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cover of episode #207 Adam Karr: The Investing Blueprint

#207 Adam Karr: The Investing Blueprint

2024/11/12
logo of podcast The Knowledge Project with Shane Parrish

The Knowledge Project with Shane Parrish
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我坚信选择人生中参与的游戏至关重要,深入思考这一点能够带来巨大改变。投资策略取决于你所参与的游戏(投资时间跨度),长期投资者与短期交易员的策略截然不同。投资风格需要根据自身优势和市场变化进行调整,巴菲特的投资风格就经历过多次转变。投资策略的调整不仅取决于市场环境,还取决于自身规模和对公司控制权的考量。要根据自身优势和痴迷点来构建投资环境,专注于自己擅长且热衷的领域。投资者的长期目标需要与客户的预期相一致,否则难以执行长期策略。评估CEO是否专注的关键在于考察其过往业绩和对公司文化的理解,并通过提问来深入了解。构建长期投资组合需要关注公司长期发展和管理层的长期愿景,并通过提问来评估。长期投资需要像所有者一样思考,关注资本配置和业务防御能力。公开市场上的公司重组难度大,成功率低,需要谨慎对待。公开市场投资中,押注管理层变革进行公司重组风险很高,需要谨慎。成功的关键在于建立清晰的蓝图,学习优秀人物的经验,并在此基础上进行创新。学习优秀人物的经验,建立个人蓝图,并在此基础上不断改进和创新。选择学习对象时,需要根据自身需求和环境选择合适的榜样,既要学习其经验,也要思考其背后的原因及适用性。彼得·林奇的投资理念对其影响很大,特别是关注自身熟悉的领域,以及接受犯错是投资过程的一部分。及时止损很重要,需要客观评估投资决策,并记录反思自身的情绪和决策过程。书面记录投资决策过程,并定期进行复盘和分析,可以有效提升决策能力。利用数据分析工具识别并改进自身的决策偏差,并通过系统提示来提醒自己。清晰的书面表达能力反映了清晰的思维能力,并能帮助提炼核心观点。获取信息时,应尽量减少信息过滤,直接获取一手信息,并进行深入分析,提炼核心要点。深入研究,提炼核心要点,才能做出正确的投资决策,即使是普遍看跌的案例也可能蕴含着投资机会。深入研究,才能发现被市场低估的投资机会,即使是普遍看跌的案例也可能蕴含着投资机会。

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Shownotes Transcript

Investor Adam Karr reveals his hidden playbook for spotting exceptional CEOs and building extraordinary businesses. Learn his counterintuitive techniques—from the surprising link between writing skills and executive performance to the 10-minute test that unveils a leader's true potential. Packed with battle-tested wisdom, Karr shares the deceptively simple principles that separate great business leaders from the merely good.

Adam Karr is the President and Portfolio Manager at Orbis Investments.

(00:00) Intro

(02:44) Investing Strategies and Market Games

(04:08) Adapting and Evolving Investment Styles

(05:20) The Importance of Obsession and Environment

(06:29) Aligning with Long-Term Investment Goals

(07:11) Identifying and Evaluating Obsessed CEOs

(08:13) The Role of Culture in Investment Decisions

(08:54) Building Long-Term Positions and Overcoming Short-Term Pressures

(12:21) The Blueprint for Success

(15:24) Learning from Role Models and Mentors

(21:25) The Power of Writing and Decision Analytics

(29:11) The Magic in the Last 5% of Investment Research

(35:25) Understanding Roll-Ups: Success Factors and Challenges

(36:01) Applying Knowledge for an Unfair Advantage

(37:42) Learning from Feedback and Case Studies

(40:47) The Importance of Independent Thinking

(43:06) Lessons from Industry Leaders

(49:32) The Will to Practice and Time Management

(56:44) Positioning for Success and Resilience

(01:08:59) Defining Success and Helping Others

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