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Invest Like a Guru – How to generate higher returns at reduced risk with value investing 2017(Charlie Tian)
https://bbs.pinggu.org/thread-6755810-1-1.html (Page 23-45)
The Investment Gurus
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I discovered that investing can be learned. I discovered that there is no trick to becoming a better investor. You simply need to learn, learn from the best, and learn from mistakes-mistakes of others, but mostly your own. And you need to work really hard. The Gurus who had the most impact on me and my investing philosophy are Peter Lynch, Warren Buffett, Donald Yacktman, and Howard Marks. Lynch, Buffett, and Yacktman taught me how to think
about business, companies, and their stocks. Marks made a great impression on me regarding how to think about market cycles and risks. What follows in this chapter are the important points that I gleaned from these Gurus.
Peter Lynch: A company’s earnings and its stock price relative to earnings are by far the most important factors in deciding if the stock is a good investment. Though stock prices can be affected by daily headlines about the Federal Reserve, the unemployment rate, the weekly jobs report, or what’s going on in Europe, over the long term, the noise from the
news is canceled out.
Warren Buffett: If Peter Lynch taught me investing methodologies, Warren Buffett
influenced my business understanding and investing philosophy. I read through all of Buffett’s partnership and shareholder letters from the 1950s to the present, which completely changed the way I think about business and the philosophy of investing. An investor should forever remember the following three quotes from Buffett. “It’s Far Better to Buy a Wonderful Company at a Fair Price Than a Fair Company at a Wonderful Price”
1. A broad and durable competitive advantage, or economic moat an economic moa:t protects a company from its competitors and prevents others from entering its market. It gives the company significant pricing power so that the company can increase its earnings over time.
2. Low capex requirement and high returns on invested capital An indication of companies that have low capital requirement is that they have high capital turnover and can generate high returns on invested capital. As a result, only a small portion of earnings has to be reinvested in the business.
3. Profitable growth
When a company grows profitably and generates positive returns on its invested capital, its intrinsic value grows, too. A wonderful company can grow its value over the long term and reward its shareholders with more earning power over time. In comparison, a marginal business will probably not be able to create value over time. More likely is that it will destroy value. Even if an investor can buy it at a wonderful price, as Buffett did with his textile companies, the results can still be disastrous.
For most investors who don’t have the portfolio-size problems of Buffett, the chance of finding wonderful companies at wonderful prices is far greater. This is one of the many advantages that small investors enjoy. “It’s Crazy to Put Money in Your Twentieth Choice Rather Than Your First Choice”. This quote from Buffett is obvious, but it is hard to do, and not many investors have the guts to keep a concentrated portfolio.
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It is not easy to stick to your hurdle rate during the downward market, either. Finally, the market is going down and many of the stocks you always wanted to buy have hit your hurdle rate. But it is scary because the market is crashing. The stock market always goes down faster than it goes up. It takes much longer to blow a bubble than to burst it. The stock you want to buy is going down quickly; if you buy it now, you will soon find that you have lost 10 percent, 20 percent, or even more in a few short days. But if you don’t buy setting a hurdle rate and sticking to it is very hard to do, but it is extremely important for the long-term success of investors. Only those who are willing to, and have the luxury of being able to, sacrifice short-term performance can outperform in the long term.
We can note that Buffett has covered every topic related to business and investing in his letters to Berkshire Hathaway shareholders. These topics range from the economy to business operations such as corporate governance, management qualities, accounting, tax, and mergers and acquisitions. Buffett’s letters offers insight into the businesses of insurance, banking, retail, airlines, newspapers, and utilities—and of course, investing. His shareholder letters should be recommended readings for investors who is serious about business management and investing.
I highly recommend to read Buffet’s letter to shareholders. Continuous lifelong learning changed me a lot, and I now look at everything in life, even if it is not related to business and investing, from a totally different angle. Of course, I apply what I learned in my own practice of investing research, and in the following chapters I will detail how to apply this knowledge in your investing. I hope to establish the right investing framework so that you can invest in one with a solid foundation and avoid many of the mistakes that investors could have averted, and ultimately achieve long-term success.
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