| 作者 |
 Mich大师, 你是被Buffet摸过顶的, 想问你个问题 |
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| 所跟贴 |
Mich大师, 你是被Buffet摸过顶的, 想问你个问题 -- jeepguy - (57 Byte) 2007-4-12 周四, 00:28 (793 reads) |
mich
警告次数: 2
头衔: 海归准将
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加入时间: 2005/07/07
文章: 1358
海归分: 111545
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作者：mich 在 海归酒吧 发贴, 来自【海归网】 http://www.haiguinet.com
How do you get beta? Regression of the history. So basically we are trying to predict the future with past experience - a prophesy, so to speak. So when everybody in the market happens to believe in beta one day, beta is "correct"--a selffufilling prophesy. On any other day, beta is just a aggregated hypocricy, it tells you to do one thing and it does another.
Portfolio. Sure mathmatically we can prove that it can eliminate idiosyncratic risks. It means you go with the market and you should expect to gain the market return.
I kind of think that the real (not the technicality on Wall Street, I am talking about sustainable ones)arbitraging opportunities lie in private information. I think that's what Buffet believes as well--he only invests in businesses he understands (obviously better than most other people).
作者：mich 在 海归酒吧 发贴, 来自【海归网】 http://www.haiguinet.com
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