像大师一样投资

2015-06-10 16:14:46


增长型、价值、国际性投资,哪种投资风格适合你?如果你不懂,那么你可以很愉快地将三者组合投资!
增长型投资的主要代表, Peter Lynch
增长型投资人Peter Lynch在我们公司总部是一个传奇式人物。他的一系列名言挂满了我们的墙壁——“如果你不能用画笔画出你的任何想法的话,那么永远也不要投资。”、“尽管非常容易忽略,但是股票不是彩票…它是企业所有权的一部分。”我们甚至以他的名字命名了一间会议室。


那么,是什么让Lynch如此伟大?作为一个非常成功的投资者,Lynch写的两本书《彼得·林奇的成功投资》、《战胜华尔街》两本书都呼吁给予小投资者权力。通过分享他的常识和以坦率的方式复制他的哲学思想,Lynch成功地说服了一代投资者——他们不需要具有MBA学历,也不需要上流社会的投资经纪商就可以进行股票投资。


Lynch以增长为导向的策略核心驱动力是十分简单的:投资那些增长型、有潜力的、易于理解的公司股票。下面是主要的原则:

1. 购买你所了解的:Lynch认为,投资者通常知道比他们自认为的多。你每天不仅会消费一些了的产品以及服务,而且你也树立了独特的职业洞察力,这可以让你有很大优势。利用它们!投资那些你知道的、了解的、感觉舒服的公司,剩下的留给别的“专家”。
2. 寻找隐藏的宝石:Lynch强调个人投资者在微小型股票方面有巨大的机会。华尔街的大部分研究公司没有时间或人员研究小型、微型股票,并且,大部分的共同基金公司太大而不能轻易地买进和卖出。最终结果是,小型股的价值经常被错误的报价或者低估,这就可以让企业投资者有机会购买便宜的、小型的、处于增长期公司的股票。
3. 多元化:在Lynch1990年最终交接的时候,他的 麦哲伦基金拥有难以置信的1000多只股票。从这个角度看,这是当时美国股票基金公司平均持有股票种类的五倍。Lynch通过把咖啡洒在现代投资组合象牙塔理论上的做法证明,尽管你已经非常多样化,但是你仍然可以很轻松地摧毁股票市场。如何做?通过投资小的、增长期、管理良好的公司。

 
Warren Buffett的价值投资


无意冒犯价值投资之父,Benjamin Graham,但是他的学生、接班人Warren Buffett才是实际应用价值投资这一理论的人。价值投资是一门以低于股票“内在”价值的价格购买股票的一门艺术。对于Buffett和他的价值投资团队,投资的技术包含以下三步:
1. 购买大公司股票: Buffett 寻找那些自吹说有强大品牌,管理团队,现金流和持久力的公司。这类公司会长时间的存在——比如可口可乐(NYSE:KO),宝洁(NYSE:PG),强生(NYSE:JNJ)等。一旦他发现这些大企业处于冷门时期,他就会买入它们并长期持有。直到这些公司的股票年复一年地积累财富。
2. 逆向投资:购买所有人都摒弃的股票是需要一些勇气的,但Buffett却通过与他人背道而驰或许收益。他的习惯性说法是,“当别人贪婪时保持恐惧,当别人恐惧时贪婪”。
3. 长期投资:  Buffett 曾经说过,“我们最好是永久持有。”如果你说自己不能区分投资者性情,我们也有同样的感觉!


国际投资代表人Sir John Templeton


和Lynch、Buffett,一样,Sir John Templeton 也是充满善心和求知欲的一个人。Templeton的成功不是来自于自营交易方案、内部消息、大量的使用杠杆或者是复杂衍生品的结果。相反,他的成功也是因为充分的理论研究以及多年持有股票的纪律和耐心。他的投资哲学因为实用性而被广泛使用,并且人们意识到对全球经济持保守态度是没有意义的。但仍然有很多投资者试图根据市场波动时间、进行短期交易。
他的成功也来自于他愿意寻找其他交易者寻找不到的机会:
1. 走出国门:当传统的投资观点认为投资公司应该开设在华尔街、波士顿或者伦敦时,Templeton没有逃到平静安逸到巴哈马群岛。他是第一个关注日本的国外投资者,并且他也在早期大步地迈向俄罗斯。
2. 持续性投资: Templeton没有徒劳无功地追随市场节奏交易。正如他曾经说过得,“最好的投资时间是你有资金的时候。因为历史表明,相对于等待市场周期来说,时间最重要。”


Templeton、Lynch  、Buffett三者的相遇


再次说明,完美的投资组合混合了所有投资大师的优势:一个以业务为中心,多元化的增长型股票,国内国外兼具。但是准确的组合是根据个人的风格以及风险承受力决定。

Invest Like the Masters
Growth, value, international. Which style is right for you? If you're a Fool, you happily blend together all three!
Growth investing, starring Peter Lynch
Growth guru Peter Lynch is a legend around the halls of Fool HQ. Quotes of his adorn our walls -- "Never invest in any idea you can't illustrate with a crayon" and "Although it is easy to forget sometimes, a share is not a lottery ticket ... it's part-ownership of a business." We've even named a conference room in his honor.
So what makes Lynch so great? A wildly successful investor, Lynch truly stole our hearts with his booksOne Up on Wall Street and Beating the Street, both of which were resounding calls for the empowerment of small investors. By sharing his commonsense and replicable philosophy in a plain-spoken fashion, Lynch convinced a generation of investors that they didn't need an MBA or a white-shoe stock broker to invest in the stock market.
The core drivers of Lynch's growth-centric strategy are pretty straightforward: Invest in growing, unheralded, easy-to-understand companies. Here's how it rolls:
4. Buy what you know: Lynch believes that the average investor knows more than they think. Not only do you consume an array of products and services on a daily basis, but you've developed unique career insights that can give you a leg up on the Street. Put them to use! Invest in what you know, understand, and are comfortable with, and leave the rest for the "pros."
5. Seek hidden gems: Lynch highlights that individual investors have a huge opportunity when it comes to small- and micro-cap stocks. Most Wall Street research houses can't afford the time or staff to cover small- and micro-cap stocks, and most mutual funds are too large to comfortably trade in and out of them. The end result is that small caps are frequently mis- andunder-priced, leaving enterprising investors the chance to buy into small, growing businesses on the cheap.
6. Diversify: Lynch's Magellan Fund held an incredible 1,000+ stocks when he finally handed off the reins in 1990. For perspective, that's roughly five times the average number held by U.S. equity funds. Lynch spilled coffee on the Ivory Tower of Modern Portfolio Theory by proving you can comfortably crush the market despite being incredibly well diversified. How? By choosing small, growing, well-managed companies and letting them run.
Value investing, starring Warren Buffett
No offense to the father of value investing, Benjamin Graham, but his pupil and understudy Warren Buffett is The Man when it comes to the practice and theory of value investing. Value investing is the art of buying stocks for less than their fair, or "intrinsic" value.
For Buffett and his legion of value-investing disciples, the craft involves three steps:
4. Buy great businesses: Buffett looks for businesses that boast strong brands, management teams, cash flow, and staying power. Serious staying power. The kinds of businesses that you think will outlive you -- names like Coca-Cola (NYSE:KO), Procter & Gamble (NYSE:PG), and Johnson & Johnson(NYSE:JNJ). Once he finds these great businesses, he looks to buy them when they're out-of-favor, and then patiently holds on for years upon years as these beauties compound wealth.
5. Be contrarian: It takes some nerve to buy stocks that everyone else is down on, but Buffett has made a living by going against the grain. As he's been wont to say, "Be fearful when others are greedy, and greedy when others are fearful."
6. Invest for the long haul: As Buffett once said, "Our favorite holding period is forever." And if you can't tell from our section on investor temperament, we feel the same way!
International investing, starring Sir John Templeton
As with Lynch and Buffett, we celebrate Sir John Templeton's philanthropy, intellectual curiosity, and Foolishness. Templeton's success was not the result of a proprietary trading scheme, inside information, massive amounts of leverage, or complicated derivatives. Rather, like Lynch and Buffett, Templeton succeeded because of sound, fundamental research and the patience and discipline to hold stocks for years.
His philosophies have become widely adopted today because they work and because people realize that in a global economy, it no longer makes sense to be provincial about investing. But many individual investors continue to try to time the markets and trade with a short time horizon.
His success also reflected a willingness to look where other investors would not. Appreciate Templeton for all we've said, but also for:
3. Going abroad: In a time when conventional wisdom demanded that investment houses set up on Wall Street, in Boston, or in London, Templeton instead fled to the peace and quiet of the Bahamas. He was one of the first foreign investors to focus on Japan, and he strode early into Russia.
4. Investing consistently: Templeton didn't chase a lower-case fool's errand by trying to time the market. As he once said, "The best time to invest is when you have money. This is because history suggests it is not timing the markets that matters, it is time."
John meets Warren meets Peter
Again, the perfect Foolish portfolio blends the traits of all these master investors: A business-focused, diverse portfolio of growth and value stocks, both foreign and domestic. But your exact mix is a matter of personal style and risk tolerance. For that ...


本文翻译由兄弟财经提供


文章来源:
http://www.fool.com/how-to-invest/personal-finance/step-9-invest-like-the-masters.aspx?source=ipasitlnk0000001

 承诺与声明

兄弟财经是一间香港注册的正规公司,是全球历史最悠久,信誉最好的外汇返佣代理。多年来兄弟财经兢兢业业,稳定发展,获得了全球各地投资者的青睐与信任。历经十年的积淀,打造了我们在业内良好的品牌信誉。

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