Coffee Can Investing

핵심 요약

• 10년간 매년 매출 성장률 10%, 자본수익률 15%인 기업을 찾으세요
• 그 바스켓을 사고 뉴스가 어떻든 10년간 팔지 마세요
• 부동산, 금, 고수수료 펀드는 모든 비용을 따지면 조용히 새어 나갑니다
• 대형주는 저비용 인덱스 펀드로, 액티브 관리는 리서치가 통하는 곳에만
• 비상금, 보험, 기한 있는 목표 등 계획을 세운 뒤 포트폴리오를 짜세요

이 비트의 내용

1. 잘 사고 잊어버리세요

   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. 두 가지 필터

   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. 일부러 아무것도 하지 않기

   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. 인도의 부가 조용히 새는 곳

   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. 포트폴리오보다 계획이 먼저

   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. 직접 적용해 보기

   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.