저자: VijayKedia · 외국인
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결론: 특정 종목·지수에 대한 구체적 가격 전망 없이, 장기 투자 원칙과 리스크 인식을 강조한 인터뷰. 투자 환경: 2017년 이후 신규 투자자들이 손실을 보고 시장을 떠날까 우려하는 질문에, 투자 입문 시 준비 부족이 문제라는 취지로 답함. 투자 철학: 투자는 주주로서 기업 지분을 보유하면서 경영 부담이 없는 '축복받은 사업'이라고 표현. 경영진이 실적 부진 시에도 주식 매도가 어렵지만 투자자는 자유롭게 매도 가능하다고 설명. 중소형주(SME): 시가총액 규모(중소형·대형)를 가리지 않고 종목을 고른다고 함. 중소형주 공포 국면에서도 일부 기업은 대주주가 지분을 늘리는 것을 관찰했다고 언급했으나 구체적 전망은 제시하지 않음. 개별 종목 사례: 카르나타카 은행(Karnataka Bank)은 한때 2% 보유했으나 실적 불만과 심리적 평온을 이유로 매도. 이후 두 종목 비중을 줄이고 Everest Industries 비중을 늘림. 매매 원칙은 '실적과 마음의 평화'를 우선하는 것. 리스크: 특정 리스크를 단정하지 않으며, 정치(선거)·유가·정책 리스크는 시장에 이미 반영되어 시간이 지나며 조정된다는 입장. 정부 교체와 무관하게 시장은 안정적이라고 봄. 운용 철학: 좋은 경영진을 가진 좋은 기업을 장기 보유(10~15년)하되, 기대에 못 미치면 언제든 매도하는 유연성 강조. 경영진은 정직하고 배고프고(hungry) 똑똑해야 한다고 언급. 교훈: 시장은 큰 수익을 주거나 잊지 못할 교훈을 준다. 적응력과 학습의 중요성 강조. 마지막으로 투자는 장기적으로 보고 기업 경영진을 중시하라는 메시지로 마무리.
다듬은 글
what about the investing business just in 2017 it was a bliss awfully it certainly I meet so many investors they are saying oh god why did we put our money a lot of these first-time investors and my fear sir is that they may not come back into the market for the next few years your take on that yeah of course because the approach in the market is wrong no they have never never you ask anybody who has come into this market that have they really done any courses what experience do they have have they done if you are if you want to become a doctor you are doing MBBS for five years or LLB for five years yeah so what kind of homework are you doing what kind of Academical qualification you have to do to come into the market nothing so that is why I've said many of many times that you see investing is a blessed business yeah okay according to me is their sacred business I remember I have read one poem in my childhood that I am monarch of all I survey my right there is none to dispute so and it means that actually I own everything but I don't possess anything okay so so this is what actually investing it actually gives us that kind of freedom it gives us then I am free and uncommitted right and plus what advantage you have along with the promoters suppose tomorrow promoted sees that his company is not going to perform well maybe for next say one year or two years he cannot sell his shares hmm but you are not carrying any baggage you can sell the shares tomorrow yes and invest in some other company so it's a blessed business yeah till you abuse it you're talking about if you don't like the company and if you believe that in fact maybe the outlooks not good you have no obligation no baggage you can sell the shares but what about the SME space you know there was so much of momentum so much of talk about it suddenly people are scared but I was looking at a couple of shares and in fact you know some block companies you have increase your shareholding there so broadly I want to do a view on the SME space if you could explain to all our investors as well out there it was supposed to be a good opportunity hopefully it there's a lot of fear I'll tell you I personally do not discriminate whether it is a small car by mid cab or SME or mainboard it doesn't matter to me yeah I like that I buy in any platform if I do not like I can sell any stocks tomorrow to last year I was very much bullish on Karnataka bank at one point of time I was holding 2% as you know that but somehow I was not comfortable because to me peace is very important peace is more important in making money in the market so but I was not happy with the performance of the company so I sold by Karnataka bank similarly I got shot my position in two areas over also and I switched over to like Everest industries I increase my position in because I thought maybe that will perform better than these companies so ultimately my money is in the market only people think they're playing a t20 they're coming in there and they want to make money right away but that's not the case no of course not then you will burn your hand it's not possible one has to be careful because of the liquidity absolutely you know one thing mystic area that I've seen in the past this market will either make you a lot of money or it'll teach you a lesson that you will never ever forget if you get it wrong so you said you know one of those stocks that maybe didn't work out was Karnataka bank you were quite bullish and in fact you got out of it but for the market on the whole what is the biggest risk people talk about you know getting into an election year you know crude has gone up as well according to you what is the biggest risk for a market now I don't know what is the risk risk is if you can assess any disc if you know that this is the risk then that is not a risk if you are talking about that maybe more the government is a risk or food is a risk then I don't think that's a risk in the market because all these risk adjust itself okay with time yes suddenly something happens then then think things are different so I do not of course stock market as your whole is a risky business but what about political risk how bigger risk is that see I will give you one simple example I don't know whether Modi government will come or not or whoever will come actually this company was ruled by Congress for pity ever since we got independence I think majority of that time it was ruled by Congress okay so India is so far east whatever as people are also saying that whatever policy this government has laid down what implement it had been laid down by the previous government okay so Congress is also tested government okay BJP is actually doing something good so I don't care we have seen so many Prime Minister we have seen mr.
de vigo also as a prime minister and so many other people from everything as well even the government the markets awfully stable that's what I'm saying market actually adjust all these things so I am NOT and I do not have any ancestor to this also so I'm not worried to me it is they're not like short-term things to me like Jean I am or nice kiss you are Naga we know about vijay acadia the investor what about the JK dr the entrepreneur member once you had said about a good manager in a bad business is brad and that is better than a bad buy generally good business aleut lee so tell us about mr.
bj k dr the entrepreneur well I haven't failed on the panel at all my mind I didn't work there till now till now so far and now you're managing on your own money at some point of time would you consider going out there and managing people's money could that be a possibility I know I don't know because I don't want to be accountable to anybody rather than just income until unless somebody gives me five million dollar for the time being happy what about bjk Diaz mantra and life mantra is very simple market has to be the agile I'll tell you what whatever you have learned in your life okay you should actually or whatever you are you have learned you should analyze yeah you should implement yeah and you should repeat yeah okay like in cricket once you get your position right you are in your comfort zone then don't try to stretch don't try to be adventurous every now and that right stick to your comfort zone and keep on repeating the process but don't leave learning absolutely upon learning at the same time because if the situation changes if the weather changes if the pitch changes yeah then you have to change yourself yeah I thought that adaptability should be there absolutely otherwise if you are on the right track people repeating the same thing so we have markets we have meditation and what music music yeah those are the three M's that you that you do your mantras in life a pharmacy and fourth is my wife named Manju fantastic yes I'm just catching you a bit off guard but if you could sing a couple of lines of that particular you know song and you could tell us you know the the meaning of that as well and there's a message out there for market participant says but the song goes like that hey Mark A to C universe Iike lick apologize share a chicken man is ambition challenge another big bang the company lick apologize a chicken that was lovely and what we what we got from there is you're talking about buying good companies look at the promoters buy it and forget it you're definitely giving a message out there to our audience run us through some kind of details what was your thought process when you were singing this song and what is the message or giving out there actually I was travelling from Bombay to Bangalore okay so suddenly it came to my mind in the flight why are sitting in the fried okay why not I make it a song further for stock market absolutely so the message is very clear invest for long term and the management is a very important part management is like a driver of your it's like a captain of your flight yeah okay if you will do any mistakes you will go down one of my court that what you look into a management that he should be actually honest hungry and smart absolutely and in the past I remember you telling us about getting into a plane and enjoying the ride after that if I if I got that right enjoying the flight once you are already sitting in there then there's nothing much nothing much you can do you're going from here to lend and what else can you do after one hour of flying you are old only depend on another captain of the flight you just sit back and relax and have your wine or have your tea or green tea and enjoy life you were telling us about mistakes I mean you know those investments in workout you said about Eris agro you talked about a Connecticut bank as well but make a mistake once make sure you don't repeat it now of course you learn no as we grow old we are learning we are learning from our as you also said know that you see when we are making money then we own yeah when we are losing money then we learn okay so when you in the process of making money that time you think whatever you are doing you are doing it right correct so you don't learn from that from your winning things and all right so this is what I am also learning so there is one code of mind that buy like a bull sit like a bear and was like an eagle so this is what the only work I have left with watching all my companies that how they are performing and keep on the shuffling them okay so although the horizon is to hold them for 10 years or 15 years that does not mean that I cannot sell my shares tomorrow if I like something which is not going as per my mind and I am actually stressed yeah and I will certainly I will cut off that position apps I do not have any shame in there oh that's on that note mystic area thanks so much for coming down to our studio it's been a pleasure talking to you we'll wrap up on this edition of master class with mr. Vijay Icaria hope you enjoyed it
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