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Investment Lessons From Irving Kahn

(2010-09-03 00:08:30)
标签:

卡恩

股票

分类: 巴菲特投资理念

This centenarian knows the secret of long-term profits.

At 104 years old Irving Kahn can aptly be described as the grand old man of value investing. While he may not be able to tell us much about the secret of longevity, he has much to teach about profitable investing.

Unbelievably, after 80 years on Wall Street not only is he alive, he is still active. Currently, he's Chairman of Kahn Brothers Group, a privately-owned investment advisory and broker-dealer firm that he founded in 1978. It has approximately US$550 million funds under management.

Background

He is a value investor right to his marrow. This should be hardly surprising as he learnt from the master, serving as the second teaching assistant to Benjamin Graham at the Columbia University Business School.

He was an original founding member of the New York Society of Security Analysts in the 1930s. He was also a co-founder of the Financial Analysts' Journal and a director of Grand Union Stores, Kings County Lighting, West Chemical, and Wilcox & Gibbs.

Investment philosophy

On the website of Kahn Brothers Group it explains that the company:

  • employs a bottom-up stock selection approach; and
  • invests in undervalued equity securities that are usually out-of-favour.

To determine which a security to invest in it uses:

  • asset valuations;

  • operating performance metrics; and

  • long-term fundamental business prospects.

Moreover, they say, "unlike many investment managers, we spend a considerable amount of effort evaluating the downside risk of every investment."

Holdings

According to filings made at the end of September 2009 Kahn's top five holdings were:

  • New York Community Bancorp - 4,098,061 shares, 10.5% of the total portfolio

  • BristolMyers Squibb - 1,738,102 shares, 8.8% of the total portfolio

  • Pfizer - 2,218,062 shares, 8.3% of the total portfolio

  • ScheringPlough - 1,114,093 shares, 7.1% of the total portfolio

  • Old Republic International - 2,406,358 shares, 6.6% of the total portfolio.

Interview

In an interview Irving Kahn gave in 2005, he and his son -- Kahn Brothers president Tom Kahn -- outlined in more detail Kahn Brothers' views on investing.

They regard value investing as an 'art' rather than a science, involving qualitative factors as much as quantitative. For that very reason, just as the best artists can occasionally produce poor work, even the best investors will make mistakes.

However, to reduce this risk and ensure a 'margin of safety', they follow these rules:

  • Favour those 'out of favour'. Invest in companies that are either little-known or out of favour. The former tend to be smaller companies.

  • Low or no debt. They like companies with little or no debt and avoid highly leveraged companies.

  • Management stake. They prefer management that owns a lot of stock as they have the same incentive as shareholders to maximize the value.

  • Avoid problems. Companies that have volatile cash flows, high leverage and poor management should be avoided.

  • Earnings potential. Go beyond the latest set of results to determine the earnings potential of a business.

  • Patience. They are long-term investors with a typical 3-7 year, or longer, time horizon. If there are very few values to be found, they are comfortable holding cash.

  • Identify catalysts. The market's recognition of value is often dependent on a catalyst -- an that which corrects the margin of safety discount. The identification of potential catalysts is therefore an integral part of the research process. Without a catalyst, a prospective investment can remain underpriced indefinitely and thereby result in a mediocre return.

  • Research. Do your own homework and pay no attention to what you see in the papers.

  • Be a contrarian. Maintain a strictly contrarian approach on the basis that half the price of a common stock is usually fashion.

要确定一名安全投资于它的用途:

  • asset valuations;资产估价;

  • operating performance metrics; and经营业绩指标;及

  • long-term fundamental business prospects.长期的基本的业务前景。

Moreover, they say, "unlike many investment managers, we spend a considerable amount of effort evaluating the downside risk of every investment."此外,他们说,“不像许多投资经理,我们花了大量的努力进行评估每个投资下滑的风险。”

Holdings 控股

According to filings made at the end of September 2009 Kahn's top five holdings were:根据在2009年9月卡恩的高端5持股作出申请的有:

  • New York Community Bancorp - 4,098,061 shares, 10.5% of the total portfolio 纽约社区Bancorp公司 - 4098061股,10.5%的总投资组合

  • BristolMyers Squibb - 1,738,102 shares, 8.8% of the total portfolio BristolMyers施贵宝 - 1738102股,8.8%的总投资组合

  • Pfizer - 2,218,062 shares, 8.3% of the total portfolio 辉瑞 - 2218062股,8.3%的总投资组合

  • ScheringPlough - 1,114,093 shares, 7.1% of the total portfolio ScheringPlough - 1114093股,7.1%的总投资组合

  • Old Republic International - 2,406,358 shares, 6.6% of the total portfolio. 旧共和国国际 - 2406358股,6.6%的总投资。

Interview 访问

In an interview Irving Kahn gave in 2005, he and his son -- Kahn Brothers president Tom Kahn -- outlined in more detail Kahn Brothers' views on investing.采访中给了欧文卡恩在2005年,他和他的儿子-卡恩卡恩兄弟总裁汤姆-卡恩兄弟投资概述详细的意见就更多。

They regard value investing as an 'art' rather than a science, involving qualitative factors as much as quantitative.他们把价值作为一个艺术',而不是一门科学,涉及多达定性因素定量投资。 For that very reason, just as the best artists can occasionally produce poor work, even the best investors will make mistakes.正是由于这个原因,正如最好的艺术家,偶尔会产生恶劣的工作,即使是最好的投资会犯错误。

However, to reduce this risk and ensure a 'margin of safety', they follow these rules:然而,为了减少这种风险,并确保对安全的毛利,他们遵循这些规则:

  • Favour those 'out of favour' . 华丰那些'失宠'。 Invest in companies that are either little-known or out of favour.投资公司,要么鲜为人知或失宠。 The former tend to be smaller companies.前者往往是规模较小的公司。

  • Low or no debt. They like companies with little or no debt and avoid highly leveraged companies. 低或没有债务。债务的公司,他们想很少或没有,避免高杠杆的公司。

  • Management stake. They prefer management that owns a lot of stock as they have the same incentive as shareholders to maximize the value. 管理层的股份。他们宁愿管理,拥有大量的股票,因为它们具有相同的诱因为股东价值最大化。

  • Avoid problems . 避免出现问题 Companies that have volatile cash flows, high leverage and poor management should be avoided.公司有现金流量不稳定,高杠杆和管理不善,应加以避免。

  • Earnings potential. Go beyond the latest set of results to determine the earnings potential of a business. 盈利潜力。结果超越设定的最新确定的收益潜力的业务。

  • Patience . 耐心 They are long-term investors with a typical 3-7 year, or longer, time horizon.他们是长期投资者一个典型的3-7年或更长的时间,时间范围。 If there are very few values to be found, they are comfortable holding cash.如果有很少被发现,他们很舒服持有现金价值。

  • Identify catalysts. The market's recognition of value is often dependent on a catalyst -- an that which corrects the margin of safety discount. 确定催化剂。市场的价值认识往往依赖于一个催化剂-这是纠正了一个折扣幅度的安全。 The identification of potential catalysts is therefore an integral part of the research process.识别的潜在催化剂,因此研究过程中的一个组成部分。 Without a catalyst, a prospective investment can remain underpriced indefinitely and thereby result in a mediocre return.如果没有一个催化剂,一个潜在的投资可以无限期地保持过低,从而导致一个平庸的回报。

  • Research. Do your own homework and pay no attention to what you see in the papers. 研究。做自己的功课,不注意你看到的文件。

  • Be a contrarian . 做一个反向 Maintain a strictly contrarian approach on the basis that half the price of a common stock is usually fashion.在此基础上保持了一半的普通股价格通常是时装严格逆势做法。

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