H\u0259r hans\u0131 bir investorun fikrinc\u0259, Uorren Baffet kimi “\u0259n yax\u015f\u0131 s\u0259hm se\u00e7imi”ni m\u00fchakim\u0259 ets\u0259k, \u0259srin \u0259n yax\u015f\u0131 investorlar\u0131ndan birinin q\u00fcdr\u0259tin\u0259 uy\u011fun g\u0259lm\u0259yi d\u00fc\u015f\u00fcn\u0259 bil\u0259c\u0259yimiz\u0259 \u015f\u00fcbh\u0259 etm\u0259z.<\/p>\n
Warren Buffett deyir ki, s\u0259rmay\u0259 haqq\u0131nda indiy\u0259 q\u0259d\u0259r yaz\u0131lm\u0131\u015f \u0259n vacib yeddi s\u00f6z onun m\u00fc\u0259llimi v\u0259 mentoru Benjamin Graham t\u0259r\u0259find\u0259n “\u0130nvestisiya \u0259n \u00e7ox i\u015fg\u00fczar oldu\u011fu zaman \u0259n a\u011f\u0131ll\u0131d\u0131r” deyir.<\/p>\n
F\u0259rdi s\u0259hml\u0259r se\u00e7s\u0259niz v\u0259 ya birlikd\u0259 bir i\u015f alsan\u0131z, t\u0259l\u0259b olunan \u0259saslar eynidir. “Buffetin investisiya yana\u015fmas\u0131 haqq\u0131nda ba\u015fa d\u00fc\u015fm\u0259k \u00fc\u00e7\u00fcn \u0259n vacib \u015fey budur: s\u0259hml\u0259rin al\u0131nmas\u0131 biznes almaq dem\u0259kdir v\u0259 eyni intizam t\u0259l\u0259b edir.”<\/p>\n
\u00dcmumiyy\u0259tl\u0259, s\u0259hm investisiyalar\u0131nda i\u015ftirak ed\u0259n investorlar\u0131n 90%-i treyderl\u0259rdir. Treyderl\u0259r v\u0259 \u0130nvestorlar eyni deyil. \u0130nvestorlar bir \u015firk\u0259tin s\u0259hmini almadan \u0259vv\u0259l i\u015f adam\u0131 kimi d\u00fc\u015f\u00fcn\u00fcrl\u0259r v\u0259 treyderl\u0259r s\u0259hm qiym\u0259tl\u0259rinin texniki t\u0259hlilind\u0259n ke\u00e7irl\u0259r. S\u0259hm qiym\u0259tinin texniki t\u0259hlili investisiyan\u0131 qiym\u0259tl\u0259ndirm\u0259k \u00fc\u00e7\u00fcn yax\u015f\u0131 deyil, lakin s\u0259hmin qiym\u0259tl\u0259ndirilm\u0259si yaln\u0131z texniki t\u0259hlill\u0259 m\u0259hdudla\u015fmamal\u0131d\u0131r (s\u0259hml\u0259rin qiym\u0259tl\u0259ri a\u015fa\u011f\u0131 d\u00fc\u015fd\u00fckd\u0259 s\u0259hml\u0259ri al, y\u00fcks\u0259ldikd\u0259 is\u0259 m\u0259nf\u0259\u0259t \u0259ld\u0259 etm\u0259k \u00fc\u00e7\u00fcn sat\u0131r). Bu \u00e7ox sad\u0259dir v\u0259 birja ticar\u0259tin\u0259 \u00e7\u0131x\u0131\u015f\u0131 olan h\u0259r k\u0259s bunu ed\u0259 bil\u0259r (al\u0131b satmaq). Lakin investorlar sad\u0259c\u0259 s\u0259hml\u0259ri alm\u0131rlar, onlar hesab edirl\u0259r ki, \u201cs\u0259hm almaq biznes almaqla eynidir\u201d. Onlar s\u0259hmi yaln\u0131z texniki analizd\u0259n daha geni\u015f miqyasda qiym\u0259tl\u0259ndirirl\u0259r. Biz burada Uorren Baffetin “\u0259n yax\u015f\u0131 s\u0259hm se\u00e7imini” qiym\u0259tl\u0259ndirm\u0259k v\u0259 q\u0259rar verm\u0259k \u00fc\u00e7\u00fcn istifad\u0259 etdiyi parametrl\u0259ri (texniki t\u0259hlil\u0259 \u0259lav\u0259 olaraq) m\u00fczakir\u0259 ed\u0259c\u0259yik. Warren Buffett ist\u0259yir ki, onun izl\u0259yicil\u0259ri davam edib s\u0259hm almadan \u0259vv\u0259l a\u015fa\u011f\u0131dak\u0131 suallar\u0131n ham\u0131s\u0131na cavab als\u0131nlar.<\/p>\n
Bu \u015firk\u0259tin biznesi n\u0259 d\u0259r\u0259c\u0259d\u0259 yax\u015f\u0131d\u0131r?<\/strong><\/p>\n 1. Biznes sad\u0259 v\u0259 ba\u015fa d\u00fc\u015f\u00fcl\u0259ndirmi?<\/p>\n 2. Biznesin ard\u0131c\u0131l \u0259m\u0259liyyat tarixi varm\u0131?<\/p>\n 3. Biznesin \u0259lveri\u015fli uzunm\u00fcdd\u0259tli perspektivl\u0259ri varm\u0131?<\/p>\n