Хотя написано
вроде давно было, но актуально похоже будет всегда.
1) A deep
understanding of the fundamentals so that pricing inefficiencies can be
identified.
Principle number one is fairly self-explanatory. That said, a deep
understanding of the fundamentals is something few investors, in today’s world
of low-cost index funds, actually consider. Generating outperformance requires
an understanding of how the markets are mispriced. There is no escaping the
need to have a thorough understanding of the fundamentals so that one can
sensibly assess what is cheap and what is expensive.
2)
Focus.
To add value (outperform/generate a higher return than a passive or risk-free
investment) you need to be a better player than your opponents. Thus, focus and
a deep understanding of particular markets is essential. Markets are extremely
competitive, and you should seek to make the most of your advantages
3) Perspective without data-mining.
It’s all too easy to go data-mining when you’re looking for a successful
strategy. By data-mining or to put it another way, to go looking for what would
have worked in the past, you will develop an incorrect perspective. Formulate a
strategy and test it in all market environments and when it doesn’t work,
understand why, don’t abandon the strategy when it loses. Having a sound
fundamental basis for making a trade, and an excellent perspective concerning
what to expect from that trade, are the building blocks that have to
be combined into a strategy.
4)
Strategy.
Developing a strategy is only the first step in trading. Knowing how to balance
your bets based on different expected returns, risks and correlations is
fundamentally as least as important. Managing an existing position requires a
deep understanding of money management and probabilities.
5)
Substantial resources.
In today’s world, the average trader has a wealth of data and computing power
at their fingertips. Technology has radically advanced the average level of
play, in markets as in warfare; it has served to widen the gap between the
resource rich and the resource constrained players.
6)
Independent opinions.
Dalio realised almost as soon as he got into the business that he needed to
muster the best independent opinions possible about particular investments to
make money from the markets.
7)
Stress test.
Even today Bridgwater is built around a culture of openness. Dalio knows the
importance of stress testing opinions to ensure they stand up under different
scenarios. However, he doesn’t care much about others conclusions, only the
reasoning that led to these findings.
8)
Overconfidence.
Overconfidence can be a dangerous quality in this game. Remain wary of becoming
overconfident and continue to gather information. Not only will this improve
your knowledge of the subject but it will also reduce your risks of not
knowing.
