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Rethinking Investing with Greenwich Associates' Charles Ellis

2025/2/21
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Masters in Business
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Charles Ellis: 我从洛克菲勒家族投资办公室开始我的职业生涯，当时信息匮乏，现代投资组合理论还处于初级阶段。在洛克菲勒家族投资办公室工作期间，我通过对杜邦和IBM的深入分析，并与杜邦高管的多次访谈，发现IBM更具有内生增长潜力，因此建议洛克菲勒家族出售杜邦股票，购买IBM股票。这一建议在短期内就带来了巨大的回报。之后，我创立了Greenwich Associates，致力于为客户提供关于投资公司表现和竞争对手情况的客观数据和分析。通过多年的研究和实践，我逐渐认识到主动型投资的局限性，并逐渐转向指数投资。我发现，在信息对称和计算能力强大的今天，主动型投资者很难持续跑赢市场，而且他们还会因为自身的认知偏差和行为习惯而犯错，导致投资回报降低。因此，我建议投资者选择指数基金或ETF，以降低成本，避免冲动性决策，并充分利用复利效应。 我的投资理念随着市场环境的变化而不断演变。在20世纪60年代，寻找能够跑赢市场的主动型基金经理是有效的策略，但在今天，这种策略已经不再有效。如今，投资者应该关注长期趋势，而不是短期波动，并充分利用时间和复利效应。 在计算投资组合时，投资者应该考虑社保金的现值和房屋的净值，这会影响投资组合的配置。我建议投资者增加股票投资比例，并根据生活变化调整投资策略。 Barry Ritholtz: (访谈内容总结，对Charles Ellis观点的回应和补充)

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This chapter explores Charles Ellis's fascinating career journey, starting with his unexpected entry into the Rockefeller family's investment office and culminating in the founding of Greenwich Associates. It highlights the unique challenges and opportunities he faced in the evolving financial landscape.
  • Master's in Business from Harvard Business School and PhD from NYU
  • Early career at Rockefeller family investment office and Donaldson, Lufkin & Jenrette
  • Founded Greenwich Associates in 1972
  • Focus on providing clients with factual information about firm performance and competition

Shownotes Transcript

Barry speaks with Charles Ellis, author and Founder of Greenwich Associates. Prior to founding Greenwich Associates in 1972, Charles worked with the Rockefeller family investments office and Donaldson, Lufkin, and Jenrette. Charles was appointed to the faculty of the Yale School of Management and twice to the Harvard Business School. He also served as a trustee at Yale from 1997 to 2008. After stepping down as Managing Partner at Greenwich, Charles served on the Vanguard Group Board of Directors, was a trustee of the Robert Wood Johnson Foundation, and an advisor to the GIC of Singapore. He currently serves as chair of the Board of Directors at the Whitehead Institute for Biomedical Research. On this episode, Barry and Charles discuss his path through finance, the evolution of his investing philosophy, and his new book Rethinking Investing. 

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