此书为1989年出版,但拿来当今中国股市借鉴,毫不过时。耳熟能详的吉姆·罗杰斯,乔治·索罗斯,约翰·内夫,彼得·林奇就不用提了。迈克尔·斯坦哈特,写过《No Bull: My Life In and Out of Markets》,即《我不是多头》;菲利普·卡雷特,写过《The Art of Speculation》,即《投机的艺术》现已绝版。
其中可以关注的投资理念是关于拉尔夫·万格,属于投资者中的浪漫主义者,即使书写基金报告也绝对要绘声绘色。“我宁愿自己的报告有错误,也要写得生动一些。”很让我喜欢。他把基金经理群比喻成斑马群非常形象。他使我想起了王亚伟,就是属于马群外围的马。外围的马要以吃到新鲜的草,但却要面临更大的风险。
还有净资产收益率的倡导者,乔治·米凯利斯,在中国的名声不大,在网上也很难找到关于他的信息。他甘心做一个“一垒打选手”也许是最值得我们学习的。大多人死在资本市场里,只因为他们太高地估计自己的能力,给自己的期望值太高,只想做“全垒打选手”。有一段关于他和他的基金的数据,录于此备查。
George Michaelis
Fund or affiliation
Source Capital
Methodology
Emphasizes on sustainable ROE with low tolerance for risk. To "buy earning power at a discount".
Asset Categories Employed
1.Stocks, distressed finance company senior debt, convertibles.
2.Avoids complex derivatives.
Research/ Valuation Techniques Employed
1.Rarely invests in themes like "Americans are getting older" type.
2.Looks at companies with these features:
2.1. High ROA & ROE, high ROE should be sustainable;
2.2. Earning power not hostage to business cycle;
2.3. Successful for identifiable reasons.
3.Debt averse - average debt level at 15% of total assets.
4.Never buys AA bonds, as against AAA ones. For 30 b.p. it is not worth it.
Trading Techniques Employed
1.The lowest cash level was 10%; he had 20% cash before the 1987 crash.
2.Michaelis tries very hard to avoid significant losses. He doesn’t mind lagging the averages if the market breaks away on the upside.
Philosophy and beliefs
"Invest with the one hundred-year storm in mind."
Not primarily motivated to maximize return because of low tolerance for risk.
On derivatives: "Intellectual people are attracted to intellectually elegant conceptions, such complicated instruments are likely to distract them from the more fundamental truths."
History and other facts
1.Train quoted Robert Kirby, head of Capital Guardian Trust, "Stocks are much more volatile than the businesses they represent."
2.Warren Buffett often asks someone he’s talking on the phone "What are you buying?"
Examples
1.Kellogg - economy of scale: being 2.5 times larger than its next competitor, even the management does a bad job for 4-5 years, basic profitability will not erode.
2.Marsh & McLennan - tollgate for the largest companies.
3.Bristol-Meyers - 35 years of consecutive earnings growth, at 25% ROE, excess cash, no debt.
Performance Record
18.4% over 15 years: "A calculation in the summer of 1988 showed that over the past 15 years the total return of Source Capital was exactly 3 times that of S&P 500: The gross gain was 1200%... exceeded by only 16 other funds...", J.Train, NMM pp. 123
果然大师风范
对“果然大师风范”的回应
《股市大亨》热门书评
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人迹罕至处,风景最宜人
11有用 1无用 [已注销] 2010-02-11
文/老钱好朋友说,钱哥,等我攒够了N万元钱,请你指导一下,也做点儿投资。我老老实实地说,我只会一种投资方法,就是在某只股票被过分低估时买入,一直持有到恢复正常价位,然后我就不知道该怎么做了。事实上,目前我们正处于这样一种市场中,放眼望去,很难找到绝对低估的股票。当然,相对而言,仍有一些股票价格尚在合...
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开阔投资风格视野的读物
7有用 0无用 penddy 2010-04-15
特雷恩的《Money Master》系列在美国属于畅销系列书籍,特雷恩作为财经作家,其文笔应属于同类中的佼佼者,这个系列在国内其实已经有好几个版本: 一、 The Money Master版本 1.《金钱的主...
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果然大师风范
3有用 0无用 夕饮冰 2008-11-07
此书为1989年出版,但拿来当今中国股市借鉴,毫不过时。耳熟能详的吉姆·罗杰斯,乔治·索罗斯,约翰·内夫,彼得·林奇就不用提了。迈克尔·斯坦哈特,写过《No Bull: My Life In and Out of Markets》,即《我不是多头》;菲利普·卡雷特,写过《The Art of Spe...
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《股市大亨》读书笔记
2有用 0无用 在路上 2011-10-18
一、吉姆·罗杰斯:“自上而下的投资大师” 1、先分析整个国家、整个行业,再做股票投资。 2、好国家的四个标准,经...
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书评
1有用 0无用 如露亦如电 2011-07-31
如果你没有时间看完全本书,看看第十一章“结论”也行。我的结论是这些money master无法效仿,因为尽管他们的风格差异极大,但立足点都是独立思考、反复尝试。试错是唯一的学习方法,知识可以避免少走弯路,但没法替代试错。外部环境的变化可能导致试错获得的经验失效,所以时间长河中不断有master倒下,...
