| to have named themselves after predators, with legendary investor Julian Robertson’s Tiger Management the most well known example. Laws of the jungle easily apply to the investing world and every investor aspires to be king of the wild.
（42） The majority of new fund launches do not survive past the first year. The initial three to six months are absolutely critical and much rides on luck.
（43）
Even after the unpredictable initial phase, there is no guarantee of survival---as the events of last week show. Nine-figure losses on natural gas trades at Amaranth, a well-established fund based in Greenwich, Connecticut, led to the biggest hedge-fund crisis of this decade. Indeed, there’s much to be learned from the hunting habits of the big cats. （44）
It’s also important to appreciate that predators hunt with different styles that all yield results if they are executed well. Leopards often hunt at night, stalking their prey for long hours before suddenly pouncing at the right moment. In contrast, cheetahs venture out in the day, often in pairs, and are able to give a much longer chase. （45）
Predators have a high sense of self-awareness and approach the hunt accordingly. The key is to be comfortable in your own skin rather than imitate someone else’s investing style. Instead, the current fad in the hedge-fund complex is multistrategy funds where the emphasis is on scaling up dabbling in every “hot” area. This leads to a dilution of the investment philosophy and makes it more difficult to monitor the overall risk in the portfolio. In fact, one of the most common reasons for the downfall of large funds is their foray into noncore areas.
（A）Going back time and again into the African wild helps reveals what makes a successful predator. The big cats have a mind of their own, think strategically and are very self-aware.
（B）For one, the king of the jungle knows how to conserve energy: a lion is typically inactive for two thirds of the day and focuses on going for the large kill, in line with the investing aphorism of not letting too much hard work get in the way of big ideas. Fund managers should keep that in mind, as many burn themselves out by incessantly following each market zig and analyzing every other zag. Getting the big picture right is mostly what matters.
（C）If a fund manager posts negative ret << 上一页 [11] [12] [13] [14] [15] [16] [17] [18] [19] [20] 下一页
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