저자: 미상 · 외국인
요약 보기
한 줄 결론: 조엘 그린블라트의 마법공식(자본수익률과 이익수익률 기준 종목 선별)을 소개하며 장기 투자 전략으로 유효하다고 설명하는 교육 영상이다. [전략 소개] 마법공식은 자본수익률(ROC)과 이익수익률 두 가지 기준으로 저평가된 우량주를 고르는 전략이다. 원래 자본수익률은 순이익/총자본으로 계산하지만, 이 영상에서는 EBIT를 사용하고 운용자본 기준으로 나눈다고 설명한다. [백테스트 수치] 1988~2004년 백테스트에서 연 30.8%의 수익률을 기록했고 이는 S&P500 대비 약 2.5배라고 언급한다. 별도로 1985~2005년 대형 헤지펀드 성과가 연 40%였다는 언급이 있으나 자막 오인식이 많아 정확도는 낮다. [순위 산정 방식] 3,500개 대형주를 자본수익률과 이익수익률 각각으로 순위를 매기고, 두 순위의 합이 낮은 종목을 선택한다. [간이 적용법] 자산수익률 25% 이상 종목을 고른 뒤 그중 PER이 가장 낮은 종목을 찾고, 최근 실적 발표 직후 종목은 피하라고 권한다. [리스크·조건] 전략은 단기 성과가 부진할 수 있으며 5년 이상 장기 보유를 전제로 해야 한다고 강조한다. 많은 투자자가 동일 전략을 쓰면 해당 종목이 비싸져 효과가 줄어든다는 점도 언급한다. [종목·자산 언급] 특정 국내외 대상 자산(삼성전자, 비트코인, 엔비디아 등)에 대한 1~3개월 가격 방향 예측 발언은 없다. [출연자 전망] 진행자는 장기적으로 마법공식이 유효하다는 입장이며 단기 가격 방향에 대한 구체적 전망은 제시하지 않는다. [기타] 영상 후반부는 채널 구독 유도와 주간 업로드 안내 위주이며 투자 판단과 직접 관련된 발언은 없다.
다듬은 글
I am very honored and would like to introduce your training. I will reveal your magic formula, why it works, and how to proceed, and then also something about patience. Most experts and academics ca n't help the market any longer, saying there is no simpler investment method than that of Soul Queen, the founder of the famous Big Heart Chance.
It's not surprising when you consider that the method from his small bestseller from 2005 was the book of the top market. The magic formula is supposed to be completely contained in this work, again an investment strategy that focuses on only two things: return on capital and return on earnings. It couldn't be simpler.
The philosophy of this magic formula, which he himself called "the magic formula," is just as simple. The idea is to buy stocks at favorable prices. The first criterion is return on capital, and this filters out the good companies from the existing ones. The second criterion shows how inexpensive these stocks are.
Easier said than done, think... Well, maybe that works, and how completely self-tested this strategy was at the time with historical price data, a so-called pack testing or backtesting. This resulted in a more than enormous return of 30.8 percent per year between 1988 and 2004, two and a half times the return of the SMP.
Perhaps instead of the Ryck comparison, I glued the results, then we can compare the performance of the large hedge fund. No, this one generated a result of 40 percent per year between 1985 and 2005 that was astonishing in every respect. A crying shame for you, but since the summer of 2006, the large hedge fund...
we could... resources... it only manages the undoubtedly gigantic assets of the partners. Incidentally, he is more than just a great investor. So is Alu - the renowned Wharton School lecturer at the so-called Lampe University with... Viewer value investors, clear and reformer of consumption and tricks in New York.
Yes indeed, that's the last one. Read correctly, because it is... No place to track down functioning business models, an art that is also advantageous in another area, in elementary school lessons, is massively more effective than a good approach. Therefore, at the school in Queens, which was mainly attended by students with immigrant backgrounds, he finally achieved astonishing results regarding his investment activities.
He thus drew a lesson from his investment activities and uses it in Suhl lessons elsewhere. According to Gründer, most experts and academics cannot help with the market commitment, and he is absolutely right. What remains is to do it yourself, and that is pretty much why the magic formula works. According to Gründer, it is the most difficult part: the return on capital shows what the office is doing with its assets, or whether the company can do or has something special.
We have examples here in his... who has a favorable location, a strong name, the ability to produce at lower costs than the competition, or to bring innovative products to market. He uses two standards, by the way, which have been slightly modified. Previously, the return on capital was normally calculated by dividing net profit by total capital, but using the profit before interest and taxes, specifically the so-called EBIT (earnings before interest and taxes), he does this to avoid distorting the picture with debts and taxes.
He also doesn't divide the EBIT by total capital, but by the capital employed in materials, which equals current assets. The idea behind this is that no one is suddenly interested in how much capital is needed for the company's daily operations. Now, some variables have to be eliminated. For example, he uses net working capital because it is necessary for financing receivables and inventories.
Superfluous cash on hand is unnecessary, and liabilities are essentially free. The profit yield shows how much a company distributes relative to its market capitalization and corresponds to the inverse of share price gain. This is normally calculated by dividing the net profit of the past twelve months by the product of the share price and the number of shares outstanding.
Partly, here too, he makes some changes again. He uses the EBIT increase, the net profit, and the company value, which corresponds to the market capitalization plus the company's value. He wants to know what the return would be if one were to take over the company, and of course, one also has to consider the company's financial position.
How does he work with these criteria? That's simple too. He ranks the 3,500 largest companies. Each of these steps reminds us that the entrepreneurs with the lowest combined ratios perform best. For example, if a company is ranked 30th on the return on equity list and 80th on the winners list, then the ranking number 30 plus 80 is 110.
This approach is so simple and successful that you might want to start right away. What you need is a stock screener that selects according to these criteria. We quickly searched the internet and found a stock scanner on Magic Formula Investment.com, but the result is quite different. The criteria cannot be selected for many greens.
As Gründl says, using common ratios, one can very well align oneself with the criteria. The asset return can be used instead of the capital return, and the price- earnings ratio, i.e., the opposite of the price-earnings ratio, is a good ratio. If returns are available, Gründl's steps are: select stocks that have an asset return of over 25 percent; among the 18 selected companies, look for the one with the lowest price- earnings ratio; and from there, you should avoid a price that is actually indicative of a profit in the past year.
One should also steer clear of companies that have only recently announced their profit to reduce the risk of erroneous data. However, keep in mind that the first two financial stocks, such as the utility company and ATS American Depository, are financed differently. These companies are neither more difficult to control nor do they have anything to offer.
There is another one. One important point you should know before you begin: this strategy only works in the long term. It's like this: over the course of 17 years, the strategy suddenly underperformed the market in five out of twelve months and in one out of four years. It even happened that the strategy performed worse than the market for a period of three years.
If these facts have dampened your enthusiasm, this is unjustified. The magic formula only works in the long term, therefore it focuses entirely on decades and not on weeks, months, or even years. Even more importantly, if the magic formula is to work, then everyone can use it. And if everyone buys the same stocks worldwide, they will automatically become more expensive, and the magic formula will no longer work.
The fact that the strategy sometimes performs well in the short term is also a given. Therefore, it's even an advantage. Even professional portfolio investors are under so much pressure every year, if not every quarter, to deliver good results that most completely ignore the magic formula to avoid any potential problems.
Losing customers – the same logic applies to several investment strategies. If a strategy always worked, it would attract so much capital that there would be a rush on the stocks that meet these criteria. This would make the strategy less profitable for itself. For those who have often seen the spectrum, this is exactly the reason why our tour bus is the popular and fast- growing 18.
These have already become too expensive. Furthermore, it is important to note that he completely prefers adherence to such a strategy from his usual portfolios. This means that a maximum of five to eight stocks make up to 80 percent of his portfolio. If he is truly convinced of a stock, up to 30 percent of his entire portfolio may be allocated to one position.
Although his focus is closed to capital for new investors, this does not mean he can suddenly rest on his laurels. He is still a very active investor. This is practical for us because we can track him, as he remains invested with the help of his magic formula. Fortunately, the internet makes it easy for us; on the website google.com, we can You see which stocks are bought and sold completely.
Use this, don't hesitate under any circumstances to also apply the magic formula to the German and European markets. Also, if you clicked, do you want to know more about investments? Then leave a comment and it's right there. If you liked it and everything with your girlfriend, if this is your first time on the channel, I would be happy if you would subscribe.
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