January 2019 – Sapiens 阅读记录整理分析；投资是一门手艺！

David Webb quit his job at 33, got rich investing in Hong Kong。Now 53 and comfortably rich, he’s OK with giving away his research。his total wealth — have swelled to about $170 million from $30 million in 2003

Over the past 20 months, he has advised readers of his widely followed website to avoid more than 75 of the city’s publicly traded companies — several of which subsequently became targets of the largest-ever raid by Hong Kong’s securities regulator. Stocks on his “not to own’’ lists have lost $16 billion of their value since he warned against buying them.

Here’s how Webb describes the basics of his investment strategy:

Owns about 35 stocks at a time, with an average holding period of “five-plus’’ years
Long only, never short
Prefers large stakes in small companies and isn’t afraid to take an activist role: “If you are going to be a minority shareholder, it’s better to be a big one’’
Doesn’t use leverage
Looks for businesses that are well-governed and undervalued
Reads the regulatory filings –- almost all of them
Avoids large caps
Refuses to manage outside money: “It’s a lot of hassle’’