汇丰银行-全球-量化策略-像巴菲特一样投资：筛选低风险、高质量、有价值的股票-2019.6.13-27页 (2).pdfVIP免费

Disclosures&DisclaimerThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Issuerofreport:HSBCTrinkaus&BurkhardtAGViewHSBCGlobalResearchat:https://www.research.hsbc.comWarrenBuffettachievedoutstandingreturnsbyfocusingonlow-risk,quality,valuestocks……andbyidentifyingcompoundersthatgenerateconsistentlyhighROICWescreenforsuchstocksandhighlighttop-rankednamesgloballyaswellasinEurope/UKandtheAsia-PacificregionMimickingthestyleofAmerica’slong-termtopperformerRecentacademicresearch(seepage3)showsthatWarrenBuffett’sinvestmentsuccesshasbeenessentiallybasedonapplyingleveragetocheap,safe,high-qualitystocks.AsBuffettisnotknownfordeliberatelypursuingsystematicfactorstrategies,thisstyleblendismoretheresultofhisfundamentallydrivenvalueapproachinthespiritofGrahamandDodd(seetheirwell-knownbookSecurityAnalysisfrom1934).Fromafactorpointofview,however,mostofhisholdingcompany’slong-termalphacanbeexplainedbyapronouncedtilttowardslow-risk,quality,andvalue.Followingtheglobalfinancialcrisis,Buffett’soutperformancehasvanishedthough,duetowhatappearstobelessactivestockselectionandsomeunfavourablefactortilts,suchasnegativeexposuretogrowthandmomentum.Wedemonstratethatcombininglowriskwithvalueandqualityhascontinuedtobeasuccessfulstylemixoverthelast20years.Clearly,wearenotabletoidentifyexantethestocksBuffettwouldchoosefundamentally,asthewayheselectshistoppicksremainshisownsecret.However,tomimichisinvestmentapproachfromasystematicfactorperspective,wedrawonthreeofourExcel-basedalphascreeningmodels,namelylow-riskStatisticalBear,Quality,andValue.Onpages11to13,weprovideBuffett-stylescreensfeaturinglow-risk,quality,valuestocksfromaglobal,EuropeanandUK,aswellasAsia-Pacificperspective.IntheEuropeanscreen,thefivetop-rankednamesareRocheHolding,Volvo,BHPGroup,AdeccoandSaint-Gobain.Moreover,givenWarrenBuffettisalong-terminvestorfocusedonstockswithacompetitiveedge,strongmarginsandrobustprofitability,wewouldexpecthimtobeco...