thoughts and adventures by Winston S. Churchill


782家A股公司已实施回购617亿 是2017年近7倍


David Webb

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’’