Chikumbiro Chekutanga Pakati Pevanhu Kupa Kuwedzera
Ndinofunga kuti kukwidza kwePOs kunonzwisisika. Hasi chete iwe uri kupa hupfumi kuhupfumi - huwandu hunogona kukura mabhizinesi chaiwo anopa zvinhu chaiyo uye mabasa kune vateereri - asi iwe unofanirwa kufarira kurota kwekudzokorora ruzivo rwevatengesi vekare mumafemu akadai saWal-Mart, Home Depot , Walt Disney, Dell, Tiffany & Company, Microsoft, Nike, Coca-Cola, Target, kana Starbucks.
Kutenga kumwe chete muakaunti yako yekutengeserana , chikwata chemaoko akachengetwa , uye makumi emakore gare gare mhuri yako inonyanya kupfuma. Iwe unowana bhizimisi rakanaka rakafanirwa kukura kukuru uye kubatisisa upenyu hunodikanwa sezvaunofamba nokuda kwekufamba. Muzviitiko zvezvizhinji zveiPOs yakabudirira kwazvo, mari inowanikwa gore negore inongopfuura yepakutanga mari yekutsvaga mukati mechina yezana remakore.
Pamusoro peizvi, zvikamu zvakawanda zvemari zvakagamuchirwa zvaive zvakabhadharwa zvakasununguka kare, mazhinji, nguva dzakapfuura.
Nhengo dzacho dzakazova mishonga yemari, kudhindisa kuwedzera kwemazana emari kune vatenzi vayo kuti vanozogona kushandisa asi ivo vaida.
The Downside of IPO Kuisa
Chinhu chakanyanya kuderera chevarimi vePO chakanga chiri kutarisana nekutengesa kwekutsvaga kwemari munzira. Haisi kunyanyisa kutaura kuti kune nguva dzakawanda, dzimwe nguva dzinogara kwenguva refu yakareba, panguva iyo zvikamu zvaizowira mumakambani anodzingwa ne 30% kusvika 50% kana kupfuura.
Zvechokwadi, kumudzimai wezvokwadi, izvi hazvina basa kana kwenguva yakareba iyo kutarisa kuburikidza nemari yekuwana yakaramba ichingokura uye rekodzero yekukura yakachengetwa yakaramba ichipwanya zvinyorwa zvitsva. Zvinosuruvarisa, paunotarisa kunyatsoita mari yekuita mari, vazhinji vanochengetedza zvinhu havazvibati nenzira iyi. Panzvimbo pokukoshesa bhizinesi uye kutenga zvakakodzera, vanotarisa kumusika kuti vazive. Havanzwisisi musiyano pakati pezvinhu zvakakosha uye mutengo.
Coca-Cola neWalmart IPO History
Cherechedza The Coca-Cola Company. Nhengo imwe chete yeCoke yakatengwa madhora makumi mana muPO zvakare muna 1919 ingadai yakura kusvika kudarika madhora 5,000,000 nezvikamu zvakabhadharwa zvakadzorerwa nenguva iyo nyaya iyi yakatanga kuparidzirwa musi waJuly 31, 2006. Iye zvino zvandadzoka kuzokudzorera musi waDecember 31st, 2014, chimiro chinomira pane zvinopfuura $ 15,000,000.
Iko Coke IPO yakachinja upenyu nokusingaperi. (Rimwe guta duku, Quincy, Florida, rakava mutori wenhoroondo wemamiriyoni ane rekodhi muUnited States nokuti bhengi yemunzvimbo iyoyo yakaita kuti munhu wose kambani ive imwe yebhizimisi makuru pane kushanda.
Bhengi akaziva kuti kwete chete zvinyorwa zvemari zvakasimba, asi kuti chigadzirwa chacho chakanga chakanyanya kuvharwa kubva mune zvehupfumi zvakadai sekudzoka uye kurasa nokuti kunyange kana iwe wakarasikirwa neimba yako, basa rako, uye wakamirira mune chingwa, kana ukawana nickel, iwe unogona kuripedza pagirazi reCoca-Cola; ine unhu hwakanaka huripo hwakapa nguva yekufara.
Chiratidzo chaive chaive uye chiri, chinoshamisa.) Heino muchengeti: Mutengesi we IPO angadai akatarisa $ 40 yake inowira kusvika $ 19 mukati megore rokutanga roga naro! Vanhu vangani vakasiya mapeji makuru ekare kare-kare nekuda kwevamwe vatengesi vanoita kukanganisa mumatengo.
Wal-Mart Stores, Inc. inyaya yakafanana. Dzokera kune yepakutanga IPO muma1960 apo Sam Walton akanga achizadza zvivigiro zvake kunze kwenyika uye mari ye $ 10 000 nezvikwereti zvadzorerwa zvino zvakakosha pane imwe nzvimbo pakati pe $ 15,000,000 uye $ 20,000,000. Akashandura vatyairi vemotokari, vatengesi, vatariri vezvitoro, vatariri, uye vashandi vekutanga muzviuru zvemamiriyoni.
Asi kwete zvose zvinotanga kupa zvipo zvevanhu zvinoshanda kunze. Ko iwe dai wainge watenga makambani akadai seWebVan, iyo yakagadziriswa yebhu web grocer kubva panguva ye-dot-com yakasara vatengesi nematambudziko akawanda?
Vanhu vakashandisa mari yavo yekuwana pfuma vakatarisa podfolio yavo inokosha-inodzinga; guta guru raigona kunge rakapinda mune dendere guru mazai kana rakapiwa nguva yakakwana.
Izvo zvakauya kune chimwe chinhu chiri nyore: Kusiyana nedzimwe makambani akatsigira IPOs, WebVan haigone kuita mari. Vaya vatengesi vepakutanga vakaparadzwa nenjodzi yekuongororwa . Pane imwe nguva, kambani iri seri kwePO inofanira kutanga ichiita pfuma chaiyo inogona kugovera vadzidzisi. Nezvose izvi zvichitaurirwa, isu tichiri kusara nemubvunzo: Unofanira kufunga nezvekuisa mari muPOs?
The Classical Value-Investing View of IPO Kuisa
Benjamin Graham, baba vekukosha kwekuisa mari uye zvizhinji zvekuchengetedzwa kwemazuva ano, zvakakurudzirwa mubhuku rake rinonzi The Intelligent Investor , vatengesi vanonyatsojeka pane zvose zvakatanga kupa zvipo zvehurumende. Chikonzero chacho? Munguva ye IPO, varidzi vekare vari kuedza kusimudzira mari yekuwedzera bhizinesi, kubudisa mari yavo yekuda kugadziriswa kwemigwagwa, kana zvimwe zvikonzero zvakawanda zvekuti zvose zvinoguma nechinhu chimwe: mutengo wekutanga unopa mikana shoma yekutenga danda rako pa anotsauka.
Kazhinji, akataura, imwe hiccup mubhizinesi ichaita kuti mutengo wematengo uparare mukati memakore mashomanana, zvichipa mutengo wemari mafungiro mukana wekutakura pane kambani yaanofarira. Sezvo kunyange muenzaniso wedu weCoca-Cola wakaratidzwa, izvi zvinowanzoitika kuti ndizvo zvazviri.
Kunyange zvazvo ini ndinowanzofunga zano iri kuti rive rakachenjera, kunyanya kune vashandi vasina ruzivo vanofanira kunge vachisarudza chimwe chinhu chakafanana nekambani yemari , vachishanda nemudzidzisi anokwanisa kana, kana ivo vakapfuma zvakakwana, boka rekuchengetedza masangano, dambudziko rinobva kana iwe ukawana bhizimisi rakakosha chaizvo-iyo iwe une chivimbo icharamba ichiwedzera kwemakumi makumi emakore pamitengo kakawanda iyo yemusika wevose, kunyange mutengo wakakwirira unogona kuva mutengo.
Zvechokwadi, kutarisa kumashure kwe gumi gumi apfuura, Dell Computer yakanga yakanyatsopera pamutengo wekuwana mari yekuwana 50x! Izvo zvaiva, chaizvoizvo, iyo yakakosha kukosha kwekutengesa nokuti iyo yakagadziriswa yemazuva ano kukosha kwechokwadi chaiyo, chaiyo yemangwana yemari yakawanikwa yaive yakakura kwazvo kudarika mutengo wemari panguva iyoyo.
Zvichipa kuoma kwekusarudza hundi kubva pagorosi, iwe unenge uchizoita zviri nani nekunamatira pfuti dzako. Mukutaura, nzvimbo yaGraham ndeyekuchengeteka, kuchengetedzwa kwakadzidziswa. Iko kunogonesa kuti haungapisi uye mutevedzeri wekusimbisa mari angangodaro akashanda zvakanaka munguva yakareba kuburikidza nekuteerera kumutemo iwoyo.
Mibvunzo Yekuzvibvunza Iwe Usati Wavhura muIAPO
Kunyange zvakadaro, iwe unogona kusarudza kuti njodzi dzePO inodyara dzinokosha. Vanhu vakawanda vakachenjera vane. Bhizimisi weBillionaire Charlie Munger, uyo akave achidimburira nzira yake yekuisa mari mune imwe nzira yakajeka, akataura kuti akanga ari jaya mazuva ano, iye akanyatsogona kutora chikamu chakazvitsaurira chepodfolio yake uye anotarisa kuwana zvishoma zvinganovimbiswa mumwe nomumwe wemakore umo aive achida kuenderera kumatare, achisarudza nokungwarira chete zvakanakisisa zvepamusoro apo iye anofunga kuti nhamba dzinonzwisisa.
Izvi zvingasava nzira yakashata kune mumwe munhu anenge atova nheyo yavo yepamusoro panzvimbo, anonakidzwa nemari yakawanda yemari inoshandiswa, ane kodzero yekuongorora zvinyorwa zvemari uye mabheji ezviyero , uye anonakidzwa nedzimwe nzira yekufungidzira.
Dzimwe nguva, inogona kushandira hurumende yakawanda nenzira yakafanana nenzira yekuisa mari mumasuo emasisita anogona kubatsira vanhu. Funga nezve fiber-optic cable yakagadzirirwa panguva ye dot-com boom, inobhadharwa nevashambadzi vanoda kuendesa kugoverana nemitengo kumwedzi. Kubviswa kwepamusoro kwakaguma mabhiriyoni emabhiriyoni emadhora mukunyorera-pasi uye zvinopfuura kudarika kwezvishoma.
Vazhinji vevatengesi ivavo vakarasikirwa nemari yavakanganisa. Zvisinei, yakaisa hwaro hwekugara kwenguva refu kwebhizimisi dzakadai seYouTube, Netflix, Amazon, Google, nezvimwewo. Isu tose tinonakidzwa nezvikamu kubva pakushamwaridzana kwavo kusina musoro. Izvozvo zvakati kana iwe uchiomerera pakuisa mari yako pangozi uye kuisa mari kune imwe yekutanga, iwe zvibvunze mibvunzo mashomanana makuru:
- Kana bhizinesi iri risina kukura pamwero wakakwana zvakakwana kururamisa mutengo wayo, chii chinogona kukonzera? Ndezvipi zvinokonzerwa nevakakundikana vanoitika?
- Ndezvipi zvinokwikwidzana zvinodzivirira bhizinesi? Patent? Zvikwangwani? Vakuru Vakuru? Chii chiri kuvharira chimwe chimiro kubva pakupinda uye kuparadza hupfumi hwezvinhu zvakanaka?
- Iwe unogona kuva wakasununguka kuva nebhizimisi rino kana misika yekutengesera yaive yakavhara kwemakore mashanu, gumi, kana makumi maviri nemashanu? Mune mamwe mazwi, iyo ibhizimisi yemabhizimisi uye hurongwa hwemari yekambani hunosimbiswa kana hunoonekwa chekushungurudzika semugumisiro wekufambisa kwekambani kana kusakwanisa mari yakakwana inogona here?
- Kana iyo inowira ne makumi mashanu kubva muzana nekuda kwezvinetso zvenguva pfupi mubhizinesi, iwe uchakwanisa kuramba uchibata pasina mhinduro yepfungwa kana iwe uchigona kuchengetedza kuti nguva yakareba inguva yebhizimisi ichiri ichivimbisa?
Pakupedzisira, cherechedza kuti maitiro akaiswa pamusoro pako. IPOs, sekirasi, haiti kuita zvakanaka chaizvo maererano nekambani. Vakatotengesa kusvika pakukwana mumatambudziko akawanda. Iyi haisi nzvimbo iyo iwe unogona kuita zvakanaka nekuparadzira zvipfeko zvako kudarika bhodhi nekutenga zvinhu zvose zvakaenzana kuwanda.
Pane kudaro, zvinowirirana nemitsetse yehutano hunokosha - iwe unofanirwa kunge wakaita sechando. Ratidza kuti chii chaunenge uchitsvaga, saka kumirira nemoyo murefu, zvichida kunyange kwemakore, zvisati zvaonekwa pfupi. Iwe haugoni kumanikidzira zvakanaka kuti zviitike. Mikana inowanzosvika mumasumbu, inopera, uye inopera usati wazviona uye iwe unofanira kunge wagadzirira.