저자: 미상 · 외국인
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테리 스미스의 책 'Investing for Growth'를 소개하며 장기 성장주 투자 원칙을 설명하는 영상이다. 책의 핵심 메시지는 최고의 기업을 적정 가격에 사서 오래 보유하라는 것이다. 단기 타이밍보다 시장에 머무는 시간이 중요하다는 주장이 중심이다. 스미스 펀드의 운용 방식은 우량 기업 매수, 과도한 지불 회피, 장기 보유 3단계로 소개된다. 목표 종목 수는 20~30개 수준이다. 영상은 10가지 황금 원칙을 제시한다. 우량 기업에는 높은 밸류에이션을 지불해도 된다, 지루한 기업을 무시하지 말라, 시장 타이밍을 피하라, 과분산을 피하라, 유명 기업에서 수익을 찾으라, 성공 기업을 미리 추측하지 말라, 경쟁우위가 있는 기업을 고르라, 더 큰 바보 이론을 따르지 말라, CEO 개인에 의존하지 않는 기업에 투자하라, 포트폴리오 변동에 과민하지 말라는 내용이다. 또한 투자자들이 과거 성과 대비 자주 종목을 갈아타고 고점에 사고 저점에 파는 경향이 있어 평균 수익률이 펀드보다 낮다는 경고를 담는다. 특정 종목이나 자산에 대한 가격 방향 예측 발언은 없다.
다듬은 글
growth investing is the strategy where the Prime Focus is to increase the Investor's Capital are you interested in becoming a stock investor but unaware of how growth investing plans operate the majority of investors are unfamiliar with growth investing have you ever wanted to read investing for growth by Terry Smith but never have the opportunity then you lost a fantastic learning opportunity about growth investment strategies some people enjoy making successful investing appear more difficult than it is Terry Smith says that the best companies in the world should be bought outright in his book investing for growth a collection of essays and letters written between 2010 and 2020 these companies make a lot of money and have a good plan for spending it the consequence is a tremendous long-term compounding of returns stay until the end of this video because we'll discuss the important growth investment takeaways and the golden Rules by Terry Smith that this book offers investors to strengthen their growth investment ability according to renowned fund man manager Terry Smith the most difficult aspect of an investing plan is having the patience to do nothing when the market is not favorable for trading Smith contends that investors should seek a limited number of excellent tenacious globally expanding firms that are also reasonably priced and suitable for holding for an extended period Smith gained an authority for Penning the divisive accounting for growth study which was eventually turned into a best-selling book of the same name the book mostly discussed accounting irregularities committed by publicly traded firms his former employer UBS dismissed him due to the report's poor reception Smith sometimes known as the English Warren Buffett started working at Barclays in 1974 after graduating with history throughout the 1980s he became the leading banking expert in the UK Smith established Von Smith and has been in charge of the company's Flagship fund Smith Equity Fund since its Creation in November 2010 this is the area of his career for which he is most recognized the fund has grown to be the most well-known open-ended actively managed fund with the UK basis the fund outperformed the msci world index which had a comparable annualized returns of 12.8 percent with an annualized return of 18.4 percent from its start until the end of November 2021.
lessons from the Tour de France for investors Smith writes on the financial lessons he took away from the Anvil multi-stage men's cycling race known as the Tour de France in his book investing for growth Smith claims that investors have the propensity to regularly review the performance of their portfolios Often by the quarter and to sell underperforming companies according to him expecting a fund manager or investment strategy to beat the market throughout all reporting periods and under all possible Market situations is foolish much like hoping to find a cyclist who can win every stage of the tour he claims that a quarter must be used as the time frame to assess Investments success accurately in his book he states that you must examine the funds or investing strategies performance throughout an entire economic cycle including both Bull and downturn markets Smith contends the tactics with the market timing component should be avoided he claims a ton of data supports the idea that investors who often alter investing strategies do so usually at the wrong time in the market according to the proverb there are only two categories of investors those unable to time the market and those unaware that they cannot do so Smith claims that investing is an endurance test for investors and the ones who identify a successful strategy or fund and stick with it come out on top growth investment approach Smith advises investors to have a high quality focused portfolio of 20 to 30 strong internationally growing firms he recommended that investors use a straightforward three-step investing approach which is as follows invest in reputable businesses avoid overpaying and stay silent the three-step investing Mantra of fun Smith fund Smith has a three-step plan first they buy good companies which they Define as those that consistently generate a high cash return on Capital employed second they use some of that cash to help the company grow and third they reinvest the proceeds to make your investment worth more Smith and his team will try not to overpay for a company even if it means waiting until problems have cost the share price to drop the Smith team tries to keep its winning trades active and reduce trading expenses by not selling off its Holdings now let's see the golden rules of Terry Smith that'll boost the investors to empower their growth investment strategy before we discuss the golden rules if you liked this video and want to appreciate our effort hit the thumbs up icon below some important growth investment rules from Terry's book rule number one it is okay to spend more for better quality with a 46 year Horizon how much of a premium above the market return would you have to pay in 1973 for a high quality company like L'Oreal the answer to this question is 281 price to earnings this is because successful firms often provide a high rate of return on investment add a healthy pace of growth over many years and you'll be fine even if the price per share of earnings is through the roof a high p e ratio does not always indicate the cost of high quality businesses and a low p e ratio does not always indicate low cost the factors that affect a company's long-term profitability are more important than its be ratio as Charlie Munger said over the long term it's hard for the stock to earn a much better return than the business which underlies it earns rule number two why boarding is the ideal we always undervalue a thing that is almost certain to happen which makes us value boring companies less even though they are stable and predictable this chart shows the possibility effect in which we over estimate How likely things are that aren't likely to happen and the certainty effect in which we underestimate possible things that are more likely to happen because they seem to be priced too high even though previous success is no guarantee of future outcomes we rule out excellent stocks also their uninteresting as compared to turnaround stocks that explains why these Enterprises generally provide an above average return rule number three do not try to time the market more essential than trying to time the market is just spending time in the market it is hard to predict inflation interest rates exchange rates the next bear market and other economic and financial events investing in the stock market is like playing with the sophisticated adaptive system that implies it's not enough to just forecast when something will happen you also need to anticipate how the market will respond to your prediction to put it another way we alter that result when we attempt to forecast anything rule number four don't over diversify as a means of mitigating dangers unique to an organization diversification is highly recommended however over diversification May reduce unsystematic risk while not improving return 20 to 30 stocks is the golden spot this is best for growth investment for investors rule number five high return doesn't have to come from obscure stocks getting a good return on investment does not require hunting out micro or small cap companies or developing unproven Concepts the most profitable businesses are often the ones you already know about pizza from Domino's is a great example Domino's Pizza is a household name so it goes without saying and unlike the popular belief that large returns can only be found in the technology or cyber security sectors the fast food business is not a hot industry rule number six don't guess the winning company only consider successful options in Terry Smith's view investing is like choosing the Victor in horse race after after the fact if you want to know which firm will succeed stop trying to guess and start looking for the ones that already have rule number seven successful Investments rely on finding companies with reliable Services over the long run stock market binoza firms with a competitive advantage in creating goods and service that Target demographic wants competitors will have a hard time duplicating these special features therefore giving these businesses plenty of room to expand their sales volume or increase their prices for a while rule number eight don't adhere to the greater fool Theory never invest in anything unless you're eager to have it in your portfolio and can afford it the greater fool Theory says people should buy stocks or other Investments to sell them for a profit or pay too much for a good business to be effective such a tactic requires cooperation from another player rule number nine invest in a company where even an idiot can make money don't invest in businesses whose success relies on the personality of the CEO what will happen and when that person is no longer present and Rule Number 10 turn off the TV if you don't enjoy seeing your stock portfolio tank this is the best piece of advice you'll ever hear rather than being driven by short-term factors a company's share price should be determined by its long-term fundamentals Market volatility may keep you up at night so it may be time to uninstall that Stock app act with strong conviction Smith says that investors rarely beat the benchmarks for the Target sectors unless they always use a strategy that gives them confidence Smith claims that insufficient portfolio managers still use selective stock selection he tells investors to put their money into exceptional businesses in which they can have full faith and keep your emotions under control people who put their money into the stock market are often their worst adversaries he says that the average investor in an Equity Fund does much worse than the fund itself because investors tend to buy at the top of the market cycle and sell at the bottom investing is a game of probabilities sometimes the wisest move is to do nothing Smith's Timeless ideas may help investors understand how important it is to be smart and calm in this game Smith has done well as an investor and it's easy to see why if you follow his investment philosophy in the long term it may be highly helpful for investors to follow these investment suggestions this was all for today's video we hope you like it please subscribe to this Channel and press the Bell icon to get the latest updates from Omega Finance we've also uploaded a video on how to find worthy stocks on our Channel which can be very helpful to you for finding the stocks that are worth buying you can find the link to that video in the description below and in the card
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