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The business of value investing – Six essential elements to buying companies like Warren Buffett- Charlie Tian 2009
https://bbs.pinggu.org/thread-695143-1-1.html(Page 54-59)
The Six Elements of Intelligent Investing,
All Investing needs to be Value Investing
阅读到的有价值的内容段落摘录
One of the many unique and advantageous aspects of value investing is that the larger the discount from intrinsic value, the greater the margin of safety and the greater the potential return when the stock price moves back to intrinsic value. Contrary to the view of modern portfolio theorists that increased returns can only be achieved by taking greater levels of risk, value investing is predicated on the notion that increased returns are associated with a greater margin of safety.
The key point is that in a situation like this you wouldn’t just buy one property if you had the means to buy more. Seeing the tremendous discount between market price and fair price, you would seize the opportunity to make a substantial investment. But you would also want to seize the opportunity in a sensible manner. You’re not going to lever yourself up to a point where you don’t give yourself ample time for the market to correct and attract buyers. This is your margin of safety in this investment. This is Hawaii, where everyone dreams of owning beachfront property and it is a matter of when, and not if, the values rise back to normal. You should have a similar mindset when investing in businesses via the stock market. If your analysis suggests that a quality business is selling for a bargain price and that sooner or later the price will rise to catch up with value, you should be excited at the opportunity to bet big, as such opportunities (like buying a $ 400,000 beachfront Hawaiian house) are very rare. At the same time, you don’t want to invest with money you don’t have by using funds borrowed on margin. The instant you make slam - dunk investments using proceeds from your broker, the rules of the game have changed. You give up any margin of safety the minute you expose yourself to redemption calls from your broker. Similar to our real estate analogy, it may take many months for the market to agree with your investment analysis, but if you’re forced to sell in the interim in order to satisfy broker demands for the borrowed money, then any short - term fluctuations in the stock price may force you to sell at the absolute worst moment. While investors find value in different places, in my examination
of all investing greats — beginning with the teachings of Ben Graham — I’ve discovered that any successful investing approach rests on a sound fundamental framework, or mindset. Most of us are familiar with the names of successful investors: Warren Buffett, Charlie Munger, Seth Klarman, Peter Lynch, Mason Hawkins, Eddie Lampert, and Bruce Berkowitz to name just a few. These are some of the most highly regarded and recognized value investors due to their superior long - term performance.
During the early days of stock market activity, investing was commonly perceived as a speculative activity practiced only by the rich or by those with wild dreams of striking it rich. Many of the publicly traded companies at the time were oil companies with nothing more than land and hopes of striking oil and all the riches that came with it. Until Professor Benjamin Graham that investing became a more scientific process that could be understood and applied analytically to producing long-term profits. In 1934, while a professor at Columbia University, Graham co-authored a book with colleague David Dodd titled Security Analysis. Their work provided a blueprint for fundamental analysis of both stocks and bonds. In other words, Graham instructed readers to focus on the business’s assets and liabilities, profits, and cash generation.
阅读到的有价值信息的自我思考点评感想
Graham often took a pair of common stocks in alphabetical order from the stock tables and analysed them based on earnings multiples, growth rates, and balance sheet composition. Then he would illustrate why one business was a more sensible investment than the other. In The Intelligent Investor (Graham, 1949), a much shorter yet equally effective text on the practical principles of sound investing. Security Analysis is more for general audience, although the book became much more than that. The core theme of The Intelligent Investor hinged on the distinction between investment and speculation that was provided in Security Analysis: An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative. Notice the three conditions that must exist for an investment: thorough analysis, safety of principal, and an adequate return. I think most investors would agree that satisfying these three conditions is the cornerstone of all investing activity, regardless of what you invest in. Later we shall further discuss why growth investing and value investing are merely two sides of the same coin. Part of the value in any investment is the growth potential of the business. Ben
Graham came along and taught us how to value this future growth and use those principles in paying sensible prices for the stock today. As you will read throughout this book, a major determinant between a successful investment and an unsuccessful investment is the price you pay. Ben Graham’s most famous disciple was Warren Buffett, who today is undeniably considered as the world’s most successful and accomplished investor. Beginning in 1965, when Buffett assumed control of Berkshire Hathaway - at the time a Massachusetts textile business - to 2007, Berkshire Hathaway’s book value per share grew at an annual compounded gain of 21.1 percent. Buffett took the fundamentals that Graham had taught him and adapted them over the years to produce the most successful long - term track record in modern - day investing. Many professional investors who want to follow Graham’s philosophies and teachings look to Warren Buffett and his activities over the past 40 years.
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