32. การที่บริษัท X ทำการซื้อกิจการทั้งบริษัทของบริษัท Y มา ถ้าบริษัท X ซื้อมาในราคาแพงกว่ามูลค่าทางบัญชีของบริษัท Y บริษัท X จะต้องทำการบันทึก ค่าความนิยม (Goodwill) ในบัญชีสินทรัพย์ของตัวเองและทำการตัดจำหน่ายออกไปในจำนวนปีที่คิดว่าจะได้ประโยชน์จากค่าความนิยมนี้ ซึ่งต้นทุนค่าความนิยมนี้จะเป็นค่าใช้จ่ายคงที่ซึ่งทำให้กำไรของบริษัทน้อยกว่าความเป็นจริง ดังนั้น การดูงบกระแสเงินสดจะช่วยได้
32. การที่บริษัท X ทำการซื้อกิจการทั้งบริษัทของบริษัท Y มา ถ้าบริษัท X ซื้อมาในราคาแพงกว่ามูลค่าทางบัญชีของบริษัท Y บริษัท X จะต้องทำการบันทึก ค่าความนิยม (Goodwill) ในบัญชีสินทรัพย์ของตัวเองและทำการตัดจำหน่ายออกไปในจำนวนปีที่คิดว่าจะได้ประโยชน์จากค่าความนิยมนี้ ซึ่งต้นทุนค่าความนิยมนี้จะเป็นค่าใช้จ่ายคงที่ซึ่งทำให้กำไรของบริษัทน้อยกว่าความเป็นจริง ดังนั้น การดูงบกระแสเงินสดจะช่วยได้
* Understand the nature of the companies you own and the specific reasons for holding the stock. (“It is really going up!” does not count)
* By putting your stock into categories you’ll have a better idea of what to expect from them
* Big companies have small moves, small companies have big moves
* Consider the size of a company if you expect it to profit from a specific product
* Look for small companies that are already profitable and have proven that their concept can be replicated
* Be suspicious of companies with growth rates of 50 to100 percent a year.
* Avoid hot stocks in hot industries
* Distrust diversifications, which usually turn out to be diworseifications
* Long shots almost never pay off
* It’s better to miss the first move in a stock and wait to see if a company’s plans are working out
* People get incredibly valuable fundamental information from their jobs that may not reach the professionals for months or even years
* Separate all stock tips from tipper, even if the tipper is very smart, very rich, and his or her last tip went up
* Some stock tips, especially from the expert in the field, may turn out to be quite valuable. However, people in the paper industry normally give out tips on drug stocks, and people in the health care field never run out of tips on the coming takeovers in the paper industry
* Invest in simple companies that appear dull, mundane, out of favor, and haven’t caught the fancy of Wall street
* Moderately fast growers(20-25 percent) in non growth industries are ideal investments
* Look for companies with niches
* When purchasing depressed stocks in troubled companies, seek out the ones with the superior financial positions and avoid the ones with loads of bank debt
* Companies that have no debt can’t go bankrupt
* Managerial ability may be important, but it’s quite difficult to assess. Base your purchases on the company’s prospects, not on the president’s resume or speaking ability
* A lot of money can be made when a troubled company turns around
* Carefully consider the price-earnings ratio. If the stock is grossly over priced, even if everything else goes right, you won’t make any money.
* Find a story line to follow as a way of monitoring a company’s progress
* Look for companies that consistently buy back their own shares
* Study the dividend record of a company over the years and also how its’ earnings have fared in past recessions
* Look for companies with little or no institutional ownership
* All else being equal, favor companies in which management has a significant personal investment over companies run by people that benefit only from their salaries.
* Insider buying is a positive sign, especially when several individuals are buying at once.
* Devote at least an hour a week to investment research. Adding up your dividends and figuring out your gains and losses doesn’t cout
* Be patient. Watched stock never boils
* Buying stocks based on stated book value alone is dangerous and illusory. It’s real value that counts.
* When in doubt, tune in later
* Invest at least as much time and effort in choosing a new stock as you would in choosing a new refrigerator.
ข้างบนมีโน๊ต Beating the street แล้ว
พอดีเจอของ 'One Up on Wall Street' โดยคุณSrikoradaเลยมารวมไว้ด้วยกัน..
Later, his follow-up book Beating the Street (published in 1993), Lynch left investors with the following list of golden rules — 25 in all.
Peter Lynch's 25 Golden Rules for Investing
Rule 1: Investing is fun and exciting, but dangerous if you don't do any work.
Rule 2: Your investor's edge is not something you get from Wall Street experts. It's something you already have. You can outperform the experts if you use your edge by investing in companies or industries you already understand.
Rule 3: Over the past 3 decades, the stock market has come to be dominated by a herd of professional investors. Contrary to popular belief, this makes it easier for the amateur investor. You can beat the market by ignoring the herd.
Rule 4: Behind every stock is a company. Find out what it's doing.
Rule 5: Often, there is no correlation between the success of a company's operations and the success of its stock over a few months or even a few years. In the long term, there is a 100% correlation between the success of the company and the success of its stock. This disparity is the key to making money; it pays to be patient, and to own successful companies.
Rule 6: You have to know what you own, and why you own it. "This baby is a cinch to go up" doesn't count.
Rule 7: Long shots almost always miss the mark.
Rule 8: Owning stocks is like having children — don't get involved with more than you can handle. The part-time stockpicker probably has time to follow 8-12 companies, and to buy and sell shares as conditions warrant. There don't have to be more than 5 companies in the portfolio at any one time.
Rule 9: If you can't find any companies that you think are attractive, put your money in the bank until you discover some.
Rule 10: Never invest in a company without understanding its finances. The biggest losses in stocks come from companies with poor balance sheets. Always look at the balance sheet to see if a company is solvent before you risk your money on it.
Rule 11: Avoid hot stocks in hot industries. Great companies in cold, non-growth industries are consistent big winners.
Rule 12: With small companies, you are better off to wait until they turn a profit before you invest.
Rule 13: If you are thinking of investing in a troubled industry, buy the companies with staying power. Also, wait for the industry to show signs of revival. Buggy whips and radio tubes were troubled industries that never came back.
Rule 14: If you invest $1000 in a stock, all you can lose is $1000, but you stand to gain $10,000 or even $50,000 over time if you are patient. The average person can concentrate on a few good companies, while the fund manager is forced to diversify. By owning too many stocks, you lose this advantage of concentration. It only takes a handful of big winners to make a lifetime of investing worthwhile.
Rule 15: In every industry and every region of the country, the observant amateur can find great growth companies long before the professionals have discovered them.
Rule 16: A stock market decline is as routine as a January blizzard in Colorado. If you are prepared, it can't hurt you. A decline is a great opportunity to pick up the bargains left behind by investors who are fleeing the storm in panic.
Rule 17: Everyone has the brainpower to make money in stocks. Not everyone has the stomach. If you are susceptible to selling everything in a panic, you ought to avoid stocks and stock mutual funds altogether.
Rule 18: There is always something to worry about. Avoid weekend thinking and ignore the latest dire predictions of the newscasters. Sell a stock because the company's fundamentals deteriorate, not because the sky is falling.
Rule 19: Nobody can predict interest rates, the future direction of the economy, or the stock market, Dismiss all such forecasts and concentrate on what's actually happening to the companies in which you have invested.
Rule 20: If you study 10 companies, you will find 1 for which the story is better than expected. If you study 50, you'll find 5. There are always pleasant surprises to be found in the stock market — companies whose achievements are being overlooked on Wall Street.
Rule 21: If you don't study any companies, you have the same success buying stocks as you do in a poker game if you bet without looking at your cards.
Rule 22: Time is on your side when you own shares of superior companies. You can afford to be patient — even if you missed Wal-Mart in the first five years, it was a great stock to own in the next five years. Time is against you when you own options.
Rule 23: If you have the stomach for stocks, but neither the time nor the inclination to do the homework, invest in equity mutual funds. Here, it's a good idea to diversify. You should own a few different kinds of funds, with managers who pursue different styles of investing: growth, value small companies, large companies etc. Investing the six of the same kind of fund is not diversification.
Rule 24: Among the major stock markets of the world, the U.S. market ranks 8th in total return over the past decade. You can take advantage of the faster-growing economies by investing some portion of your assets in an overseas fund with a good record.
Rule 25: In the long run, a portfolio of well-chosen stocks and/or equity mutual funds will always outperform a portfolio of bonds or a money-market account. In the long run, a portfolio of poorly chosen stocks won't outperform the money left under the mattress
Lynch claims he was 0-for-25 in investing in companies that had no revenue but a great story. Remember, the guy who averaged 29% returns went oh-fer on long shots. You and I are unlikely to do much better.
I’ve said it before, and I’ll say it again. Use companies with proven track records as your baseline. QBE Insurance Group (ASX:QBE), BHP Billiton (ASX:BHP), and Telstra Corporation (ASX:TLS) are selling for 10, 8, and 10 times trailing earnings, respectively. This is what the market is charging for solid, low-to-moderate-growth companies that dominate (or at least co-dominate) their spaces. Expect to pay more for higher-growth prospects, but make sure the risk-reward trade-off on an unproven company is worth it.
Long shots almost always miss the mark
..แปลง่ายน่าจะหมายความว่า
การเล็งเป้าไกลมักจะพลาดเป้า
long shot
noun
1.
a horse, team, etc., that has little chance of winning and carries long odds.
Never look back when you're driving on the autobahn.
He's referring to the time he was doing a research trip in Europe and while traveling at 120mph (just shy of 200kmh) he noticed in his rear view mirror that some guy in a Mercedes was tailgaiting him about 3" from his rear bumper. I'm sure this incident has deep significance for investors, but I guess I'm too much of a philistine to see it.
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