저자: 미상 · 외국인
요약 보기
피터 린치의 GARP(합리적 가격의 성장) 전략을 소개하는 교육 영상. 1977~1990 피델리티 마젤란 펀드 운용(연평균 29.2% 수익, 운용자산 약 1800만달러→140억달러). '아는 분야에 투자' 원칙과 PEG 비율(PER÷이익성장률) 계산법 설명. TCS 예시: PER 23.6, 성장률 10% 가정 시 PEG 2.36. PEG가 1보다 작으면 합리적 가격, 1보다 크면 성장 대비 고평가로 해석. PER은 현재 이익, PEG는 미래 이익 기반이라 더 중요하다고 주장.
다듬은 글
From 1977, he started managing the Magellan Fund of Fidelity Investments and then he managed that fund till 1990. During this period, he gave an average annual return of 29.2, which was a very extraordinary return. By the time Mr. Peter Lynch was managing that fund, that fund became the highest-returning fund in the world at that time.
When he started managing that fund in 1977, he was managing $18 million dollars and by the time he left that fund, that amount had reached $ billion dollars, that is, the asset under management of that fund had increased from $ million dollars to $14 billion dollars in 13 years. So now let's talk about Mr.
Peter Lynch's investment strategy. Mr. Peter Lynch's main strategy is to invest in what you know, that is, invest in companies related to the things you know about. For example, if you work in the IT sector and you have very good knowledge related to the IT industry, then your first focus should be on such IT companies.
It should be a company that, according to you, provides excellent service, has excellent products, and can show significant growth in the future. While conducting this type of analysis, a manager at Delete Investments often discovers promising companies. The next step is to conduct a quantitative analysis, which often rejects many companies.
Mr. Peter Lynch's main investment strategy is GRP ( Growth at a Reasonable Price). He looks for companies that can show significant growth and are available at reasonable prices. Mr. Peter Lynch uses a formula called the PG ratio to assess growth at a reasonable price. Let's examine the PG ratio. The PG ratio is the price-to-earnings ratio divided by the growth rate.
We all know what the price-to-earnings ratio is. The price-to-earnings ratio is a valuation ratio that helps determine a company's valuation. If a company's price to earnings ratio is very high, it is believed that the company is either overvalued or people are overly optimistic about its future. Similarly, if a company's price to earnings ratio is low or very low, people believe that the company is either undervalued or people are not optimistic about its features.
You can find the price to earnings ratio ready-made anywhere. You can find it on Money Control or screener.in. If you want to calculate the price to earnings ratio of a company, you can also do it. Its formula is share price divided by EPS. The formula for this EPS is earnings (that is, profit divided by the total number of shares).
So, if you want to calculate the price to earnings ratio, then first you need to calculate earnings per share (that is, profit divided by the total number of shares). You will find the profit in the company's profit and loss statement, and the total number of shares in the company's shareholding pattern.
You'll find the price-to-earnings ratio in the following way: You do n't need to waste time calculating it; it's readily available, so use it. First, go to moneycontrol.com and type in the name of the company whose price-to- earnings ratio you want to find. You'll find the price-to-earnings ratio. Here, we're continuing with the TCS example.
TCS's price- to-earnings ratio is 23.6. The formula for the P/E ratio is: price-to-earnings ratio divided by profit growth. Price-to- earnings ratio, so we know. Now, we need to find the profit growth rate. To find the company's profit growth rate, you'll need to analyze the company. If, after a thorough analysis, you believe its profit could grow at 17% annually in the coming years, enter 17 as the profit growth rate.
Regarding TCS, we believe its profit growth rate will be 10%. So, the price-to- earnings ratio is 23.6 times 10, which gives the PG ratio as 2.36. When the PG ratio is less than one, it is considered a good thing and the company is available at a reasonable valuation. However, if the PG ratio is greater than one, it is believed that the company's valuation is higher than its growth.
The PG ratio determines the company's valuation based on its growth. If the company is going to show good growth in the future, its valuation will be considered accordingly. The main drawback of the price-to-earnings ratio is that the price-to-earnings ratio tells us the company's valuation based on its current profit, whereas the PG ratio tells us its valuation based on its future profit, which is more important.
Therefore, if you are ever confused about whether to use the PE ratio or the PG ratio, pay more attention to the PG ratio. The PG ratio helps identify companies that are showing good growth. If the company is currently undervalued and available at the right valuation, this is a very good formula that you can use.
Mr. Peter Lynch has always used the PG ratio to find the right companies and determine their valuation. So, you can use it too. Mr. Peter Lynch's strategy for finding a company was very simple. He would first analyze the industries he knew about or the companies whose products or services he was exposed to and see which company was better.
Then, using the PG ratio, he would check the valuation of that company to see if its valuation was correct according to its growth. This was the strategy of the very successful investor, Mr. Peter Lynch. I hope you are enjoying this course.
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