投资:有什么投资的秘诀
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Manage episode 232942957 series 2438550
What are some secret investment hacks?
Gary Mishuris, Managing Partner, Chief Investment Officer at Silver Ring Value Partners (2016-present)
Here are some traits and behaviors that have allowed investors to excel over the long-term:
5. Minimizing behavioral biases. Behavioral biases are pervasive and nearly impossible to eliminate, but the best investors work hard to be consciously aware of them and to take specific steps to mitigate them. There are a number of steps one can take to stay as unbiased as possible. One of my favorites is to consciously seek out the strongest possible opposite point of view that contradicts my thesis. If done well, this can lessen the impact of many biases, such as anchoring, over-confidence and base-rate neglect.
I frequently get asked by prospective investors about what my ‘edge’ is as an investor. Sometimes I think the answer that they are looking for is some proprietary model, some black-box that spits out superior answers that nobody possesses, or an ability to know what the future holds based on some deeply proprietary network of sources. The real answer is less exciting, but nonetheless quite effective. It is the combination of the traits and behaviors that I described above. I would add a sixth one to the list – staying humble while maintaining your confidence. History is littered with many seemingly great investors who fell apart and produced disappointing results for their clients just as they had accumulated the greatest amount of assets after a good run of performance. Perhaps some of them were never as great as they seemed, but in other cases I can’t help but think that it was a combination of hubris and complacency that led them astray.
The best investors stay humble – always thirsting to learn and improve as well as accepting that they are fallible and can make mistakes. This helps them to be on guard against the traps of complacency and overconfidence. Some view this posture as inconsistent with confidence in one’s abilities – after all, this is an industry where some think that the best investors are supposed to be on CNBC or on the cover of some financial magazine telling the world how great they are, which seems incompatible with a humble, introspective approach. Believe me, the people I admire most as investors have rejected this false dichotomy, and are able to balance humility with confidence and competence in a way that allows them to continue to improve for many years.
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