The first symptom to look for when selecting stocks is\u2026<\/p>\n\n\n\n
A histogram provided in 2016 in the United States shows the distribution of 12-month operational margins for 3577 organizations.<\/p>\n\n\n\n
The existence of high operational margins, especially over a long period, is essential (but not a sufficient condition), to confirm competitive superiority.<\/p>\n\n\n\n
In the micro-economics realm, when considering the decision-making process for pricing and related operational margins, it follows the maximization of gains. Organizations regulate the combination of pricing and sales numbers. The more rigorously an organization is tested by competition, the more inelastic its sales in response to price, and consequently, the higher the margins required\u2026<\/p>\n\n\n\n
In game theory terms, if we examine the market, the equilibrium point (Nash Equilibrium) always tilts towards the accuracy of expectations, and if margins extend over a long period, confidence is gained, (although confidence should be sought in faith, to find a high margin reason – what competitive superiority drives the margin?).<\/p>\n\n\n\n
Regarding numbers, surveys show that only 16% of organizations have margins above 30%. Similarly, surveys confirm that only 12% of companies, having a 10-year history, have a median operational margin of 20%.<\/p>\n\n\n\n
Source:
Charlie Tian; Invest Like a Guru; Chapter 3.<\/p>\n\n\n\n
—————————————————————————————————–<\/p>\n\n\n\n
\u10db\u10d0\u10e0\u10df\u10d0 \u10de\u10d8\u10e0\u10d5\u10d4\u10da\u10d8 \u10e1\u10d8\u10db\u10de\u10e2\u10dd\u10db\u10d8\u10d0, \u10e0\u10dd\u10db\u10d4\u10e1\u10d0\u10ea \u10d0\u10e5\u10ea\u10d8\u10d8\u10e1 \u10e8\u10d4\u10e0\u10e9\u10d4\u10d5\u10d8\u10e1\u10d0\u10e1 \u10d5\u10d0\u10d9\u10d5\u10d8\u10e0\u10d3\u10d4\u10d1\u10d8…
\u10f0\u10d8\u10e1\u10e2\u10dd\u10d2\u10e0\u10d0\u10db\u10d0\u10d6\u10d4 \u10db\u10dd\u10ea\u10d4\u10db\u10e3\u10da\u10d8\u10d0 2016 \u10ec\u10d4\u10da\u10e1, \u10e8\u10e2\u10d0\u10e2\u10d4\u10d1\u10e8\u10d8, 3577 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1, 12-\u10d7\u10d5\u10d8\u10d0\u10dc\u10d8 \u10e1\u10d0\u10dd\u10de\u10d4\u10e0\u10d0\u10ea\u10d8\u10dd \u10db\u10d0\u10e0\u10df\u10d4\u10d1\u10d8\u10e1 \u10d3\u10d8\u10e1\u10e2\u10e0\u10d8\u10d1\u10e3\u10ea\u10d8\u10d0.
\u10db\u10d0\u10e6\u10d0\u10da\u10d8 \u10e1\u10d0\u10dd\u10de\u10d4\u10e0\u10d0\u10ea\u10d8\u10dd \u10db\u10d0\u10e0\u10df\u10d8\u10e1 \u10d0\u10e0\u10e1\u10d4\u10d1\u10dd\u10d1\u10d0, \u10d3\u10d8\u10d3\u10d8 \u10ee\u10dc\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10d0\u10d5\u10da\u10dd\u10d1\u10d0\u10e8\u10d8, \u10d0\u10e0\u10d8\u10e1 \u10d0\u10e3\u10ea\u10d8\u10da\u10d4\u10d1\u10d4\u10da\u10d8 (\u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10d0\u10e0\u10d0\u10e1\u10d0\u10d9\u10db\u10d0\u10e0\u10d8\u10e1\u10d8 \u10de\u10d8\u10e0\u10dd\u10d1\u10d0), \u10d9\u10dd\u10dc\u10d9\u10e3\u10e0\u10d4\u10dc\u10e2\u10e3\u10da\u10d8 \u10e3\u10de\u10d8\u10e0\u10d0\u10e2\u10d4\u10e1\u10dd\u10d1\u10d8\u10e1 \u10d0\u10e0\u10e1\u10d4\u10d1\u10dd\u10d1\u10d8\u10e1 \u10d3\u10d0\u10e1\u10d0\u10d3\u10d0\u10e1\u10e2\u10e3\u10e0\u10d4\u10d1\u10da\u10d0\u10d3.
\u10db\u10d8\u10d9\u10e0\u10dd-\u10d4\u10d9\u10dd\u10dc\u10dd\u10db\u10d8\u10d9\u10d8\u10e1 \u10ed\u10e0\u10d8\u10da\u10e8\u10d8 \u10d7\u10e3 \u10d2\u10d0\u10dc\u10d5\u10d8\u10ee\u10d8\u10da\u10d0\u10d5\u10d7, – \u10d2\u10d0\u10d3\u10d0\u10ec\u10e7\u10d5\u10d4\u10e2\u10d8\u10da\u10d4\u10d1\u10d0 \u10e4\u10d0\u10e1\u10d4\u10d1\u10d8\u10e1 \u10d3\u10dd\u10dc\u10d8\u10e1 \u10d3\u10d0 \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3 \u10e1\u10d0\u10dd\u10de\u10d4\u10e0\u10d0\u10ea\u10d8\u10dd \u10db\u10d0\u10e0\u10df\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10ee\u10d4\u10d1 \u10d2\u10d0\u10db\u10dd\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4\u10dd\u10d1\u10e1 \u10db\u10dd\u10d2\u10d4\u10d1\u10d8\u10e1 \u10db\u10d0\u10e5\u10e1\u10d8\u10db\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10db\u10dd\u10e2\u10d8\u10d5\u10d4\u10d1\u10d8\u10d3\u10d0\u10dc. \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8 \u10d0\u10e0\u10d4\u10d2\u10e3\u10da\u10d8\u10e0\u10d4\u10d1\u10d4\u10dc \u10db\u10d0\u10e0\u10df\u10d8\u10e1\u10d0 \u10d3\u10d0 \u10d2\u10d0\u10e7\u10d8\u10d3\u10d5\u10d4\u10d1\u10d8\u10e1 \u10e0\u10d0\u10dd\u10d3\u10d4\u10dc\u10dd\u10d1\u10d8\u10e1 \u10d9\u10dd\u10db\u10d1\u10d8\u10dc\u10d0\u10ea\u10d8\u10d0\u10e1. \u10e0\u10d0\u10ea \u10e3\u10e4\u10e0\u10dd \u10dc\u10d0\u10d9\u10da\u10d4\u10d1\u10d0\u10d3 \u10d2\u10d0\u10dc\u10d8\u10ea\u10d3\u10d8\u10e1 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d0 \u10d9\u10dd\u10dc\u10d9\u10e3\u10e0\u10d4\u10dc\u10ea\u10d8\u10d8\u10e1 \u10ec\u10dc\u10d4\u10ee\u10e1, \u10db\u10d8\u10d7 \u10e3\u10e4\u10e0\u10dd \u10d3\u10d0\u10d1\u10d0\u10da-\u10d4\u10da\u10d0\u10e1\u10e2\u10d8\u10e3\u10e0\u10d8\u10d0 \u10db\u10d8\u10e1\u10d8 \u10d2\u10d0\u10e7\u10d8\u10d3\u10d5\u10d4\u10d1\u10d8 \u10e4\u10d0\u10e1\u10d8\u10e1 \u10db\u10d8\u10db\u10d0\u10e0\u10d7 \u10d3\u10d0 \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3 \u10db\u10d8\u10d7 \u10e3\u10e4\u10e0\u10dd \u10db\u10d0\u10e6\u10d0\u10da\u10d8 \u10db\u10d0\u10e0\u10df\u10d4\u10d1\u10d8 \u10e3\u10ed\u10d8\u10e0\u10d0\u10d5\u10e1…
\u10d7\u10d0\u10db\u10d0\u10e8\u10d4\u10d1\u10d8\u10e1 \u10d7\u10d4\u10dd\u10e0\u10d8\u10d8\u10e1 \u10ed\u10e0\u10d8\u10da\u10e8\u10d8 \u10d7\u10e3 \u10e8\u10d4\u10d5\u10ee\u10d4\u10d3\u10d0\u10d5\u10d7, \u10d1\u10d0\u10d6\u10d0\u10e0\u10d8 \u10e7\u10dd\u10d5\u10d4\u10da\u10d7\u10d5\u10d8\u10e1 \u10db\u10d8\u10d8\u10e1\u10ec\u10e0\u10d0\u10e4\u10d8\u10e1 \u10dc\u10d4\u10e8\u10d8\u10e1 \u10ec\u10dd\u10dc\u10d0\u10e1\u10ec\u10dd\u10e0\u10dd\u10d1\u10d8\u10e1\u10d9\u10d4\u10dc (Nash Equilibrium) \u10d3\u10d0 \u10d7\u10e3 \u10db\u10d0\u10e0\u10df\u10d4\u10d1\u10d8 \u10d2\u10e0\u10eb\u10d4\u10da\u10d5\u10d0\u10d3\u10d8\u10d0\u10dc\u10d8 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10d0\u10d5\u10da\u10dd\u10d1\u10d0\u10e8\u10d8 \u10e8\u10d4\u10dc\u10d0\u10e0\u10e9\u10e3\u10dc\u10d4\u10d1\u10e3\u10da\u10d8\u10d0 \u10d4.\u10d8. \u10ec\u10dd\u10dc\u10d0\u10e1\u10ec\u10dd\u10e0\u10dd\u10d1\u10d0 \u10db\u10d8\u10e6\u10ec\u10d4\u10e3\u10da\u10d8\u10d0 \u10d3\u10d0 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10db\u10d8\u10e1\u10d8 \u10e8\u10d4\u10dc\u10d0\u10e0\u10e9\u10e3\u10dc\u10d4\u10d1\u10d8\u10e1 \u10d8\u10db\u10d4\u10d3\u10d8 \u10d2\u10d5\u10e5\u10dd\u10dc\u10d3\u10d4\u10e1 (\u10d7\u10e3\u10db\u10ea\u10d0 \u10d8\u10db\u10d4\u10d3\u10d8 \u10e0\u10dd\u10db \u10e0\u10ec\u10db\u10d4\u10dc\u10d0\u10e8\u10d8 \u10d2\u10d0\u10d3\u10d0\u10d8\u10d6\u10d0\u10e0\u10d3\u10dd\u10e1 \u10d0\u10e3\u10ea\u10d8\u10da\u10d4\u10d1\u10da\u10d0\u10d3 \u10e3\u10dc\u10d3\u10d0 \u10d8\u10de\u10dd\u10d5\u10dd \u10db\u10d0\u10e6\u10d0\u10da\u10d8 \u10db\u10d0\u10e0\u10df\u10d8\u10e1 \u10db\u10d8\u10d6\u10d4\u10d6\u10d8 – \u10e0\u10d0 \u10d9\u10dd\u10dc\u10d9\u10e3\u10e0\u10d4\u10dc\u10e2\u10e3\u10da\u10d8 \u10e3\u10de\u10d8\u10e0\u10d0\u10e2\u10d4\u10e1\u10dd\u10d1\u10d0 \u10d2\u10d0\u10dc\u10d0\u10de\u10d8\u10e0\u10dd\u10d1\u10d4\u10d1\u10e1 \u10db\u10d0\u10e0\u10df\u10d0\u10e1?).
\u10e0\u10d0\u10ea \u10e8\u10d4\u10d4\u10ee\u10d4\u10d1\u10d0 \u10ea\u10d8\u10e4\u10e0\u10d4\u10d1\u10e1, – \u10d9\u10d5\u10da\u10d4\u10d5\u10d4\u10d1\u10d8 \u10d0\u10e9\u10d5\u10d4\u10dc\u10d4\u10d1\u10e1 \u10e0\u10dd\u10db, \u10db\u10ee\u10dd\u10da\u10dd\u10d3 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 16%-\u10e1 \u10d0\u10e5\u10d5\u10e1 30%-\u10d6\u10d4 \u10db\u10d0\u10e6\u10d0\u10da\u10d8 \u10e1\u10d0\u10dd\u10de\u10d4\u10e0\u10d0\u10ea\u10d8\u10dd \u10db\u10d0\u10e0\u10df\u10d0. \u10d0\u10e1\u10d4\u10d5\u10d4, \u10d9\u10d5\u10da\u10d4\u10d5\u10d4\u10d1\u10d8\u10d7 \u10d3\u10d0\u10e1\u10e2\u10e3\u10e0\u10d3\u10d4\u10d1\u10d0, \u10db\u10ee\u10dd\u10da\u10dd\u10d3 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d4\u10d1\u10d8\u10e1 12%-\u10e1, \u10e5\u10dd\u10dc\u10d3\u10d0 10 \u10ec\u10da\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10d0\u10d5\u10da\u10dd\u10d1\u10d0\u10e8\u10d8 \u10e1\u10d0\u10e8\u10e3\u10d0\u10da\u10dd (median) \u10e1\u10d0\u10d8\u10de\u10d4\u10e0\u10d0\u10ea\u10d8\u10dd \u10db\u10d0\u10e0\u10df\u10d0 20%-\u10d6\u10d4 \u10db\u10d0\u10e6\u10d0\u10da\u10d8.
\u10db\u10dd\u10dc\u10d0\u10ea\u10d4\u10db\u10d4\u10d1\u10d8\u10e1 \u10ec\u10e7\u10d0\u10e0\u10dd:
Charlie Tian; Invest Like a Guru; Chapter 3.<\/p>\n","protected":false},"excerpt":{"rendered":"
The first symptom to look for when selecting stocks is\u2026 A histogram provided in 2016 in the United States shows the distribution of 12-month operational margins for 3577 organizations. The existence of high operational margins, especially over a long period, is essential (but not a sufficient condition), to confirm competitive superiority. In the micro-economics realm, […]<\/p>\n","protected":false},"author":12998525,"featured_media":1737,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[776003213,20100,4438168,92589997],"tags":[],"class_list":{"0":"post-1735","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-invest-like-a-guru-by-charlie-tian","8":"category-growth","9":"category-roic","10":"category-value-fundamentals","12":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/1700639667374.jpeg?fit=800%2C551&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pQZ85-rZ","_links":{"self":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/users\/12998525"}],"replies":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/comments?post=1735"}],"version-history":[{"count":3,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1735\/revisions"}],"predecessor-version":[{"id":2690,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1735\/revisions\/2690"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media\/1737"}],"wp:attachment":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media?parent=1735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/categories?post=1735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/tags?post=1735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}