諾貝爾經濟學獎得主Richard H. Thaler 的投資策略

大家或許都知道2017年諾貝爾經濟學獎得主Richard H. Thaler 以研究“行為經濟學” 而聞名，但可能不知道其與拍檔Russell Fuller 創建的「Fuller & Thaler Asset Management」，投資成績一樣非常出色。這公司替JP Morgan 管理的一隻基金Undiscovered Managers Behavioral Value Fund（UBVLX)，成績優異，大家有興趣的話可以看看其官網的介紹：

Undiscovered Managers Behavioral Value Fund

(UBVLX)

CAPTURE ALPHA WITH A CONTRARIAN APPROACH 

The fund seeks to capitalize on behavioral biases that create inefficiencies in small cap markets. The team uses rigorous credit and fundamental analysis to validate behavioral observations they see in the markets. The team looks for companies with significant insider buying and share buybacks — which are strong indicators of future return potential following an underperformance in the stock price. The team seeks to lock in gains by selling stocks with large amounts of insider selling, new share issuance or when M&A activity occurs. 

Portfolio

• Targets small cap value companies that are underappreciated due to behavioral biases.
• Looks for companies with significant insider buying or share buybacks.

簡要而言，這基金主要投資於中小型股票，選股方向主要有三：

1. 因壞消息而過份下跌的股票；

2. 出好消息但股價仍未充份反映消息的利好；

3. 有內線人士大手買入或公司大量回購的公司。

大家不要以為這策略只是在美國行之有效，在香港一樣也行得通的。大家有興趣的話，可以嘗試研究一下上述的選股策略，然後根據上述的選股方式建立一個模擬倉位，看看一年後的回報如何。