Ukuhlalutya iShidi leBhalansi
Ukubonisa ubungqina bokuba ixabiso elingabonakaliyo elibelwe kwi-balance sheet lingakhohliswa, nantsi inkcazo evela kuMichael F. Price isingeniso kuBenjamin Graham "Ukuchazwa kweeNgxelo zeMali,"
Ngomnyaka ka-1975, kungekudala emva kokuba ndiqale umsebenzi wam kwi- Mutual Shares Fund , uMax Heine wandibuza ukuba ndibuke i-brewery - i-F & M Schaefer Brewing Inkampani. Andiyi kulibala ukukhangela ibhalansi kwaye ndibona i / + / - $ 40 yezigidi zemali kunye nezigidi ezingama-40 zama-$ 'ezingenakwenzekayo.' Ndathi kuMax, 'Kubukeka kubancinci. UMax wathi, 'Khangela kufuphi.'
Ndakhangela kumanqaku nakwizitatimenti zemali , kodwa abazange batyhila apho isibalo esingenakwenzeka. Ndabiza umnini-mali kaSchaefer wathi, 'Ndikhangele ibhalansi yakho. Ndixelele, zithini izigidi ezingama-40 zama-intangible? Waphendula wathi, 'Awuyazi ukuba wethu jingle,' uSchaefer yinto enye yobhiya ukuba ube nayo xa unako ngaphezu kweyodwa. '?
Kwakukho ukuhlaziywa kwam kuqala kwexabiso elingabonakaliyo, okwenziweyo, okwenyuka kwexabiso lencwadi , kwaye kwandisa imali ephezulu ngaphezu kokuqinisekiswa ngo-1975. Oku konke ukugcina intengo yeStockefer iphakamileyo kunokuba kwakungenjalo. Asizange sikuthenge. "
Indlela yokuhlalutya iShidi leBhalansi
Xa uhlalutya umgca-mali, kufuneka ngokuqhelekileyo ungayihoxisi inani elinikezelwe kwiimpahla ezingabonakaliyo okanye, ubuncinci, uthathe ngaphezulu kwengqolowa yetyuwa. Ezi zimpahla ezingabonakaliyo zingaba nexabiso elikhulu kubomi boqobo kodwa ixabiso lokubala elibhalwe phantsi alinakulinganisa naluphi na umlinganiselo ochanekileyo.
Cinga i-Coca-Cola Inkampani. Nangona kuphela i-$ 12.6 yezigidigidi kwi- propati, isityalo kunye nezixhobo kwi-balance sheet, ekupheleni kwekota yesithathu ngo-2015 (isibalo esipheleleyo sonyaka ka-2015 asikakhange sikhululwe), ukuba yonke inkampani iya kusasa ngomso, kuya kuthatha kalula imali eyi-100 + yeebhiliyoni ukuze iphinde iphinde iphinde ihlaziywe iziseko zayo ezikhoyo, izakhiwo kunye nokuhanjiswa kwenethiwekhi; umahluko obonisa ukuba akukho ndawo kwi-balance sheet. Ngelo xesha, iqumrhu lithwala imali engaphezulu kwe-13 billion yezigidi kwiimpahla ezingabonakaliyo kwiincwadi. Ezi zigidigidi eziyi-13 zezigidi ziquka izinto ezifana negama le-brand-logo ne-logo-cola, ngokungathandabuzekiyo, kakhulu. Ukuba uvuke kusasa ngaphandle kwexabiso elilodwa kwigama lakho ngaphandle kwelophawu lokuthengisa, uya kuthi ube ngumgidi wezigidi ngokukhawuleza kuba abatyalomali bafuna ukuthenga okanye ukuyivumela ilayisenisi kuwe njengoko kuya kukhokelela ekuthengiseni ukuphuza okuphucukileyo ngokubonga ngaphezu Ikhulu leminyaka yokwakha ubulungisa ngokuthengisa, amava amahle, kunye nemibutho emihle.
Ukubaluleka kweeMpahla ezingabonakaliyo
Kwezinye iifemu, impahla engabonakaliyo yinjini emva kweshishini. Umzekeliso ogqityiweyo: Inkampani yeWalt Disney. Akukho mntu ongenza ngokusemthethweni ukuthengisa nokuthengisa iiwaka zabalinganiswa bokuqala kunye namabali ayenayo; ilungelo elinika ilungelo lokuvula iipaki ezakhiweyo ezizungezile, zithengise iimpahla ezifana neebhokisi zeemini kunye neekishi zekhofi, zibeke amakhonsathi aphile kwaye ukhulule ama-albhamu.
I-Disney inamahloni e-$ 7.2 yeebhiliyoni kwi-bhal sheet yayo yeempahla ezingabonakaliyo, nangona ngokuqinisekileyo zixabisa ngaphezulu.
Ngako-ke, umntu kufuneka aqikelele njani ixabiso leempahla ezingabonakaliyo? Ukuba umtyali-mali ozimeleyo ekufumaneni izabelo kwi-firm that he does not control, njengokwakheka isitampu se-blue chip , uBenjamin Graham waxela emida ekufuneka ibe nayiphi na into, ukubaluleka kwangempela kweempahla ezingabonakaliyo kufuneka kuboniswe Amanani omsebenzi ophezulu we- statement statement , ibhalansi, kunye ne-statement flow flow statement, ngaphandle koko akufanelekanga nakakhulu; ukuba ngokuphatha i-assets engabonakaliyo njengenye imithombo yexabiso kunokugxininisa ekuphumeni kwemali eyenza umhlalutyi, ngokwenene, "ukubala kabini" inzuzo. Umfundi wakhe odumileyo, utyalomali-mali u-Warren Buffett , kamva wahamba ngendlela eyahlukileyo, egxininisa ukuba, ngamanye amaxesha, ukubaluleka kwe-brand kwakwaneleyo ukuze ukwazi ukulingana nokuncipha kweengeniso kwakungenakwenzeka kakhulu kwixesha loxinzelelo lwezoqoqosho , ngoko kuqikelela ukuba utyalomali ukuhlawula ixabiso eliphezulu, elincinci lexabiso elifanelekileyo kweshishini kunokufuna isaphulelo.
Ngamanye amagama, awukwazi, ngokuchanekileyo, uyazi ixabiso eliyinyaniso ye-Disney okanye i-Coke ye-assets engabonakaliyo kodwa ukuba i-firm ifyathengisa kwixabiso elincinci okanye liphantsi, kwaye unobunini bexesha elide elide eli-5, 10, 25+ , kungcono ukuba uthenge ngokungazi ukuba impahla ye-intangible yinto enokongezwa kwemida eyongezelelweyo.