Masterclass with Super-investors : Vijay Kedia - chapter 8

요약 보기

이 영상은 인도 투자자 Vijay Kedia의 투자 철학을 정리한 강의로, 특정 종목이나 자산의 향후 가격 방향을 전망하는 내용은 거의 없다. 핵심 투자 원칙: 능력 있는 경영진과 저평가된 무명 기업(다크호스)을 찾는 것이 기본 만트라다. 리스크와 용기: 감수할 리스크 크기는 용기, 지능, 운에 따라 달라지며, 모멘텀이 있는 종목·산업·섹터 쪽에 서는 것이 중요하다고 본다. 수익 사례: 10배, 수백 배 수익을 낸 경험이 있고, 소형주에 자산의 1~5%를 과감히 배정할 용기를 강조한다. 멘토 영향: Rakesh Jhunjhunwala로부터 용기와 투자 조언을 받았다고 설명한다. 시장 관점: 인도에서는 비즈니스 모델보다 경영진이 더 중요하며, 강세장에서는 소형주가 대형주 이후에 움직인다고 본다. 섹터 로테이션: 5~10년 주기로 지수 구성이 크게 바뀌므로 성장 섹터의 리더를 찾아 그 섹터에 머무르라고 조언한다. 매도 원칙: 매도는 망설임 없이 하며, 경영진의 초점이 바뀔 때가 매도 신호라고 본다. 52주 신고가 시장에서 종목이 52주 신저가라면 큰 문제라는 기준도 제시한다. 중국 여행 경험을 통해 세계 트렌드가 결국 인도에도 영향을 준다는 확신을 얻었다고 한다. 미니 프레임워크 SMILE: 작은 규모, 중간 경험, 큰 포부, 매우 큰 잠재력을 가진 기업을 선호한다. 심리·자기 이해: 본인을 이해하고 자신의 성공 패턴을 반복하는 것이 중요하며, 정신적 역량이 재무적 역량보다 앞서야 한다고 강조한다. 경영진과의 대화는 불필요하다고 보며, 10년 실적과 장기 투자 기록이 있는 기업을 선호한다.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. master class with super investors vijay kedia this guy is super interesting we learn a lot from him he says by unknown companies unknown companies which have capable management and which are available at low valuation then you're going to make money so that's his mantra so let's see what else can we learn from vijay acadia so he overall in his life journey he has had several challenges like most of his life he's been through just rebuilding his life and he shared some of that instances in the chapter which is really interesting i'd highly encourage you to read it but the courage part is what came out to be strong trait of him and he's learned that from rakesh jun jinwala is what he says and his grandfather was in stock market his father was a trader so he's he's had a family background of stocks he actually got in at a very early age 18 years he got admission to stock exchange and that was much i think few years lower than the uh committee guideline but courage is something that you really see coming out strong that he's built and he's used at his favor for investing so his his mantra again is unknown companies which are not known the dark horses is how he calls it capable management and low valuation right the upside and so how much risk you take depends on your courage but also depends on your intelligence and luck which was a key thing that he recognizes and being on the side of stocks that are in momentum and those stocks that are going to be riding the wave up you want to be on that side instead of the other side right so stock momentum is very powerful you want to be on the side of the stocks or the industry or the sectors that are going up he's had several 10xs and even several hundred axis which was pretty amazing and he got the courage to buy the one percent or even when five percent of those small companies by talks that he's had with mentorship from rakesh indian walla who really encouraged him and given the courage to say hey you can buy it if you really want to buy it and he says management's more important in india than business model and small caps move after large caps in the bull market so they're all trying to tell us some mantra in which how you can detect whether that the cycle is peaking up or the cycle is bottoming down so that's his way of looking at and he sees sectoral rotations happening which you know at any given five five-year 10-year period you will see the index composition very different which is a really insight good insight and identify the leaders identify the sectors that are growing and then be in those sectors and when you sell you sell mercilessly don't have a limit on sell you decided to sell you sell he's traveled several places specifically in china which helped him build conviction as to what he was seeing there he could see it happening because he strongly believes that what happens in the world outside ultimately happens in india too so you're looking for those trends and betting on those companies so that those new trends can be used for at your advantage and you can bet on those companies from the trends you've already seen if he sees a double in three years which is already too good like double in three years is like 26 cagr right so 76 by three right so yeah so it's it's uh 26 yeah so he he doesn't like that he's like i want to see a company which is at least a 10x possibility in three years whether that happens or not that's okay but he wants to see that potential two or three good ideas is good enough because if one of them works and becomes a 10x huge and he says before understanding the market one should understand oneself a lot of people in this super investor series have taught us self-awareness it's pretty critical so stick to what works for you understanding yourself understanding your mantra of success and repeating that success pattern over and over and improvising that is more important talking to management do you talk to management he says no he's come up with a really good way he says hey if you board a flight do you go and check with the pilot you know or the co-pilot you go meet them do you ask them questions no he doesn't like to do that he doesn't do that good good example and number of years is not that critical because you know it typically depends on the learning cycles that the leaders have had just because you've worked at a company for 10 years doesn't mean you really have built 10 years of experience maybe you've just had one year real experience and repeated that experience for nine more years you didn't really learn more so he discounts that he his his key is to look for strong athletes or the dark horses which have the companies that have done really well in the past have been in the business know their stuff in and out but they have fallen for some reason for some event that has happened and the world is super pessimistic and if you bet on those and those have a turnaround then he really likes to buy those companies and he only buys those companies which have a 10 years of record track record and it's okay for him to just completely skip companies that have just come up uh and he wants to see those companies that have invested in the long run have learned from those ups and down cycles and have grown and he has the smile principle every leader every super investor has shared some mantra and his mantra smile looks for companies which are small in size medium experience large in aspiration extra-large in potential smile best time to sell is when management changes focus that's his trigger if the market is at 52 week high and your stock's 52 week low that's a big problem introspect is this the company you want to be in the steeper the fall the greater the rise lots of really good insights from him and the market is a place of regret he says when you buy and the stock falls you regret that you should have waited but if you buy and the stock price goes up then you'll be like i should have bought more right so he says marcus plays out regret don't regret learned courage from rocket junction aptitude from ramesh the money so he's had really good mentors talked with them learned from them and the final piece is your mental capacity should exceed your financial capacity if you don't have that then you can't really make money in the market you can't learn from just watching people do it like if you watch such internal to play cricket all day long doesn't mean that you'll be a good cricketer you have to learn by doing but then you have to have the mental capacity your your your capacity to hold the financial wealth should be the prerequisite and i think it makes sense it's your ability to hold what you will get if you made a lot of money so your mental capacity much more important than your final financial capacity so that's what we learned from vijay kedia smile principle and a lot more other insights around preparing yourself and building that courage that he built right the capacity to actually get the returns that he wants by doing what he does thanks