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cover of episode How Micro Informs The Macro | David Steinberg on Scott Bessent, Pet Investing, Semiconductors, Music Publishing, and Peter Lake

How Micro Informs The Macro | David Steinberg on Scott Bessent, Pet Investing, Semiconductors, Music Publishing, and Peter Lake

2025/1/26
logo of podcast Monetary Matters with Jack Farley

Monetary Matters with Jack Farley
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David Steinberg: 我在索罗斯基金的经历让我意识到，深入研究公司基本面，选择那些被市场低估的优质公司进行长期投资，能够获得更高的回报。我的投资理念是集中投资于少数个股，并长期持有，而不是进行高频交易。这种策略虽然与索罗斯基金的宏观投资策略有所不同，但宏观经济因素仍然会影响我的投资决策。微观信息能够为宏观经济提供重要的预测信息，深入了解公司基本面对于宏观投资决策至关重要。我的投资目标是获得百倍的回报，为此我需要一个能够长期运作的策略，并且能够适应市场规则的变化。 我避免与其他大型机构投资者在短期市场上竞争，而是专注于长期价值的发现。在当前市场环境下，许多投资者专注于短期波动和被动投资，而我则专注于那些被市场低估的优质公司，并长期持有，以获取长期增长带来的回报。 价值投资的核心在于评估公司未来盈利能力，而不是仅仅依赖于账面价值或统计数据。我深入了解公司的运营模式和生态系统，而不是仅仅关注财务数据，从而做出更准确的投资决策。 Jack: 我认同你的长期投资理念，但我也认为短期市场波动和被动投资也是一种有效的策略，尤其是在一些高增长科技股的投资中。许多投资者追逐短期业绩，而你却是一位特例。许多人尝试你的投资策略却失败了，这说明你的策略并非易事。

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David Steinberg, CIO of Marlowe Partners, discusses his experience working under George Soros and Scott Bessent at Quantum. He describes his unique investment style of focusing on concentrated single-name equities, contrasting it with the firm's macro approach, and shares anecdotes illustrating Scott Bessent's deep understanding of business.
  • Steinberg worked at Quantum, a macro hedge fund, under Soros and Bessent.
  • Developed a concentrated investment strategy in single-name equities.
  • Anecdote about Scott Bessent's in-depth understanding of business, focusing on individual aspects of cash flows and operations rather than just macro trends.

Shownotes Transcript

David Steinberg, founder and chief investment officer of Marlowe Partners, joins Jack for a very special episode of Monetary Matters. Steinberg recounts what he learned working for Soros and Scott Bessent at Quantum, and how he developed his investment style of high concentration in single-name equities. David and Jack talk Humanization of Pets, semis, music publishing, and David’s secret pastime which he reveals for the first time on this program. Recorded on January 23, 2025.

Peter Lake philosophy: https://www.peterlake.com/philosophy-of-music)

Peter Lake on Spotify: https://open.spotify.com/artist/2LO6MZ0w06BnfgIfoJHIe6)

Peter Lake on YouTube: https://www.youtube.com/@PeterLakeMusic)

Marlowe Partners: https://marlowepartners.com/)

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