由买买提看人间百态

boards

本页内容为未名空间相应帖子的节选和存档,一周内的贴子最多显示50字,超过一周显示500字 访问原贴
Stock版 - 一个神秘的华人炒股奇才
相关主题
说起牛人EXPE DTG STX CHKP EEM
有买mutual fund大侠给介绍一下IF u bought at 2009......
Hedge funds see worst year since financial crisis明天大盘继续奔跑么?
KHC可以捞了吗?!建议大家介绍一下外婆的经历吧
COCO wipeout52 Week High Stock List
虎年第七届选股竞赛5月4日成绩!52 Week High Stock List
即将跨掉的十大品牌:52 Week High Stock List
有人持有DTG吗?(一年半70倍以上)赎回压力
相关话题的讨论汇总
话题: wang话题: he话题: oceanstone话题: fund话题: chen
进入Stock版参与讨论
1 (共1页)
o****r
发帖数: 132
1
最近在做共同基金的分析时,发现这个奇才。
有圈内人士认识吗?比前不久那个要开对冲基金的牛多了。
这篇文章是2012年的。
FORTUNE -- Who is James J. Wang? It's one of the most intriguing questions
in the mutual fund world today. Over the past five years, Wang's tiny
Oceanstone Fund (OSFDX) has outperformed every single mutual fund in every
category -- and it's not even close. His 40.5% annualized return since 2007
is almost triple that of his nearest competition and dwarfs the 1% average
return of the S&P 500 (SPX) over that span. But the reclusive investor, who
runs the $17 million fund out of San Diego, has repeatedly declined
interviews.
The combination of such a spectacular record with such resolute silence has
prompted some to wonder if it's all too good to be true. "We have people
calling us and asking, 'What's going on with this? Are those numbers right?'
" says Jeff Tjornehoj, a research manager at fund tracker Lipper. Oceanstone
has received a top score for consistent returns from Lipper for 27
consecutive months, a feat achieved by just 1.7% of funds over that span.
Rajendra Prasad, a doctor in Long Beach, Calif., who has served as a trustee
for Oceanstone since its 2006 launch, says Wang -- who did not reply to
Fortune's phone calls -- instructed him not to talk to the press. "I know
him well; he is very private," Prasad says. "I don't want to give out
anything because he will be upset with me."
Oceanstone first attracted attention in 2009 when the fund returned an
astonishing 264%. Wang benefited especially that year from big investments
in rental-car operators Dollar Thrifty (DTG) and Avis Budget (CAR), both of
which rose more than 1,000% after he bought them.
True, it's much easier to produce such a huge percentage gain while managing
a pee-wee fund than it is if you're running big money. But a close look at
Oceanstone's SEC filings during the past five years reveals that Wang is no
one-hit wonder. He's had consistent success investing in companies of
various sizes and in different sectors. And he has outperformed in both up
and down markets. In 2008, a year in which the S&P 500 plummeted 37%,
Oceanstone fell just 10%, thanks to his bets on small-caps like pet pharmacy
PetMed Express (PETS). He also doubled his cash position to 40% right
before the market collapsed, then reduced it to 3% just as stocks bottomed
the following spring. After scorching the market in 2009, Oceanstone
outperformed again in 2010, returning 31% while the S&P returned 15%.
In 2011, Oceanstone rose 1% -- nothing spectacular, but still better than 92
% of its peers. Wang has thrived not only by picking winners, but also by
avoiding land mines. He bought Bank of America (BAC) at the beginning of
2011 but sold before the stock nose-dived over the summer.
Oceanstone's filings reveal little about Wang or his methods. But a study of
his paper trail and interviews with former colleagues reveal an unusual
career arc. It turns out that Wang, 48, started out as a scientist. He
studied biochemistry at Johns Hopkins in the early 1990s, after emigrating
from China. (In 2005 he changed his name from Jinting Wang to James Wang,
according to San Diego County records.) Frank Chen, a scientist at the
Lawrence Berkeley National Laboratory, says he worked with Wang at the Los
Alamos National Laboratory in New Mexico in the late 1990s. The two
scientists studied DNA repair. But Wang's real passion, says Chen, was
always investing. "He played with his own money and got pretty good returns,
" says Chen. "He reads all of the books of Buffett, and also Ben Graham,
Philip Fisher. He's a bottom-up investor."
According to Chen, Wang quit his job at Los Alamos to focus fully on finance
. Later, Wang moved to San Diego, where, Chen says, he could enjoy his
preferred lifestyle: working early in the morning and then jogging and
relaxing in the afternoons. In 2003, Wang became a registered investment
adviser. He took a tax course at a community college and asked his teacher,
a lawyer named Thomas Severance, to be a trustee for his mutual fund. "He
spent hours and hours analyzing these things, and he had his own way of
doing it," recalls Severance, who served as a trustee for a year.
Fund managers typically expound on their strategy in shareholder letters.
Wang's notes are short, esoteric, and humble. (After his incredible results
in 2009, he noted, "It is much easier to manage a very small portfolio.")
Wang writes that he uses a specific equation to calculate what he calls the
"intrinsic value" of stocks: IV = IV/E x E. But the equation -- in which IV
stands for intrinsic value and E represents earnings -- appears to make no
sense. IV/E x E is the same thing as IV, which of course equals IV.
Chen, Wang's co-worker at Los Alamos, offers insight into Wang's approach. "
He had a very simple screening method," says Chen, who recalls that Wang
used to look for companies with price/earnings ratios of less than 12 and
projected annual earnings growth of more than 20%. After screening stocks,
Wang would scour the companies' annual reports, according to Chen. "He
avoids companies he doesn't understand," Chen says.
His latest bet is on the financial services sector. In the third quarter of
2011, Wang bought shares of Janus Capital Group (JNS), J.P. Morgan Chase (
JPM), and Goldman Sachs (GS), all of which had meager price/earnings ratios
at the time. The move paid off: So far this year, Oceanstone is up 14%,
nearly doubling the S&P 500's return.
Wang's secrecy has no doubt deterred potential investors. Despite its
amazing performance, Oceanstone hasn't grown much. One of Wang's biggest
shareholders, a Michigan doctor named Raymond McDonald, says the manager won
't reply to his queries. "I've actually asked to talk to him, and he won't
talk to me," says McDonald, who owns 5.99% of the fund. McDonald -- a self-
described "mutual fund junkie" -- says he took a large stake partly because
"the whole thing is curious." He wasn't put off by the fund's size. Says
McDonald: "Warren Buffett didn't get big for a long time." If Wang keeps
posting outsize returns, he may find it hard to avoid the spotlight forever.
o****r
发帖数: 132
2
另一篇文章。
Talk about a riddle wrapped inside an enigma. Oceanstone Fund (symbol OSFDX)
has delivered awesome gains in recent years, but scant information exists
about its close-lipped manager, James Wang, and his methods. And that
apparently is by design.
Wang declined to speak with us for this article. Before we tell you what we
do know about him, let's review those mind-boggling results. Over the past
five years through April 17, Oceanstone returned 39.9% annualized,
annihilating Standard & Poor's 500-stock index by an average of 39
percentage points per year. Starting in 2007, the fund's first full year of
existence, and including 2012, Oceanstone has topped the index every year
except last year, when its 1% return lagged the index by a mere percentage
point.
Most of Oceanstone's great performance is due to two great quarters and one
great year. The disastrous 2007-09 bear market ended on March 9, 2009, and
stocks began to recover with a vengeance. The S&P 500 gained 16% in both the
second and third quarter of that year. But Oceanstone blew away the index,
soaring 134% in the second quarter and 54% in the third. Propelling
performance were big positions in Dollar Thrifty (DTG), the car-rental
company, which skyrocketed 1,103% in the second quarter, and Sonic
Automotive (SAH), a car retailer, which jumped 535%. Oceanstone finished
2009 with a 264% gain, compared with 26% for the index.
Advertisement
We know from the fund's prospectus and other records that Wang invests
primarily in U.S. stocks and that he trades frequently and sometimes
furiously. Oceanstone's portfolio turnover for the fiscal year that ended
June 2011 was 146%. In previous years, turnover topped 400%, implying that
Wang held stocks for less than three months, on average.
The prospectus says that Wang lives in Carlsbad, Ca. (just north of San
Diego), and that he was a state-registered investment adviser from 2003 to
2006. During that time, the prospectus says, "he advised separately managed
accounts in [the] U.S. stock market for individuals and small businesses."
Despite Oceanstone's amazing record, the fund holds only $23.4 million in
assets. The most obvious explanation for Oceanstone's modest size is that it
is not easy to buy. The fund, which requires a $2,000 minimum investment
and does not levy sales charges, is not sold through brokers (online or
otherwise). To invest, you have to obtain an application from the fund's Web
site or its transfer agent (800-988-6290), fill it out and mail it. The
fund's annual fees clock in at a pricey 1.80%.
Pam Tarczy, of Mutual Shareholder Services, the transfer agent, says it has
never been Wang's "intention to grow a huge fund … so that it's
unmanageable." She also says he attributes some of that spectacular 2009
return to luck, and that, ideally, he'd like to produce average returns of
15% a year. She also says he holds a PhD in biology (though Oceanstone held
not a single health care stock at last report).
To add one more element to the mystery of Oceanstone, you can't pigeonhole
Wang as someone who focuses on a particular segment of the stock market.
Fund rater Morningstar labels Oceanstone as a small-company value fund, and
it's likely that bargain-priced runts played a major role in Oceanstone's
ascent. But as of December 31, according to Morningstar, 65% of the fund's
stock holdings were in large and gigantic companies. After a 19% position in
cash, Oceanstone's largest holdings were Bank of America (BAC), 11% of
assets; Archer-Daniels Midland (ADM), 9%; Arrow Electronics (ARW), 8%; and
General Motors (GM), 6%. All told, the fund held 18 stocks.
That Wang seeks to keep Oceanstone small and, therefore, easy to manage, is
commendable. That will make it easier for a gunslinger like him to buy and
sell stocks, especially when he trades shares of small companies, which can
be illiquid. But without having the opportunity to speak with Wang and learn
more about his philosophy and approach to stock picking, it's hard to
endorse his fund. For now, Oceanstone is a mystery best left out of your
portfolio.
T**y
发帖数: 1024
3
那我3000%怎么样? 是不是也是奇才啊!

OSFDX)
we
of

【在 o****r 的大作中提到】
: 另一篇文章。
: Talk about a riddle wrapped inside an enigma. Oceanstone Fund (symbol OSFDX)
: has delivered awesome gains in recent years, but scant information exists
: about its close-lipped manager, James Wang, and his methods. And that
: apparently is by design.
: Wang declined to speak with us for this article. Before we tell you what we
: do know about him, let's review those mind-boggling results. Over the past
: five years through April 17, Oceanstone returned 39.9% annualized,
: annihilating Standard & Poor's 500-stock index by an average of 39
: percentage points per year. Starting in 2007, the fund's first full year of

j*****h
发帖数: 3292
4
谢谢大牛
信息量不够,简单摘要:大牛们接着补充
1 生物男威武
2 投资主要于small & value companies
3 投资股的日交易量在50万至1MM之间
4 同时分析大盘做TIMING
5 同时做板块rotation
6 但主要是bottom-up 做个股的波段操作
7 没有提用不用leverage
y***r
发帖数: 16594
5
D56.
o****r
发帖数: 132
6
1.大部分时间以现金为主,目前70%现金。
2.小盘股为主,股票数目很少。以业绩较差,但后期可能有翻转的股票为主。风格有点
像David Tepper。
3.操作频繁,持股时间可能在3-4月左右。
4.人在加州,低调。

【在 j*****h 的大作中提到】
: 谢谢大牛
: 信息量不够,简单摘要:大牛们接着补充
: 1 生物男威武
: 2 投资主要于small & value companies
: 3 投资股的日交易量在50万至1MM之间
: 4 同时分析大盘做TIMING
: 5 同时做板块rotation
: 6 但主要是bottom-up 做个股的波段操作
: 7 没有提用不用leverage

s*******t
发帖数: 335
7
这个FUND现在70%是现金,现在只有三个股票,其中一个是主席推荐的RAD
F*****3
发帖数: 738
8


【在 o****r 的大作中提到】
: 1.大部分时间以现金为主,目前70%现金。
: 2.小盘股为主,股票数目很少。以业绩较差,但后期可能有翻转的股票为主。风格有点
: 像David Tepper。
: 3.操作频繁,持股时间可能在3-4月左右。
: 4.人在加州,低调。

z*******e
发帖数: 111
9
这个人 就是。。。
主席
d*****u
发帖数: 75
10
比你们老版主差远了。这个是MUTUAL FUND,一年的管理费才1.8%,还没业绩提成。规
模只有50M,跟你们老版主的HEDGE FUND就不是一个数量级。而且HEDGE FUND收2%的管
理费,还有20%的业绩提成。
这个是从这个OCEANFUND网站上看到的。
As compensation for the Adviser’s services rendered to the Fund, the Fund
pays to the Adviser a fee, computed daily and paid monthly, at an annual
rate of 1.80% of the net assets of the Fund. For the past three fiscal years
ended June 30, 2011, 2012 and 2013,the Adviser received management fees of
$164,747, $329,872, and $538,023 respectively.
相关主题
虎年第七届选股竞赛5月4日成绩!EXPE DTG STX CHKP EEM
即将跨掉的十大品牌:IF u bought at 2009......
有人持有DTG吗?(一年半70倍以上)明天大盘继续奔跑么?
进入Stock版参与讨论
b*d
发帖数: 3069
11
which老版主?

years
of

【在 d*****u 的大作中提到】
: 比你们老版主差远了。这个是MUTUAL FUND,一年的管理费才1.8%,还没业绩提成。规
: 模只有50M,跟你们老版主的HEDGE FUND就不是一个数量级。而且HEDGE FUND收2%的管
: 理费,还有20%的业绩提成。
: 这个是从这个OCEANFUND网站上看到的。
: As compensation for the Adviser’s services rendered to the Fund, the Fund
: pays to the Adviser a fee, computed daily and paid monthly, at an annual
: rate of 1.80% of the net assets of the Fund. For the past three fiscal years
: ended June 30, 2011, 2012 and 2013,the Adviser received management fees of
: $164,747, $329,872, and $538,023 respectively.

T**y
发帖数: 1024
12
mummy。

【在 b*d 的大作中提到】
: which老版主?
:
: years
: of

T**y
发帖数: 1024
13
没注意这个没有performance fee。
这个收入也就一google 码工。
不过平台起来了,坐地收钱就容易了。
还是值得钦佩。
所以高高手都去对冲基金,不然看见做好做坏一个样,那就没意思了。

years
of

【在 d*****u 的大作中提到】
: 比你们老版主差远了。这个是MUTUAL FUND,一年的管理费才1.8%,还没业绩提成。规
: 模只有50M,跟你们老版主的HEDGE FUND就不是一个数量级。而且HEDGE FUND收2%的管
: 理费,还有20%的业绩提成。
: 这个是从这个OCEANFUND网站上看到的。
: As compensation for the Adviser’s services rendered to the Fund, the Fund
: pays to the Adviser a fee, computed daily and paid monthly, at an annual
: rate of 1.80% of the net assets of the Fund. For the past three fiscal years
: ended June 30, 2011, 2012 and 2013,the Adviser received management fees of
: $164,747, $329,872, and $538,023 respectively.

d*****u
发帖数: 75
14
外来的和尚会念经。大家普遍对身边的高手视而不见,却对寻找神秘的炒股奇才兴趣浓
厚。
这个比你老版主差了一两个数量级。

【在 T**y 的大作中提到】
: 没注意这个没有performance fee。
: 这个收入也就一google 码工。
: 不过平台起来了,坐地收钱就容易了。
: 还是值得钦佩。
: 所以高高手都去对冲基金,不然看见做好做坏一个样,那就没意思了。
:
: years
: of

I***a
发帖数: 13467
15
没见过老版主,新版主牛不?

【在 d*****u 的大作中提到】
: 外来的和尚会念经。大家普遍对身边的高手视而不见,却对寻找神秘的炒股奇才兴趣浓
: 厚。
: 这个比你老版主差了一两个数量级。

s*****n
发帖数: 2858
16
这个基金去年已经清空了。
Manager James J. Wang has passed away and this fund will be liquidated by
the end of August. Saw this reported on the Mutual Fund Observer board and
Yahoo boards. The MFO board has a link to the actual press release.

【在 s*******t 的大作中提到】
: 这个FUND现在70%是现金,现在只有三个股票,其中一个是主席推荐的RAD
m***9
发帖数: 1671
m******r
发帖数: 485
18
炒股使人短命?

【在 m***9 的大作中提到】
: 天妒英才 RIP
: http://americasmarkets.usatoday.com/2014/08/04/death-of-an-enig

w********2
发帖数: 16371
19
jameswang62????
c*****a
发帖数: 1131
20
文章纯属虚构
相关主题
建议大家介绍一下外婆的经历吧52 Week High Stock List
52 Week High Stock List赎回压力
52 Week High Stock ListFirst arrest made in new insider trading crackdown ---- AP
进入Stock版参与讨论
s******1
发帖数: 4987
21
lol 刚想说版上有这个ID

【在 w********2 的大作中提到】
: jameswang62????
o******a
发帖数: 162
22
这个帖子里信息量很大
c**t
发帖数: 9197
23
虚构也该换个名字呀
f******y
发帖数: 6
24
一个传奇! 安息!
http://www.fortunechina.com/investing/c/2012-
明星基金的神秘掌舵人
作者: Mina Kimes 时间: 2012年05月12日 位置: 投资理财
全美业绩最好的共同基金经理人是一位隐居的前生物化学家。他的秘诀何在?
(插图:MARK ALLEN MILLER)
詹姆斯·J·王(音译,James J. Wang)到底是何方神圣?这是当前共同基金业内
最感兴趣的话题之一。过去五年间,王管理的一只规模很小的基金——海石基金(
Oceanstone Fund)业绩胜过各类共同基金中的任何一只,而且还不仅仅是略胜一筹。
2007年以来,该基金年回报率达40.5%,约为紧随其后者的3倍,标准普尔500指数(S&P
)同期内1%的年度平均回报率更是相形见绌。然而,管理这家资产规模1,700万美元基
金的投资人隐居在圣迭戈,从不接受采访。
如此璀璨的业绩单和无比坚定的沉默,使得一些人心生疑问:这一切是否好得不大
可能?“不断有人打电话过来询问,‘这是怎么回事?这些数据准确吗?’”基金信息
提供商理柏公司(Lipper)的一名研究经理杰夫·托内霍伊(Jeff Tjornehoj)说。海
石基金连续27个月获得理柏稳定回报评比最高分,仅有1.7%的基金同等时长内获得过这
一战果。
2006年海石基金成立以来,家住加利福尼亚州长滩市的拉金德拉·普拉萨德(
Rajendra Prasad)医生一直担任其受托人。他称詹姆斯·王——王没有回复《财富》
的采访电话——指示他不要向媒体透露任何信息。“我跟他很熟,他非常注重保密。”
普拉萨德说。“我不会透露任何信息,因为这会让他对我很失望。” 2009年,海石基
金首次引起关注,它的回报率令人震惊地高达264%。当年王因大笔投资汽车租赁公司达
乐·苏立夫(Dollar Thrifty)和艾维士·巴吉(Avis Budget)获得丰厚的回报,两
家公司的股价在他买入后涨幅都超过10倍。
诚然,小型基金比大型基金更容易获得高额回报率。但是,细看海石基金过去五年
间递交美国证券交易委员会(SEC)的申报文件可以发现,王并非一战成名。他对不同
行业各种规模公司的投资都持续获得成功。无论牛市熊市,他都能跑赢大市。2008年标
准普尔500指数暴跌37%,而得益于投资宠物药品速递公司(PetMed Express)这类小盘
股,海石基金仅下滑10%。他还赶在市场崩盘前将现金仓位提高一倍至40%,并在第二年
春天股市触底的节点将其缩减到3%。在2009年取得傲人成绩后,海石基金于2010年再度
以31%的回报率跑赢大市,而同期标准普尔500指数回报率为15%。
2011年,海石基金上涨1%——并不出彩,但仍好于92%的同行表现。王的基金蒸蒸
日上,不仅因为它善于挑选优胜股,还在于它能避开地雷。2011年初,他买入美国银行
(Bank of America)股票,但赶在夏季股价跳水前卖出。
海石基金的申报文件披露了很少的有关王本人或其投资方法的信息。但通过研究他
的简历以及采访前同事,我们揭示出他不同寻常的职业路径。王现年48岁,科学家出身
。他从中国移民美国后,20世纪90年代初曾在约翰·霍普金斯大学(Johns Hopkins)
学习生物化学。[圣地亚哥县的记录显示王原名王金廷(音译,Jinting Wang),2005
年更名为詹姆士·王。]劳伦斯·伯克利国家实验室(Lawrence Berkeley National
Laboratory)的科学家弗兰克·陈(Frank Chen)说,20世纪90年末他曾与王在位于新
墨西哥州的洛斯阿拉莫斯国家实验室(Los Alamos National Laboratory)共事,研究
DNA修复。但陈说,王真正热爱的一直是投资。“他用自己的钱投资,回报相当不错。
”陈说。“他阅读了巴菲特(Buffett)所有的著述,他还读本杰明·格雷厄姆(Ben
Graham)和菲利普·费雪(Philip Fisher)的书。他是一位半路出家的投资者。”
据陈介绍,后来王辞去洛斯阿拉莫斯的工作,全身心进行投资。随后,王搬到圣迭
戈。陈说,在那里,王可以享受他喜欢的生活方式:大清早起来工作,午后慢跑和放松
。2003年,王成为一名注册投资顾问。他在一所社区大学修读税务课程,并请他的老师
——托马斯·塞弗伦斯(Thomas Severance)律师——担任其共同基金的受托人。“他
花大量时间进行投资分析,有自己的一套方法。”塞弗伦斯回忆说,他为王的基金担任
了一年的受托人。
基金经理通常会在致股东信中详细阐述投资战略。王的信则简短、谦逊、深奥难懂
。(2009年取得令人难以置信的业绩后,他写信称,“管理一个小型投资组合,相对要
容易得多。”)王写道,他运用一个特殊等式来计算他所谓的股票“内在价值”:IV =
IV/E × E。但是,这条等式——其中IV代表股票内在价值,E代表盈利——看起来似
乎毫无意义,因为IV/E × E和IV原本就是一回事,其结果当然等于IV。
王在洛斯阿拉莫斯的同事陈向我们提供了有关王投资方法的更多信息。“他有一套
非常简单的筛选方法。”陈回忆称,王倾向搜寻市盈率低于12倍但预期年盈利增幅超过
20%的公司。根据陈的叙述,筛选出股票后,王会仔细研究这些公司的年报。“他不碰
他弄不懂的公司。”陈说。
http://fortune.com/2012/03/12/a-star-funds-my
A star fund's mystery man
by Mina Kimes @FortuneMagazine MARCH 12, 2012, 9:00 AM EDT
The manager of the country’s top-performing mutual fund is a reclusive
former biochemist. What’s his secret?
Who is James J. Wang? It’s one of the most intriguing questions in the
mutual fund world today. Over the past five years, Wang’s tiny Oceanstone
Fund OSFDX has outperformed every single mutual fund in every category —
and it’s not even close. His 40.5% annualized return since 2007 is almost
triple that of his nearest competition and dwarfs the 1% average return of
the S&P 500 (SPX) over that span. But the reclusive investor, who runs the $
17 million fund out of San Diego, has repeatedly declined interviews.
The combination of such a spectacular record with such resolute silence has
prompted some to wonder if it’s all too good to be true. “We have people
calling us and asking, ‘What’s going on with this? Are those numbers right
?'” says Jeff Tjornehoj, a research manager at fund tracker Lipper.
Oceanstone has received a top score for consistent returns from Lipper for
27 consecutive months, a feat achieved by just 1.7% of funds over that span.
Rajendra Prasad, a doctor in Long Beach, Calif., who has served as a trustee
for Oceanstone since its 2006 launch, says Wang — who did not reply to
Fortune’s phone calls — instructed him not to talk to the press. “I know
him well; he is very private,” Prasad says. “I don’t want to give out
anything because he will be upset with me.”
Oceanstone first attracted attention in 2009 when the fund returned an
astonishing 264%. Wang benefited especially that year from big investments
in rental-car operators Dollar Thrifty DTG and Avis Budget CAR , both of
which rose more than 1,000% after he bought them.
True, it’s much easier to produce such a huge percentage gain while
managing a pee-wee fund than it is if you’re running big money. But a close
look at Oceanstone’s SEC filings during the past five years reveals that
Wang is no one-hit wonder. He’s had consistent success investing in
companies of various sizes and in different sectors. And he has outperformed
in both up and down markets. In 2008, a year in which the S&P 500 plummeted
37%, Oceanstone fell just 10%, thanks to his bets on small-caps like pet
pharmacy PetMed Express PETS . He also doubled his cash position to 40%
right before the market collapsed, then reduced it to 3% just as stocks
bottomed the following spring. After scorching the market in 2009,
Oceanstone outperformed again in 2010, returning 31% while the S&P returned
15%.
In 2011, Oceanstone rose 1% — nothing spectacular, but still better than 92
% of its peers. Wang has thrived not only by picking winners, but also by
avoiding land mines. He bought Bank of America BAC at the beginning of
2011 but sold before the stock nose-dived over the summer.
3 small but mighty funds
Oceanstone’s filings reveal little about Wang or his methods. But a study
of his paper trail and interviews with former colleagues reveal an unusual
career arc. It turns out that Wang, 48, started out as a scientist. He
studied biochemistry at Johns Hopkins in the early 1990s, after emigrating
from China. (In 2005 he changed his name from Jinting Wang to James Wang,
according to San Diego County records.) Frank Chen, a scientist at the
Lawrence Berkeley National Laboratory, says he worked with Wang at the Los
Alamos National Laboratory in New Mexico in the late 1990s. The two
scientists studied DNA repair. But Wang’s real passion, says Chen, was
always investing. “He played with his own money and got pretty good returns
,” says Chen. “He reads all of the books of Buffett, and also Ben Graham,
Philip Fisher. He’s a bottom-up investor.”
According to Chen, Wang quit his job at Los Alamos to focus fully on finance
. Later, Wang moved to San Diego, where, Chen says, he could enjoy his
preferred lifestyle: working early in the morning and then jogging and
relaxing in the afternoons. In 2003, Wang became a registered investment
adviser. He took a tax course at a community college and asked his teacher,
a lawyer named Thomas Severance, to be a trustee for his mutual fund. “He
spent hours and hours analyzing these things, and he had his own way of
doing it,” recalls Severance, who served as a trustee for a year.
Fund managers typically expound on their strategy in shareholder letters.
Wang’s notes are short, esoteric, and humble. (After his incredible results
in 2009, he noted, “It is much easier to manage a very small portfolio.”)
Wang writes that he uses a specific equation to calculate what he calls the
“intrinsic value” of stocks: IV = IV/E x E. But the equation — in which
IV stands for intrinsic value and E represents earnings — appears to make
no sense. IV/E x E is the same thing as IV, which of course equals IV.
Chen, Wang’s co-worker at Los Alamos, offers insight into Wang’s approach.
“He had a very simple screening method,” says Chen, who recalls that Wang
used to look for companies with price/earnings ratios of less than 12 and
projected annual earnings growth of more than 20%. After screening stocks,
Wang would scour the companies’ annual reports, according to Chen. “He
avoids companies he doesn’t understand,” Chen says.
His latest bet is on the financial services sector. In the third quarter of
2011, Wang bought shares of Janus Capital Group JNS , J.P. Morgan Chase
Jpm 1.49% , and Goldman Sachs GS 0.64% , all of which had meager price/
earnings ratios at the time. The move paid off: So far this year, Oceanstone
is up 14%, nearly doubling the S&P 500’s return.
Wang’s secrecy has no doubt deterred potential investors. Despite its
amazing performance, Oceanstone hasn’t grown much. One of Wang’s biggest
shareholders, a Michigan doctor named Raymond McDonald, says the manager won
’t reply to his queries. “I’ve actually asked to talk to him, and he won
’t talk to me,” says McDonald, who owns 5.99% of the fund. McDonald — a
self-described “mutual fund junkie” — says he took a large stake partly
because “the whole thing is curious.” He wasn’t put off by the fund’s
size. Says McDonald: “Warren Buffett didn’t get big for a long time.” If
Wang keeps posting outsize returns, he may find it hard to avoid the
spotlight forever.
1 (共1页)
进入Stock版参与讨论
相关主题
赎回压力COCO wipeout
First arrest made in new insider trading crackdown ---- AP虎年第七届选股竞赛5月4日成绩!
RIM’s New OS Will ‘Surprise,’ Cooperman Says即将跨掉的十大品牌:
The Surprises of 2012 (ZT)有人持有DTG吗?(一年半70倍以上)
说起牛人EXPE DTG STX CHKP EEM
有买mutual fund大侠给介绍一下IF u bought at 2009......
Hedge funds see worst year since financial crisis明天大盘继续奔跑么?
KHC可以捞了吗?!建议大家介绍一下外婆的经历吧
相关话题的讨论汇总
话题: wang话题: he话题: oceanstone话题: fund话题: chen