저자: 미상 · 외국인
요약 보기
이 영상은 Terry Smith의 'Investing for Growth' 책 내용을 요약한 것으로, 특정 종목의 가격 전망이나 매매 추천은 등장하지 않는다. 주제 1 - 고품질 기업 선별: Terry Smith 펀드는 지속 가능한 경쟁우위와 내구성 있는 사업모델을 가진 고품질 주식에 투자해 2010년 이후 연 19.2% 수익을 냈다고 소개되며, 같은 기간 MSCI World 지수 수익률은 12.8%로 언급된다. 주제 2 - 승자 선별 원칙: 경쟁 승자를 고르기 위해 높은 이익률, 높은 자기자본이익률, 점유율 상승 기업을 찾으라고 하며, 예로 TCS, HDFC, 애플, 마이크로소프트, 네슬레, 리라이언스, 힌두스탄유니레버 등이 언급된다. 다만 이는 과거 특성 설명이며 방향 예측이 아니다. 주제 3 - 배당보다 성장: 빠르게 성장하는 기업은 배당을 하지 않고 재투자하므로, 배당만으로 투자 판단을 하면 좋은 투자 기회를 놓칠 수 있다는 논지가 제시된다. 주제 4 - 할인 가격에 매수: 일시적 악재로 떨어진 고품질 주식을 사라는 원칙이며, 뉴스 앱으로 단기 변동과 일회성 악재를 구분하고 장기 관점으로 판단하라고 권한다. 하워드 막스의 가격 중시 논리도 인용된다. 주제 5 - 회계 리스크 점검: PER은 신주 발행, 회계 변경, 자사주 매입 등으로 조작될 수 있으므로 잉여현금흐름을 확인해야 하며, 잉여현금흐름은 성장 자금, 재무 유연성, 배당, 자사주 매입, 부채 감소에 쓰인다고 설명한다. 주제 6 - 전략 일관성: 전략이 몇 번 실패했다고 바로 바꾸지 말고 최소 한 번의 경기 사이클 동안 검증하라고 권한다. 리스크: 영상 자체는 특정 자산의 단기·중기 가격 방향을 예측하지 않으며, 장기 투자 원칙 설명이 중심이다. 출연자 전망: 특정 전망 발언은 확인되지 않는다.
다듬은 글
Brother, Ons Cri Ons, this soldier is Terris Smith, a successful fund manager. His company's name is In Funds, which always invests in high-quality stocks. This company invests in stocks whose business models are durable and which have a sustainable competitive advantage. Due to this thinking, Terris has given an annual return of 19.2% from 2010 till date.
During the same time period, C World in Next has given a return of 12.8%. C is a stock market index that tracks the large caps of the world's developed countries. It includes 23 developed countries like the United States, Japan and many European countries. Many companies in it have given a return of 500% since its inception.
To teach his investing strategy and how to select stocks, he wrote a book called Investing for Growth How to Make Money: Only the Best Companies in the World. In this video, we will learn about the benefits of this book. Before continuing, if you are new to this channel, then subscribe to the channel.
To support the channel subscribe and share it with your friends, we will give away when we complete ₹10000 subscribers. To understand Terismit's thinking, let's take an example. You bought two bikes, one brand new, which cost you a little more, and the other second-hand bike, which you got at half the price of the original bike.
You would feel sad about buying such an expensive bike, and the components of both are the same. But after six months, the pistons of the second-hand bike's engine got damaged, so you replaced them. Then, after another three months, the spring got damaged, and you replaced that too. By doing this, in two-three years, the price of the second-hand bike will become equal to the price of the new bike because you have spent so much money on it.
So, this is what happens. When you buy a high-quality item, you will cry about it only when you have bought it. But if you buy low-quality stock, or low-quality stock, then eventually, those things cost us more. So, this is the concept. Brother, ONS always looks for high-quality stocks for their fans, which have earned good returns.
If you also want to find stocks that have grown rapidly, You can do this and potentially generate a three- to five- fold return in the future. You should watch the Peaking Growth Stock Book Summary video, the link to which I've provided in the description. Lesson number one: Great Makes a Great Choice.
Fifty years ago, a man named Alex Bird was a businessman and used to bet on horse racing. He didn't have digital cameras at the time, and it took time for the camera to capture the image. Even after the race was over, people would speculate on which horse would win. Alex developed his own strategy. He noticed that people tended to think the horse that was farther away from the crowd was running faster, and people would bet on it winning.
Alex observed that if he closed one eye, he wouldn't be able to tell that the horse in the distance was running faster, and he would be able to see the real winner. With this strategy, Alex made a lot of money by investing in all the stocks. We also want to make money, and through this story, we want to tell you that like Alex, we should only bet when The race is over.
Once a stock has emerged as a winner in this investing race, we will have to carefully pick stocks separately because our primary task is to find the winner. We cannot compare an IT company with a consumer goods company because both sectors can be winners. For example, Tata Motors and ITC are both winners, but they belong to different sectors.
You cannot compare them. Tata Motors belongs to the automobile sector. ITC belongs to the FC sector. To find a winner, you will have to look at a few things, such as high profit margins. Basically, gross and profit margins, such as TCS, HDFC, Asia Paints, and Bajaj Finserv. These are some examples of companies with high profit margins.
Second, high set-on returns, such as Apple, Microsoft, Nestle, etc., and PNG. Third, high-increasing market shares, such as Reliance Industries, TCS, Bharti Airtel, and Hindustan Unilever. Just keep in mind that you should compare a factor company with it. You cannot compare Apple with mango. These companies are mostly available at a high premium, and they are expensive because they They are good, their fundamentals are good and most importantly they have a competitive advantage.
Some of these companies are available at a discount, which we will see in the next chapter. Now let's move on to lesson number two: Don't pay extra on other unnecessary gadgets. When a company invests in a misguided company, it profits in five ways: Capital Gains, Dividend and Income, Special Dividend, Stock Market Margin Acquisition.
You must be aware of all these. The most important of these is Capital Gains. Some investors have the mindset that a company that doesn't pay dividends is useless, whereas the fact is that a fast- growing company doesn't pay dividends, meaning their cash isn't going out of the company and they are reinvesting the funds.
For example, from 1986 to 2021, I have given 20% to investors. If Axar had started paying dividends, it would n't have been so proud. Stocks make money from both triangles in the stock market. Appreciation and dividends are both essential for an investor. However, if a company is reinvesting its profits and not paying dividends, then the money is only helping the business grow.
The investor will benefit later. Therefore, you should n't miss a good investment based solely on dividends. Before moving on to our next lesson, I want to tell you that if you want to become a good trader, it's crucial to keep your trading records. In the description of this video, I've included my trade review sheet, which was my real estate strategy.
I've also listed the trading strategies based on which I took those trades. This sheet will definitely help you. You can download it and keep your trade records. Lesson number three: Patience at a Discount: You've learned two lessons, but in this lesson, I'm going to show you how to buy high-quality stocks at a discount, the methods, and their benefits.
Many of us will say that ITC is a consistently profitable stock, or that Hindustan Unilever has a lot of potential, which is very profitable. Whether it's Satnabal or Asia Paints, which has a high profit margin, if you only look for a high-quality stock to invest in, and don't look at its price, you're a victim of first-level thinking.
While this may make you money, it's not much. Howard Marks, an American investor and co- founder and co-founder of O-Trick Capital Management, has written two famous books: "The Most Important Think: Unconformity and the Thoughtful Investor" and "Mastering the Market Cycle: Getting the Odds on Your Side." He says that nothing good or great happens without looking at the price.
If you buy a stock expecting it to grow 20% over the next two years, your returns will be very poor. If the stock's valuation hovers at 30% for this period, for example, ITC is a very good stock. It pays dividends and also grows, but its valuation is high. So, you'll find it at a high price. Opportunity always comes to those who are patient and prepared.
You also need to be patient for a good stock to come at a discount. A good investor is one who has bought a high-quality stock at a 30 or 40% discount so that he has enough buffer to protect against losses. Terismit has suggested a method for buying high-quality stocks at a discount. That is, you should buy good stocks when they have fallen due to some temporary reason.
I will explain some simple steps with the help of which you can easily find high-quality stocks. Number one, make a list of good, high-quality stocks in which you want to invest. You have done your research on the mix and whose valuations you are also interested in. Second, install a news app that gives you financial market news.
Every three to four days, you should search for that stock on that app to see if any news is coming. The third step is very important. When you get news, you have to consider whether this problem is temporary or permanent. And buy the stocks in which this news seems temporary. You should track three types of news.
You have to look at short-term market fluctuations, negative specific news, and quarterly results. Expectations like if the market expected 35% growth but only 20% growth occurred, then the stock price falls. But you have to ignore these temporary sentiments and take advantage of this opportunity and invest in it.
There is a simple logic to become a successful investor. When others are reacting by looking at the short-term outlook, then you have to take the decision to invest by looking at the long-term outlook. Lesson number four is, don't let the pain fade. We have seen in the Peaking Growth Stock Book that from the price to earnings ratio, we can find out whether a company is undervalued or overvalued.
To do this, you have to understand the concept of value investing. For valuation, you should learn and apply the discounted cash flow method from The Little Book of Valuation. I have given the link to that video in the description. But sometimes, taking a risk is a useless exercise. A good paint job can make it attractive.
When you purchased your car, you might have realized that it looks good from the outside, absolutely attractive, and clean from the inside. However, when you test drive it, you realize it's a risk. Even in the stock market, there are some companies whose earnings and financial statements appear very attractive, but they are worthless from within.
If you consider the price-to-earnings ratio, manipulating it isn't as difficult. You might have often noticed that the price-to-earnings ratio isn't as impactful as you think because investors are flooded with new shares. The slice of the pie is larger, but the people who eat it also increase. There are a few ways to manipulate a company's price-to-earnings ratio, such as issuing new shares, changing accounting methods, or buying back shares.
If you want to better understand the importance of price-to-earnings, you should consult the 100 book summaries, the link to which I've provided in the description. So, the question is, how can an investor know whether a company is good or bad? Terismit says that there is another measurement by which we can analyze and that is free cash flow.
You can see free cash flow in the company's statement. Free cash flow is very important for the growth of the company. It helps in the growth of the company. When a company has free cash flow, then the company can grow in five ways. First is ability to fund growth. When a company has consistent cash flow, then it has funds due to which it can invest in new projects.
Look, it can acquire a new company. Due to this, profit will also increase later. Second is financial flexibility. Due to positive cash flow, the chances of the company to survive even in bad times increase and the company can also reduce its debt. Third is dividend payment. Strong companies pay a part of their profit to the investors in the form of dividend.
This way, investors also remain happy and positive sentiment is created. Fourth is share buy-back. The company buys back shares from its cash reserve, due to which the company increases its profit. Ownership increases, and with it, stock prices rise, and the company's financial issues improve. Fifth, debt reduction: With free cash flow, a company can reduce its debt, which improves its credit rating.
It depends on a company what it does with its cash flow: whether it acquires other businesses, pays dividends, or reserves for rental. Lesson number five is: Don't expect to have a round-the-clock ride. You have a Bullet bike, which you ride whenever you go to your friend's house. If you have to visit your friend's house every day, which is six hours away, you'll definitely think about buying a bike that offers good mileage.
The point is, no one will fit every situation. The same rule applies to the stock market. Many people switch investment strategies, and fund managers also keep switching strategies to improve performance. It's possible that your friend earned 15% more returns than the Nifty. If you've earned a profit, will you switch your investment strategies?
You shouldn't, because there are many factors in the stock market that affect your strategy, such as which stocks are trading in the market, what trends are moving, and your investing risk appetite. Investing risk appetite changes with micro-indicators like interest rates, inflation, and the economic cycle.
Just because your strategy has failed two or three times does n't mean it's out of business. You should test it for at least one full economic cycle, where you'll see both bear markets and bull markets. If you have a good investment strategy that considers factors like fundamentals, technical factors, and certain financial ratios, consider it strategic.
Dividends are practical, but you shouldn't invest based on them. If you have patience and are prepared, you can definitely find high-quality stocks at a discount. To properly acquire an attractive company, you'll look at its free cash flow and then If you judge, you will be able to take better investment decisions and value your investment strategy in the entire economic cycle so that you can decide whether this is a winning strategy or not.
If you want to join such stocks which can become 100 Vegas, then I have given the link of 100 Vegas book summary in the description, which has been written by Christopher Meyer, you can definitely watch it. If you liked the video, then like the video and subscribe to the channel and also share it with your friends.
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