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AswathDamodaran1InvestmentPhilosophies:IntroductionAswathDamodaran(andsometimesdonot)andthetypesofmistakesthatyoubelieveconsistentlyunderlieinvestorbehavior.QAninvestmentstrategyismuchnarrower.Itisawayofputtingintopracticeaninvestmentphilosophy.QForlackofabetterterm,aninvestmentphilosophyisasetofcorebeliefsthatyoucangobacktoinordertogeneratenewstrategieswhenoldonesdonotwork.AswathDamodaran3IngredientsofanInvestmentPhilosophyQStep1:Allinvestmentphilosophiesbeginwithaviewabouthowhumanbeingslearn(orfailtolearn).Underlyingeveryphilosophy,thereforeisaviewofhumanfrailty-thattheylearntooslowly,learntoofast,tendtocrowdbehavioretc….QStep2:Fromstep1,yougenerateaviewaboutmarketsbehaveandperhapswheretheyfail….Yourviewsonmarketefficiencyorinefficiencyarethefoundationsforyourinvestmentphilosophy.QStep3:Thisstepistactical.Youtakeyourviewsabouthowinvestorsbehaveandmarketswork(orfailtowork)andtrytodevisestrategiesthatreflectyourbeliefs.AswathDamodaran4Whydoyouneedaninvestmentphilosophy?nIfyoudonothaveaninvestmentphilosophy,youwillfindyourself:1.Lackingarudderoracoresetofbeliefs,youwillbeeasypreyforcharlatansandpretenders,witheachoneclaimingtohavefoundthemagicstrategythatbeatsthemarket.2.Switchingfromstrategytostrategy,youwillhavetochangeyourportfolio,resultinginhightransactionscostsandyouwillpaymoreintaxes.3.Withastrategythatmaynotbeappropriateforyou,givenyourobjectives,riskaversionandpersonalcharacteristics.Inadditiontohavingaportfoliothatunderperformsthemarket,youarelikelytofindyourselfwithanulcerorworse.AswathDamodaran5Figure1.1:TheInvestmentProcessTheClientRiskTolerance/AversionTaxStatusInvestmentHorizonThePortfolioManager’sJobAssetAllocationRiskandReturn-Measuringrisk-EffectsofdiversificationSecuritySelection-Whichstocks?Whichbonds?Whichrealassets?Valuationbasedon-Cashflows-Comparables-Charts&IndicatorsPrivateInformationExecution-Howoftendoyoutrade?-Howlargeareyourtrades?-Doyouusederivativestomanageorenhancerisk?AssetClasses:StocksBondsRealAssetsCountries:DomesticNon-DomesticTradingCosts-Commissions-BidAskSpread-PriceImpactTradingSpeedMarketEfficiency-Canyoubeatthemarket?ViewsonmarketsPerformanceEvaluation1.Howmuchriskdidtheportfoliomanagertake?2.Whatreturndidtheportfoliomanagermake?3.Didtheportfoliomanagerunderperformoroutperform?MarketTimingStockSelectionUtilityFunctionsTaxCodeViewson-inflation-rates-growthTradingSystems-Howdoestradingaffectprices?RiskModels-TheCAPM-TheAPMAswathDamodaran6CategorizingInvestmentPhilosophiesQMarketTimingversusAssetSelection:Withmarkettiming,youbetonthemovementofentiremarkets-financialaswellasrealassets.Withassetselection,youfocusonpickinggoodinvestmentswithineachmarket.QActivistInvestingversusPassiveInvesting:Withpassiveinvesting,youtakepositionsincompaniesandhopethatthemarketcorrectsitsmistakes.Withactivistinvesting,youplayarole(orprovidethecatalyst)incorrectingmarketmistakes.QTimeHorizon:Somephilosophiesrequirethatyouinvestforlongtimeperiods.Othersarebaseduponshortholdingperiods.AswathDamodaran7InvestmentPhilosophiesinContextFigure1.2:InvestmentPhilosophiesAssetAllocationSecuritySelection-Whichstocks?Whichbonds?Whichrealassets?AssetSelectors-Chartists-Valueinvestors-GrowthinvestorsInformationTradersExecution-TradingCosts-TradingSpeedAssetClasses:StocksBondsRealAssetsCountries:DomesticNon-DomesticArbitragebasedstrategiesMarketTimingStrategiesAswathDamodaran8DevelopinganInvestmentPhilsophyQStep1:UnderstandthefundamentalsofriskandvaluationQStep2:DevelopapointofviewabouthowmarketsworkandwheretheymightbreakdownQStep3:Findthephilosophythatprovidesthebestfitforyou,givenyour•Riskaversion•TimeHorizon•PortfolioSize•TaxStatus