ロバートキヨサキのコラム(Yahoo! finance最新)


Posted on Thursday, January 17, 2008, 12:00AM

A few days ago, a reporter asked me if I was losing money in real estate. My reply was, "No, I'm making money."
Confused, he asked, "How can you be making money during the subprime disaster?" I explained that since the real estate market took a downturn, there were more people renting rather than buying, which is great for my apartment business. I also informed him that I'm raising rents since demand for affordable apartments is so high. When someone moves out, I increase the rent and new tenants line up, which means my cash flow is increasing.
He then asked, "Are you looking for new investments?"
A shocked look came over his face when I said, "I've been investing heavily in the stock market since August 2007. I've moved several million dollars into the market."

"The stock market?" he stammered. "Stocks are crashing. Why are you in the stock market? Besides, I thought you were a real estate investor?"
Ignorance Isn't Bliss

As Warren Buffett has said, it's important for society to have accurate and informed sources of information. While I agree, I sometimes wonder about the intelligence of many financial journalists, both in print and the electronic media.
For example, lately on financial TV stations, the reporters have been talking about the run-up in gold and asking, "Is it time to invest in gold and gold stocks?" What a ridiculous question. Now isn't the time to be investing in gold or gold stocks -- that time was 10 years ago, when gold was below $300 an ounce. Investors should've taken substantial positions when gold was cheap. For reporters to be talking about gold today is no different than them reporting on the hot real estate market in 2005, just before the top blew off.
I had dinner with a friend of a friend the other night and he was telling me about the Rothschild formula for investing. According to him, this involves not participating in the first 20 percent or the last 20 percent of an investment run-up. Instead, it's investing in the middle 60 percent, when risks are low and the direction of the price is determined. As the asset value approaches what appears to be the last 20 percent, you sell and move on to another asset class.
As we all know, most amateurs (and, possibly, many reporters) only participate in the last 20 percent.
Take Notes

I wondered if the reporter who asked why I was investing millions in stocks was an investor himself. I did my best to explain to him that there are two things professionals invest for: 1) Capital gains, and 2) Cash flow.
I said, "The amateurs who come in at the top 20 percent of a market are generally investing only for capital gains. In the last real estate boom, the 'flippers' who got no-document, zero-down loans paid very high prices, and hoped for a greater fool than them to take the property off their hands.
"These are some of the people being faced with forecloses today. They're the investors who make the news -- not the investors who are making money."
The reporter then asked me, "So what do you invest for?"
My reply? "Both. If I can, I want both capital gains and cash flow."

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