东方证券XXXX年精益求精第一期

2010PrinciplesBridgewater...........................................................................04EnoughVanguard..................................................................................21FamilyDavisFund.................................................................................30SkillandLuckLeggMason....................................................................36InstitutionalMemoryInorNotNextBigShort........................................................................................44..........................................................................................472011....................................................................................................52..........................................................................................57BeliefCommunitySethKlarman..............................................................................................62CharlieMunger...........................................................................................69BruceBerkowitz.........................................................................................75JimGrant....................................................................................................79MartinWhitman..........................................................................................83WorstTrade................................................................................................86TheWayForward.......................................................................................94.................................................................................100InstitutionalMemory344PrinciplesBloombergBridgewater600RayDalioPureAlphaAllWeather12%StrategyPureAlpha12%Strategy201038%23.2%22.2%31113BridgewaterAbsoluteReturnBridgewaterPrinciplesRayDalioRayDalioprinciplesprinciplesinflexibleRayDalio1251971551973RayDalioinsubordination1975BridgewaterBridgewateregoBridgewaterBridgewaterBridgewater6PrinciplestoolsBridgewatercreditBridgewaterbadmouthpeople7BridgewaterokThat'snotB.S.orjusttalk.That'stherealityoflearning.DontdepersonalizemistakesXXBridgewater8Bridgewatermistake-basedlearningissueslogBridgewatermandatory89Xcategorizesynthesize10metricsgamed360easygraderBridgewaterprobe11BridgewaterBridgewatermeritprinciples12ResponsiblePartyRP13Bridgewater30RogerSperryBridgewater14micromanagingnotmanagingmanaging5Bridgewater15/181:101:5163618Bridgewater5Bridgewater17Mi18titletitles90%1920RayDalioPrinciplesexistatvariouslevelsandapplytoallaspectsoflife.Thereareover-arching“lifeprinciples”thatinfluenceourapproachestolifeandthereareprinciplesfordoingmostanythingwell.Forexample,everygamehasprinciplesthatsuccessfulplayersmastertoachievewinningresults.Thereare“skiingprinciples”forskiing,“parentingprinciples”forparenting,“managementprinciples”formanaging,“investmentprinciples”forinvesting,etc.Tobeeffective,theyshouldbeconnectedandconsistentinordertomakeupawholeapproachtolifethatisconsistentwithone’svaluesandobjectives.Inmyopinion,thosewhounderstandmoreofthemandunderstandthemwellknowhowtointeractwiththeworldmoreeffectivelythanthosewhoknowfewerofthemorknowthemlesswell.principles110fitsoffreecheckingaccountsemployer-paidinsurance1KevinPhillips:Whytheeconomyisworsethanweknowpremiumsphantomincome141.820085.2%workerstoodiscouragedtolookforajobwhowantajobbutarentactivelysearchingforonewhoarelivingonSocialSecuritydisablitybenefits9%CPIowner-equivalentrentownershipcosthedonicadjustmentCPIHarpers26JohnBogle20007%200010%15%abadjoke2000310%2000dividendyield1%PE3252011.5%36%GDPGAAPoperatingearnings10500516120%(proformaearnings)199720061820071577JohnBogle27JohnBogleDavidBoyleoverwhelmedtargetBillGeorgeemptyexerciseJohnBogle1972WellingtonYankelovich223230028JohnBogle2009eounghVanguardVanguardJohnBogleEnoughVanguardVanguardNelsonVanguardJohnBogleVanguardNelsonJohnBolgeWellingtonWellingtonVanguardWellingtonJohnBogleVanguardJohnBogleVanguardno-loadfundWellington8%VanguardVanguardFidelityVanguardVanguard20Vanguard29Vanguard/VanguardVanguardVanguard5005VanguardVanguardVangu