Investment Pioneer Lerbaron Gives You Warning.

< p > Leban's motto is: looking for problems that have not been raised. The picture shows Leban in his home in Nuo mus, Florida. < /p >
< p > there is nowhere to hide, nowhere to hide, and no unbiased advice from anyone. This is the intuitive feeling of many a href= "http://www.91se91.com/news/index_c.asp" > investment < /a >. < /p >
< p > judging from historical standards, stock market, bond and real estate in the United States and most markets are at least moderately overestimated; cash yield after deducting inflation is negative; most market experts have set the interest in their proposals. < /p >
< p > how should investors view the present market? In order to get some frank suggestions, I consulted Dean LeBaron, an investment pioneer, Dean. He is one of the most ingenious and open-minded financial thinkers I know. His motto has always been looking for problems that have not been raised. < /p >
< p > he suggested following the pace of Chinese capital to invest in Africa, Canada and Mexico. He also favored those assets that would benefit from the negative impact of the low interest rate policy of the Federal Reserve, such as gold, undeveloped land and inflation protected bonds. < /p >
< p > Leban believes that China's fiscal and monetary policies are stricter than that of the United States, so he says he follows China's footsteps and where the Chinese invest. < /p >
< p > what makes lron Baron's suggestion worth listening to? < /p >
< p > as he likes to say: if we choose between the first and the best, it is better to be the first. Leban founded Batterymarch Financial Management in Boston in 1969, mainly investing in small stocks which were hardly interested at that time. < /p >
< p > Batterymarch is also a pioneer in quantitative investment. Quantitative investment is based on statistical analysis rather than human judgment. He said that in 1970s, everyone in his company had three computers. When other companies did not have computers, they had 90. < /p >
In 1974, Batterymarch became one of the first companies to provide index funds. Vanguard Group later made this automatic stock picking portfolio popular. In 1978, before most investors began investing abroad, Batterymarch had already started to invest internationally; in 1987, the company began investing in the "third world country", the so-called emerging market now. < /p >
< p > Leban also invested in farmland more than a decade ago than most fund companies, and he was the first to privatize Russia when he divestied state-owned enterprises in Russia. < /p >
< p > Leban sold the Batterymarch for nearly $60 million in 1995 to Legg Mason. He retired himself after a year, and of course he did not idle. Leban, 80 years old, who has never been on the right track, interviewed me last week at the home near Sarasota, Florida. < /p >
For more than a decade, investors have been seeking to make as much money as possible. However, Leban believes that from now on, the highest guiding principle will be to lose as little money as possible. < /p >
< p > Leban warned that in the transition period, those who are most likely to be in danger are those who have been rewarded with great rewards recently because the profits they are making are about to change. < /p >
< p > Leban believes that under the monetary easing policy of the major central banks such as "a href=" http://www.91se91.com "/a" (Fed) and so on, a market which he called "management" has been created, at a price to a certain extent, which is determined by the government policy rather than the market factor. < /p >
< p > but Leban is afraid that such a market can not exist forever. He said that in complex systems, the power is predictable, and the timing is not as good as adding a grain of sand on the sand dunes, not knowing when the sand pile will collapse, only knowing that it will eventually collapse. < /p >
Leban P now only uses his own capital to invest. He does not invest in the US stock market. The only holding is American inflation protected bonds. < /p >
< p > in terms of stock investment, Le balun only bought some shares of Chinese funded companies, including INESA Electron Co. (600602.SH), Shanghai radio and television (Limited by Share Ltd), and Shanghai chlorine chemical Shanghai (Shanghai Chlor-Alkali Chemical), 600618.SH, referred to as chlor alkali chemical industry. < /p >
< p > Leban believes that China's fiscal and monetary policies are stricter than that of the United States, so he says he follows China's footsteps and where the Chinese invest. Recently, China has invested in Nigeria, Garner and Kenya, including Canada and Mexico. Retail investors with the same concept can consider diversified, low-cost funds such as Market Vectors Africa Index ETF, which has an annual fee rate of 0.8%, or $80 per 10000 US dollars. IShares MSCI Canada Trading Fund and iShares MSCI Mexico Capped ETF charge 0.53%. < /p >
P > now that market risks will increase, can retail investors continue to succeed? He said that institutional investors usually invest at most from one to three years. His advice to retail investors is to change such timeline and make long-term investments. < /p >
If you are brave enough, you can try to emulate one of the most successful strategies used by P when he runs Batterymarch. He has held a competition to see who can choose the worst but not the best stock in the coming year. < /p >
< p > Leban says it sounds more difficult than practical operation. This is indeed true, especially when you know that Le balun finally bought all the selected a href= "http://www.91se91.com/news/index_cj.asp" > stock > /a >, once more than 100 stocks. Leban said that if you can keep this investment for several years, the profits from those companies that are not bankrupt can make up for the losses caused by those bankrupt companies. < /p >