Peter Lynch escribió este libro hace más de 20 años pero
creemos que su contenido forma parte de la literatura
imprescindible para cualquier inversor que se rija por la
filosofía “valor”. En el post de hoy repasamos algunas de las
frases célebres y que día a día nos sirven como guía para
seleccionar compañías. Esperamos que sean de vuestro interés y que
si discrepáis o deseáis matizar algún punto iniciemos un debate
abierto para todos.
Don`t own what you don`t understand.
Getting the story on a company is a lot easier if you
understand the basic business.
Invest in things you know about.
Superior companies will succeed and mediocre companies
will fail. The effect is most striking in weak markets.
Finding the promising company is only the first step. The
next step is doing the research.
What to look for in a company: 1) sales breakdown; 2) PER
vs growth; 3) cash position; 4) debt; 5) dividends; 6) book
value; 7) cash flows; 8) inventories; 9) growth rates; 10)
pre-tax profit margin.
There are 6 categories of companies: slow growers,
“stalwarts”, fast growers, cyclicals, asset plays and
turnarounds. Putting stocks in categories is the first step
in developing the story.
If it`s a choice between owning a stock in a fine company
with excellent management in a highly competitive and complex
industry, or it`s a humdrum company with mediocre management in
a simpleminded industry with no competition, I`d rather take
the later. For one thing, it`s easy to follow. “Any idiot
can run this business” is one characteristic of the perfect
company. And the perfectly simple business must have a
perfectly boring name, that`s another starting point.
It`s better if it`s a no growth industry because there`s
less “sound” and no problem with competition. Specially one
that is boring and upsets people.
I always look for niches and products that people have to
keep buying it.
Call the company. What you really want from investor
relations is the company`s reaction to whatever script you`ve
been trying to develop. Asking about the competition is one of
my favourite techniques for finding promising new stocks.
Nothing could be more bullish than begrudging admiration from a rival.
There are five ways a company can increase earnings:
reduce costs, raise prices, expand into new markets, sell more
of its products in the old markets; or revitalize, close or
dispose losing operations. If you can`t predict future
earnings, at least you can find out how a company plans to
increase its earnings. Then you can check periodically if the
plans are working out.
Avoid any of those would – be, could – be, might – be,
soon – to – be… tales. If they aren`t already doing it, then
don`t invest in it.
All else being equal, 20% grower selling at 20x EPS is a
much better than a 10% grower at PER 10x. It`s all based on the
arithmetic of compounded earnings.
Selling a fast grower because the stock seems slightly
overpriced is a losing technique.
Once you are able to tell the equity story of a stock to
your family, your friends, or the dog, and so that even a child
could understand it.. you got it!
PD: Hemos preferido evitar la traducción al castellano para
mantener la esencia del autor.