미국·해외주식
하워드 막스의 조언
"다른 투자자와 똑같이 행동한다면 더 나은 수익률 기대할 수 없다" - '2차적 사고'와 '역투자' 활용 강조 - 2차적 사고’를 갖추기 위해 △공시된 정보의 함의를 정확하게 이해하는 능력 △기업의 정량적 측면을 분석하는 능력 △미래를 내다보는 능력 필요 - 모든 판단을 대중과 반대 방향으로 결정하는 게 ‘역투자’가 아니라는 점 https://www.oaktreecapital.com/insights/memo/i-beg-to-differI Beg to Differ
I’ve written many times about having joined the investment industry in 1969, when the “Nifty Fifty” stocks were in full flower. My first employer, First National City Bank, as well as many of the other “money-center banks” (the leading investment managers of the day), were enthralled with these companies, with their powerful business models and flawless prospects. Sentiment surrounding their stocks was uniformly positive, and portfolio managers found great safety in numbers. For example, a common refrain at the time was “you can’t be fired for buying IBM,” the era’s quintessential growth company.
https://www.oaktreecapital.com/insights/memo/i-beg-to-differ
