Ok, eu tenho uma dúvida de iniciante desconfiado do mundo.
Eu sempre tive a imagem (não embasada, achismo mesmo) de que fundos de investimento são coisas de bancão que escondem pegadinha com fonte pequena.
Aí estou lendo o "The Intelligent Investor" e achei um parágrafo que me chamou a atenção, pois é um contraste em relação ao tom do livro até agora. > > Best of all, once you build a permanent autopilot portfolio with > index funds as its heart and core, you’ll be able to answer every market > question with the most powerful response a defensive investor > could ever have: “I don’t know and I don’t care.” If someone asks > whether bonds will outperform stocks, just answer, “I don’t know and I > don’t care”—after all, you’re automatically buying both. Will health-care > stocks make high-tech stocks look sick? “I don’t know and I don’t > care”—you’re a permanent owner of both. What’s the next Microsoft? > “I don’t know and I don’t care”—as soon as it’s big enough to own, > your index fund will have it, and you’ll go along for the ride. Will foreign > stocks beat U.S. stocks next year? “I don’t know and I don’t care”—if > they do, you’ll capture that gain; if they don’t, you’ll get to buy more at > lower prices.
p. 131 - The Intelligent Investor - Benjamin Graham
Pois bem, fui conferir os fundos de investimento na minha corretora, ordenei por valorização anual decrescente, só pra ver mesmo. Encontrei esse: https://www.modalmais.com.br/wp-content/uploads/fundos/relatorio-mensal/Logos.pdf
Embora o livro, nesse parágrafo defenda um portfolio com fundos de investimento "at its heart and core", mesmo que eu aloque somente 1% do meu patrimônio em um fundo como esse, parece muito almoço grátis.
Qual a pegadinha?
I see different opinions in this subject and I'm confused about what is still relevant and what not.
Thank you!
Finished reading the intelligent investor and first of all, wow - what a powerful read by BG! Wish I had read it way earlier!
I am a CPA by trade and work in M&A for a F500. I found the content in chapter 12 on per share earnings highly interesting. However, I was wondering if there were some limitations to his arguments in the book
Edit number 1: thanks for feedback folks. I understand this book is about value investing and my examples are mainly focused on growth. I’ve edited and bolded my post to make it more clear that intended this to be a discussion of the metrics used to determine intrinsic value from future cash flow, not growth vs value. For instance:
1) BG advocates for using EPS as a measure
> while I agree EPS is a good starting point, many companies are not EPS positive and more importantly EPS is often a poor proxy for future cash-flow. I wonder if this limits investments in growth companies, and those which are value cash cows but require a lot of upfront capital (REITs, telecoms, utilities). Should the enterprising investor use additional metrics to value companies depending on the industry or stock? Such as FFO for REITs, EBITDA - capex for telecom, etc.
2) BG advocates for using GAAP earnings over “adjusted” or non-GAAP earnings on the basis that it avoids excessive add-backs of “one-time” (but truly recurring) adjustments.
> while I agree that adjustments can often be “recurring” my basic criticism with solely relying on GAAP earnings is that an investor may undervalue an opportunity because of a clearly non-routine or non-cash charge, such as tax reform in the US that lead to many corporations writing of GAAP deferred tax assets, despite the fact that taxes would decrease going forwards. Additionally, using GAAP EPS May include non-recurring and non-cash gains for a company that is selling off or carving out entities or businesses, which is hardly a sustainable business and using this measure on a value stock could result in overvaluation. I would suggest a better approach for an enterprising investor would be to judge the individual adjustments and determine himself if appropriate.
3) instead of using adjusted earnings, BG advocates using an average of several years earnings, on the basis that the non-routine charges should level out (a precursor to CAPE if you will)
> while I agree this can be useful for cyclical stocks or stable stocks, I wonder if taking an average of historical resu
... keep reading on reddit ➡So in the commentary of chapter 6 it is written...
“ if you’d bought 100 shares of Microsoft when it went public on March 13, 1986, your $2100 investment would have grown to $720,000 by early 2003. And finance professors Jay Ritter and William Schwert have shown that if you had spread a total of only $1000 across every IPO in January 1960, at its offering price, sold out at the end of that month, then invested anew in each successive months crop of IPOs, your portfolio would have been worth more than $533 decillion by year end 2001.”
What do they mean by investing anew in each successive month’s crop of IPOs ?
Hi all, I read the intelligent investor last week (or at least some good chunks) and focused on the Book Value Per Share aspect where if you're above the 1.3 ratio (Stock vs BVPS) then you're in speculation, and things below that ratio are considered probably good buys, or at least priced correctly. Some conditions were
- Not bleeding money
- Regular profit
I looked at Citigroup and they're at 0.88, where as something like Netflix is 30x. Am I missing something or it C a great deal?
God Bless our community.
I recall reading the Intelligent Investor when I was thirteen years old, however, many concepts were hard for me to grasp. Now I’m fifteen and want to read it again, but making sure that I understand absolutely everything in it. Are there any recommendations of books I should read, or terms I should study before reading the Intelligent Investor?
I am new to stocks generally and reading the book, The Intelligent Investor at the moment. There is something I've read and do not understand and would appreciate some explanation.
I'm reading the revised edition of 2003. On the commentary of chapter 13, it says that EMC corp was the best performing stock and that " If you had invested $10,000 in EMC’s stock at the beginning of 1990, you would have ended 1999 with just over $8.1 million. "
I checked up th price of stock at the end of 1990 and it was $3.25 ($5.375 at end of 1989) and $85 end of 1999 ($109.25 end of 2000). I'm trying to understand how this calculation was made to arrive at this $8.1 million. Especially since they also mentioned in the commentary that the company never paid dividends .
Any help is appreciated.
Thanks.
I picked up both. Which do you recommend reading first?
By second half I mean the real life examples of stock comparisons, what to look for when picking stocks etc.
I am mostly interested in stocks and keen to be more on the active investor style.
Any books that follow similar style of examining real life cases with ample of examples that you can recommend?
Thanks
I just finished it and I want to continue learning in that direction. Any suggestions?
Introductions: I'm joskye. A cryptocurrency investor and holder.
...
What's my background? Well I was a noob with no trading experience. But I saw the bitcoin chart and read the papers on it in early 2012. I could see the exponential tangent rise in price pretty early based on it's perceived scarcity dynamics and valuation at $30. I swore I'd buy a $7k worth at the time but put it off for various ultimately dumb reasons (lack of knowledge on wallets, FUD from mainstream investor friends).
-
Around 10 months later I cried in my car on the way home realising if I'd committed to that purchase I could have sold then (or even now) for $200k.
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I stopped thinking about money, technology or cryptocurrency for almost 2 years and focused on my day job (being a Doctor).
-
June 2016 and a random Vox article about Ethereum popped up on my radar critiquing it's rise to $10 from 30 cents following the announcement of 'the DAO' weeks prior to it's infamous fall.
The Ethereum concept of smart contracts had me hooked and I was thrown back into cryptocurrency; a moon-child expecting a meteoric rise. Indeed I bought my $6.4k worth of ETH in at $12 per piece (530 ETH total) and watched in bloom to $11.13k when ETH price hit $21 around 2 weeks later.
I didn't really understand the technology. I ignored an article Emin Gun Sirer pointing out the security vulnerabilities in the DAO; at the time I didn't really understand what 'the DAO' (or even a DAO) was, or it's significance.
I didn't understand what I was buying or the implications on price of anything built on top of it, if something went wrong.
All I cared about was I had a gut feeling. Bought at the right time and felt euphoric knowing I'd made an almost 100% return in 2 weeks.
Days after that article by Emin, the DAO hack occurred. I watched the price of ETH dive.
I had plenty of opportunities to sell at profit; at least 5 in total but I simply held my ETH believing it's better to blindly hold.
What's my regret from this?
- Not selling 225 ETH at $21: 21 x 225 = $6.4k i.e the size of my initial investment.
Imagine getting really lucky, making 10x the annual return of most S&P500 investors (10%) in 2 weeks then not removing all risk by selling enough of my winnings to make my initial investment back when I could.
- I would have eliminated all risks of trading after
Why am I bullish on the price of Particl (PART) long term?
...
Currently Particl trades in the $5-10 range on Bittrex with a relatively low market cap. Present valuations are determined solely by market speculators (mostly accumulators aware about the project potential).
However on release of their decentralised marketplace module in Q1 2018, provided its released with full atomic swaps and shapeshift/exchange integration, it's buy side dynamics will change significantly.
This will be driven by the fact that whilst multiple cryptocurrencies will be accepted on the Particl network to automatically convert to the native PART token via in-client integration of shapeshift, decentralized exchanges and widget implementation of atomic swaps (direct conversion of other cryptocurrencies to the native PART token without intermediary if they possess atomic swap functionality), all buying and selling transactions on the marketplace and other Particl modules will be conducted solely via the native PART token.
At this stage I estimate a 5x to 20x (conservative is 5x) rise in price purely on a hype cycle alone. Longer term however I view it very differently to other assets due to it's liquidity characteristics which resemble DASH but with actual utility to self perpetuate it. This is because:
- People decide to use the Particl marketplace.
- People sent their crypto to the Particl client.
- This converts to PART: Buy pressure on PART.
- People buy PART in the Particl client to transact.
- People use PART escrow: PARTs get locked into escrow contract.
- Circulating supply of PART gets further restricted.
- Successful buying/selling of goods = repeat custom exclusively in PART token.
- Repeat custom = regular repeat buy pressure on PART per individual.
- Repeat custom = word of mouth = more new customers on Particl marketplace. This perpetuates first step.
- Buy pressure increases. More escrows. Further liquidity lockup.
-
More dApps (beyond market place) release as PART hype & awareness increases = more buy pressure on PART.
-
Staking locks away PART also restricting circulating supply.
-
As value of PART increases incentive to stake increases (as stakers earn tx fees). As PART value increases and tx frequency increases, stakers earn more rewards perpetuating further staking.
-
More PART gets locked in staking. Lower circulating supply.
-
Rapidly escalating PART price.
So pro
... keep reading on reddit ➡Is there a huge unmet demand for 100% private 2-party transactions?
...
Yes.
...
Privacy centric markets e.g. Particl (PART) are useful for:
-
Privacy enthusiasts.
-
People who wish to live independent of fiat.
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People who live in localities where crypto is not taxed or recognized as a legal unit of exchange (potentially legally bypassing local tax laws).
-
Grey market purchases (nootropics, pharmaceuticals, tobacco, alcohol, luxury goods, knockoff's (including unbranded device clones or items which are essentially legal but copyright may be an issue).
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Embarrassing legal goods purchases or purchases you do not want appearing on a credit card statement (sex toys is an obvious one; I'm sure there are more)
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People in countries with unstable economies (Venezuela, Zimbabwe) where local currency hyperinflation means purchasing various goods in native currency is pointless/expensive/cumbersome but using alternative non-private currencies to transact (e.g. Bitcoin) may result in prosecution.
-
Legal transaction of goods internationally but the need to keep location of buyer/sender publicly hidden due to local/regional restrictions or requirements for other bureaucracy if purchased in fiat
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Extremely sensitive research and development or manufacturing projects especially product manufacture where for whatever reason the design, parts and manufacturing process must be completely unknown or obscurable.
-
Purist use as a store of value, anonymous secure, large OTC cryptocurrency transactions and wholeseller/sensitive R&D or confidential supply chain transactions is a massive legal use case area.
-
Whole seller/boutique manufacturing and R&D is probably the biggest legal use case especially where patent's or highly sensitive data is concerned and for whole sellers and large scale manufacturers who wish to keep their trade secrets intact.
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Providing a safe, secure competitive edge when negociating with multiple contractors. MAD Escrow service serves as a nice deposit feature for lock on of contracts for large scale distributors where trust or quality concerns may be an issue.
-
Sometimes the convenience associated with trading on a fully anonymous platform (where the client node locations are anon and the buyer/seller/amount are publicly anon) in terms of keeping paperwork and records but still trading goods for a fungible currency) outweighs the risks. Anyone who has ever had to do company accounts will underst
This book was written by Benjamin Graham in 1949, and is one of the classics of the investing world.
Graham was a professor at Columbia University, and made a ground breaking study of investments, pioneering the style of investing known as “Value Investment”. One of his students was the young Warren Buffett, who in his preface to The Intelligent Investor wrote:
I read the first edition of this book early in 1950, when I was nineteen. I thought it was by far the best book about investment ever written. I still think it is.
The book covers the difference between investment and speculation, a history of the stock market since 1871, how inflation affects investment, and how to build a defensive portfolio.
As expected from an academic, the book is often quite dense and detailed, but I would recommend the reader to persevere. Graham often is quite sceptical about Wall-Street types, and quite pessimistic about the ways in which corporations try to mislead shareholders about how well the really are doing.
I would recommend this book to anyone serious about investment. It's analytical and sceptical approach is of real value in these days of cheerleading of stocks, and the reader will benefit from learning how to avoid pitfalls and how to cut through the marketing hype to find stocks of value.
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At DigitalAssetDB we are building an identity profile for coins and tokens.
Each profile contains the following useful information for investors:
- vital information about the coin
- week trading information
- trading markets and pairs
- returns over multiple periods with benchmarking against other coins within the same market cap range
- trading volume over multiple periods with benchmarking against other coins within the same market cap range
- volatility over multiple periods with benchmarking against other coins within the same market cap range
- 1 year return chart compared to BTC return taken as an index
would you add any other information?
Please let us know your feedback on the comments.
Thanks
Link: https://beta.digitalassetdb.com/details/hellogold#top
Just looking for more additional ways to figure out what kind of person I may be doing business with, who to keep certain actions from and who is willing to go to the deep end with me.
As I get older and end up in different social settings for work, it sometimes becomes tiring trying to figure out the intentions of every potential ally/business partner etc. I normally start analyzing people by their upbringing, the actions they consistently take and how they deal with adversity/losing. Coming from a childhood of high intensity sport and martial arts, there are certain qualities and values that I instantly look for to gauge my level of trust or commitment to a person. Once they show me they don’t posses certain qualities, aren’t willing to learn or accept criticism I immediately limit the amount of energy I invest in them. Not sure if this is a healthy way to move as a young adult but I value my peace and my time.
There are many pretenders that do a great job of hiding who they really are(it only lasts so long though) and I would like to know of any methods you may use to minimize the time one may waste by interacting with those that cannot be themselves.
Much love to everyone on this subreddit, so much gems in here that got me through odd phases in life
