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David Webb 23年來回報率可比巴菲特 直指踢爆謎網會摧毀自己的優勢

今日《彭博》刊出了David Webb的專訪,題為「The 20%-a-Year Stock Picker Who Wishes His Edge Would Disappear」。內容十分精彩。
David Webb是前巴克萊銀行的銀行家。在33歲的時候辭職,成為一個全職的投資者,並通過投資致富。他透露,自1995年起,他在港股投資的年增長率約20%,而這段時期恆指的回報率只有約每年8.4%,跑贏恆指一倍以上。他的身家超過13億港元。
Webb認為,他之所以得到這樣好的投資成績(NW小編按:巴菲特過去53年的平均年報酬率是20.9%),只是因為香港薄弱的企業管治和監管疏忽(weak corporate governance and lax regulatory oversight)。港股市場,充滿了企業醜聞和波幅極大的細價股。與此同時,現時恆指的市盈率低於10倍,是全球最低的水平之一。
Webb用一個比喻概括自己的優勢,他形容自己是一個汽車維修員,去到一個擺滿二手車的地方,但因為人們害怕這些車是次貨,所以都給予了discount,他自然有優勢。簡單地說,就是他有能力避開次貨,並且持有一些十分便宜的好公司,於是便能戰勝恒指。
不過,他不希望只有自己能透過股市的漏洞獲利,「我不想到死時說,『我是一個非常好的投資者,這很有趣,但我沒有改善人類狀況』(I don’t want to reach the end of my life and say, ‘I was a really good investor, that was fun, but I didn’t advance the human condition)」。
Webb 從2017年6月起,一舉踢爆了76隻股權結構或財報有問題的股票。他在專訪中透露,過去近兩年他主力研究企業財務報表和其他公司披露,揭露問題股並公之於眾,他經常要工作到凌晨兩點,而這樣做不會賺錢,但他期望可以令大眾避開市場上的陷阱。「生活除了賺錢還有其他東西」(There is something more to life than just making money)。
他在專訪中這樣概括自己的投資策略:
持有約35隻股票,平均持有期為「五年以上」
持有長倉,不做沽空
更傾向成為小公司的大股權
不借槓桿
尋找管治良好而且價值被低估的企業
細閱幾乎所有監管文件
避開大價股
不管理外來資金:「那會有很多爭論」
David Webb指,他先後公開的謎網股名單,就是按這些投資策略,選擇股票過程中的副產品,「我在尋找優秀的公司,期間你會發現很多垃圾,像謎網這樣的東西就出現了」。他預期在他接連爆料後,香港股市可能會有大改革,他認為對香港是好事,可以令股票估值更高、更多公司上市,並降低企業融資成本。
不過,要用廉價買好股,就會變得更困難了,因為到時次貨會清除,市場難以再對好股給予discount。
來自《彭博》專訪:https://www.bloomberg.com/news/articles/2019-01-02/the-20-a-year-stock-picker-who-wishes-his-edge-would-disappear 文:Nowwwhat Editorial