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Kenali prinsip margin of safety dari buku milik Seth Klarman yuk biar semakin simpel berinvestasi.
Siapa sih Seth Klarman itu? Kenalah Yuk
Seth Klarman adalah investor asal Amerikan Serikat, seorang penulis dan manajer investasi juga. Saat ini, Seth menjabat sebagai Chief Executive and Portfolio Manager di Baupost Group. Yaitu perusahaan investasi swasta yang didirikan oleh Klarman tahun 1982. Dia pertama kali membeli saham di umur 10 tahun loh. Keren ya.
Apa sih Margin of Safety itu?
Istilah Margin of Safety ini pertama diperkenalkan Benjamin Graham dan David Dodd pada tahun 1928. Arti istilah ini yaitu selisih dari nilai intrinsik sebuah aset terhadap harga pasar aset tersebut. Apa itu nilai intrinsik? Nilai intrinsik yaitu bisa dibilang “nilai asli sebuah aset”.
Misal perusahaan punya aset terlihat seperti ekuitas saham dan juga aset tidak terlihat seperti prospek, nama besar, kesan pelanggan, dst. Nilai intrinsik memperhitungkan semua itu.
Tips Berinvestasi dari Seth Klarman
- Pelajaran bagi investor: Jangan terpikat pada keuntungan yang cepat dan mudah didapat. Sudah banyak korban loh.
- Lakukan Investasi Berdasarkan Nilai (Value investing), yaitu strategi berinvestasi pada saham yang terdiskon (nilai sahamnya di bawah harga dasar).
- Belilah saham dengan diskon yang signifikan agar kamu sebagai investor yakin mencapai margin of safety. Berikan fokus penilaian pada aset berwujud daripada aset tidak berwujud.
Contoh Membeli Saham Dengan Konsep Margin of Safety
Misal ada harga saham X, Y, dan Z sebesar 160, 140, dan 500. Punya nilai intrinsik (aset berwujud + aset tidak berwujud) yaitu 200, 300, dan 400. Pilihlah saham B, karena diskon paling tinggi. Benjamin Graham bahkan menyarankan membeli saham jika nilai intrinsiknya maksimal 2/3 dari harga sahamnya. Sangat disarankan pula mengambil perusahaan dengan jangka waktu beroperasi yang sudah lama + nilai intrinsik paling rendah dengan harga saham maksimal 25% di bawahnya.
Cara Menghitung Margin of Safety
Perhitungan Margin of Value ini khusus untuk investasi ya. Soalnya kalau pengertian dari akutansi beda lagi. Cara hitungnya:
Margin of Safety = (nilai intrinsik-harga jual saham) x 100%
Contoh:
Ada perusahaan nilai intrinsiknya Rp. 2.000, harga jual Rp. 1.000, maka margin of safetynya Rp. 1.000 atau 50%.
Belilah Perusahaan yang Undervalued, Niscaya Margin of Safetynya tinggi![Intrinsic Value and Its Relationship to Margin of Safety - Arbor Asset Allocation Model Portfolio (AAAMP) Value Blog](https://lh3.googleusercontent.com/YatlQicXgd76bnMLX_NGKvSxZiWGFTVgMFz9MQwa4BlDmRPp5od8rxr9A8X89L86vrfXSk6OLP8U1dATNEAwsKBppv4yOYaQUFYjxK3U38BbQMv5mKOFGrf2kaJ5Xa1kZ1aj-VmXFdtzregXN6wB9Q)
Semakin jatuh harga saham undervalued, maka persentase margin of safetynya semakin tinggi. Beberapa indikator biar kamu tahu saham itu indervalued atau nggak:
- Nilai PER (Price/Earning Ratio) rendah, umumnya dibawah 9
- Nilai Price to Book Value (PBV) di bawah 1
- Rasio Price to Earning Growth (PEG) rendah
Tapi tetap hati-hati ya, saham undervalued tidak semuanya layak untuk investasi. Bisa bisa performa perusahaan terus menurun sampai mengalami kerugian. Cek juga usaha dari perusahaan itu ya, biar nggak bangkrut seperti apa. Strateginya bagus atau nggak.
Referensi:
- https://jamesclear.com/book-summaries/margin-of-safety-risk-averse-value-investing-strategies-for-the-thoughtful-investor
- https://www.investopedia.com/terms/m/marginofsafety.asp
- https://kailashconcepts.com/margin-of-safety-by-seth-a-klarman/
- https://novelinvestor.com/notes/margin-of-safety-by-seth-klarman/
- https://www.akseleran.co.id/blog/margin-of-safety-adalah/
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