Thursday, August 8, 2019

Michael Burry近況

有關Michael Burry 的往績數年前已寫過blog文記錄(可看: 此文) 在2008年的次按風暴中透過The big short得到巨大利潤後他便銷聲匿跡了在2013年他重出江湖掌管Scion Asset Management可能由於基金規模比較小或是Michael本人過分低調所以市場上什少提及有關這基金的消息

近數個月超過兩年時間沒有做public quarterly filing的Michael Burry終於浮出水面外界得知Scion最近期的持股與交易小弟我個人是沒有投資美股的如選擇投資美股的話大概只會買指數ETF便算所以我個人對他的持股沒什麼興趣

我比較有興趣的是他個人對投資哲學的一些語錄在3月是次去SEC的filing中Michael形容他的策略與投巧continually evolving也順道節錄他所說的話:

Scion understands that profitable strategies in the first half of the 2000s were not the same strategies that were profitable in the second half of that decade. And Scion understands that this is true for most decades in modern times.

Fundamental research remains critical at the firm, but will technical, macroeconomic, and other tactical approaches to the ever-changing securities marketplace. Investment in individual equities based on Scion’s fundamental, value-oriented analysis will often be a principal emphasis.


Michael的說法即是: 原則上是價值投資但投資人也應該因時制宜在政經環境不停演變的今天真是太重要了

回顧2001年Michael寫給股東們的一封信: 

As much as the Fund is a value fund, it is an opportunistic fund. And as much as I enthusiastically explore the value of each business behind every stock, I seek the pockets of the market that are the most inefficient, the most temporarily imbalanced in terms of price. Whatever extra return this Fund will earn will be borne of buying absurdly cheap rather than selling dearly smitten. I certainly have proven no ability to pick tops, and I do not anticipate such a feat in the future. Rather, fully aware that wonderful businesses make wonderful investments only at wonderful prices, I will continue to seek out the bargains amid the refuse.

上文有劃線的一部分也是小弟我的選股核心法則從前如是現在如是將來也是一樣

順道提示Michael Burry的最新買股中有JD.com Inc (JD), 此股已是他的持倉中第一重倉股其他新買進的股票還有GreenSky Inc. (GKSY)PetIQ Inc (PETQ)



8 comments:

  1. 他的 Fundamental research 真令人嚮往, 不知道他又怎樣發掘出另一個, 別人看不見的機遇了?

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    1. 可能是跟大多數基金經理的出身不同吧. 他本身是讀醫科, 有關投資經濟金融全都是自學, 因為跟一般人走的路不同, 想法自然另類了.

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    2. 美國是學士後醫學系,所以麥可其實PRE-MED是UCLA ECONOMIC 出身的高材生 學歷不凡喔

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    3. 係,美國制度係一定要完成學士,再讀醫科,全部美國既醫生都係咁。

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  2. 最大持股竟然係京東,真係估佢唔到。。。

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  3. 你要结合之前事,再想。人點解是人,大自然设计已經是一套工具,它會反應爆炸,但人就把方向,時閒,因果控制。美麗的人,不是如此曰 日美 麗。

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    1. 不用太哲學的, 投資就是為了回報, 很簡單.

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