저자: AndréBona—영상제목·설명상발표자는MarcioDosSantosAmorim · 외국인
요약 보기
피터 린치의 투자 교훈을 정리한 영상. 일상 소비 관찰로 기업 기회를 발견할 수 있다는 점, 린치의 6개 기업 분류(저성장·중간성장·고성장·경기순환·숨겨진 자산·회복형)를 소개하며 각 유형별 기대치 설정의 유용성을 강조. 장기 투자 관점과 '약한 손' 투자자 문제(1977~1990 펀드 사례, 연평균 29.2% 수익에도 다수 투자자 손실)를 경고.
다듬은 글
Hi everyone, how are you? André Bona on the BTG Pactual channel talking to you about my learning, the great insights from great investors that I will be sharing with you, what I have been learning from them throughout my entire career, my financial learning journey. Beauty? Well, today I'm going to talk about Peter Lint.
Several things, several wonderful insights. The study is based on Peter Lint's material, his performance in the market, and everything else we can still find from him— interviews, articles, things that we can sometimes find on the internet. So, there's a very interesting factor that I think Peter Lint brings to our attention when we 're reflecting on this, which is the empirical observation of certain business opportunities, right?
When he talks about this, he demonstrates that every person, any individual, can find great investment opportunities in stocks even before the financial market analysts themselves. He pays attention to what he is experiencing, that is, if in his daily life he goes to a certain company, needs to buy a product and sees that that company is growing, that it has something different, that people are giving preference to that company and that company is not yet on the stock market or is, but it is kind of forgotten there.
So, you can find information on websites, if you're paying close attention, that can show you a company like that before the financial market itself discovers the opportunity. So this empirical observation by Peter Lint is very interesting, because it gives us the idea that we can experience and understand a company and kind of identify a growth opportunity, a good business, simply through the day-to-day relationship we have with companies when we need to consume products and services for our survival.
So I think his insight is very powerful and very cool because it generates a lot of ideas. How many times have you looked at all those companies listed on the stock exchange in your online brokerage account and thought, "Which one should I choose?", right? So, many times you'll get answers like that if you think about this LINT idea, simply in your day-to-day life, consuming products and services and seeing that a company has a better service, has better customer service, has something that apparently is selling more, things along those lines.
So, this insight is very powerful. There's another thing I think is really cool, which is the way he divides companies into six categories. So, he takes the available companies and says: "Well, there are six categories. If I identify that a company belongs to one of these categories, then I know exactly what I'm buying.
It's easier for me to understand what kind of company or what kind of results I can expect from these businesses." Then he talks about the following categories: the slow-growth category, which are those companies that normally have growth below or very close to the country's GDP, meaning they aren't expanding their activities significantly.
There are those with medium growth that grow at or within the level of the gross domestic product, a little more, which he calls reliable. And there are the fast-growth companies that are growing at a much faster rate, right? So, why is this important? This is important because when you understand if a stock, a company, that you're observing, wanting to invest in, fits into one of these growth categories, you already know more or less what you can expect from that company in terms of future results.
Ah, this company won't double in size if it's a growth company. Slow growth in 2 years, for example. Now, a fast-growing company can double in size in 2 years, 1 year, 2 years, 3 years, suddenly. Why? Because the type of business is rapidly expanding. Suddenly it's a new market that has been discovered, a new group of consumers, right, a new niche, and it's advancing strongly.
So that's an example. There are those other companies, right, that he classifies as cyclical companies that depend on the fluctuations of the economy as a whole. So, for example, commodities companies, right, iron ore, that kind of thing. So, when you invest in a cyclical company, you know that there are economic cycles that favor the activity and others that do not, that disfavor this activity.
So, uh, that's a different characteristic. There are those companies that he calls hidden assets, which are companies that often have properties that are somehow not being quantified by market analysts. So, suddenly you have companies with properties, even in a sense... Real estate, let's say , land or buildings, things like that which aren't being correctly valued in the overall company valuation , or some other things related to intellectual property, anything that isn't being properly assessed.
So, in that case, you look for these undervaluations made by the market to find opportunities to buy companies. As these assets cease to be hidden, you'll see significant appreciation; in other words, they are undervalued due to some hidden asset that people aren't seeing. Another category, actually, that he mentions, are those companies in recovery.
Often you have companies that are in a bad situation, experiencing a drop in revenue, a drop in profitability, and you seemingly want to stay away from them, right? But if you're an investor looking for opportunities, this can attract attention, for example, if a company is undergoing restructuring, if it's readjusting costs, if it's taking measures to stop the problem and reverse that reality to one of growth, then there's also an opportunity there.
But note that the opportunity is different according to... With each category, you understand? So, a cyclical company can be a good opportunity during favorable economic periods. A fast-growing company , I'll monitor its growth. A company in recovery, I'll monitor the actions it's taking to restructure itself.
And not all of them will take restructuring actions; they'll simply go under. So, understanding the category helps you think about what kind of strategy would be feasible for that company to continue its profitability process. So, I think these six categories—the three growth categories ( slow, medium, and fast), cyclical, hidden assets, and recovery—allow you to take your stock portfolio now and do a practical exercise of looking at the category of each of your stocks.
And then you can already have an estimate, not in terms of return, but an expectation of what might happen. And I'm not talking about predicting the future; I'm simply talking about understanding what you're investing in. Another very cool thing he taught us, which wasn't exactly a lesson in ideas, was...
Well, these points were explicitly stated, but it was that long-term vision that investors should have, and the emergence of the "weak-fingered" investor, right? This is an example, in a fund that managed the fund from 1977 to 1990, 13 years, where if you look at the investors who invested in this fund during that period, a large part had terrible or even negative returns, however, the fund had an average annual return of 29.2%, in dollars.
So, this shows that many times investors bought fund units after the fund had been rising for a long time, and then when the fund started to have difficulties, they sold. So, the investor, due to their "weak-fingered" behavior and inability to sustain the long-term strategy, was getting rid of a good product.
So this is a very interesting lesson, because many of us want to find the best investment. And I can tell you this: even if you find it, there's no guarantee that you'll be able to take advantage of and ride the wave of returns it can provide. So that's... A vision, an insight, a lesson from Peter Lint's story that I think is sensational for all investors, which is not to be a pushover, right?
So, the book by Peter Lint that I recommend for you is "The Peter Lint Way of Investing." Okay, everyone? So that's it, a big hug and see you in the next video. Bye.
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