What is a personal investment plan and how to draw it up competently, clearly and strategically. An example of an investment project with a detailed description. The investment business plan provides

An investment business plan is a tool designed to attract investment; is documented, like a regular business plan. However, there are significant differences between the two documents. An investment business plan is focused on the external environment, while a regular one is drawn up for internal use.

A well-drafted business plan for an investment project allows a promising investor to evaluate the attractiveness and profitability of the proposal. It also helps ensure that the project can be successfully implemented and is worth the investment.

Drawing up a business plan for an investment project provides an opportunity to solve a number of problems:

• · Justify from an economic point of view the effectiveness of the company's development direction.
• · Calculate expected sales volumes, financial income and profits from activities.
• · Determine methods for concentrating finances.
• · Select professional employees who can implement the project.

A feature of the business plan for an investment project is the ability to take into account both the internal and external environment where the business idea is being implemented. It is with the help of this document that you can find the funds necessary for the development of the company.

Developing a business plan for an investment project makes it possible to calculate projected indicators of the financial profitability of the project and estimate the approximate payback period for investments. This requires analyzing a significant amount of information, since a business plan is the result of a detailed study of all aspects of commercial and production activities.

A business plan for an investment project is developed to justify current and long-term planning for the development of the enterprise, the development (selection) of new types of activities; substantiation of the possibility of obtaining investment and credit resources, as well as repayment of borrowed funds; substantiation of proposals for the creation of joint and foreign enterprises; the feasibility of providing government support measures.

Forming a business plan involves going through several stages.

First of all, it is necessary to collect a set of supporting information, having previously identified its sources, of which there are quite a lot today, in particular, materials from government agencies; data from management consulting firms and other similar organizations; various industry publications; methodological and other materials.

The initial stage of work on a business plan is to determine the mission of the enterprise, formulate the goals and objectives of the project, for which the problems and prospects for the development of the enterprise serve as guidelines.

The subsequent action is to determine the specific recipients to whom the draft business plan will be sent (future shareholders, commercial banks, venture capital firms).

The next element is the definition of the general structure of the generated document.

At the next stage, information is collected to prepare all the individual sections of the business plan. In this case, it is necessary to use the information resource of both the organization’s employees who know the internal environment well, and external consultants, primarily in the areas of financial forecasting and market research, as well as management consultants.

And finally, this process is completed by drawing up the business plan itself (planning process).

Based on the target function of the business plan, the concept of the business plan, its logical development, and the ideology of construction corresponding to a certain type of business plan are formed.

It should be noted that the volume, structure, specific content, and degree of detail of individual sections of the business plan are dictated by the goals set in it, its temporal and spatial scale. Thus, the business plan does not have strict regulations either in terms of the amount of information or the structure of the document.

However, regardless of the type of business plan, it is recommended that it contain the following information (main sections):

• · "Resume";
• · “Characteristics of the enterprise and its development strategy”;
• · "Description of products (services)";
• · "Analysis of sales markets. Marketing strategy";
• · "Production plan";
• · "Organizational plan";
• · "Project Implementation Plan";
• · "Investment plan";
• · "Forecasting financial and economic activities";
• · "Project performance indicators";
• · "Legal plan";
• · "Information about the business plan developer."

The development of these sections is the process of directly creating a business plan.

The summary reflects the main idea of ​​the project and summarizes the main conclusions and results of the sections of the business plan. Its task is to present the essence of the business plan in a concise and accessible form.

In the section “Characteristics of the enterprise and its development strategy,” a description of the industry and characteristics of the enterprise, its role and place in the industry hierarchy and the national economy as a whole are given, and the enterprise passport is filled out.

When describing the enterprise, the following issues are reflected: history of creation; main achievements and failures in the activities of the enterprise; weak and strong points in production and economic activity, its features; characteristics of existing fixed production assets and technologies; production capacity utilization; manufactured products; main indicators of the financial and economic activity of the enterprise for the previous period.

The section "Description of products (services)" provides information about the products that the enterprise will produce: scope of application; main characteristics; compliance with quality standards, etc.

An action plan for product improvement in order to increase its competitiveness is also provided.

The section "Analysis of Sales Markets. Marketing Strategy" outlines the key points for justifying product sales volumes, based on the analysis of sales markets and the development of a marketing strategy.

The production plan is developed for the duration of the project (calculation horizon). This section should consist of the following subsections:

• · Production and sales program;
• · Production facilities (buildings, structures, technologies, equipment);
• · Logistics support;
• · Cost (costs) of production and sales of products.

Please note that the production and sales program is drawn up on the basis of marketing research.

In the section “Organizational plan”, in accordance with the main stages of the project implementation, a comprehensive justification of organizational measures and activities is given. The central place is given to the justification of the organizational structure of the enterprise and the choice of a rational management system for production, personnel, supply, sales and the enterprise as a whole. At the same time, the capabilities of the project initiators in recruiting and training personnel, the ability of the management team to implement this project are indicated, the necessary qualifications and number of specialists are determined, the introduction of multi-shift work is justified, etc.

The project implementation calendar is a plan of time-coordinated activities, from making an investment decision and preparatory work to industrial production and repayment of debts to borrowers. It is recommended to develop it in the form of a timing diagram or network diagram. During the development of the project, alternative options for the project implementation schedule are considered and the best one is accepted for work, taking into account the optimal combination of financial and time criteria. When developing this schedule, a list of works and the need for financial resources to carry out each one are indicated.

Next, the “Investment Plan” section is developed. Investment costs are defined as the sum of fixed capital (capital costs) and net working capital. In this case, fixed capital represents the resources required for the construction and equipment of the enterprise, and net working capital corresponds to the resources necessary for its full or partial operation. This section provides a calculation of investment requirements for each type of cost.

The section “Forecasting financial and economic activities” is also important. The main tables for forecasting the financial and economic activities of production (enterprises) include:

• · Calculation of net profit from product sales;
• · Calculation of cash flow;
• · Project balance sheet.

Estimated indicators for the project are given in the section “Project Performance Indicators”. Investment assessment is based on a comparison of the expected net profit from the project with the capital invested in the project. The method is based on the calculation of net cash flow, defined as the difference between the inflow of funds from operating (production) and investing activities and their outflow, as well as minus financing costs (interest on long-term loans).

Based on net cash flow, the main investment evaluation indicators are calculated: net present value (NPV); profitability index (ID); internal rate of return (IRR); payback period.

The section “Information about the business plan developer” provides a general description and characteristics of the organizations involved in the development of the business plan. Data is provided on the creation, operation and development of organizations involved in the development of a business plan.

Thus, a business plan is a target program document, which is a system of calculations, feasibility studies, a set of economic indicators, a description of measures and actions dedicated to the implementation of the main goal of business activity - obtaining maximum profit from it.

Forming a business plan involves going through several stages: determining the mission of the enterprise; formation of the goals and objectives of the project; establishing the general structure of the business plan; collecting the necessary information; drawing up a business plan (planning process).

We also note that when developing a business plan, it is necessary to comply with the fundamental principles of planning (accuracy and detail, consistency, flexibility, optimality, etc.) so that the resulting business plan can provide convincing answers to basic questions in the field of implementation investment project.

The development of an investment business plan should be entrusted exclusively to professionals, since quite often projects are rejected by promising investors even at the stage of reviewing the resume. Therefore, the submitted document should correctly and briefly indicate all the significant aspects of the project in order to arouse the investor’s interest and show that future investments can be very profitable.

The resume contains no more than 3 pages. Here you must indicate the following information:

• · General information about the company.
• · Products and services offered.
• · Markets to which the activity is focused.
• · Employees working for the represented company.
• · Financial success over the past 3 years.
• · Capital structure.
• · Estimated future development of the company.
• · Forecast of financial development for the next 2 years.
• · Existing risks.
• · Need for financial resources.

All information provided must be presented concisely, convincingly, reliably and without unnecessary details. Additional information can be provided as a separate document; it may include:

• · Description of the services provided by the company or technical description of the products manufactured.
• · Resumes of employees who are in management positions.
• · Information about the production process.
• · Important reporting documents and expert opinions.

Drawing up a business plan for an investment project should be carried out in such a way that it is focused on the investor’s expectations, therefore, when developing, it is necessary to determine the following information:

• · What information and figures does the investor want to see?
• · How can information about the project be presented so that it is in the best possible form.
• · What objections and questions may an investor have? How to warn them.

An important point is to determine, first of all, for yourself what kind of investor you want to attract. The latter can be the state, a commercial bank, or a person who has the necessary funds for investment. It should be noted that when contacting a private investor and signing an agreement with him, the direct investor, as a rule, receives the right to temporary management and control of the company in which his funds were invested.

The bank, as an investor, provides a loan to the company at a certain interest rate, while the financial institution is interested not so much in the future development of the project itself as in the return of the invested funds. Therefore, when choosing a bank as a depositor, the business plan must show the prospects of the project and the possibility that it will bring enough finance to repay the loan. In addition, it is important to show the existence of property provided as collateral. It will act as a guarantee that the bank will receive the funds previously provided by it if the project suddenly fails.

The state often acts as an investor. Investments in this case can be expressed in the form of grants. To attract such an investor, the documents provided must include the following information:

• · The company has its own financial resources.
• · Number of employees and their salaries.
• · Tax revenues.

From the above it follows that the investment business plan is focused mainly on a specific investor; must demonstrate to the latter all the attractiveness, efficiency and profitability of the proposal, therefore the preparation of this document should be approached with all responsibility and professionalism.

Having trouble getting investors to invest in your original and potentially profitable idea?

In 60% of cases, the problem is that it was compiled incorrectly.

No matter how ideal you think your idea is as a creator, all that matters is a description of the economic and social benefits that will be supported by facts.

Learn how to correctly draw up a business plan for a project for presentation to an investor, correctly emphasizing the benefits and uniqueness of the business.

Let’s look at the process of creating a document through the eyes of an entrepreneur and determine what the “whales” of the business sphere themselves – investors – want to see in it.

What is an investment project?

Investment project- this is, roughly speaking, a “business model” that describes the business, its specifics and key parameters.

This “model” represents a ready-made scheme that requires only a financial push for successful implementation.

To understand how to make an investment project high-quality and interesting, let's look at it through the eyes of an investor.

An individual or legal entity who wants to start a profitable business thinks differently than a project developer inspired by his own idea.

What is the investor interested in?

1. The relevance of the idea in the current realities and economic situation.
2. The timing of receiving the first profit from invested funds.
3. Maximum income from each invested currency unit.
4. Prospects for stability, growth and business development.
5. How competently and intelligibly is the business plan of the project drawn up?

The investor's mind is focused mainly on two goals:

• Invest less – get more.
• Don't burn out.

This position is quite easy to understand.

It is because of this that many socially positive ideas (aimed, for example, at improving the environment, caring for vulnerable sections of the population) do not find their investor.

Simply because their implementation will bring absolutely no benefit, but only the fact of accomplishing a “good” deed.

Unfortunately, in the business sphere this is not enough to implement the project.

What is a business plan for an investment project?

Business plan for an investment project– this is information that describes the stages of development of a business idea up to the process of liquidation of the enterprise.

All data must be supported by calculations, documents, and analysis.

Each one has a certain standard structure, which changes only if the idea has a unique focus.

The writing uses simple and understandable language - this is the generally accepted norm.

Remember that an investor does not have to be a financial expert or a savvy lawyer.

The process of studying a project should not cause him a headache or a desire to simply close this document.

The main goals of the business plan for the investment project

Provide an analysis of the business formation process, supported by calculations and reliable data.

Consider possible risks.

This includes analysis of competitors, possible crises in the project’s industry, marketing risks, collapse of pricing policy - any important factors that need to be included in the business plan.

This concept includes payback periods and theoretical duration (which is equal to stable income growth).

Convey the product concept.

It is necessary to present the goods (services also fall into the “product” category) produced by the enterprise.

Even if their production has not yet been completed or requires financial support from an investor to begin production.

Any method of making product mock-ups will help the entrepreneur.

Structure of a business plan for an investment project

The law does not establish any clear framework that should be followed when writing a business plan.

After all, it is not so much a formal document as it is a means of making an impressive presentation to an investor.

To understand what algorithm to use to collect data and draw up a plan, you can turn to the experience of leading agencies in developing such documentation.

Let us consider separately each stage of writing a business plan for an investment project.

General characteristics of a business plan

On average, 20-40 pages are enough for a business plan for an investment project.

A smaller volume will make the investor doubt your seriousness.

A large Talmud will cause boredom and a desire to close the document.

The volume and structure of the document may vary depending on the specific business idea.

Also, changes can be made to suit the wishes and requirements of a specific investor (if you are not interested in anyone, but in a specific person).

Structural unit	Volume of text (number of pages)
Total:	from 20 to 40
Resume	1
Description of the product or service being produced	2 – 5
Market analysis of the selected industry	3 – 7
Marketing plan	3 – 6
Production plan	4 – 7
Organizational business development plan	3 – 5
Financial section of the business plan	3 – 6
Possible project risks	1 – 3
Applications	Unlimited

The scope of the project and the distribution of partition sizes directly depend on the characteristics of the business idea.

For some, the details of the production plan will be of key importance in the eyes of the investor; for others, marketing policy will come to the fore.

In order for an investor to properly evaluate the amount of work done, use these recommendations:

• The small volume of the business plan must be compensated for by a “weighty” application (the structure of this section will be discussed later).

An investor will definitely appreciate a deep analysis of the market for your products.

High-quality analytics of not only the product itself, but also the ways of its implementation, will add a few points in his eyes.

In any case, special attention should be focused on the production and financial sections.

This will let the investor know how well you understand the product you are making.

• A detailed description of the risks will indicate your impartiality in evaluating the product.

Let's look at each section of the business plan structure separately.

Summary of investment project plan

Purpose of resume– present the essence of the product or service, indicate the time frame for the development of the project, and give a brief financial description.

The best advice for writing this section is to save it until the very end.

This is because at the initial stage of writing a business plan, the author of the idea may have many illusions associated with the concept and implementation of the product.

In the process of writing subsequent sections of the business plan, the initial concept will undergo many adjustments, which will be associated with an analysis of the real environment for the production and sale of goods.

Creating a summary at the very end will give the author an advantage, since all his arguments will be supported and verified by analytics.

A resume length of 1–2 pages is standard.

Please note that if the introduction does not interest the investor, he simply will not continue reading the business plan.

Accordingly, it will lose all interest in providing investments.

Presenting a product correctly on two pages is an art.

Use only the most “explosive” facts, try to show the real competitive advantage of the product, remove unnecessary lyrics.

Description of the product or service being produced

In this section, the author of the business plan presents the entire essence of the product or service being produced, assesses the importance of the idea on the scale of the industry or market as a whole.

Section structure plan:

• Description of the main concept of the product, briefly disclosed in the summary.

Demonstration of the necessary documentation for the production of a product or the sale of a service.

Social significance and environmental impact are secondary factors for investors.

But they also play a role in the product description.

Social importance is characterized by the number of jobs that the project will create and the possible impact on improving the overall standard of living.

The environmental impact of a product is important to consider under special conditions of the location of the enterprise or in the event that the product (service) produced carries value or danger to the environment.

In this section of the business plan it is also important to demonstrate knowledge of future production.

If possible, provide the investor with a mock-up of the product.

He must see what his money will be used for in practice, and what real advantages and advantages the product will have in the harsh market of the Russian Federation.

Market analysis for the selected industry

Market analysis is a mandatory section of a business plan, as well as one of the most time-consuming.

The presented product must be in demand among potential customers, be unique in its kind, or at least qualitatively different from similar samples.

Only after analyzing the industry can one confidently name the competitive advantages of a product over other representatives of the same “weight category”.

Main stages of market analysis:

• Description of innovation processes in the selected industry.
• Indication of current trends in the relevant market sector.
• Determining the target client, creating his “portrait”.
• Analysis of alternative ways to sell goods implemented by competitors.
• Analysis of sales of similar products or creation of a forecast (if the product is absolutely unique).

When describing a product in the current conditions of a market economy, special attention should be paid to the use of charts, graphs, and other forms of visualization that can confirm textual information from the product presentation and analytics.

Marketing plan for an investment project

Simply designing and offering a product to the audience is not enough under the current conditions of constant competition and struggle for a place in the sun.

Marketing is the basis of a profitable project.

Therefore, drawing up a plan to promote the product is mandatory.

Marketing plan structure:

• Determining the competitive advantages of the product.
• Planning methods for promoting products.
• Definition of the rules for constructing a pricing policy.
• Forecasting methods of product distribution.

A well-designed marketing plan motivates an investor to allocate the required amount for a business plan, since it is important for him to see not only the product itself, but also ways of selling it.

Production plan

The production plan contains information about the following processes:

• Determination of production location.
• The cost of producing one unit of goods.
• Description of production equipment.
• The manufacturing process from a technologist's point of view.
• What raw materials are required to produce the product?
• Description of transport operations associated with production.
• List of personnel (list of positions + number of employees for each of them). The salary of each staff unit is also indicated.
• Analysis of the cost of manufacturing one batch of products.
• Safety of product manufacturing from the environmental point of view of the region.

The production plan carries a huge information load, and therefore is one of the most voluminous sections.

Organizational plan

The organizational plan includes a description of the stages associated with the registration of the enterprise, the composition of participants and the scheduling of the opening of the project.

The organizational plan includes:

• List of persons participating in the implementation of the business plan.
• Time frames for organizing the work process (this includes the installation of production facilities, personnel selection, production of the first unit of goods).
• Interaction of participants in the process of implementing all points of the business plan.

The purpose of this section is to introduce accuracy into the timing of each stage of organizing an enterprise and determine the role of all participants and investors.

Financial plan. Applications

“Any “good times” are always the result of your hard work and constant dedication in the past. What you do today is the key to tomorrow's results. If you want to reap the benefits tomorrow, sow the seeds every day! If you weaken your concentration for even a minute, you will inevitably begin to roll back.”
Donald Trump

After a detailed description of the planning, it remains to calculate the financial feasibility of the investment project.

Financial benefit is what interests the investor in the first place.

The purpose of developing a financial plan is to show the investor the benefit of his investment.

Remember that this section does not accept any “water”. Only clear calculations and reliable data!

The “Applications” section is not limited in size.

All calculation graphs, diagrams, comparative tables and other additional materials are included in it.

What requirements must a business plan meet to attract an investor, watch the video:

Business plan for an investment project- This is a difficult document to write and design.

However, by understanding the investor's expectations and knowing the basic structure, the entrepreneur is able to draw up a plan on his own.

To do this, the article examined all the stages of drawing up an effective business plan.

Remember: the business idea must be presented in the investor’s language, since it is he who must give impetus to the development of the product being described.

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Reader

Good afternoon, Oleg!
Thanks for the new article, I’m interested in the Moscow Exchange, which is apparently going to go below 100, if there are any real risks of a protracted closure of the dividend gap, or is it possible to select from the current ones what they will give without worrying about anything?
Thank you!

Good morning, Maria. I don’t particularly monitor dividend gaps - sooner or later they will close. The Moscow Exchange has a very long history for me, and I buy it slowly... And at the current rate, I would buy more slowly, without haste. Maybe they will give it cheaper - but I don’t know this for sure... I don’t think that it (this investment) will quickly give any amazing results. But sooner or later there will be a fashion for brokerage accounts - then these shares will play...

Oleg, it seems like you had Rosneft before. Not now?

Comments are not a platform for a report or article. You don’t have to write in them for 10 minutes. And if you have a need to write an article, then do it on your resources and if the articles are not crazy, then people will flock to you. I'll definitely come, I promise :)

There is also a way (I’ve been using it for a long time, because not only here there is such a limitation, but when contacting banks, most often the same): press win + R, type notepad in the pop-up window, press enter and notepad will immediately open. Write your comment there for at least an hour or two and then copy and paste it into the form. Accustom yourself to such an algorithm and this problem will never affect you again :)

What kind of pause should I set then? If not 10 minutes, then how long?

Good afternoon Oleg!
Your phrase “a parade of devaluations of key currencies is very likely in the coming years”
I would like more details please...
I think a devaluation of the ruble, hryvnia, and even the euro is quite possible. but in theory they should all devalue relative to the dollar.
Isn’t it easier to keep the money not in OFZ, but in the same dollars, for example? in case of devaluation or sharp correction in stock prices...
What do you think about this?

Oleg, Good afternoon! Do you think Rusal will be able to get out of sanctions? Will Deripaska be squeezed out of concessions?

Oleg, good afternoon. I noticed that you don’t have Phosagro shares in your portfolio, did you sell them? Previously there were... If possible, your opinion about the company's prospects. Thanks in advance!

Good evening, Oleg!
You write “this year the financial sector is the most attractive for purchases.” Still, it is implied that he is especially attractive after the upcoming strengthening of sanctions on the financial sector? :)

Good morning, Dmitry. Well, when they take sanctions again, he will become mega-cute :) I’m even afraid to think about this... It’s Sberbank for 80 and other similar depravity :)

Oleg, I just saved up my 6% in OFZ (it was quite difficult not to lose control and not to bribe something) and for a couple of days I was thinking about putting everything into Sberbank, VTB and Moscow Exchange and leaving everything as it is, but now I’ll wait =))) Not a fact, that this will happen, but what's the rush?

Good afternoon and thank you, Oleg, for sharing your vision. Tell me what’s the best way to be - I’m actively forming the stock part of the portfolio, every month I transfer 5-7 thousand rubles to the account, so far it’s comfortable. and buy something from dividend securities that is suitable for the price now. I understand that I should keep some of it in short OFZs “just in case,” but when money appears, Mechel Pr dropped to 110, then Cherkizovo to 1050. And I think so - since I regularly transfer money anyway and as long as there is something to take, don’t bother with OFZs ? Everything is fine with discipline, and issues with housing have been resolved with reserve

Sorry, I’ll answer a common question for Oleg. You don’t really need bonds as long as your additions for the year are greater than the expected annual return on the portfolio (let’s say 10%...) - if the market falls, you will cover the fall of the portfolio with contributions for the year, and even buy good assets cheaply. Bonds are also partially replaced by cheap divitikers. When the portfolio is large, bonds are not harmful, but Oleg has been almost without them for 2 years...

thanks for the answer. That's what I'll do. While the ongoing overhaul does not encourage an increase in contributions. and since there is, I consistently pick up what they give

Oleg, taking into account the above questions and AndreyS’s answer. on bonds. Is it possible to formulate a rule for bonds: bonds in the portfolio + investments = 10-20% of the portfolio in annual terms? Or are there too many caveats? Thank you.

There are no rules - there is a specific stage of investment, a specific assessment of the situation in the economy and the resulting behavior. By formulating “rules” you risk missing the moment when they do not correspond to the changed situation in revenues, expenses, the state of the portfolio, and the economy. Decisions do not have to be made so often that there is no time to think fully.

Good afternoon to all participants in the discussion and the author of the article.
Inspired by the thoughts of AndreyS. about the investment stage.
I am now analyzing my behavior and the state of my capital since 2013. When I knew practically nothing about the real estate market, investing, etc.
So, for example, since 2008, when the market was at its lowest, the MICEX has grown by almost 280%. That is, it grew by an average of 28% per year.
And the Ruble fell by 174% against the dollar.
That is, in general, capital in dollars should not have shrunk, but remained at the same level. Even with passive investing - Buy and hold.
But since my capital was in rubles and invested in other instruments, with different results, at this moment I am looking for the most suitable scheme for handling capital. For the future. Which usually comes at the most inopportune time)
In this regard, a number of questions arose:
It is clear that if you consider investing in an index, for example the MICEX or the S&P500, you need to “guess”, that is, calculate the bottom line. Worth purchasing from. But this option is quite extended in time. And not very predictable. (Here both knowledge and behavioral psychology come into play) You can wait for this bottom indefinitely, as is the case with the S&P correction. Therefore, the option remains to search and purchase individual shares, individual attractive companies on the market. Which Oleg and the discussion participants write about here.
The choice of individual issuers is a separate matter.
But how to calculate the threshold price at which securities become interesting? Who finds and determines for themselves the value when, during the correction of individual companies or the entire market, it is possible to stick to the whole cutlet?
Surely there are some books, courses, techniques...
Thanks in advance for any thoughts.

Still, on average, the MICEX index did not grow by 28%, if that’s what you meant. For example, the minimum on the MICEX on November 11, 2008 was 503.54 points. The current index value is 2292.72. That is, over this period (almost 10 years) the index grew 4.55 times. And the yield calculated using the geometric mean was 16.36%. There is a small assumption here: I assumed that until November 2018 the index will remain at its current level. And so the yield turns out to be slightly higher than 16.36%.
Everyone calculates the most acceptable prices for purchases in their own way. And it is impossible to confidently say which of the calculators will be right in the future.

Thank you.
Apparently I don’t know how to use a calculator yet) I’ll Google how to calculate the average annual return.
When calculating prices, I realized that there are no formulas ((I’ll have to search and study.

Calculating the geometric mean is easy. Either you multiply the value of the annual returns and get the product, or divide the annual return of the last year in the analyzed period by the annual return of the first year in the analyzed period. You will get a private one. It doesn’t matter how you calculate, in both cases the values ​​will be equal. Then you take the root from this value to a power equal to the number of years in the period.
If the annual return is, for example, 15%, write 1.15. If the yield is 7%, write 1.07. If the yield is negative, for example -15%, write 0.85. You multiply these results and get a product from which you extract the root. Or divide, for example, 2000 by 1000, and get a quotient, and from this quotient you take the root of the power.
You can judge the attractiveness of an investment as Oleg suggests: if the return on the investment is predicted to be higher than the return on risk-free bonds. Or you can discount cash flows, or look at how much the share price is above or below the net asset value per share, or look at how much annual earnings the company is trading for, or look at something else. There are many options. Who likes what?

A small correction to the commentary describing the procedure for calculating the geometric mean return. Divide not the annual return of the last year in the period by the annual return of the first year in the period, but the annual return of the last year of the analyzed period by the annual return of the year adjacent to the first year of the analyzed period. That is, if you need to calculate the profitability for the period from 2010 to 2017 (for eight years), you must divide the annual profitability of 2017 by the annual profitability of 2009, which is the starting point. Well, from the resulting quotient, extract the root raised to the eighth power. Minus 1.

There should be a smiley face with bulging eyes.
Thank you for such a detailed educational program.
From my point of view, it is certainly not clear how to calculate the average annual return of a period, for example, 10 years.
As I understand it, you propose to take only the yield of the bordering years. For example, 2007 and 2017. Let’s say they both have 10% each, and the rest of the years (interim) have 30%. How does the 8th root know this?
Based on attractiveness, I will smoke literature...
Thank you.

I personally compare the current market value of money with my own forecast for the profitability of certain securities. If the profitability suits me and carries a significant premium to the price of money, I buy... I try not to guess the bottom - this is a very troublesome business and not reliable....

For some reason, in all this discussion about index returns, dividends are forgotten. In fact, dividends are the main source of income when investing in an index.

Good morning, Evgeniy. While assets (shares) are cheap, and you bring in more than 2% of your capital per month, it is wiser to buy additional shares when replenishing your account. The holiday will end when the shares are too expensive according to the multipliers and common sense, or when the capital grows so much that the additions become invisible to the portfolio. ..

Oleg, could you please explain in more detail about the change in your strategy from being 100% in stocks in May to accumulating bonds in the last 2-3 months? In the post you write that there will be a parade of currency devaluations, and earlier (as far as I remember, at the beginning of the year) you wrote that when currencies are devalued, you cannot be in monetary instruments and only in shares. Why then did we now switch to cache accumulation? What was the trigger in the last 3 months since May? Thank you!

Oleg, what do you think about bonds with variable coupons? After all, in theory, the party and government are now clearly trying to accelerate inflation from the extremely low 2%? (VAT, gasoline prices, etc.). This means that the coupon, which is linked to inflation, should logically increase. Or am I missing something?

Oleg, good afternoon!
You said somewhere that your capital on the stock exchange grows on average by 25% per year. Please tell me, is this with or without dividend reinvestment?

Hello. Let me join you. I was “carried away” and “dizzy.” What is tormenting me?
There are new elections in the United States in November. The Democrats (while they still have power) can flood the markets - which means we need to go to cash. This is the FIRST. SECOND - there is a possibility that the dollar will be a regional currency, then what will happen to the markets: up or down? Will the “imperialists” from Sberbank and others run away? Or will they cling in a “death grip”? Thank you for your attention.

Good morning, Sergey. I don’t know how the markets will behave in the US elections. I think that the elections will not have much impact on the markets, unless the elections themselves develop into a civil confrontation in the States... The dollar will sooner or later become a regional currency. This matter is inevitable, like the collapse of capitalism :) Of course, with such a major transformation of markets, asset prices will fall... But when this happens - God knows... The imperialists are already fleeing from Sberbank... and I think they will finally flee to the nearest a year or two - this will be a good opportunity to buy, we need to keep an eye on it...
I myself, when I have the idea that some political events will greatly influence the profitability of my portfolio, and especially when it seems that one political event is very, very important, then I arrange an information detox for myself, banning it for a couple of months. read the news and comments on it for yourself :) Every year there are some elections, wars in the world, the world is on the threshold or is flying into the abyss, every single year. You can go crazy if you every time try to guess the meaning of these events (mostly fraudulent) for the value of assets....

Oleg good afternoon!
Is this sarcasm about the collapse of capitalism? Or are you still serious, according to Marx?

Hello. Continuing the topic: what is the likelihood that, roughly speaking, from tomorrow until November, the “democrats” will give rise to capital flight from the market? In my opinion, the likelihood is high in order to lower Trump’s ratings and earn political points from this.

Good afternoon, Sergey. Honestly, I don’t know... I think that the likelihood of such a move is minimal... But I don’t know for sure...

Sergey-5, can you clarify your idea? What market - American? What kind of capital - foreign American? Or American? Why would capital flee from the market where it is expected? Threat to income? But the market does not exist as an appendage to politics, but rather the opposite - politics serves the interests of major market players. Trump seems to be acting straightforwardly in the interests of American business executives and is counting on them and their workforce for support. For Democrats, to undermine the American market means to crap in their own apartment and confirm their loss. Isn't that right?

Hello Oleg.

Explain the homespun truth of OFZs with near maturity.
The key word is neighbors.

Oleg, good afternoon! The other day, Trump announced the construction of terminals in Europe to receive American liquefied gas. In general, it is clear that sanctions are measures to squeeze Gazprom out of Europe. But in the future, 3-5 years looks threatening for Gazprom. No? How do you look at this?

Good afternoon, Dmitry. This is very positive for Gazprom. The more the EU consumes American liquefied gas of Russian origin, the more expensive we will sell them pipeline gas. And yes, it is the EU that will build terminals for Novatek and Gazprom, and not for the Americans; only some sellers of Russian gas will be American there :)

Wow "spin"! I was counting on losing part of Gazik with 300 rubles, but now I have to think about it.

Isn’t Asia and the Pacific Ocean taking everything there?

Good afternoon Oleg. Do you see any risks for Gazprom in the scheme of increasing the mineral extraction tax (as was already adopted at the end of this year) instead of increasing dividend payments? And in general, will other state corporations have similar (or other) schemes in the future?

Good afternoon, Sergey. Yes, the increase in the mineral extraction tax hurts... But against the backdrop of success in business, it is tolerable... I think it will be difficult to turn such fraud into a permanent practice. The Russian government is just one of the players; if the trick is repeated, you can get a bunch of lawsuits against Gazprom from minority shareholders with extensive experience in litigation... yes, I think that there will be lawsuits in this, so far only, case...

I raised this question on the VO forum. There is no answer. I believe that it is time to slowly prepare a class action lawsuit from minority shareholders with the aim of getting the court to adopt a ruling or whatever it is called, so that there are no more attempts to seize income through taxes, bypassing dividends.

Oleg, however, they will not build new terminals in Europe. They have built terminals in sufficient quantity, and they are severely underutilized. There is no need for new ones. Gazprom's management has been pointing out this for a long time, as well as the fact that liquefied gas from the United States is supplied bypassing Europe to where it is more expensive in the market: Latin America, Southeast Asia. China alone is worth something. And here is the latest news from the PRIME news agency - a statement from the head of OMV:
"MOSCOW, August 2 - PRIME. Europe does not need to build new LNG terminals in order to be able to buy liquefied natural gas (LNG) from the United States, since the capacities already available in the EU for receiving it are already severely underutilized, said the head of the Austrian oil and gas company OMV Rainer Seele during a press conference.

The head of the European Commission, Jean-Claude Juncker, and US President Donald Trump announced on July 25 that the European Union wants to increase imports of LNG from the United States to diversify its energy supply. Juncker said that the EU is ready to invest in the construction of new terminals for receiving LNG if prices are competitive. And on July 30, Trump said that the United States and the EU are discussing the construction of 9-11 new LNG terminals in Europe for American LNG at the expense of European Union funds.

“If you look at the utilization rate of existing LNG terminals in Europe, you will find that the rate is so low that Europeans do not necessarily need to build new terminals to be able to buy American LNG. They do not need to, and that is important.” - said Seele.

In addition, the head of OMV noted that the EU market will be open to the US only if prices are competitive. “This is a key point in this issue. The market in Europe is based on competition, we have been fighting for decades to ensure that it is like this. And (only - ed.) if LNG supplies from the USA are competitive, then market participants will buy it,” - he added.

At the same time, according to Seele, now a large amount of LNG from the United States is supplied to the Asian market, rather than Europe, due to higher prices for liquefied gas in the Asia-Pacific region. "So I don't think we can attract that volume based on ... the prices that we have here," he said.

At the same time, the head of OMV found it difficult to comment on the difference in the cost of LNG from the United States and Russian pipeline gas, which occupies the main share of gas imports by Europe. “I can only refer to the information that I read in various materials of the largest producers... But I think that the difference between American LNG and Russian pipeline gas is approximately 50%. Whether this is true or not, I don’t know, this is what I read ", he concluded."

Dmitry, hello!
One of the first batches of tankers from the Yamal LNG project left for the USA in Boston when there were frosts there. This happened because there is no gas pipeline there through which gas can be delivered to Boston from the regions where it is produced. That is, before creating an infrastructure similar to that existing at Gazprom, the States still have a lot to do.
The second reason for the supply of Russian LNG to the United States is that cabotage transportation on non-American ships is prohibited in the United States, and not a single LNG tanker has been built at American shipyards! And only now the United States has introduced a draft law requiring that, from 2032, 10% of oil exports from the United States be provided by United States tankers, and from 2040, 15% of LNG supplies abroad are carried out by American gas carriers. So for now, Russian liquefied gas will continue to flow into the northeastern states of the United States, in particular from Novatek.
It turns out that it may take another 10-20 years for the United States to seriously compete with Russian LNG. Well, at this time our companies will not stand still either... It seems to me so.

Good time everyone.
I’ll insert 5 kopecks into the debate about types of gas. Yesterday I listened to a recording of a radio broadcast on Vesti FM. The guest was Konstantin Simonov, head of the National Energy Security Fund. http://vestifm.podfm.ru/iron...
discussed statements by Trump, Juncker, etc. I advise everyone to listen, it lasts a little less than an hour. At first there was also a slight panic, after all the arguments I realized that this was a hoax either for Trump, or for the media, or somewhere else. In short, the number of LNG terminals in Europe is now less than 25% occupied. The European Commission, in principle, does not buy gas and cannot order anyone to buy it. If Europe could refuse Russian gas, it would have refused long ago. I wish everyone a cool mind!

All! All the divas for 2017 have arrived. Everything is within the expected limits. Well, and, of course, there are those that give positivity and a “charge of vivacity”, show that we need to move forward, look to the future, take a closer look, and count on more. What matters to me is what the share cost me and how much it gives me. Calculated the net (after taxes) dividend yield in relation to the average purchase price.
Here are my "breadwinners":
- MMC - 25%
- Tatneft Pref - 74%
- PermEnargoSbyt pref - 44%
- Alrosa - 14%
- LenEnergo pref - 116%
- Mechel Pref - 18%
What does the coming year have in store for us???

Oleg, greetings! I would like to clarify your opinion about Aeroflot. the shares have dropped a lot, but good divas are paying. Should you think about adding them to your portfolio?
The same question regarding FSK, is it worth getting more money given the current fall?

Oleg, how do you perceive Andrei Belousov’s initiative to seize excess profits from a number of companies (NorNickel, Mechel, etc.)? How dangerous is this for investors?

I take it as an invitation to a discussion about development resources. It’s high time to discuss this topic in an adult way... it’s good that the President initiated this discussion.
For investors, this is not fraught with anything yet. We need to follow the discussion - extremely important things will be decided for both investors and citizens.

Some see this as analogous to the windfall tax in the UK. Those. As always, we are not the first to come up with something like this.

An article on Regnum (https://regnum.ru/news/246300...) about the possible dismantling of the liberal economy. The article mentions Belousov’s proposal to confiscate “extra income.” Although I don’t understand how this can be called windfall profits when it is known that the metals and petrochemical industries are cyclical. There are periods of decline in world prices, and there are periods of rise. Now industries are experiencing just such a rise in global prices. A few years will pass and it will be replaced by a recession. These “extra profits” were formed due to the fact that world prices rose (this is once) and due to the fact that companies ran out of capex (this is two). Two events overlapped each other. This doesn't happen often. Now these companies have the opportunity to create a cushion of reserves for themselves. At the moment when prices for their products go down, companies will be able to finance themselves independently from these reserves. And now they want to seize these “excess profits”, then companies will not have the opportunity to create such reserves. And when prices for products (metal or fertilizers) go down, they will walk around with an outstretched hand and beg for money from the state, finding themselves in a dependent position in relation to it. Now, when the state wants to seize these “excess profits,” it provokes further inconsistency in the financial policies of companies.
In light of the article I mentioned above, there are questions. Could it come to the point where joint stock companies, shares and dividends will be abolished in Russia? And won’t Russia again fall into the Soviet Union and total distribution and equalization?
I don’t understand what the introduction of new sanctions leads to. Who are they really aimed at?
The United States, on the one hand, is fenced off from the world due to high duties on steel, as if provoking companies that previously supplied steel to the United States to organize production in the United States. Those. high duties are good from the point of view that the United States stimulates the transfer of this production inside the country, this in turn will create new jobs (not only in the metallurgical industry, but also in related industries) and as a result will increase the power of the country.
On the other hand, it imposes sanctions. Those. limits the circulation and use of the dollar in the world. Anyone who wants to use the dollar will have to comply with these requirements. Here I don’t understand why they are doing this and what it will lead to in the long run.
Why are they so attached to Deripaska? Why did he not please the United States?

If you read Belousov’s biography, then questions about “super-income” will disappear. This is a hereditary owner of the old school, as I understand it. Accordingly, he is unlikely to be interested in how the market operates. He is interested in how to take away and “share fairly.” A kind of modern Shvonder. All hope is that not everyone in the country and in the government is like this, and people have not worked for the sake of communism in recent years.

So, during the union, the entire people created giant enterprises, not so that later in the 90s they would be redistributed by “effective owners”. Effective ones are those who shot each other better than others.

As Khazin, for example, said in an interview, “One of the most powerful insults to the fallen is precisely that those people who died for the construction of Norilsk Nickel here, the situation was such that with the money that arose from what they built, Prokhorov took b*****d to Courchevel. This is an insult to the memory of the fallen. This should not happen."

Don’t you think that if the market economy does not periodically “give” the people the results of its activities (like the windfall tax in Great Britain), then the people will again be pressured by the right-wing orientation and this market economy will again be abolished as in 1917? With all the expected consequences like civil war.

There is no one here to organize civil wars now. Compare the demographic pyramids of Russia in 1897 and 2018. And we also don’t have a huge number of internal migrants demobilized from the front.

Restoring historical justice is a dangerous path. And it will not lead you where you want. No, I don’t think that you should give anything to anyone. Freebies are still not appreciated, but they corrupt. I’m not a big fan of the Deripaskas and Abramovichs, but I think that Putin is doing the right thing by recognizing the results of privatization (no matter how lousy it was) and stopping further redistribution of property. Because if you don’t stop, then every time a new redistribution will occur when someone doesn’t like something. Ukraine is an excellent example of this. In the 30 years since perestroika, there have been 3 revolutions, constant leapfrog, anarchy and impoverishment. We, as people who want to earn something in the market, don’t need this.
The government already takes taxes from business. And they should be reasonable, and the rules should not change constantly. Moreover, because some old apparatchik suddenly decided to “take and divide” everything. If you want to please the people, go and ask what the people dream about. And I’ll tell you this: lifelong pensions from the age of 30 in the amount of 100 thousand per month, excellent roads and free healthcare, and at the same time the people do not want to pay taxes on their income and real estate to “these thieves.” Like this. Will you build much on such a basis?
To avoid any shocks, I think it would be nice to have stable rules, let everyone earn money, and not rob the rich simply because “he has it and I don’t.” The stock market gives everyone the opportunity to earn a living. And Belousov proposes to rob everyone who is more prosperous. We don't need this. I don’t even want to talk about the impact of his words on the investment climate, because the words come out only obscene.

Similar thoughts.

>No, I don’t think that you should give anything to anyone. Freebies are still not appreciated, but they corrupt.

England and its history do not agree with you. Their last revolution was in the 17th century and that’s it. Even the monarchy was preserved, albeit decorative. Why do you think?
I think because they are taking the path of mitigating social tension by sharing with the population. For example, windfall tax (wrote above) as well as the UK benefits system, and similar progressive taxes.

In our country, the ideology of “I, mine, I will not give up” led to three revolutions at the beginning of the 20th century, and then to the counter-revolution of 1991 according to the same “I, mine”. Want to repeat? History, apparently, does not teach.

>Will you build much on such a basis?

It is precisely in this formulation that nothing can be built. But yours is too exaggerated, as you yourself know. I am not suggesting giving the entire population the opportunity to lie down on the sofa. I spoke about softening, and you are turning my words to the extreme. Not constructive.

> let everyone earn money

How's that? The market and capitalism are not designed for this. Those who do not fit into the market go to the streets. There have always been such rules. Just look at the USA and see how many homeless people there are in California.

> the stock market provides an opportunity.

You know very well that he gives this opportunity only to those who know how to think. Those who don’t know how lose there. And they are the majority.
There are very, very fewer people who can think than those who can’t. But everyone knows how to hold a pitchfork, if that's the case.

England/USA are the leading world powers, pulling resources from all over the Earth, they have the opportunity to share with their population, the rest have it worse.

Now they are the leading ones and the world leaders. But this didn’t happen suddenly! There was a period of formation. And how did it happen? Let's go back to history. Quote from one British imperialist Cecil Rhoads, late 19th century, if I’m not mistaken:

"- I was yesterday in the East End of London (working-class quarter) and attended one meeting of the unemployed. When I listened to wild speeches there, which were a continuous cry: bread, bread! - I, going home and reflecting on what I saw, was more than convinced first, in the importance of imperialism... My cherished idea is a solution to the social question, namely: in order to save the forty million inhabitants of the United Kingdom from a murderous civil war, we, colonial politicians, must take possession of new lands to accommodate the surplus population, to acquire new areas of sales for the goods produced In the factories and mines, the Empire, I have always said this, is a matter of the stomach. If you do not want civil war, you must become imperialists."

Imperialism, conquest of other nations, etc. - I can’t say that this is good, but this is the way of life and the usual thinking of that time. And what is the British imperialist going to spend the profits from this colonial policy on? To feed your population, so as not to provoke a civil war in your country.

What was it customary to spend such profits on in the Russian Empire now? To the thickness of your pocket. We know how the Empire ended. It would be interesting to live to see how her reincarnation today will end. But judging by the fact that the ideology of “I, mine” is firmly in place, it must end the same way. Because sooner or later the left will begin to ask the right “why is this so?” And as you can see, there are many more of them.

nike, the whole pathos of your message boils down to a simple thought, in essence: it must be taken away from the rich and distributed to the poor in order to extinguish the flame of the future proletarian revolution in the bud.
One shop manager once told me that I only care about my own welfare, wanting the company in which I own shares to become rich. That is, according to him, I am not interested in the fact that the company makes money at the expense of people, as long as I feel good. He made me look like such an egoist. And then we were talking about Cherkizovo. In general, he turned out to be a fighter for social justice. To which I answered him in this spirit (I am not quoting the content of our conversation verbatim): I told him that there is no social justice. There are various groups of people whose interests conflict with the interests of other groups. Now you are talking about the infringement of the rights of proletarians by greedy capitalists, but look: I am an ordinary proletarian who invested money in shares of MMK, and another proletarian could invest money in shares of Norilsk Nickel or Severstal. And so our conditional group of proletarians, due to Belousov’s initiative, may lose part of the dividend income and lose in the market value of the portfolio. Where is the justice here? In the name of improving the lives of certain proletarians who do not have shares, in whose favor the “extra profits” of companies will be redistributed, the interests of a group of proletarians who own shares will be infringed. Conversations about social justice are fertile ground for speculation on problems for all sorts of politicians, and nothing more. None of them care about social justice. While talking about social justice, various groups promote their interests, which are often far from any social justice. Now, if there were an order of magnitude or two orders of magnitude more of us shareholders, then the infringement of the interests of companies would be an infringement of the rights of very many people in this country, and it is precisely the infringement of the rights of shareholders that could significantly influence the nature of the statements of various kinds of statesmen because these attacks on the companies' business would affect the material interests of many shareholder voters.
I can give a huge number of examples indicating that a political decision made in favor of some segments of the population conflicts with the interests of other segments of the population. So “social justice” is nothing more than a slogan, hanging noodles on the ears of ordinary people.

>the whole pathos of your message boils down to a simple thought, in essence: it is necessary to take it away from the rich and give it to the poor in order to extinguish the flame of the future proletarian revolution in the bud.

You can say that. What's wrong with this proposal? Or do you still need a proletarian revolution?

And since you started using these terms, let’s move completely into this field. For example, "groups of people whose interests conflict with the interests of other groups." - these are classes. Conflict of interests is a struggle of classes. But this “I am an ordinary proletarian who invested money in MMK shares” is already called a petty bourgeois, and not a proletarian at all. Proletariat from lat. proletarius - lit. "producing offspring." Those. This refers to a class of people who do not have any property other than children. Hence your “proletarian who owns shares” is, excuse me, “fried snow.”

“If only there were an order of magnitude or two orders of magnitude more of us shareholders.” Yes, it would. If. But this is not the case now. Unfortunately, the nineties, with their vouchers, MMM candy wrappers, and the like Khoper-Invest and charging water in front of the screen, weaned people off believing in all sorts of pieces of paper. Therefore, when talking about promotions with ordinary workers (and even with office plankton, which I myself am), I see that they look at me as if I were Kashpirovsky. And this will not change soon.

Therefore, faith in the concept of “social justice” is very strong. And no amount of persuasion will change this. In response you will always hear something like “but in England. But in Germany.”

Hence the right emphasis, i.e. on natural social inequality, in my opinion, will quite quickly lead to events similar to the Ukrainian ones. Those. to the redistribution of property between oligarchs who responded to the population's needs for social justice. And in extreme cases, to (yes) a proletarian revolution. Therefore, if there is a not very expensive opportunity to demonstrate left-wing reforms, then we must show it. Don't be greedy just because you are smarter than others.

naik, let me first tell you that I am a little familiar with Marxist terminology. In my youth I had the opportunity to read collections of articles by Marx and Engels. I mastered Marx's "Capital", and Engels' "The Origin of the Family and Private Property". I read the 4th and 5th editions of Ulyanov (Lenin). If my memory serves me correctly, the 4th edition was in a dark brown hardcover, and the 5th was in blue.
I understand perfectly well what classes and class struggle are, but you present the matter this way. that a class is something monolithic. It is clear that the class has its own fundamental interest - the struggle for a larger piece of surplus value, but within the class there are many groups of proletarians whose interests may conflict.
By the way, just because a proletarian owns shares, he does not cease to be a proletarian and does not join the ranks of the petty bourgeoisie. After all, he doesn’t even have a small business, and he doesn’t exploit other proletarians. That is, the means of production are not concentrated in his hands. What kind of “fried snow” is this? If you take your thesis to its logical conclusion, then, provided that you are also a proletarian, your opening a deposit in a bank can just as well be considered a basis to classify you as a petty bourgeoisie because after opening a deposit, you begin to exploit other proletarians not directly, but indirectly. The bank can give your money as a loan to some Mordashev, and with this money he will expand production and begin to squeeze all the juice out of the proletarian Vasily, who will create a surplus product for Mordashev, part of which will be returned to the bank where your deposit is opened, and part of the paid Mordashev, the interest on the loan will go into your pocket. In fact, you, not being a petty bourgeois, will exploit the unfortunate Vasily. Therefore, classifying you as a petty bourgeois is the same nonsense as classifying me as a member of the same class. We all exploit each other either directly or indirectly, but we are not all bourgeois.

“And therefore faith in the concept of “social justice” is very strong. And no amount of persuasion will cancel it. In response you will always hear something like “but in England. But in Germany."

But I have no desire to persuade anyone, and I’m not going to cancel anything. I'm just talking about how things really are with social justice.
By the way, imagine this situation: there is a bank to which you lent money at a conditional 7%. The bank, in turn, gave your money to a cooperative of weavers who decided to establish weaving production. Their business did not work out and they went bankrupt. They did not return the loan, and in the bank, which is on the verge of closure (I proceed from the condition that the weavers and you were the only clients of the bank), they told you that you will not see either a deposit or interest on them because there is no place to get money for you from payments. What will you do: will you go to court with the bank? Go break glass in the houses of unfortunate weavers who wanted the best, or just tell your wife that, dear, sorry, the money is tight. Will you and your wife think that the bank acted cruelly, violating social justice, and leaving you and your wife penniless? Either forgive everyone everything, or forgive the weavers for their lack of entrepreneurial spirit?

“From here, the right-wing emphasis, i.e. on natural social inequality, in my opinion, will quite quickly lead to events similar to the Ukrainian ones. That is, to the redistribution of property between the oligarchs, driven by the needs of the population for social justice. And in extreme cases, to (yes, yes) of the proletarian revolution. And therefore, if there is a not very costly opportunity to demonstrate leftist reforms, then you should not be greedy just because you are smarter than others."

Look, at all those enterprises that were included in Belousov’s list, many ordinary proletarians work. Almost all companies are financed to some extent or have investment programs. Taking money away from them can lead to a reduction in production and the dismissal of workers who have families with children. This could lead to a reduction in purchasing power in the area where enterprises are located, and to a reduction in the business of companies that satisfy the needs of local proletarians (dry cleaners, shops, canteens, etc.), which in turn will lead to the dismissal of workers employed in these companies. And where is social justice here? By fighting the specter of a future proletarian revolution, caused by the aggravation of class contradictions in some future, conditions are being formed for the growth of social discontent in the near future. And this, from your point of view, is a socially verified policy?

I will not argue about Marxism, because it may result in entire scientific articles. Let me just say that you are trying to juggle terms in order to defend your position. Owning shares doesn't also mean owning part of the company's fixed assets? Those. means of production. For some reason you can't. What then do we own with shares?

“By the way, imagine this situation: there is a bank to which you lent at a conditional 7% interest” - it’s hard for me to imagine such a situation. Because giving all the capital to one bank is a very stupid step. Who's to blame? Only yourself, of course. Claims, of course, should be made to the bank, not to the weavers. And then if the game is worth the candle, otherwise legal costs can cost more than the deposit itself, which disappeared in this bank.

“Taking away their money can lead to” - of course it can. If this “weaning” (a bad word, it sets one up for misunderstanding right away) will be carried out very stupidly. Of course, this “weaning” must be carried out very carefully. I can’t answer you anything better on this topic than asking you for the third time to inquire about the history of Windfall Tax in the UK in 1997. Tony Blair, I THINK, is no more stupid than our politicians or you and me. And British enterprises did not go bankrupt as a result.

“I won’t argue about Marxism, because it could lead to entire scientific articles. I’ll just say that you are trying to juggle terms in order to defend your position. Owning shares isn’t it also owning part of the fixed assets of an enterprise? That is, the means of production. For some reason you can’t. What then do we own with shares?”

I don't juggle with terms. In my opinion, workers who own shares, but earn a living by selling their labor, which is their only commodity, can hardly be classified as petty bourgeois.

“Claims, of course, must be presented to the bank, and not to the weavers. And then if the game is worth the candle, otherwise legal costs can cost more than the deposit itself, which disappeared in this bank.”
Well, let me ask you further: the weavers had an agreement with the bank, one of the points of which was the condition that if the weavers go bankrupt, then the bank has the right to take away all their property. which will subsequently be sold by the bank in order to repay the debt to the creditor. that is, to you. From your point of view, the bank’s return of funds to you is, from the point of view of social justice, a completely normal measure, especially since this clause was spelled out in your agreement with the bank. And so the bailiffs come to the weavers and take away their houses and apartments, and they and their small children are allowed around the world, and they go around the world with an outstretched hand. What do you think these poor weavers will say? They will say that they were treated unfairly and will demand social justice. Right? Here is an example of how the slogan “Give social justice” is all empty, but voters fall for this bait. Everyone understands social justice in their own way. Such things.

I myself am not against a socially oriented state, but there is too much speculation on this subject, which has nothing to do with effective social policy.

Tony Blair is an outspoken leftist. And he was eventually kicked out. All leftists are essentially communists, who (if not restrained) lead to “take and divide”, and ultimately drive the country into poverty. I won’t argue much, and this has already been written for God knows how long. I'll express a couple of thoughts:
To prevent the people (of those who are poorer) from taking up pitchforks, states have programs to support the unemployed - benefits, etc.
And if Belousov’s initiative suddenly passed, it would be a serious blow to the investment climate. Until now, there was the impression that a new era of modern capitalism had begun in Russian history, and if such initiatives to “rob those who know how to earn money” suddenly pass, then everyone immediately understands that we have again slipped into the days of dispossession, and invest what we have acquired in the market There is no point in overwork.

naik, in order not to look in your eyes as a completely person who does not notice anything in the opponent’s arguments that one can agree with, I will say that the proletarian, as soon as he begins to acquire shares (a share in a company that exploits workers), the process of bourgeoisification begins this proletarian, and in the case when he manages to accumulate capital, the income from which allows him to live the life of a rentier without working for a capitalist, such a proletarian really ceases to be a proletarian, and objectively joins the ranks of the petty bourgeoisie.

If you pick a little on the terminology, then it seems that Karl Genrikhovich Marx described it a little differently... The petty bourgeois is a craftsman. In modern language, a small entrepreneur selling the product of his labor (not his labor).
A rentier is a landowner, land-lord. But the proletarian who has accumulated capital, the income from which allows him to live (shares in factories, newspapers and ships. With the indirect exploitation of the workers of these very enterprises) is already a capitalist. Well, or the larva of a capitalist :)
P.S. It’s a very interesting conversation you’ve had here....

Good night, Yury T. Of course, I could have forgotten a lot of what I read in my youth, but a craftsman, if he is not a lone craftsman, still used the labor of apprentices and other hired workers in his craft workshop. That is, he was engaged in the exploitation of other people’s labor, and at the same time could work for himself. But his hired workers were already engaged in exchanging their labor for some material benefits received from the owner.
A rentier is a landowner who lives on rent received from tenants. But I don’t think it would be a big mistake to consider rentiers not only those who live from land ownership, and land is one of the forms of capital, but also those who live from financial capital. Here are the workers who have accumulated capital that allows them not to work; they are also rentier capitalists.

Hello Valois:) In fact, the terminology is not very important, the essence is much more important. In general, I share your and VM's position rather than Nike's. For the same Marx, everything is somewhat exaggerated about the capitalist from my point of view. For example, a capitalist not only exploits a worker; in addition, he risks his capital, spends time organizing work, thinks about what business to go into, assesses risks, etc.
And about social justice in developed Western countries, I would like to give one real story (I have enough of them. From friends, acquaintances, and from my own experience). So, on the one hand, there is a programmer with good experience, living in Ireland with his wife and two children. He earns about 40 thousand euros net per year. Not a lot of money, but quite a good salary for Ireland. On the other hand, there is an unemployed mother with 5 children, a refugee from Africa. And this Afro-Irish woman receives 50 thousand euros a year net for all her brothers. And I still don’t take into account a bunch of different privileges such as social housing, etc. In my opinion, this is absolutely unfair savagery. And such “social justice” can lead to a completely opposite effect. Most working people are very unhappy with this.

Can you find out why workers are dissatisfied? Because someone doesn’t work and gets paid more than him? :)

not quite like Nike. After all, in these most developed Western Countries, income taxes are quite high. on average 30% and above. And there are constantly increases in this very tax for workers, in particular so that the above-mentioned Afro-Irish can live comfortably and integrate into society :) Money must be taken from somewhere for such social justice...

Well, any mother will explain to you that raising a child is work. Moreover, 24/7 and ungrateful. And five is generally hard labor. And where can she get money to raise them?
And they, by the way, are the future economically active population of the country. Or maybe the country doesn’t need to raise them? Focus only on those who are currently working? And who then will work for the country tomorrow?

• 
  But it could have been different. It could prohibit leaving the country, specify who he should work with, and at the same time indicate that he must work. As it was in the USSR. But no, it gave him a choice, and for this he asks to share his salary in order to feed a black woman and her children. After all, when there is this choice for citizens, this means that the programmer’s children will not necessarily stay in this country and increase its GDP. This means we also need to feed the little blacks, because they will probably stay and work here. So much for social justice for a programmer. He is given more freedom - for this he is asked to share with the unemployed, because... The programmer's children can spend this freedom to the detriment of the state.

You apparently don’t want to hear what they are trying to tell you :) There is no need to pay 50 thousand euros a year to Afro-Irish people, this is too much. Let them pay less. For this is not social justice, but social stupidity.
Freedom of choice, democracy... By the way, you also have a choice whether to be a capitalist or a proletarian or someone else. The choice is whether to live in Russia or go somewhere abroad. Nobody limits this.
In any case, this whole discussion no longer quite fits into the theme of the investment site. So I’ll take my leave now :)

>There is no need to pay 50 thousand euros a year to Afro-Irish people, it is too much.

Well, I honestly don’t know if this is too much for Ireland for five. Without knowing their spending, I can’t judge whether it’s a lot or a little. Do you know their expenses? Is 10 thousand a year for each child and the mother raising them a lot or a little? Or maybe just for food? For example, what can they afford with this money?

>Nobody limits this.

Yes! It is not limited by laws:) And laws are issued by the state. Well, that means this is what it allows us. Do you consider this freedom?
But let’s say you come to my house and I allow you to walk around my local area - is this also called freedom?

Well, if you say goodbye, then happily :)

Agree. A non-working person should never receive more than a working person. It's logical. Otherwise, why the hell will we work. But then it’s not known where the money for payments will come from. The most interesting thing is that if this programmer has 5 children, no one will just pay him, like these refugees, 50 thousand euros a year. And this is also apparently normal according to Nike. Democracy, after all, you can choose what to do, no one forces you to work there.
Well, here, in Russia, you are also given a choice: work or don’t work, only then suck your paw. No one here will pay money to idlers, that’s why refugees don’t rush to us. If you don’t like it, go abroad, they are always waiting for you there. they need laborers. As for me, this is a conversation between a blind person and a deaf person.

They say - how many people, so many opinions. Everyone has their own opinion about “social justice” and what it should be. The state, like a living organism that has established such rules on its territory (including regarding the redistribution of goods), obviously also has its own idea (more precisely, the people who are involved in this in the state). And everyone defends their opinion, incl. and the state. And everyone is responsible for their “counting”, since they act in accordance with their opinion (“their decision to count in a certain way”) and have corresponding consequences, incl. and the state.
A dispute about which opinion is better than another only leads to aggression, which is a consequence of fear, which arises as a reaction to the threat of destruction of the mental picture of the world (or worldview) created by a person as a result of the decisions he made (“to think this way and not otherwise”).
And the funny thing is that this very worldview of a person greatly depends on his point of view, i.e. literally from the point of his location in space, from where he usually looks at all this (whether he is a black woman, or a programmer, or a representative of that state, a capitalist from the Russian Federation, or someone else).
It's funny to see how people can get "turned on and excited" by learning that different people's worldviews can differ radically, although we pass by such people every day, hundreds or even thousands of people with very different worldviews pass by us every day, but we usually don't care about them things until they open their mouth.. (well, or type something on the keyboard).
Just an observation... With respect to all those opposing,

I don’t remember anything that would impose a profession in the Union. Quite the opposite.
As for the black woman with 5 children, in my opinion it would be logical not to pay her more than a programmer, but to build a free kindergarten/school for her children and send the black woman to work.

ZY We're completely off topic, but sorry, I couldn't resist.

The problem is that many of those who now travel to Western European countries do not go with the intention of working and integrating into European society, but with the intention of living on benefits that will be paid to them in European countries. Often people come from other countries. where wars are raging, but from relatively prosperous regions. To be fair, it must be said that they used to go to find work. For example, I recently watched some program about Turks who worked in Germany at a metallurgical enterprise and honestly earned a German pension. But the fact is that in both Germany and France (I saw information on this topic in the media) the second or third generation of emigrants does not want to work, and this is the problem. I don’t know, maybe there is a hidden discriminatory policy towards the descendants of emigrants, but it seems to me that these people, for some reason, do not want to integrate into society. Now there is a new wave of emigration, consisting of people who initially do not want to work, grouping them into gangs (we can also mention areas in European cities where the police are afraid to interfere), who rob passers-by, rape, and at the same time demand that the authorities create the most comfortable conditions for them for accommodation. Of course, this gives rise to negative sentiments among Europeans, strengthening nationalist sentiments, and strengthening Nazi sentiments in European society. Europeans refuse to believe that what the current European authorities are doing has anything to do with social justice.

As for the article in Regnum, this publication is not a business publication, but another propaganda zombie box. So I would listen to them with half an ear.

A very interesting discussion you have created here. Thank you. Interesting points of view. I don’t agree with almost everything :) But neither my agreement nor my disagreement will in any way affect the management of my own capital. In general, for a capitalist there is no need to worry about any of this. Sooner or later everything will change everywhere... Or it will remain as it is. And we will one way or another adapt to external conditions, driving the herds of our money, while there is money, to where the grass is juicier and the climate is milder... I think that at the moment the grass is juicier and the climate is most favorable in Russia and I don’t see the country , where political risks would be lower...

Heated discussion! Something like: which side should you break an egg on - the sharp side or the blunt side? The essence (truth), as always, is somewhere in the middle.
I had a “liberal democrat” friend, he splashed me all over with his saliva that the USSR was crap, dirt, a swamp, people in the USSR were a bastard and a waste. I asked him a question: in what country in the world did people have money in glass jars, mattresses, or sewn up in fur coats? What about free education and medicine?
The USSR was a “bone in the hole” of the “West” (now in the “West”, most likely, everything will go backwards - social programs will be curtailed). The “West” managed to create a layer of beneficiaries and pump money from people’s pockets into their wallets. I remember very well how in an instant the streets in Sayanogorsk were filled with Japanese cars. People exchanged their money for their dream and began to work even harder to feed themselves and pay for their dream. And only a few spent money on means of production and capital extraction mechanisms.
But now everything is fine: the USSR spent a lot of effort and money on Central Asia and the Baltic states, and now Russia is spending it on itself. I don't see anything wrong with this.
I could be wrong, don't trample me too much.

Oleg good day. I have been a reader of the site since the winter of this year and have read 90% of its accessible version, including comments, only the model pensioner did not read to the end. I haven’t signed up for tactics yet, but I think I’ll definitely subscribe over time. Personally, I saw you for the first time while watching the recording of the Smartlab conference, from there I learned about V.O from your words, and I really regret that I didn’t find out about him earlier. You don't tell much about yourself on the site. But biographies of interesting and wise people are very interesting and informative to read. Could YOU write about yourself in more detail: what happened after you wandered? How did you get into college? What did you do after studying and how did you accumulate capital for your first investments? Well, and much more that you deem necessary to write about. I think your biography would be interesting not only to me!!!

Good morning, Nikolay. Thank you for your interest in me and for your kind words... I’m very glad that VO is helping. I don't think my life is that interesting. I was born, wandered and studied... what else can I say... I am still “wandering”, I can’t calm down... And I’m still learning. “Systemic education” didn’t give me anything positive, I rely on reading and observation... I’m still “stacking away” capital, while it’s less than I need... I need to finish writing around and around, there’s still a lot of work to do... here, As soon as I finish it, maybe I’ll sit down to write fiction - there will be something biographical :)... but I don’t think that it will be interesting to anyone except myself and my loved ones...

For some, attracting investment is the only opportunity to bring their project to life, for others it is a transition to the next stage in the process of growth and development of the company. In any case, whatever the purpose of receiving external support, you will have to thoroughly prepare for it. Therefore, the example we provided of a business plan for an investment project, which will help achieve the goal, may be quite useful. You can easily find many other options in our extensive catalog.

A little about investments

By and large, an investment attraction plan is a set of certain documents that are designed to acquaint a potential investor with the project from the planning stage to the key point - making a profit.

In a broad sense, investing is investing capital in any area. For example, in production, science, trade or research. Often, potential grant seekers are aimed at receiving funds that will help them re-equip their enterprise, open a new production line, and expand their sphere of influence.

Sources of such financing may include:

• the enterprise itself;
• state;
• banks;
• foreign companies;
• domestic large holdings.

The principle of creating a business plan for a project must, among other things, take into account who exactly your request is addressed to.

What is the essence of a business plan

It is no secret that the business plan itself is a document whose purpose is to highlight the following points:

In addition, it must necessarily represent a long-term perspective for the further development of the enterprise. A potential investor must clearly understand why exactly you are asking for money, how much you want to receive, and what benefit awaits him personally in all this. Without such a well-prepared picture of the development of events, it is, unfortunately, not possible to obtain the desired capital.

What to pay attention to

Using the example of our proposed business plan for an investment project, a version of which is available, we will try to highlight the main points that should be taken into account when drawing up such a document. It is important to note that we do not propose to analyze a specific enterprise, but, on the contrary, we offer a unified scheme under which you can “fit” any idea that requires attracting investor funds.

So, please note that the style of presenting information in your document should be strictly concise, structured, and competent. The text should be well perceived by absolutely any reader, and not just by a specialist in a narrow field. All parts of the plan must comply with a logical connection, and the information and data must correspond to reality.

When drawing up a plan, adhere to the following principles:

• reliability and accuracy of information;
• a sufficient number of necessary indicators and parameters;
• use of extremely important information;
• uniform distribution of information throughout the plan;
• using correct language and avoiding controversial statements.

Embellished facts are not very helpful: their use can cast doubt on you personally and your company as a whole.

It should be noted right away that the structure of a business plan is not regulated by any regulatory documents, but it is still necessary to adhere to the unspoken rules. The outline of your plan and its scope may vary for different projects.

It starts with the title page. It usually contains information of the following order:

• compilers;
• time and place of compilation;
• Name.

Resume

Business from scratch - how to write a business plan: Video

Can I invest money? Stop! Investing begins not with searching for management companies and not with selecting tools for working with money, but with drawing up Plan.

Don't repeat my mistakes. When I started investing, I lost a lot. First of all, my losses were due to the fact that I started trying without thinking about diversification. My investments were chaotic and not thought through. Life doesn't forgive this. So we will learn to make plans to conquer investment peaks.

First of all, make sure that you are not afraid of losing the money you want to invest. If you somehow count on this money, then it’s better not to even start. With this attitude, there will definitely be nothing left of your money. So first of all, learn how to drive yours.

When you have reached the investment step and you have free money, you can move on to planning your investments.

Making an investment plan?

- this is your strategy, according to which you will distribute your funds between financial instruments and make a profit from them.

This investment plan diagram is not exhaustive and may change in each specific case. However, it illustrates the main idea - before investing money anywhere, you need to solve the following questions:

1. What are your income, expenses, assets, liabilities? You need to write down and take into account all the financial and material resources that you have.
2. How much can you invest monthly? Based on your family history, you need to determine the part that you can invest and still feel comfortable.
3. Where and how much to invest? Study various investment instruments, determine their profitability and riskiness, and initially diversify your investment portfolio.
4. How much are you willing to lose? Investments should be divided into conservative (low-income, but reliable), they should contain 50% of your capital. For medium income (more risky, but generating significant income). They should contain 30% of your capital. And for highly profitable (and therefore risky) ones. You should invest no more than 20% of your capital in them.
5. What do you want to achieve? You need to decide on your goals. Investments can be in business, finance, securities, real estate. These are all different tools that require different knowledge and skills. In what direction do you want to develop?
6. How will you protect your money? We need to think about it. This is important, because the Internet is full of attackers.

You shouldn't invest all your money in one source or even in one industry. For example, if you work with the Forex market, then think about other areas of investment, such as real estate, precious metals, securities, etc. Try to expand your investment portfolio and take the time to research the companies in which you want to invest.