it, it is better than the market and competition. Okay, I understand.
It is not a manipulator, but still he is earning, so something. He is doing well, he is doing something good, for example, suppose he is selling underwear, there are many people making underwear, he alone has B4, what is his power, the brand is powerful, the process manufacturing is powerful, the distribution is powerful and everything is powerful, there must be something in it, I don't believe that a person can earn 12 instead of 8, he cannot earn 20-25 by stealing and working hard and that too sustainably, so you try to understand its source of what is called competitive advantage, what is that, where is that magic coming from and how sustainable is this magic, this is a big thing, this is a big thing, isn't it like that, in such a competition, someone is making sweets, the sweets are very famous, Haldiram Bhuji wala is very famous, eat Bhujia from him, people have been eating Bhujia since 100 years, Bhujia has been there for the next 100 years, now Bhujia is so brother, but what is special in his Bhujia which is not there in other's Bhujia, so you see its Where does the advantage come from?
Bhujia is good for everyone, go and you will get it good from everyone, but what has he done by packaging it, he makes it in a hijacked manner, brand equity has been established, distribution has been established, so where does the source of his advantage magic come from and what cannot be replicated, what can you make better Bhujia than him, but can you make it in that scale, can you pack it like that, can you distributor and can you put that name on top of it, you make your own box, Anupam Bhujia, no one can touch it, if you say Had Ram, then someone will pick it up and bring it for three times the price, that is the difference, first of all we have to see what is its magic, I mean RE RO, what is the source of RO, source of excess return, you understand that, okay, you understood, you understood the business, what is the special thing about Buffett, the biggest advice, the biggest advice is that brother, you should not do it until you understand something, it is important for you to understand as much as we people Everyone is in the market, no one understands how to earn money and where to earn money, where they don't understand, in reality, where they don't understand and do n't want to work, he tells the pharmacy guy, Ram, you are earning a lot of money, hey brother, you pharmacy guys are earning a lot and he can figure out which company to go to make money, I can't even pronounce the name of a firm, it is so technical, but no one wants to make money in solar farm, not in pharmacy, that is the problem, so I think we have to stick with our circle of compatriots, what we understand because as I understand that this guy is doing good work, what is his source, I am an expert in understanding, you are starting to get an advantage because of your background and understanding of the company, so I understood it, I understood it completely, it became simple, it became simple, you went to Brahma or Vishnu, that is a very tricky task, so what is it, when we meet the company, we have complete data for 15 years I will go and see the whole thing, I will see the balance sheet and prepare it, I can cross check the numbers, you have a lot of them, I have become used to them, so I can cross check, so how can I know the strength of the business, one the terms of trade, like you have RO 25, but how many days are there in the dates, 125 days, hey brother, you are so smart, so sharp, then you should be able to get the money in 10 days, no, you will find very few companies which are very profitable, but they collect the money, in 30 days very few, this is the lesson, so in terms of trade, not that I can earn money, but I can bring hard cash, I mean I can, I can have dominance, that means I can collect profit, earning profit is one thing, collecting profit is another thing and how fast so tell terms of trade, bolta advance me paisa dunga I will give you pipes in advance.
There is a pipe company. They give pipes only after cash cheque is in custom. Now think about its strength. Now go and try to understand, brother, what do they make? Brother, they make gold. I don't know what they say. Other pipe makers do n't sell it even after giving a date of 120 days. There is a difference in their strength business.
So, the experience you gain will make you understand. A lot can be seen from the numbers. And like, in how many days do you make payment to your supplier? Okay, you collect it in 25, 30 days, 50 days, whatever. But in how many days do you return the money? I have supplied it. Whatever raw material I supplied to you, the employee takes it in 30 days.
But what do other people feel? Are you paying 300 days, 200 days? It means your entire cash flow is stressed. We get to know that from there only. So, you have to pay in time because if you don't pay in time, you will get your raw material. Material 5 10 but more expensive and lower quality and lower preference but you pay in five days every person will work for you even a small person will work for you big person we make sense so you will have to see the terms of trade so there are many such tips, ratios we get to know everything so that is Brahma Mahesh now coming to Vishnu that is management we have three things in management which we learnt from Mr.
Buffett from Compton that guy is making cement in his business, does he know how to make cement or not, how much passion does he have, that is how much fire power does he have, today in five minutes he is making it, he is talking about 500 million, is he talking about 50 million, is he talking about 50 million, is it very profitable, very good money, we will get some work done, one shop is enough, okay brother your wish is not acceptable to me, how much people or money do you have to make 50, means how much growth might you have, what is that, are you honest, if not then there should be non noble women, there should be honest people in that There is a lot of doubt in business, what has he earned, but he is a crook, a thief, his price is very low, the person who cheats the government will definitely cheat the market, sooner or later, because he is the most powerful guy, so what you have to do is buy competitive growth mindset and integrity, highest integrity, when these three things come together, then there will be Brahma Vishnu Mahesh inside him, a triangle is formed inside Vishnu also, then your two things will be set, all this sounds like a lot of talking, but if you check it, then it will be in your checklist, then khat kat khat tat means everything, what is the third Mahesh Mahesh P SAI outlook, what is the outlook, this is coming, it is about making a complete business, like if you want to buy a motorcycle, you will have a bike, so you will have to understand how much understanding you have in it, what has happened in China, it will happen in India, exactly the same consumers in America, China, Vietnam, Indonesia, there is no difference, consumers are the same, so how the consumer Behavior is going to be, we are earning D, what will happen when we turn 10 D, where will the world reach, you will have to understand all those things that what is your model, that is, how big will it become, how big is its opportunity size, just these three things should be set, three plus plus is given to this gaming company, then make your own space, amazing.
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