重要なポイント
- 10年連続で年10%の増収と15%の投下資本利益率を達成した企業を絞り込む
- その銘柄群を買い、ニュースに惑わされず10年間売らずに保有する
- 不動産、ゴールド、高コストな投信は、諸費用を考慮すると静かに資産を減らす
- 大型株には格安インデックスを用い、アクティブ運用はリサーチが活きる分野に絞る
- まず計画を立てる：緊急資金、保険、期限付きの目標、その後にポートフォリオ
このbitの内容
- 上質を選んで、あとは忘れる
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つの選別基準
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.
- あえて何もしない
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.
- インドで資産が静かに目減りする盲点
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.
- 運用の前に、まず計画を
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.
- 実践に移す
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.
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