저자: Philipp-MalteLingnau · 외국인
요약 보기
한 줄 결론: 켄 피셔의 퀀트형 성장주 포트폴리오 전략을 소개하며 특정 종목 매수를 권유하기보다 투자 스타일 분석에 초점을 둔 영상이다. [투자 철학] 피셔는 성장주 중심의 퀀트 투자자로, 약 360억 달러(영상 기준 표기) 규모를 운용한다고 소개된다. 군중 심리를 피하고 역행 투자를 강조한다는 점이 핵심 주장이다. [평가 지표] 주가매출비율(PSR)은 0.7 미만을 이상적으로 보며, 상한선은 1.5~3 사이로 언급된다. 이 외에 이익률, 부채 상황, 잉여현금흐름, 이익 성장률 등을 함께 본다. [정성 분석] 수치 분석 이후 기업의 차별화 포인트와 경쟁우위 등 질적 요소를 2단계로 검토한다고 설명한다. [포트폴리오 구성] 약 900개 종목, 200여 개 신규 편입 규모로 매우 광범위하게 분산되어 있다. 기술·금융·ETF 비중은 각각 15~20% 수준으로 언급된다. [주요 보유 종목] 아마존이 최대 비중이며 알리바바도 상당한 비중을 차지한다. 비자, 애플, 크레딧스위스, 마이크로소프트, 존슨앤드존슨 등도 언급되며 텐센트, 인텔 같은 성장 섹터 종목 성향이 보인다. [출연자 전망] 특정 자산의 향후 가격 방향에 대한 예측 발언은 없고, 투자 스타일 소개와 시청자 의견 요청으로 마무리된다.
다듬은 글
In today's video, we'll be discussing investment legend Ken Fisher, which stocks he's bought, what strategies he's pursued, and, most importantly, what his portfolio looks like. If you're interested, then Manrico Bahn investments? through the triangle below because the will to lead is there, so I don't see any problem.
And with that, welcome! My name is [name omitted], and I hope you've had a successful day so far. Yes, you know [name omitted]. Fischer is an investment legend we have n't talked about yet, but he's also a very interesting personality. He specializes in growth stocks, and there's [name omitted], which is a form of management where he currently manages more than 36 billion dollars.
He's developed a certain style, which he uses as a guide. This means he has specific factors he uses to evaluate companies, and based on these, he makes his selections. He has several different styles, and this is something he apparently [doesn't] ... Currently, he's preoccupied with considering which style to employ, for which time period, or depending on the current market situation, and what will yield the best results.
One interesting aspect of his approach, which also makes sense in a way—something we see in many investors or legends—is that he encourages his employees to avoid thinking like the masses in the financial world, including those from analysts. He says that if we fall into this groupthink, we're always on the wrong side.
He wants to always go against the grain to gain an advantage and not just do what everyone else is doing, because then he simply can't beat the market in the long run, because he's just going with the flow. There are also a few other factors in his strategy worth mentioning. One is the price-to-sales ratio, which he always considers and ideally wants to keep below 0.7.
His upper limit, however, is somewhere in between. 1.5 and 3 as above three is also what I found about it, which is actually all that he doesn't even look at anymore, and that's of course not the only factor he looks at. As we've seen with many other investors, these are things like profit margin, debt situation, free cash flow, profit growth.
You can then look at such key figures. And then, in the second step, he naturally also looks at the qualitative characteristics and sees what advantage I actually have for this company. These are the unique selling points, the competitive advantage, and so on. So enough about his strategy, let's now take a look at what Fischer Asset Management LLC has to offer.
And we see we have a very, very broadly diversified portfolio with almost 900 stocks and almost 200 acquisitions again. And I'm not entirely sure if I just misspoke, but apparently the holding company's current age is significantly more than the 36 years I saw there; it was probably a bit older. We're at almost 86.
And now let's look at the stock picks. And we see here, as we have with other investors, that when we have a broad portfolio and especially a large proportion of quantitative selection methods, we have an extremely large number of companies where it is difficult for us to keep track. And above all, we also have OTS included, so we decided to first look at the current portfolio.
We see here that the sector weighting is relatively broadly spread, meaning we have a broadly diversified portfolio. We are always invested in technology, financials, and ETFs, with between 15 and 20 percent. Now, if we look at what that means for the individual stocks, we simply reweight the portfolio by size.
We see that we have growth stocks here, just as we just discussed because of his strategy. For example, Amazon is the largest position in the portfolio, as is Alibaba, which also has a relatively large position. Now, measured against all companies, Visa, Apple, Credit Suisse, Microsoft, Johnson & Johnson...
So, we have a broadly diversified portfolio here, which is not only... It consists not only of growth stocks but also includes other, more stable stocks. However, we can already see the tendency of their sector, like Tencent or Intel, for example. These are companies that are subject to stronger growth than classic blue-chip stocks.
This means that even with this guru, it becomes clear again that we have a very specific investment style that doesn't conform to the masses and relies on key figures that he himself has developed over the years. And yes, I'd like to know what you think of this quantitative investment style, whether it's based on systems that are also interesting to you, or which other legends we should discuss in detail.
Just write that in the comments. And otherwise, if you liked the video, do n't forget to subscribe. And if you don't have another video, have a successful day. You can find more videos here. And otherwise, take care.
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