I type this report using a Pacific Coffee Shop computer in the Satrday afternoo.
As I cannot type Chinese in this computer, I complie this report in English instead.
Generally I wish to complete this report at least in a weekly basis, so that I could keep track of my fund management and keep some sanity.
As I spined off all my investment related writing to this new blog, I don't need to keep consistence in styles with my main blog page, " The Quam-monotongue". This blog is more a down to earth forum, and more self -interested oriented.
As such, I keep a very low profile of this blog in the future. I guess it will be very diffcult for the main blog viewers to find this blog, as the blog link was placed at the bottom. It was so intended.
Fund perforamce:
Actually there was no many things to said about the fund performance during the last week. The fund was barely break even: no much gain, no much lose. A 0% return is recorded. Nonetheless, it is comforting to say this is much better than H share Index in general, which recorded a 8% decrease since 26 Feb, the date by which my fund entered full operation. At such timing, I guess very few investor could suffer only 0% loss.
Currently, I holding only 10% cash, the remaining 90% was put on 6 H shares, including: 1114 - 41%, 203-19%, 1098- 8%, 753- 11%, 2345- 12%. The heavy weigh was put on Automobile shares, accounting to 60% shares of the fund.
Way forward:
I am not going to write down a paranomic review on the general market and each segment in which I invested.
My old friend Mark's comment on Subjectivity had me seriously worried. I need to fully review my thinking process. Before that, talking about expected returns or target rates is meaningless.
One thing I am certain. I made a mistake that taking fund operation as a "hopethesis testing", ie, I found my judgement and test my hopethesis by making investment decisions, and reported in my reports.
It not such a game. As any vertern like Mark could notice that in my writing. I am not a investment columist, I am a investor buying with real money. It is not a intellectul pursuit, but profit maximaztion.
But how to remedy that? How to improve me perfomrance? I have no idea. But I am looking for answers. It is better start with questions than without.
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7 comments:
Turned out I found your blog. Everyone click on your profile should find it.
Nice and useful blog. Please don't mind if I try to learn from you withing paying tuition.
sure.
But I afraid that this is more recording my mistakes rather than success.
by the way, I now moved into the Sunway Gardern. shoul u stay in HK, then we are next door neigbour haha.
關於improve performance，我發表一點陋見。
1. 目標定位。是高風險高回報還是保守的投資呢？對risk和uncertainty的pricing如何呢?換句話說，就是自己大致的“ultility function”搞清楚。如果對risk很在乎，那做點hedge還是需要的。
2. 操作方式定位。這個當然受目標定位的影響，不過也和個人現實情況相關。例如，就算想做day trade，也要看個人到底是否能一天到晚看著股價變動。定位好是主要做day trade呢，短綫呢，還是中長綫。例如，如果做短綫的話，個人認爲其實主要就是分析消息 rather than 看技術分析。
抛磚引玉，歡迎批評斧正
Alex
Unlike other fund mangers, my ulitity function curve on risk and return is twisted. As the money is not mine, capital preservation and profit maximaztion are my major targets. If I am near the 0% return, then I become prudent, if I have some profit, then I go risky investments, using the earned return to venture. As now, I am prudent, and no go for risky investments.
Oh, my god! Which block are you living in?
I think the most precious experience in investment is that of failure. I don't have to learn from your success... I need to know how you failed :P
B block.
Then I sincerely wish you would be disappointed in viewing this blog a. :)
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