Risikomanagment / Moneymanagment richtig machen

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Hier ein schöner post von David Harding, warum sich sein Fund (Winton) von Trend following entfernt. Ich kann den Blog (Winton und Davids Corner) generell empfehlen.

https://www.winton.com/davids-views/July...g-risk-net

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Ein interessanter Artikel

Interessante These des Autors ist wohl auch dass er meint in seinem Berufsstand koennten u.U. wohl einige Defizite bestehen

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The idea of markets as efficient can be useful in the same way as Newtonian physics is useful, he says. But losing sight of the theory’s flaws risks allowing dogma to stand in the way of progress. “It’s a set of intellectual ideas that, if I were being really critical, I’d say forestalls all thought.
“There are no laws of finance. Many people in finance seem to be trying to treat it as a physical science. This is a mistaken approach. Their philosophy is wrong.”

The Winton way
These views inform Winton’s investment approach in some intriguing ways.
For one, it means championing the value of wisdom in investing. Harding references Warren Buffett several times as an example of someone with an admirably broad base of knowledge. Charlie Munger’s book On Success shows he is “incredibly widely read”, Harding says.

The quant culture in finance, conversely, he sees as often dogmatic. “Many mathematicians and programmers don’t read a lot of history, philosophy, religion,” Harding says. “That’s what you need to be a successful investor. You need to have an eclectic outlook on the world.”
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