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2022-03-31

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The investment philosophy behind "Wall Street must-read classics"

2022-02-23

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The investment philosophy behind "Wall Street must-read classics"

2022-01-19

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2022-01-19

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Why did Apple's car surpass Tesla's?

2022-01-16

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The battle for the future of banks: JPMorgan Chase's $12 billion investment in technology shocks the industry.

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14:24","market":"us","language":"zh","title":"The investment philosophy behind \"Wall Street must-read classics\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1187542871","media":"期乐会","summary":"导读：霍华德·马克斯毕业于沃顿商学院，1995年与人联合创建的美国橡树资本管理公司（Oaktree Capital），如今管理资产规模达1000亿美元。霍华德·马克斯自上世纪90年代开始针对投资人撰写","content":"<p><html><head></head><body><b>Introduction:</b>Howard Marks graduated from the Wharton School of Business and co-founded the American company in 1995.<a href=\"https://laohu8.com/S/OAK\">Oaktree Capital</a>Oaktree Capital now manages $100 billion in assets. Howard Marks has been writing \"investment memos\" for investors since the 1990s. In his January 2000 investment memo, he predicted the bursting of the tech stock bubble, and his \"investment memos\" became required reading on Wall Street.</p><p>“The first email I open and read is Howard Marks’ memo. I always learn something from it. His books are especially true,” Warren Buffett said.</p><p>Buffett rarely recommends investment books, but he highly recommends Howard Marks' book \"The Most Important Thing About Investing,\" and says he has read it twice.</p><p>This article is a brilliant speech by Howard Marks in Shanghai, sharing how the investment philosophy behind \"Investing Most Important\" came about and where these influences came from.</p><p>I'm glad you're here to hear me talk about my books, my investment philosophy, and how we manage our money.</p><p>I would like to take this opportunity to reiterate what I firmly believe is essential in investing. Today, I would also like to talk to you about how the investment philosophy behind this book came about and where these influences come from.</p><p><img src=\"https://static.tigerbbs.com/6751656f0d5e3443e7003f9db76070cd\" tg-width=\"640\" tg-height=\"413\" referrerpolicy=\"no-referrer\"/></p><p><b>1. You must understand that the world is made up of uncertainty.</b></p><p>We need to recognize that the world is a world full of uncertainty in order to understand how to cope with it. If you think that the way to deal with the future is to accurately predict what will happen in the future, believe that you are right and use this as a basis for action, you are definitely asking for trouble. If something unexpected happens, you could end up very badly.</p><p>As the humorous Mark Twain said, \"It's not what you don't know that gets you into trouble, but what you think you know that you're wrong about.\" I believe that believing too much in the future can be the root of danger.</p><p><img src=\"https://static.tigerbbs.com/5368906abff5d5a517cebc079de1257d\" tg-width=\"640\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p><b>2. Too much uncertainty is the source of danger in our world.</b></p><p>Basing your investments on predictions about the future is a very dangerous thing. My predictions don't have to be much better than others', after all, no one can make correct predictions about the future macroeconomy. Therefore, our investment portfolio must perform well under various macroeconomic conditions in order to control risk. Only by knowing our ignorance can we accept the many possibilities of the future.</p><p><img src=\"https://static.tigerbbs.com/91729fd2cecd28f5691b58fdc8e203f2\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>3. My understanding of the world's development is often controlled by random events.</b></p><p>We cannot say for sure what the future will be; the future is made up of random events that may occur. Even if you know the distribution of random events and the relative probabilities of each event, you don't know when those events will occur. I think it's important.</p><p><img src=\"https://static.tigerbbs.com/41ed244801f3a7fe1dba77e482484bef\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>4. Leave safe space to cope with uncertainty.</b></p><p>It can be said that I have been successful in my career because I have studied what might happen in the future, but I do not think it will definitely happen, leaving room for uncertainty and variable factors, and preparing for life in an uncertain world.</p><p><img src=\"https://static.tigerbbs.com/103c085e452fed0c456586740d8e21f7\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"/></p><p><b>5. Risk is precisely what most people think will never happen.</b></p><p>What is risk? A very good interpretation is that \"Risk Means More Things Can Happen Than Will Happen\" (as Eloi Dimson, a professor at the London School of Economics, points out).</p><p>If a risk exists in the current market and most investors believe it will occur, then it is not a risk. If most investors believe that something will not happen in the future, then that is where the risk lies.</p><p>However, the truth is that we never know if something will happen. From this perspective, we must strive to understand the future and its possibilities, but we should never assume that we have completely figured it out.</p><p><img src=\"https://static.tigerbbs.com/45346b201312ac992d91e9a589ccbf62\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>6. Not having a particularly bad record is better than being inconsistent.</b></p><p>Simon Ramo wrote a book about tennis that had a big influence on me. Simon said there are two kinds of tennis matches, one is a winner's match; One type is a loser's match.</p><p>The winning matches were played by professional players like Federer, Djokovic, Nadal, and Sampras. Winners of tennis championships are highly skilled and have consummate skills, so they don't have to worry about tennis ball rebounds, wind speeds, blinding sunlight, or lack of skill. They can fight however they want, they can do whatever they want.</p><p>A winner's game belongs to the winner. The opponent can't catch the ball that the winner hits. To win a championship game, you have to hit the kind of very tricky ball that winners can only hit.</p><p>As for us, we can't play like a winner. We won the game mainly by avoiding playing like a loser.</p><p>Amateurs like me can't hit tricky balls, and sometimes they can't even catch simple balls. Our goal is to hit the ball back, we just hit the ball back, we just hit the ball back, we just hit the ball back.</p><p>We know that if we can fight back ten times, the opponent may only be able to do it nine times. Sooner or later, the opponent's ball will go out of bounds or fail to cross the net. We don't win by playing well, we win by not playing badly.</p><p>When I read this article and applied this concept to investing, I had a sudden enlightenment. We live in an uncertain world, and it's difficult to always make successful investments. Those who pursue great success often fail.</p><p>I've come to the conclusion that, for me, the best way to achieve long-term success in investing is perhaps to avoid mistakes, to avoid making wrong investments, and to avoid bad years. As long as you make well-accumulated investments and achieve steady performance year after year, over twenty, thirty, forty, and fifty years, this will lead to a successful investment career.</p><p>The key is that it's impossible to be right every time. It's hard to know what the future holds. It's difficult to hit a good shot or make a great investment and succeed overnight. But as long as we avoid failure, we will be on the right path to success through investment. In the investment industry, if you haven't had bad performance in 20, 30, or 40 years, your record is top-notch.</p><p><img src=\"https://static.tigerbbs.com/a34eae22141b5d6d1664373b1999a30a\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>7. Investment should not be based on macroeconomic forecasts.</b></p><p>Macroeconomic forecasting refers to predicting how the economy, markets, and interest rates will change in the future; it studies the overall situation. These things are, firstly, difficult to understand, and secondly, difficult to understand better than others.</p><p>For someone like me to predict what the world economy, the US economy, the Chinese economy, interest rates, or the Chinese A-share market will be like next year, what advantages do I have compared to others? These things are difficult to understand better than what others have studied. We achieve better investment results because we understand things better than others.</p><p>Oaktree Capital's investments are not based on future macroeconomic projections.</p><p><img src=\"https://static.tigerbbs.com/568a4512af2303d8f1bb9e92e5786bfa\" tg-width=\"640\" tg-height=\"387\" referrerpolicy=\"no-referrer\"/></p><p><b>8. How should you invest</b></p><p>First, you need to consider what kind of investment results will emerge in the future. When building a portfolio, it must be at least OK, meaning it remains viable in any possible scenario, before investing.</p><p>Second, strive to control risks. The risk is to avoid getting out of control in any scenario you can consider, so that you don't encounter poor investment performance.</p><p>Third, we don't assume we understand macroeconomics, but we should certainly know more about the microeconomy. What is microscopic? It refers to companies, industries, and securities. On these specific, smaller task lists, if you can study them very hard and have the right techniques, you can understand these companies more deeply than others.</p><p><img src=\"https://static.tigerbbs.com/a3608dc4cf2c20427504193a36c19d04\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>9. The Holy Grail of Investment: Cheap Goods</b></p><p>When I first started working at Citibank in 1968, the company invested in the so-called \"Beautiful Fifty,\" which were the fifty best and fastest-growing companies in the United States, including...<a href=\"https://laohu8.com/S/HPQ\">HP</a>、<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>、<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>Merck,<a href=\"https://laohu8.com/S/LLY\">Eli Lilly</a>。 The problem is that these companies are too expensive. If you bought these companies in 1968 and held them for five years, by 1973 you would have lost 80% to 90%, even though you bought the best companies in America.</p><p>Furthermore, some of these companies were highly anticipated but ultimately failed, such as...<a href=\"https://laohu8.com/S/KODK\">Kodak</a>Polaroid. Few people take photos with film these days, and few use instant cameras either, because we can take countless photos for free with our mobile phones. These companies basically disappeared, but back in 1968, people invested in these companies at very high prices, believing they would always be so perfect, and never imagined they would disappear. The key point is that even if you buy a very good company, you may lose a lot of money.</p><p>One lesson we can learn from this is that good companies and good investments are not the same thing. Buying good companies can make you lose a lot of money, while buying bad companies can make you make a lot of money. This tells us that it is certainly not the quality of the company that determines the return on investment.</p><p>So, what determines investment returns? It is the purchase price. If the company's prices are high, you may lose money. You may make money, or even make money safely, if the lower-quality companies are cheap. This is very important in shaping my investment philosophy.</p><p>I realize that what matters is not what you buy, but how much you spend on it. The key is not to buy good things, but to buy well. This is very, very important.</p><p><img src=\"https://static.tigerbbs.com/60e6e337c5d9f04947275ad92b45483f\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>10. The wise create, the foolish imitate.</b></p><p>In investing, every trend eventually leads to extremes.</p><p>When the A-share market reached 2000 points, those who invested in A-shares did the right thing. But later, as the stock rose, others were attracted, and they bought more and more, becoming more and more excited, and even using leverage to buy. Those who bought at 5000 points later suffered.</p><p>This tells us that if you act early in the trend, at the right time and price, you can safely achieve good returns. If you act at the end of the trend, regardless of timing and price, you may run into big trouble.</p><p><img src=\"https://static.tigerbbs.com/efb5834bd7cc7e92def8f35ca4009408\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>11. Never forget that someone who is six feet tall can drown in a river that is on average five feet deep.</b></p><p>When we invest, we can't just pursue average survival; we must survive every day.</p><p>Therefore, the portfolio we build must be able to withstand the worst tests. We must manage our investments professionally, with a strong sense of risk and a strong sense of conservatism, so that we can get through difficult times.</p><p>Good days are easy to live, and when things are good, survival isn't difficult. At that time, everyone is actually doing very well. The hard part is who gets through the tough times. Those people whose portfolios are too aggressive, those who are too leveraged, can't survive the tough times, and those who are six feet tall drown.</p><p><img src=\"https://static.tigerbbs.com/54ec5cdb9c594cf699a43411d32f2191\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>12. It's difficult to distinguish between being much earlier than others or making a mistake.</b></p><p>As mentioned earlier, investing is about the future. In the investment field, it is difficult to do the right thing, and it is impossible to always do the right thing at the right time. That is, even if we do the right thing, our timing may not be quite right.</p><p>We're probably too early, and if we're too late, we could be in trouble. So you should wish you were too early. But if you're too early, for a while, it seems like you're doing something wrong.</p><p>When the A-share market reached 4000 points, some people said no, it was too dangerous, and they left the market. From 4000 points to 5000 points, it seems they were wrong, and they themselves feel they were wrong. They may regret leaving the market at 4000 points and can only watch others make money all the way to 5000 points.</p><p>They felt they were wrong, but they were right, it was just too early. Our timing can never be perfect. You must have courage and conviction, and if there are good reasons for what you do, the facts will ultimately prove that your actions were rational.</p><p>I must have courage myself. I buy things whose prices are falling because they're cheap, because they've fallen, and because I like them, I buy them. It will continue to fall. I have to be very confident and believe that I am right. We can't sell just because the price continues to fall. Therefore, you must remember that before the facts ultimately prove you right, it is difficult to distinguish whether you were much earlier than others or whether you were wrong.</p><p><img src=\"https://static.tigerbbs.com/091822289ba4245413c67ec3cfd391ef\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>13. What are the tasks of an asset manager?</b></p><p>First, control risks.</p><p>What are the tasks of an asset manager? Is it about making a lot of money? Beat the market? Is it outperforming Wall Street? We don't agree with any of this. The first job of an asset manager is to control risk. At Oaktree Asset Management, we place risk control at the highest level.</p><p>We position ourselves as an alternative asset manager. We don't invest in mainstream stocks or bonds. Instead, we discover less popular corporate bonds, convertible securities, distressed bonds, controllable investments (energy, infrastructure), real estate, publicly traded stocks (undervalued), emerging markets, etc. We have our own investment strategies for each category.</p><p>Second, stability.</p><p>Our investment performance will not rank first this year and then last next year. We are usually in the middle because of our outstanding risk control, and we will stand out in difficult times. We have achieved this goal over the past 30 years.</p><p>We achieve average returns, which are considered acceptable in a bull market. Everyone makes money in a bull market, which is enough. However, our clients want our performance to exceed the average level in a bear market.</p><p>A very simple summary is: in a bull market we get average returns, and in a bear market we get excess returns.</p><p>What would happen if we could achieve this goal year after year, for decades? Our results will be less volatile than average. Our overall above-average returns are due to our outstanding performance in a bear market, which allowed us to achieve this goal. This is indeed very necessary, as it makes our clients happy.</p><p>I believe this is the secret to our company's growth. After 20 years, we have reached a scale of $100 billion, from $3.5 billion in 2006 to $100 billion today. We really started our asset management business in 2007. 2008 was during the financial crisis. We received at least $10 billion in funding in 2007 because our performance is better than average during a bear market. We can show people this investment result, and everyone feels that Oaktree Capital is trustworthy and has the ability to deliver consistent and stable investment results. We grew up!</p><p>Third, we are looking for the less efficient part of the market.</p><p>We believe that it is very difficult for investors to gain an advantage and make money in the part of the market that people can understand; However, you can do relatively well in those markets that people usually don't understand, such as bonds, convertible bonds, personal mortgages, infrastructure construction, real estate, emerging markets... It's relatively easier to gain an investment advantage in these projects, but not so easy either. It's just relatively easier than products in a fully effective market.</p><p>Fourth, we believe that macroeconomic forecasting is not the key to successful investment.</p><p>As mentioned earlier, I do not believe that macroeconomic forecasts are feasible. I believe that macro forecasting is not a necessary condition for successful investment. All the successful investors I know, even Buffett, did not succeed because they did a better job of macro forecasting than others. Their success depends on their knowledge of companies, industries, and securities.</p><p>Finally, we do not speculate on market fluctuations.</p><p>When managing funds, we don't invest money just because we think the market is going to rise, or take it out just because we think the market is going to fall. It's too easy to make mistakes predicting price fluctuations like We enter the market and then basically stay in the market. However, we will adjust the level of aggressiveness or conservatism based on the price of market assets and the psychology of surrounding investors.</p><p>Long-term investment success is not achieved through great investments. Take baseball as an example; it does not come from hitting an occasional home run. An investor's long-term success stems from building a safe portfolio with few failures and few bad years. If you can do this seemingly simple but actually difficult thing well, you can achieve very successful investment results over decades. This is our goal, and I think we have achieved it. This is what I want to share with you.</p><p><img src=\"https://static.tigerbbs.com/ee355aa3c1360abf8698134c634c090f\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>14. Regarding asset allocation, Howard suggests</b></p><p>1. Just as you shouldn't put all your eggs in one basket, we don't know the future, so everyone should diversify their investments.</p><p>2. There is no \"Magic Number\" (specific investment allocation ratio). For investors, investing needs to be done step by step. Once you feel good, do more and proceed step by step. If you don't understand, investing too much will only make things worse. You can make mistakes, but you can't lose everything.</p><p>3. At the same time, it is not encouraged to invest a very small percentage (less than 5%) in your portfolio in areas you are optimistic about, because an investment that is too small will have little effect on your portfolio regardless of its performance and is meaningless.</p><p>4. Don't invest in things you don't understand. If you don't understand them at all, don't do them.</p><p></body></html></p>","source":"lsy1645511055786","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The investment philosophy behind \"Wall Street must-read classics\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe investment philosophy behind \"Wall Street must-read classics\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">期乐会</strong><span class=\"h-time small\">2022-02-22 14:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Introduction:</b>Howard Marks graduated from the Wharton School of Business and co-founded the American company in 1995.<a href=\"https://laohu8.com/S/OAK\">Oaktree Capital</a>Oaktree Capital now manages $100 billion in assets. Howard Marks has been writing \"investment memos\" for investors since the 1990s. In his January 2000 investment memo, he predicted the bursting of the tech stock bubble, and his \"investment memos\" became required reading on Wall Street.</p><p>“The first email I open and read is Howard Marks’ memo. I always learn something from it. His books are especially true,” Warren Buffett said.</p><p>Buffett rarely recommends investment books, but he highly recommends Howard Marks' book \"The Most Important Thing About Investing,\" and says he has read it twice.</p><p>This article is a brilliant speech by Howard Marks in Shanghai, sharing how the investment philosophy behind \"Investing Most Important\" came about and where these influences came from.</p><p>I'm glad you're here to hear me talk about my books, my investment philosophy, and how we manage our money.</p><p>I would like to take this opportunity to reiterate what I firmly believe is essential in investing. Today, I would also like to talk to you about how the investment philosophy behind this book came about and where these influences come from.</p><p><img src=\"https://static.tigerbbs.com/6751656f0d5e3443e7003f9db76070cd\" tg-width=\"640\" tg-height=\"413\" referrerpolicy=\"no-referrer\"/></p><p><b>1. You must understand that the world is made up of uncertainty.</b></p><p>We need to recognize that the world is a world full of uncertainty in order to understand how to cope with it. If you think that the way to deal with the future is to accurately predict what will happen in the future, believe that you are right and use this as a basis for action, you are definitely asking for trouble. If something unexpected happens, you could end up very badly.</p><p>As the humorous Mark Twain said, \"It's not what you don't know that gets you into trouble, but what you think you know that you're wrong about.\" I believe that believing too much in the future can be the root of danger.</p><p><img src=\"https://static.tigerbbs.com/5368906abff5d5a517cebc079de1257d\" tg-width=\"640\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p><b>2. Too much uncertainty is the source of danger in our world.</b></p><p>Basing your investments on predictions about the future is a very dangerous thing. My predictions don't have to be much better than others', after all, no one can make correct predictions about the future macroeconomy. Therefore, our investment portfolio must perform well under various macroeconomic conditions in order to control risk. Only by knowing our ignorance can we accept the many possibilities of the future.</p><p><img src=\"https://static.tigerbbs.com/91729fd2cecd28f5691b58fdc8e203f2\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>3. My understanding of the world's development is often controlled by random events.</b></p><p>We cannot say for sure what the future will be; the future is made up of random events that may occur. Even if you know the distribution of random events and the relative probabilities of each event, you don't know when those events will occur. I think it's important.</p><p><img src=\"https://static.tigerbbs.com/41ed244801f3a7fe1dba77e482484bef\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>4. Leave safe space to cope with uncertainty.</b></p><p>It can be said that I have been successful in my career because I have studied what might happen in the future, but I do not think it will definitely happen, leaving room for uncertainty and variable factors, and preparing for life in an uncertain world.</p><p><img src=\"https://static.tigerbbs.com/103c085e452fed0c456586740d8e21f7\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"/></p><p><b>5. Risk is precisely what most people think will never happen.</b></p><p>What is risk? A very good interpretation is that \"Risk Means More Things Can Happen Than Will Happen\" (as Eloi Dimson, a professor at the London School of Economics, points out).</p><p>If a risk exists in the current market and most investors believe it will occur, then it is not a risk. If most investors believe that something will not happen in the future, then that is where the risk lies.</p><p>However, the truth is that we never know if something will happen. From this perspective, we must strive to understand the future and its possibilities, but we should never assume that we have completely figured it out.</p><p><img src=\"https://static.tigerbbs.com/45346b201312ac992d91e9a589ccbf62\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>6. Not having a particularly bad record is better than being inconsistent.</b></p><p>Simon Ramo wrote a book about tennis that had a big influence on me. Simon said there are two kinds of tennis matches, one is a winner's match; One type is a loser's match.</p><p>The winning matches were played by professional players like Federer, Djokovic, Nadal, and Sampras. Winners of tennis championships are highly skilled and have consummate skills, so they don't have to worry about tennis ball rebounds, wind speeds, blinding sunlight, or lack of skill. They can fight however they want, they can do whatever they want.</p><p>A winner's game belongs to the winner. The opponent can't catch the ball that the winner hits. To win a championship game, you have to hit the kind of very tricky ball that winners can only hit.</p><p>As for us, we can't play like a winner. We won the game mainly by avoiding playing like a loser.</p><p>Amateurs like me can't hit tricky balls, and sometimes they can't even catch simple balls. Our goal is to hit the ball back, we just hit the ball back, we just hit the ball back, we just hit the ball back.</p><p>We know that if we can fight back ten times, the opponent may only be able to do it nine times. Sooner or later, the opponent's ball will go out of bounds or fail to cross the net. We don't win by playing well, we win by not playing badly.</p><p>When I read this article and applied this concept to investing, I had a sudden enlightenment. We live in an uncertain world, and it's difficult to always make successful investments. Those who pursue great success often fail.</p><p>I've come to the conclusion that, for me, the best way to achieve long-term success in investing is perhaps to avoid mistakes, to avoid making wrong investments, and to avoid bad years. As long as you make well-accumulated investments and achieve steady performance year after year, over twenty, thirty, forty, and fifty years, this will lead to a successful investment career.</p><p>The key is that it's impossible to be right every time. It's hard to know what the future holds. It's difficult to hit a good shot or make a great investment and succeed overnight. But as long as we avoid failure, we will be on the right path to success through investment. In the investment industry, if you haven't had bad performance in 20, 30, or 40 years, your record is top-notch.</p><p><img src=\"https://static.tigerbbs.com/a34eae22141b5d6d1664373b1999a30a\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>7. Investment should not be based on macroeconomic forecasts.</b></p><p>Macroeconomic forecasting refers to predicting how the economy, markets, and interest rates will change in the future; it studies the overall situation. These things are, firstly, difficult to understand, and secondly, difficult to understand better than others.</p><p>For someone like me to predict what the world economy, the US economy, the Chinese economy, interest rates, or the Chinese A-share market will be like next year, what advantages do I have compared to others? These things are difficult to understand better than what others have studied. We achieve better investment results because we understand things better than others.</p><p>Oaktree Capital's investments are not based on future macroeconomic projections.</p><p><img src=\"https://static.tigerbbs.com/568a4512af2303d8f1bb9e92e5786bfa\" tg-width=\"640\" tg-height=\"387\" referrerpolicy=\"no-referrer\"/></p><p><b>8. How should you invest</b></p><p>First, you need to consider what kind of investment results will emerge in the future. When building a portfolio, it must be at least OK, meaning it remains viable in any possible scenario, before investing.</p><p>Second, strive to control risks. The risk is to avoid getting out of control in any scenario you can consider, so that you don't encounter poor investment performance.</p><p>Third, we don't assume we understand macroeconomics, but we should certainly know more about the microeconomy. What is microscopic? It refers to companies, industries, and securities. On these specific, smaller task lists, if you can study them very hard and have the right techniques, you can understand these companies more deeply than others.</p><p><img src=\"https://static.tigerbbs.com/a3608dc4cf2c20427504193a36c19d04\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>9. The Holy Grail of Investment: Cheap Goods</b></p><p>When I first started working at Citibank in 1968, the company invested in the so-called \"Beautiful Fifty,\" which were the fifty best and fastest-growing companies in the United States, including...<a href=\"https://laohu8.com/S/HPQ\">HP</a>、<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>、<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>Merck,<a href=\"https://laohu8.com/S/LLY\">Eli Lilly</a>。 The problem is that these companies are too expensive. If you bought these companies in 1968 and held them for five years, by 1973 you would have lost 80% to 90%, even though you bought the best companies in America.</p><p>Furthermore, some of these companies were highly anticipated but ultimately failed, such as...<a href=\"https://laohu8.com/S/KODK\">Kodak</a>Polaroid. Few people take photos with film these days, and few use instant cameras either, because we can take countless photos for free with our mobile phones. These companies basically disappeared, but back in 1968, people invested in these companies at very high prices, believing they would always be so perfect, and never imagined they would disappear. The key point is that even if you buy a very good company, you may lose a lot of money.</p><p>One lesson we can learn from this is that good companies and good investments are not the same thing. Buying good companies can make you lose a lot of money, while buying bad companies can make you make a lot of money. This tells us that it is certainly not the quality of the company that determines the return on investment.</p><p>So, what determines investment returns? It is the purchase price. If the company's prices are high, you may lose money. You may make money, or even make money safely, if the lower-quality companies are cheap. This is very important in shaping my investment philosophy.</p><p>I realize that what matters is not what you buy, but how much you spend on it. The key is not to buy good things, but to buy well. This is very, very important.</p><p><img src=\"https://static.tigerbbs.com/60e6e337c5d9f04947275ad92b45483f\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>10. The wise create, the foolish imitate.</b></p><p>In investing, every trend eventually leads to extremes.</p><p>When the A-share market reached 2000 points, those who invested in A-shares did the right thing. But later, as the stock rose, others were attracted, and they bought more and more, becoming more and more excited, and even using leverage to buy. Those who bought at 5000 points later suffered.</p><p>This tells us that if you act early in the trend, at the right time and price, you can safely achieve good returns. If you act at the end of the trend, regardless of timing and price, you may run into big trouble.</p><p><img src=\"https://static.tigerbbs.com/efb5834bd7cc7e92def8f35ca4009408\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>11. Never forget that someone who is six feet tall can drown in a river that is on average five feet deep.</b></p><p>When we invest, we can't just pursue average survival; we must survive every day.</p><p>Therefore, the portfolio we build must be able to withstand the worst tests. We must manage our investments professionally, with a strong sense of risk and a strong sense of conservatism, so that we can get through difficult times.</p><p>Good days are easy to live, and when things are good, survival isn't difficult. At that time, everyone is actually doing very well. The hard part is who gets through the tough times. Those people whose portfolios are too aggressive, those who are too leveraged, can't survive the tough times, and those who are six feet tall drown.</p><p><img src=\"https://static.tigerbbs.com/54ec5cdb9c594cf699a43411d32f2191\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>12. It's difficult to distinguish between being much earlier than others or making a mistake.</b></p><p>As mentioned earlier, investing is about the future. In the investment field, it is difficult to do the right thing, and it is impossible to always do the right thing at the right time. That is, even if we do the right thing, our timing may not be quite right.</p><p>We're probably too early, and if we're too late, we could be in trouble. So you should wish you were too early. But if you're too early, for a while, it seems like you're doing something wrong.</p><p>When the A-share market reached 4000 points, some people said no, it was too dangerous, and they left the market. From 4000 points to 5000 points, it seems they were wrong, and they themselves feel they were wrong. They may regret leaving the market at 4000 points and can only watch others make money all the way to 5000 points.</p><p>They felt they were wrong, but they were right, it was just too early. Our timing can never be perfect. You must have courage and conviction, and if there are good reasons for what you do, the facts will ultimately prove that your actions were rational.</p><p>I must have courage myself. I buy things whose prices are falling because they're cheap, because they've fallen, and because I like them, I buy them. It will continue to fall. I have to be very confident and believe that I am right. We can't sell just because the price continues to fall. Therefore, you must remember that before the facts ultimately prove you right, it is difficult to distinguish whether you were much earlier than others or whether you were wrong.</p><p><img src=\"https://static.tigerbbs.com/091822289ba4245413c67ec3cfd391ef\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>13. What are the tasks of an asset manager?</b></p><p>First, control risks.</p><p>What are the tasks of an asset manager? Is it about making a lot of money? Beat the market? Is it outperforming Wall Street? We don't agree with any of this. The first job of an asset manager is to control risk. At Oaktree Asset Management, we place risk control at the highest level.</p><p>We position ourselves as an alternative asset manager. We don't invest in mainstream stocks or bonds. Instead, we discover less popular corporate bonds, convertible securities, distressed bonds, controllable investments (energy, infrastructure), real estate, publicly traded stocks (undervalued), emerging markets, etc. We have our own investment strategies for each category.</p><p>Second, stability.</p><p>Our investment performance will not rank first this year and then last next year. We are usually in the middle because of our outstanding risk control, and we will stand out in difficult times. We have achieved this goal over the past 30 years.</p><p>We achieve average returns, which are considered acceptable in a bull market. Everyone makes money in a bull market, which is enough. However, our clients want our performance to exceed the average level in a bear market.</p><p>A very simple summary is: in a bull market we get average returns, and in a bear market we get excess returns.</p><p>What would happen if we could achieve this goal year after year, for decades? Our results will be less volatile than average. Our overall above-average returns are due to our outstanding performance in a bear market, which allowed us to achieve this goal. This is indeed very necessary, as it makes our clients happy.</p><p>I believe this is the secret to our company's growth. After 20 years, we have reached a scale of $100 billion, from $3.5 billion in 2006 to $100 billion today. We really started our asset management business in 2007. 2008 was during the financial crisis. We received at least $10 billion in funding in 2007 because our performance is better than average during a bear market. We can show people this investment result, and everyone feels that Oaktree Capital is trustworthy and has the ability to deliver consistent and stable investment results. We grew up!</p><p>Third, we are looking for the less efficient part of the market.</p><p>We believe that it is very difficult for investors to gain an advantage and make money in the part of the market that people can understand; However, you can do relatively well in those markets that people usually don't understand, such as bonds, convertible bonds, personal mortgages, infrastructure construction, real estate, emerging markets... It's relatively easier to gain an investment advantage in these projects, but not so easy either. It's just relatively easier than products in a fully effective market.</p><p>Fourth, we believe that macroeconomic forecasting is not the key to successful investment.</p><p>As mentioned earlier, I do not believe that macroeconomic forecasts are feasible. I believe that macro forecasting is not a necessary condition for successful investment. All the successful investors I know, even Buffett, did not succeed because they did a better job of macro forecasting than others. Their success depends on their knowledge of companies, industries, and securities.</p><p>Finally, we do not speculate on market fluctuations.</p><p>When managing funds, we don't invest money just because we think the market is going to rise, or take it out just because we think the market is going to fall. It's too easy to make mistakes predicting price fluctuations like We enter the market and then basically stay in the market. However, we will adjust the level of aggressiveness or conservatism based on the price of market assets and the psychology of surrounding investors.</p><p>Long-term investment success is not achieved through great investments. Take baseball as an example; it does not come from hitting an occasional home run. An investor's long-term success stems from building a safe portfolio with few failures and few bad years. If you can do this seemingly simple but actually difficult thing well, you can achieve very successful investment results over decades. This is our goal, and I think we have achieved it. This is what I want to share with you.</p><p><img src=\"https://static.tigerbbs.com/ee355aa3c1360abf8698134c634c090f\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>14. Regarding asset allocation, Howard suggests</b></p><p>1. Just as you shouldn't put all your eggs in one basket, we don't know the future, so everyone should diversify their investments.</p><p>2. There is no \"Magic Number\" (specific investment allocation ratio). For investors, investing needs to be done step by step. Once you feel good, do more and proceed step by step. If you don't understand, investing too much will only make things worse. You can make mistakes, but you can't lose everything.</p><p>3. At the same time, it is not encouraged to invest a very small percentage (less than 5%) in your portfolio in areas you are optimistic about, because an investment that is too small will have little effect on your portfolio regardless of its performance and is meaningless.</p><p>4. Don't invest in things you don't understand. If you don't understand them at all, don't do them.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/b1RLIOWPqoqGRFbKd_MSnw\">期乐会</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cb5398fed733ffbbc94ab1b9a49946a8","relate_stocks":{"BRK.B":"伯克希尔B","BK4534":"瑞士信贷持仓","BRK.A":"伯克希尔","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4176":"多领域控股","BK4550":"红杉资本持仓"},"source_url":"https://mp.weixin.qq.com/s/b1RLIOWPqoqGRFbKd_MSnw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187542871","content_text":"导读：霍华德·马克斯毕业于沃顿商学院，1995年与人联合创建的美国橡树资本管理公司（Oaktree Capital），如今管理资产规模达1000亿美元。霍华德·马克斯自上世纪90年代开始针对投资人撰写“投资备忘录”，2000年1月份的投资备忘录中，他预言了科技股泡沫破裂，之后声名鹊起，“投资备忘录”成为华尔街的必读文件。“我第一时间打开并阅读的邮件就是霍华德·马克斯的备忘录。我总能从中学到东西。他的书籍更是如此”，沃伦·巴菲特说。巴菲特很少推荐投资书籍，他却大力推荐霍华德·马克斯的书《投资最重要的事》，而且说他读了两遍。本文是霍华德·马克斯在上海的一次精彩演讲，分享《投资最重要的事》背后的投资哲学是如何产生的，这些影响是从哪里来的。很高兴大家来这里听我讲我写的书，我的投资哲学，和我们如何管理金钱。我想借这个机会，重申一下哪些东西是我在投资中坚定地相信他们是必须的，我今天还想与大家谈论的是在这本书背后的投资哲学是如何产生的，这些影响是从哪里来的。1、你必须理解世界是由不确定性构成的我们要认识到，世界是一个充满不确定性的世界，这样才能了解如何应对这个世界。要是你觉得应对未来的方法是准确预测将来会发生什么，认为自己正确无误并把这作为行动依据，肯定是自找麻烦。要是意料之外的事情发生了，你的结局可能很糟糕。幽默的马克·吐温说过：“让你陷入麻烦的，不是你不知道的事，而是你自以为知道、其实错误的事。”我认为，太相信未来可能是危险的根源。2、太多的不确定性是我们这个世界危险的来源把投资建立在对未来的预测上是一件很危险的事，我的预测不必比其他人好到哪里，毕竟没有人对未来宏观能做出正确的预测。所以我们的投资组合一定要在各种宏观情况下都有不错的表现，以此控制风险。知道我们无知，才能接受未来的多种可能。3、我理解的世界的发展往往是由随机事件控制的我们不能说未来一定会怎样，未来是由可能发生的随机事件组成的。就算你知道随机事件的分布、各个事件的相对概率，你也不知道这些事件什么时候会发生。我觉得这很重要。4、留下安全空间应对不确定性可以说，在我的职业生涯中，我能取得成功，就是因为我研究将来可能发生什么、但是不认为一定会发生，给不确定性留有余地、给可变因素留有余地，为不确定性的世界中的生活做好准备。5、风险恰恰是大多数人认为不会发生的事什么是风险？一个非常好的解读是：“风险是指总有意料之外的事情发生”(Risk Means More Things Can Happen Than Will Happen)（伦敦经济学院教授埃洛伊·迪姆森指出的）。如果一个风险在当前市场上，大多数投资者都认为会发生，那么这就不是风险；如果大多数投资者都认为某件事未来不会发生，那么这件事就是风险之所在。但是真相是我们永远不知道某一件事情会不会发生，从这一点来看，我们又必须努力去认知未来，去了解其可能性，但是永远不要假设我们已经完全搞清楚了。6、没有特别糟糕的记录好过时好时坏西蒙·拉莫(Simon Ramo)写了一本关于网球的书，对我产生了很大影响。西蒙说有两种网球比赛，一种是赢家的比赛；一种是输家的比赛。赢家的比赛是费德勒、德约科维奇、纳达尔、桑普拉斯这样的职业选手打的。网球冠军赛中的赢家技巧娴熟，球技炉火纯青，根本不用担心网球的反弹、风速、阳光刺眼、技术不到家等情况。他们想怎么打就怎么打，简直随心所欲。赢家的比赛是属于赢家的。赢家打出去的球，对手接不住。要在冠军赛中获胜，必须打出赢家才能打出来的那种非常刁钻的球。至于我们，我们打不出来赢家那样的球。我们比赛获胜，主要是靠避免打出输家那样的球。像我这样的业余爱好者打不出刁钻的球，就连简单的球有时都接不住。我们追求的就是把球打回去，我们就是把球打回去，我们就是把球打回去，我们就是把球打回去。我们知道要是我们能打回去十次，对手可能只能做到九次。或早或晚，对手的球就会出界或者过不了网。我们不靠打出好球获胜，我们靠不打坏球获胜。当我读到这篇文章时，把这个概念引申到投资上，我当时就有醍醐灌顶的感觉。我们生活在不确定的世界，很难总是做出成功的投资，那些追求伟大成功的人往往却失败了。我得出了一个结论，对我来说，我们要在投资中长期取得成功，或许最好的方式是不犯错，不做错误的投资，没有糟糕的年份。只要一笔一笔积累良好的投资，只要一年又一年业绩稳健，二十年、三十年、四十年、五十年，长此以往就是成功的投资生涯。关键是不可能每次都对，很难知道将来会怎样，很难打出一记好球或做出一笔漂亮的投资，一蹴而就地成功，但是我们只要避免失败，就走上了通过投资成功的正路。在投资这行，要是你20年、30年、40年都没有出现过糟糕的业绩，你的记录就是一流的。7、投资不应该基于宏观经济预测宏观预测是指预测经济、市场、利息将来会如何变化，研究的是大局。这些东西，首先是很难研究明白，其次是很难比别人研究得更明白。像我这样的人，去预测明年世界经济、美国经济或中国经济或利率或中国 A 股会怎样，我和别人比有什么优势？这些东西，很难比别人研究的更明白。而我们取得更好的投资业绩，靠的就是比别人研究的更明白。橡树资本的投资不以未来的宏观预测为依据。8、你应该如何投资呢第一，你要考虑未来会出什么样的投资结果。构建一个投资组合时，这个投资组合至少要OK，即在其任何可能出现的场景下依然是可行的，在这个条件下才来投资。第二，努力控制风险。这个风险是要在你能够考虑到的任何场景下不至于失控，这样你才不至于遇到糟糕的投资业绩。第三，我们不会假设我们能够理解宏观经济，但是我们确实应该知道更多微观的东西。什么是微观呢？就是公司，行业还有证券。在这些具体，比较小的画面的任务清单上，如果你能非常努力的研究这些同时又有正确的技巧，你就可以做到比别人更深入理解这些公司。9、投资的圣杯：便宜货1968 年，我刚进花旗银行工作时，公司投资了所谓的“漂亮五十”，就是美国最优秀、成长最快的五十家公司，包括惠普、德州仪器、可口可乐、默克、礼来。问题是这些公司太贵了，要是你 1968 年买了这些公司，持有五年，到了 1973 年，你会亏损 80% 到 90%，虽然你买的是美国最好的公司。此外，在这些公司里，有的被寄予厚望，最后却陨落了，比如，柯达、宝丽来。现在用胶卷拍照的人很少了，也很少有人用拍立得相机，因为我们用手机可以免费拍无数的照片。这些公司基本就消失了，可当时在 1968 年，人们以非常高的价钱投资这些公司，相信它们永远都会那么完美，想不到它们会消失。关键是，你买很优秀的公司也可能亏大钱。我们从中可以学到一个道理：好公司和好投资不是一回事。买好公司能亏很多钱，而买差公司能赚很多钱。这告诉我们，决定投资收益的肯定不是公司的质地。那么，决定投资收益的是什么？是买入的价格。要是公司价格贵，你可能亏钱。如果质地较差的公司价格便宜，你可能赚钱，甚至是安全地赚钱。这一点对我的投资理念形成非常重要。我认识到，重要的不是买什么，而是花了多少钱买的。关键不是买好东西，而是要买得好。这非常非常重要。10、智者开创，愚人模仿在投资中，每个趋势到最后都会走向极端。当 A 股 2000 点时，投资 A 股的人做的是正确的事。但是后来，股票上涨，其他人也被吸引来了，其他人也买，越买越多，越买越兴奋，还用杠杆买。后来在 5000 点买入的人就遭殃了。这告诉我们，如果你在趋势早期行动，在正确的时机和价格行动，你就能安全地取得良好收益。如果你在趋势末期行动，不管时机和价格，你可能遇上大麻烦。11、永远不要忘记六英尺高的人，可能淹死在平均五尺深的小河里我们做投资，不能只追求平均活下来，必须每天都活下来。因此，我们构建的投资组合必须要能经受得起最恶劣的考验。我们对投资的管理必须要很专业、有很强的风险意识、有很强的保守意识，这样我们就能度过艰难的时光。好日子容易过，日子好的时候，活下来并不难，这时候其实大家过得都很好。难的是谁能度过艰难的时光，那些投资组合过于激进，那些杠杆过高的人挨不过艰难时刻，六英尺高的人却淹死了，说的就是这些人。12、是比别人早了很多，还是做错了，两者很难区分正如前面所说的，投资面对的是未来，在投资领域，做正确的事情很困难，始终在正确的时机做正确的事情是不可能的。也就是说，即使我们做的事情是对的，我们的时机可能不是完全正确。我们很可能太早了，要是太晚，可能就麻烦了。所以你应该希望自己太早了。但是如果你太早了，在一段时间里，看起来你是做错了。当 A 股达到 4000 点时，有些人说不行，太危险了，他们离场了。从 4000 点到 5000 点，看起来他们错了，他们自己也觉得错了，他们可能很后悔在 4000 点离场，只能看着别人一路赚钱到 5000 点。他们觉得做错了，其实他们是对的，只是太早了。我们对时机的把握永远都不可能准确无误。你必须有勇气、有信念，如果自己做的事情有充分的理由，最后事实终将证明你的行动是理智的。我自己就必须有勇气。我买价格正在下跌的东西，我买是因为便宜，是因为跌了，我喜欢，我就买了。它会继续下跌。我必须要很自信，相信自己是正确的。不能因为继续跌，就卖了。所以你要牢记，在事实最终证明你是正确的之前，是比别人早了很多，还是做错了，两者很难区分。13、资产管理人的任务是什么第一，控制风险。资产管理人的任务是什么？是赚很多钱？击败市场？是跑赢华尔街？这些我们都不同意。资产管理经理的第一工作是控制风险。我们橡树资产把风险控制放在最高级别来看待。我们把自己定位为一个另类的资产管理人。我们不投资主流的股票，主流的债券，我们发掘教少被关注的公司债，可转换证券，不良债券，可控投资（能源，基础建设），房地产，公开上市的股票（低估），新兴市场等，对应每一个类别，我们都有自己的投资策略。第二，稳定性。我们的投资绩效不会今年排名第一，然后明年排最后。我们一般在中间，因为我们杰出的风险控制，我们会在艰难的时段会突颖而出。我们在过去30年达成了这个目标。我们获得平均的收益，平均收益在牛市已经算是可以了，牛市每个人都赚钱，这已经足够了，但是我们的客户想要我们在熊市的时候业绩能够超出平均水平。非常简单的概括就是：牛市我们获得平均收益，熊市我们获得超额收益。如果我们能够一年又一年的，数十年的达成这个目标，会出现什么情况呢？我们的业绩波动性会低于平均水平。整体高出平均收益的回报，就是因为我们在熊市杰出的表现让我们把这个目标做到了，这也确实是很有必要的，这样我们的客户就会感到开心。我认为这就是我们公司成长的秘密，我们经过20年达到千亿美元的规模，从2006的35亿到达今天1000亿，我们真正开始资产管理业务是在2007年，2008年正是金融危机期间，我们至少在2007年接受了100亿资金，因为我们的业绩在熊市的时候会好过平均水平，我们能够为人们展示这个投资结果，大家就觉得橡树资本值得信赖，有能力交付一个持续的稳定的投资成绩。我们就成长了！第三，我们寻找的是不太有效的市场那部分。我们认为人们能够理解的那部分市场，投资者要获得优势去赚钱，是非常困难的；但是对于人们通常不能理解的那部分市场，你能够做到相对好一点，像债券，可转债券，个人抵押，基础实施建设，房地产，新兴市场......这些项目获得投资优势相对要容易一点，但也没那么容易，只是相对于充分有效的市场上的产品相对容易一点。第四，我们相信宏观经济的预测不是成功投资的关键。前面已经讲过，我不相信宏观预测行得通。我认为，宏观预测不是成功投资的必要条件。我所知道的所有的成功的投资者，甚至包括巴菲特在内，都不是因为宏观预测比别人做得更好才取得成功的。他们取得成功靠的是他们关于公司、行业和证券的知识。最后一点，我们不猜测市场涨跌。在管理资金时，我们不会因为我们认为市场要涨了，就把钱投进去，认为市场要跌了，就把钱拿出来。这样猜涨跌太容易错了。我们就是进入市场，然后基本就留在市场里。但是我们会从市场资产的价格和周围投资者的心理出发，调整进取或保守的程度。长期投资成功不是通过伟大的投资取得的，以棒球为喻，不是来自偶尔打出本垒打，投资者的长期成功源于构建一个安全的投资组合，其中失败的很少、糟糕的年份很少。要是你能把这件看起来简单、其实很难的事情做好，你就能在几十年里取得非常成功的投资业绩。这是我们的目标，我认为我们已经做到了。这就是我想和大家分享的。14、关于资产配置，霍华德建议1、正如鸡蛋不要放在同一个篮子里，我们对未来未知，因此每个人都该多元化投资。2、没有“Magic Number”（具体的投资配置比例）。对于投资者来说，投资需要一步步来，感觉好了，就多做一点，循序渐进，如果不了解，投资过多只会更糟，可以犯错，但不能血本无归。3、同时也不鼓励投资组合中用极小的比例（小于5%）去投资你看好的方面，因为过小的投资无论怎样的表现对你的组合起到的作用很小，没有意义。4、不要投资不理解的东西，如果完全不懂，就不要去做。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":4084,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9030980286,"gmtCreate":1645603285480,"gmtModify":1676534044733,"author":{"id":"3565396824889592","authorId":"3565396824889592","name":"Ckboon","avatar":"https://static.tigerbbs.com/54bb39e290a61fea14f7f469fee6de45","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565396824889592","authorIdStr":"3565396824889592"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030980286","repostId":"1187542871","repostType":4,"repost":{"id":"1187542871","kind":"news","pubTimestamp":1645511042,"share":"https://ttm.financial/m/news/1187542871?lang=en_US&edition=fundamental","pubTime":"2022-02-22 14:24","market":"us","language":"zh","title":"The investment philosophy behind \"Wall Street must-read classics\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1187542871","media":"期乐会","summary":"导读：霍华德·马克斯毕业于沃顿商学院，1995年与人联合创建的美国橡树资本管理公司（Oaktree Capital），如今管理资产规模达1000亿美元。霍华德·马克斯自上世纪90年代开始针对投资人撰写","content":"<p><html><head></head><body><b>Introduction:</b>Howard Marks graduated from the Wharton School of Business and co-founded the American company in 1995.<a href=\"https://laohu8.com/S/OAK\">Oaktree Capital</a>Oaktree Capital now manages $100 billion in assets. Howard Marks has been writing \"investment memos\" for investors since the 1990s. In his January 2000 investment memo, he predicted the bursting of the tech stock bubble, and his \"investment memos\" became required reading on Wall Street.</p><p>“The first email I open and read is Howard Marks’ memo. I always learn something from it. His books are especially true,” Warren Buffett said.</p><p>Buffett rarely recommends investment books, but he highly recommends Howard Marks' book \"The Most Important Thing About Investing,\" and says he has read it twice.</p><p>This article is a brilliant speech by Howard Marks in Shanghai, sharing how the investment philosophy behind \"Investing Most Important\" came about and where these influences came from.</p><p>I'm glad you're here to hear me talk about my books, my investment philosophy, and how we manage our money.</p><p>I would like to take this opportunity to reiterate what I firmly believe is essential in investing. Today, I would also like to talk to you about how the investment philosophy behind this book came about and where these influences come from.</p><p><img src=\"https://static.tigerbbs.com/6751656f0d5e3443e7003f9db76070cd\" tg-width=\"640\" tg-height=\"413\" referrerpolicy=\"no-referrer\"/></p><p><b>1. You must understand that the world is made up of uncertainty.</b></p><p>We need to recognize that the world is a world full of uncertainty in order to understand how to cope with it. If you think that the way to deal with the future is to accurately predict what will happen in the future, believe that you are right and use this as a basis for action, you are definitely asking for trouble. If something unexpected happens, you could end up very badly.</p><p>As the humorous Mark Twain said, \"It's not what you don't know that gets you into trouble, but what you think you know that you're wrong about.\" I believe that believing too much in the future can be the root of danger.</p><p><img src=\"https://static.tigerbbs.com/5368906abff5d5a517cebc079de1257d\" tg-width=\"640\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p><b>2. Too much uncertainty is the source of danger in our world.</b></p><p>Basing your investments on predictions about the future is a very dangerous thing. My predictions don't have to be much better than others', after all, no one can make correct predictions about the future macroeconomy. Therefore, our investment portfolio must perform well under various macroeconomic conditions in order to control risk. Only by knowing our ignorance can we accept the many possibilities of the future.</p><p><img src=\"https://static.tigerbbs.com/91729fd2cecd28f5691b58fdc8e203f2\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>3. My understanding of the world's development is often controlled by random events.</b></p><p>We cannot say for sure what the future will be; the future is made up of random events that may occur. Even if you know the distribution of random events and the relative probabilities of each event, you don't know when those events will occur. I think it's important.</p><p><img src=\"https://static.tigerbbs.com/41ed244801f3a7fe1dba77e482484bef\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>4. Leave safe space to cope with uncertainty.</b></p><p>It can be said that I have been successful in my career because I have studied what might happen in the future, but I do not think it will definitely happen, leaving room for uncertainty and variable factors, and preparing for life in an uncertain world.</p><p><img src=\"https://static.tigerbbs.com/103c085e452fed0c456586740d8e21f7\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"/></p><p><b>5. Risk is precisely what most people think will never happen.</b></p><p>What is risk? A very good interpretation is that \"Risk Means More Things Can Happen Than Will Happen\" (as Eloi Dimson, a professor at the London School of Economics, points out).</p><p>If a risk exists in the current market and most investors believe it will occur, then it is not a risk. If most investors believe that something will not happen in the future, then that is where the risk lies.</p><p>However, the truth is that we never know if something will happen. From this perspective, we must strive to understand the future and its possibilities, but we should never assume that we have completely figured it out.</p><p><img src=\"https://static.tigerbbs.com/45346b201312ac992d91e9a589ccbf62\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>6. Not having a particularly bad record is better than being inconsistent.</b></p><p>Simon Ramo wrote a book about tennis that had a big influence on me. Simon said there are two kinds of tennis matches, one is a winner's match; One type is a loser's match.</p><p>The winning matches were played by professional players like Federer, Djokovic, Nadal, and Sampras. Winners of tennis championships are highly skilled and have consummate skills, so they don't have to worry about tennis ball rebounds, wind speeds, blinding sunlight, or lack of skill. They can fight however they want, they can do whatever they want.</p><p>A winner's game belongs to the winner. The opponent can't catch the ball that the winner hits. To win a championship game, you have to hit the kind of very tricky ball that winners can only hit.</p><p>As for us, we can't play like a winner. We won the game mainly by avoiding playing like a loser.</p><p>Amateurs like me can't hit tricky balls, and sometimes they can't even catch simple balls. Our goal is to hit the ball back, we just hit the ball back, we just hit the ball back, we just hit the ball back.</p><p>We know that if we can fight back ten times, the opponent may only be able to do it nine times. Sooner or later, the opponent's ball will go out of bounds or fail to cross the net. We don't win by playing well, we win by not playing badly.</p><p>When I read this article and applied this concept to investing, I had a sudden enlightenment. We live in an uncertain world, and it's difficult to always make successful investments. Those who pursue great success often fail.</p><p>I've come to the conclusion that, for me, the best way to achieve long-term success in investing is perhaps to avoid mistakes, to avoid making wrong investments, and to avoid bad years. As long as you make well-accumulated investments and achieve steady performance year after year, over twenty, thirty, forty, and fifty years, this will lead to a successful investment career.</p><p>The key is that it's impossible to be right every time. It's hard to know what the future holds. It's difficult to hit a good shot or make a great investment and succeed overnight. But as long as we avoid failure, we will be on the right path to success through investment. In the investment industry, if you haven't had bad performance in 20, 30, or 40 years, your record is top-notch.</p><p><img src=\"https://static.tigerbbs.com/a34eae22141b5d6d1664373b1999a30a\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>7. Investment should not be based on macroeconomic forecasts.</b></p><p>Macroeconomic forecasting refers to predicting how the economy, markets, and interest rates will change in the future; it studies the overall situation. These things are, firstly, difficult to understand, and secondly, difficult to understand better than others.</p><p>For someone like me to predict what the world economy, the US economy, the Chinese economy, interest rates, or the Chinese A-share market will be like next year, what advantages do I have compared to others? These things are difficult to understand better than what others have studied. We achieve better investment results because we understand things better than others.</p><p>Oaktree Capital's investments are not based on future macroeconomic projections.</p><p><img src=\"https://static.tigerbbs.com/568a4512af2303d8f1bb9e92e5786bfa\" tg-width=\"640\" tg-height=\"387\" referrerpolicy=\"no-referrer\"/></p><p><b>8. How should you invest</b></p><p>First, you need to consider what kind of investment results will emerge in the future. When building a portfolio, it must be at least OK, meaning it remains viable in any possible scenario, before investing.</p><p>Second, strive to control risks. The risk is to avoid getting out of control in any scenario you can consider, so that you don't encounter poor investment performance.</p><p>Third, we don't assume we understand macroeconomics, but we should certainly know more about the microeconomy. What is microscopic? It refers to companies, industries, and securities. On these specific, smaller task lists, if you can study them very hard and have the right techniques, you can understand these companies more deeply than others.</p><p><img src=\"https://static.tigerbbs.com/a3608dc4cf2c20427504193a36c19d04\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>9. The Holy Grail of Investment: Cheap Goods</b></p><p>When I first started working at Citibank in 1968, the company invested in the so-called \"Beautiful Fifty,\" which were the fifty best and fastest-growing companies in the United States, including...<a href=\"https://laohu8.com/S/HPQ\">HP</a>、<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>、<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>Merck,<a href=\"https://laohu8.com/S/LLY\">Eli Lilly</a>。 The problem is that these companies are too expensive. If you bought these companies in 1968 and held them for five years, by 1973 you would have lost 80% to 90%, even though you bought the best companies in America.</p><p>Furthermore, some of these companies were highly anticipated but ultimately failed, such as...<a href=\"https://laohu8.com/S/KODK\">Kodak</a>Polaroid. Few people take photos with film these days, and few use instant cameras either, because we can take countless photos for free with our mobile phones. These companies basically disappeared, but back in 1968, people invested in these companies at very high prices, believing they would always be so perfect, and never imagined they would disappear. The key point is that even if you buy a very good company, you may lose a lot of money.</p><p>One lesson we can learn from this is that good companies and good investments are not the same thing. Buying good companies can make you lose a lot of money, while buying bad companies can make you make a lot of money. This tells us that it is certainly not the quality of the company that determines the return on investment.</p><p>So, what determines investment returns? It is the purchase price. If the company's prices are high, you may lose money. You may make money, or even make money safely, if the lower-quality companies are cheap. This is very important in shaping my investment philosophy.</p><p>I realize that what matters is not what you buy, but how much you spend on it. The key is not to buy good things, but to buy well. This is very, very important.</p><p><img src=\"https://static.tigerbbs.com/60e6e337c5d9f04947275ad92b45483f\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>10. The wise create, the foolish imitate.</b></p><p>In investing, every trend eventually leads to extremes.</p><p>When the A-share market reached 2000 points, those who invested in A-shares did the right thing. But later, as the stock rose, others were attracted, and they bought more and more, becoming more and more excited, and even using leverage to buy. Those who bought at 5000 points later suffered.</p><p>This tells us that if you act early in the trend, at the right time and price, you can safely achieve good returns. If you act at the end of the trend, regardless of timing and price, you may run into big trouble.</p><p><img src=\"https://static.tigerbbs.com/efb5834bd7cc7e92def8f35ca4009408\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>11. Never forget that someone who is six feet tall can drown in a river that is on average five feet deep.</b></p><p>When we invest, we can't just pursue average survival; we must survive every day.</p><p>Therefore, the portfolio we build must be able to withstand the worst tests. We must manage our investments professionally, with a strong sense of risk and a strong sense of conservatism, so that we can get through difficult times.</p><p>Good days are easy to live, and when things are good, survival isn't difficult. At that time, everyone is actually doing very well. The hard part is who gets through the tough times. Those people whose portfolios are too aggressive, those who are too leveraged, can't survive the tough times, and those who are six feet tall drown.</p><p><img src=\"https://static.tigerbbs.com/54ec5cdb9c594cf699a43411d32f2191\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>12. It's difficult to distinguish between being much earlier than others or making a mistake.</b></p><p>As mentioned earlier, investing is about the future. In the investment field, it is difficult to do the right thing, and it is impossible to always do the right thing at the right time. That is, even if we do the right thing, our timing may not be quite right.</p><p>We're probably too early, and if we're too late, we could be in trouble. So you should wish you were too early. But if you're too early, for a while, it seems like you're doing something wrong.</p><p>When the A-share market reached 4000 points, some people said no, it was too dangerous, and they left the market. From 4000 points to 5000 points, it seems they were wrong, and they themselves feel they were wrong. They may regret leaving the market at 4000 points and can only watch others make money all the way to 5000 points.</p><p>They felt they were wrong, but they were right, it was just too early. Our timing can never be perfect. You must have courage and conviction, and if there are good reasons for what you do, the facts will ultimately prove that your actions were rational.</p><p>I must have courage myself. I buy things whose prices are falling because they're cheap, because they've fallen, and because I like them, I buy them. It will continue to fall. I have to be very confident and believe that I am right. We can't sell just because the price continues to fall. Therefore, you must remember that before the facts ultimately prove you right, it is difficult to distinguish whether you were much earlier than others or whether you were wrong.</p><p><img src=\"https://static.tigerbbs.com/091822289ba4245413c67ec3cfd391ef\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>13. What are the tasks of an asset manager?</b></p><p>First, control risks.</p><p>What are the tasks of an asset manager? Is it about making a lot of money? Beat the market? Is it outperforming Wall Street? We don't agree with any of this. The first job of an asset manager is to control risk. At Oaktree Asset Management, we place risk control at the highest level.</p><p>We position ourselves as an alternative asset manager. We don't invest in mainstream stocks or bonds. Instead, we discover less popular corporate bonds, convertible securities, distressed bonds, controllable investments (energy, infrastructure), real estate, publicly traded stocks (undervalued), emerging markets, etc. We have our own investment strategies for each category.</p><p>Second, stability.</p><p>Our investment performance will not rank first this year and then last next year. We are usually in the middle because of our outstanding risk control, and we will stand out in difficult times. We have achieved this goal over the past 30 years.</p><p>We achieve average returns, which are considered acceptable in a bull market. Everyone makes money in a bull market, which is enough. However, our clients want our performance to exceed the average level in a bear market.</p><p>A very simple summary is: in a bull market we get average returns, and in a bear market we get excess returns.</p><p>What would happen if we could achieve this goal year after year, for decades? Our results will be less volatile than average. Our overall above-average returns are due to our outstanding performance in a bear market, which allowed us to achieve this goal. This is indeed very necessary, as it makes our clients happy.</p><p>I believe this is the secret to our company's growth. After 20 years, we have reached a scale of $100 billion, from $3.5 billion in 2006 to $100 billion today. We really started our asset management business in 2007. 2008 was during the financial crisis. We received at least $10 billion in funding in 2007 because our performance is better than average during a bear market. We can show people this investment result, and everyone feels that Oaktree Capital is trustworthy and has the ability to deliver consistent and stable investment results. We grew up!</p><p>Third, we are looking for the less efficient part of the market.</p><p>We believe that it is very difficult for investors to gain an advantage and make money in the part of the market that people can understand; However, you can do relatively well in those markets that people usually don't understand, such as bonds, convertible bonds, personal mortgages, infrastructure construction, real estate, emerging markets... It's relatively easier to gain an investment advantage in these projects, but not so easy either. It's just relatively easier than products in a fully effective market.</p><p>Fourth, we believe that macroeconomic forecasting is not the key to successful investment.</p><p>As mentioned earlier, I do not believe that macroeconomic forecasts are feasible. I believe that macro forecasting is not a necessary condition for successful investment. All the successful investors I know, even Buffett, did not succeed because they did a better job of macro forecasting than others. Their success depends on their knowledge of companies, industries, and securities.</p><p>Finally, we do not speculate on market fluctuations.</p><p>When managing funds, we don't invest money just because we think the market is going to rise, or take it out just because we think the market is going to fall. It's too easy to make mistakes predicting price fluctuations like We enter the market and then basically stay in the market. However, we will adjust the level of aggressiveness or conservatism based on the price of market assets and the psychology of surrounding investors.</p><p>Long-term investment success is not achieved through great investments. Take baseball as an example; it does not come from hitting an occasional home run. An investor's long-term success stems from building a safe portfolio with few failures and few bad years. If you can do this seemingly simple but actually difficult thing well, you can achieve very successful investment results over decades. This is our goal, and I think we have achieved it. This is what I want to share with you.</p><p><img src=\"https://static.tigerbbs.com/ee355aa3c1360abf8698134c634c090f\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>14. Regarding asset allocation, Howard suggests</b></p><p>1. Just as you shouldn't put all your eggs in one basket, we don't know the future, so everyone should diversify their investments.</p><p>2. There is no \"Magic Number\" (specific investment allocation ratio). For investors, investing needs to be done step by step. Once you feel good, do more and proceed step by step. If you don't understand, investing too much will only make things worse. You can make mistakes, but you can't lose everything.</p><p>3. At the same time, it is not encouraged to invest a very small percentage (less than 5%) in your portfolio in areas you are optimistic about, because an investment that is too small will have little effect on your portfolio regardless of its performance and is meaningless.</p><p>4. Don't invest in things you don't understand. If you don't understand them at all, don't do them.</p><p></body></html></p>","source":"lsy1645511055786","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The investment philosophy behind \"Wall Street must-read classics\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe investment philosophy behind \"Wall Street must-read classics\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">期乐会</strong><span class=\"h-time small\">2022-02-22 14:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Introduction:</b>Howard Marks graduated from the Wharton School of Business and co-founded the American company in 1995.<a href=\"https://laohu8.com/S/OAK\">Oaktree Capital</a>Oaktree Capital now manages $100 billion in assets. Howard Marks has been writing \"investment memos\" for investors since the 1990s. In his January 2000 investment memo, he predicted the bursting of the tech stock bubble, and his \"investment memos\" became required reading on Wall Street.</p><p>“The first email I open and read is Howard Marks’ memo. I always learn something from it. His books are especially true,” Warren Buffett said.</p><p>Buffett rarely recommends investment books, but he highly recommends Howard Marks' book \"The Most Important Thing About Investing,\" and says he has read it twice.</p><p>This article is a brilliant speech by Howard Marks in Shanghai, sharing how the investment philosophy behind \"Investing Most Important\" came about and where these influences came from.</p><p>I'm glad you're here to hear me talk about my books, my investment philosophy, and how we manage our money.</p><p>I would like to take this opportunity to reiterate what I firmly believe is essential in investing. Today, I would also like to talk to you about how the investment philosophy behind this book came about and where these influences come from.</p><p><img src=\"https://static.tigerbbs.com/6751656f0d5e3443e7003f9db76070cd\" tg-width=\"640\" tg-height=\"413\" referrerpolicy=\"no-referrer\"/></p><p><b>1. You must understand that the world is made up of uncertainty.</b></p><p>We need to recognize that the world is a world full of uncertainty in order to understand how to cope with it. If you think that the way to deal with the future is to accurately predict what will happen in the future, believe that you are right and use this as a basis for action, you are definitely asking for trouble. If something unexpected happens, you could end up very badly.</p><p>As the humorous Mark Twain said, \"It's not what you don't know that gets you into trouble, but what you think you know that you're wrong about.\" I believe that believing too much in the future can be the root of danger.</p><p><img src=\"https://static.tigerbbs.com/5368906abff5d5a517cebc079de1257d\" tg-width=\"640\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p><b>2. Too much uncertainty is the source of danger in our world.</b></p><p>Basing your investments on predictions about the future is a very dangerous thing. My predictions don't have to be much better than others', after all, no one can make correct predictions about the future macroeconomy. Therefore, our investment portfolio must perform well under various macroeconomic conditions in order to control risk. Only by knowing our ignorance can we accept the many possibilities of the future.</p><p><img src=\"https://static.tigerbbs.com/91729fd2cecd28f5691b58fdc8e203f2\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>3. My understanding of the world's development is often controlled by random events.</b></p><p>We cannot say for sure what the future will be; the future is made up of random events that may occur. Even if you know the distribution of random events and the relative probabilities of each event, you don't know when those events will occur. I think it's important.</p><p><img src=\"https://static.tigerbbs.com/41ed244801f3a7fe1dba77e482484bef\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>4. Leave safe space to cope with uncertainty.</b></p><p>It can be said that I have been successful in my career because I have studied what might happen in the future, but I do not think it will definitely happen, leaving room for uncertainty and variable factors, and preparing for life in an uncertain world.</p><p><img src=\"https://static.tigerbbs.com/103c085e452fed0c456586740d8e21f7\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"/></p><p><b>5. Risk is precisely what most people think will never happen.</b></p><p>What is risk? A very good interpretation is that \"Risk Means More Things Can Happen Than Will Happen\" (as Eloi Dimson, a professor at the London School of Economics, points out).</p><p>If a risk exists in the current market and most investors believe it will occur, then it is not a risk. If most investors believe that something will not happen in the future, then that is where the risk lies.</p><p>However, the truth is that we never know if something will happen. From this perspective, we must strive to understand the future and its possibilities, but we should never assume that we have completely figured it out.</p><p><img src=\"https://static.tigerbbs.com/45346b201312ac992d91e9a589ccbf62\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>6. Not having a particularly bad record is better than being inconsistent.</b></p><p>Simon Ramo wrote a book about tennis that had a big influence on me. Simon said there are two kinds of tennis matches, one is a winner's match; One type is a loser's match.</p><p>The winning matches were played by professional players like Federer, Djokovic, Nadal, and Sampras. Winners of tennis championships are highly skilled and have consummate skills, so they don't have to worry about tennis ball rebounds, wind speeds, blinding sunlight, or lack of skill. They can fight however they want, they can do whatever they want.</p><p>A winner's game belongs to the winner. The opponent can't catch the ball that the winner hits. To win a championship game, you have to hit the kind of very tricky ball that winners can only hit.</p><p>As for us, we can't play like a winner. We won the game mainly by avoiding playing like a loser.</p><p>Amateurs like me can't hit tricky balls, and sometimes they can't even catch simple balls. Our goal is to hit the ball back, we just hit the ball back, we just hit the ball back, we just hit the ball back.</p><p>We know that if we can fight back ten times, the opponent may only be able to do it nine times. Sooner or later, the opponent's ball will go out of bounds or fail to cross the net. We don't win by playing well, we win by not playing badly.</p><p>When I read this article and applied this concept to investing, I had a sudden enlightenment. We live in an uncertain world, and it's difficult to always make successful investments. Those who pursue great success often fail.</p><p>I've come to the conclusion that, for me, the best way to achieve long-term success in investing is perhaps to avoid mistakes, to avoid making wrong investments, and to avoid bad years. As long as you make well-accumulated investments and achieve steady performance year after year, over twenty, thirty, forty, and fifty years, this will lead to a successful investment career.</p><p>The key is that it's impossible to be right every time. It's hard to know what the future holds. It's difficult to hit a good shot or make a great investment and succeed overnight. But as long as we avoid failure, we will be on the right path to success through investment. In the investment industry, if you haven't had bad performance in 20, 30, or 40 years, your record is top-notch.</p><p><img src=\"https://static.tigerbbs.com/a34eae22141b5d6d1664373b1999a30a\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>7. Investment should not be based on macroeconomic forecasts.</b></p><p>Macroeconomic forecasting refers to predicting how the economy, markets, and interest rates will change in the future; it studies the overall situation. These things are, firstly, difficult to understand, and secondly, difficult to understand better than others.</p><p>For someone like me to predict what the world economy, the US economy, the Chinese economy, interest rates, or the Chinese A-share market will be like next year, what advantages do I have compared to others? These things are difficult to understand better than what others have studied. We achieve better investment results because we understand things better than others.</p><p>Oaktree Capital's investments are not based on future macroeconomic projections.</p><p><img src=\"https://static.tigerbbs.com/568a4512af2303d8f1bb9e92e5786bfa\" tg-width=\"640\" tg-height=\"387\" referrerpolicy=\"no-referrer\"/></p><p><b>8. How should you invest</b></p><p>First, you need to consider what kind of investment results will emerge in the future. When building a portfolio, it must be at least OK, meaning it remains viable in any possible scenario, before investing.</p><p>Second, strive to control risks. The risk is to avoid getting out of control in any scenario you can consider, so that you don't encounter poor investment performance.</p><p>Third, we don't assume we understand macroeconomics, but we should certainly know more about the microeconomy. What is microscopic? It refers to companies, industries, and securities. On these specific, smaller task lists, if you can study them very hard and have the right techniques, you can understand these companies more deeply than others.</p><p><img src=\"https://static.tigerbbs.com/a3608dc4cf2c20427504193a36c19d04\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>9. The Holy Grail of Investment: Cheap Goods</b></p><p>When I first started working at Citibank in 1968, the company invested in the so-called \"Beautiful Fifty,\" which were the fifty best and fastest-growing companies in the United States, including...<a href=\"https://laohu8.com/S/HPQ\">HP</a>、<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>、<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>Merck,<a href=\"https://laohu8.com/S/LLY\">Eli Lilly</a>。 The problem is that these companies are too expensive. If you bought these companies in 1968 and held them for five years, by 1973 you would have lost 80% to 90%, even though you bought the best companies in America.</p><p>Furthermore, some of these companies were highly anticipated but ultimately failed, such as...<a href=\"https://laohu8.com/S/KODK\">Kodak</a>Polaroid. Few people take photos with film these days, and few use instant cameras either, because we can take countless photos for free with our mobile phones. These companies basically disappeared, but back in 1968, people invested in these companies at very high prices, believing they would always be so perfect, and never imagined they would disappear. The key point is that even if you buy a very good company, you may lose a lot of money.</p><p>One lesson we can learn from this is that good companies and good investments are not the same thing. Buying good companies can make you lose a lot of money, while buying bad companies can make you make a lot of money. This tells us that it is certainly not the quality of the company that determines the return on investment.</p><p>So, what determines investment returns? It is the purchase price. If the company's prices are high, you may lose money. You may make money, or even make money safely, if the lower-quality companies are cheap. This is very important in shaping my investment philosophy.</p><p>I realize that what matters is not what you buy, but how much you spend on it. The key is not to buy good things, but to buy well. This is very, very important.</p><p><img src=\"https://static.tigerbbs.com/60e6e337c5d9f04947275ad92b45483f\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>10. The wise create, the foolish imitate.</b></p><p>In investing, every trend eventually leads to extremes.</p><p>When the A-share market reached 2000 points, those who invested in A-shares did the right thing. But later, as the stock rose, others were attracted, and they bought more and more, becoming more and more excited, and even using leverage to buy. Those who bought at 5000 points later suffered.</p><p>This tells us that if you act early in the trend, at the right time and price, you can safely achieve good returns. If you act at the end of the trend, regardless of timing and price, you may run into big trouble.</p><p><img src=\"https://static.tigerbbs.com/efb5834bd7cc7e92def8f35ca4009408\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>11. Never forget that someone who is six feet tall can drown in a river that is on average five feet deep.</b></p><p>When we invest, we can't just pursue average survival; we must survive every day.</p><p>Therefore, the portfolio we build must be able to withstand the worst tests. We must manage our investments professionally, with a strong sense of risk and a strong sense of conservatism, so that we can get through difficult times.</p><p>Good days are easy to live, and when things are good, survival isn't difficult. At that time, everyone is actually doing very well. The hard part is who gets through the tough times. Those people whose portfolios are too aggressive, those who are too leveraged, can't survive the tough times, and those who are six feet tall drown.</p><p><img src=\"https://static.tigerbbs.com/54ec5cdb9c594cf699a43411d32f2191\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>12. It's difficult to distinguish between being much earlier than others or making a mistake.</b></p><p>As mentioned earlier, investing is about the future. In the investment field, it is difficult to do the right thing, and it is impossible to always do the right thing at the right time. That is, even if we do the right thing, our timing may not be quite right.</p><p>We're probably too early, and if we're too late, we could be in trouble. So you should wish you were too early. But if you're too early, for a while, it seems like you're doing something wrong.</p><p>When the A-share market reached 4000 points, some people said no, it was too dangerous, and they left the market. From 4000 points to 5000 points, it seems they were wrong, and they themselves feel they were wrong. They may regret leaving the market at 4000 points and can only watch others make money all the way to 5000 points.</p><p>They felt they were wrong, but they were right, it was just too early. Our timing can never be perfect. You must have courage and conviction, and if there are good reasons for what you do, the facts will ultimately prove that your actions were rational.</p><p>I must have courage myself. I buy things whose prices are falling because they're cheap, because they've fallen, and because I like them, I buy them. It will continue to fall. I have to be very confident and believe that I am right. We can't sell just because the price continues to fall. Therefore, you must remember that before the facts ultimately prove you right, it is difficult to distinguish whether you were much earlier than others or whether you were wrong.</p><p><img src=\"https://static.tigerbbs.com/091822289ba4245413c67ec3cfd391ef\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>13. What are the tasks of an asset manager?</b></p><p>First, control risks.</p><p>What are the tasks of an asset manager? Is it about making a lot of money? Beat the market? Is it outperforming Wall Street? We don't agree with any of this. The first job of an asset manager is to control risk. At Oaktree Asset Management, we place risk control at the highest level.</p><p>We position ourselves as an alternative asset manager. We don't invest in mainstream stocks or bonds. Instead, we discover less popular corporate bonds, convertible securities, distressed bonds, controllable investments (energy, infrastructure), real estate, publicly traded stocks (undervalued), emerging markets, etc. We have our own investment strategies for each category.</p><p>Second, stability.</p><p>Our investment performance will not rank first this year and then last next year. We are usually in the middle because of our outstanding risk control, and we will stand out in difficult times. We have achieved this goal over the past 30 years.</p><p>We achieve average returns, which are considered acceptable in a bull market. Everyone makes money in a bull market, which is enough. However, our clients want our performance to exceed the average level in a bear market.</p><p>A very simple summary is: in a bull market we get average returns, and in a bear market we get excess returns.</p><p>What would happen if we could achieve this goal year after year, for decades? Our results will be less volatile than average. Our overall above-average returns are due to our outstanding performance in a bear market, which allowed us to achieve this goal. This is indeed very necessary, as it makes our clients happy.</p><p>I believe this is the secret to our company's growth. After 20 years, we have reached a scale of $100 billion, from $3.5 billion in 2006 to $100 billion today. We really started our asset management business in 2007. 2008 was during the financial crisis. We received at least $10 billion in funding in 2007 because our performance is better than average during a bear market. We can show people this investment result, and everyone feels that Oaktree Capital is trustworthy and has the ability to deliver consistent and stable investment results. We grew up!</p><p>Third, we are looking for the less efficient part of the market.</p><p>We believe that it is very difficult for investors to gain an advantage and make money in the part of the market that people can understand; However, you can do relatively well in those markets that people usually don't understand, such as bonds, convertible bonds, personal mortgages, infrastructure construction, real estate, emerging markets... It's relatively easier to gain an investment advantage in these projects, but not so easy either. It's just relatively easier than products in a fully effective market.</p><p>Fourth, we believe that macroeconomic forecasting is not the key to successful investment.</p><p>As mentioned earlier, I do not believe that macroeconomic forecasts are feasible. I believe that macro forecasting is not a necessary condition for successful investment. All the successful investors I know, even Buffett, did not succeed because they did a better job of macro forecasting than others. Their success depends on their knowledge of companies, industries, and securities.</p><p>Finally, we do not speculate on market fluctuations.</p><p>When managing funds, we don't invest money just because we think the market is going to rise, or take it out just because we think the market is going to fall. It's too easy to make mistakes predicting price fluctuations like We enter the market and then basically stay in the market. However, we will adjust the level of aggressiveness or conservatism based on the price of market assets and the psychology of surrounding investors.</p><p>Long-term investment success is not achieved through great investments. Take baseball as an example; it does not come from hitting an occasional home run. An investor's long-term success stems from building a safe portfolio with few failures and few bad years. If you can do this seemingly simple but actually difficult thing well, you can achieve very successful investment results over decades. This is our goal, and I think we have achieved it. This is what I want to share with you.</p><p><img src=\"https://static.tigerbbs.com/ee355aa3c1360abf8698134c634c090f\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>14. Regarding asset allocation, Howard suggests</b></p><p>1. Just as you shouldn't put all your eggs in one basket, we don't know the future, so everyone should diversify their investments.</p><p>2. There is no \"Magic Number\" (specific investment allocation ratio). For investors, investing needs to be done step by step. Once you feel good, do more and proceed step by step. If you don't understand, investing too much will only make things worse. You can make mistakes, but you can't lose everything.</p><p>3. At the same time, it is not encouraged to invest a very small percentage (less than 5%) in your portfolio in areas you are optimistic about, because an investment that is too small will have little effect on your portfolio regardless of its performance and is meaningless.</p><p>4. Don't invest in things you don't understand. If you don't understand them at all, don't do them.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/b1RLIOWPqoqGRFbKd_MSnw\">期乐会</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cb5398fed733ffbbc94ab1b9a49946a8","relate_stocks":{"BRK.B":"伯克希尔B","BK4534":"瑞士信贷持仓","BRK.A":"伯克希尔","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4176":"多领域控股","BK4550":"红杉资本持仓"},"source_url":"https://mp.weixin.qq.com/s/b1RLIOWPqoqGRFbKd_MSnw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187542871","content_text":"导读：霍华德·马克斯毕业于沃顿商学院，1995年与人联合创建的美国橡树资本管理公司（Oaktree Capital），如今管理资产规模达1000亿美元。霍华德·马克斯自上世纪90年代开始针对投资人撰写“投资备忘录”，2000年1月份的投资备忘录中，他预言了科技股泡沫破裂，之后声名鹊起，“投资备忘录”成为华尔街的必读文件。“我第一时间打开并阅读的邮件就是霍华德·马克斯的备忘录。我总能从中学到东西。他的书籍更是如此”，沃伦·巴菲特说。巴菲特很少推荐投资书籍，他却大力推荐霍华德·马克斯的书《投资最重要的事》，而且说他读了两遍。本文是霍华德·马克斯在上海的一次精彩演讲，分享《投资最重要的事》背后的投资哲学是如何产生的，这些影响是从哪里来的。很高兴大家来这里听我讲我写的书，我的投资哲学，和我们如何管理金钱。我想借这个机会，重申一下哪些东西是我在投资中坚定地相信他们是必须的，我今天还想与大家谈论的是在这本书背后的投资哲学是如何产生的，这些影响是从哪里来的。1、你必须理解世界是由不确定性构成的我们要认识到，世界是一个充满不确定性的世界，这样才能了解如何应对这个世界。要是你觉得应对未来的方法是准确预测将来会发生什么，认为自己正确无误并把这作为行动依据，肯定是自找麻烦。要是意料之外的事情发生了，你的结局可能很糟糕。幽默的马克·吐温说过：“让你陷入麻烦的，不是你不知道的事，而是你自以为知道、其实错误的事。”我认为，太相信未来可能是危险的根源。2、太多的不确定性是我们这个世界危险的来源把投资建立在对未来的预测上是一件很危险的事，我的预测不必比其他人好到哪里，毕竟没有人对未来宏观能做出正确的预测。所以我们的投资组合一定要在各种宏观情况下都有不错的表现，以此控制风险。知道我们无知，才能接受未来的多种可能。3、我理解的世界的发展往往是由随机事件控制的我们不能说未来一定会怎样，未来是由可能发生的随机事件组成的。就算你知道随机事件的分布、各个事件的相对概率，你也不知道这些事件什么时候会发生。我觉得这很重要。4、留下安全空间应对不确定性可以说，在我的职业生涯中，我能取得成功，就是因为我研究将来可能发生什么、但是不认为一定会发生，给不确定性留有余地、给可变因素留有余地，为不确定性的世界中的生活做好准备。5、风险恰恰是大多数人认为不会发生的事什么是风险？一个非常好的解读是：“风险是指总有意料之外的事情发生”(Risk Means More Things Can Happen Than Will Happen)（伦敦经济学院教授埃洛伊·迪姆森指出的）。如果一个风险在当前市场上，大多数投资者都认为会发生，那么这就不是风险；如果大多数投资者都认为某件事未来不会发生，那么这件事就是风险之所在。但是真相是我们永远不知道某一件事情会不会发生，从这一点来看，我们又必须努力去认知未来，去了解其可能性，但是永远不要假设我们已经完全搞清楚了。6、没有特别糟糕的记录好过时好时坏西蒙·拉莫(Simon Ramo)写了一本关于网球的书，对我产生了很大影响。西蒙说有两种网球比赛，一种是赢家的比赛；一种是输家的比赛。赢家的比赛是费德勒、德约科维奇、纳达尔、桑普拉斯这样的职业选手打的。网球冠军赛中的赢家技巧娴熟，球技炉火纯青，根本不用担心网球的反弹、风速、阳光刺眼、技术不到家等情况。他们想怎么打就怎么打，简直随心所欲。赢家的比赛是属于赢家的。赢家打出去的球，对手接不住。要在冠军赛中获胜，必须打出赢家才能打出来的那种非常刁钻的球。至于我们，我们打不出来赢家那样的球。我们比赛获胜，主要是靠避免打出输家那样的球。像我这样的业余爱好者打不出刁钻的球，就连简单的球有时都接不住。我们追求的就是把球打回去，我们就是把球打回去，我们就是把球打回去，我们就是把球打回去。我们知道要是我们能打回去十次，对手可能只能做到九次。或早或晚，对手的球就会出界或者过不了网。我们不靠打出好球获胜，我们靠不打坏球获胜。当我读到这篇文章时，把这个概念引申到投资上，我当时就有醍醐灌顶的感觉。我们生活在不确定的世界，很难总是做出成功的投资，那些追求伟大成功的人往往却失败了。我得出了一个结论，对我来说，我们要在投资中长期取得成功，或许最好的方式是不犯错，不做错误的投资，没有糟糕的年份。只要一笔一笔积累良好的投资，只要一年又一年业绩稳健，二十年、三十年、四十年、五十年，长此以往就是成功的投资生涯。关键是不可能每次都对，很难知道将来会怎样，很难打出一记好球或做出一笔漂亮的投资，一蹴而就地成功，但是我们只要避免失败，就走上了通过投资成功的正路。在投资这行，要是你20年、30年、40年都没有出现过糟糕的业绩，你的记录就是一流的。7、投资不应该基于宏观经济预测宏观预测是指预测经济、市场、利息将来会如何变化，研究的是大局。这些东西，首先是很难研究明白，其次是很难比别人研究得更明白。像我这样的人，去预测明年世界经济、美国经济或中国经济或利率或中国 A 股会怎样，我和别人比有什么优势？这些东西，很难比别人研究的更明白。而我们取得更好的投资业绩，靠的就是比别人研究的更明白。橡树资本的投资不以未来的宏观预测为依据。8、你应该如何投资呢第一，你要考虑未来会出什么样的投资结果。构建一个投资组合时，这个投资组合至少要OK，即在其任何可能出现的场景下依然是可行的，在这个条件下才来投资。第二，努力控制风险。这个风险是要在你能够考虑到的任何场景下不至于失控，这样你才不至于遇到糟糕的投资业绩。第三，我们不会假设我们能够理解宏观经济，但是我们确实应该知道更多微观的东西。什么是微观呢？就是公司，行业还有证券。在这些具体，比较小的画面的任务清单上，如果你能非常努力的研究这些同时又有正确的技巧，你就可以做到比别人更深入理解这些公司。9、投资的圣杯：便宜货1968 年，我刚进花旗银行工作时，公司投资了所谓的“漂亮五十”，就是美国最优秀、成长最快的五十家公司，包括惠普、德州仪器、可口可乐、默克、礼来。问题是这些公司太贵了，要是你 1968 年买了这些公司，持有五年，到了 1973 年，你会亏损 80% 到 90%，虽然你买的是美国最好的公司。此外，在这些公司里，有的被寄予厚望，最后却陨落了，比如，柯达、宝丽来。现在用胶卷拍照的人很少了，也很少有人用拍立得相机，因为我们用手机可以免费拍无数的照片。这些公司基本就消失了，可当时在 1968 年，人们以非常高的价钱投资这些公司，相信它们永远都会那么完美，想不到它们会消失。关键是，你买很优秀的公司也可能亏大钱。我们从中可以学到一个道理：好公司和好投资不是一回事。买好公司能亏很多钱，而买差公司能赚很多钱。这告诉我们，决定投资收益的肯定不是公司的质地。那么，决定投资收益的是什么？是买入的价格。要是公司价格贵，你可能亏钱。如果质地较差的公司价格便宜，你可能赚钱，甚至是安全地赚钱。这一点对我的投资理念形成非常重要。我认识到，重要的不是买什么，而是花了多少钱买的。关键不是买好东西，而是要买得好。这非常非常重要。10、智者开创，愚人模仿在投资中，每个趋势到最后都会走向极端。当 A 股 2000 点时，投资 A 股的人做的是正确的事。但是后来，股票上涨，其他人也被吸引来了，其他人也买，越买越多，越买越兴奋，还用杠杆买。后来在 5000 点买入的人就遭殃了。这告诉我们，如果你在趋势早期行动，在正确的时机和价格行动，你就能安全地取得良好收益。如果你在趋势末期行动，不管时机和价格，你可能遇上大麻烦。11、永远不要忘记六英尺高的人，可能淹死在平均五尺深的小河里我们做投资，不能只追求平均活下来，必须每天都活下来。因此，我们构建的投资组合必须要能经受得起最恶劣的考验。我们对投资的管理必须要很专业、有很强的风险意识、有很强的保守意识，这样我们就能度过艰难的时光。好日子容易过，日子好的时候，活下来并不难，这时候其实大家过得都很好。难的是谁能度过艰难的时光，那些投资组合过于激进，那些杠杆过高的人挨不过艰难时刻，六英尺高的人却淹死了，说的就是这些人。12、是比别人早了很多，还是做错了，两者很难区分正如前面所说的，投资面对的是未来，在投资领域，做正确的事情很困难，始终在正确的时机做正确的事情是不可能的。也就是说，即使我们做的事情是对的，我们的时机可能不是完全正确。我们很可能太早了，要是太晚，可能就麻烦了。所以你应该希望自己太早了。但是如果你太早了，在一段时间里，看起来你是做错了。当 A 股达到 4000 点时，有些人说不行，太危险了，他们离场了。从 4000 点到 5000 点，看起来他们错了，他们自己也觉得错了，他们可能很后悔在 4000 点离场，只能看着别人一路赚钱到 5000 点。他们觉得做错了，其实他们是对的，只是太早了。我们对时机的把握永远都不可能准确无误。你必须有勇气、有信念，如果自己做的事情有充分的理由，最后事实终将证明你的行动是理智的。我自己就必须有勇气。我买价格正在下跌的东西，我买是因为便宜，是因为跌了，我喜欢，我就买了。它会继续下跌。我必须要很自信，相信自己是正确的。不能因为继续跌，就卖了。所以你要牢记，在事实最终证明你是正确的之前，是比别人早了很多，还是做错了，两者很难区分。13、资产管理人的任务是什么第一，控制风险。资产管理人的任务是什么？是赚很多钱？击败市场？是跑赢华尔街？这些我们都不同意。资产管理经理的第一工作是控制风险。我们橡树资产把风险控制放在最高级别来看待。我们把自己定位为一个另类的资产管理人。我们不投资主流的股票，主流的债券，我们发掘教少被关注的公司债，可转换证券，不良债券，可控投资（能源，基础建设），房地产，公开上市的股票（低估），新兴市场等，对应每一个类别，我们都有自己的投资策略。第二，稳定性。我们的投资绩效不会今年排名第一，然后明年排最后。我们一般在中间，因为我们杰出的风险控制，我们会在艰难的时段会突颖而出。我们在过去30年达成了这个目标。我们获得平均的收益，平均收益在牛市已经算是可以了，牛市每个人都赚钱，这已经足够了，但是我们的客户想要我们在熊市的时候业绩能够超出平均水平。非常简单的概括就是：牛市我们获得平均收益，熊市我们获得超额收益。如果我们能够一年又一年的，数十年的达成这个目标，会出现什么情况呢？我们的业绩波动性会低于平均水平。整体高出平均收益的回报，就是因为我们在熊市杰出的表现让我们把这个目标做到了，这也确实是很有必要的，这样我们的客户就会感到开心。我认为这就是我们公司成长的秘密，我们经过20年达到千亿美元的规模，从2006的35亿到达今天1000亿，我们真正开始资产管理业务是在2007年，2008年正是金融危机期间，我们至少在2007年接受了100亿资金，因为我们的业绩在熊市的时候会好过平均水平，我们能够为人们展示这个投资结果，大家就觉得橡树资本值得信赖，有能力交付一个持续的稳定的投资成绩。我们就成长了！第三，我们寻找的是不太有效的市场那部分。我们认为人们能够理解的那部分市场，投资者要获得优势去赚钱，是非常困难的；但是对于人们通常不能理解的那部分市场，你能够做到相对好一点，像债券，可转债券，个人抵押，基础实施建设，房地产，新兴市场......这些项目获得投资优势相对要容易一点，但也没那么容易，只是相对于充分有效的市场上的产品相对容易一点。第四，我们相信宏观经济的预测不是成功投资的关键。前面已经讲过，我不相信宏观预测行得通。我认为，宏观预测不是成功投资的必要条件。我所知道的所有的成功的投资者，甚至包括巴菲特在内，都不是因为宏观预测比别人做得更好才取得成功的。他们取得成功靠的是他们关于公司、行业和证券的知识。最后一点，我们不猜测市场涨跌。在管理资金时，我们不会因为我们认为市场要涨了，就把钱投进去，认为市场要跌了，就把钱拿出来。这样猜涨跌太容易错了。我们就是进入市场，然后基本就留在市场里。但是我们会从市场资产的价格和周围投资者的心理出发，调整进取或保守的程度。长期投资成功不是通过伟大的投资取得的，以棒球为喻，不是来自偶尔打出本垒打，投资者的长期成功源于构建一个安全的投资组合，其中失败的很少、糟糕的年份很少。要是你能把这件看起来简单、其实很难的事情做好，你就能在几十年里取得非常成功的投资业绩。这是我们的目标，我认为我们已经做到了。这就是我想和大家分享的。14、关于资产配置，霍华德建议1、正如鸡蛋不要放在同一个篮子里，我们对未来未知，因此每个人都该多元化投资。2、没有“Magic Number”（具体的投资配置比例）。对于投资者来说，投资需要一步步来，感觉好了，就多做一点，循序渐进，如果不了解，投资过多只会更糟，可以犯错，但不能血本无归。3、同时也不鼓励投资组合中用极小的比例（小于5%）去投资你看好的方面，因为过小的投资无论怎样的表现对你的组合起到的作用很小，没有意义。4、不要投资不理解的东西，如果完全不懂，就不要去做。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":4111,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9004203904,"gmtCreate":1642602288612,"gmtModify":1676533726364,"author":{"id":"3565396824889592","authorId":"3565396824889592","name":"Ckboon","avatar":"https://static.tigerbbs.com/54bb39e290a61fea14f7f469fee6de45","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565396824889592","authorIdStr":"3565396824889592"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9004203904","repostId":"1184498273","repostType":4,"isVote":1,"tweetType":1,"viewCount":4167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9004209834,"gmtCreate":1642602178340,"gmtModify":1676533726331,"author":{"id":"3565396824889592","authorId":"3565396824889592","name":"Ckboon","avatar":"https://static.tigerbbs.com/54bb39e290a61fea14f7f469fee6de45","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565396824889592","authorIdStr":"3565396824889592"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9004209834","repostId":"1163001777","repostType":2,"repost":{"id":"1163001777","kind":"news","pubTimestamp":1642583040,"share":"https://ttm.financial/m/news/1163001777?lang=en_US&edition=fundamental","pubTime":"2022-01-19 17:04","market":"us","language":"zh","title":"Why did Apple's car surpass Tesla's?","url":"https://stock-news.laohu8.com/highlight/detail?id=1163001777","media":"IT时报","summary":"苹果的天花板究竟在哪里？苹果汽车（Apple Car）无疑是最大变量。","content":"<p><html><head></head><body>Author/IT Times reporter Wang Xin</p><p>At the beginning of the new year 2022,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Becoming the world's first company to reach a market capitalization of $3 trillion, and ranking among the world's top five economies in terms of market capitalization, it truly deserves the title of \"Apple Empire\".</p><p>Faced with loneliness and defeat, people can't help but ask, where exactly is Apple's ceiling? The Apple Car is undoubtedly the biggest variable. Tim Cook wants to push his 3 trillion dollar empire forward, and the \"thrust\" provided by Apple cars is indispensable.</p><p>Recently, rumors about Apple manufacturing cars have been circulating one after another. Latest news indicates that Apple has made component production requests to several supply chain manufacturers in East Asia, and Apple's first electric vehicle, the Apple Car, originally planned for launch in 2025, is expected to be released in September this year.</p><p><b>In other words, we might just have to wait another 9 months before we can place an order for a genuine Apple Car!</b></p><p>Excitement aside, will this exam paper that Apple hurriedly handed in be satisfactory? Can Apple Car create miracles in core technology research and development, supply chain control, and product innovation?</p><p>Unfortunately, Apple currently lacks reliable and profound expertise in core technologies for new electric vehicles, such as autonomous driving and batteries. Without dedicated refinement, the first-generation Apple Car will find it difficult to become a truly innovative product. Even if it achieves great sales, it will only consume Apple's top-tier brand loyalty.</p><p><img src=\"https://static.tigerbbs.com/90993370fe0dfd0c245916ea3eebebd5\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/>Image source: Oriental IC</p><p>The automotive product category has always been one of the most painful scars in Apple's development. As early as 2013, Apple announced its foray into the automotive industry. In 2014, the familiar CarPlay was launched and adapted to a large number of cars, seamlessly connecting with users' iPhones. Most unfortunately, Apple's secretly launched electric vehicle development program, once named \"Project Titan,\" suffered a painful experience, including the disintegration of its core team and Project shelving, missing the perfect opportunity to enter the electric vehicle market and...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It has \"developed\" into the technology company that many people believe is most capable of challenging Apple.</p><p>If you miss it, you miss it. If Apple forces itself to release its new car this year, it might be a regrettable decision.<b>As a leading global technology company, while everyone firmly believes in the \"trend theory\" and is rapidly and even frantically iterating and releasing new products, Apple should play the calmest role.</b></p><p>Making a move is the ultimate move.</p><p>The success of Apple's core product, the iPhone, lies not in seizing a particular trend, but in redefining it.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Mobile phone and user experience; When the new iPhone arrives as scheduled to consumers around the world every fall, Apple relies on the insurmountable capability barriers it has built up in fields such as chips and ecosystems. Apple has become an \"incredibly wealthy\" company thanks to its obsessively strong supply chain control and the extremely high added value brought by its self-developed core technologies.</p><p>Without any of the above conditions, the Apple Car will likely become a boring new product disguised as an Apple, with overt innovations such as exterior design becoming somewhat boring gimmicks to attract consumers. This seems to have returned to the path of Angela Ahrendts, Apple's former \"number two,\" who has since left the company. This fashion \"devil\" from Burberry is not Apple's \"true love.\"</p><p>Apple is definitely a technology company. There is no doubt that the Apple Car will be a very beautiful new Car. The question is whether it can possess Apple's proud DNA, or, to put it more simply, absolute differentiated competitiveness and technological barriers.</p><p><img src=\"https://static.tigerbbs.com/6e2d9ffca395e17c0a4db15d5fe57257\" tg-width=\"550\" tg-height=\"307\" referrerpolicy=\"no-referrer\"/>Image source: Oriental IC</p><p>There is nothing new under the sun. For example, in the current global mobile phone industry, if any mobile phone manufacturer wants to collaborate with an optical lens manufacturer to improve its imaging capabilities, it is likely to return empty-handed. Because the optical lens supply chain no longer offers more options, Leica has reached strategic agreements with Huawei, Cai has reached strategic agreements with vivo, and Hasselblad has reached strategic agreements with OnePlus, leaving no room for new entrants.</p><p>Apple faces a similar predicament in the automotive market. The core technology and parts supply chain market has long been completely divided up by Tesla and emerging Chinese car manufacturers, making it difficult for Apple to find equal partners. For example, in the battery sector, it is difficult for Apple to find sufficiently excellent and special suppliers. Apple also lacks sufficient expertise in core technologies such as autonomous driving in key areas. Putting aside all the technical details, the massive amount of driving data possessed by electric vehicle manufacturers is what Apple lacks, and this data itself is a hurdle that is difficult to overcome.</p><p>In a media interview, Cook revealed that Apple is paying close attention to autonomous driving. In a rare move, Apple's CEO shared the company's main directions for future development, with automobiles becoming Apple's \"open strategy\".</p><p>Looking back at the executives on Apple's Car team, John Giannandrea, who oversaw the development of the Apple Car, came from Apple's artificial intelligence division, while Kevin Lynch from the Apple Watch team also became one of the executives on the Car team. After the original team broke up, such a management team is somewhat worrying.</p><p>Slow and meticulous work is Apple's consistent style of doing things, and its hasty launch of a new car is somewhat surprising.</p><p>If we analyze Apple's motives using this method, we can infer two ways of thinking.</p><p>One possibility is that, given the current booming electric vehicle market, Tesla cannot afford to continue its growth and development. At this time, Apple Auto seized the opportunity and gained a large number of users with its unparalleled brand influence. Another possibility is that the electric vehicle market is currently facing key technological bottlenecks such as batteries, and the autonomous driving scenario is still in its mature stage. This gives Apple Auto the opportunity to \"retreat and weave a net,\" allowing Apple to make solid innovations in key technologies, achieve self-developed controllability, and demonstrate sufficient control over automotive products and the market by leveraging its powerful ecosystem.</p><p>Mobile phones are the world's number one technology consumer product; Automobiles are the world's number one industrial consumer good. Apple is quietly ushering in a new era, with some institutions predicting that the launch of new electric vehicles will contribute trillions of dollars to Apple's valuation.</p><p>Breaking news: Apple's long-awaited 5G chip has finally been secured. At all costs<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Apple's self-developed 5G modem chip, after several setbacks, has already begun to be used in a landmark lawsuit.<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Trial production is expected to begin in 2023, and it is expected to be used on a large scale in products such as iPhones and iPads. In terms of core components and technologies, Apple has always had a tradition of \"doing it yourself and having enough to eat,\" and is not used to entrusting its \"half-life\" to partners like Tencent.</p><p><img src=\"https://static.tigerbbs.com/1b8662ba443fd2ecce07f208f370d2c0\" tg-width=\"550\" tg-height=\"209\" referrerpolicy=\"no-referrer\"/></p><p>In a car body weighing over a ton, Apple's most likely source of value remains its chips. Having maintained its leading position in chip technology in the field of smart terminals, Apple is capable of launching an automotive chip processor composed of a neural network processor with powerful AI capabilities. \"Integrating chips into vehicles\" will be Apple's most reasonable, feasible, and efficient technological path, and we will all be waiting to see what happens.</p><p>In 2007, the first-generation iPhone was launched, more than a decade after the world's first smartphone. Now that the first-generation Apple car has been launched, what does it matter if it's a few years later?</p><p></body></html></p>","source":"lsy1568283298901","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why did Apple's car surpass Tesla's?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy did Apple's car surpass Tesla's?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">IT时报</strong><span class=\"h-time small\">2022-01-19 17:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author/IT Times reporter Wang Xin</p><p>At the beginning of the new year 2022,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Becoming the world's first company to reach a market capitalization of $3 trillion, and ranking among the world's top five economies in terms of market capitalization, it truly deserves the title of \"Apple Empire\".</p><p>Faced with loneliness and defeat, people can't help but ask, where exactly is Apple's ceiling? The Apple Car is undoubtedly the biggest variable. Tim Cook wants to push his 3 trillion dollar empire forward, and the \"thrust\" provided by Apple cars is indispensable.</p><p>Recently, rumors about Apple manufacturing cars have been circulating one after another. Latest news indicates that Apple has made component production requests to several supply chain manufacturers in East Asia, and Apple's first electric vehicle, the Apple Car, originally planned for launch in 2025, is expected to be released in September this year.</p><p><b>In other words, we might just have to wait another 9 months before we can place an order for a genuine Apple Car!</b></p><p>Excitement aside, will this exam paper that Apple hurriedly handed in be satisfactory? Can Apple Car create miracles in core technology research and development, supply chain control, and product innovation?</p><p>Unfortunately, Apple currently lacks reliable and profound expertise in core technologies for new electric vehicles, such as autonomous driving and batteries. Without dedicated refinement, the first-generation Apple Car will find it difficult to become a truly innovative product. Even if it achieves great sales, it will only consume Apple's top-tier brand loyalty.</p><p><img src=\"https://static.tigerbbs.com/90993370fe0dfd0c245916ea3eebebd5\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/>Image source: Oriental IC</p><p>The automotive product category has always been one of the most painful scars in Apple's development. As early as 2013, Apple announced its foray into the automotive industry. In 2014, the familiar CarPlay was launched and adapted to a large number of cars, seamlessly connecting with users' iPhones. Most unfortunately, Apple's secretly launched electric vehicle development program, once named \"Project Titan,\" suffered a painful experience, including the disintegration of its core team and Project shelving, missing the perfect opportunity to enter the electric vehicle market and...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It has \"developed\" into the technology company that many people believe is most capable of challenging Apple.</p><p>If you miss it, you miss it. If Apple forces itself to release its new car this year, it might be a regrettable decision.<b>As a leading global technology company, while everyone firmly believes in the \"trend theory\" and is rapidly and even frantically iterating and releasing new products, Apple should play the calmest role.</b></p><p>Making a move is the ultimate move.</p><p>The success of Apple's core product, the iPhone, lies not in seizing a particular trend, but in redefining it.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Mobile phone and user experience; When the new iPhone arrives as scheduled to consumers around the world every fall, Apple relies on the insurmountable capability barriers it has built up in fields such as chips and ecosystems. Apple has become an \"incredibly wealthy\" company thanks to its obsessively strong supply chain control and the extremely high added value brought by its self-developed core technologies.</p><p>Without any of the above conditions, the Apple Car will likely become a boring new product disguised as an Apple, with overt innovations such as exterior design becoming somewhat boring gimmicks to attract consumers. This seems to have returned to the path of Angela Ahrendts, Apple's former \"number two,\" who has since left the company. This fashion \"devil\" from Burberry is not Apple's \"true love.\"</p><p>Apple is definitely a technology company. There is no doubt that the Apple Car will be a very beautiful new Car. The question is whether it can possess Apple's proud DNA, or, to put it more simply, absolute differentiated competitiveness and technological barriers.</p><p><img src=\"https://static.tigerbbs.com/6e2d9ffca395e17c0a4db15d5fe57257\" tg-width=\"550\" tg-height=\"307\" referrerpolicy=\"no-referrer\"/>Image source: Oriental IC</p><p>There is nothing new under the sun. For example, in the current global mobile phone industry, if any mobile phone manufacturer wants to collaborate with an optical lens manufacturer to improve its imaging capabilities, it is likely to return empty-handed. Because the optical lens supply chain no longer offers more options, Leica has reached strategic agreements with Huawei, Cai has reached strategic agreements with vivo, and Hasselblad has reached strategic agreements with OnePlus, leaving no room for new entrants.</p><p>Apple faces a similar predicament in the automotive market. The core technology and parts supply chain market has long been completely divided up by Tesla and emerging Chinese car manufacturers, making it difficult for Apple to find equal partners. For example, in the battery sector, it is difficult for Apple to find sufficiently excellent and special suppliers. Apple also lacks sufficient expertise in core technologies such as autonomous driving in key areas. Putting aside all the technical details, the massive amount of driving data possessed by electric vehicle manufacturers is what Apple lacks, and this data itself is a hurdle that is difficult to overcome.</p><p>In a media interview, Cook revealed that Apple is paying close attention to autonomous driving. In a rare move, Apple's CEO shared the company's main directions for future development, with automobiles becoming Apple's \"open strategy\".</p><p>Looking back at the executives on Apple's Car team, John Giannandrea, who oversaw the development of the Apple Car, came from Apple's artificial intelligence division, while Kevin Lynch from the Apple Watch team also became one of the executives on the Car team. After the original team broke up, such a management team is somewhat worrying.</p><p>Slow and meticulous work is Apple's consistent style of doing things, and its hasty launch of a new car is somewhat surprising.</p><p>If we analyze Apple's motives using this method, we can infer two ways of thinking.</p><p>One possibility is that, given the current booming electric vehicle market, Tesla cannot afford to continue its growth and development. At this time, Apple Auto seized the opportunity and gained a large number of users with its unparalleled brand influence. Another possibility is that the electric vehicle market is currently facing key technological bottlenecks such as batteries, and the autonomous driving scenario is still in its mature stage. This gives Apple Auto the opportunity to \"retreat and weave a net,\" allowing Apple to make solid innovations in key technologies, achieve self-developed controllability, and demonstrate sufficient control over automotive products and the market by leveraging its powerful ecosystem.</p><p>Mobile phones are the world's number one technology consumer product; Automobiles are the world's number one industrial consumer good. Apple is quietly ushering in a new era, with some institutions predicting that the launch of new electric vehicles will contribute trillions of dollars to Apple's valuation.</p><p>Breaking news: Apple's long-awaited 5G chip has finally been secured. At all costs<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Apple's self-developed 5G modem chip, after several setbacks, has already begun to be used in a landmark lawsuit.<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Trial production is expected to begin in 2023, and it is expected to be used on a large scale in products such as iPhones and iPads. In terms of core components and technologies, Apple has always had a tradition of \"doing it yourself and having enough to eat,\" and is not used to entrusting its \"half-life\" to partners like Tencent.</p><p><img src=\"https://static.tigerbbs.com/1b8662ba443fd2ecce07f208f370d2c0\" tg-width=\"550\" tg-height=\"209\" referrerpolicy=\"no-referrer\"/></p><p>In a car body weighing over a ton, Apple's most likely source of value remains its chips. Having maintained its leading position in chip technology in the field of smart terminals, Apple is capable of launching an automotive chip processor composed of a neural network processor with powerful AI capabilities. \"Integrating chips into vehicles\" will be Apple's most reasonable, feasible, and efficient technological path, and we will all be waiting to see what happens.</p><p>In 2007, the first-generation iPhone was launched, more than a decade after the world's first smartphone. Now that the first-generation Apple car has been launched, what does it matter if it's a few years later?</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/xBLhOP6xmscBtYBvcH-H1A\">IT时报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b632fa47771c3712cebe03a975b624a","relate_stocks":{"TSLA":"特斯拉","AAPL":"苹果"},"source_url":"https://mp.weixin.qq.com/s/xBLhOP6xmscBtYBvcH-H1A","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163001777","content_text":"作者／IT时报记者 王昕2022 年新年伊始，苹果成为全球首个市值达到3万亿美元的公司，其市值规模排名世界前五大经济体，“苹果帝国”当之无愧。孤独求败之下，人们不禁要问，苹果的天花板究竟在哪里？苹果汽车（Apple Car）无疑是最大变量。蒂姆·库克想要推动3万亿帝国继续前进，苹果汽车提供的“推力”不可或缺。近来，关于苹果造车的传闻一条紧似一条。最新消息显示，苹果已向东亚地区多个供应链厂商提出零部件生产要求，原计划2025年上市的苹果首款电动汽车Apple Car有望提前至今年9月问世。也就是说，也许只要再等9个月时间，我们就能下单订购一辆货真价实的Apple Car了！兴奋归兴奋，但这张苹果匆匆忙忙交出的考卷会让人满意吗？Apple Car在核心技术研发、供应链掌控、产品创新上能创造神奇吗？遗憾的是，在自动驾驶、电池等新电动汽车核心技术上，苹果公司目前并没有可靠和深厚的积累，如果不潜心磨剑，初代Apple Car将很难成为一款真正的创新产品，即便销量长虹，也仅仅是在消费苹果公司顶级的品牌忠诚度。图源：东方IC汽车这个特殊的产品品类一直是苹果公司发展历程中最痛的伤疤之一。早在2013年，苹果便宣布进军汽车领域。2014年，大家熟悉的CarPlay面世，并适配进入海量汽车，与用户手中的iPhone无缝连接。最为命运多舛的是，苹果曾经秘密启动的电动汽车开发计划，该计划曾被命名为“泰坦（Project Titan）”，遭受核心团队分崩离析、项目搁浅等惨痛经历，错失入局电动车市场完美时机，并让特斯拉“发育”成许多人心目中最有能力挑战苹果的科技公司。错过了就是错过了，如果苹果公司在今年赶鸭子上架发布其汽车新品，那么这或许会是一个令人遗憾的决定。作为全球科技企业翘楚，正当所有人笃信“风口理论”，快速甚至疯狂地迭代发布新品时，苹果应该扮演最冷静的角色。出招，即大招。苹果公司最核心的产品iPhone的成功，并不在于把握住哪个风口，而是重新定义智能手机和用户体验；当每年秋季新iPhone面对全球消费者如约而至的时候，苹果靠的是芯片、生态等领域堆建起的无法逾越的能力壁垒；苹果之所以成为一个“富可敌国”的公司，靠的是强大到偏执的供应链掌控力，以及自研核心技术带来的超高附加值。如果缺了上述任何一个条件，Apple Car将很可能成为一辆披着苹果外壳的令人乏味的新品，外观设计等显性化创新将成为吸引消费者购买的、略显无聊的噱头。这似乎走回了苹果已离职前“二号人物”安格拉·阿伦茨的老路，这位来自Burberry的时尚“女魔头”并不是苹果的“真命天女”。苹果绝对是一家科技公司。毫无疑问，Apple Car将是一款非常漂亮的新车，问题是它能不能拥有苹果的、令人骄傲的基因，或者用通俗点的话来说——绝对的差异化竞争力和技术壁垒。图源：东方IC太阳底下没有新鲜事，例如在当前的全球手机行业，如果有哪个手机厂商想寻找一家光学镜头厂商合作来提升影像实力，那么它很可能将无功而返。因为光学镜头供应链已经提供不了更多选择，徕卡与华为、蔡氏与vivo、哈苏与一加均已达成战略协议，新入局者根本没有空间。苹果在汽车市场也面临类似的窘境，核心技术和零配件供应链市场早已被特斯拉和中国造车新势力瓜分殆尽，苹果很难找到对等的合作伙伴，如电池方面，苹果就很难挖掘到足够优秀和特别的供应商。在关键领域自动驾驶等核心技术上，苹果也缺乏足够积累，抛开所有技术细节不谈，电动汽车厂商拥有的海量驾驶数据就是苹果所缺乏的，这些数据本身也是难以逾越的门槛。库克在接受媒体采访时曾透露过，苹果非常关注自动驾驶。苹果CEO极为罕见地分享了苹果公司未来发力的主要方向，汽车成为苹果公司的“阳谋”。回过头来看看苹果汽车团队的高管们，监督Apple Car开发的负责人John Giannandrea来自苹果人工智能部门，而Apple Watch团队的Kevin Lynch也成为汽车团队的高管之一，在原有团队散伙之后，这样的管理层多少会有些让人担心。慢工出细活是苹果一贯的处事风格，如今心急火燎地推出汽车新品，多少有些让人大跌眼镜。如果以此来分析苹果公司的动机，可以推测出两种思维模式。一种是，趁着目前电动车市场火热，不能再给特斯拉留下继续发展壮大的时间窗口，此时苹果汽车趁势而上，凭借无与伦比的品牌影响力，收获一大批用户；另一种则是，目前电动车市场面临电池等关键技术瓶颈，自动驾驶场景也仍处在成熟期，这正好给了苹果汽车“退而结网”的时机，让苹果能够在关键技术上扎实创新，实现自研可控，并借助强大的生态系统，对汽车产品和市场展现足够的掌控力。手机，是全球第一科技消费品；汽车，是全球第一工业消费品。苹果正在悄然开启一个新的时代，有机构预测，电动汽车新品的发布将能为苹果公司带来万亿美元的估值贡献。最新消息，苹果心心念念的5G芯片终于有着落了。在不惜与高通“大打出手”，打起世纪官司并落败，几经坎坷苹果自研的5G调制解调器芯片已经开始在台积电试产，预计2023年规模商用于iPhone、iPad等产品中。在核心元器件和技术上，苹果一直都有“自己动手，丰衣足食”的传统，不习惯像腾讯那样将自己的“半条命”交给合作伙伴。在1吨多重的汽车机身中，苹果最有可能创造价值的仍是芯片，在智能终端领域保持芯片技术领先的苹果，有能力推出由神经网络处理器组成、拥有强大AI能力的汽车芯片处理器。“以芯入车”将是苹果最合理、最可行、也最高效的技术路径，对此，我们所有人都将拭目以待。2007年，第一代iPhone上市，比全球第一款智能手机问世晚了十多年；如今，第一代苹果汽车上市，晚几年又何妨！","news_type":1,"symbols_score_info":{"TSLA":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":4979,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9005592096,"gmtCreate":1642340017430,"gmtModify":1676533702262,"author":{"id":"3565396824889592","authorId":"3565396824889592","name":"Ckboon","avatar":"https://static.tigerbbs.com/54bb39e290a61fea14f7f469fee6de45","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565396824889592","authorIdStr":"3565396824889592"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9005592096","repostId":"1136490165","repostType":4,"repost":{"id":"1136490165","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1642299849,"share":"https://ttm.financial/m/news/1136490165?lang=en_US&edition=fundamental","pubTime":"2022-01-16 10:24","market":"us","language":"zh","title":"The battle for the future of banks: JPMorgan Chase's $12 billion investment in technology shocks the industry.","url":"https://stock-news.laohu8.com/highlight/detail?id=1136490165","media":"华尔街见闻","summary":"巨额科技投入部分反映摩根大通在与支付处理商Stripe、分期付款银行Affirm等金融科技公司竞争时面临的压力。随着交易收入增长放缓，公司投行营收增长正陷入瓶颈。为应对来自金融科技公司的激烈竞争，华尔","content":"<p><html><head></head><body>The huge investment in technology partly reflects<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The pressure they face when competing with fintech companies such as payment processor Stripe and installment bank Affirm. As transaction revenue growth slows, the company's investment banking revenue growth is facing a bottleneck. In response to fierce competition from fintech companies, JPMorgan Chase, Wall Street's largest bank, plans to significantly increase its investment in technology.</p><p>In its latest earnings report, JPMorgan Chase expects the company's spending to increase by 8% to $77 billion this year. The growth mainly came from spending on technology and investment: the company plans to increase technology spending to $12 billion, and support for expansion investment has also been increased by 30% to $15 billion. The company has not yet disclosed further details of the expenditures.</p><p>JPMorgan Chase stated that the company is allocating funds for data center and cloud computing expansion, as well as new markets such as the UK; Investing in technology will ultimately reduce operating costs, but realizing these savings may take years.</p><p>Analysts believe that the massive technology investment partly reflects the pressure JPMorgan Chase faces in competing with fintech companies such as payment processor Stripe and installment bank Affirm. As transaction revenue growth slows, the company's investment banking revenue growth is facing a bottleneck.</p><p>During the earnings call, JPMorgan Chase Chief Financial Officer Jeremy Barnum acknowledged that banks are in a \"moment of accelerated growth\" in investment spending, \"partly due to intense market competition,\" \"especially from new entrants.\"</p><p>The market reacted negatively, with JPMorgan Chase's stock price falling by more than 6% after the earnings report was released. Investors are concerned that the huge expenses could prevent the company from achieving its financial target of 17% ROTCE in 2022 or even 2023, and the lack of relevant details has also frustrated investors.</p><p><img src=\"https://static.tigerbbs.com/1f93897ad6af2c1b4f524c89dde5d617\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The battle for the future of banks: JPMorgan Chase's $12 billion investment in technology shocks the industry.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe battle for the future of banks: JPMorgan Chase's $12 billion investment in technology shocks the industry.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2022-01-16 10:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The huge investment in technology partly reflects<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The pressure they face when competing with fintech companies such as payment processor Stripe and installment bank Affirm. As transaction revenue growth slows, the company's investment banking revenue growth is facing a bottleneck. In response to fierce competition from fintech companies, JPMorgan Chase, Wall Street's largest bank, plans to significantly increase its investment in technology.</p><p>In its latest earnings report, JPMorgan Chase expects the company's spending to increase by 8% to $77 billion this year. The growth mainly came from spending on technology and investment: the company plans to increase technology spending to $12 billion, and support for expansion investment has also been increased by 30% to $15 billion. The company has not yet disclosed further details of the expenditures.</p><p>JPMorgan Chase stated that the company is allocating funds for data center and cloud computing expansion, as well as new markets such as the UK; Investing in technology will ultimately reduce operating costs, but realizing these savings may take years.</p><p>Analysts believe that the massive technology investment partly reflects the pressure JPMorgan Chase faces in competing with fintech companies such as payment processor Stripe and installment bank Affirm. As transaction revenue growth slows, the company's investment banking revenue growth is facing a bottleneck.</p><p>During the earnings call, JPMorgan Chase Chief Financial Officer Jeremy Barnum acknowledged that banks are in a \"moment of accelerated growth\" in investment spending, \"partly due to intense market competition,\" \"especially from new entrants.\"</p><p>The market reacted negatively, with JPMorgan Chase's stock price falling by more than 6% after the earnings report was released. Investors are concerned that the huge expenses could prevent the company from achieving its financial target of 17% ROTCE in 2022 or even 2023, and the lack of relevant details has also frustrated investors.</p><p><img src=\"https://static.tigerbbs.com/1f93897ad6af2c1b4f524c89dde5d617\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9ef6725b8e722763b36af9aa02391f9e","relate_stocks":{"161121":"银行","BK4566":"资本集团","JPM":"摩根大通","BK4550":"红杉资本持仓","BK4534":"瑞士信贷持仓","BK4504":"桥水持仓","BK4207":"综合性银行","BK4533":"AQR资本管理(全球第二大对冲基金)"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136490165","content_text":"巨额科技投入部分反映摩根大通在与支付处理商Stripe、分期付款银行Affirm等金融科技公司竞争时面临的压力。随着交易收入增长放缓，公司投行营收增长正陷入瓶颈。为应对来自金融科技公司的激烈竞争，华尔街最大银行摩根大通计划大幅提高公司科技方面的投入。在最新的财报中，摩根大通预计公司今年支出将增长8%至770亿美元。增长主要来自科技和投资方面的支出：公司计划将技术支出提高至120亿美元，扩张投资方面的支持也被上调30%至150亿美元。更多支出细节公司暂未透露。摩根大通表示，公司正为数据中心和云计算及英国等新市场扩张分配资金；对科技的投入最终将降低运营成本，但实现这些节省可能需要数年时间。分析认为，巨额科技投入部分反映摩根大通在与支付处理商Stripe、分期付款银行Affirm等金融科技公司竞争时面临的压力。随着交易收入增长放缓，公司投行营收增长正陷入瓶颈。在财报电话会上，摩根大通首席财务官Jeremy Barnum承认，银行正处于投资支出“加速发展的时刻”，“部分原因是市场竞争激烈”，“尤其是来自新进入者的竞争”。市场对此反应消极，财报发布后，摩根大通股价下跌超6%。投资者担心巨额的支出可能使公司无法在2022年乃至2023年实现ROTCE达到17%的财务目标，相关细节的缺失也使投资者感到沮丧。","news_type":1,"symbols_score_info":{"161121":0.9,"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":4058,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9004209834,"gmtCreate":1642602178340,"gmtModify":1676533726331,"author":{"id":"3565396824889592","authorId":"3565396824889592","name":"Ckboon","avatar":"https://static.tigerbbs.com/54bb39e290a61fea14f7f469fee6de45","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565396824889592","authorIdStr":"3565396824889592"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9004209834","repostId":"1163001777","repostType":2,"isVote":1,"tweetType":1,"viewCount":4979,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9013239193,"gmtCreate":1648733149064,"gmtModify":1676534387514,"author":{"id":"3565396824889592","authorId":"3565396824889592","name":"Ckboon","avatar":"https://static.tigerbbs.com/54bb39e290a61fea14f7f469fee6de45","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565396824889592","authorIdStr":"3565396824889592"},"themes":[],"title":"","htmlText":"","listText":"","text":"","images":[{"img":"https://community-static.tradeup.com/news/57c8642770ef41a8d8f4772d82fd3422","width":"750","height":"1174"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9013239193","isVote":1,"tweetType":1,"viewCount":4278,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9030980529,"gmtCreate":1645603285508,"gmtModify":1676534044738,"author":{"id":"3565396824889592","authorId":"3565396824889592","name":"Ckboon","avatar":"https://static.tigerbbs.com/54bb39e290a61fea14f7f469fee6de45","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565396824889592","authorIdStr":"3565396824889592"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030980529","repostId":"1187542871","repostType":4,"repost":{"id":"1187542871","kind":"news","pubTimestamp":1645511042,"share":"https://ttm.financial/m/news/1187542871?lang=en_US&edition=fundamental","pubTime":"2022-02-22 14:24","market":"us","language":"zh","title":"The investment philosophy behind \"Wall Street must-read classics\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1187542871","media":"期乐会","summary":"导读：霍华德·马克斯毕业于沃顿商学院，1995年与人联合创建的美国橡树资本管理公司（Oaktree Capital），如今管理资产规模达1000亿美元。霍华德·马克斯自上世纪90年代开始针对投资人撰写","content":"<p><html><head></head><body><b>Introduction:</b>Howard Marks graduated from the Wharton School of Business and co-founded the American company in 1995.<a href=\"https://laohu8.com/S/OAK\">Oaktree Capital</a>Oaktree Capital now manages $100 billion in assets. Howard Marks has been writing \"investment memos\" for investors since the 1990s. In his January 2000 investment memo, he predicted the bursting of the tech stock bubble, and his \"investment memos\" became required reading on Wall Street.</p><p>“The first email I open and read is Howard Marks’ memo. I always learn something from it. His books are especially true,” Warren Buffett said.</p><p>Buffett rarely recommends investment books, but he highly recommends Howard Marks' book \"The Most Important Thing About Investing,\" and says he has read it twice.</p><p>This article is a brilliant speech by Howard Marks in Shanghai, sharing how the investment philosophy behind \"Investing Most Important\" came about and where these influences came from.</p><p>I'm glad you're here to hear me talk about my books, my investment philosophy, and how we manage our money.</p><p>I would like to take this opportunity to reiterate what I firmly believe is essential in investing. Today, I would also like to talk to you about how the investment philosophy behind this book came about and where these influences come from.</p><p><img src=\"https://static.tigerbbs.com/6751656f0d5e3443e7003f9db76070cd\" tg-width=\"640\" tg-height=\"413\" referrerpolicy=\"no-referrer\"/></p><p><b>1. You must understand that the world is made up of uncertainty.</b></p><p>We need to recognize that the world is a world full of uncertainty in order to understand how to cope with it. If you think that the way to deal with the future is to accurately predict what will happen in the future, believe that you are right and use this as a basis for action, you are definitely asking for trouble. If something unexpected happens, you could end up very badly.</p><p>As the humorous Mark Twain said, \"It's not what you don't know that gets you into trouble, but what you think you know that you're wrong about.\" I believe that believing too much in the future can be the root of danger.</p><p><img src=\"https://static.tigerbbs.com/5368906abff5d5a517cebc079de1257d\" tg-width=\"640\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p><b>2. Too much uncertainty is the source of danger in our world.</b></p><p>Basing your investments on predictions about the future is a very dangerous thing. My predictions don't have to be much better than others', after all, no one can make correct predictions about the future macroeconomy. Therefore, our investment portfolio must perform well under various macroeconomic conditions in order to control risk. Only by knowing our ignorance can we accept the many possibilities of the future.</p><p><img src=\"https://static.tigerbbs.com/91729fd2cecd28f5691b58fdc8e203f2\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>3. My understanding of the world's development is often controlled by random events.</b></p><p>We cannot say for sure what the future will be; the future is made up of random events that may occur. Even if you know the distribution of random events and the relative probabilities of each event, you don't know when those events will occur. I think it's important.</p><p><img src=\"https://static.tigerbbs.com/41ed244801f3a7fe1dba77e482484bef\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>4. Leave safe space to cope with uncertainty.</b></p><p>It can be said that I have been successful in my career because I have studied what might happen in the future, but I do not think it will definitely happen, leaving room for uncertainty and variable factors, and preparing for life in an uncertain world.</p><p><img src=\"https://static.tigerbbs.com/103c085e452fed0c456586740d8e21f7\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"/></p><p><b>5. Risk is precisely what most people think will never happen.</b></p><p>What is risk? A very good interpretation is that \"Risk Means More Things Can Happen Than Will Happen\" (as Eloi Dimson, a professor at the London School of Economics, points out).</p><p>If a risk exists in the current market and most investors believe it will occur, then it is not a risk. If most investors believe that something will not happen in the future, then that is where the risk lies.</p><p>However, the truth is that we never know if something will happen. From this perspective, we must strive to understand the future and its possibilities, but we should never assume that we have completely figured it out.</p><p><img src=\"https://static.tigerbbs.com/45346b201312ac992d91e9a589ccbf62\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>6. Not having a particularly bad record is better than being inconsistent.</b></p><p>Simon Ramo wrote a book about tennis that had a big influence on me. Simon said there are two kinds of tennis matches, one is a winner's match; One type is a loser's match.</p><p>The winning matches were played by professional players like Federer, Djokovic, Nadal, and Sampras. Winners of tennis championships are highly skilled and have consummate skills, so they don't have to worry about tennis ball rebounds, wind speeds, blinding sunlight, or lack of skill. They can fight however they want, they can do whatever they want.</p><p>A winner's game belongs to the winner. The opponent can't catch the ball that the winner hits. To win a championship game, you have to hit the kind of very tricky ball that winners can only hit.</p><p>As for us, we can't play like a winner. We won the game mainly by avoiding playing like a loser.</p><p>Amateurs like me can't hit tricky balls, and sometimes they can't even catch simple balls. Our goal is to hit the ball back, we just hit the ball back, we just hit the ball back, we just hit the ball back.</p><p>We know that if we can fight back ten times, the opponent may only be able to do it nine times. Sooner or later, the opponent's ball will go out of bounds or fail to cross the net. We don't win by playing well, we win by not playing badly.</p><p>When I read this article and applied this concept to investing, I had a sudden enlightenment. We live in an uncertain world, and it's difficult to always make successful investments. Those who pursue great success often fail.</p><p>I've come to the conclusion that, for me, the best way to achieve long-term success in investing is perhaps to avoid mistakes, to avoid making wrong investments, and to avoid bad years. As long as you make well-accumulated investments and achieve steady performance year after year, over twenty, thirty, forty, and fifty years, this will lead to a successful investment career.</p><p>The key is that it's impossible to be right every time. It's hard to know what the future holds. It's difficult to hit a good shot or make a great investment and succeed overnight. But as long as we avoid failure, we will be on the right path to success through investment. In the investment industry, if you haven't had bad performance in 20, 30, or 40 years, your record is top-notch.</p><p><img src=\"https://static.tigerbbs.com/a34eae22141b5d6d1664373b1999a30a\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>7. Investment should not be based on macroeconomic forecasts.</b></p><p>Macroeconomic forecasting refers to predicting how the economy, markets, and interest rates will change in the future; it studies the overall situation. These things are, firstly, difficult to understand, and secondly, difficult to understand better than others.</p><p>For someone like me to predict what the world economy, the US economy, the Chinese economy, interest rates, or the Chinese A-share market will be like next year, what advantages do I have compared to others? These things are difficult to understand better than what others have studied. We achieve better investment results because we understand things better than others.</p><p>Oaktree Capital's investments are not based on future macroeconomic projections.</p><p><img src=\"https://static.tigerbbs.com/568a4512af2303d8f1bb9e92e5786bfa\" tg-width=\"640\" tg-height=\"387\" referrerpolicy=\"no-referrer\"/></p><p><b>8. How should you invest</b></p><p>First, you need to consider what kind of investment results will emerge in the future. When building a portfolio, it must be at least OK, meaning it remains viable in any possible scenario, before investing.</p><p>Second, strive to control risks. The risk is to avoid getting out of control in any scenario you can consider, so that you don't encounter poor investment performance.</p><p>Third, we don't assume we understand macroeconomics, but we should certainly know more about the microeconomy. What is microscopic? It refers to companies, industries, and securities. On these specific, smaller task lists, if you can study them very hard and have the right techniques, you can understand these companies more deeply than others.</p><p><img src=\"https://static.tigerbbs.com/a3608dc4cf2c20427504193a36c19d04\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>9. The Holy Grail of Investment: Cheap Goods</b></p><p>When I first started working at Citibank in 1968, the company invested in the so-called \"Beautiful Fifty,\" which were the fifty best and fastest-growing companies in the United States, including...<a href=\"https://laohu8.com/S/HPQ\">HP</a>、<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>、<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>Merck,<a href=\"https://laohu8.com/S/LLY\">Eli Lilly</a>。 The problem is that these companies are too expensive. If you bought these companies in 1968 and held them for five years, by 1973 you would have lost 80% to 90%, even though you bought the best companies in America.</p><p>Furthermore, some of these companies were highly anticipated but ultimately failed, such as...<a href=\"https://laohu8.com/S/KODK\">Kodak</a>Polaroid. Few people take photos with film these days, and few use instant cameras either, because we can take countless photos for free with our mobile phones. These companies basically disappeared, but back in 1968, people invested in these companies at very high prices, believing they would always be so perfect, and never imagined they would disappear. The key point is that even if you buy a very good company, you may lose a lot of money.</p><p>One lesson we can learn from this is that good companies and good investments are not the same thing. Buying good companies can make you lose a lot of money, while buying bad companies can make you make a lot of money. This tells us that it is certainly not the quality of the company that determines the return on investment.</p><p>So, what determines investment returns? It is the purchase price. If the company's prices are high, you may lose money. You may make money, or even make money safely, if the lower-quality companies are cheap. This is very important in shaping my investment philosophy.</p><p>I realize that what matters is not what you buy, but how much you spend on it. The key is not to buy good things, but to buy well. This is very, very important.</p><p><img src=\"https://static.tigerbbs.com/60e6e337c5d9f04947275ad92b45483f\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>10. The wise create, the foolish imitate.</b></p><p>In investing, every trend eventually leads to extremes.</p><p>When the A-share market reached 2000 points, those who invested in A-shares did the right thing. But later, as the stock rose, others were attracted, and they bought more and more, becoming more and more excited, and even using leverage to buy. Those who bought at 5000 points later suffered.</p><p>This tells us that if you act early in the trend, at the right time and price, you can safely achieve good returns. If you act at the end of the trend, regardless of timing and price, you may run into big trouble.</p><p><img src=\"https://static.tigerbbs.com/efb5834bd7cc7e92def8f35ca4009408\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>11. Never forget that someone who is six feet tall can drown in a river that is on average five feet deep.</b></p><p>When we invest, we can't just pursue average survival; we must survive every day.</p><p>Therefore, the portfolio we build must be able to withstand the worst tests. We must manage our investments professionally, with a strong sense of risk and a strong sense of conservatism, so that we can get through difficult times.</p><p>Good days are easy to live, and when things are good, survival isn't difficult. At that time, everyone is actually doing very well. The hard part is who gets through the tough times. Those people whose portfolios are too aggressive, those who are too leveraged, can't survive the tough times, and those who are six feet tall drown.</p><p><img src=\"https://static.tigerbbs.com/54ec5cdb9c594cf699a43411d32f2191\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>12. It's difficult to distinguish between being much earlier than others or making a mistake.</b></p><p>As mentioned earlier, investing is about the future. In the investment field, it is difficult to do the right thing, and it is impossible to always do the right thing at the right time. That is, even if we do the right thing, our timing may not be quite right.</p><p>We're probably too early, and if we're too late, we could be in trouble. So you should wish you were too early. But if you're too early, for a while, it seems like you're doing something wrong.</p><p>When the A-share market reached 4000 points, some people said no, it was too dangerous, and they left the market. From 4000 points to 5000 points, it seems they were wrong, and they themselves feel they were wrong. They may regret leaving the market at 4000 points and can only watch others make money all the way to 5000 points.</p><p>They felt they were wrong, but they were right, it was just too early. Our timing can never be perfect. You must have courage and conviction, and if there are good reasons for what you do, the facts will ultimately prove that your actions were rational.</p><p>I must have courage myself. I buy things whose prices are falling because they're cheap, because they've fallen, and because I like them, I buy them. It will continue to fall. I have to be very confident and believe that I am right. We can't sell just because the price continues to fall. Therefore, you must remember that before the facts ultimately prove you right, it is difficult to distinguish whether you were much earlier than others or whether you were wrong.</p><p><img src=\"https://static.tigerbbs.com/091822289ba4245413c67ec3cfd391ef\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>13. What are the tasks of an asset manager?</b></p><p>First, control risks.</p><p>What are the tasks of an asset manager? Is it about making a lot of money? Beat the market? Is it outperforming Wall Street? We don't agree with any of this. The first job of an asset manager is to control risk. At Oaktree Asset Management, we place risk control at the highest level.</p><p>We position ourselves as an alternative asset manager. We don't invest in mainstream stocks or bonds. Instead, we discover less popular corporate bonds, convertible securities, distressed bonds, controllable investments (energy, infrastructure), real estate, publicly traded stocks (undervalued), emerging markets, etc. We have our own investment strategies for each category.</p><p>Second, stability.</p><p>Our investment performance will not rank first this year and then last next year. We are usually in the middle because of our outstanding risk control, and we will stand out in difficult times. We have achieved this goal over the past 30 years.</p><p>We achieve average returns, which are considered acceptable in a bull market. Everyone makes money in a bull market, which is enough. However, our clients want our performance to exceed the average level in a bear market.</p><p>A very simple summary is: in a bull market we get average returns, and in a bear market we get excess returns.</p><p>What would happen if we could achieve this goal year after year, for decades? Our results will be less volatile than average. Our overall above-average returns are due to our outstanding performance in a bear market, which allowed us to achieve this goal. This is indeed very necessary, as it makes our clients happy.</p><p>I believe this is the secret to our company's growth. After 20 years, we have reached a scale of $100 billion, from $3.5 billion in 2006 to $100 billion today. We really started our asset management business in 2007. 2008 was during the financial crisis. We received at least $10 billion in funding in 2007 because our performance is better than average during a bear market. We can show people this investment result, and everyone feels that Oaktree Capital is trustworthy and has the ability to deliver consistent and stable investment results. We grew up!</p><p>Third, we are looking for the less efficient part of the market.</p><p>We believe that it is very difficult for investors to gain an advantage and make money in the part of the market that people can understand; However, you can do relatively well in those markets that people usually don't understand, such as bonds, convertible bonds, personal mortgages, infrastructure construction, real estate, emerging markets... It's relatively easier to gain an investment advantage in these projects, but not so easy either. It's just relatively easier than products in a fully effective market.</p><p>Fourth, we believe that macroeconomic forecasting is not the key to successful investment.</p><p>As mentioned earlier, I do not believe that macroeconomic forecasts are feasible. I believe that macro forecasting is not a necessary condition for successful investment. All the successful investors I know, even Buffett, did not succeed because they did a better job of macro forecasting than others. Their success depends on their knowledge of companies, industries, and securities.</p><p>Finally, we do not speculate on market fluctuations.</p><p>When managing funds, we don't invest money just because we think the market is going to rise, or take it out just because we think the market is going to fall. It's too easy to make mistakes predicting price fluctuations like We enter the market and then basically stay in the market. However, we will adjust the level of aggressiveness or conservatism based on the price of market assets and the psychology of surrounding investors.</p><p>Long-term investment success is not achieved through great investments. Take baseball as an example; it does not come from hitting an occasional home run. An investor's long-term success stems from building a safe portfolio with few failures and few bad years. If you can do this seemingly simple but actually difficult thing well, you can achieve very successful investment results over decades. This is our goal, and I think we have achieved it. This is what I want to share with you.</p><p><img src=\"https://static.tigerbbs.com/ee355aa3c1360abf8698134c634c090f\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>14. Regarding asset allocation, Howard suggests</b></p><p>1. Just as you shouldn't put all your eggs in one basket, we don't know the future, so everyone should diversify their investments.</p><p>2. There is no \"Magic Number\" (specific investment allocation ratio). For investors, investing needs to be done step by step. Once you feel good, do more and proceed step by step. If you don't understand, investing too much will only make things worse. You can make mistakes, but you can't lose everything.</p><p>3. At the same time, it is not encouraged to invest a very small percentage (less than 5%) in your portfolio in areas you are optimistic about, because an investment that is too small will have little effect on your portfolio regardless of its performance and is meaningless.</p><p>4. Don't invest in things you don't understand. If you don't understand them at all, don't do them.</p><p></body></html></p>","source":"lsy1645511055786","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The investment philosophy behind \"Wall Street must-read classics\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe investment philosophy behind \"Wall Street must-read classics\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">期乐会</strong><span class=\"h-time small\">2022-02-22 14:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Introduction:</b>Howard Marks graduated from the Wharton School of Business and co-founded the American company in 1995.<a href=\"https://laohu8.com/S/OAK\">Oaktree Capital</a>Oaktree Capital now manages $100 billion in assets. Howard Marks has been writing \"investment memos\" for investors since the 1990s. In his January 2000 investment memo, he predicted the bursting of the tech stock bubble, and his \"investment memos\" became required reading on Wall Street.</p><p>“The first email I open and read is Howard Marks’ memo. I always learn something from it. His books are especially true,” Warren Buffett said.</p><p>Buffett rarely recommends investment books, but he highly recommends Howard Marks' book \"The Most Important Thing About Investing,\" and says he has read it twice.</p><p>This article is a brilliant speech by Howard Marks in Shanghai, sharing how the investment philosophy behind \"Investing Most Important\" came about and where these influences came from.</p><p>I'm glad you're here to hear me talk about my books, my investment philosophy, and how we manage our money.</p><p>I would like to take this opportunity to reiterate what I firmly believe is essential in investing. Today, I would also like to talk to you about how the investment philosophy behind this book came about and where these influences come from.</p><p><img src=\"https://static.tigerbbs.com/6751656f0d5e3443e7003f9db76070cd\" tg-width=\"640\" tg-height=\"413\" referrerpolicy=\"no-referrer\"/></p><p><b>1. You must understand that the world is made up of uncertainty.</b></p><p>We need to recognize that the world is a world full of uncertainty in order to understand how to cope with it. If you think that the way to deal with the future is to accurately predict what will happen in the future, believe that you are right and use this as a basis for action, you are definitely asking for trouble. If something unexpected happens, you could end up very badly.</p><p>As the humorous Mark Twain said, \"It's not what you don't know that gets you into trouble, but what you think you know that you're wrong about.\" I believe that believing too much in the future can be the root of danger.</p><p><img src=\"https://static.tigerbbs.com/5368906abff5d5a517cebc079de1257d\" tg-width=\"640\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p><b>2. Too much uncertainty is the source of danger in our world.</b></p><p>Basing your investments on predictions about the future is a very dangerous thing. My predictions don't have to be much better than others', after all, no one can make correct predictions about the future macroeconomy. Therefore, our investment portfolio must perform well under various macroeconomic conditions in order to control risk. Only by knowing our ignorance can we accept the many possibilities of the future.</p><p><img src=\"https://static.tigerbbs.com/91729fd2cecd28f5691b58fdc8e203f2\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>3. My understanding of the world's development is often controlled by random events.</b></p><p>We cannot say for sure what the future will be; the future is made up of random events that may occur. Even if you know the distribution of random events and the relative probabilities of each event, you don't know when those events will occur. I think it's important.</p><p><img src=\"https://static.tigerbbs.com/41ed244801f3a7fe1dba77e482484bef\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>4. Leave safe space to cope with uncertainty.</b></p><p>It can be said that I have been successful in my career because I have studied what might happen in the future, but I do not think it will definitely happen, leaving room for uncertainty and variable factors, and preparing for life in an uncertain world.</p><p><img src=\"https://static.tigerbbs.com/103c085e452fed0c456586740d8e21f7\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"/></p><p><b>5. Risk is precisely what most people think will never happen.</b></p><p>What is risk? A very good interpretation is that \"Risk Means More Things Can Happen Than Will Happen\" (as Eloi Dimson, a professor at the London School of Economics, points out).</p><p>If a risk exists in the current market and most investors believe it will occur, then it is not a risk. If most investors believe that something will not happen in the future, then that is where the risk lies.</p><p>However, the truth is that we never know if something will happen. From this perspective, we must strive to understand the future and its possibilities, but we should never assume that we have completely figured it out.</p><p><img src=\"https://static.tigerbbs.com/45346b201312ac992d91e9a589ccbf62\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>6. Not having a particularly bad record is better than being inconsistent.</b></p><p>Simon Ramo wrote a book about tennis that had a big influence on me. Simon said there are two kinds of tennis matches, one is a winner's match; One type is a loser's match.</p><p>The winning matches were played by professional players like Federer, Djokovic, Nadal, and Sampras. Winners of tennis championships are highly skilled and have consummate skills, so they don't have to worry about tennis ball rebounds, wind speeds, blinding sunlight, or lack of skill. They can fight however they want, they can do whatever they want.</p><p>A winner's game belongs to the winner. The opponent can't catch the ball that the winner hits. To win a championship game, you have to hit the kind of very tricky ball that winners can only hit.</p><p>As for us, we can't play like a winner. We won the game mainly by avoiding playing like a loser.</p><p>Amateurs like me can't hit tricky balls, and sometimes they can't even catch simple balls. Our goal is to hit the ball back, we just hit the ball back, we just hit the ball back, we just hit the ball back.</p><p>We know that if we can fight back ten times, the opponent may only be able to do it nine times. Sooner or later, the opponent's ball will go out of bounds or fail to cross the net. We don't win by playing well, we win by not playing badly.</p><p>When I read this article and applied this concept to investing, I had a sudden enlightenment. We live in an uncertain world, and it's difficult to always make successful investments. Those who pursue great success often fail.</p><p>I've come to the conclusion that, for me, the best way to achieve long-term success in investing is perhaps to avoid mistakes, to avoid making wrong investments, and to avoid bad years. As long as you make well-accumulated investments and achieve steady performance year after year, over twenty, thirty, forty, and fifty years, this will lead to a successful investment career.</p><p>The key is that it's impossible to be right every time. It's hard to know what the future holds. It's difficult to hit a good shot or make a great investment and succeed overnight. But as long as we avoid failure, we will be on the right path to success through investment. In the investment industry, if you haven't had bad performance in 20, 30, or 40 years, your record is top-notch.</p><p><img src=\"https://static.tigerbbs.com/a34eae22141b5d6d1664373b1999a30a\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>7. Investment should not be based on macroeconomic forecasts.</b></p><p>Macroeconomic forecasting refers to predicting how the economy, markets, and interest rates will change in the future; it studies the overall situation. These things are, firstly, difficult to understand, and secondly, difficult to understand better than others.</p><p>For someone like me to predict what the world economy, the US economy, the Chinese economy, interest rates, or the Chinese A-share market will be like next year, what advantages do I have compared to others? These things are difficult to understand better than what others have studied. We achieve better investment results because we understand things better than others.</p><p>Oaktree Capital's investments are not based on future macroeconomic projections.</p><p><img src=\"https://static.tigerbbs.com/568a4512af2303d8f1bb9e92e5786bfa\" tg-width=\"640\" tg-height=\"387\" referrerpolicy=\"no-referrer\"/></p><p><b>8. How should you invest</b></p><p>First, you need to consider what kind of investment results will emerge in the future. When building a portfolio, it must be at least OK, meaning it remains viable in any possible scenario, before investing.</p><p>Second, strive to control risks. The risk is to avoid getting out of control in any scenario you can consider, so that you don't encounter poor investment performance.</p><p>Third, we don't assume we understand macroeconomics, but we should certainly know more about the microeconomy. What is microscopic? It refers to companies, industries, and securities. On these specific, smaller task lists, if you can study them very hard and have the right techniques, you can understand these companies more deeply than others.</p><p><img src=\"https://static.tigerbbs.com/a3608dc4cf2c20427504193a36c19d04\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>9. The Holy Grail of Investment: Cheap Goods</b></p><p>When I first started working at Citibank in 1968, the company invested in the so-called \"Beautiful Fifty,\" which were the fifty best and fastest-growing companies in the United States, including...<a href=\"https://laohu8.com/S/HPQ\">HP</a>、<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>、<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>Merck,<a href=\"https://laohu8.com/S/LLY\">Eli Lilly</a>。 The problem is that these companies are too expensive. If you bought these companies in 1968 and held them for five years, by 1973 you would have lost 80% to 90%, even though you bought the best companies in America.</p><p>Furthermore, some of these companies were highly anticipated but ultimately failed, such as...<a href=\"https://laohu8.com/S/KODK\">Kodak</a>Polaroid. Few people take photos with film these days, and few use instant cameras either, because we can take countless photos for free with our mobile phones. These companies basically disappeared, but back in 1968, people invested in these companies at very high prices, believing they would always be so perfect, and never imagined they would disappear. The key point is that even if you buy a very good company, you may lose a lot of money.</p><p>One lesson we can learn from this is that good companies and good investments are not the same thing. Buying good companies can make you lose a lot of money, while buying bad companies can make you make a lot of money. This tells us that it is certainly not the quality of the company that determines the return on investment.</p><p>So, what determines investment returns? It is the purchase price. If the company's prices are high, you may lose money. You may make money, or even make money safely, if the lower-quality companies are cheap. This is very important in shaping my investment philosophy.</p><p>I realize that what matters is not what you buy, but how much you spend on it. The key is not to buy good things, but to buy well. This is very, very important.</p><p><img src=\"https://static.tigerbbs.com/60e6e337c5d9f04947275ad92b45483f\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>10. The wise create, the foolish imitate.</b></p><p>In investing, every trend eventually leads to extremes.</p><p>When the A-share market reached 2000 points, those who invested in A-shares did the right thing. But later, as the stock rose, others were attracted, and they bought more and more, becoming more and more excited, and even using leverage to buy. Those who bought at 5000 points later suffered.</p><p>This tells us that if you act early in the trend, at the right time and price, you can safely achieve good returns. If you act at the end of the trend, regardless of timing and price, you may run into big trouble.</p><p><img src=\"https://static.tigerbbs.com/efb5834bd7cc7e92def8f35ca4009408\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>11. Never forget that someone who is six feet tall can drown in a river that is on average five feet deep.</b></p><p>When we invest, we can't just pursue average survival; we must survive every day.</p><p>Therefore, the portfolio we build must be able to withstand the worst tests. We must manage our investments professionally, with a strong sense of risk and a strong sense of conservatism, so that we can get through difficult times.</p><p>Good days are easy to live, and when things are good, survival isn't difficult. At that time, everyone is actually doing very well. The hard part is who gets through the tough times. Those people whose portfolios are too aggressive, those who are too leveraged, can't survive the tough times, and those who are six feet tall drown.</p><p><img src=\"https://static.tigerbbs.com/54ec5cdb9c594cf699a43411d32f2191\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>12. It's difficult to distinguish between being much earlier than others or making a mistake.</b></p><p>As mentioned earlier, investing is about the future. In the investment field, it is difficult to do the right thing, and it is impossible to always do the right thing at the right time. That is, even if we do the right thing, our timing may not be quite right.</p><p>We're probably too early, and if we're too late, we could be in trouble. So you should wish you were too early. But if you're too early, for a while, it seems like you're doing something wrong.</p><p>When the A-share market reached 4000 points, some people said no, it was too dangerous, and they left the market. From 4000 points to 5000 points, it seems they were wrong, and they themselves feel they were wrong. They may regret leaving the market at 4000 points and can only watch others make money all the way to 5000 points.</p><p>They felt they were wrong, but they were right, it was just too early. Our timing can never be perfect. You must have courage and conviction, and if there are good reasons for what you do, the facts will ultimately prove that your actions were rational.</p><p>I must have courage myself. I buy things whose prices are falling because they're cheap, because they've fallen, and because I like them, I buy them. It will continue to fall. I have to be very confident and believe that I am right. We can't sell just because the price continues to fall. Therefore, you must remember that before the facts ultimately prove you right, it is difficult to distinguish whether you were much earlier than others or whether you were wrong.</p><p><img src=\"https://static.tigerbbs.com/091822289ba4245413c67ec3cfd391ef\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>13. What are the tasks of an asset manager?</b></p><p>First, control risks.</p><p>What are the tasks of an asset manager? Is it about making a lot of money? Beat the market? Is it outperforming Wall Street? We don't agree with any of this. The first job of an asset manager is to control risk. At Oaktree Asset Management, we place risk control at the highest level.</p><p>We position ourselves as an alternative asset manager. We don't invest in mainstream stocks or bonds. Instead, we discover less popular corporate bonds, convertible securities, distressed bonds, controllable investments (energy, infrastructure), real estate, publicly traded stocks (undervalued), emerging markets, etc. We have our own investment strategies for each category.</p><p>Second, stability.</p><p>Our investment performance will not rank first this year and then last next year. We are usually in the middle because of our outstanding risk control, and we will stand out in difficult times. We have achieved this goal over the past 30 years.</p><p>We achieve average returns, which are considered acceptable in a bull market. Everyone makes money in a bull market, which is enough. However, our clients want our performance to exceed the average level in a bear market.</p><p>A very simple summary is: in a bull market we get average returns, and in a bear market we get excess returns.</p><p>What would happen if we could achieve this goal year after year, for decades? Our results will be less volatile than average. Our overall above-average returns are due to our outstanding performance in a bear market, which allowed us to achieve this goal. This is indeed very necessary, as it makes our clients happy.</p><p>I believe this is the secret to our company's growth. After 20 years, we have reached a scale of $100 billion, from $3.5 billion in 2006 to $100 billion today. We really started our asset management business in 2007. 2008 was during the financial crisis. We received at least $10 billion in funding in 2007 because our performance is better than average during a bear market. We can show people this investment result, and everyone feels that Oaktree Capital is trustworthy and has the ability to deliver consistent and stable investment results. We grew up!</p><p>Third, we are looking for the less efficient part of the market.</p><p>We believe that it is very difficult for investors to gain an advantage and make money in the part of the market that people can understand; However, you can do relatively well in those markets that people usually don't understand, such as bonds, convertible bonds, personal mortgages, infrastructure construction, real estate, emerging markets... It's relatively easier to gain an investment advantage in these projects, but not so easy either. It's just relatively easier than products in a fully effective market.</p><p>Fourth, we believe that macroeconomic forecasting is not the key to successful investment.</p><p>As mentioned earlier, I do not believe that macroeconomic forecasts are feasible. I believe that macro forecasting is not a necessary condition for successful investment. All the successful investors I know, even Buffett, did not succeed because they did a better job of macro forecasting than others. Their success depends on their knowledge of companies, industries, and securities.</p><p>Finally, we do not speculate on market fluctuations.</p><p>When managing funds, we don't invest money just because we think the market is going to rise, or take it out just because we think the market is going to fall. It's too easy to make mistakes predicting price fluctuations like We enter the market and then basically stay in the market. However, we will adjust the level of aggressiveness or conservatism based on the price of market assets and the psychology of surrounding investors.</p><p>Long-term investment success is not achieved through great investments. Take baseball as an example; it does not come from hitting an occasional home run. An investor's long-term success stems from building a safe portfolio with few failures and few bad years. If you can do this seemingly simple but actually difficult thing well, you can achieve very successful investment results over decades. This is our goal, and I think we have achieved it. This is what I want to share with you.</p><p><img src=\"https://static.tigerbbs.com/ee355aa3c1360abf8698134c634c090f\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>14. Regarding asset allocation, Howard suggests</b></p><p>1. Just as you shouldn't put all your eggs in one basket, we don't know the future, so everyone should diversify their investments.</p><p>2. There is no \"Magic Number\" (specific investment allocation ratio). For investors, investing needs to be done step by step. Once you feel good, do more and proceed step by step. If you don't understand, investing too much will only make things worse. You can make mistakes, but you can't lose everything.</p><p>3. At the same time, it is not encouraged to invest a very small percentage (less than 5%) in your portfolio in areas you are optimistic about, because an investment that is too small will have little effect on your portfolio regardless of its performance and is meaningless.</p><p>4. Don't invest in things you don't understand. If you don't understand them at all, don't do them.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/b1RLIOWPqoqGRFbKd_MSnw\">期乐会</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cb5398fed733ffbbc94ab1b9a49946a8","relate_stocks":{"BRK.B":"伯克希尔B","BK4534":"瑞士信贷持仓","BRK.A":"伯克希尔","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4176":"多领域控股","BK4550":"红杉资本持仓"},"source_url":"https://mp.weixin.qq.com/s/b1RLIOWPqoqGRFbKd_MSnw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187542871","content_text":"导读：霍华德·马克斯毕业于沃顿商学院，1995年与人联合创建的美国橡树资本管理公司（Oaktree Capital），如今管理资产规模达1000亿美元。霍华德·马克斯自上世纪90年代开始针对投资人撰写“投资备忘录”，2000年1月份的投资备忘录中，他预言了科技股泡沫破裂，之后声名鹊起，“投资备忘录”成为华尔街的必读文件。“我第一时间打开并阅读的邮件就是霍华德·马克斯的备忘录。我总能从中学到东西。他的书籍更是如此”，沃伦·巴菲特说。巴菲特很少推荐投资书籍，他却大力推荐霍华德·马克斯的书《投资最重要的事》，而且说他读了两遍。本文是霍华德·马克斯在上海的一次精彩演讲，分享《投资最重要的事》背后的投资哲学是如何产生的，这些影响是从哪里来的。很高兴大家来这里听我讲我写的书，我的投资哲学，和我们如何管理金钱。我想借这个机会，重申一下哪些东西是我在投资中坚定地相信他们是必须的，我今天还想与大家谈论的是在这本书背后的投资哲学是如何产生的，这些影响是从哪里来的。1、你必须理解世界是由不确定性构成的我们要认识到，世界是一个充满不确定性的世界，这样才能了解如何应对这个世界。要是你觉得应对未来的方法是准确预测将来会发生什么，认为自己正确无误并把这作为行动依据，肯定是自找麻烦。要是意料之外的事情发生了，你的结局可能很糟糕。幽默的马克·吐温说过：“让你陷入麻烦的，不是你不知道的事，而是你自以为知道、其实错误的事。”我认为，太相信未来可能是危险的根源。2、太多的不确定性是我们这个世界危险的来源把投资建立在对未来的预测上是一件很危险的事，我的预测不必比其他人好到哪里，毕竟没有人对未来宏观能做出正确的预测。所以我们的投资组合一定要在各种宏观情况下都有不错的表现，以此控制风险。知道我们无知，才能接受未来的多种可能。3、我理解的世界的发展往往是由随机事件控制的我们不能说未来一定会怎样，未来是由可能发生的随机事件组成的。就算你知道随机事件的分布、各个事件的相对概率，你也不知道这些事件什么时候会发生。我觉得这很重要。4、留下安全空间应对不确定性可以说，在我的职业生涯中，我能取得成功，就是因为我研究将来可能发生什么、但是不认为一定会发生，给不确定性留有余地、给可变因素留有余地，为不确定性的世界中的生活做好准备。5、风险恰恰是大多数人认为不会发生的事什么是风险？一个非常好的解读是：“风险是指总有意料之外的事情发生”(Risk Means More Things Can Happen Than Will Happen)（伦敦经济学院教授埃洛伊·迪姆森指出的）。如果一个风险在当前市场上，大多数投资者都认为会发生，那么这就不是风险；如果大多数投资者都认为某件事未来不会发生，那么这件事就是风险之所在。但是真相是我们永远不知道某一件事情会不会发生，从这一点来看，我们又必须努力去认知未来，去了解其可能性，但是永远不要假设我们已经完全搞清楚了。6、没有特别糟糕的记录好过时好时坏西蒙·拉莫(Simon Ramo)写了一本关于网球的书，对我产生了很大影响。西蒙说有两种网球比赛，一种是赢家的比赛；一种是输家的比赛。赢家的比赛是费德勒、德约科维奇、纳达尔、桑普拉斯这样的职业选手打的。网球冠军赛中的赢家技巧娴熟，球技炉火纯青，根本不用担心网球的反弹、风速、阳光刺眼、技术不到家等情况。他们想怎么打就怎么打，简直随心所欲。赢家的比赛是属于赢家的。赢家打出去的球，对手接不住。要在冠军赛中获胜，必须打出赢家才能打出来的那种非常刁钻的球。至于我们，我们打不出来赢家那样的球。我们比赛获胜，主要是靠避免打出输家那样的球。像我这样的业余爱好者打不出刁钻的球，就连简单的球有时都接不住。我们追求的就是把球打回去，我们就是把球打回去，我们就是把球打回去，我们就是把球打回去。我们知道要是我们能打回去十次，对手可能只能做到九次。或早或晚，对手的球就会出界或者过不了网。我们不靠打出好球获胜，我们靠不打坏球获胜。当我读到这篇文章时，把这个概念引申到投资上，我当时就有醍醐灌顶的感觉。我们生活在不确定的世界，很难总是做出成功的投资，那些追求伟大成功的人往往却失败了。我得出了一个结论，对我来说，我们要在投资中长期取得成功，或许最好的方式是不犯错，不做错误的投资，没有糟糕的年份。只要一笔一笔积累良好的投资，只要一年又一年业绩稳健，二十年、三十年、四十年、五十年，长此以往就是成功的投资生涯。关键是不可能每次都对，很难知道将来会怎样，很难打出一记好球或做出一笔漂亮的投资，一蹴而就地成功，但是我们只要避免失败，就走上了通过投资成功的正路。在投资这行，要是你20年、30年、40年都没有出现过糟糕的业绩，你的记录就是一流的。7、投资不应该基于宏观经济预测宏观预测是指预测经济、市场、利息将来会如何变化，研究的是大局。这些东西，首先是很难研究明白，其次是很难比别人研究得更明白。像我这样的人，去预测明年世界经济、美国经济或中国经济或利率或中国 A 股会怎样，我和别人比有什么优势？这些东西，很难比别人研究的更明白。而我们取得更好的投资业绩，靠的就是比别人研究的更明白。橡树资本的投资不以未来的宏观预测为依据。8、你应该如何投资呢第一，你要考虑未来会出什么样的投资结果。构建一个投资组合时，这个投资组合至少要OK，即在其任何可能出现的场景下依然是可行的，在这个条件下才来投资。第二，努力控制风险。这个风险是要在你能够考虑到的任何场景下不至于失控，这样你才不至于遇到糟糕的投资业绩。第三，我们不会假设我们能够理解宏观经济，但是我们确实应该知道更多微观的东西。什么是微观呢？就是公司，行业还有证券。在这些具体，比较小的画面的任务清单上，如果你能非常努力的研究这些同时又有正确的技巧，你就可以做到比别人更深入理解这些公司。9、投资的圣杯：便宜货1968 年，我刚进花旗银行工作时，公司投资了所谓的“漂亮五十”，就是美国最优秀、成长最快的五十家公司，包括惠普、德州仪器、可口可乐、默克、礼来。问题是这些公司太贵了，要是你 1968 年买了这些公司，持有五年，到了 1973 年，你会亏损 80% 到 90%，虽然你买的是美国最好的公司。此外，在这些公司里，有的被寄予厚望，最后却陨落了，比如，柯达、宝丽来。现在用胶卷拍照的人很少了，也很少有人用拍立得相机，因为我们用手机可以免费拍无数的照片。这些公司基本就消失了，可当时在 1968 年，人们以非常高的价钱投资这些公司，相信它们永远都会那么完美，想不到它们会消失。关键是，你买很优秀的公司也可能亏大钱。我们从中可以学到一个道理：好公司和好投资不是一回事。买好公司能亏很多钱，而买差公司能赚很多钱。这告诉我们，决定投资收益的肯定不是公司的质地。那么，决定投资收益的是什么？是买入的价格。要是公司价格贵，你可能亏钱。如果质地较差的公司价格便宜，你可能赚钱，甚至是安全地赚钱。这一点对我的投资理念形成非常重要。我认识到，重要的不是买什么，而是花了多少钱买的。关键不是买好东西，而是要买得好。这非常非常重要。10、智者开创，愚人模仿在投资中，每个趋势到最后都会走向极端。当 A 股 2000 点时，投资 A 股的人做的是正确的事。但是后来，股票上涨，其他人也被吸引来了，其他人也买，越买越多，越买越兴奋，还用杠杆买。后来在 5000 点买入的人就遭殃了。这告诉我们，如果你在趋势早期行动，在正确的时机和价格行动，你就能安全地取得良好收益。如果你在趋势末期行动，不管时机和价格，你可能遇上大麻烦。11、永远不要忘记六英尺高的人，可能淹死在平均五尺深的小河里我们做投资，不能只追求平均活下来，必须每天都活下来。因此，我们构建的投资组合必须要能经受得起最恶劣的考验。我们对投资的管理必须要很专业、有很强的风险意识、有很强的保守意识，这样我们就能度过艰难的时光。好日子容易过，日子好的时候，活下来并不难，这时候其实大家过得都很好。难的是谁能度过艰难的时光，那些投资组合过于激进，那些杠杆过高的人挨不过艰难时刻，六英尺高的人却淹死了，说的就是这些人。12、是比别人早了很多，还是做错了，两者很难区分正如前面所说的，投资面对的是未来，在投资领域，做正确的事情很困难，始终在正确的时机做正确的事情是不可能的。也就是说，即使我们做的事情是对的，我们的时机可能不是完全正确。我们很可能太早了，要是太晚，可能就麻烦了。所以你应该希望自己太早了。但是如果你太早了，在一段时间里，看起来你是做错了。当 A 股达到 4000 点时，有些人说不行，太危险了，他们离场了。从 4000 点到 5000 点，看起来他们错了，他们自己也觉得错了，他们可能很后悔在 4000 点离场，只能看着别人一路赚钱到 5000 点。他们觉得做错了，其实他们是对的，只是太早了。我们对时机的把握永远都不可能准确无误。你必须有勇气、有信念，如果自己做的事情有充分的理由，最后事实终将证明你的行动是理智的。我自己就必须有勇气。我买价格正在下跌的东西，我买是因为便宜，是因为跌了，我喜欢，我就买了。它会继续下跌。我必须要很自信，相信自己是正确的。不能因为继续跌，就卖了。所以你要牢记，在事实最终证明你是正确的之前，是比别人早了很多，还是做错了，两者很难区分。13、资产管理人的任务是什么第一，控制风险。资产管理人的任务是什么？是赚很多钱？击败市场？是跑赢华尔街？这些我们都不同意。资产管理经理的第一工作是控制风险。我们橡树资产把风险控制放在最高级别来看待。我们把自己定位为一个另类的资产管理人。我们不投资主流的股票，主流的债券，我们发掘教少被关注的公司债，可转换证券，不良债券，可控投资（能源，基础建设），房地产，公开上市的股票（低估），新兴市场等，对应每一个类别，我们都有自己的投资策略。第二，稳定性。我们的投资绩效不会今年排名第一，然后明年排最后。我们一般在中间，因为我们杰出的风险控制，我们会在艰难的时段会突颖而出。我们在过去30年达成了这个目标。我们获得平均的收益，平均收益在牛市已经算是可以了，牛市每个人都赚钱，这已经足够了，但是我们的客户想要我们在熊市的时候业绩能够超出平均水平。非常简单的概括就是：牛市我们获得平均收益，熊市我们获得超额收益。如果我们能够一年又一年的，数十年的达成这个目标，会出现什么情况呢？我们的业绩波动性会低于平均水平。整体高出平均收益的回报，就是因为我们在熊市杰出的表现让我们把这个目标做到了，这也确实是很有必要的，这样我们的客户就会感到开心。我认为这就是我们公司成长的秘密，我们经过20年达到千亿美元的规模，从2006的35亿到达今天1000亿，我们真正开始资产管理业务是在2007年，2008年正是金融危机期间，我们至少在2007年接受了100亿资金，因为我们的业绩在熊市的时候会好过平均水平，我们能够为人们展示这个投资结果，大家就觉得橡树资本值得信赖，有能力交付一个持续的稳定的投资成绩。我们就成长了！第三，我们寻找的是不太有效的市场那部分。我们认为人们能够理解的那部分市场，投资者要获得优势去赚钱，是非常困难的；但是对于人们通常不能理解的那部分市场，你能够做到相对好一点，像债券，可转债券，个人抵押，基础实施建设，房地产，新兴市场......这些项目获得投资优势相对要容易一点，但也没那么容易，只是相对于充分有效的市场上的产品相对容易一点。第四，我们相信宏观经济的预测不是成功投资的关键。前面已经讲过，我不相信宏观预测行得通。我认为，宏观预测不是成功投资的必要条件。我所知道的所有的成功的投资者，甚至包括巴菲特在内，都不是因为宏观预测比别人做得更好才取得成功的。他们取得成功靠的是他们关于公司、行业和证券的知识。最后一点，我们不猜测市场涨跌。在管理资金时，我们不会因为我们认为市场要涨了，就把钱投进去，认为市场要跌了，就把钱拿出来。这样猜涨跌太容易错了。我们就是进入市场，然后基本就留在市场里。但是我们会从市场资产的价格和周围投资者的心理出发，调整进取或保守的程度。长期投资成功不是通过伟大的投资取得的，以棒球为喻，不是来自偶尔打出本垒打，投资者的长期成功源于构建一个安全的投资组合，其中失败的很少、糟糕的年份很少。要是你能把这件看起来简单、其实很难的事情做好，你就能在几十年里取得非常成功的投资业绩。这是我们的目标，我认为我们已经做到了。这就是我想和大家分享的。14、关于资产配置，霍华德建议1、正如鸡蛋不要放在同一个篮子里，我们对未来未知，因此每个人都该多元化投资。2、没有“Magic Number”（具体的投资配置比例）。对于投资者来说，投资需要一步步来，感觉好了，就多做一点，循序渐进，如果不了解，投资过多只会更糟，可以犯错，但不能血本无归。3、同时也不鼓励投资组合中用极小的比例（小于5%）去投资你看好的方面，因为过小的投资无论怎样的表现对你的组合起到的作用很小，没有意义。4、不要投资不理解的东西，如果完全不懂，就不要去做。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":4084,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9030980286,"gmtCreate":1645603285480,"gmtModify":1676534044733,"author":{"id":"3565396824889592","authorId":"3565396824889592","name":"Ckboon","avatar":"https://static.tigerbbs.com/54bb39e290a61fea14f7f469fee6de45","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565396824889592","authorIdStr":"3565396824889592"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030980286","repostId":"1187542871","repostType":4,"repost":{"id":"1187542871","kind":"news","pubTimestamp":1645511042,"share":"https://ttm.financial/m/news/1187542871?lang=en_US&edition=fundamental","pubTime":"2022-02-22 14:24","market":"us","language":"zh","title":"The investment philosophy behind \"Wall Street must-read classics\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1187542871","media":"期乐会","summary":"导读：霍华德·马克斯毕业于沃顿商学院，1995年与人联合创建的美国橡树资本管理公司（Oaktree Capital），如今管理资产规模达1000亿美元。霍华德·马克斯自上世纪90年代开始针对投资人撰写","content":"<p><html><head></head><body><b>Introduction:</b>Howard Marks graduated from the Wharton School of Business and co-founded the American company in 1995.<a href=\"https://laohu8.com/S/OAK\">Oaktree Capital</a>Oaktree Capital now manages $100 billion in assets. Howard Marks has been writing \"investment memos\" for investors since the 1990s. In his January 2000 investment memo, he predicted the bursting of the tech stock bubble, and his \"investment memos\" became required reading on Wall Street.</p><p>“The first email I open and read is Howard Marks’ memo. I always learn something from it. His books are especially true,” Warren Buffett said.</p><p>Buffett rarely recommends investment books, but he highly recommends Howard Marks' book \"The Most Important Thing About Investing,\" and says he has read it twice.</p><p>This article is a brilliant speech by Howard Marks in Shanghai, sharing how the investment philosophy behind \"Investing Most Important\" came about and where these influences came from.</p><p>I'm glad you're here to hear me talk about my books, my investment philosophy, and how we manage our money.</p><p>I would like to take this opportunity to reiterate what I firmly believe is essential in investing. Today, I would also like to talk to you about how the investment philosophy behind this book came about and where these influences come from.</p><p><img src=\"https://static.tigerbbs.com/6751656f0d5e3443e7003f9db76070cd\" tg-width=\"640\" tg-height=\"413\" referrerpolicy=\"no-referrer\"/></p><p><b>1. You must understand that the world is made up of uncertainty.</b></p><p>We need to recognize that the world is a world full of uncertainty in order to understand how to cope with it. If you think that the way to deal with the future is to accurately predict what will happen in the future, believe that you are right and use this as a basis for action, you are definitely asking for trouble. If something unexpected happens, you could end up very badly.</p><p>As the humorous Mark Twain said, \"It's not what you don't know that gets you into trouble, but what you think you know that you're wrong about.\" I believe that believing too much in the future can be the root of danger.</p><p><img src=\"https://static.tigerbbs.com/5368906abff5d5a517cebc079de1257d\" tg-width=\"640\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p><b>2. Too much uncertainty is the source of danger in our world.</b></p><p>Basing your investments on predictions about the future is a very dangerous thing. My predictions don't have to be much better than others', after all, no one can make correct predictions about the future macroeconomy. Therefore, our investment portfolio must perform well under various macroeconomic conditions in order to control risk. Only by knowing our ignorance can we accept the many possibilities of the future.</p><p><img src=\"https://static.tigerbbs.com/91729fd2cecd28f5691b58fdc8e203f2\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>3. My understanding of the world's development is often controlled by random events.</b></p><p>We cannot say for sure what the future will be; the future is made up of random events that may occur. Even if you know the distribution of random events and the relative probabilities of each event, you don't know when those events will occur. I think it's important.</p><p><img src=\"https://static.tigerbbs.com/41ed244801f3a7fe1dba77e482484bef\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>4. Leave safe space to cope with uncertainty.</b></p><p>It can be said that I have been successful in my career because I have studied what might happen in the future, but I do not think it will definitely happen, leaving room for uncertainty and variable factors, and preparing for life in an uncertain world.</p><p><img src=\"https://static.tigerbbs.com/103c085e452fed0c456586740d8e21f7\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"/></p><p><b>5. Risk is precisely what most people think will never happen.</b></p><p>What is risk? A very good interpretation is that \"Risk Means More Things Can Happen Than Will Happen\" (as Eloi Dimson, a professor at the London School of Economics, points out).</p><p>If a risk exists in the current market and most investors believe it will occur, then it is not a risk. If most investors believe that something will not happen in the future, then that is where the risk lies.</p><p>However, the truth is that we never know if something will happen. From this perspective, we must strive to understand the future and its possibilities, but we should never assume that we have completely figured it out.</p><p><img src=\"https://static.tigerbbs.com/45346b201312ac992d91e9a589ccbf62\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>6. Not having a particularly bad record is better than being inconsistent.</b></p><p>Simon Ramo wrote a book about tennis that had a big influence on me. Simon said there are two kinds of tennis matches, one is a winner's match; One type is a loser's match.</p><p>The winning matches were played by professional players like Federer, Djokovic, Nadal, and Sampras. Winners of tennis championships are highly skilled and have consummate skills, so they don't have to worry about tennis ball rebounds, wind speeds, blinding sunlight, or lack of skill. They can fight however they want, they can do whatever they want.</p><p>A winner's game belongs to the winner. The opponent can't catch the ball that the winner hits. To win a championship game, you have to hit the kind of very tricky ball that winners can only hit.</p><p>As for us, we can't play like a winner. We won the game mainly by avoiding playing like a loser.</p><p>Amateurs like me can't hit tricky balls, and sometimes they can't even catch simple balls. Our goal is to hit the ball back, we just hit the ball back, we just hit the ball back, we just hit the ball back.</p><p>We know that if we can fight back ten times, the opponent may only be able to do it nine times. Sooner or later, the opponent's ball will go out of bounds or fail to cross the net. We don't win by playing well, we win by not playing badly.</p><p>When I read this article and applied this concept to investing, I had a sudden enlightenment. We live in an uncertain world, and it's difficult to always make successful investments. Those who pursue great success often fail.</p><p>I've come to the conclusion that, for me, the best way to achieve long-term success in investing is perhaps to avoid mistakes, to avoid making wrong investments, and to avoid bad years. As long as you make well-accumulated investments and achieve steady performance year after year, over twenty, thirty, forty, and fifty years, this will lead to a successful investment career.</p><p>The key is that it's impossible to be right every time. It's hard to know what the future holds. It's difficult to hit a good shot or make a great investment and succeed overnight. But as long as we avoid failure, we will be on the right path to success through investment. In the investment industry, if you haven't had bad performance in 20, 30, or 40 years, your record is top-notch.</p><p><img src=\"https://static.tigerbbs.com/a34eae22141b5d6d1664373b1999a30a\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>7. Investment should not be based on macroeconomic forecasts.</b></p><p>Macroeconomic forecasting refers to predicting how the economy, markets, and interest rates will change in the future; it studies the overall situation. These things are, firstly, difficult to understand, and secondly, difficult to understand better than others.</p><p>For someone like me to predict what the world economy, the US economy, the Chinese economy, interest rates, or the Chinese A-share market will be like next year, what advantages do I have compared to others? These things are difficult to understand better than what others have studied. We achieve better investment results because we understand things better than others.</p><p>Oaktree Capital's investments are not based on future macroeconomic projections.</p><p><img src=\"https://static.tigerbbs.com/568a4512af2303d8f1bb9e92e5786bfa\" tg-width=\"640\" tg-height=\"387\" referrerpolicy=\"no-referrer\"/></p><p><b>8. How should you invest</b></p><p>First, you need to consider what kind of investment results will emerge in the future. When building a portfolio, it must be at least OK, meaning it remains viable in any possible scenario, before investing.</p><p>Second, strive to control risks. The risk is to avoid getting out of control in any scenario you can consider, so that you don't encounter poor investment performance.</p><p>Third, we don't assume we understand macroeconomics, but we should certainly know more about the microeconomy. What is microscopic? It refers to companies, industries, and securities. On these specific, smaller task lists, if you can study them very hard and have the right techniques, you can understand these companies more deeply than others.</p><p><img src=\"https://static.tigerbbs.com/a3608dc4cf2c20427504193a36c19d04\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>9. The Holy Grail of Investment: Cheap Goods</b></p><p>When I first started working at Citibank in 1968, the company invested in the so-called \"Beautiful Fifty,\" which were the fifty best and fastest-growing companies in the United States, including...<a href=\"https://laohu8.com/S/HPQ\">HP</a>、<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>、<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>Merck,<a href=\"https://laohu8.com/S/LLY\">Eli Lilly</a>。 The problem is that these companies are too expensive. If you bought these companies in 1968 and held them for five years, by 1973 you would have lost 80% to 90%, even though you bought the best companies in America.</p><p>Furthermore, some of these companies were highly anticipated but ultimately failed, such as...<a href=\"https://laohu8.com/S/KODK\">Kodak</a>Polaroid. Few people take photos with film these days, and few use instant cameras either, because we can take countless photos for free with our mobile phones. These companies basically disappeared, but back in 1968, people invested in these companies at very high prices, believing they would always be so perfect, and never imagined they would disappear. The key point is that even if you buy a very good company, you may lose a lot of money.</p><p>One lesson we can learn from this is that good companies and good investments are not the same thing. Buying good companies can make you lose a lot of money, while buying bad companies can make you make a lot of money. This tells us that it is certainly not the quality of the company that determines the return on investment.</p><p>So, what determines investment returns? It is the purchase price. If the company's prices are high, you may lose money. You may make money, or even make money safely, if the lower-quality companies are cheap. This is very important in shaping my investment philosophy.</p><p>I realize that what matters is not what you buy, but how much you spend on it. The key is not to buy good things, but to buy well. This is very, very important.</p><p><img src=\"https://static.tigerbbs.com/60e6e337c5d9f04947275ad92b45483f\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>10. The wise create, the foolish imitate.</b></p><p>In investing, every trend eventually leads to extremes.</p><p>When the A-share market reached 2000 points, those who invested in A-shares did the right thing. But later, as the stock rose, others were attracted, and they bought more and more, becoming more and more excited, and even using leverage to buy. Those who bought at 5000 points later suffered.</p><p>This tells us that if you act early in the trend, at the right time and price, you can safely achieve good returns. If you act at the end of the trend, regardless of timing and price, you may run into big trouble.</p><p><img src=\"https://static.tigerbbs.com/efb5834bd7cc7e92def8f35ca4009408\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>11. Never forget that someone who is six feet tall can drown in a river that is on average five feet deep.</b></p><p>When we invest, we can't just pursue average survival; we must survive every day.</p><p>Therefore, the portfolio we build must be able to withstand the worst tests. We must manage our investments professionally, with a strong sense of risk and a strong sense of conservatism, so that we can get through difficult times.</p><p>Good days are easy to live, and when things are good, survival isn't difficult. At that time, everyone is actually doing very well. The hard part is who gets through the tough times. Those people whose portfolios are too aggressive, those who are too leveraged, can't survive the tough times, and those who are six feet tall drown.</p><p><img src=\"https://static.tigerbbs.com/54ec5cdb9c594cf699a43411d32f2191\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>12. It's difficult to distinguish between being much earlier than others or making a mistake.</b></p><p>As mentioned earlier, investing is about the future. In the investment field, it is difficult to do the right thing, and it is impossible to always do the right thing at the right time. That is, even if we do the right thing, our timing may not be quite right.</p><p>We're probably too early, and if we're too late, we could be in trouble. So you should wish you were too early. But if you're too early, for a while, it seems like you're doing something wrong.</p><p>When the A-share market reached 4000 points, some people said no, it was too dangerous, and they left the market. From 4000 points to 5000 points, it seems they were wrong, and they themselves feel they were wrong. They may regret leaving the market at 4000 points and can only watch others make money all the way to 5000 points.</p><p>They felt they were wrong, but they were right, it was just too early. Our timing can never be perfect. You must have courage and conviction, and if there are good reasons for what you do, the facts will ultimately prove that your actions were rational.</p><p>I must have courage myself. I buy things whose prices are falling because they're cheap, because they've fallen, and because I like them, I buy them. It will continue to fall. I have to be very confident and believe that I am right. We can't sell just because the price continues to fall. Therefore, you must remember that before the facts ultimately prove you right, it is difficult to distinguish whether you were much earlier than others or whether you were wrong.</p><p><img src=\"https://static.tigerbbs.com/091822289ba4245413c67ec3cfd391ef\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>13. What are the tasks of an asset manager?</b></p><p>First, control risks.</p><p>What are the tasks of an asset manager? Is it about making a lot of money? Beat the market? Is it outperforming Wall Street? We don't agree with any of this. The first job of an asset manager is to control risk. At Oaktree Asset Management, we place risk control at the highest level.</p><p>We position ourselves as an alternative asset manager. We don't invest in mainstream stocks or bonds. Instead, we discover less popular corporate bonds, convertible securities, distressed bonds, controllable investments (energy, infrastructure), real estate, publicly traded stocks (undervalued), emerging markets, etc. We have our own investment strategies for each category.</p><p>Second, stability.</p><p>Our investment performance will not rank first this year and then last next year. We are usually in the middle because of our outstanding risk control, and we will stand out in difficult times. We have achieved this goal over the past 30 years.</p><p>We achieve average returns, which are considered acceptable in a bull market. Everyone makes money in a bull market, which is enough. However, our clients want our performance to exceed the average level in a bear market.</p><p>A very simple summary is: in a bull market we get average returns, and in a bear market we get excess returns.</p><p>What would happen if we could achieve this goal year after year, for decades? Our results will be less volatile than average. Our overall above-average returns are due to our outstanding performance in a bear market, which allowed us to achieve this goal. This is indeed very necessary, as it makes our clients happy.</p><p>I believe this is the secret to our company's growth. After 20 years, we have reached a scale of $100 billion, from $3.5 billion in 2006 to $100 billion today. We really started our asset management business in 2007. 2008 was during the financial crisis. We received at least $10 billion in funding in 2007 because our performance is better than average during a bear market. We can show people this investment result, and everyone feels that Oaktree Capital is trustworthy and has the ability to deliver consistent and stable investment results. We grew up!</p><p>Third, we are looking for the less efficient part of the market.</p><p>We believe that it is very difficult for investors to gain an advantage and make money in the part of the market that people can understand; However, you can do relatively well in those markets that people usually don't understand, such as bonds, convertible bonds, personal mortgages, infrastructure construction, real estate, emerging markets... It's relatively easier to gain an investment advantage in these projects, but not so easy either. It's just relatively easier than products in a fully effective market.</p><p>Fourth, we believe that macroeconomic forecasting is not the key to successful investment.</p><p>As mentioned earlier, I do not believe that macroeconomic forecasts are feasible. I believe that macro forecasting is not a necessary condition for successful investment. All the successful investors I know, even Buffett, did not succeed because they did a better job of macro forecasting than others. Their success depends on their knowledge of companies, industries, and securities.</p><p>Finally, we do not speculate on market fluctuations.</p><p>When managing funds, we don't invest money just because we think the market is going to rise, or take it out just because we think the market is going to fall. It's too easy to make mistakes predicting price fluctuations like We enter the market and then basically stay in the market. However, we will adjust the level of aggressiveness or conservatism based on the price of market assets and the psychology of surrounding investors.</p><p>Long-term investment success is not achieved through great investments. Take baseball as an example; it does not come from hitting an occasional home run. An investor's long-term success stems from building a safe portfolio with few failures and few bad years. If you can do this seemingly simple but actually difficult thing well, you can achieve very successful investment results over decades. This is our goal, and I think we have achieved it. This is what I want to share with you.</p><p><img src=\"https://static.tigerbbs.com/ee355aa3c1360abf8698134c634c090f\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>14. Regarding asset allocation, Howard suggests</b></p><p>1. Just as you shouldn't put all your eggs in one basket, we don't know the future, so everyone should diversify their investments.</p><p>2. There is no \"Magic Number\" (specific investment allocation ratio). For investors, investing needs to be done step by step. Once you feel good, do more and proceed step by step. If you don't understand, investing too much will only make things worse. You can make mistakes, but you can't lose everything.</p><p>3. At the same time, it is not encouraged to invest a very small percentage (less than 5%) in your portfolio in areas you are optimistic about, because an investment that is too small will have little effect on your portfolio regardless of its performance and is meaningless.</p><p>4. Don't invest in things you don't understand. If you don't understand them at all, don't do them.</p><p></body></html></p>","source":"lsy1645511055786","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The investment philosophy behind \"Wall Street must-read classics\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe investment philosophy behind \"Wall Street must-read classics\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">期乐会</strong><span class=\"h-time small\">2022-02-22 14:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Introduction:</b>Howard Marks graduated from the Wharton School of Business and co-founded the American company in 1995.<a href=\"https://laohu8.com/S/OAK\">Oaktree Capital</a>Oaktree Capital now manages $100 billion in assets. Howard Marks has been writing \"investment memos\" for investors since the 1990s. In his January 2000 investment memo, he predicted the bursting of the tech stock bubble, and his \"investment memos\" became required reading on Wall Street.</p><p>“The first email I open and read is Howard Marks’ memo. I always learn something from it. His books are especially true,” Warren Buffett said.</p><p>Buffett rarely recommends investment books, but he highly recommends Howard Marks' book \"The Most Important Thing About Investing,\" and says he has read it twice.</p><p>This article is a brilliant speech by Howard Marks in Shanghai, sharing how the investment philosophy behind \"Investing Most Important\" came about and where these influences came from.</p><p>I'm glad you're here to hear me talk about my books, my investment philosophy, and how we manage our money.</p><p>I would like to take this opportunity to reiterate what I firmly believe is essential in investing. Today, I would also like to talk to you about how the investment philosophy behind this book came about and where these influences come from.</p><p><img src=\"https://static.tigerbbs.com/6751656f0d5e3443e7003f9db76070cd\" tg-width=\"640\" tg-height=\"413\" referrerpolicy=\"no-referrer\"/></p><p><b>1. You must understand that the world is made up of uncertainty.</b></p><p>We need to recognize that the world is a world full of uncertainty in order to understand how to cope with it. If you think that the way to deal with the future is to accurately predict what will happen in the future, believe that you are right and use this as a basis for action, you are definitely asking for trouble. If something unexpected happens, you could end up very badly.</p><p>As the humorous Mark Twain said, \"It's not what you don't know that gets you into trouble, but what you think you know that you're wrong about.\" I believe that believing too much in the future can be the root of danger.</p><p><img src=\"https://static.tigerbbs.com/5368906abff5d5a517cebc079de1257d\" tg-width=\"640\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p><b>2. Too much uncertainty is the source of danger in our world.</b></p><p>Basing your investments on predictions about the future is a very dangerous thing. My predictions don't have to be much better than others', after all, no one can make correct predictions about the future macroeconomy. Therefore, our investment portfolio must perform well under various macroeconomic conditions in order to control risk. Only by knowing our ignorance can we accept the many possibilities of the future.</p><p><img src=\"https://static.tigerbbs.com/91729fd2cecd28f5691b58fdc8e203f2\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>3. My understanding of the world's development is often controlled by random events.</b></p><p>We cannot say for sure what the future will be; the future is made up of random events that may occur. Even if you know the distribution of random events and the relative probabilities of each event, you don't know when those events will occur. I think it's important.</p><p><img src=\"https://static.tigerbbs.com/41ed244801f3a7fe1dba77e482484bef\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>4. Leave safe space to cope with uncertainty.</b></p><p>It can be said that I have been successful in my career because I have studied what might happen in the future, but I do not think it will definitely happen, leaving room for uncertainty and variable factors, and preparing for life in an uncertain world.</p><p><img src=\"https://static.tigerbbs.com/103c085e452fed0c456586740d8e21f7\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"/></p><p><b>5. Risk is precisely what most people think will never happen.</b></p><p>What is risk? A very good interpretation is that \"Risk Means More Things Can Happen Than Will Happen\" (as Eloi Dimson, a professor at the London School of Economics, points out).</p><p>If a risk exists in the current market and most investors believe it will occur, then it is not a risk. If most investors believe that something will not happen in the future, then that is where the risk lies.</p><p>However, the truth is that we never know if something will happen. From this perspective, we must strive to understand the future and its possibilities, but we should never assume that we have completely figured it out.</p><p><img src=\"https://static.tigerbbs.com/45346b201312ac992d91e9a589ccbf62\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>6. Not having a particularly bad record is better than being inconsistent.</b></p><p>Simon Ramo wrote a book about tennis that had a big influence on me. Simon said there are two kinds of tennis matches, one is a winner's match; One type is a loser's match.</p><p>The winning matches were played by professional players like Federer, Djokovic, Nadal, and Sampras. Winners of tennis championships are highly skilled and have consummate skills, so they don't have to worry about tennis ball rebounds, wind speeds, blinding sunlight, or lack of skill. They can fight however they want, they can do whatever they want.</p><p>A winner's game belongs to the winner. The opponent can't catch the ball that the winner hits. To win a championship game, you have to hit the kind of very tricky ball that winners can only hit.</p><p>As for us, we can't play like a winner. We won the game mainly by avoiding playing like a loser.</p><p>Amateurs like me can't hit tricky balls, and sometimes they can't even catch simple balls. Our goal is to hit the ball back, we just hit the ball back, we just hit the ball back, we just hit the ball back.</p><p>We know that if we can fight back ten times, the opponent may only be able to do it nine times. Sooner or later, the opponent's ball will go out of bounds or fail to cross the net. We don't win by playing well, we win by not playing badly.</p><p>When I read this article and applied this concept to investing, I had a sudden enlightenment. We live in an uncertain world, and it's difficult to always make successful investments. Those who pursue great success often fail.</p><p>I've come to the conclusion that, for me, the best way to achieve long-term success in investing is perhaps to avoid mistakes, to avoid making wrong investments, and to avoid bad years. As long as you make well-accumulated investments and achieve steady performance year after year, over twenty, thirty, forty, and fifty years, this will lead to a successful investment career.</p><p>The key is that it's impossible to be right every time. It's hard to know what the future holds. It's difficult to hit a good shot or make a great investment and succeed overnight. But as long as we avoid failure, we will be on the right path to success through investment. In the investment industry, if you haven't had bad performance in 20, 30, or 40 years, your record is top-notch.</p><p><img src=\"https://static.tigerbbs.com/a34eae22141b5d6d1664373b1999a30a\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>7. Investment should not be based on macroeconomic forecasts.</b></p><p>Macroeconomic forecasting refers to predicting how the economy, markets, and interest rates will change in the future; it studies the overall situation. These things are, firstly, difficult to understand, and secondly, difficult to understand better than others.</p><p>For someone like me to predict what the world economy, the US economy, the Chinese economy, interest rates, or the Chinese A-share market will be like next year, what advantages do I have compared to others? These things are difficult to understand better than what others have studied. We achieve better investment results because we understand things better than others.</p><p>Oaktree Capital's investments are not based on future macroeconomic projections.</p><p><img src=\"https://static.tigerbbs.com/568a4512af2303d8f1bb9e92e5786bfa\" tg-width=\"640\" tg-height=\"387\" referrerpolicy=\"no-referrer\"/></p><p><b>8. How should you invest</b></p><p>First, you need to consider what kind of investment results will emerge in the future. When building a portfolio, it must be at least OK, meaning it remains viable in any possible scenario, before investing.</p><p>Second, strive to control risks. The risk is to avoid getting out of control in any scenario you can consider, so that you don't encounter poor investment performance.</p><p>Third, we don't assume we understand macroeconomics, but we should certainly know more about the microeconomy. What is microscopic? It refers to companies, industries, and securities. On these specific, smaller task lists, if you can study them very hard and have the right techniques, you can understand these companies more deeply than others.</p><p><img src=\"https://static.tigerbbs.com/a3608dc4cf2c20427504193a36c19d04\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>9. The Holy Grail of Investment: Cheap Goods</b></p><p>When I first started working at Citibank in 1968, the company invested in the so-called \"Beautiful Fifty,\" which were the fifty best and fastest-growing companies in the United States, including...<a href=\"https://laohu8.com/S/HPQ\">HP</a>、<a href=\"https://laohu8.com/S/TXN\">Texas Instruments</a>、<a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>Merck,<a href=\"https://laohu8.com/S/LLY\">Eli Lilly</a>。 The problem is that these companies are too expensive. If you bought these companies in 1968 and held them for five years, by 1973 you would have lost 80% to 90%, even though you bought the best companies in America.</p><p>Furthermore, some of these companies were highly anticipated but ultimately failed, such as...<a href=\"https://laohu8.com/S/KODK\">Kodak</a>Polaroid. Few people take photos with film these days, and few use instant cameras either, because we can take countless photos for free with our mobile phones. These companies basically disappeared, but back in 1968, people invested in these companies at very high prices, believing they would always be so perfect, and never imagined they would disappear. The key point is that even if you buy a very good company, you may lose a lot of money.</p><p>One lesson we can learn from this is that good companies and good investments are not the same thing. Buying good companies can make you lose a lot of money, while buying bad companies can make you make a lot of money. This tells us that it is certainly not the quality of the company that determines the return on investment.</p><p>So, what determines investment returns? It is the purchase price. If the company's prices are high, you may lose money. You may make money, or even make money safely, if the lower-quality companies are cheap. This is very important in shaping my investment philosophy.</p><p>I realize that what matters is not what you buy, but how much you spend on it. The key is not to buy good things, but to buy well. This is very, very important.</p><p><img src=\"https://static.tigerbbs.com/60e6e337c5d9f04947275ad92b45483f\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>10. The wise create, the foolish imitate.</b></p><p>In investing, every trend eventually leads to extremes.</p><p>When the A-share market reached 2000 points, those who invested in A-shares did the right thing. But later, as the stock rose, others were attracted, and they bought more and more, becoming more and more excited, and even using leverage to buy. Those who bought at 5000 points later suffered.</p><p>This tells us that if you act early in the trend, at the right time and price, you can safely achieve good returns. If you act at the end of the trend, regardless of timing and price, you may run into big trouble.</p><p><img src=\"https://static.tigerbbs.com/efb5834bd7cc7e92def8f35ca4009408\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>11. Never forget that someone who is six feet tall can drown in a river that is on average five feet deep.</b></p><p>When we invest, we can't just pursue average survival; we must survive every day.</p><p>Therefore, the portfolio we build must be able to withstand the worst tests. We must manage our investments professionally, with a strong sense of risk and a strong sense of conservatism, so that we can get through difficult times.</p><p>Good days are easy to live, and when things are good, survival isn't difficult. At that time, everyone is actually doing very well. The hard part is who gets through the tough times. Those people whose portfolios are too aggressive, those who are too leveraged, can't survive the tough times, and those who are six feet tall drown.</p><p><img src=\"https://static.tigerbbs.com/54ec5cdb9c594cf699a43411d32f2191\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>12. It's difficult to distinguish between being much earlier than others or making a mistake.</b></p><p>As mentioned earlier, investing is about the future. In the investment field, it is difficult to do the right thing, and it is impossible to always do the right thing at the right time. That is, even if we do the right thing, our timing may not be quite right.</p><p>We're probably too early, and if we're too late, we could be in trouble. So you should wish you were too early. But if you're too early, for a while, it seems like you're doing something wrong.</p><p>When the A-share market reached 4000 points, some people said no, it was too dangerous, and they left the market. From 4000 points to 5000 points, it seems they were wrong, and they themselves feel they were wrong. They may regret leaving the market at 4000 points and can only watch others make money all the way to 5000 points.</p><p>They felt they were wrong, but they were right, it was just too early. Our timing can never be perfect. You must have courage and conviction, and if there are good reasons for what you do, the facts will ultimately prove that your actions were rational.</p><p>I must have courage myself. I buy things whose prices are falling because they're cheap, because they've fallen, and because I like them, I buy them. It will continue to fall. I have to be very confident and believe that I am right. We can't sell just because the price continues to fall. Therefore, you must remember that before the facts ultimately prove you right, it is difficult to distinguish whether you were much earlier than others or whether you were wrong.</p><p><img src=\"https://static.tigerbbs.com/091822289ba4245413c67ec3cfd391ef\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>13. What are the tasks of an asset manager?</b></p><p>First, control risks.</p><p>What are the tasks of an asset manager? Is it about making a lot of money? Beat the market? Is it outperforming Wall Street? We don't agree with any of this. The first job of an asset manager is to control risk. At Oaktree Asset Management, we place risk control at the highest level.</p><p>We position ourselves as an alternative asset manager. We don't invest in mainstream stocks or bonds. Instead, we discover less popular corporate bonds, convertible securities, distressed bonds, controllable investments (energy, infrastructure), real estate, publicly traded stocks (undervalued), emerging markets, etc. We have our own investment strategies for each category.</p><p>Second, stability.</p><p>Our investment performance will not rank first this year and then last next year. We are usually in the middle because of our outstanding risk control, and we will stand out in difficult times. We have achieved this goal over the past 30 years.</p><p>We achieve average returns, which are considered acceptable in a bull market. Everyone makes money in a bull market, which is enough. However, our clients want our performance to exceed the average level in a bear market.</p><p>A very simple summary is: in a bull market we get average returns, and in a bear market we get excess returns.</p><p>What would happen if we could achieve this goal year after year, for decades? Our results will be less volatile than average. Our overall above-average returns are due to our outstanding performance in a bear market, which allowed us to achieve this goal. This is indeed very necessary, as it makes our clients happy.</p><p>I believe this is the secret to our company's growth. After 20 years, we have reached a scale of $100 billion, from $3.5 billion in 2006 to $100 billion today. We really started our asset management business in 2007. 2008 was during the financial crisis. We received at least $10 billion in funding in 2007 because our performance is better than average during a bear market. We can show people this investment result, and everyone feels that Oaktree Capital is trustworthy and has the ability to deliver consistent and stable investment results. We grew up!</p><p>Third, we are looking for the less efficient part of the market.</p><p>We believe that it is very difficult for investors to gain an advantage and make money in the part of the market that people can understand; However, you can do relatively well in those markets that people usually don't understand, such as bonds, convertible bonds, personal mortgages, infrastructure construction, real estate, emerging markets... It's relatively easier to gain an investment advantage in these projects, but not so easy either. It's just relatively easier than products in a fully effective market.</p><p>Fourth, we believe that macroeconomic forecasting is not the key to successful investment.</p><p>As mentioned earlier, I do not believe that macroeconomic forecasts are feasible. I believe that macro forecasting is not a necessary condition for successful investment. All the successful investors I know, even Buffett, did not succeed because they did a better job of macro forecasting than others. Their success depends on their knowledge of companies, industries, and securities.</p><p>Finally, we do not speculate on market fluctuations.</p><p>When managing funds, we don't invest money just because we think the market is going to rise, or take it out just because we think the market is going to fall. It's too easy to make mistakes predicting price fluctuations like We enter the market and then basically stay in the market. However, we will adjust the level of aggressiveness or conservatism based on the price of market assets and the psychology of surrounding investors.</p><p>Long-term investment success is not achieved through great investments. Take baseball as an example; it does not come from hitting an occasional home run. An investor's long-term success stems from building a safe portfolio with few failures and few bad years. If you can do this seemingly simple but actually difficult thing well, you can achieve very successful investment results over decades. This is our goal, and I think we have achieved it. This is what I want to share with you.</p><p><img src=\"https://static.tigerbbs.com/ee355aa3c1360abf8698134c634c090f\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>14. Regarding asset allocation, Howard suggests</b></p><p>1. Just as you shouldn't put all your eggs in one basket, we don't know the future, so everyone should diversify their investments.</p><p>2. There is no \"Magic Number\" (specific investment allocation ratio). For investors, investing needs to be done step by step. Once you feel good, do more and proceed step by step. If you don't understand, investing too much will only make things worse. You can make mistakes, but you can't lose everything.</p><p>3. At the same time, it is not encouraged to invest a very small percentage (less than 5%) in your portfolio in areas you are optimistic about, because an investment that is too small will have little effect on your portfolio regardless of its performance and is meaningless.</p><p>4. Don't invest in things you don't understand. If you don't understand them at all, don't do them.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/b1RLIOWPqoqGRFbKd_MSnw\">期乐会</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cb5398fed733ffbbc94ab1b9a49946a8","relate_stocks":{"BRK.B":"伯克希尔B","BK4534":"瑞士信贷持仓","BRK.A":"伯克希尔","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4176":"多领域控股","BK4550":"红杉资本持仓"},"source_url":"https://mp.weixin.qq.com/s/b1RLIOWPqoqGRFbKd_MSnw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187542871","content_text":"导读：霍华德·马克斯毕业于沃顿商学院，1995年与人联合创建的美国橡树资本管理公司（Oaktree Capital），如今管理资产规模达1000亿美元。霍华德·马克斯自上世纪90年代开始针对投资人撰写“投资备忘录”，2000年1月份的投资备忘录中，他预言了科技股泡沫破裂，之后声名鹊起，“投资备忘录”成为华尔街的必读文件。“我第一时间打开并阅读的邮件就是霍华德·马克斯的备忘录。我总能从中学到东西。他的书籍更是如此”，沃伦·巴菲特说。巴菲特很少推荐投资书籍，他却大力推荐霍华德·马克斯的书《投资最重要的事》，而且说他读了两遍。本文是霍华德·马克斯在上海的一次精彩演讲，分享《投资最重要的事》背后的投资哲学是如何产生的，这些影响是从哪里来的。很高兴大家来这里听我讲我写的书，我的投资哲学，和我们如何管理金钱。我想借这个机会，重申一下哪些东西是我在投资中坚定地相信他们是必须的，我今天还想与大家谈论的是在这本书背后的投资哲学是如何产生的，这些影响是从哪里来的。1、你必须理解世界是由不确定性构成的我们要认识到，世界是一个充满不确定性的世界，这样才能了解如何应对这个世界。要是你觉得应对未来的方法是准确预测将来会发生什么，认为自己正确无误并把这作为行动依据，肯定是自找麻烦。要是意料之外的事情发生了，你的结局可能很糟糕。幽默的马克·吐温说过：“让你陷入麻烦的，不是你不知道的事，而是你自以为知道、其实错误的事。”我认为，太相信未来可能是危险的根源。2、太多的不确定性是我们这个世界危险的来源把投资建立在对未来的预测上是一件很危险的事，我的预测不必比其他人好到哪里，毕竟没有人对未来宏观能做出正确的预测。所以我们的投资组合一定要在各种宏观情况下都有不错的表现，以此控制风险。知道我们无知，才能接受未来的多种可能。3、我理解的世界的发展往往是由随机事件控制的我们不能说未来一定会怎样，未来是由可能发生的随机事件组成的。就算你知道随机事件的分布、各个事件的相对概率，你也不知道这些事件什么时候会发生。我觉得这很重要。4、留下安全空间应对不确定性可以说，在我的职业生涯中，我能取得成功，就是因为我研究将来可能发生什么、但是不认为一定会发生，给不确定性留有余地、给可变因素留有余地，为不确定性的世界中的生活做好准备。5、风险恰恰是大多数人认为不会发生的事什么是风险？一个非常好的解读是：“风险是指总有意料之外的事情发生”(Risk Means More Things Can Happen Than Will Happen)（伦敦经济学院教授埃洛伊·迪姆森指出的）。如果一个风险在当前市场上，大多数投资者都认为会发生，那么这就不是风险；如果大多数投资者都认为某件事未来不会发生，那么这件事就是风险之所在。但是真相是我们永远不知道某一件事情会不会发生，从这一点来看，我们又必须努力去认知未来，去了解其可能性，但是永远不要假设我们已经完全搞清楚了。6、没有特别糟糕的记录好过时好时坏西蒙·拉莫(Simon Ramo)写了一本关于网球的书，对我产生了很大影响。西蒙说有两种网球比赛，一种是赢家的比赛；一种是输家的比赛。赢家的比赛是费德勒、德约科维奇、纳达尔、桑普拉斯这样的职业选手打的。网球冠军赛中的赢家技巧娴熟，球技炉火纯青，根本不用担心网球的反弹、风速、阳光刺眼、技术不到家等情况。他们想怎么打就怎么打，简直随心所欲。赢家的比赛是属于赢家的。赢家打出去的球，对手接不住。要在冠军赛中获胜，必须打出赢家才能打出来的那种非常刁钻的球。至于我们，我们打不出来赢家那样的球。我们比赛获胜，主要是靠避免打出输家那样的球。像我这样的业余爱好者打不出刁钻的球，就连简单的球有时都接不住。我们追求的就是把球打回去，我们就是把球打回去，我们就是把球打回去，我们就是把球打回去。我们知道要是我们能打回去十次，对手可能只能做到九次。或早或晚，对手的球就会出界或者过不了网。我们不靠打出好球获胜，我们靠不打坏球获胜。当我读到这篇文章时，把这个概念引申到投资上，我当时就有醍醐灌顶的感觉。我们生活在不确定的世界，很难总是做出成功的投资，那些追求伟大成功的人往往却失败了。我得出了一个结论，对我来说，我们要在投资中长期取得成功，或许最好的方式是不犯错，不做错误的投资，没有糟糕的年份。只要一笔一笔积累良好的投资，只要一年又一年业绩稳健，二十年、三十年、四十年、五十年，长此以往就是成功的投资生涯。关键是不可能每次都对，很难知道将来会怎样，很难打出一记好球或做出一笔漂亮的投资，一蹴而就地成功，但是我们只要避免失败，就走上了通过投资成功的正路。在投资这行，要是你20年、30年、40年都没有出现过糟糕的业绩，你的记录就是一流的。7、投资不应该基于宏观经济预测宏观预测是指预测经济、市场、利息将来会如何变化，研究的是大局。这些东西，首先是很难研究明白，其次是很难比别人研究得更明白。像我这样的人，去预测明年世界经济、美国经济或中国经济或利率或中国 A 股会怎样，我和别人比有什么优势？这些东西，很难比别人研究的更明白。而我们取得更好的投资业绩，靠的就是比别人研究的更明白。橡树资本的投资不以未来的宏观预测为依据。8、你应该如何投资呢第一，你要考虑未来会出什么样的投资结果。构建一个投资组合时，这个投资组合至少要OK，即在其任何可能出现的场景下依然是可行的，在这个条件下才来投资。第二，努力控制风险。这个风险是要在你能够考虑到的任何场景下不至于失控，这样你才不至于遇到糟糕的投资业绩。第三，我们不会假设我们能够理解宏观经济，但是我们确实应该知道更多微观的东西。什么是微观呢？就是公司，行业还有证券。在这些具体，比较小的画面的任务清单上，如果你能非常努力的研究这些同时又有正确的技巧，你就可以做到比别人更深入理解这些公司。9、投资的圣杯：便宜货1968 年，我刚进花旗银行工作时，公司投资了所谓的“漂亮五十”，就是美国最优秀、成长最快的五十家公司，包括惠普、德州仪器、可口可乐、默克、礼来。问题是这些公司太贵了，要是你 1968 年买了这些公司，持有五年，到了 1973 年，你会亏损 80% 到 90%，虽然你买的是美国最好的公司。此外，在这些公司里，有的被寄予厚望，最后却陨落了，比如，柯达、宝丽来。现在用胶卷拍照的人很少了，也很少有人用拍立得相机，因为我们用手机可以免费拍无数的照片。这些公司基本就消失了，可当时在 1968 年，人们以非常高的价钱投资这些公司，相信它们永远都会那么完美，想不到它们会消失。关键是，你买很优秀的公司也可能亏大钱。我们从中可以学到一个道理：好公司和好投资不是一回事。买好公司能亏很多钱，而买差公司能赚很多钱。这告诉我们，决定投资收益的肯定不是公司的质地。那么，决定投资收益的是什么？是买入的价格。要是公司价格贵，你可能亏钱。如果质地较差的公司价格便宜，你可能赚钱，甚至是安全地赚钱。这一点对我的投资理念形成非常重要。我认识到，重要的不是买什么，而是花了多少钱买的。关键不是买好东西，而是要买得好。这非常非常重要。10、智者开创，愚人模仿在投资中，每个趋势到最后都会走向极端。当 A 股 2000 点时，投资 A 股的人做的是正确的事。但是后来，股票上涨，其他人也被吸引来了，其他人也买，越买越多，越买越兴奋，还用杠杆买。后来在 5000 点买入的人就遭殃了。这告诉我们，如果你在趋势早期行动，在正确的时机和价格行动，你就能安全地取得良好收益。如果你在趋势末期行动，不管时机和价格，你可能遇上大麻烦。11、永远不要忘记六英尺高的人，可能淹死在平均五尺深的小河里我们做投资，不能只追求平均活下来，必须每天都活下来。因此，我们构建的投资组合必须要能经受得起最恶劣的考验。我们对投资的管理必须要很专业、有很强的风险意识、有很强的保守意识，这样我们就能度过艰难的时光。好日子容易过，日子好的时候，活下来并不难，这时候其实大家过得都很好。难的是谁能度过艰难的时光，那些投资组合过于激进，那些杠杆过高的人挨不过艰难时刻，六英尺高的人却淹死了，说的就是这些人。12、是比别人早了很多，还是做错了，两者很难区分正如前面所说的，投资面对的是未来，在投资领域，做正确的事情很困难，始终在正确的时机做正确的事情是不可能的。也就是说，即使我们做的事情是对的，我们的时机可能不是完全正确。我们很可能太早了，要是太晚，可能就麻烦了。所以你应该希望自己太早了。但是如果你太早了，在一段时间里，看起来你是做错了。当 A 股达到 4000 点时，有些人说不行，太危险了，他们离场了。从 4000 点到 5000 点，看起来他们错了，他们自己也觉得错了，他们可能很后悔在 4000 点离场，只能看着别人一路赚钱到 5000 点。他们觉得做错了，其实他们是对的，只是太早了。我们对时机的把握永远都不可能准确无误。你必须有勇气、有信念，如果自己做的事情有充分的理由，最后事实终将证明你的行动是理智的。我自己就必须有勇气。我买价格正在下跌的东西，我买是因为便宜，是因为跌了，我喜欢，我就买了。它会继续下跌。我必须要很自信，相信自己是正确的。不能因为继续跌，就卖了。所以你要牢记，在事实最终证明你是正确的之前，是比别人早了很多，还是做错了，两者很难区分。13、资产管理人的任务是什么第一，控制风险。资产管理人的任务是什么？是赚很多钱？击败市场？是跑赢华尔街？这些我们都不同意。资产管理经理的第一工作是控制风险。我们橡树资产把风险控制放在最高级别来看待。我们把自己定位为一个另类的资产管理人。我们不投资主流的股票，主流的债券，我们发掘教少被关注的公司债，可转换证券，不良债券，可控投资（能源，基础建设），房地产，公开上市的股票（低估），新兴市场等，对应每一个类别，我们都有自己的投资策略。第二，稳定性。我们的投资绩效不会今年排名第一，然后明年排最后。我们一般在中间，因为我们杰出的风险控制，我们会在艰难的时段会突颖而出。我们在过去30年达成了这个目标。我们获得平均的收益，平均收益在牛市已经算是可以了，牛市每个人都赚钱，这已经足够了，但是我们的客户想要我们在熊市的时候业绩能够超出平均水平。非常简单的概括就是：牛市我们获得平均收益，熊市我们获得超额收益。如果我们能够一年又一年的，数十年的达成这个目标，会出现什么情况呢？我们的业绩波动性会低于平均水平。整体高出平均收益的回报，就是因为我们在熊市杰出的表现让我们把这个目标做到了，这也确实是很有必要的，这样我们的客户就会感到开心。我认为这就是我们公司成长的秘密，我们经过20年达到千亿美元的规模，从2006的35亿到达今天1000亿，我们真正开始资产管理业务是在2007年，2008年正是金融危机期间，我们至少在2007年接受了100亿资金，因为我们的业绩在熊市的时候会好过平均水平，我们能够为人们展示这个投资结果，大家就觉得橡树资本值得信赖，有能力交付一个持续的稳定的投资成绩。我们就成长了！第三，我们寻找的是不太有效的市场那部分。我们认为人们能够理解的那部分市场，投资者要获得优势去赚钱，是非常困难的；但是对于人们通常不能理解的那部分市场，你能够做到相对好一点，像债券，可转债券，个人抵押，基础实施建设，房地产，新兴市场......这些项目获得投资优势相对要容易一点，但也没那么容易，只是相对于充分有效的市场上的产品相对容易一点。第四，我们相信宏观经济的预测不是成功投资的关键。前面已经讲过，我不相信宏观预测行得通。我认为，宏观预测不是成功投资的必要条件。我所知道的所有的成功的投资者，甚至包括巴菲特在内，都不是因为宏观预测比别人做得更好才取得成功的。他们取得成功靠的是他们关于公司、行业和证券的知识。最后一点，我们不猜测市场涨跌。在管理资金时，我们不会因为我们认为市场要涨了，就把钱投进去，认为市场要跌了，就把钱拿出来。这样猜涨跌太容易错了。我们就是进入市场，然后基本就留在市场里。但是我们会从市场资产的价格和周围投资者的心理出发，调整进取或保守的程度。长期投资成功不是通过伟大的投资取得的，以棒球为喻，不是来自偶尔打出本垒打，投资者的长期成功源于构建一个安全的投资组合，其中失败的很少、糟糕的年份很少。要是你能把这件看起来简单、其实很难的事情做好，你就能在几十年里取得非常成功的投资业绩。这是我们的目标，我认为我们已经做到了。这就是我想和大家分享的。14、关于资产配置，霍华德建议1、正如鸡蛋不要放在同一个篮子里，我们对未来未知，因此每个人都该多元化投资。2、没有“Magic Number”（具体的投资配置比例）。对于投资者来说，投资需要一步步来，感觉好了，就多做一点，循序渐进，如果不了解，投资过多只会更糟，可以犯错，但不能血本无归。3、同时也不鼓励投资组合中用极小的比例（小于5%）去投资你看好的方面，因为过小的投资无论怎样的表现对你的组合起到的作用很小，没有意义。4、不要投资不理解的东西，如果完全不懂，就不要去做。","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":4111,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9004203904,"gmtCreate":1642602288612,"gmtModify":1676533726364,"author":{"id":"3565396824889592","authorId":"3565396824889592","name":"Ckboon","avatar":"https://static.tigerbbs.com/54bb39e290a61fea14f7f469fee6de45","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565396824889592","authorIdStr":"3565396824889592"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9004203904","repostId":"1184498273","repostType":4,"isVote":1,"tweetType":1,"viewCount":4167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9005592096,"gmtCreate":1642340017430,"gmtModify":1676533702262,"author":{"id":"3565396824889592","authorId":"3565396824889592","name":"Ckboon","avatar":"https://static.tigerbbs.com/54bb39e290a61fea14f7f469fee6de45","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3565396824889592","authorIdStr":"3565396824889592"},"themes":[],"title":"","htmlText":"👌","listText":"👌","text":"👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9005592096","repostId":"1136490165","repostType":4,"repost":{"id":"1136490165","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1642299849,"share":"https://ttm.financial/m/news/1136490165?lang=en_US&edition=fundamental","pubTime":"2022-01-16 10:24","market":"us","language":"zh","title":"The battle for the future of banks: JPMorgan Chase's $12 billion investment in technology shocks the industry.","url":"https://stock-news.laohu8.com/highlight/detail?id=1136490165","media":"华尔街见闻","summary":"巨额科技投入部分反映摩根大通在与支付处理商Stripe、分期付款银行Affirm等金融科技公司竞争时面临的压力。随着交易收入增长放缓，公司投行营收增长正陷入瓶颈。为应对来自金融科技公司的激烈竞争，华尔","content":"<p><html><head></head><body>The huge investment in technology partly reflects<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The pressure they face when competing with fintech companies such as payment processor Stripe and installment bank Affirm. As transaction revenue growth slows, the company's investment banking revenue growth is facing a bottleneck. In response to fierce competition from fintech companies, JPMorgan Chase, Wall Street's largest bank, plans to significantly increase its investment in technology.</p><p>In its latest earnings report, JPMorgan Chase expects the company's spending to increase by 8% to $77 billion this year. The growth mainly came from spending on technology and investment: the company plans to increase technology spending to $12 billion, and support for expansion investment has also been increased by 30% to $15 billion. The company has not yet disclosed further details of the expenditures.</p><p>JPMorgan Chase stated that the company is allocating funds for data center and cloud computing expansion, as well as new markets such as the UK; Investing in technology will ultimately reduce operating costs, but realizing these savings may take years.</p><p>Analysts believe that the massive technology investment partly reflects the pressure JPMorgan Chase faces in competing with fintech companies such as payment processor Stripe and installment bank Affirm. As transaction revenue growth slows, the company's investment banking revenue growth is facing a bottleneck.</p><p>During the earnings call, JPMorgan Chase Chief Financial Officer Jeremy Barnum acknowledged that banks are in a \"moment of accelerated growth\" in investment spending, \"partly due to intense market competition,\" \"especially from new entrants.\"</p><p>The market reacted negatively, with JPMorgan Chase's stock price falling by more than 6% after the earnings report was released. Investors are concerned that the huge expenses could prevent the company from achieving its financial target of 17% ROTCE in 2022 or even 2023, and the lack of relevant details has also frustrated investors.</p><p><img src=\"https://static.tigerbbs.com/1f93897ad6af2c1b4f524c89dde5d617\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The battle for the future of banks: JPMorgan Chase's $12 billion investment in technology shocks the industry.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe battle for the future of banks: JPMorgan Chase's $12 billion investment in technology shocks the industry.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2022-01-16 10:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The huge investment in technology partly reflects<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The pressure they face when competing with fintech companies such as payment processor Stripe and installment bank Affirm. As transaction revenue growth slows, the company's investment banking revenue growth is facing a bottleneck. In response to fierce competition from fintech companies, JPMorgan Chase, Wall Street's largest bank, plans to significantly increase its investment in technology.</p><p>In its latest earnings report, JPMorgan Chase expects the company's spending to increase by 8% to $77 billion this year. The growth mainly came from spending on technology and investment: the company plans to increase technology spending to $12 billion, and support for expansion investment has also been increased by 30% to $15 billion. The company has not yet disclosed further details of the expenditures.</p><p>JPMorgan Chase stated that the company is allocating funds for data center and cloud computing expansion, as well as new markets such as the UK; Investing in technology will ultimately reduce operating costs, but realizing these savings may take years.</p><p>Analysts believe that the massive technology investment partly reflects the pressure JPMorgan Chase faces in competing with fintech companies such as payment processor Stripe and installment bank Affirm. As transaction revenue growth slows, the company's investment banking revenue growth is facing a bottleneck.</p><p>During the earnings call, JPMorgan Chase Chief Financial Officer Jeremy Barnum acknowledged that banks are in a \"moment of accelerated growth\" in investment spending, \"partly due to intense market competition,\" \"especially from new entrants.\"</p><p>The market reacted negatively, with JPMorgan Chase's stock price falling by more than 6% after the earnings report was released. Investors are concerned that the huge expenses could prevent the company from achieving its financial target of 17% ROTCE in 2022 or even 2023, and the lack of relevant details has also frustrated investors.</p><p><img src=\"https://static.tigerbbs.com/1f93897ad6af2c1b4f524c89dde5d617\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9ef6725b8e722763b36af9aa02391f9e","relate_stocks":{"161121":"银行","BK4566":"资本集团","JPM":"摩根大通","BK4550":"红杉资本持仓","BK4534":"瑞士信贷持仓","BK4504":"桥水持仓","BK4207":"综合性银行","BK4533":"AQR资本管理(全球第二大对冲基金)"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136490165","content_text":"巨额科技投入部分反映摩根大通在与支付处理商Stripe、分期付款银行Affirm等金融科技公司竞争时面临的压力。随着交易收入增长放缓，公司投行营收增长正陷入瓶颈。为应对来自金融科技公司的激烈竞争，华尔街最大银行摩根大通计划大幅提高公司科技方面的投入。在最新的财报中，摩根大通预计公司今年支出将增长8%至770亿美元。增长主要来自科技和投资方面的支出：公司计划将技术支出提高至120亿美元，扩张投资方面的支持也被上调30%至150亿美元。更多支出细节公司暂未透露。摩根大通表示，公司正为数据中心和云计算及英国等新市场扩张分配资金；对科技的投入最终将降低运营成本，但实现这些节省可能需要数年时间。分析认为，巨额科技投入部分反映摩根大通在与支付处理商Stripe、分期付款银行Affirm等金融科技公司竞争时面临的压力。随着交易收入增长放缓，公司投行营收增长正陷入瓶颈。在财报电话会上，摩根大通首席财务官Jeremy Barnum承认，银行正处于投资支出“加速发展的时刻”，“部分原因是市场竞争激烈”，“尤其是来自新进入者的竞争”。市场对此反应消极，财报发布后，摩根大通股价下跌超6%。投资者担心巨额的支出可能使公司无法在2022年乃至2023年实现ROTCE达到17%的财务目标，相关细节的缺失也使投资者感到沮丧。","news_type":1,"symbols_score_info":{"161121":0.9,"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":4058,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}