2011年5月27日 星期五

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.

2011年5月1日 星期日

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 when I was reading his website.
      For people who want to be an investment manager, I think it is important that they read about Dr. Burry's experience during the whole time he was short mortgage bonds by CDS.
      Here is his writing about CDS and how he use CDS to short the worst of mortgage bonds. Scion capital CDS primer
http://scioncapital.com/PDFs/Scion%202006%204Q%20RMBS%20CDS%20Primer%20and%20FAQ.pdf
      Other characters in the books are also very interesting. I think many of readers on this website may identify themselves with the three guys from Cornwall Capital. These are people who have little money at the beginning but made big money (for private investors) by exploiting the inefficiency of the market.
     This has to be the best book that I read this year. Don't laugh, I am not making this up. I do read about 40-50 books a year in my spare time.
     If you don't mind reading in English, I think you would like this book.