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Where are the Customers' Yachts? or A Good Hard Look at Wall Street

This  book has to be the wittest book that I have ever read about the people and the institutions of the stock market.   The book is written by Fred Schwed, a former stock broker on Wall street, except in those days, brokers are called "customers' men."

Even though the book was written in the 1940s, when you read it today, it would still be very much relevent. In fact, you got this funny feeling that the more things change, the more they stay the same.

The book is written in a very witty way with a satarical and penetrating tone.  Reading this book in English, it is great joy. However, some of the most funny sentences in this book, I am not even sure can be translated. 

There are some of the wittest sentences that I have ever read about stock market.  Below are some examples:

1. About the difficulty in finding good "investment trust management" equivalent of today's money managers, "simply because there is practically no competence to be hired.&quo…

So the management wants to buy you out? What do you do?

Let’s say that you are a small value investor. Somehow you bought this cheap stock and hold this cheap stock.

Now one day out of blue, there is this news that the management wants to buy out the stock investors and take the company private. What do you do?

Well, this is what I will do:
1. Find out the terms of the deal. What is the management offering to take your part of company away from you? What is the market price that you can get for your share of the company today?
2. Figure out how long it typically will take for the deal to work out.
3. Assess the possibility of the deal to work out.
4. Assess the stock’s intrinsic value in connection to the market price. What do you think the stock will be worth 2 to 3 years later if the buy our deal fails?

The first 2 steps give you the gain and the annualized return assuming the deal passes. Typically the gain itself could only be a few percents. However, depending on the time it takes for the deal to work out, the annualized return can …

Prof. Andrew Weiss's Investment Do and Don't

I first learned of Dr. Weiss from a guest lecture that he gave at the Business School in Columbia University.
I was deeply impressed by that speech and decided to learn more from Dr. Weiss.

It turns out that Dr. Weiss is not only an economist but also a hedge fund manager. Below are what significant people said about him.
"If I had one person to pick and one guy to put the money in, I would pick him."--Prof. Bruce Greenwald, who taught value investing at Columbia University.
"[Weiss] is a significant person among US economists. I have known him personally for 30 years and I have the highest respect for him."-- Robert Solow, Nobel Prize Laureate in Economics

Below is the note that I took from a speech delivered by Dr. Andrew Weiss at Boston University.


Don't under any circumstances:
1. Buy stocks or bonds from someone who is cold calling you. Especially if they are working for a firm that is not known to you.
2. Put your money in a discretionary account- an accou…

Walter Schloss: Factors needed to make money in the stock market--在股市賺錢必要的因素


相對於某個基本價值,價格是最重要的因素。 嘗試找出一個公司的基本價值。請記住,每股股票代表一個企業的一部分,不只是一張紙。使用賬面價值(淨值)作為出發點來確立價值的企業。要確定債務不等於 100%的股東權益。要有耐心。股價不會立即漲上去。 不要聽小道消息而購買股票或是為了賺短線而購買股票。如果專業人士能夠這樣做,就讓他們去做吧。也不要因為一個壞消息就急急忙忙的賣股票。 不要害怕做個孤獨者,但一定要確定你的判斷是正確的。你雖不能百分之百確定,但總要盡量尋找出你的想法的弱點。買入要分批買入,賣出也就分批賣出。 一旦你已經做出了決定,就要有勇氣堅持你的信念。 有一種投資哲學並且努力遵循這個投資哲學。以上這些是我自己體驗行得通的方式。 不要在太急於出售。如果股票價格達到你認為是公平合理的價位,那麼你當然可以賣。但往往因為股票上漲了50%,大家就想也不想賣掉它,以便讓利潤落袋為安。在賣出前應當嘗試著重新評估公司的價值,看股價相對其帳面價值(淨值)是如何。也需要注意股市的高低。股市是否是低殖利率和高本益比率嗎?如果股市相對於歷史是在高水平,是否人人都非常樂觀? 當購買股票時,我發現在過去數年低點的附近買入是有幫助的。 一隻股票可能會漲到高達125塊一股,然後開始下降到60塊一股,你以為它蠻有吸引力的。但假如3年前這股票20塊就可以買到,這就表明了這一隻股票的股價還是可能有一些下跌的空間。嘗試以折扣價來購買資產而不是購買收益。在很短的時間內,一個公司的收益可能發生顯著變化。通常資產的變動就緩慢多了。假如果一個人買的是公司的收益,這一個人就必須知道更多有關公司的事。 聽取你尊重的人的建議。這並不意味著你必須接受他們的建議。記住,這是你的錢。一般而言保守錢財是比賺取錢財更難。一旦你損失了很多錢,就很難賺回來。 盡量不要讓自己的情緒影響你的判斷。在買賣股票上,恐懼和貪婪是可能是最糟糕的情緒。 記住複利的功效。舉例而言,如果你能每年以12%再投資時,先排除繳稅,你的錢每6年將增加一倍。記住72定律。您的收益率會告訴你增加一倍的錢要多少年。 偏愛股票超過於債券。債券將限制你的收益而通貨膨脹率將降低你的購買力。 要小心財務槓桿。它可以對你大大的不利。
Price is the most important factor to use in relation to valueTry …

超級金錢(SuperMoney)

作者:[美]亞當‧史密斯
譯者:李月平 曲紹宏
出版社:機械工業出版社
出版日期:2010年06月01日
語言:簡體中文 ISBN:9787111306337
裝訂:平裝
作者:Smith, Adam/ Bogle, John C.
出版社:John Wiley & Sons Inc
出版日期:2006年05月26日
語言:英文 ISBN:0471786314
裝訂:平裝

這是本1970年代初期出版的書。
內容主要是描寫法人機構在1960-1970年代的一些怪現象。

作者亞當‧史密斯(Adam Smith),是個筆名,真正的名字是George Jerome Goodman他是『投資法人』(Institutional Investor)雜誌的編輯和創辦人之一。

這書是第一個把巴菲特介紹給美國大眾的書,誰說好的經理人是無法事先知道的呢? 至於書中的沒有大學學歷卻又相當成功的基金經理人赫伯(Herbert),則是作者給有名的價值投資人Walter Schloss取的化名。

有兩種人該看這書,第一種人是一般個人基金投資人,看過後你大概只買指數基金,而且會對資產配置極其小心。如果你能學會避開下一個股市泡沫,這書就算沒有白讀了。第二種人是自行挑股票的散戶,讀完這書,你就不會再覺得法人外資是全知全能。

把價值投資用在職棒選秀上:Moneyball By Michael Lewis  

你可曾想過職業棒球隊的戰績和隊上球員薪水的關係? 是不是球隊老板肯花大錢請球員,就可以提高勝利的機率? 你可曾想過把價值投資用在職棒選秀上嗎?  你可知道奧克蘭體育家隊在過去幾年運用價值投資的原則,以遠少於其它球隊的薪水,卻有更好或相當的戰績?
下表比較去年(2002)各主要球隊薪水與勝率

在本書中,作者介紹了,奧克蘭運動家隊的經理階層,如何運用價值投資的原則,採用『非傳統的棒球統計學』(Sabermetrics),來評估球員對球隊勝利的影響。靠著這獨到的眼光,因此可以用低價聘請到在『球員市場』上價值被低估的球員。也靠著這樣的方法,能夠用微薄的預算,來組成一支極富競爭力的球隊。
本書是一本價值投資人不可錯過的好書。
    作者: Micahel Lewis     出版社: Norton     ISBN: 0-393-05765-8
---原作發表於聚財網 Aug. 2003.

The Big Short: Inside the Doomsday Machine --- By Michael Lewis

Hardcover: 266 pages
Publisher: W. W. Norton & Company (March 15, 2010)
Language: English
ISBN-10: 0393072231
ISBN-13: 978-0393072235
       Michael Lewis is one of my favorite writers. In this book, he introduces you to several people who saw that 2007-2009 financial storm coming and went short against the mortgage bonds. These people are very interesting to me somehow. In particular, this one medical doctor, Dr. Michael Burry, struck a cord with me.
      Dr. Burry is not a new name to me. The first time I heard about him was in the late 1990s. At the time, he had this "blog" about investing before the word "blog" was used.
      I was learning about investing at the time and Dr. Burry's writing and real-time stock picks on the site showed me that there is an intellectual way of thinking about investment in general and stocks in particular. I may say that I have my networth today, to some extent, due to the intellectual framework formed at the time…