Kutheni i-Boring iphantse ilungele ngakumbi

Ukwenza Imali kwiindawo ongeke uzicinge

Kungekudala, ndaqala ukufunda incwadi kaJeremy Siegel, Ixesha elizayo kubaTyalo-mali: Kutheni ukuChatshazwa kweNkqantosi kunye neNyaniso kunye neNtsha . Njengoko unokucinga, ndifunde ezininzi zezimali, ingxelo, utyalo-mali, ibhizinisi, kunye neencwadi zokulawula ebomini bam kunye nokubhalwa kwam. Akukho ukunyanisela ukuthetha ukuba ndicinga ukuba ukuhanjiswa kwe-Siegel yakutshanje kunokuba yenye yezona zibalulekileyo ezibhaliweyo ezibhalwe ngesihloko solawulo lwephothifoliyo kwiminyaka engamashumi amabini edlulileyo.

Ukuba awunayo ikopi, funda ngokukhawuleza (emva kokuba uqedile ukufunda eli nqaku, kunjalo!).

Isiqalo somsebenzi wakhe silula: Kwixesha elide, iifemu ezibuyisela imali engaphezu kwemali kubanikazi babo - abanini-zimali - ngohlobo lweemali zentengo kunye nokuthengwa kwamashishini ngokucacileyo bafumana abo bathululela yonke i-dime ngaphezulu kwimisebenzi engundoqo ukuxhasa ukukhula. Abatyalomali bahlala behluleka ukuphawula ngenxa yokuba bafuna "isenzo" ngendlela yokunyuka kwexabiso lentengo okanye intengo yeemarike , ukulibala ukuba ukukhula ngokupheleleyo kotyalo-mali kufuneka kufake imali ehlawulwe kubanikazi endleleni. Nangona oku kungabonakala kungenakuphikisa, kuyo yonke imisebenzi yekhasi elingamakhulu amathathu, uprofesa uhamba ngeenkcukacha zembali kunye nophando oluya kushiya nokuba ugxeka kakhulu okhunileyo uqinisekile ukuba indlela yokufumana ubutyebi ingaba yindlela ehamba phambili.

Isisatistim esinqabileyo

Inokwenzeka into ekholisayo: Phakathi kowe-1950 no-2003, i-IBM yakhula ingeniso kwi-12.19% ngesabelo ngasinye, izabelo kwi-9.19% ngesabelo ngasinye, inzuzo nganye ngesabelo 10.94%, kunye nokukhula kwecandelo lika-14.65%.

Ngexesha elifanayo, i-Standard Oil yaseNew Jersey (ngoku yingxenye ye-Exxon Mobile) inenzuzo yokukhula kwesabelo se-8.04% kuphela, isahlulo sokukhula kwesabelo se-7.11%, ukufumana isabelo ngasinye ngokukhula kwe-7.47%, kunye nokukhula kwecandelo elibi 14.22% .

Ukwazi ezi nkcukacha, yiyiphi na iifemu ezimbini oza kuba nazo?

Impendulo inokumangalisa. Imali eyi-1 000 efunyenwe imali kwi-IBM yayiya kukhula ibe ngama-961,000 amawaka ngelixa inani elifanayo elibekelwe imali kwi-Standard Oil laliya ku-$ 1,260,000-okanye phantse i-$ 300,000 ngaphezulu-nangona isitokisi senkampani yeoli yanda ngokuphindwe ngama-120 ngeli xesha kunye ne-IBM, Ukwahlukana, kwandiswe ngama-300, ngokuphindaphindiweyo kabini inzuzo yesabelo ngasinye. Ulwahluko lwentsebenzo luvela kulawo mahlulelo abonakalayo: Nangona igalelo elithile lihle kakhulu kwi-IBM, abanini-nxaxheba abaye bathenga i-Standard Oil baza bahlawula imali yabo izabelo ziza kuba namaxesha angaphezu kwe-15 inani lezabelo abaqalise ngazo ngelixa i-IBM yabanikazi beempahla babe ne-3 kuphela -ixesha labo lemali yokuqala. Oku kuya ku bonisa ubungqina bokuba uBenjamin Graham uthi nangona ukusebenza komsebenzi kubalulekile, ixabiso liParamount .

IsiSiseko esiSiseko seNtlawulo yeNtengo

Omnye umgaqo-siseko uSiegel uchaza kule ncwadi yinto ebizwa ngokuba ngumgaqo-siseko wokubuyiswa kotyalo-mali, oko kukuthi, "Ukubuya kwexesha elide kwisitokethi akuxhomekeke ekukhuleni okwenziweyo kwimivuzo, kodwa umahluko phakathi kokukhula kwayo kwenyusa kwaye ukukhula kootyali ngaphandle. "Oku, uthi, uchaza ukuba kutheni amafemu afana noFilip Morris (abizwa ngokuba yi-Altria Group) enza kakuhle kakhulu kubaxhasi-mali (ngokwenene, i-giant giant yayiyiyona nto inokutshala imali kuzo zonke izitokisi ezinkulu ukusuka ngo-1957 ukuya ku-2003 , ukuhlanganiswa kwi-19.75% kunye neentengo ezihlawulelwayo, ukuguqula imali-mali eyi-$ 1,000 kwi $ 4,626,402!).

Iimpembelelo zeengxabano zakhe zinkulu kwaye zivakalisa ezo zakwa-Benjamin Graham amashumi eminyaka edlulileyo. Ngokwenene, akunandaba nomtyalomali ukuba uthenge ukukhula okuqinileyo kwi-20% ukuba ukukhula kuku sele kuthengiswa kwisitokisi. Ukuba inkampani iphendulela kwiziphumo eziphantsi - zithi i-15% - iingxaki zikhulu kangangokuba isitokisi siya kufakwa, sidonsa ibuyiselo. Ukuba ngakolunye uhlangothi, uthenge inkampani ekhulayo kwi-10%, kodwa i-maritime ilindeleke u-5%, uza kuba neziphumo ezingcono. Ekupheleni kosuku, into eyona nto ibalulekileyo yimalini enayo (okanye njengoko uWarren Buffett wakhe wachaza, zingaphi ii-hamburgers ongathenga ngazo). Abanini-zimali abaninzi bayalibala ukuba indlela yokufumana ubutyebi kukuthenga intlawulo enkulu kwixabiso elincinci elisoloko lingenayo inkampani ekwandiseni izinga elikhawulezayo.

Yabelana ngeNtlawulo ngokuchasene neCash Dividends

Incwadi iphinda ixoxe ngesi sihloko, esiyihlolisise ngokugqithiseleyo kwinqaku leveki elidlulileyo Iingxelo zeCash Dividends vs. Share Resurchases .

Iingcamango Zokuvala

Konke kuzo, ukuba unomdla kwizinto ezenza utyalo-mali oluyimpumelelo kwaye unayo ixesha lokufunda enye incwadi kulo nyaka, oku kukhethwa kakhulu.