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피터 린치 『One Up on Wall Street』 요약 영상. 기업을 슬로우그로어·스테일러·패스트그로어·경기순환주·턴어라운드·자산주 6범주로 나누고 개인투자자가 기관보다 유리하다고 주장. 10배주는 평범하거나 지루한 사업, 스핀오프, 기관 미보유 종목에서 나오며, 핫 산업·다각화·이름만 보고 하는 투자는 피하라고 함. 투자 전에는 2~3년 내 필요한 돈은 투자하지 말고, 시장 타이밍보다 시장에 머무는 시간이 중요하다고 조언.
다듬은 글
Friends, on one side there are professional fund managers who have high-tech degrees, so many years of experience, research reports and many other advantages. On the other hand, we are a simple investor. But you will be surprised to know that we individual investors have more advantages than professional fund managers to earn good returns in the stock market.
Friends, this is what I am going to discuss with you today in this book summary. Because when I started my investment journey, I wanted to know where to get the best returns on investment and in this search I found this book in which I read some surprising lessons. Friends, today in this video I am going to share all the important points of this book.
So without any further delay let's get started. But before that, if you have not subscribed to this channel, then do not forget to subscribe and press the bell icon so that you do not miss any important video. Lesson number one: Six categories of stocks. Friends, more than 5000 companies are listed in the Indian stock market and all of them grow at different speeds.
So, it would be completely wrong to treat all these stocks the same. And the most important thing is that you should know how to identify these six categories. So that you can create your portfolio accordingly. You can make your investments accordingly. So first comes the slow growers. Friends, these companies are very large, mature and stable companies.
Usually they grow with the economy. Peter Lynch did not particularly like this category of companies because he did not get much profit in it. Because these companies usually pay higher dividends. But their growth rate is 2 to 5%. And if we talk about the Indian economy, this company grows at 5 to 10% every year.
For example Colgate, DAB and Marico. Stallers come in the second category. This company is also big , but it has the potential to grow further. According to Peter Lynch, these companies usually grow between 10% and 12%. Because inflation is very high in India. So, as per the Indian market, I would say that 15 to 25% per year is a very good growth rate according to me.
I also started my investment journey with these stocks because the chances of losing your money here are negligible. Think for yourself about companies like Nestle, Hindstan Unilever, Colgate. What are the chances that your money will be lost? Friends, fast growers come in the third category. Peterlins loved these categories.
In this he used to identify companies at an early stage. In which he felt there was more potential for growth and then he held on to it. These companies give returns not in percentage but in baggers. That means 10 baggers, 20 baggers. This means that in just a few years, the money may not just double or triple, but may become 10 or 20 times more.
For example, Rakesh Jhunjhunwala bought stocks of Titan company in 2003 at ₹3 per share and today its price is ₹3500. Cyclical stocks fall under category number four. These are companies whose revenue and stock price fluctuate according to the business cycle. These companies sell products that people don't buy during recessions or bad times.
Take a simple example of Automobile Industries. Just as their revenue is cyclical , their stock price is also cyclical. Friends, I completely avoid such companies and suggest any new investor to stay away from such stocks. Because the problem with this is that newcomers always come at the time of bull market when stocks are already very expensive and when the market crashes and its stock falls by 50 to 60% then people sell it out of fear.
Therefore, I do not recommend this stock to new investors. Turnarounds come in the fifth category. Friends, these are the companies which are currently going through bad times. Due to which their stock price has fallen very low. If these companies get support , they can turn around. But if they do not get support then they may also end.
Like currently Vodafone Idea is struggling. And again I do not recommend this to any new investor. Asset places come in category number six. These are companies that have large assets that the market is not recognizing. These assets can be either the company's access cash, inventory or real estate properties.
Benjamin Graham always looked for companies that he called buying dollars for 50 cents. Friends, similarly when you are investing in the stock market, you should know which category of company it is. Because having unrealistic expectations will lead to disappointment. Lesson number two, and the most important lesson, is how individual investors can beat experts.
Friends, how can a common man beat mutual funds or professionals ? Let's see. Reason number one, too many restrictions for fund managers. Mutual funds have a lot of mandates and rules that mutual fund managers have to follow because they are obviously handling people's money. So that is why they have to select stocks as per the policies of regulatory bodies and companies.
Reason number two is that he then has to explain it to his boss. Research report has to be written. You have to convince them. And friends, remember this thing that every person has his own thoughts and opinions. It is possible that the analyst may have actually found a good stock , but his manager may have rejected it.
The third and most important region. Friends, there are two types of mutual funds in the market. There are new funds and there are old funds. Now, how will people invest in the mutual funds that have been launched recently ? Because people often look at past performance and many people have already invested in old mutual funds.
Due to which there is a big problem for mutual fund managers. That is, fund managers have to look for very fast growers and successful companies. And it is very difficult to find such companies continuously. Friends, that is why when the size of a mutual fund is very large, it means that many people have already invested in it.
So fund managers start adding a lot of slow growers at that time. Because they have so much cash of people, they have to invest it somewhere. Right? Reason Number Four Even After Finding a Good Stock They Ca n't Buy. And finally, even if a manager finds a good company, he cannot invest in it. Because mutual fund managers cannot hold many companies.
For example, suppose the AEM of a fund manager is Rs 20,000 crore. So if that fund manager invests even 5% of his money which is Rs 1000 crore, then with that amount he can completely buy many small companies. But mutual funds also have a rule that they cannot buy any company completely. He can take ownership of only 5 or 10% in it.
This means that he cannot invest in that company until that company grows from a fast grower to a slow grower. This is absolutely foolish because you cannot invest in it at a time when it is actually an opportunity. And friends, remember all these points are being said by a fund manager himself. So most mutual fund managers pick slow growers because they are less risky and there is a saying in Wall Street that nobody ever got fired by buying IBM because IBM is a very old and big company which falls in the slow grower category.
Investing in it is beneficial for fund managers. Because if a fund manager takes the risk by finding a small company and that company does not perform then people will blame that manager. But if that big company like Reliance or TCS goes bankrupt then people will say what happened to such a big company?
So that's why as an individual investor, you and I don't have so many limitations, neither do we have to answer to anyone nor do we have any rules. Lesson Number Three: The Science of 10 Bagger Stocks. Because there are so many companies in the Indian Stock Exchange and whenever any analyst or people hear the name of a new company, they always judge it on the basis of the name.
If there is a fancy word in front of the name of a company like Green Energy or Artificial Intelligence, then people will think that wow, this company will do well in the future. Like 20 years ago technology was a hot sector. At that time, if any company had a dot in front of it, many people were ready to buy it.
Without knowing what that company is doing. Whether that company is making profit or not. A company that does boring business like waste management, water treatment or a white glue manufacturing company. For example Pidlite Industries. Very few people would have heard the name of this company. But if I say Fevicol, Fevik then everyone must have heard its name.
This is a boring business. But someone would have identified it 15 years ago. He would have bought it at ₹50 a share. And today its stock price is above Rs 3000. A classic multibagger. It does something disagreeable. Like some industries in which some people do not invest. For example cigarettes, alcohol, gambling.
Friends, spin off means that a big company has separated its small division. Now that smaller division is a separate company whose stock is publicly traded separately. Usually, what happens in such companies is that the company gets a very good start. For example, when Reliance separated Jio, Jio became a spin off because Jio got such a good start because of Reliance.
Institutions don't own it and analysts don't follow it. Friends, when fund managers do not follow a company, then there are high chances that the company is not correctly priced and if it is underpriced, then you will get a lot of benefit in buying it because when institutions start following it, its stock price will go up like a rocket.
The industry is growing. Friends, currently the pharma and tech industries are growing very fast and that is why the whole world is after it. But if you notice , many companies in that sector are already overpriced. And if you think a little out of the box, you can find multibaggers in other industries.
It has got a niche. Meaning a focused company that sells a specific product in which it has expertise which many other companies do not sell. Warren Buffett usually looks for companies like this. It has a recurring revenue. The company sells a product where customers have to make monthly payments as compared to one-time payments.
It's a user of technology. Friends, technology is becoming cheaper day by day. 20 years ago the price of computers and internet was very high and today it is very cheap. So, if any business is based on technology, then that company will also benefit in cost cutting. Plus more customers will also start using it.
If I give the best example of this, it is YouTube. Last and subcent point insiders are buying. Friends, the promoters of the company know the most about the company and if they themselves are investing in that company, then it shows their confidence or at least it definitely lets us know that the company will not close down in the near future.
Lesson Number Four: Stocks to Avoid. Friends, as much as we focus on finding good stocks, we should pay more attention to ensure that we are not picking up useless stocks because the one who survives in the stock market is the hero. Therefore, according to Peter Inch, you should avoid these five types of stocks.
Stucks from hot industry. Hot industries are always in the news and everyone wants to invest in them. Like electric cars. But the problem with this is that competition also comes just as quickly and competition is very dangerous for profit. It's the next something. Whenever a broker or friend tells you that you should invest in that company because it is the next Amazon or the next Microsoft or the next Google, then you should not invest in it at all.
When company is diversifying. Friends, if your company sells fruit products and it is suddenly buying a toy manufacturing company, then chances are that it is losing its focus. The money that the company should give you through dividends so that you can decide where to invest it, is being invested by the company itself.
Whisper Stokes: Most people make this mistake. When a friend gives them advice or they get a tip from somewhere to buy some stock, they buy it. Exciting name. Friends, you will not believe it, but in the stock market most of the people buy stocks just by looking at the name of the company. Therefore, the whole world is already running after the person who has a big name.
Lesson number five, things to do before investing. Friends, the first and simplest question you have to ask yourself is this. Do I need this money in the next two or three years? If the answer is yes, then you should not invest that money in the stock market at all. Because no one knows how the market will react in the short term.
But in the long term i.e. above 10 years, the market always grows. Understanding the Basics of Business. Friends, if you are investing important savings of your life then you should do some research about that company. For this you can subscribe to this channel because I will keep bringing such interesting and knowledgeable videos for you.
And last of all, don't bother timing the market. When will the stock market crash? Will the interest rate go up or down? You do n't need to worry about all these things at all. Because time in the market always beats timing the market. So friends, today I ask you a question. Which category would you prefer to invest in ?
Give me your answers in the comment section so that I can make videos related to it in the future. Friends, please subscribe to this channel and press the bell icon. Thank you for giving your valuable time. Good bye and take care till the next video.
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