3 Lessons From Prashant Jain - India’s Peter Lynch | Vlog of Note

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프라샨트 자인의 투자 원칙 세 가지를 소개하는 영상으로, 특정 자산의 향후 가격 방향에 대한 예측은 포함되지 않음. 영상은 자인이 HDFC AMC의 전 펀드매니저이며 1994년부터 밸런스드 어드밴티지 펀드를 운용했고, 25년 이상 운용 기간 동안 연 9.2%의 알파를 기록했다고 소개함. 첫 번째 교훈은 가치에 맞춰 매도하라는 것으로, 타이밍을 노리기보다 가치에 대한 확신이 없으면 빠져나와야 한다는 주장. 닷컴 버블 전 IT주 전량 매도, 2008년 직전 인프라주 매도 사례를 제시함. 두 번째 교훈은 수익률 추격보다 투자 규율을 지키라는 것으로, 버핏·멍거의 원칙을 인용하며 과대평가된 성장주를 쫓지 않은 자인의 태도를 강조함. 세 번째 교훈은 말한 대로 행동하라(skin in the game)는 것으로, 자인이 SEBI 의무화 이전부터 개인 저축을 자기 펀드에 투자했다고 설명함. 마지막으로 자인이 퇴사했더라도 펀드 이탈은 최소 1년은 기다려 보라고 조언함. 면책 고지 후 구독 요청으로 마무리됨.

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01. i think it's no secret that i'm a huge follower of peter lynch and when people started calling this man india's peter lynch you know i'm interested hey how's it going welcome back to my channel this is pradeep and you're watching vlog of note in this video we're going to be talking about three lessons that we can learn from india's peter lynch prashant jain let's get started so first of all usual disclaimer here i'm not a semi-registered expert advisor or a certified financial planner if you want to make your own investments you should do your own market research as always first of all we need to know who is prashanth jain well he's the former fund manager of hdfc amc and he started managing the balanced advantage fund way back in 1994 at that time he was probably in his 20s just saying anyway he is the first indian fund manager to manage over one lakh crore's indian rupees now in dollar terms that's only about 12 billion dollars but in india that's pretty huge he's also the first indian fund manager to manage a fund for over 25 years and not only that during that period he had an alpha of 9.2 percent and alpha basically indicates what the difference between the performance of the fund is and the performance of the broader market index anyway prashant jain is a great person to learn from and in this video we are going to take a look at three lessons the first lesson that we can learn from prashant jain is to sell at the right value here's the difference you should sell at the right value and you should not sell at the right time in the sense that you should not try to time the market peter lynch himself has said that more people have lost money trying to wait for a correction than in the actual correction itself basically prashan jain is an exemplification of the fact that you should only invest if you are comfortable with the value of a stock and if you are not comfortable you should exit for example before the dot-com bust in the early 2000s he actually exited every single i.t stock that he owned now at that time i.t stocks in india accounted for 40 of india's market capitalization but only one percent of india's gdp so obviously the value was out of whack also just before the 2008 crash he exited every infra position that he held because he felt that that sector was overvalued and was going to be adversely affected anyway if you are not comfortable with value then you should sell the second thing that you can learn from prashant jain is basically the fact that you should have investment discipline over chasing returns warren buffett has said that the number one rule of investing is that you should never lose money and the number two rule is that you should always remember rule number one charlie munger has added to that when he said it's better to buy a great company at a fair price than a fair company at a great price if you buy trash at a cheap price it is still trash anyway prashant jain has exemplified this fact when he has not gone after overvalued growth stocks zamato you should generally be disciplined as an investor if you want to be successful over the long run the third thing that i think that we can learn from prashant jain is that you should put your money where your mouth is now warren buffett has had a famous bet with the hedgepoint industry wherein he said that they could not beat the market and he won so basically hedge funds are not very good because the actual hedge fund manager is not properly incentivized to increase your returns because he has very little skin in his own game the same way in india sebi had mandated that mutual fund managers should have skin in the game that is they should invest in their own funds and prashan jain had done this with regard to his personal savings even before sebby had mandated it now the last question that people usually ask at this point of time is that now that prashan jain has resigned from htfc amc should they exit the fund the answer is no you should probably give them the benefit of the doubt and wait for a year at least by all accounts prashant jain is a super interesting character and we would do well to follow him in the coming years thank you so much for watching this video if you enjoyed it please go over to youtube subscribe to the vlog of note channel ring that notification bell so that you never miss a video and we will see you guys in the next episode