저자: Philipp-MalteLingnau · 외국인
요약 보기
결론: 그린블랫의 마법공식 기반 포트폴리오는 정량적·광범위 분산 접근이며 개별 종목 예측 발언은 거의 없음. 그린블랫 소개: 책 'The Little Book That Beats the Market'(영상에서는 제목이 부정확하게 인식됨) 언급, 두 가지 지표(자본수익률·이익수익률)로 종목을 고르는 단순한 방식이라고 설명. 마법공식 특징: 정량 스크리닝으로 기업을 사전 선별하는 접근이며, 많은 요인을 미리 걸러낼 수 있다는 장점 강조. 포트폴리오 구조: 13F(SEC 공시) 기준으로 보유 종목 약 900개, 직전 분기 약 250개 신규 편입. 소비재·기술·산업재·헬스케어 등 비중이 비교적 고르게 분산. 매매 특성: 종목 교체 빈도가 높고 편입·매도가 자주 일어나며, 아마존처럼 실적 부진을 겪은 기업도 공식에 맞으면 계속 보유하는 등 명확한 제외 기준이 없다고 설명. 수익률 비교: 그린블랫의 장기 초과수익(S&P500 대비)은 긍정적으로 언급되었으나 구체적 수치는 제시되지 않음. 출연자 견해: 책은 시야를 넓히는 데 유익하며, 정량 접근을 관심 있게 볼 만하다는 입장. 향후 품질 중심 접근과 파생상품으로 위험을 줄이는 방안도 언급. 개별 자산에 대한 가격 방향 예측은 없음.
다듬은 글
In this video, Greenblatt and his magic formula for the stock market are discussed. We'll look at his portfolio and which stocks he's bought most often. So, have fun! investment risk? using the triangle below. Because the will to lead is there, I don't see any problem. And with that, welcome! My name is Finds Malte Linda, and I hope you've had a successful day so far.
Today we're looking at another investment legend, and it's about Greenblatt. He wrote an interesting book, specifically "The Castle of the Beats of the Brand," or rather, the second part, "The Stillest Brand" ( I didn't have the other one here). It's a very short book, printed in a relatively large font, I think only around 200 pages or so.
His investment magic formula is based on making selections based on only two criteria: return on capital and return on earnings. The two key performance indicators (KPIs) he uses—and if we briefly look at a computer here, you can see, for example, that Google Focus has a magic form scanner or screen specifically for this purpose, and the filter then focuses precisely on these companies.
This means it's a very simple approach that doesn't require many dependencies. I already hinted at this a bit in the other video. This quantitative approach to investing has certain appeal because we can break down many factors and pre-select them. That's exactly what's incorporated into this approach.
Therefore, let's now look at what his portfolio looks like. Greenblatt has the fund in the asset management LLC. It's been on the market for a while now. Next time, if you watched Thursday's video, you'll have seen that he has outperformed the overall market in the long term. This is always one of the reasons why we look at these investors: how they structure their investments, what they do, and what we can learn from them to re-examine and improve our own approach.
And yes, it's simply good to learn something from the professionals. You can see here that the fund has grown, and of course, like with other investors, we only see the information that has to be published via the SFC. Even with the qualitative approach, we can see that the portfolio structure, compared to everything else we've seen so far, looks fundamentally different.
We have 900 stocks here, and almost 250 more were added in the last quarter that had to be published. This means we have a very broadly diversified portfolio that is based precisely on this magic formula. If we look at it, we see that the weighting is relatively balanced in some areas: consumer goods, technology industry, industrials, healthcare – it's all fairly evenly balanced.
And if we look at the portfolio weighting, we see, compared to everything else we've seen in the value investing sector, that we don't have a concentration of individual stocks. Instead, we have a truly comprehensive diversification of all possible stocks that now correspond to the formula. And that means with a quantitative approach, you can...
It's simply a matter of either having a very large team of analysts who review each individual stock, or trusting a large portion of this quantitative approach through testing and only looking selectively. Because when you consider that with over 1000 or nearly 1000 companies in the portfolio, it's simply impossible to keep up.
Someone might do one thing, and that might change things. You'd have to adjust for this or that reason. With so many stocks, you're essentially already in a certain sense the market, because while you certainly have the cream of the crop, you do n't have that many options to really keep up with each individual stock.
This means we're dealing with an investor who has a very quantitative approach based on specific factors, and only applies those factors. And you can see that here with the focus on the latest stock picks, the frequency of trading, the constant addition of new stocks, and the reduction in the frequency of trading.
They will be sold, and at a very high frequency. And here too, there seem to be no major exclusion criteria. Even companies that have performed very, very well, perhaps even experienced a setback, like Amazon just did, are still included in the portfolio. And here too, you can see that the pick-up quarter was almost 42 percent.
They already took a certain view on Thursday of what it looks like when you look at such successful investors, such legends, and especially what the long-term outperformance looks like in terms of the SNP. And here we have a completely different investor. The book is definitely interesting to read to broaden your perspective, or if you yourself are interested in being active in a quantitative field in a year, rather than in the area where we are currently focusing more on quality, and then combining all of that with derivatives to reduce our risk and increase our performance.
So what do you say to his portfolio? Can you imagine such a quantitative approach, or do you perhaps even pursue such an approach yourself? Or maybe even a portfolio of 1000 stocks, so you know from the comments. And yes, otherwise, if you liked the video, don't forget to like it or anything from her, and we'll see each other in the next video, like next week. Here you'll find more videos. Otherwise, have a successful day and take care.
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