저자: RakeshJhunjhunwala · 외국인
요약 보기
인도 주식시장의 장기 성장성을 강조하며 월 정액 적립식 투자를 권함. 채권 대비 주식의 세후 기대수익(12~15%)을 근거로 제시. 시장 타이밍과 투기적 매매는 부정적으로 언급. 시장 상승이 소수 종목에 집중된 점을 지적하고, 비전문가는 뮤추얼펀드 활용을 권장.
다듬은 글
It's a question I get often. For people with good savings who should definitely enter the stock market, what baby steps should they take? My advice is simple. I entered the stock market in 1985, when the Sensex was at 50. India is on a growth path, and the stock market grows along with it.
Every year, India's GDP and its nominal value should come into the stock market. Income tax has concessions on shares, and long-term capital gains tax is lower than on debt. But everyone thinks the stock market is a speculative market, like a casino. That attitude is wrong.
Think about it this way. In debt, you get a post-tax return of 4 to 6 percent. In equity, you should expect a post-tax return of 12 to 15 percent. At that rate, your money doubles in about 6 years, or 12 years at a lower rate. Think about it that way, and approach the market with a positive attitude.
Take a monthly investment plan. India and the Indian market keep growing, so instead of trying to time the market, put money into equity every month. That is my advice to everyone. Only a professional investor who works 24 hours a day should approach it differently.
Speculation is a big mistake. Absolutely not. I meet many people who say they earned lakhs, but when you look closely, they lose more than they make. Gambling is the same. Trading is basic human nature, and many people believe they have earned money trading. The truth is that fear works against you, and most people who think they are trading wisely are actually losing.
The current boom in the stock market is being led by a very limited number of stocks. The market has become very polarized, and profits are concentrated in a few hands. A dozen companies now seem to account for most of the gains, whereas earlier there were many more to choose from. If you are a long-term investor, avoid the worst companies. Choose quality, and don't try to own everything. Pick what suits you, and don't overdo it.
Those who are not full-time investors should invest through mutual funds. Newcomers should start there. Those with some experience can move into direct equity. Research which mutual funds are good. Investing in the stock market is a full-time profession, just like medicine or engineering. You cannot do it well on the side. Saying "I have a job or business, I'll pick shares in my spare time" or "my friend's father-in-law has a company, I'll invest in that" does not work. It is a serious professional job, and it is also a process of continuous learning. I started learning in 1975, and after 40 or 45 years, I am still learning.
Even if you work from home or have lost some income, the principle holds. The stock market rewards patience, consistent investing, and continuous learning. This is very individual, and no one can teach it to you directly. You have to learn it yourself.
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