Alegere actiunile in care investesti - 15 criterii
Un citat cu 15 puncte pentru alegerea actiunilor in care sa investesti:
Great stocks are extremely hard to find. If they were not, then everyone would own them. The record is crystal clear that fortune-producing growth stocks can be found. However, they cannot be found without hard work and they cannot be found every day. - Philip Fisher in Journal of Portfolio Management (2011)
Philip Fisher believed that a company could only outpace its competition through innovation, and thereby grow faster than the market and provide superior returns to investors over the long run.
The scuttlebutt strategy he designed to uncover the best investment opportunities is part of a strategy aimed at buying outstanding growth prospects based on a thorough appraisal of the underlying businesss characteristics – i.e. buying growth at a reasonable price.
Fisher set out how investors should choose their holdings in his 15-point plan:
1. The company should demonstrate a strong existing product portfolio and pipeline of new products to feed a large and expanding market.
2. Management should be determined to develop new products to replace the mature products and maintain the companys high growth trend.
3. The companys R&D efforts should be effective in relation to its size. Is the company investing sufficiently in order to maintain an edge?
4. The company needs to have an above average sales force. How do competitors regard the firms sales team?
5. The company must show a strong and defensible profit margin.
6. The company should retain the ability to improve its profit margin over time.
7. The company should have outstanding relations with employees.
8. The company should also have outstanding relations with executives.
9. The company should have depth to its management - i.e. in order to secure a smooth succession process.
10. Look for companies with good cost analysis and efficient accounting controls.
11. Identify what sets the company apart from the competition and how its maintains its edge.
12. Favour companies that take a long-range view of profits and avoid companies that are overly focused on quarterly metrics.
13. Be wary of a potential dilution of benefits - companies without sufficient cash or borrowing ability may look to finance growth through issuing equity.
14. Good management teams should not hide disappointment and challenges from shareholders.
15. Investors should only consider an investment in companies that are run by management teams of unquestionable integrity.
Fisher "scuttlebutt" strategy is about uncovering the calibre of a company from Main Street sources, rather than focusing on the noise from Wall Street. While it may be practically impossible to get detailed information from the target company, investors can go a long way by collecting information from competitors, customers, and suppliers.
