One Up On Wall Street: How To Use What You Already Know To Make Money In The Market

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Peter Lynch ผู้เชี่ยวชาญในการวิเคราะห์ปัจจัยพื้นฐาน แม้จะอ่านยากไปหน่อย แต่ถ้าทำความเข้าใจ จะพบว่าเนื้อหาหลักๆ ประกอบด้วย การทำความเข้าใจตัวเอง การยอมรับความเสี่ยง และไฮไลท์ของหนังสือเล่มนี้คือ การคัดเลือกหุ้น วิธีการจัดพอร์ต ช่วงจังหวะการซื้อขายหุ้น ที่ผู้เขียนได้ถ่ายทอดประสบการณ์ ให้มุมมองไว้อย่างน่าสนใจ และ ผู้อ่านสามารถวิเคราะห์ และนำไปประยุกต์ เกิดเป็นสไตล์ การลงทุนของตัวเองได้ inventory เพิ่ม 30% มันอาจหมายความว่า ในปีต่อๆไป ของใหม่ที่ผลิตออกมาจะแข่งขันกับของเก่าและสต๊อกก็จะเพิ่มมากขึ้นไปอีกจนมันถูกบังคับให้ต้องลดราคา และแปลว่ากำไรจะน้อยลง When it comes to fast growers , always ask yourself: Can it keep up with this growth pace? Is this sustainable? If you find that the risk is too high compared to the company’s valuation, and that the market is just going crazy over it without a reliable reason, don’t go for it. To analyze a company’s profits, you have to forecast what could happen in 5 dimensions to which Lynch pays particular attention.

Don't get faked out by macro events such as M1-money supply, oil prices, dollar index, etc. Lynch pays no attention to external economic conditions, except in the few obvious instances when he's sure that a specific business will be affected in a specific way. Don't waste your time on Contracts and Options.The list of things to look for when choosing a share is useful. Assets which have appreciated in values but their values recorded on the books are the original paid prices. Büyük ihtimalle daha az hata yapılacak olan sektörler çünkü bunlar. Kitapta bolca yaptığı hatalara değiniyor Lynch. Özeleştirilerinden dersler çıkarmamızı istediğini düşünüyorum. (Bir de bu işin doğasında bu hatalar var. Onun için çeşitlendirme, yumurtaları aynı kaba koymama elzem.) Bu dersleri özetler halinde tekrar sunduğu kısımları arada gözden geçirmekte fayda var. Şirketleri ayırdığı kategoriler bile çok şey söylüyor. Benim ağır tempolu - döngüsel şirketle ne işim var bunu niye aldım derken bulabiliyorsunuz kendinizi?The company's strongest division sells 50 percent of its output ot one leading customer, and that leading customer is suffering from a slowdown in its own sales. The company has duplicated its successes in more than one city or town, to prove that expansion will work. Shortform note: Why would a parent company spin off a new independent company in the first place? One reason may be that the parent company wants to dedicate its resources to only the highest-performing areas of its business and allow a subsidiary to take care of the other areas. Additionally, parent companies expect the spinoffs will be profitable, as these can narrowly focus on one service or product. This is in line with Lynch’s belief that parent companies set up spinoffs for success—parent companies want the spinoff to succeed.) The lessons are timeless and readily understood and the book is an entertaining read. The author is very likeable and provides real life examples on how to assess companies and whay to think about. Dördüncü aşamada yine etrafımdaki kalabalık eksilmekte ama bu kez bana hangi hisse senetlerini almam gerektiğini söylüyorlardır. Dişçinin bile aklında birkaç tüyo vardır ve partiyi izleyen günlerde gazeteye bakınca bana önerdiği hisselerin hepsinin değer kazanmış olduğunu görürüm. Tanıdıklarım borsa hakkında, üstelik haklı tavsiyelerde bulunmaya başlayınca artık borsa en yüksek noktasına çıkmış, düşmeye hazırlanıyordur." (96)

Full Book Name: One Up On Wall Street: How to Use What You Already Know to Make Money in the Market I have the impression that books about investing are generally awful—greedy, crass, self-promoting, illogical, and mediocre. It must have something to do with money. This one, written in the late 1980s, and published in this edition in 2000, is none of those things. It's just out of date. This book is almost a quarter century old, yet the wisdom is timeless for new investors. Of course some examples may be slightly outdated, but a lot of the investing advice remains relevant today.

Table of Contents

Deneyimli ve disiplinli bir müşterek bahisçi için atlar üzerine bahse girmek gayet güvenli bir uzun vadeli yatırım olabilir. Bu, o kişi için yatırım fonlarına para yatırmak ya da General Electric hisse senetleri almak gibi bir şeydir. Öte yandan her duyduğu tüyoya atılan, gömlek değiştirir gibi portföy değiştiren dikkatsiz ve dağınık bir borsa yatırımcısının” en güzel yeleli ata yada mor pantolonlu jokeye bütün maaşını yatıran bir bahisçiden farkı yoktur." (76) The first value investing principle focuses on a company’s intrinsic value. This means looking beyond its market price and considering its […] read more Understanding the Margin of Safety in Value Investing From my experience, fast growers tend to sell at a premium. One thing that I look out for when analyzing fast growers is the PEG ratio. I use it when I look at a fast-growing company with a high PE (price to earnings ratio). The percentage of the earnings paid out as dividends. If it's a low percentage, then the company has a cushion in hard times. Otherwise, the dividend is riskier.

Low risk, high gain: Hidden-treasure companies (provided you’re sure of the company’s assets) and cycle companies (provided you understand the company’s cycles)

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With this kind of dividend-paying company, we should look at its payout ratio, which shows the percentage of its earnings paid out as dividends. More than 100% is a warning signal as it will not be sustainable; anything below 60% is conservative and more sustainable, in my opinion. What the growth rate in earnings has been in recent years. Is it slowing down (5 new motels last year and 3 this year) or speeding up (3 last year and 5 this year)?

In general, a new manager or a change in the company’s strategy allows better forecasting of future results. Asset plays or companies with hidden assets It’s also worth looking at a company’s assets and liabilities on company reports, writes Lynch. You want to see that a company’s assets are growing and that its liabilities (debt) are shrinking over time. It’s also a good sign when the company’s assets are currently greater than its debt—if this is true, the company likely isn’t about to go out of business.Two recent acquisitions of unrelated businesses look like diworseifications, and the company is still looking for further "at the leading edge of technology" acquisitions. Lynch provides the example of the couple that spends the weekend looking for the cheapest airfare to fly to London but does not pay thought at all when investing a large part of their savings in KLM shares. Unwritten rule here: The closer you get to a finished product, the less predictable the resales value. You know how much cotton is worth, but who can be sure about an orrage cotton shirt? You know what you can get for a bar of metal, but what is it worth as a floor lamp? Shortform note: This recommendation may no longer apply in today’s tech-saturated business world. Some argue that every company—no matter what it does—is now a tech company because tech has simply become a necessity for staying competitive. This means that companies that might once have seemed mundane or unappealing 1) can use tech to modernize their operations (like a plumbing company using the latest technology to complete jobs more effectively) and 2) can use tech to easily reach the eyes of more investors (a pest control company might create a flashy social media campaign).)