Charles Brand Adams (Charles Brandes) is a lucky: 40 years ago, the fledgling, he is in the . Soon after, Brandes alone play the leading role, creating Brandes Investment Partners. 40 years, Brandes's assets under management from the initial 1.3 billion dollars to 47.8 billion U.S. dollars, and he had by virtue of its long-term outperform the Fund's outstanding performance has won respect on Wall Street.
information, Brandes Global Equity Fund Management ended the 2007 average rate of return over the past 20 years to reach 19.21%, to head of U.S. equity funds over the past 10 years average return rate of 21.1%. The Nielsen Company, which voted in 2000, Brandeis was named the best fund manager first.
patience, patience, or the patience
70s of last century, has just received stock broker training, Brandeis had the honor to get to know Graham, and to learn the value of investments parent first-hand experience. In the 40-year investment career, Brandeis consistently adhere to the law of Graham Value Investing: Finding the market who have not received attention undervalued after its sale to some extent, the average investment holding period of 3 to 5 years.
at Brandeis view, the real investment is the actual value of the company's long-term concern for investors considering only quarterly earnings, the market behavior and can not be called investment, but speculation. He believes that mode of operation Kuaijinkuaichu is opportunistic, and For example in 1974 to 1975 bear market, value investors, who did not get very large gains, but the place now, these people still have made a satisfactory return. Thus, even the next five or six years the market may not be very good, but value-based return on investment for some companies may still be quite satisfactory.
Brandeis that the investment has three elements, namely the analysis, the principal security, adequate income, can not meet the market behavior of these three elements are all speculation rather than investment, but to do this three Be patient, waiting for an accurate measure of the company's stock sold for less than the value to be patient when waiting for stock to reach the conditions thrown more patience. This cycle of the investment process, also need patience. He made research shows that the United States over the past 80 years, changes in stock returns and GDP relationship does not exist, Brandes said the results of this study confirm that investors would be best to focus on the value of the stock and its long-term profitability of comparison, growth stocks and value stocks the most expensive compared the long-term performance, you will find the long-term average annual return of value stocks over growth stocks will be 5% to 6%, sometimes up to 10%.
this, Brandes believes that the actual stock price is its future earnings and discounted cash flow valuation, and these earnings and cash flow of the market's expectations. For the hot growth stocks, because of its high valuation of stock in the region, in the event of unexpected earnings decline, its stock price will decline. The results surprised even there, as the market has a higher expected before, in the In contrast, value stocks cheaper prices, market expectations are very low, so any of their results announcement for the market, are likely to be-than-expected. This is why value stocks have a better long-term performance of one of the reasons.
addition, Brandes also believes that buying good stocks do not equal a good investment. Those with high and stable level of income, the company recorded strong gains almost all good company, but only in the company's stock price to purchase more, it is a good investment. (Xinhua Yang Bo)
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