SÓNG VÀNG 2024

by finandlife14/05/2024 09:46

Nguồn: Nguyễn Đức Hùng Linh

Tags:

Economics

Jim Simons TOP Hedge Fund Manager

by finandlife13/05/2024 16:57

About 15 years ago, Jim Simons was driving to Boston to give a speech at his alma mater, MIT. He had retired a year before. He was 72 years old. He was, at the time, the most successful hedge fund manager of all time. His wife asked if he was going to mention any guiding principles that made him successful. At first, he thought, “I don’t know that I have any.” Upon reflection, he wrote down five that are both pithy and profound.

-Don’t Run with The Pack

-Hire the Smartest People

-Don’t Give Up Easily -Be Guided by Beauty

-Hope For Good Luck!

Simons arrived at his list organically after building his business. It doesn’t feel artificial. It’s not derived from some acronym. It reflects what worked for him over the course of a remarkable life.

Simons died yesterday at the age of 86. His career consisted of following one passion to the next, ten-year building blocks stacked one on the other. After Simons graduated with his PhD, he worked as a code breaker for the government during the Cold War. He was fired for opposing the Vietnam War. Next, he spent a decade running the math department at Stony Brook University. At about 40, his life took a serious turn. Simmons became so interested in markets and convinced he could build a better system that he quit his prestigious job to trade stocks in an office over a strip mall.

DON’T RUN WITH THE PACKHaving never worked in the financial industry, he proceeded to hire a group of physicists and astronomers to build something new, a quant trading firm.

HIRE THE SMARTEST PEOPLEHe spent 10 years building a platform based on data that didn’t work until all of a sudden it did. It became a flywheel that minted money.

DON’T GIVE UP EASILY He built the most successful financial firm in history without hiring anyone from Wall Street. He regarded doing something well as a form of art. 

BE GUIDED BY BEAUTYThe Medallion Fund, launched in 1988, went on to return 66% a year and generate more than $100 billion in trading profits.

HOPE FOR GOOD LUCKHe was never celebrity famous like Warren Buffet. He didn’t tweet principles like Ray Dalio. He didn’t buy a sports team like Steve Cohen. He was well known for his habit of not wearing socks and chain-smoking cigarettes.

Simons’ success lay in combining his mathematical prowess and insights with a passion to build and inspire teams of people. In the MIT speech, he lays out his recipe: “Great people. Great infrastructure. Open environment. Get everyone compensated roughly based on the overall performance… That made a lot of money.” Gregory Zuckerman wrote the definitive book on Simons called The Man Who Solved the Market. Simons didn’t want it written. Later, he said it is “pretty good.” Ironically, it probably did more than anything to cement his reputation as the world’s best performing hedge fund manager.

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Jim Simons, the man who solved the market, just passed away. Here are his five principles of success that are priceless and will live forever: (1) Be guided by beauty. Just as a great theorem can be very beautiful, a company that’s really working very well, very efficiently, can be beautiful. (2) Surround yourself with the smartest and best people you possibly can. Let them do their thing. Don’t sit on top of them. If they’re smarter than you, all the better. (3) Do something original. Don’t run with the pack. If everyone is trying to solve the same problem, don’t do that. (4) Don’t give up easily. Stick with it. Stick with it not forever, but really give it a chance to get where you’re going. (5) Hope for good luck. That’s the most important principle. On the last one, he once said something brilliant: "Luck is largely responsible for my reputation for genius. I don’t walk into the office in the morning and say, ‘Am I smart today?’ I walk in and wonder, ‘Am I lucky today?’" - Jim Simons (2000) Legend. The goat of investing, and just a brilliant human being.

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Jim Simons just passed away It's the man who solved the markets 8 quotes from the legend:

“I wasn’t the fastest guy in the world. I wouldn’t have done well in an Olympiad or a math contest. But I like to ponder. And pondering things, just sort of thinking about it and thinking about it, turns out to be a pretty good approach." “One can predict the course of a comet more easily than one can predict the course of Citigroup’s stock. The attractiveness, of course, is that you can make more money successfully predicting a stock than you can a comet.” “In this business, it’s easy to confuse luck with brains.” "Those kinds of times… when everyone is running around like a chicken with its head cut off, that's pretty good for us… " "We have three criteria: If it's publicly traded, liquid and amenable to modeling, we trade it." "I want a guy who knows enough math so that he can use those tools effectively but has a curiosity about how things work and enough imagination and tenacity to dope it out."

Tags:

Economics | StoriesofLife

YẾN SÀO KHÁNH HÒA (UPCOM: SKV) NÂNG CỔ TỨC TIỀN MẶT 2023 LÊN 3010 ĐỒNG/CP

by finandlife08/05/2024 13:52

Kế hoạch phân phối tổ yến của công ty Sanvinest (UPCOM: SKV) vào hệ thống nhà thuốc Đông y lớn nhất Trung Quốc, với mục tiêu xuất khẩu 250 tỷ đồng trong năm 2024. Trong tháng 4/2024, công ty đã ký kết hợp tác kinh doanh với hệ thống nhà thuốc Đồng Nhân Đường của Trung Quốc. Năm 2023, SKV ghi nhận kết quả kinh doanh tốt nhất trong lịch sử với doanh thu 2.121 tỷ đồng và lợi nhuận sau thuế hơn 103 tỷ đồng. Tuy nhiên, kết quả kinh doanh quý 1/2024 giảm mạnh so với cùng kỳ năm trước, do việc nhập lượng hàng lớn để hoàn thành kế hoạch doanh thu trong năm 2023 khiến cho sự suy giảm mạnh mẽ trong quý đầu năm 2024.

Công ty vẫn tiếp tục tập trung vào việc mở rộng xuất khẩu, đặc biệt là vào thị trường Trung Quốc. SKV đã có giấy phép xuất khẩu chính thức và đã xuất khẩu sản phẩm vào Trung Quốc, với dự định trong năm 2024 sẽ xuất khẩu khoảng 250 tỷ đồng và con số này dự kiến sẽ tăng trong các năm tiếp theo. Để đạt được mục tiêu này, công ty đang triển khai các dự án mở rộng công suất sản xuất và xây dựng các nhà máy mới.

Về tài chính, công ty đang được hưởng lợi từ mức lãi suất vay ưu đãi từ các ngân hàng, giúp giảm chi phí tài chính. Công ty cũng đã tiến hành điều chỉnh các chính sách về công nợ để đảm bảo tính linh hoạt trong hoạt động kinh doanh. SKV đã đưa vào vận hành gia đoạn 1 Nhà máy chế biến nguyên liệu Yến sào và tiếp tục triển khai giai đoạn 2 xây dựng Nhà máy NGK cao cấp Yến sào Khánh Hòa có công suất 30.000 sản phẩm/giờ với tổng mức đầu tư 420 tỷ đồng. Ngoài ra, công ty sẽ triển khai chương trình hợp tác, liên kết đầu tư nuôi chim Yến trong nhà nhằm chủ động nguồn nguyên liệu cũng như kiểm soát giá thành sản phẩm.

Cổ tức tiền mặt 2023 sẽ trả 3010 đồng/cổ phiếu, tương đương suất sinh lãi cổ tức tiền mặt đạt 8%/năm, khá tốt cho một doanh nghiệp tiêu dùng mạnh.

FINANDLIFE

Tags:

Stocks

The Berkshire AGM 2024

by finandlife06/05/2024 17:39

The Berkshire AGM was amazing Here are 30 key takeaways 

1. Big tribute to Charlie Munger. The entire 30-minute starting video is about Charlie. It’s amazing what he has done for the investment community

2. Berkshire Hathaway trims its stake in Apple by 13%

3. Insurance is still an excellent business. Ajit is doing an amazing job

4. Q1 was good for Berkshire Hathaway. The company keeps compounding at attractive rates

5. Every time you see the word EBITDA, you should replace it with bullsh*t earnings

6. Berkshire earns more than $100 million per day currently

7. Succesful investing is all about having a few very big winners

8. The power of compounding is the most underrated power in the world

9. Berkshire Hathaway will keep buying back shares in the years to come

10. Don’t check stock prices daily

11. Coca-Cola and American Express will probably never be sold

12. Apple will (probably) remain the largest position of Berkshire Hathaway in the years to come

13. Always look at a stock like a business.

14. Don’t try to time the market

15. The market is there to serve you. Use it to your advantage

16. The Intelligent Investor by Benjamin Graham is the best investment book ever

17. Higher taxes are quite likely in the future according to Buffett

18. Berkshire Hathaway‘s primary investments will always be in the United States

19. Anyone who says size doesn’t hurt performance is selling

20. Charlie’s two best ideas were probably BYD and Costco

21. Buffett feels extremely good about his exposure to Japan

22. The best time to sell a wonderful company is (almost) never

23. “I don’t know anything about Artificial Intelligence.” - Warren Buffett

24. Geico is still an amazing business. The company is making progress in its data analytics

25. Geico has lower costs than virtually any insurance company

26. “Charlie was the best Partner I could have very imagined.” - Warren Buffett

27. Always surround yourself with people you look up to and trust

28. “During our entire partnership, Charlie never lied to me even once.” - Warren Buffett

29. If there would be no risk there would be no insurance business. Insurance is still a very attractive business despite climate risk

30. Never bet against America

"If You Had Another Day with Charlie, How Would You Spend It?" The standout inquiry at the Berkshire Hathaway Annual Meeting came from a young attendee, prompting Warren Buffett to reflect on Charlie Munger's legacy and impart valuable life lessons. Buffett's poignant response emphasized the importance of cherishing meaningful connections: "Ask yourself who you'd want to spend the last day of your life with, and then find a way to meet them tomorrow, and thereafter, as often as possible.'"

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StoriesofLife

Jamie Dimon, CEO J.P. Morgan, His Annual Shareholder Letter 2024

by finandlife09/04/2024 08:40

Jamie Dimon, CEO of The U.S. Largest Bank, J.P. Morgan, Just Released His Annual Shareholder Letter

When Dimon speaks, the world listens.

Here are key takeaways from his annual letter: U.S. Economy:

"In spite of the unsettling landscape, including last year’s regional bank turmoil, the U.S. economy continues to be resilient, with consumers still spending, and the markets currently expect a soft landing. It is important to note that the economy is being fueled by large amounts of government deficit spending and past stimulus"

Soft-Landing: "Equity values, by most measures, are at the high end of the valuation range, and credit spreads are extremely tight. These markets seem to be pricing in at a 70% to 80% chance of a soft landing — modest growth along with declining inflation and interest rates. I believe the odds are a lot lower than that."

AI: "We are completely convinced the consequences will be extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years: Think the printing press, the steam engine, electricity, computing and the Internet, among others." "Over time, we anticipate that our use of AI has the potential to augment virtually every job"

Inflation & Rates: "Huge fiscal spending, the trillions needed each year for the green economy, the remilitarization of the world, and the restructuring of global trade — all are inflationary... This may lead to stickier inflation and higher rates than markets expect." "We are prepared for a very broad range of interest rates, from 2% to 8% or even more"

Private Credit: "Many people in the private credit arena are very smart and creative and want to help the companies they invest in navigate through market shoals. They can move quickly, discreetly and flexibly... On the other hand, not all players are that good. And problems in the private credit market caused by the bad players can leak onto the good ones, even though private credit money is locked up for years. If investors feel mistreated, they will cry foul, and the government will respond by putting a laser focus on the business."

QT: "Quantitative tightening is draining more than $900 billion in liquidity from the system annually — and we have never truly experienced the full effect of quantitative tightening on this scale." "...the unknown effects of quantitative tightening (which I am more worried about than most)"

Geopolitical Risks: "America’s global leadership role is being challenged outside by other nations and inside by our polarized electorate.We need to find ways to put aside our differences and work in partnership with other Western nations in the name of democracy." "Recent events, however, may very well be creating risks that could eclipse anything since World War II — we should not take them lightly."

Tags:

Economics

AUTOFEED

DISCLAIMER

I am currently serving as an Investment Manager at Vietcap Securities JSC, leveraging 16 years of experience in investment analysis. My journey began as a junior analyst at a fund in 2007, allowing me to cultivate a profound understanding of Vietnam's macroeconomics, conduct meticulous equity research, and actively pursue lucrative investment opportunities. Furthermore, I hold the position of Head of Derivatives, equipped with extensive knowledge and expertise in derivatives, ETFs, and CWs.

 

To document my insights and share personal perspectives, I maintain a private blog where I store valuable information. However, it is essential to acknowledge that the content provided on my blog is solely based on my own opinions and does not carry a guarantee of certainty. Consequently, I cannot assume responsibility for any trading or investing activities carried out based on the information shared. Nonetheless, I wholeheartedly welcome any questions or inquiries you may have. You can contact me via email at thuong.huynhngoc@gmail.com.

 

Thank you for your understanding, and I eagerly anticipate engaging with you on topics concerning investments and finance.

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