Coffee Can Investing

Points clés

• Ciblez les entreprises avec 10 % de croissance et 15 % de rentabilité par an depuis 10 ans
• Achetez ce panier et gardez-le 10 ans sans vendre, peu importe l'actualité
• Immobilier, or et fonds coûteux érodent discrètement le capital une fois les frais déduits
• Misez sur les ETF pour les grandes capitalisations et payez la gestion active là où elle sert
• Posez les bases d'abord : épargne de précaution, assurances, objectifs datés, puis le portefeuille

À l'intérieur de ce bit

1. Achetez bien, puis oubliez

   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. Les deux filtres

   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. Ne rien faire, délibérément

   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. Où s'évapore discrètement la richesse indienne

   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 avant un portefeuille

   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. Passez à l'action

   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.