CFA 作戰之十八

讀了 CFA Institute 的 《Derivatives and Portfolio Management》。其實當你愈來愈富有時，你的保護就愈大。試想你是散戶，你有資金買賣期貨、CDS 或其他衍生工具嗎？最多你只能買窩輪及牛熊證而已，可惜十賭九騙。對沖工具不多，最後多數成為大鱷的點心。

可以改變嗎？或許。Stanley Druckenmiller 說：
George Soros has a philosophy that I have also adopted: The way to build long-term returns is through preservation of capital and home runs.

You can be far more aggressive when you're making good profits. Many managers, once they're up 30 or 40 percent, will book their year [i.e., trade very cautiously for the remainder of the year so as not to jeopardize the very good return that has already been realized]. The way to attain truly superior long-term returns is to grind it out until you're up 30 or 40 percent, and then if you have the convictions, go for a 100 percent year.

If you can put together a few near-100 percent years and avoid down years, then you can achieve really outstanding long-term returns.

唯一用時間以增加資本及經驗，希望長遠來說可以改變現狀。


延伸閱讀：
CFA 作戰之十七 (03.03.2010)