Iingcaphuno zikaSeth Klarman

Ukufumana izimvo, amacebo kunye neengcinga ezibalulekileyo xa utyala imali kwimarike yemasheya, amabinzana kaSeth Klarman zezona zibalaseleyo. Ngaba kukho omnye umntu ofanelekileyo ukunika iingcebiso kunomtyali-zimali webhiliyoni? Uqale ukusebenza kwihlabathi lezemali esemncinci kakhulu. Kufuneka kuqatshelwe ukuba namhlanje, ngonyaka ka-2021, Unemali eyi-1,5 yezigidigidi.

Ukuba ufuna ukwazi ngakumbi ngalo mtyali mali kwaye wazi ezona binzana zibalaseleyo zikaSeth Klarman kunye neendlela zakhe zotyalo-mali, ungaphoswa leli nqaku. Kuba ungumlandeli othembekileyo wexabiso lotyalo-mali, Siza kuphinda sichaze ukuba yintoni le ifilosofi yentengiso yemasheya.

Iingcaphuno ezilungileyo zikaSeth Klarman malunga nexabiso lotyalo-mali

Masiqale ngokudwelisa iikowuti ezithile ezivela eKlarman. Kubalulekile ukuba wazi ukuba le economist yaseMelika ilawulwa ngaphezulu kwako konke ngexabiso lotyalo-mali, Siza kuchaza kamva ukuba yintoni. Kodwa ngoku siza kuqala ukubona ezona binzana zibalaseleyo zikaSeth Klarman ezinxulumene nesi sicwangciso sotyalo-mali:

1. "Sichaza ixabiso lotyalo-mali njengokuthenga iidola ngeesenti ezingama-50."
2. “Akukho nto isoteric malunga nexabiso lotyalo-mali. Kukumisela nje ixabiso langaphakathi leasethi eyimali kwaye uyithenge ngesaphulelo esinexabiso lelo xabiso. Owona mceli mngeni kukugcina umonde noqeqesho olufunekayo lokuthenga kuphela xa amaxabiso enomdla kwaye ethengisa xa kungenjalo, ukuthintela ukutshintsha kwexesha elifutshane okugubungela uninzi lwabathathi-nxaxheba kwimarike. ”
3. “Ixabiso lokutyala imali liphakathi kwendlela yezoqoqosho nezengqondo. Uqoqosho lubalulekile kuba kufuneka uqonde ixabiso leasethi okanye ishishini. I-Psychology ibaluleke kakhulu kuba amaxabiso yinto ebaluleke kakhulu kulwabiwo mali olumisela umngcipheko kunye nokubuya kotyalo mali. Ixabiso, ewe, limiselwa ziimarike zezemali, ziyahluka ngenxa yokuvela konikezelo kunye nemfuno yempahla nganye. "
4. “Andizange ndadibana naye nabani na ophumeleleyo kwihlabathi lotyalo-mali lwexesha elide ngaphandle kokuba ngumtyali wexabiso. Kum, kufana ne-E = MC² yemali notyalo-mali. "
5. "Bambalwa bazimisele kwaye banakho ukunikezela ixesha elaneleyo kunye nomzamo wokuba ngamaxabiso abatyali mali, kwaye kuphela yinxalenye yabo enengqondo efanelekileyo yokuphumelela."
6. "Ngokungafani nabathelekeleli, abacinga ngezitokhwe njengamaqhekeza ephepha asebenza kuphela kurhwebo kunye nabo, baxabise abatyali mali bajonga isitokhwe njengesiqwenga sobunini beshishini."
7. "Ixabiso lokutyala imali lifuna idosi ephezulu yomonde kunye nokuziphatha."
8. "Njengotata wexabiso lokutyala imali, uBenjamin Graham, watsho ngo-1934, abatyali mali abakrelekrele abajongi kwimarike njengesikhokelo sokuba mabenze ntoni, kodwa njengabaqambi bamathuba."
9. "Ixabiso lokutyala imali, ngokungathi kunjalo, lishumayela umbono wokuba intelekelelo efanelekileyo yentengiso ihlala iphosakele."
10. "Injongo yethu njengabatyali mali ngexabiso kukuthenga izisulu ezithi ithiyori ithi azikho."
11. "Ukuthenga ezi bargains kunika umtyali mali umda wokhuseleko, osebenza njengokuzikhusela kwimpazamo, iimpazamo, amashwa okanye imo yoqoqosho kunye nemikhosi yezoshishino."
12. "Zonke ii-asethi eziyimali lukhetho lokuthenga ngexabiso elithile, ukubamba ngexabiso eliphezulu, kunye nokuthengisa ngexabiso eliphezulu nangakumbi."

Yintoni ixabiso lotyalo-mali?

Ukwaziwa njengexabiso lotyalo-mali, ukutyalomali kwexabiso yifilosofi yotyalo-mali okanye iqhinga. Ngayo, ukubuya okuqinisekileyo kwenziwa ngendlela engaguquguqukiyo kunye nexesha elide. Inemvelaphi yayo ngonyaka wama-2918, xa uDavid Dodd kunye UBenjamin Graham bayidala bayifundisa kwiiklasi zabo kwisikolo esidumileyo saseColumbia.

Inqaku elidibeneyo:

Athini amaxabiso amaxabiso?

Nangona abadali bayo babengaboqoqosho babini esikhankanye ngasentla, bayenza yaziwa Warren Buffett. Lo yayingumfundi kaBenjamin Graham kwaye ngokuqinisekileyo wayengomnye wabatyali mali ababalaseleyo. Kodwa lisebenza njani ixabiso lotyalo-mali?

Ewe, isekwe ekufumaneni ukhuseleko olusemgangathweni kodwa ngexabiso elingaphantsi kwexabiso lazo lokwenyani okanye langaphakathi. NgokukaGraham, umahluko phakathi kwexabiso langaphakathi kunye nexabiso langoku ngumda wokhuseleko. Le ngcamango ibalulekileyo kwixabiso lokutshala imali.

Ngokwentanda-bulumko, ngalo lonke ixesha ixabiso lentengiso lingaphantsi kwexabiso lokwenene lesabelo, elona xabiso liya kuthi liphele ngokwanda kwixesha elizayo, xa uhlengahlengiso lwentengiso lwenzeka. Nangona kunjalo, kunokuba yingxaki ukuqikelela ukuba leliphi elona xabiso lokhuselo okanye isitokhwe, kunye nokuqikelela ukuba uhlengahlengiso lwentengiso luyakwenzeka nini, oko kukuthi, xa ixabiso liza kunyuka.

Iingcaphuno ezilungileyo zikaSeth Klarman malunga nezemali kunye neengqondo

Akumangalisi ukuba imarike yemasheya inxulumene ngokusondeleyo nengqondo, kwaye oku kubonakaliswe ngokugqibeleleyo kumabinzana kaSeth Klarman. Utshintsho olunokwenzeka kwiimarike lunento eninzi yokwenza neziganeko zentlalo ezinokoyikisa okanye zikhuthaze abantu xa besenza izigqibo zotyalo-mali. Ke ngoko, amabinzana kaSeth Klarman abonakala enomdla kwaye ndincoma kakhulu ukuba ujonge:

1. "Abatyalomali abaphumeleleyo bahlala bengashukumi, bevumela ukubawa kunye noloyiko lwabanye lusebenzele bona."
2. "Ukutyala imali, xa kubonakala kulula, kuxa kunzima kakhulu."
3. "Uninzi lwabantu lukhululekile ngemvumelwano, kodwa abatyali zimali abaphumeleleyo badla ngokungqubana."
4. "Abatyalomali abaninzi bathanda ukwenza iprojekthi yexesha elifutshane, elungileyo nelibi, ngokungapheliyo kwikamva."
5. "Abantu abaninzi abanaso isibindi kunye namandla okuma ngaphandle komhlambi kwaye banyamezele ukubuya kwexesha elifutshane ukuze bavune umvuzo wexesha elide."
6. "Izinto ezitenxileyo kwimarike azikho kodwa yingxolo yokuba abatyali mali abaninzi bakufumanisa kunzima ukuthula."
7. "Uxinzelelo lokuqhubeka noogxa bakho lwenza ukuba kube nzima ngakumbi ukwenza izigqibo."
8. "Ubuntu bendalo buneemvakalelo kangangokuba zihlala ziqiqa, zibangela amaxabiso eeasethi ukuba agqithe kuwo omabini amacala."
9. “Ukuqonda indlela ingqondo yethu esebenza ngayo-ukusikelwa kwethu umda, iindlela ezimfutshane zokunqongophala kwengqondo, kunye nokukhathalela nzulu) sesinye sezitshixo sokutyala imali ngempumelelo. KwaBaupost, sikholelwa ekubeni ngamanye amaxesha kulula ukuqikelela ukuba abatyali mali bazakwenza njani kwiimeko ezithile kunokuqikelela ukuphela kwenkampani. Ngamaxesha okubaxekileyo kwiimarike, ngokunqanda ukuphatheka kakubi ngokweemvakalelo ngokuhlala sazi ukuba kukho ucalucalulo olunokwenzeka, kunokwenzeka ukuba sazi abathathi-nxaxheba kwimarike ngcono kunokuba bezazi bona. "
10. "Kunzima ngokwengqondo ukulwa nesihlwele, ukuthatha indawo eyahlukileyo kwaye uhlale kuyo."
11. "Ukukhathazeka malunga nento engahambi kakuhle kunokukhokelela kwixesha elide lokungasebenzi kakuhle."
12. "Imarike yemasheya libali lemijikelezo yokuziphatha kwabantu enoxanduva lokunyanzelwa kokubini kuwo omabini amacala."

Ngubani uSeth Klarman?

Ngo-Meyi 21, 1957, uSeth Andrew Klarman wazalelwa eNew York, Uyakugqibela ngokuba ngusozimali-mali wezigidigidi. Ukongeza kule mpumelelo, naye waba ngumphathi we-hedge fund kunye nombhali wencwadi ethi "Margin of Safety." Ngelixa utata wakhe wayengusosayensi ngezoqoqosho kwiYunivesithi yaseJohns Hopkins, umama wakhe wayengunontlalontle wezengqondo. Zombini ezi mpembelelo zibonakaliswe kakuhle kumabinzana kaSeth Klarman, ozibandakanya nezezimali kwihlabathi ngengqondo.

Ndineminyaka elishumi kuphela ubudala, uSete omncinci sele efumene isabelo sakhe sokuqala, eyayivela kuJohnson & Johnson. Ukutyhubela iminyaka, wayeluphinda kathathu utyalomali lwakhe lokuqala. Ukuqala eneminyaka elishumi elinambini, waqala wabiza umrhwebi wakhe rhoqo ukufumana iikowuti ezingaphezulu zesitokhwe.

Njengoko kunokulindelwa, USeth Klarman uthweswe isidanga se-magna cum laude kwezoqoqosho. Uye emva koko wagqiba kwelokuba asebenze iinyanga ezili-18 ngaphambi kokungena kwiHarvard Business School. Emva kokuthweswa isidanga, waseka "Iqela leBaupost" kunye nonjingalwazi waseHarvard uWilliam J. Poorvu, ingxowa mali yeheji.

Kwiminyaka embalwa yokuqala uKarlman elawula iBaupost, wayefuna kuphela ukutyala imali kwiinkampani ezingamkelwanga ngokubanzi kuluntu lwaseWall Street. Ngenxa yoku, wabeka ugxininiso olukhulu ekusebenziseni oko kubizwa ngokuba ngumda wokhuseleko kunye nokulawula umngcipheko kakuhle. Njengoko unokucinga ngeendlela zakhe, uSeth Klarman ngumtyali mali olondolozayo. Ngokwesiqhelo uhlala unexabiso elibonakalayo kwiipotfoliyo zakho zotyalo-mali. Kufuneka kuqatshelwe ukuba, ngaphandle kokusebenzisa amacebo angaqhelekanga ngamanye amaxesha, ihlala igcina ikwazile ukufumana imbuyekezo ephezulu kakhulu.

Ndiyathemba ukuba iikowuti zikaSeth Klarman zikuncede ukuba zikukhuthaze ukuba uqhubeke okanye uqale utyalomali kwimarike yemasheya. Ixabiso lokutyalomali sisicwangciso esithandwayo kwaye sisetyenziswa ngokubanzi ngabatyali zimali abakhulu bexesha lethu, ngenxa yoko ayikukhathazi ukulandela iingcebiso zabo.