BYM Book Club: Howard Marks "The Most Important Thing"第三章、第四章讲的都是有关 value investing (价值投资). (以下分享为 book review, 不作为任何投资建议)书作者 Howard Marks 本人也是价值投资实践者。在他看来,这是最靠谱的投资方法。自古以来,投资股市有两大流派。第一个流派是对公司经营情况进行...
Investing errors, psychological factors —Howard Marks 76 Smart investing doesn't consist of buying good assets, but of buying assets well. —Howard Marks 75 Investing is a funny business. It's really easy to be average. Just buy an index fund. It's really hard to be above average. —Ho...
Howard Marks(橡樹資本管理公司聯合主席)的觀點 • 市場風險與投資策略:Marks指出,當前市場的地緣政治風險被低估,投資者應該在高估值的情況下保持防禦性,而不是完全退出市場。他強調,退出市場往往是錯誤的決策,應該根據內在價值調整投資行為。 • 高估值的看法:他認為美國股票的估值相對歷史來說偏高,這意味著投資者...
What Marks wants you to do by sharing these ideas is to have the independence of mind. He wants you to not get swayed by what everybody else is doing and , in fact, become “psychologically astute.” As his third thought states – The discipline which is most important in investing is ...
4,The relationship between price and value holds the ultimate key to investment success:资产本身基本面的好坏, 一定要结合其市场价格来比对才能判断其是否成为一个好的投资标的, 投资=买and卖,永远是动态的。 5,什么导致了物超所值呢:当人们的perception understate reality 时。另外high quality 容易识别,什么...
Howard Marks Oaktree Capital co-chairman He urged investors to take a moderate approach in these uncertain times, adding that his approach "is not black or white, buy or sell." Markets have been highly volatile since the coronavirus spread globally, with stocks swinging wildly in the past ...
Howard Marks’s The Most Important Thing distilled the investing insight of his celebrated client memos into a single volume and, for the first time, made his time-tested philosophy available to general readers. In this edition, Marks’s wisdom is joined by the comments, insights, and counterpo...
Great investing requires a mix of luck and skill – both of which can be unpredictable In the book, Marks defines investment skill as “the ability to make decisions, these positioning decisions regarding cycles and asset selection, so that you generally are on balance, correct, (although not ...
Yield,ConvertibleSecurities,andDistressedDebtgroups.In1995,Marksco-foundedOaktreeCapitalManagement. In2011,ForbesrankedhimasoneofthewealthiestAmericanswithanetworthof$1.5billion.Alsoappreciatedby WarrenBuffet,readmoretoknowaboutthemantraofinvestingthroughthisbook:TheMostImportantThing– ...
“a continuum from 0 to 100, he says, with 0 being completely out of the market and 100 being completely in using aggressive techniques like investing with borrowed money.” Having said that, Marks is very wary of attempts to quantify probability given risk, uncertainty and i...