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 [转帖]一个华人“投资狂”的独白：巴菲特已经过时了! |
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[转帖]一个华人“投资狂”的独白：巴菲特已经过时了! -- youhighness - (2671 Byte) 2007-2-02 周五, 23:03 (3267 reads) |
mindopen
头衔: 海归中士
加入时间: 2006/02/01
文章: 4
海归分: 950
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作者：mindopen 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
assume a hedge fund founder had 10 usd in the beginning of a year, he ended that year at 100 usd ( 1000% return); then you said, great, please let me put 200 usd, so now NAV was 300 usd; however, the next year the manager was unlucky, losing 150 usd, or return was -50%. Then, what was the performance over the 2-year: (1000% - 50%)/2, definitely one of the best; however, what's about your 200 USD? sorry, it became 100USD.
it is an extreme example,however, look at the website (https://www.chinafundlp.com/download.php ) and compare the NAV and return at each year, i can not help to think like that (you can see these NAV - not every year -- in chinese version file though, not in english version -- there are also some other sutble differences between the two files that an investor should not ignore ).
Besides, think about how volative/risky the returns are, there are many relatively good performance measures such as sharp ratio, information ratio etc.
so much you need to know before you can draw some conclusion.
作者：mindopen 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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