저자: MaximilianGamperling · 외국인
요약 보기
피터 린치의 장기투자 조언 10가지를 소개한다. 자신의 전문 분야 내 투자, 실적 좋은 우량 기업을 사서 승자를 오래 보유, 뉴스 무시, 재무 건전성 점검, 단기 손실 수용, 단순한 접근, 시장 심리 관리 등이 핵심이다. 2017~2018년부터 장기 보유했다면 더 나았을 것이라는 주장과 무료 전략 상담을 홍보하는 내용이 포함된다.
다듬은 글
You can learn a lot from great investment legends, and Peter Lych is one of the greatest long-term investors of our time. He has written several books from which you can learn a great deal. Today, we want to take a closer look at ten of his insights for long-term success on the stock market. If you're interested, then stay tuned, we're about to begin.
Hello and welcome to my channel. My name is Maximilian Gamberling, and today we're talking about one of the investment legends, alongside Warren Buffett and others of his caliber. Today, we'll be discussing Peter Lych. We've had similar videos before, including one about Warren Buffett's investment wisdom, which I also like to link to here in the video.
But today, we're focusing on him, the author of "One Up on Wall Street" ( or, in German, "One Step Ahead of the Stock Market"). He's not just an author; he's also the founder and manager behind Fidelity Management. If you consider Fidelity Focus or Fidelity Core, two key components of his force have significantly outperformed the S&P 500 since 1993.
Not in every... While the phase is one thing, on average over the long term, there are certainly some interesting insights that one can adopt. However, many have misunderstood his wisdom, and that's why today we want to discuss Pyter Linch's ten most important pieces of advice and how to interpret and, of course, apply them.
The first point is to acquire and maintain a certain area of expertise. What he means by this is not to try to jump on every investment bandwagon. We know this from Warren Buffett, for example, who had great difficulty investing in IT and technology because it was n't his area of expertise. Pyter Linch's advice is similar.
Many interpret it as, " Go out and see what's being bought and buy that too." But then you're very limited to what you see on supermarket shelves or in shopping streets. What he's really saying is, "Focus on your area of expertise. You don't have to invest in everything just because it's currently hyped." Is it, or is it just circulating through the media?
So try to say, "These are the things I know about, I can assess the business model, I understand what they do, and then I can invest accordingly." That doesn't necessarily mean you have to know exactly how a semiconductor chip works and how production works, but you should at least know what they're for, how they're used, and why it's all so important.
And if you ca n't assess that for certain products or services just because everyone's talking about them and wants to invest in them, you don't necessarily have to. And if you have expertise in a certain industry and specialized knowledge, then you can, of course, use that accordingly and perhaps find the right companies and then invest—naturally, only in great companies.
For many, it's like this: they're definitely looking for the bargain that's just dropped sharply, and those aren't necessarily always the best companies. Peter Lünch has always been someone who said it's not just about buying a cheap stock, but above all about buying a good, great company that you can continue to develop.
That's exactly the shift that Warren Buffett and Charlie Hebdo are talking about. Buffett, who made manga, was always someone who primarily invested in very cheap companies, companies that were basically on their knees, where he could still use up his last cigarette butt. Charlie Ma then convinced him to invest more long-term in great companies from which one can participate for a longer period.
And that 's exactly what Peter Linch means: not necessarily in potential turnarounds where one hopes that things will suddenly go up again, but in companies that prove they possess great quality by showing sustained growth, demonstrating good management—simply great companies that one wants to invest in and then let the winners run.
Far too often, people get a fear of heights, too quickly becoming afraid that all the winners they've finally accumulated will be lost again because they're always only afraid of the next crash. Peter Linch always said, let your winners run, stay in, let the good, great companies you've chosen continue to develop, and stick with them.
There will always be phases where they 're not quite so exhilarating, but you have to let them run in the long term. Buffett did the same thing with Coca-Cola and Apple in recent years, where there were always instances where the stock seemed expensive or one felt it was better to sell. But if you stay invested for the long term and at least let your winners run, then you definitely have the chance to actually beat the index in the long run or achieve truly outstanding long-term performance.
And that's exactly the point: if you pay attention to these things, then anyone can actually make money on the stock market. But you have to focus on these things: invest in great companies that you understand, let the winners run and not keep buying the losers, but let the winners run and not punish them by selling them.
Then everyone can win. And you don't necessarily need advanced mathematical knowledge or a business degree; basic math and basic human understanding are enough. But you do need certain rules and a certain strategy; you can't get anywhere with just gut feeling. But if you follow these few basic principles, then anyone can be successful on the stock market.
And you don't need a business degree for that. It also includes understanding yourself. As a shareholder of a company, I experience this time and again, especially when you're increasingly involved with your portfolio. You focus more and more on performance, how the share price has developed, and whether it's lagging behind.
But you don't see yourself as a shareholder; you should see yourself more as someone who has invested in real estate that you wouldn't sell overnight, or as someone who has invested in a restaurant or a shop. In those cases, you try to see the long-term perspective and observe what's actually happening in the company, instead of buying and selling restaurants overnight just because it's possible on the stock market.
This perspective as a shareholder of a company, and not just a stock you want to trade briefly, is essential. As long as it's a great company that's suitable for long-term investment, and once you 're invested—and this is the important thing— you should ignore the news. You should ignore all the media that constantly bombards you with predictions of the next apocalypse.
You should integrate and ignore them as much as possible. Exactly what Peter Linch did for himself: not concern himself with when, where, and when the key interest rate will be. No one can really predict that well anyway, especially central banks, who are usually the worst at it; interestingly, they're usually more wrong than anyone else.
This certainly has a psychological aspect, but I don't want to digress. Basically, the media, of course, makes its money primarily with clicks and bad news. Our brains aren't wired to rejoice and celebrate small improvements; they're wired to constantly see problems and dangers everywhere. So, naturally, the media, the news, the many websites, and even YouTube and podcasts constantly focus on these negative things and problems, while most companies are calmly rising in the long term.
Therefore, if you have the right companies, you should let your winners run, largely ignore the news, and not constantly try to predict macroeconomic data or reinterpret the latest negative report. You won't succeed anyway. As long as the companies are good, and as long as you 're invested as a shareholder in great companies, you should do that.
Staying on the radar is also important because you'll gain more in the long run. Ignoring the news as much as possible leads to a very relaxed life as an investor; otherwise, it can become a real nightmare. And that's where investing in healthy companies comes in. It's also about being able to invest more effectively in companies.
This is a bit of a return to the idea of investing in great companies, but that also means investing in healthy companies and taking a close look at their financial situation. Is the company even making a profit or a loss? Is it managing to increase its revenue, or are revenues constantly declining?
Does the balance sheet have serious problems? You don't need a business degree to consider all these things; a simple look at the actual figures from recent years is enough to assess whether it's a healthy company and, based on that, whether it's a great company you'd want to invest in, one you understand.
That's another question entirely. But you should definitely avoid those unhealthy companies that are only hyped by the media and then dropped the next minute. You should definitely steer clear of those. It's also important to accept temporary losses. There will always be phases, even when you want to let your winning stocks run long-term, where temporary losses occur.
A stock might dip into negative territory for a while, perhaps because you bought in at the wrong time, or simply because it's moving sideways. There are also great companies that move sideways for three or four years and then suddenly break out unexpectedly without any major news. That's part of the game, and as a long-term investor, that's simply part of the portfolio.
Anyone who focuses too much on short-term performance will never have those great companies in their portfolio in the long run. It's about accepting short-term, temporary losses, but also about focusing on being invested in great, but also healthy, companies as a shareholder. And you should n't overcomplicate things.
Many try to create huge Excel spreadsheets, consider all sorts of mathematical models, and use discounted cash flow analysis to calculate every last cent of the perfect buying opportunity. But that's precisely what often discourages investing rather than helping. Because usually, you end up losing the big picture.
The big picture is important: which companies are actually great right now, which are healthy and sound, which ones are worth investing in, what is the general market situation, are we truly independent of the news cycle, are we really in a problematic economic environment or does everything actually look good, are stock prices currently trending upwards or downwards?
The big picture is usually much, much more important than calculating every last cent down to the last cent and trying to fine- tune everything like an engineer. Once you understand that the stock market is primarily driven by human psychology, you'll also realize that psychology can never be calculated, but rather that you have to deal with it and, above all, that you have to get your own mindset and your own psyche under control.
This includes not waiting for the next crash. We saw this very clearly after the pandemic; many waited for the pandemic crash, then invested like crazy, never understanding when certain movements might occur, completely ignoring this psychological component, and then, yes, the next bear market and the next slump occurred.
If you had bought at the peak of the last bear market, and had you not been so preoccupied with when the next crash would come, or had you invested in stocks much earlier, for example, sometime in 2017 or 2018, you would have been much, much better off without constantly waiting for the next cash cow or catastrophe, which is always haunting the news.
So, less news, not necessarily waiting for the next crash, invest in great, healthy companies that you know, and let the winners run. And yes, you can certainly try to avoid buying at the absolute peak, which I always illustrate a bit in my stock analyses when we discuss chart analysis. But fundamentally, it's always better to buy a great company at a high price than a bad company at a low price because a bad company can always become cheaper, and a great company, even if you buy it at a high price, will only become more expensive.
You buy high and then sell it at an even higher price sometime in 10 or 20 years, perhaps when you want to switch to a different company or when you want to retire. I hope this also helps. Ten of Peter Linch's insights have helped you develop a better roadmap and strategy for the stock market. If you'd like to get a bit more specific and know exactly what to look out for, when to invest, and which investments are right for you, then feel free to contact me for a free strategy consultation.
We'll then discuss your current situation, your goals, and how we can help you. Otherwise, I wish you continued success on the stock market. All the best until the next video. Take care, bye!
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