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There may be a recession in this economy, prices may fall more than you expect. If you can't accept this, why should we panic when winter comes and the temperature drops below zero? Because we already expect this to happen. I don't understand why people sell their investments and wait with cash when a disaster strikes.
In a disaster, the money in the bank won't be of any use anyway. So develop an investment strategy where you enjoy the market going in either direction, and never forget that someone who holds onto half of the fork when prices are at their lowest point misses half of the rise. Today I will talk to you about a value investor.
We talked a lot about technical analysis, let's talk about company valuations. How to value a company? I will tell you about the company valuation method of someone who has become a king in company valuation. Today I will talk about Peter and his investment sellers. He is a legend because he made the fund he managed the best in the world, almost doubling the ESEMPI index return every year, showing great performance.
Is he an investment artist? An investor who turned an $18 million fund into $14 billion in about twenty years. If you had invested $10,000 at the beginning of his career... He did it again and again, and he did it every year. If you do something once, it's luck, but if you do something constantly, that's Drosnin's talent for making profit.
How did he do it? What was his success? Before answering these questions, I want to tell you a little about himself. Petrone lost his father when he was a child and had a difficult childhood, and he had to work to earn money. He was n't a lucky child like many of us, but while his friends were playing, he was working for a golf club to earn his allowance.
He was able to go to university thanks to the bag-carrying job he did at that club. The club members gave scholarships to the children who carried bags to study, and he started studying at The Masters University, benefiting from this scholarship. He received a thousand dollars in scholarship money from the club.
He was studying and working at the same time, and he had a thousand dollars a month. And do you know what he did with that money? You've probably guessed it, he went and bought stocks. At that time, the aviation sector wasn't as developed, and Peter believed that the future sector would be aviation.
He bought a thousand dollars worth of shares in Tiger Airlines. Every great stockbroker has experienced interesting events in their early days, and it happened to him too. It coincided with the Vietnam War. You can guess which airline they chose to transport thousands of soldiers and military equipment to the war.
Again, they bought Python shares, followed by other airlines, one of which saw its share price jump from $8 to $80, and the poison of the stock market had now infected Python. Peter was studying a completely unrelated subject at university; he was studying Psychology and Philosophy. Years later, he said something about it: "Looking back, I saw in the stock market that studying Psychology and Philosophy was more effective than studying Statistics." ( In parentheses, I'm saying this: Currently, the world's most profitable fund is managed entirely by statisticians and software developers.
There's almost no economics or finance involved; it's full of engineers and mathematicians.) The fund's name is Renaissance Technology. I'll make a separate video about this amazing fund because it has an interesting subject. Its founder is James Thomas, a mathematics professor, and almost all of its employees are mathematicians and physicists.
You can find a university professor in almost every office. They take very high commissions from their investors, but they do the job really well. I'll make a separate video about that, but research it; it's a beautifully statistically calculated stock market. I strongly advise you to research the academic meaning of the term "value at risk." Let's get back to our topic.
Peter started working at a brokerage firm to get more involved in the stock market. His first application was as an intern, and later he got a full-time job with a salary of $16,000, earning $10,200 per month. He later rose to become the head of the research department. His career continued, and somehow he took over a relatively unknown fund called Mecalin.
Do you know what he did there? In 13 years, he turned the Mecalin fund into the number one fund in the investment world. He didn't stop there. By the time Peter retired, Mecalin had money in it, meaning that one out of every 100 American citizens had money in it. He had worked very hard for this project, which he had made so well-known.
He loved his job. He went to work seven days a week for almost the entire time he was in charge of the fund. He even had a joke about going to work: "They pay very well, and you stay for free. I'm leaving." Now, let's slowly finish the section on investment strategies and move on to the technical details.
Peter was a stock investor, and he bought a stock based on the seller's position. He would focus on the story. When buying shares in a company, he would know what the company did, how it did it, why it did it, and who the owner was. He would create a story, a scenario in his mind, about why and how the company would grow.
He would say, " If you like the packaging, the taste, or the smell of a store, you'll like both." He would say that the best stocks can actually be found while walking around the market. When you enter a supermarket, if a product catches your attention, invest in it, because it manages to attract the attention of its investors as well.
Now, I'll give you an example related to this. When you enter a shopping mall that has Apple products, the size and grandeur of the Apple Store must have caught your attention. This is actually not something Apple is doing new; it was done 10 years ago, and ten years ago its price was $17. The highest price it reached was $320, and if you 're not under 10 years old, you knew it was done 10 years ago.
I'm giving Apple advice because I don't want to say anything that could be interpreted as investment advice using any SSD name in our country, but when you examine the products you see in the market, when you examine the brands you come across on the street, none of them require additional information.
And I'm sure you'll notice the solid companies; just look at their 10- year charts, look at the levels they've reached, and don't forget that today, you can be sure that those companies will be somewhere with almost the same ratio ten years from now. Peter used to analyze companies with a story in six main categories: slow-growing, fast- growing, solid companies, those with good returns, and asset opportunities.
The ranking was as follows: slow- growing companies are less preferred, solid companies protect your money; fast-growing companies are the riskiest but most profitable; those with good returns are time-dependent; new-period stocks move against market trends. Therefore, you need to research well, and where the asset value is losing value are the stocks overlooked by big stockbrokers and fund managers.
He used an internal selection method in the companies he formed in the group, considering profitability, price, and business model. According to him, the best companies were those showing high profitability and high growth rates, which he added to his investment list first. Then he would examine the frequency of the companies he included in this list, paying attention to the fact that the FTA ratio was both below his own average and below the sector average.
Especially, he would pay attention to the companies that had been paying regular dividends for years. For those who wanted to add something more to the companies, he would pay attention to the low debt-to-equity ratio. The most reliable companies are those whose shares are bought by their own managers.
In fact, the philosophy underlying the analysis we call "exchange" is somewhat based on this. Now I'll give you some interesting information: there was a valuation ratio that the filter had developed itself; that single ratio would determine whether a stock was cheap or not. It's found by dividing the PKK ratio by the company's growth rate.
Because investors are willing to pay a high price for a rapidly growing company, what difference does it make? Peter, why would you expect to see a company grow? For example, we've witnessed the market under the house you've lived in for years become a supermarket and then grow even more. If you analyze these directly numerically, which financial items have achieved growth?
This is because small investors are luckier than large investors, and even phone owners are luckier than those with real growth potential, because we might come across companies with real growth potential while out and about or chatting with their partners. To sum it all up in one sentence, if a company's product manufacturers are giving it value, it's also attracting investors with its stock.
Personally, in addition to the portfolio I reject, I also keep a portfolio where I accumulate things I like and whose names we know well, and it's nice. And I regularly save money, trying to accumulate stocks without focusing on profit. I don't know why I do this, but it makes me feel good. I recommend it to you; I'm sure it will make you feel good too.
I'll give you one more piece of information about Peter Lynch; those interested will enjoy reading three of his books. The publishing house that has contributed significantly to our country's library, and continues to do so, is one of my biggest contributors, and I've acquired almost every book by them.
There are three books by Peter Lynch in our country's library, one of which he co- authored with Jean Roch Shahid. We will continue to love "The World's Best Stockbrokers and Strategies." Thank you for following. See you again in the next video.
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