对冲基金大佬Einhorn：价值投资可能再也回不来了
1. 目前这个行情，大多数价值投资者已经破产了（out of business），所以市场结构发生了极其严重的改变。（意思是市场上炒客、投机盛行。）
2. 就算没破产，”我们（Enhorn认为自己是价投）也剩得不多了“，很多人要么转去做了量化，要么就粗暴直接做被动指数投资。以价投的方法训练出来的基金经理在市场上不多了。
3.因为市场上的价投少了，所以真正关心公司基本面的投资者就少了，以至于非常多的公司被错误定价。交易者甚至完全不知道自己的交易标的，到底大概值多少
以下是英文报道原文：
Hedge fund manager David Einhorn said he doesn’t know if value investing will ever be in vogue again.
“I don’t know that it ever comes back,” the Green Capital founder said Tuesday in an interview with Bloomberg Television on the sidelines of the Robin Hood Investors Conference in New York. Einhorn, 53, said most value investors are being put out of business, citing “serious changes to the market structure.”
“There’s just very few of us left,” he said, adding that most market participants these days are not trained or experienced in value investing, or have shifted to passive or quantitative investing.
Fewer players means there’s no one to notice what’s happening to these companies and “nobody knows what anything is worth,” Einhorn said. “So there’s an enormous number of companies that are dramatically mis-valued in ways that we haven’t seen before.”
1. 目前这个行情，大多数价值投资者已经破产了（out of business），所以市场结构发生了极其严重的改变。（意思是市场上炒客、投机盛行。）
2. 就算没破产，”我们（Enhorn认为自己是价投）也剩得不多了“，很多人要么转去做了量化，要么就粗暴直接做被动指数投资。以价投的方法训练出来的基金经理在市场上不多了。
3.因为市场上的价投少了，所以真正关心公司基本面的投资者就少了，以至于非常多的公司被错误定价。交易者甚至完全不知道自己的交易标的，到底大概值多少
以下是英文报道原文：
Hedge fund manager David Einhorn said he doesn’t know if value investing will ever be in vogue again.
“I don’t know that it ever comes back,” the Green Capital founder said Tuesday in an interview with Bloomberg Television on the sidelines of the Robin Hood Investors Conference in New York. Einhorn, 53, said most value investors are being put out of business, citing “serious changes to the market structure.”
“There’s just very few of us left,” he said, adding that most market participants these days are not trained or experienced in value investing, or have shifted to passive or quantitative investing.
Fewer players means there’s no one to notice what’s happening to these companies and “nobody knows what anything is worth,” Einhorn said. “So there’s an enormous number of companies that are dramatically mis-valued in ways that we haven’t seen before.”
【美国—朝鲜半岛局势紧张的罪魁祸首｜Presencia de EE. UU., factor clave de inestabilidad en la península coreana】Sin duda, la presencia militar estadounidense exacerba las tensiones en la península de Corea y es el principal factor de inestabilidad en la región y fuera de ella. Eso sí, no es el ejército de la RPDC el que ha viajado miles de kilómetros para intimidar a Estados Unidos, sino al revés. #HoradeHablar# Más: https://t.cn/A6ot2u3G
#追星文案[超话]# 可拿评[打call][打call]
“我看过春风十里，见过夏至末至，试过秋光涟漪，爱过冬日暖阳，全抵不过你一句，我想见你。”
"I've seen the spring breeze, I've seen the Summer Solstice's last solstice, I've tried the ripples of autumn light, and I've loved the warm winter sun, but I can't beat you. I want to see you."
“春風十里を見たことがあります。夏から終わりまで、秋の光のさざ波を見てみました。冬の暖かい陽を愛したことがあります。
"춘풍십리(春風十里)를 본 적이 있다. 하지말까지 본 적이 있다. 가을 빛의 잔물결을 맛보았다. 겨울의 훈양을 사랑했다. 단 한 마디도 그대의 말에 맞먹을 수 없다. 너를 만나고 싶다."
"He visto la brisa primaveral, he visto el último solsticio del Solsticio de Verano, he probado las ondas de la luz de otoño, y me ha encantado el cálido sol de invierno, pero no puedo vencerte. Quiero verte."
"Я видел весенний бриз, я видел последнее солнцестояние летнего солнцестояния, я пробовал рябь осеннего света, и я любил теплое зимнее солнце, но я не могу победить вас. я хочу увидеть вас".
"j'ai vu la brise du printemps, j'ai vu le dernier solstice du solstice d'été, j'ai essayé les ondulations de la lumière d'automne, et j'ai adoré le soleil chaud de l'hiver, mais je ne peux pas te battre. Je veux te voir."
"ich habe die Frühlingsbrise gesehen, ich habe die letzte Sonnenendlich im Frühling gesehen, ich habe die Wellen des Herbstlichts probiert, und ich habe die warme Wintersonne geliebt, aber ich kann dich nicht schlagen, ich möchte dich sehen."
"ผมเคยเห็นช่วงฤดูร้อนถึงปลายฤดูร้อนและลองชมแสงตะวันที่อบอุ่นในฤดูหนาว .
“Tôi đã nhìn thấy mùa xuân 10 dặm, đã thấy mùa hè đến cuối năm, đã thử ánh thu gợn sóng, yêu mùa đông ấm áp, hoàn toàn không thể nói được một câu, tôi muốn gặp anh”.
“我看过春风十里，见过夏至末至，试过秋光涟漪，爱过冬日暖阳，全抵不过你一句，我想见你。”
"I've seen the spring breeze, I've seen the Summer Solstice's last solstice, I've tried the ripples of autumn light, and I've loved the warm winter sun, but I can't beat you. I want to see you."
“春風十里を見たことがあります。夏から終わりまで、秋の光のさざ波を見てみました。冬の暖かい陽を愛したことがあります。
"춘풍십리(春風十里)를 본 적이 있다. 하지말까지 본 적이 있다. 가을 빛의 잔물결을 맛보았다. 겨울의 훈양을 사랑했다. 단 한 마디도 그대의 말에 맞먹을 수 없다. 너를 만나고 싶다."
"He visto la brisa primaveral, he visto el último solsticio del Solsticio de Verano, he probado las ondas de la luz de otoño, y me ha encantado el cálido sol de invierno, pero no puedo vencerte. Quiero verte."
"Я видел весенний бриз, я видел последнее солнцестояние летнего солнцестояния, я пробовал рябь осеннего света, и я любил теплое зимнее солнце, но я не могу победить вас. я хочу увидеть вас".
"j'ai vu la brise du printemps, j'ai vu le dernier solstice du solstice d'été, j'ai essayé les ondulations de la lumière d'automne, et j'ai adoré le soleil chaud de l'hiver, mais je ne peux pas te battre. Je veux te voir."
"ich habe die Frühlingsbrise gesehen, ich habe die letzte Sonnenendlich im Frühling gesehen, ich habe die Wellen des Herbstlichts probiert, und ich habe die warme Wintersonne geliebt, aber ich kann dich nicht schlagen, ich möchte dich sehen."
"ผมเคยเห็นช่วงฤดูร้อนถึงปลายฤดูร้อนและลองชมแสงตะวันที่อบอุ่นในฤดูหนาว .
“Tôi đã nhìn thấy mùa xuân 10 dặm, đã thấy mùa hè đến cuối năm, đã thử ánh thu gợn sóng, yêu mùa đông ấm áp, hoàn toàn không thể nói được một câu, tôi muốn gặp anh”.
✋热门推荐