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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 162-172)
Discipline is simple but rarely easy and Practicing the art of patience
阅读到的有价值的内容段落摘录
The financial media does a great job of sensationalizing the day trader who made 100 times his salary in one year or the hedge fund manager who timed the mortgage crisis just right and earned $ 3 billion in one year. For every one of these outliers, though, there are thousands of others who have failed terribly. Many investors tend to forget that be slow and steady will always win the race. Investors who embark on a strategy of trying to reap riches quickly often face a similar outcome: continued loss of permanent capital. Value investing, by its very nature, is about the gradual appreciation of capital. At times, value investors certainly will be rewarded with quick profits, but such bounty should be viewed as an added bonus to a disciplined approach. Value investing is a comprehensive investment philosophy that emphasizes the need to perform intense fundamental analysis, pursue long - term investment results, minimize risk, and, above all, resist herd mentality. The true value investor understands that patience is an asset, not a hindrance. A slight revision to Pascal’s quote might apply to our investment managers today: “All investment managers’ miseries derive from not being able to sit quietly in a room alone.”
Too many investors approach the stock market as a speculative endeavor, often because share prices go up regardless of underlying valuation.
Investing, however, rests on the foundation that securities are purchased at a discount to estimates of intrinsic value, thereby implying that the basis for investment gain will result from purchase price nearing intrinsic value. Unlike speculators who strive to achieve rapid gain, value investors strive to limit capital loss. As such, true value investors will gladly wait for as long as it takes to make investments that satisfy those investment philosophies. Along with discipline and risk aversion, the fifth element essential to the value investing approach is patience. There are tremendous benefits to being patient in investing. The most obvious reason is that less activity reduces transaction costs and helps defer taxes. Moreover, in investing, you are afforded the luxury of waiting until opportunity arises. There are no time limits, 18 holes, or strikes that restrict the opportunity find the investment ace. This luxury is crucial in the markets because the prevalence of networks like CNBC and Internet trading all serve to turn investing into a minute - by - minute activity. The ability to buy and sell securities in a split second has led to havoc for many investors. Patient investors welcome the buy-and-hold approach, knowing that the ultimate determinants of when to “buy” and for how long to “hold” is predicated on a market value being below intrinsic value. Underpinning all of the above, the powerful advantages of patience will only be fully appreciated when a basic understanding of stock valuation is understood. Stocks derive their valuations from the cash flows they will produce in the future. Simply stated, stocks are worth the present value of the future cash flows they will provide to their owners. A business can do one of two things with its cash flow: either reinvest the cash back into the business or pay it out in the form of dividends. Unlike bonds, equities don’t expire. In financial terms, this longevity implies that stocks have a very long duration. As a result, the vast majority of cash flows that will accrue to a holder of common stock will occur far out into the future. And if a business is growing those earnings over time, then the substantial gains that are to be had from holding equities will also occur further out in the future. The greatest advantage, of course, comes to the patient investor who can purchase common stocks of quality businesses at a substantial discount of the present value of those future cash flows, often referred to as intrinsic value. This fundamental aspect of stock valuation is why true value investors are comfortable investing in undervalued stocks, regardless of whether or not the purchases are made at the absolute bottom. Even more so, value investors are comfortable holding bargain securities during temporary periods of distress.
阅读到的有价值信息的自我思考点评感想
It is the above premise that renders dividends so extremely important in certain investment considerations. Over time, dividends can begin to account for more and more of the value derived from holding equities. Naturally, investors should always emphasize the security of the dividend over the rate of the dividend. Many investors are quick to ignore the enormous value that a dividend yield can add to the overall results of a particular investment; this ignorance comes with an expensive price tag.
In investing, and in life, having the discipline to say no can mean the difference between success and failure. We have to bear in mind that price is what you pay, and value is what you get. The price paid for an investment will determine the value gained. Being disciplined usually means avoiding what is popular on Wall Street. We have to be prepared to look stupid in the short run when we are saying no while everyone else is saying yes. Having discipline cuts both ways: don’t split hairs trying to bottom fish a stock price. And we need to focus on pricing the business, not timing the stock. An undervalued business with a wide margin of safety will be a good investment whether it’s bought at a share price of $20 or $17. In the short run, market prices reflect investor sentiment; in the long run, market prices weigh on the fundamentals of a business. Invest for capital preservation first and capital appreciation second. To maintain a disciplined approach and not being emotional are not easy in investing, but the qualifications needed to do so are simple.
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