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  • 《機構投資的創新之路》,英文名 Pioneering Portfolio mangement 更直截了當,作者是耶魯大學捐贈基金的首席投資官——大衛·史文森,中文譯本翻譯者是高瓴資本董事長 張磊。
    2019-02-20 18:24:56  來源:NET1628

    《機構投資的創新之路》,英文名PioneeringPortfoliomangement更直截了當,作者是耶魯大學捐贈基金的首席投資官——大衛·史文森,中文譯本翻譯者是高瓴資本董事長張磊。全書38.7萬字、361頁、10個章節、47小節。前摩根斯坦利董事長Biggs說:“世界上只有兩位真正偉大的投資者,他們是史文森和巴菲特”,中國前財政部部長、現全國社保基金理事長樓繼偉親自為本書做序并稱“本書是我見到的闡述機構投資管理最好的著作”。幾個關注的點:1、機構投資就是要做長期投資耶魯大學捐贈基金最引人注意的是它能夠長期投資,并且長期投資回報都穩定在高水平,很多資產類別都遠超市場基準。截止2018年年度,耶魯大學捐贈基金的20年內每年回報率在11.8%(扣除所有費用后),20年內管理資產從66億美元增加到294億美元。2、重新理解資產配置,注重不同資產類別的防御性耶魯大學捐贈基金對資產配置有體系化的方法論,對資產類別進行系統劃分,從傳統資產類別(美國長期國債/國內股票、國外股票)到另類資產類別(絕對收益、實物資產、私人股權)都有覆蓋,每一種資產類別的優缺點,是否需要積極管理還是僅僅被動管理就可以,每一種資產類別的投資中失敗案例有哪些,為何失敗,史文森都如數家珍。在市場不利的情況下,組合結構才能抵抗風險和損失。國內很多機構投資的資產配置,僅僅能覆蓋有效的資產類別,耶魯大學的資產類別覆蓋度很廣,可以提供有效的參考。3、做積極主動型管理者,但不是所有類別都要做史文森大力提倡積極主動型管理者,特別是在定價效率比較低的絕對收益、自然資源(森林石油天然氣等)和私人股權類別中,被動的投資無法帶來預期收益,只能提升主動管理能力。對于定價效率很高的美國國內股票、美國長期國債等類別,如果沒有足夠資源的情況下,可以選擇被動投資工具來管理。4、史文森的多元思維模型史文森從1985年開始至今,一直擔任耶魯大學捐贈基金的首席投資官,很多優秀的投資機構的掌舵人都師從過史文森,史文森國內最知名的學生是高瓴資本的張磊(當年高瓴開創時候的2000萬美金就來自耶魯大學捐贈基金),本書中隨處可見經濟學大師的名字,如托賓、馬科維茨、夏普、李特曼,也隨處可見全世界范圍內數十年內大大小小的案例始末,都來自史文森的博聞強識。對常識的堅守、對原則的捍衛、對現象的本質思考,史文森在投資實踐中逐步成為大師。5、從高瓴資本張磊身上看到的張磊出手騰訊、京東等項目后,有人問及張磊當初在耶魯大學捐贈基金表現如何,辦公室高管表示當初破格錄取張磊作為實習生的原因:張磊被派去木材行業(自然資源類資產一直是耶魯大學的投資組合之一)做行業研究,幾周后,張磊交出了1英寸(2.54cm)厚的報告,這種出色的基礎研究能力格外出色。總之,這本書不僅適合機構投資者看,也適合個人投資者看,對資產配置和資產類別的闡述,這一本算是入門和進階了。圖3是10年和20年期各類資產回報圖4是近30年內,不同資產每年配置比例圖4是2019年,耶魯大學捐贈基金的各資產配置比例

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