Coffee Can Investing

Puntos clave

• Filtra empresas con 10% de alza en ingresos y 15% de retorno sobre capital por 10 años
• Compra esa cartera y mantenla 10 años sin vender, diga lo que diga la prensa
• Inmuebles, oro y fondos caros drenan tu patrimonio al sumar todos los costos
• Usa fondos indexados baratos en megacapitalizadas y paga gestión activa solo donde aporte valor
• Diseña primero el plan: fondo de emergencia, seguros, metas con fechas y luego el portafolio

Dentro de este bit

1. Compra bien y olvídate

   Imagine buying shares in a handful of excellent Indian companies, putting the certificates in a coffee tin, and not opening it for 10 years. That image, borrowed from an American fund manager who noticed that his most neglectful client did best, is the heart of this book.

2. Los dos filtros

   The coffee can method starts with a screen, not a story. Look back 10 years and keep only companies whose revenue has grown by at least 10% in every single year, and whose return on capital employed has stayed at or above 15% every single year.

3. No hacer nada, a propósito

   Once the portfolio is built, the rule is to hold it for 10 years without selling, whatever the headlines say. This feels lazy, but it is the source of the returns.

4. Por dónde se fuga en silencio la riqueza india

   A large part of the book is about the alternatives Indians default to. Real estate, once loan costs, maintenance, stamp duty and years of illiquidity are counted, has often delivered returns that trail equities while feeling safer only because prices are not quoted daily.

5. Un plan antes que un portafolio

   The book's case studies follow different families: a young couple starting out, a mid-career professional with loans and children, a retiree living on income. In each, the lesson is that a coffee can portfolio only helps when it sits inside a plan.

6. Ponlo en práctica

   This week, list every asset you own, including property, gold and deposits, and estimate what each has actually returned after costs and tax; the honesty is the point. Check the expense ratio of each mutual fund you hold and note how often it churns.