斯坦福MBA许轶的图书主页-查字典图书网

此时无招胜有招

2014-01-30

Howard's writing echoes with many of my investment philosophy. Better than that, his style matches many of my recent trades. The second level thinking requires people to go beyond the surface of the obvious facade to delve into deeper meanings.

The investment analysis is, in reality, a result of confluences of many colliding tides. His analysis of cyclicality and margin of safety are great.

In reality, the Shanghai index fell below 2,000 points three times in the past 18 months and as people were in panic, I bought the dips three times. Call it luck, you may.

His books is more philosophical than technical. Even so, I read the book cover to cover.

I seek asymmetric returns in the market and would love to share my performances and trade ideas. It's a great book written by a great practioner.

alpha is a myth but I found it

2014-01-30

I read the book first when I was working on Wall Street in the US.

I have had the luxury to work at Goldman Sachs, Credit Suisse and personally known, consulted and worked with many of the figures mentioned in the book, especially John Paulson and Tiger Management.

After I left Wall Street in 2012, I had less restrictions to invest and the book inspired me, with my experiences and acumen, to achieve alpha year after year.

In 2012 I achieved annualized return of over 25% vs 15.8% of S&P. In 2013 I achieved 110% and 105% in Shanghai A shares and US equities respectively. Of course, the notional amount invested was very significant.

If life is a game, investment is a superior sub-game that is played with real money and returned with outsized satisfaction and returns.

Among all, I admire JP's CDS trade, his conviction and timing. The persona I respect most is Stan Druckenmiller who helped Soros break the Bank of England in 1992.

It's all been done before and history repeats itself. Those who pay attention and learn from the history will reap the awards

Great stories in depth

2014-01-30

Maneet put too much emphasis on promoting some big name managers like Paulson, etc. Some stories are simply too well written of, but she does provide many insights into many managers who were not that well covered before and the descriptions of their strategies are very good.

I like the parts on David Tepper, Saba capital and avenue capital.

Despite a few lousy chapters, the book is a great and pleasant read.