Today is not what it used to be

我最可爱无敌可爱 : What does it have to do with Tesla

大口吃肉 : You are an institutional investor. We are all short-sighted retail investors. 10,000 years have been too long, only fighting for the morning and evening. This is like playing the piano against cows

Elias ChenOP 大口吃肉: FREE! Short-term expert
Unlike Buffett, Steinhard isn't superstitious about long-term investing, although he does it sometimes. He is based on the short term and thinks10%、15%Accumulating earnings is much more reliable than hoarding stocks and waiting to rise in Japan. He feels that the return on this so-called long-term investment is quite empty.”By the time stocks I've invested in for a long time made money, short-term profit money has been placed there for a year”. Based on this theory, he changed from117Meta-initiatedIBMThe stock is in132The yuan ended in profit. At the same time, it was shorted at that price, and the stock price fell to120Close the position at yuan time. Steinhard admitsIBMIt is true that stocks can make long-term profits, but he is not only there waiting for the stock to rise to its own price; he has done more and got more.
Steinhard likes the short term. His judgment on direction is unusually accurate. When he learned that interest rates might be lowered, he did not hesitate to buy bonds . Despite this, he never exaggerates the utility of short-term operations. He hopes that various short-term techniques will not be hyped up too much, and he also hopes that people can refocus on long-term trends when the short term is exaggerated.

Steinhard tends to think independently on his own; his unfettered Thinking allows him to grasp those”directionality”changes. Once they learn about his portfolio, people will be surprised to find that Steenhard's attention is focused on all areas of the stock market. Stock clutter has no inherent logic, yet it is one of the most powerful portfolios. Steinhard's The achievement was due in large part to the fact that he never followed blindly and always had a clear understanding of the latest predictions flying all over Wall Street.

Go long and go short
Steinhard is good at going long and better at shorting. His fund has been shorting for a while, but has received30%to40%rate of return. Going short means more courage; doing too much can be lost100%, and shorting would lose even more (he used to19Yuan shorted Canon, but in the end, the stock rose46yuan), so shorting requires better skill and sharper observation.1972In the same year, he shorted Borarod, the electrostatic industry, and Avon Industries.1973He also shorted Kaufman and Broad shares this year, all of which made him very successful. Steinhard was so wise that he often went long and short at the same time, and as a result, he made money.
Rebellious miracle
Wall Street's first iron law—It's an irreversible market.
Wall Street's Second Iron Rule—Losses must be cut off.
Wall Street's Third Iron Rule—Violation of the above two, It's only been half a year since they made a decision.
And Michael·Not only did Steinhardt often break the above two iron laws,And also45An honorable retirement with assets of 100 million!

1995In the year, he got tired of short selling in the market and decided to retreat completely. He claims he has enough money and wants to find other incentives. He bought a number of properties north of West Chester and his many properties at Croton Reservoir. There is a tree-lined street all around. You can see the reservoir through the tree-lined path. His house is on the right side of the river bank. There is a large swimming pool in front of the house. The house used to be Theodore·Dreisse's. This one20The novelist of the century wrote “The American Tragedy.” On his land, Steinhardt bought many animals and formed a safari park. He fed them and almost created an African animal sanctuary.
Steinhardt talks about the secret to success: Courage is more important than knowledge, Timing is more important than direction.
Investment principles
（1) Make mistakes as soon as possible
Once the decision is made, it is immediately implemented, and the decision is constantly being corrected.
（2) Do what you love
By following this path, your persistence can ensure long-term success and happiness rather than emptiness after a short period of speculation.
（3) Remain relatively alert
We must study all fields that may bring wealth at any time, and perceive general changes earlier than others.
（4) Make full use of information
Much of the information is useless. The key is how to grasp existing information and focus on the most important issues.
（5) Trust your instincts
Experience is an asset. Admittedly, intuition is also an accumulation of experience. The key is how to balance intuition and experience.
6·Don't make small investments
People have limited time and energy, and when venturing out to invest, ensure that the return is sufficient to cover expenses.
You haven'tMichael H. SteinhardtSo smart and powerful, right? And the difference isn't that small?
Well, please take another look at the one that is revered as a stock godWarren Edward Buffett。
Warren Edward Buffett in2019Forbes ranked third among the richest people in the world this year, with assets reaching825A billion dollars. in2019USA400The list of the richest people is808The most billion-dollar asset ranking3first name. in2020year4On the list of the world's richest people published by “Forbes” in January, Buffett's net worth675Billions of dollars, ranked number one4name. Personal holdings29.510,000 shares of BerkshireAShares,7.910,000 shares of BerkshireBCash on stock deposits.
3.Why should we use whether we are being fooled in the immediate future and whether there is immediate profit as the standard for success or failure of an investment, right or wrong? Why is it necessary for the stock price to stabilize, so to be able to open a position layout if it stops falling? You are the god of speculationJames Harris Simons(James·Harris·Simmons,1938year4month25day—, the world's top Jewish American mathematician, investor, philanthropist,Renaissance Technologies LLCThe founder of Renaissance Technology LLC,2019Year America400On the list of the richest people, he216Billions of dollars in assets, ranked number one21name.) huh? Frankly speaking, only God knows.
Everyone knows the god of stockWarren Edward Buffett, but few people know the god of investment and trading James Harris Simons. He used to be the most profitable fund manager on Wall Street, the fund he managedRenaissance Technologies LLCThe average annual yield is as high35%, and“God-strand”Buffett's level for the same period is not good20%It can be called the champion in efficiency (but the absolute value of profit is still a stock godWarren Edward Buffett), worthy of being someone who made a lot of money using math.