Coffee Can Investing

Principais ideias

• Filtre empresas com 10% de alta na receita e 15% de retorno sobre o capital por dez anos seguidos
• Compre essa carteira e mantenha por 10 anos sem vender, não importam as notícias
• Imóveis, ouro e fundos com taxas altas corroem o patrimônio no silêncio dos custos
• Use fundos de índice baratos para grandes empresas e pague gestão ativa só onde a análise compensa
• Crie o plano primeiro: reserva de emergência, seguros, metas com prazos e só depois a carteira

Dentro deste bit

1. Compre bem e esqueça

   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. Os dois 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. Não fazer nada, de 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 onde o patrimônio escorre em silêncio

   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. O plano antes da carteira

   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. Coloque em prática

   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.