JuJulo personal page - To The Moon

JuJulo

JuJulo

I like trading

31Follow

7Followers

1Topic

0Badge

2023-07-21

I believe stock will still go well.

2023-07-14

Go Tesla

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2023-04-07

Great news

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2023-04-01

Great news

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2022-12-25

I have been struggling with my investment this year due to the market is unstable. I hope 2023 will bring us better investment opportunities.

2022-12-25

Keep selling Tesla. It is a beautiful car..

2022-12-25

Teslas is my wish stock to grow...

2022-11-03

Not a very good stock.. price keep dropping

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2022-10-20

Such a great experience...

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2022-10-18

Go BA .. raise raise

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2022-10-16

I hope woods share can go up soon so I can sell all my shares.. it has been very disappointed by ARKK ARKG.

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2022-10-16

South32 was performing well ....

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2022-10-04

$Tesla Motors(TSLA)$i still believe telsa will raise again. Just give some times.

2022-09-27

Well.. 20 years ago.. was but long long ago...

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2022-09-07

Go higher...

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2022-07-29

$110 will consider to buy

2022-07-29

Hope tomorrow has a good report

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2022-07-08

Hope will make her stocks raise

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2022-06-04

Lots issues impact share price. We might stay strong. I only buy limited stocks and wait for a good stock for short term trading.

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2022-06-02

Well... Try to come a strategy to raise the profile..

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Go to Tiger App to see more news

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believe stock will still go well.&nbsp;","listText":"I believe stock will still go well.&nbsp;","text":"I believe stock will still go well.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/200122400452800","isVote":1,"tweetType":1,"viewCount":436,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197884442394736,"gmtCreate":1689345999138,"gmtModify":1689346003383,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095601774578290","idStr":"4095601774578290"},"themes":[],"htmlText":"Go Tesla&nbsp;","listText":"Go Tesla&nbsp;","text":"Go 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news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941250430","repostId":"2324060012","repostType":2,"isVote":1,"tweetType":1,"viewCount":214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9925324609,"gmtCreate":1671935143201,"gmtModify":1676538612780,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095601774578290","idStr":"4095601774578290"},"themes":[],"htmlText":"I have been struggling with my investment this year due to the market is unstable.&nbsp; I hope 2023 will bring us better investment opportunities.&nbsp;","listText":"I have been struggling with my investment this year due to the market is unstable.&nbsp; I hope 2023 will bring us better investment opportunities.&nbsp;","text":"I have been struggling with my investment this year due to the market is unstable. I hope 2023 will bring us better investment opportunities.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9925324609","isVote":1,"tweetType":1,"viewCount":456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9925325527,"gmtCreate":1671935010969,"gmtModify":1676538612755,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095601774578290","idStr":"4095601774578290"},"themes":[],"htmlText":"Keep selling Tesla. It is a beautiful car..","listText":"Keep selling Tesla. It is a beautiful car..","text":"Keep selling Tesla. It is a beautiful car..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9925325527","isVote":1,"tweetType":1,"viewCount":332,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9925325360,"gmtCreate":1671934974051,"gmtModify":1676538612740,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095601774578290","idStr":"4095601774578290"},"themes":[],"htmlText":"Teslas is my wish stock to grow...&nbsp;","listText":"Teslas is my wish stock to grow...&nbsp;","text":"Teslas is my wish stock to grow...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9925325360","isVote":1,"tweetType":1,"viewCount":283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9985271888,"gmtCreate":1667420149844,"gmtModify":1676537913621,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095601774578290","idStr":"4095601774578290"},"themes":[],"htmlText":"Not a very good stock.. price keep dropping&nbsp;","listText":"Not a very good stock.. price keep dropping&nbsp;","text":"Not a very good stock.. price keep dropping","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9985271888","repostId":"2278803802","repostType":2,"isVote":1,"tweetType":1,"viewCount":371,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9983885978,"gmtCreate":1666218791095,"gmtModify":1676537722661,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095601774578290","idStr":"4095601774578290"},"themes":[],"htmlText":"Such a great experience...&nbsp;","listText":"Such a great experience...&nbsp;","text":"Such a great experience...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9983885978","repostId":"2276076261","repostType":2,"isVote":1,"tweetType":1,"viewCount":437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9989728506,"gmtCreate":1666092192705,"gmtModify":1676537704724,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095601774578290","idStr":"4095601774578290"},"themes":[],"htmlText":"Go BA .. raise raise","listText":"Go BA .. raise raise","text":"Go BA .. raise raise","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9989728506","repostId":"1165728858","repostType":2,"isVote":1,"tweetType":1,"viewCount":531,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9989029633,"gmtCreate":1665873474722,"gmtModify":1676537672839,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095601774578290","idStr":"4095601774578290"},"themes":[],"htmlText":"I hope woods share can go up soon so I can sell all my shares.. it has been very disappointed by ARKK ARKG.","listText":"I hope woods share can go up soon so I can sell all my shares.. it has been very disappointed by ARKK ARKG.","text":"I hope woods share can go up soon so I can sell all my shares.. it has been very disappointed by ARKK ARKG.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9989029633","repostId":"2275086626","repostType":4,"isVote":1,"tweetType":1,"viewCount":122,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9989029091,"gmtCreate":1665873353414,"gmtModify":1676537672831,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095601774578290","idStr":"4095601774578290"},"themes":[],"htmlText":"South32 was performing well ....","listText":"South32 was performing well ....","text":"South32 was performing well ....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9989029091","repostId":"2275009206","repostType":4,"isVote":1,"tweetType":1,"viewCount":143,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9912248726,"gmtCreate":1664844815265,"gmtModify":1676537517580,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095601774578290","idStr":"4095601774578290"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>i still believe telsa will raise again. Just give some times.&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>i still believe telsa will raise again. Just give some times.&nbsp;","text":"$Tesla Motors(TSLA)$i still believe telsa will raise again. Just give some times.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9912248726","isVote":1,"tweetType":1,"viewCount":121,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9911526831,"gmtCreate":1664236897424,"gmtModify":1676537414516,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095601774578290","idStr":"4095601774578290"},"themes":[],"htmlText":"Well.. 20 years ago.. was but long long ago...","listText":"Well.. 20 years ago.. was but long long ago...","text":"Well.. 20 years ago.. was but long long ago...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9911526831","repostId":"2269165850","repostType":2,"isVote":1,"tweetType":1,"viewCount":94,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938947691,"gmtCreate":1662552076614,"gmtModify":1676537086178,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095601774578290","idStr":"4095601774578290"},"themes":[],"htmlText":"Go higher...","listText":"Go higher...","text":"Go higher...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9938947691","repostId":"1127755587","repostType":4,"isVote":1,"tweetType":1,"viewCount":162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9903641853,"gmtCreate":1659024174072,"gmtModify":1676536245711,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095601774578290","idStr":"4095601774578290"},"themes":[],"htmlText":"$110 will consider to buy","listText":"$110 will consider to buy","text":"$110 will consider to buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9903641853","isVote":1,"tweetType":1,"viewCount":630,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9903643815,"gmtCreate":1659024046237,"gmtModify":1676536245700,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095601774578290","idStr":"4095601774578290"},"themes":[],"htmlText":"&nbsp;Hope tomorrow has a good report&nbsp;","listText":"&nbsp;Hope tomorrow has a good report&nbsp;","text":"Hope tomorrow has a good report","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9903643815","repostId":"2254204843","repostType":2,"isVote":1,"tweetType":1,"viewCount":178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9073369895,"gmtCreate":1657286999417,"gmtModify":1676535985082,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095601774578290","idStr":"4095601774578290"},"themes":[],"htmlText":"Hope will make her stocks raise","listText":"Hope will make her stocks raise","text":"Hope will make her stocks raise","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9073369895","repostId":"2249263059","repostType":4,"isVote":1,"tweetType":1,"viewCount":208,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9059938922,"gmtCreate":1654279672266,"gmtModify":1676535424099,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095601774578290","idStr":"4095601774578290"},"themes":[],"htmlText":"Lots issues impact share price. We might stay strong. I only buy limited stocks and wait for a good stock for short term trading.&nbsp;","listText":"Lots issues impact share price. We might stay strong. I only buy limited stocks and wait for a good stock for short term trading.&nbsp;","text":"Lots issues impact share price. We might stay strong. I only buy limited stocks and wait for a good stock for short term trading.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9059938922","repostId":"1154902407","repostType":4,"isVote":1,"tweetType":1,"viewCount":177,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9050879923,"gmtCreate":1654176693563,"gmtModify":1676535406991,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4095601774578290","idStr":"4095601774578290"},"themes":[],"htmlText":"Well... Try to come a strategy to raise the profile..","listText":"Well... Try to come a strategy to raise the profile..","text":"Well... Try to come a strategy to raise the profile..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9050879923","repostId":"2240239385","repostType":2,"isVote":1,"tweetType":1,"viewCount":249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9946325836,"gmtCreate":1680871443926,"gmtModify":1680871447679,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"Great news","listText":"Great news","text":"Great news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":33,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9946325836","repostId":"1191555077","repostType":2,"isVote":1,"tweetType":1,"viewCount":349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9090039639,"gmtCreate":1643032589065,"gmtModify":1676533766566,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"Buy it and wait for 8 years... Will it worth it...","listText":"Buy it and wait for 8 years... Will it worth it...","text":"Buy it and wait for 8 years... Will it worth it...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9090039639","repostId":"2205802723","repostType":4,"isVote":1,"tweetType":1,"viewCount":411,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9012024971,"gmtCreate":1649255763636,"gmtModify":1676534479171,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"Hope only for today. Raise tomorrow 😄","listText":"Hope only for today. Raise tomorrow 😄","text":"Hope only for today. Raise tomorrow 😄","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012024971","repostId":"1152483810","repostType":2,"isVote":1,"tweetType":1,"viewCount":348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9989728506,"gmtCreate":1666092192705,"gmtModify":1676537704724,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"Go BA .. raise raise","listText":"Go BA .. raise raise","text":"Go BA .. raise raise","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9989728506","repostId":"1165728858","repostType":2,"isVote":1,"tweetType":1,"viewCount":531,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9092575215,"gmtCreate":1644700508270,"gmtModify":1676533953143,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"Ohh., Hope no war and stock will raise soon. We just have to wait for a while. I am totally loss my patience. Should we sell Meta (fb) now?","listText":"Ohh., Hope no war and stock will raise soon. We just have to wait for a while. I am totally loss my patience. Should we sell Meta (fb) now?","text":"Ohh., Hope no war and stock will raise soon. We just have to wait for a while. I am totally loss my patience. Should we sell Meta (fb) now?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9092575215","repostId":"1118500262","repostType":4,"isVote":1,"tweetType":1,"viewCount":178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938947691,"gmtCreate":1662552076614,"gmtModify":1676537086178,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"Go higher...","listText":"Go higher...","text":"Go higher...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9938947691","repostId":"1127755587","repostType":4,"isVote":1,"tweetType":1,"viewCount":162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9022192995,"gmtCreate":1653487695017,"gmtModify":1676535290872,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"Raise raise raise..","listText":"Raise raise raise..","text":"Raise raise raise..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9022192995","repostId":"1112263125","repostType":2,"isVote":1,"tweetType":1,"viewCount":114,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9089385494,"gmtCreate":1649952654076,"gmtModify":1676534615067,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"I am sure they will raise again soon.&nbsp;","listText":"I am sure they will raise again soon.&nbsp;","text":"I am sure they will raise again soon.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9089385494","repostId":"1140591173","repostType":2,"isVote":1,"tweetType":1,"viewCount":282,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9036176607,"gmtCreate":1647036007400,"gmtModify":1676534188844,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"I will wait for a while...","listText":"I will wait for a while...","text":"I will wait for a while...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9036176607","repostId":"1197145766","repostType":4,"isVote":1,"tweetType":1,"viewCount":168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9099391315,"gmtCreate":1643295018617,"gmtModify":1676533799216,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"Time to buy more","listText":"Time to buy more","text":"Time to buy more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9099391315","repostId":"1112573013","repostType":2,"isVote":1,"tweetType":1,"viewCount":292,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9099394958,"gmtCreate":1643295202008,"gmtModify":1676533799449,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"Agreed.. short term on vaccine companies","listText":"Agreed.. short term on vaccine companies","text":"Agreed.. short term on vaccine companies","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9099394958","repostId":"1127320942","repostType":4,"isVote":1,"tweetType":1,"viewCount":368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9090270669,"gmtCreate":1643208811259,"gmtModify":1676533785475,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"AMD for sure","listText":"AMD for sure","text":"AMD for sure","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9090270669","repostId":"2206286787","repostType":2,"isVote":1,"tweetType":1,"viewCount":293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9912248726,"gmtCreate":1664844815265,"gmtModify":1676537517580,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>i still believe telsa will raise again. Just give some times.&nbsp;","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>i still believe telsa will raise again. Just give some times.&nbsp;","text":"$Tesla Motors(TSLA)$i still believe telsa will raise again. Just give some times.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9912248726","isVote":1,"tweetType":1,"viewCount":121,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9012186562,"gmtCreate":1649293134276,"gmtModify":1676534486332,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"They will raise back soon.... Go go&nbsp;","listText":"They will raise back soon.... Go go&nbsp;","text":"They will raise back soon.... Go go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012186562","repostId":"1152483810","repostType":2,"isVote":1,"tweetType":1,"viewCount":116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9011014564,"gmtCreate":1648784824257,"gmtModify":1676534398454,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PLS.AU\">$Pilbara Minerals Ltd(PLS.AU)$</a>$3.4","listText":"<a href=\"https://ttm.financial/S/PLS.AU\">$Pilbara Minerals Ltd(PLS.AU)$</a>$3.4","text":"$Pilbara Minerals Ltd(PLS.AU)$$3.4","images":[{"img":"https://community-static.tradeup.com/news/fd26db50ba6cda68d49e666cf2c26203","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011014564","isVote":1,"tweetType":1,"viewCount":463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9030068113,"gmtCreate":1645581039433,"gmtModify":1676534042482,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"Agreed. Timing and good stocks are very important for investors","listText":"Agreed. Timing and good stocks are very important for investors","text":"Agreed. Timing and good stocks are very important for investors","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030068113","repostId":"1187542871","repostType":4,"repost":{"id":"1187542871","kind":"news","pubTimestamp":1645511042,"share":"https://ttm.financial/m/news/1187542871?lang=&edition=fundamental","pubTime":"2022-02-22 14:24","market":"us","language":"zh","title":"“华尔街必读经典” 背后的投资哲学","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":"<html><head></head><body><blockquote><b>导读：</b>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<a href=\"https://laohu8.com/S/OAK\">橡树资本</a>管理公司（Oaktree Capital），如今管理资产规模达1000亿美元。</blockquote><p>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。</p><p>“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。</p><p>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。</p><p>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。</p><p>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。</p><p>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。</p><p><img src=\"https://static.tigerbbs.com/6751656f0d5e3443e7003f9db76070cd\" tg-width=\"640\" tg-height=\"413\" referrerpolicy=\"no-referrer\"/></p><p><b>1、你必须理解世界是由不确定性构成的</b></p><p>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。</p><p>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。</p><p><img src=\"https://static.tigerbbs.com/5368906abff5d5a517cebc079de1257d\" tg-width=\"640\" tg-height=\"402\" referrerpolicy=\"no-referrer\"/></p><p><b>2、太多的不确定性是我们这个世界危险的来源</b></p><p>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。</p><p><img src=\"https://static.tigerbbs.com/91729fd2cecd28f5691b58fdc8e203f2\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>3、我理解的世界的发展往往是由随机事件控制的</b></p><p>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。</p><p><img src=\"https://static.tigerbbs.com/41ed244801f3a7fe1dba77e482484bef\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>4、留下安全空间应对不确定性</b></p><p>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。</p><p><img src=\"https://static.tigerbbs.com/103c085e452fed0c456586740d8e21f7\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"/></p><p><b>5、风险恰恰是大多数人认为不会发生的事</b></p><p>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）。</p><p>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。</p><p>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。</p><p><img src=\"https://static.tigerbbs.com/45346b201312ac992d91e9a589ccbf62\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>6、没有特别糟糕的记录好过时好时坏</b></p><p>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。</p><p>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。</p><p>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。</p><p>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。</p><p>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。</p><p>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。</p><p>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。</p><p>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。</p><p>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。</p><p><img src=\"https://static.tigerbbs.com/a34eae22141b5d6d1664373b1999a30a\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>7、投资不应该基于宏观经济预测</b></p><p>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。</p><p>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。</p><p>橡树资本的投资不以未来的宏观预测为依据。</p><p><img src=\"https://static.tigerbbs.com/568a4512af2303d8f1bb9e92e5786bfa\" tg-width=\"640\" tg-height=\"387\" referrerpolicy=\"no-referrer\"/></p><p><b>8、你应该如何投资呢</b></p><p>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。</p><p>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。</p><p>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。</p><p><img src=\"https://static.tigerbbs.com/a3608dc4cf2c20427504193a36c19d04\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>9、投资的圣杯：便宜货</b></p><p>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<a href=\"https://laohu8.com/S/HPQ\">惠普</a>、<a href=\"https://laohu8.com/S/TXN\">德州仪器</a>、<a href=\"https://laohu8.com/S/KO\">可口可乐</a>、默克、<a href=\"https://laohu8.com/S/LLY\">礼来</a>。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。</p><p>此外，在这些公司里，有的被寄予厚望，最后却陨落了，比如，<a href=\"https://laohu8.com/S/KODK\">柯达</a>、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。</p><p>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。</p><p>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。</p><p>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。</p><p><img src=\"https://static.tigerbbs.com/60e6e337c5d9f04947275ad92b45483f\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>10、智者开创，愚人模仿</b></p><p>在投资中，每个趋势到最后都会走向极端。</p><p>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。</p><p>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。</p><p><img src=\"https://static.tigerbbs.com/efb5834bd7cc7e92def8f35ca4009408\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>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</b></p><p>我们做投资，不能只追求平均活下来，必须每天都活下来。</p><p>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。</p><p>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。</p><p><img src=\"https://static.tigerbbs.com/54ec5cdb9c594cf699a43411d32f2191\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>12、是比别人早了很多，还是做错了，两者很难区分</b></p><p>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。</p><p>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。</p><p>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。</p><p>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。</p><p>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。</p><p><img src=\"https://static.tigerbbs.com/091822289ba4245413c67ec3cfd391ef\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"/></p><p><b>13、资产管理人的任务是什么</b></p><p>第一，控制风险。</p><p>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。</p><p>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。</p><p>第二，稳定性。</p><p>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。</p><p>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。</p><p>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。</p><p>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。</p><p>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！</p><p>第三，我们寻找的是不太有效的市场那部分。</p><p>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。</p><p>第四，我们相信宏观经济的预测不是成功投资的关键。</p><p>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。</p><p>最后一点，我们不猜测市场涨跌。</p><p>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。</p><p>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。</p><p><img src=\"https://static.tigerbbs.com/ee355aa3c1360abf8698134c634c090f\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/></p><p><b>14、关于资产配置，霍华德建议</b></p><p>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。</p><p>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。</p><p>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。</p><p>4、不要投资不理解的东西，如果完全不懂，就不要去做。</p></body></html>","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>“华尔街必读经典” 背后的投资哲学</title>\n<style 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margin: 0;line-height: 11px;}\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\">\n“华尔街必读经典” 背后的投资哲学\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-22 14:24 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/b1RLIOWPqoqGRFbKd_MSnw><strong>期乐会</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>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...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/b1RLIOWPqoqGRFbKd_MSnw\">Web Link</a>\n\n</div>\n\n\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","BRK.A":"伯克希尔","BK4176":"多领域控股","BK4534":"瑞士信贷持仓","BK4550":"红杉资本持仓","BK4533":"AQR资本管理(全球第二大对冲基金)"},"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},"isVote":1,"tweetType":1,"viewCount":37,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9091511168,"gmtCreate":1643898447357,"gmtModify":1676533869003,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"very disappointed 😞","listText":"very disappointed 😞","text":"very disappointed 😞","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9091511168","repostId":"2208239949","repostType":2,"isVote":1,"tweetType":1,"viewCount":193,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9091078009,"gmtCreate":1643757532645,"gmtModify":1676533851235,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"Hope this year wood can bring her share price up. It has been down for a year and very disappointed on the results.&nbsp;","listText":"Hope this year wood can bring her share price up. It has been down for a year and very disappointed on the results.&nbsp;","text":"Hope this year wood can bring her share price up. It has been down for a year and very disappointed on the results.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9091078009","repostId":"1167581055","repostType":4,"isVote":1,"tweetType":1,"viewCount":33,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9005976599,"gmtCreate":1642162882388,"gmtModify":1676533687825,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"I don't want the share price low to at $5. I paid for the share is much more than that ... hope the company can do better soon...&nbsp;","listText":"I don't want the share price low to at $5. I paid for the share is much more than that ... hope the company can do better soon...&nbsp;","text":"I don't want the share price low to at $5. I paid for the share is much more than that ... hope the company can do better soon...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9005976599","repostId":"1189278661","repostType":4,"isVote":1,"tweetType":1,"viewCount":287,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9002795455,"gmtCreate":1642087494227,"gmtModify":1676533679824,"author":{"id":"4095601774578290","authorId":"4095601774578290","name":"JuJulo","avatar":"https://static.tigerbbs.com/bb473b3f2f568a71516662aa5b0c8320","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095601774578290","authorIdStr":"4095601774578290"},"themes":[],"htmlText":"Great news","listText":"Great news","text":"Great news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9002795455","repostId":"1141843117","repostType":2,"isVote":1,"tweetType":1,"viewCount":378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}