저자: 미상 · 외국인
요약 보기
레이 달리오와 브리지워터의 성과를 비판하는 영상. 퓨어 알파 펀드가 2012~2022년 연평균 1.5%(누적 17.8%)를 기록해 S&P500 연평균 12.7%(누적 273%)에 크게 못 미쳤다고 주장. 달리오는 2020년 이후 운용에서 물러났지만 그 이전 성과의 책임이 있다고 봄. 시장 타이밍 실패, 무작위적 포트폴리오 구성, 중국 투자 집착을 문제로 지적하며 펀드 선택 시 명성보다 과거 성과를 확인해야 한다고 조언.
다듬은 글
Ray alio is the man who said cash is trash one month before one of the biggest crashes ever he's also the man who keeps on investing in China after 5 years of losses but he's also the man who created the biggest Edge Fund in the world with an asset under management of around $170 billion welcome back to a new video I am the Italian investor and today we are talking about Rio and this Edge fund Bridgewater before we start please remember to leave a like And subscribe to my YouTube channel if you're new thank you very much much ralo is idolized we often hear YouTubers and analysts call him one of the best investors ever but is it actually so the short answer is not at all he sucks and I will tell you more there is a high probability that you investing in a totally random way could beat him could get a better performance than he's getting Bridgewaters pure Alpha found averaged a compound annual return of 1.5% per year from anuary 2012 to December 2022 that's a total 11-year return of 17.8% in the meanwhile the S&P 500 got an average on return of 12.7% with a total 11year gain of 273 per.
now ralo doesn't take care of Bridgewaters Investments anymore he has a new team but he stopped handling Bridgewaters investments in 2020 therefore this historical performance is only his fault so how is it possible that the biggest Edge Fund in the world sucks so badly and how is it possible that people keeps on putting money in this hedge fund let's start by answering the second question probably the reason why Bridgewater is so popular is ralo Fame indeed he's always considered one of the best investors in the world he's invited in every talk show he's invited in CNBC he's invited every year in Davos he even publishes some viral articles on LinkedIn he writes some amazing books therefore his reputation is really high we need to say that he's a great marketer he sells himself very well and we also need to say that he has a big knowledge of the investing world and of economy but his performances are real bad the problem is that no one ever questions him I've never seen someone talk badly about ralo no one ever asked him why his found is performing so badly therefore The Regular Guy normal people who don't study Investments think his reputation is enough to make him a great investor and keep on giving him money and this of course is a really bad decision but now let's try to understand where they are making the mistakes because if this is the performance of the F probably they are doing something wrong the first thing I believe they are getting wrong is that they always try to do Market timing they became famous during the great financial crisis because they were positioned very well they made money during the financial crisis and this was thanks to a good Market timing but then in the next years they weren able to do so their Market timing was very bad actually and to be honest Bridgewaters portfolio seems to have been built by a child it looks completely random it surely is very hard to handle so much money he surely can't invest in small cup stocks so the size of the fund makes it really hard to stock Peck that's why they often buy ETFs indeed the first two positions are two ETFs which are worth together 11% of the portfolio the first one is on the S&P 500 while the second one is on emerging markets and here comes ralo's obsession for China he keeps on investing in China right now he actually reduced his positions big time and lost a lot of money in China but he always talks in a very bullish way about China and I think that in the past years this was a huge drug to the performance of the fund now we reduced these positions as you can see in the first ones there are no Chinese stocks there is only the Emerging Market ETF but for the rest it looks like a randomly built portfolio they have some ETFs and they have some small positions in big companies generating Alpha with such a portfolio is going to be basically impossible you can't build the market when you build a portfolio which is just like the market perhaps even worse based on the performance of the past this is not how you generate Alpha so what's the lesson of this video the lesson is that reputation isn't everything you need to check what are the results of this p person talking about investing you always need to check out the performance the past performance of The Edge funds you're interested in because in this game all that matters is performance nothing more and nothing less in the 1980s ralo BN an edge fund he lost all the money he was managing and probably he got a shock from that a trauma which is taking ahead and so right now he tries to build a fairly safe portfolio he's buying ETFs he's buying big companies like Google meta Johnson and Johnson Amazon so it's going to be hard to burn completely this Edge fund but it's not going to generate Alpha as well so NF is going to do a much better job than this portfolio but I still advise you to read these books they are great they are very interesting and knowledgeable so go read them and that's it for today please let me know what you think about the remember to leave a like And subscribe to my YouTube channel if you're new see you next time bye
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