Investment Philosoohy Pt.2

  毎日更新ができるよう書き溜めているんですが、何だか習慣付いていないので中々難しいですね。

  最近暖かい土地に行ったり、帰ってきたら日本が超絶に寒かったりで、完全に体調を崩しました。その上、お気に入りの手袋を落としてしまい絶望の淵にいます。まぁ絶望していても仕方ないし、正月明けのバーゲンで手袋を探すのを楽しみに生きて行こうと思います。それまでは、片手は手袋、片手はコートに突っ込んで生きます。今日やってみたら、手袋がタッチパネル非対応だったこともあり、案外便利で良かったです。と言うわけで、投資哲学の続きです。

  投資哲学をググっていると色々な会社のものが出てきます。例えば、最近読んだ本で最も良かったと思われる、投資で一番大切な20の教えを書いたハワード・マークスさんの会社、オーク・ツリーはサイトに下のような哲学を載せています。

 訳すのも面倒なので、今日はしません。でも読んでると結構いい話なんで、そのうち独立させて一つの記事として訳してみます。これ読んでると全く本の内容を覚えていないのが分かります。

http://www.oaktreecapital.com/about/investment-philosophy.aspx

INVESTMENT PHILOSOPHY

The following reflects the investment philosophy and beliefs of Oaktree and its senior executives.

Oaktree provides investment management within a limited number of specialized niche markets where we believe the potential for reward outweighs the risk entailed. All of our investment activities operate according to the unifying philosophy that follows:

The primacy of risk control

Superior investment performance is not our primary goal, but rather superior performance with less-than-commensurate risk. Above average gains in good times are not proof of a manager's skill; it takes superior performance in bad times to prove that those good-time gains were earned through skill, not simply the acceptance of above average risk. Thus, rather than merely searching for prospective profits, we place the highest priority on preventing losses. It is our overriding belief that, especially in the opportunistic markets in which we work, "if we avoid the losers, the winners will take care of themselves."

Emphasis on consistency

Oscillating between top-quartile results in good years and bottom-quartile results in bad years is not acceptable to us. It is our belief that a superior record is best built on a high batting average rather than a mix of brilliant successes and dismal failures.

The importance of market inefficiency

We feel skill and hard work can lead to a "knowledge advantage," and thus to potentially superior investment results, but not in so-called efficient markets where large numbers of participants share roughly equal access to information and act in an unbiased fashion to incorporate that information into asset prices. We believe less efficient markets exist in which dispassionate application of skill and effort should pay off for our clients, and it is only in such markets that we will invest.

The benefits of specialization

Specialization offers the surest path to the results we, and our clients, seek. Thus, we insist that each of our portfolios should do just one thing — practice a single investment specialty — and do it absolutely as well as it can be done. We establish the charter for each investment specialty as explicitly as possible and do not deviate. In this way, there are no surprises; our actions and performance always follow directly from the job we're hired to do. The availability of specialized portfolios enables Oaktree clients interested in a single asset class to get exactly what they want; clients interested in more than one class can combine our portfolios for the mix they desire.

Macro-forecasting not critical to investing

We believe consistently excellent performance can only be achieved through superior knowledge of companies and their securities, not through attempts at predicting what is in store for the economy, interest rates or the securities markets. Therefore, our investment process is entirely bottom-up, based upon proprietary, company-specific research. We use overall portfolio structuring as a defensive tool to help us avoid dangerous concentration, rather than as an aggressive weapon expected to enable us to hold more of the things that do best.

Disavowal of market timing

Because we do not believe in the predictive ability required to correctly time markets, we keep portfolios fully invested whenever attractively priced assets can be bought. Concern about the market climate may cause us to tilt toward more defensive investments, increase selectivity or act more deliberately, but we never move to raise cash. Clients hire us to invest in specific market niches, and we must never fail to do our job. Holding investments that decline in price is unpleasant, but missing out on returns because we failed to buy what we were hired to buy is inexcusable.