ประสบการณ์จริง “โจ ลูกอีสาน” บริหารพอร์ตอย่างไร ให้โตได้ แม้อยู่ในช่วงวิกฤต
Short Summary:
This video features Jo, a successful Thai investor ("Jo, the Isaan Son"), discussing his portfolio management strategies, particularly his use of derivatives (specifically TFEX, the Thailand Futures Exchange) to mitigate risk during market crises. Key points include leveraging derivatives to hedge against losses in his stock portfolio, particularly during the COVID-19 pandemic and previous crises like the Asian Financial Crisis. Jo emphasizes the importance of fundamental analysis alongside the use of derivatives, advocating for a balanced approach. The video also explains the mechanics of TFEX contracts, margin calls, and leverage, using examples to illustrate how these tools can be used to manage risk and potentially enhance returns. The overall implication is that incorporating derivatives into a portfolio can provide a more robust strategy for navigating market volatility, especially for value investors ("VI"). A simulated trading platform, "Click2Win," is suggested for learning about derivatives before using real money.
Detailed Summary:
The video is structured as a conversation between the host and Jo, the Isaan Son, a renowned investor, and a derivatives expert from the Stock Exchange of Thailand.
Section 1: Introduction to Jo and his Investment Philosophy: The host introduces Jo, highlighting his remarkable investment journey from starting with significant debt to achieving substantial financial success. Jo's primary investment style is value investing (VI), focusing on fundamental analysis. He acknowledges that while VI has become more challenging due to increased market sophistication, opportunities still exist. His key strategy is identifying undervalued companies and avoiding poor performers.
Section 2: Jo's Experiences with Market Crises: Jo recounts his experiences navigating several market crises, including the 1997 Asian Financial Crisis ("Tom Yum Kung") and the 2008 global financial crisis. The 2008 crisis proved particularly challenging, resulting in a significant portfolio loss due to the use of high leverage. The COVID-19 pandemic, however, presented a different scenario. He used derivatives to hedge his portfolio, successfully mitigating losses and even profiting from the downturn.
Section 3: Introduction to Derivatives and TFEX: The conversation shifts to Jo's use of TFEX (Thailand Futures Exchange) derivatives. Initially hesitant due to perceived complexity, Jo learned to use them as a risk management tool. He emphasizes that derivatives are not solely for speculation but can be powerful tools for hedging. The expert explains the concept of TFEX contracts, comparing them to booking a condo in advance – locking in a price regardless of future market fluctuations.
Section 4: Leverage and Risk Management: The discussion delves into the mechanics of leverage in TFEX trading. The expert explains margin calls and the potential for both amplified gains and losses. Jo shares his approach, preferring lower leverage (2-3x) during uncertain times, focusing on risk mitigation rather than maximizing potential gains. He explains how he uses a percentage of his cash reserves to determine leverage, aiming for a risk reduction of around 25%.
Section 5: Jo's Strategy during the COVID-19 Crisis: Jo details his specific actions during the COVID-19 pandemic. He used TFEX to short sell (betting against the market), mitigating potential losses from his stock portfolio. He emphasizes that this strategy requires close market monitoring and a clear understanding of market trends. After the initial downturn, he used profits from his short positions to buy undervalued stocks.
Section 6: The Role of Derivatives in Modern Value Investing: The discussion concludes by emphasizing that incorporating derivatives into a VI strategy is a "new normal." The expert highlights the benefits of using simulated trading platforms like "Click2Win" to learn about derivatives before using real money. The overall message is that derivatives can be a valuable tool for managing risk and potentially enhancing returns, but require careful understanding and responsible risk management. The video concludes with a reminder that while derivatives offer opportunities, they also carry significant risk, and over-leveraging can lead to substantial losses.