Till now I am also unable to quantify what these …DCF and intrinsic value …are.What I realized that ,the best way to understand a business is to do field work ,reading and logical reasoning.Once I understand the business and if I can convince myself that its a good business,then the next step is to wait for correction (if the stock is expensive) in the stock price,so that the stock becomes cheap with respect to the current earnings,strength/moat in business,ability to throw cash to shareholders etc.This process takes care of margin of safety.My check list helps me in it.Suppose I bought a good business little high price (not abnormally high),then since I purchase stocks in SIP mode,then automatically the avg purchase price goes down.
What mistake I used to make earlier is that,If a well known stock price corrects more from its top ,then I consider the business as a good one and there is no logic in it.
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