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最近在我們的股票投資 FB 社團…大家談到了理專的一些事情.. SHYANG 分享他的經驗..我從他的分享當中..有一些感想..想跟各位網友分享
shyang 是理工高科技人才…有關金融的一些事情..都是因為興趣的關係..自修 得到的..我覺得他的程度..應該比金融專科的人(就像一些理財專員)要強許多,,我猜測他自修的方法.就是不斷的閱讀和思考..我要勉勵各位網友..有興趣這一方面的..要像SHYANG一樣.不斷充實自己.讀一讀基金公司的年報..來學習專業經理人的想法,,真的,,天道酬勤,,功不唐捐..看看shyang,,他的績效,,都是三倍五倍10倍,,,真是十分厲害
shyang 提到的 如果要放空,,不如做多相反的產品(或者投資,有放空的公司)..因為放空的風險..理論上是無限…做多的風險相對比較少….這個想法我覺得很好
正如之前.我跟各位分享…我相信買賣股票高手很多..但在這些高手當中..願意分享..而且是免費分享..我覺得不多..SHYANG 就是這樣一個可貴的人…鼓勵大家要多多跟他學習(參加臉書社團or 瀏覽他的部落格)
在討論當中..因為中文輸入比較困難..有一段是用英文對談..網友覺得看不懂.. SHYANG 也很熱心的幫他翻譯出來..從這些細微的動作..我覺得他真的非常的熱情.親切.謙虛..very kind ,,and so NICE… 我真的覺得很棒
我把這些臉書資料拷貝下來…一方面我可以常常複習( FB 的主題很快就會沉下去,,常常找不到),,另一方面也要跟各位網友做分享..還是老話一句..我得到好處..也希望各位朋友得到好處…
再一次祝福大家,,, 事事順心,,天天愉快
shayng 推薦
Prof. Damodaran 的 Valuation 跟 Coporate Finance的課是有免費的Video, homework, classnotes的-----http://www.symynd.com/#
from shyang …
這位理專還好，幾年前剛回國時，第一位理專先生由他老闆，帶著來見我，要我買『世界級投資銀行』發行的公司債。這位理專大概還在實習。我當時一直想『我來講一定講的比較流利。』其實當時我正在研究如何『做空』房貸債券，只好耐心聽完，只差沒問他如何『做空』房貸債券。我希望這位實習理專後來沒出事。
SAM 當時聽說 Michael Burry 買CDS來放空房地產債劵 被客戶罵 上了報 所以想跟單 最後發現Fairfax Financial 的Prem Watsa 也買了一堆CDS 就去大大加碼Fairfax Financial 這是為什麼我能在2008年 資產損失的百分比是個位數的主要原因....
SAM不敢當,做工作就benchmark, 投資也是參考大師,比較有機會
SAM "叫我放空兩倍日元,, 放空美國公債?" 別放空, 寧願寓放空於做多, 我是寓放空房貸債券 於做多CDS, 放空風險太大,何況假如辜朝明是對的 放空美國公債 會很慘 要幹這種事最好外包給 Prem Watsa.
SAM Make a list of Guru from gurufocus and read their annual/quater reports is best.
SAM CDS is transferable insruace for mortgage bond. So when mortage bond price crashes, then CDS price will increase. Now to buy CDS you need to have some special license to trade against companies like Goldman Sachs. I then found out that Fairfax financial already bought a bunch of CDS. Since there is no way I can get better commission than Fairfax Financial in buying CDS, I just buy Fairfax financial.
SAM If I want to sell short Japanese Yen, I would just go find a hedge fund or a insurance company that has sold short Japanese Yen. I doubt as small investors we can get good enough commision rate to compete against people like Fairfax. I believe Kyle Bass's hedge fund actually short Japanese Yen.
Allan Lin 最後發現Fairfax Financial 的Prem Watsa 也買了一堆CDS 就去大大加碼Fairfax Financia----> 你如何發現 fairfax financial
SAM "read their annual/quater reports is best...你這樣會不會有時間差 ..股票已經大漲一段??" There are 2 reasons to do this: first, I am trying to understand the reasoning for investment, so that in the future I can identify similar opportunities. Second, typical value investing cases takes 1-2 years to work out, so one quarter typically is ok.
Allan Lin your idea is very good ,,, i think it can apply to other conditions ---- such as gold ..oil.... right?
SAM Oh, I learn about it from reading a publicaton called "outstanding investor digest." It was also in the portifolio of one of my value mutual fund, Longleaf partners fund. I owned some Fairfax Financial stock directly starting from 2005 or 2006, even before the CDS thing.
SAM Trading requires daily monitoring so it is best left to the "professionals." That is why I owned so much BRK and still own lots of fairfax financial, Leucadia and Markel.
Allan Lin how about sequoia fund? i follow the holdings for a period of time,,, but most of its holdings is us stocks......( i hate the 30% tax...)
一個從未在股市中虧過錢的人------ shyang 部落格介紹
歡迎 zippy (SHYANG) 來訪,,,…. 再一次推薦 SHYANG 的部落格
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