Ubungqiqo obuBodwa obungabancedisa abaTyalo-mali abaSebenzayo Bakha i Fortune
Ukwahlukana phakathi kwexabiso le-Intrinsic kunye neNtengiso
- Ixabiso langaphakathi: Ixabiso elikhoyo elikhoyo elisetyenzisiweyo lentela emva kwentela, ukuhamba kwexabiso lokunyuka kwamaxabiso okunciphisa ukunyuka kwemali phakathi kwexesha kunye nokuphela kwexesha
- Ixabiso lemarike: Ziziphi ezinye abantu abazimisele ukukuhlawula i-asethi nganoma yimuphi umzuzu
Ixabiso langaphakathi kunye nexabiso lexabiso lempahla lihlala lihambelana nexesha ngenxa yokuba abantu banengqiqo xa ubomi bezolile kwaye akukho nto engaqhelekanga eyenziwa kwihlabathi, kodwa kukho ixesha okanye iimeko apho ziyahlukana khona.
Uyazi oku kwinqanaba elithile, nokuba uyazi okanye akunjalo. Khawucinge ukuba unayo ice cream ekwimimandla yamabhola adumile kwisixeko esikhulu. Ukusuka ekuthengiseni ukugubungela, i-malts, i-banana ehlukeneyo, i-ice cream cones, izinja ezishushu, ne-Coca-Cola, ivelisa i-$ 30,000 ngonyaka emva kwengeniso yerhafu emva kwentlawulo ebonakalayo ye-$ 30,000; ukubuyisela ngomlomo 100% ukubuyisela. Yonke ihlobo, uqesha abancinci abaselula ukuba bawusebenze, qi ni sekise ukuba izinto zihamba kakuhle, kwaye ziqokelela umgca we-earnings.
Akuyi kuze kukhule kakhulu ngaphaya kwexabiso lokunyuka kwamandla emveliso, kodwa lincinci, ukuba lincinci, ukusebenza.
Ngoku, khawucinge ngomntu oza kuwe kwaye akunike i $ 5,000 ukuwuthenga. Uyakuhleka ebusweni babo. Ngoba? Nangona ungazikhathazi ukwenza okwenene ukulinganisela kwamanani, uvele uyayazi ukuba ixabiso lentengiso ayinikelayo liyingcambu nje yaloo nto yangaphakathi.
Akukho ndlela oya kuyamkela into engafanelekanga. Ngoku, mfanekiso lo mntu uhambisa i-$ 3,000,000. Unokuyigxuma kwi-heartbeat kuba nangaphandle kokuthabatha i-calculator, uyazi ukuba intengo yemarike enikezelwa kakhulu idlula ixabiso langaphakathi. Awunakuze wenze okuninzi kwi-ice cream ukuma ukuze ulungele ukuthabatha imali kunye nokutshala imali kwenye into.
Iimpahla ezivelisayo
Zonke iimpahla ezivelisayo kwihlabathi zendlela efanayo. Amasheya angowobunini obulinganayo kumashishini afana ne-ice cream stand. Kufuneka ujonge oko ufumana khona kwixabiso lemarike naliphi na ixesha elithile (kwaye ungakhawulezi ukuba uthengise ukubamba okukhulu ngenxa yokuba intengo yemarike ingaphaya kwexabiso layo langaphakathi ngexesha elilodwa; imali yangempela - ukuguqulwa, ubutyebi bentlalo - luhlala luqhutyelwa ngokubamba ii-generator zemali ezingaphezu kwama-25 +, ukuthengisa). Ukuba ungathandabuzeki, ndiyakuxela ukuba awukhatali ngokukhawuleza kwimbali okanye kwimbali. Bangaphi abantu abaziqhayisa ngokukhawuleza ukufumana i-20% ngenzuzo yokuthenga inkampani efana neCoca-Cola ngentengo enye kwaye uyithengisa kwenye, uzama ukuyifakela njalo nje ukuba yayiyinxalenye yendawo yokuthengisa ifa? Kunoko, bebeke bafaka enye imali engama-R10 000 kulo mhla ndazalwa, bahlawulela imali yabo , bengenzi nto enye, bahlala phantsi kwi-$ 1,020,939 kwi-stock, baye babheka isikhundla sabo senyuke ngo-10,109.39%, kwaye banandipha i-15.09% yecandelo lokukhula ngonyaka .
Ukuba beye bachitha i-$ 10,000 ngonyaka kwizo zikhuni, izatifikethi zezitshalo eziluhlaza kwi-juggernaut yase-Atlanta-based, iinombolo ziza kuphefumula.
Ukwenza imali ngePortfolio Portfolio
Nangona ngezinye iinkqubo ufumana ukuchithwa kwebhizinisi, njengoko unokwenza ukuba ulandelelanise, unako ukwenza imali kwiipotifoliyo ezahlukahlukeneyo ngenxa yemathematika yeentlobo ezahlukeneyo. Ukubonelela ngomzekeliso wehlabathi loqobo, umtyalo-mali osisigxina kwi-firmman efana ne-Eastman Kodak ngeli xesha bekunandipha ukuphakama kwedumela laso bekungeke lihambe lingenanto ngaphandle kokuba isitokethi sifike kwi-$ 0 ngenxa yezabelo kunye ukuhluthwa kwecandelo leekhemikhali. (Iqondo elihle lokulahleka lixhomekeka ekubeni ngaba uvuselele izabelo kwakhona kwi-Eastman Kodak ngokwayo okanye iphothifoliyo ngokubanzi.
Umngcipheko / umvuzo wokurhweba phakathi kweCoca-Colas kunye ne-Eastman Kodaks yehlabathi unokubanjelwa ngokusetyenziswa kwe-portfolio rebalancing .)
Indlela endijolise ngayo kwixabiso le-Intrinsic kwiNdlu yam, iBusiness, kunye namanye amaPortfoliyo phantsi koBugcisa bam
Ingaba sisethu, iipotifoliyo zentsapho zomntu, iipotifoliyo zeenkampani zokusebenza esiziphetheyo kunye nokulawula, okanye iipotifoliyo zentsapho kunye nabahlobo abasicelile ukuba banakekele impilo yabo ngokwezimali ngokugcina imali yabo yokugcina imali, entanyeni yethu kwimihlathi, sinezicwangciso eziliqela zokugcina ingqwalaselo apho kufuneka ukuba khona: Ukufumana ubuninzi bokubaluleka kwangaphakathi njengoko sinako ukuhlala kuyo iminyaka emashumi. Ifilosofi eyasikhonza ngokungaqhelekanga kwaye yasivumela ukuba sifumane ukuzimela ngokwezimali ngokwemali kuninzi kwihambo.
- Njengoko ukuhlaziywa kweespredishithi zexesha langempela kubonisa ukuba yintoni ekutyalomali apho apho, isithintelo sobunikazi nganye kwishishini sigxininisa isabelo sethu sokuthengisa, inzuzo, izabelo, kunye nexabiso lokuthengisa. Ikholomu yoluhlu lwexabiso lentengiso luthiwa ngu "Mnu Market" evela kuBenjamin Graham . Ngaphandle kokuba iqabane lethu loqhankqalazo linikezela ngokwemigaqo eqhelekileyo ekuthengiseni izigxobo zethu, asinomdla. Kwezinye iimeko, asinomdla ekuthengiseni yonke into (njengoko ihlala idityaniswe ngabalimi-mali abaqhelekileyo, kuquka uWarren Buffett , kunye nantoni na ongayifaka esikhundleni seCoca-Cola kwaye ufumane ukuqinisekiswa okufanayo kuya kwenza kakuhle kwinkulungwane ezayo?). Kukho iikholeji ezibonisa iimveliso zethu kunye nezivuno zokuhlawulela kwiintsuku xa iimarike ziwa, siqala ukubona ukubuyela kwexesha elizayo, ukwenza ukuba izikhundla zethu zikhangele xa nje ishishini liphantsi.
- Sisoloko sizibuza malunga nenkampani nganye apho sigcina intshawulo-mali, "njani le nto ibingenza imali? Ziziphi iimeko ezenza kube lula? Ziziphi izinto ezisongelayo? Ziziphi amathuba okwenza okungakumbi? Amava okuba namava amnandi njengomnini unikezwe intlawulo esiya kuhlawula ngokumalunga nomvuzo womnini? " Ukuba asinakukuxelela apho imali ivela khona kwaye yenze njani indlela esezandleni zethu, sithi, "Ndiyabonga, kodwa akukho mbulelo."
- Sihlolisisa rhoqo iphothifoliyo sizibuze, "Ukuba imarike yokuthengisa imfutshane yayiza kuvala kwiminyaka emihlanu ezayo, kwaye asikwazanga ukuthenga okanye ukuthengisa into, ngaba silala kakuhle ebusuku sizenzele izinto esizenzayo, kwiimali esizenzayo? "U Ukuba impendulo ithi, "Hayi", utshintsho lwenziwe. Izinto ezihlazileyo zenzeka, ukusuka ekuhlaselweni kwamagebungela ekugqibeleni kwemfazwe yehlabathi. Nangona abanye banokukhetha ukuhlala ngengozi, mna nomyeni wam sakhula ngaphandle kwesiqhekeza sesilivere kwaye kwafuneka sisebenze ngendlela yethu kwiikholeji, owokuqala kwiintsapho zethu ukufumana iidridi. Siyaqaphela ngenyameko i-adage yakudala, "Kuphela kufuneka ube nesityebi". Asinasifiso "sokubuyela emuva", njengokuba kunjalo. Ngokwenza okokuqala kuqala ukuba singalokothi silahlekelwe yimali, sinokuhlula ukwahlukana kwexabiso lemarike (kubona ishishini elithile lingaphantsi kwe-40% ephepheni, elisoloko lingathethi kakhulu) kwixabiso langaphakathi (kubona injini yezoqoqosho iwahlula kwishishini ngenxa yeenguqu okanye iingxaki ezithile ezizimeleyo, ezibhekiselele kwizinto eziyinyani, ukulahlekelwa ngonaphakade). Umzekelo weklasi: Khangela oko kwenzekayo kwizabelo ze-oil majors okwangoku, endikubhalileyo ngokubanzi kwiblogi yam. I-blue chip stocks njenge-ExxonMobil idibanise i-S & P 500 kwiminyaka engama-30 edluleyo, nangona ixesha lokuphela lilinganiselwa kwi-free break in a cutshe (okukuxelela ukuba ubukhulu becala kangakanani) kodwa, ekuhambeni kwendlela, kufuneka uchithe ixesha ye-3, 5, okanye i-7 apho ufumene i-25% ukuya kwi-50% ilahleko kwi- statement yakho yomrhwebi .
- Sisebenzise yonke imisebenzi yethu yokufunda izinto ezifana nemigomo ye-GAAP kunye nezimali zenkampani. Sisebenzisa ezo zakhono ukumba kwi- 10-K yokufaka ingxelo kunye nengxelo yonyaka efuna izibonakaliso zokulumkisa, njengemali ekhuselekileyo enxulumene nemali engenayo engenayo okanye izinto ezinokungabaza ezinjengezibonelelo ezingenakulinganiswa zokuphuhliswa kwelahleko kwiinkampani zomshuwalense. Kukho amaxesha esiza kudlulela kwishishini elithe ngenye indlela libukeka elungileyo kuba kukho into esishiya siziva singenakungcwatywa singcwatyelwe amakhulu emakhasini kwizaziso.
- Nangona asinabo abahluli-mali-mali ngabanye - senze imali eninzi ngokuthenga izitokethi ezingayihlawuli igalelo - singaba nesigulane xa kuthatha iminyaka ukuze i -sissis yethu isebenze ngenxa yokuba kaninzi kunokuba kunjalo, sihlala kwaye uqokelele imifudlana yemali, ekugqibeleni sifumane isitokisi salo simahla sibonga izahlulo, ezenza njengezaphulelo kwixabiso lokuthenga, imali esithengayo esiyibekayo kwaye sivumele ukuba siyisebenzise kwenye indawo. Awukwazi ukukhohlisa imali. Ingcambu ingafika okanye ayifuni. Isixa esihlawulelwa kwisabelo ngasinye sanda ngokukhawuleza kunomlinganiselo wokunyuka kwamaxabiso okanye akwenzi.
Ukuthatyathwa kunye, kusinceda sigcine ingqalelo kwizinto ezibalulekileyo. Asiyi kulahleka xa i- market market ishayisa . Sisoloko siqaphela indlela engakanani imali esigcina ngayo kwiipotifoliyo zethu . Sivame ukukhusela ityala le-margin kwiimeko ezininzi kwaye singalokothi sisebenzise ngokubhekiselele kwinqanaba elingaba yingxaki. Sinawo uqobo, oku kuthetha ukuba akukho mntu unokusitshabalalisa ukuba sifuna ukuthatha iminyaka emi-5-10 ukuxhomekeka kwimbono enokuthi ibonakale iyingozi kumaphepha okwesikhashana. Silungiselele zonke iiphothifoliyo zethu kwaye siphila kwiinkqubo ezivumela ukuba sisebenzise ngokunzulu ukuziphatha kwexesha elide. Unako kwakhona, ukuba unqwenela.