“股神”投资秘笈是胡说？这位明星基金经理不信巴菲特

马克·施梅尔公开叫板“股神”沃伦·巴菲特，他认为巴菲特过于强调估值的作用，还说其他大部分投资原则“都是胡说。”

施梅尔在共同基金巨头富达投资集团任投资组合经理，刚刚发行了富达旗下最成功的一只加拿大基金。他认为，投资者不应该死磕收益、现金流和市盈率等指标，应该投资市场上表现异常的个股，包括加拿大的加密数字货币概念股之类。

在富达位于多伦多的办公室接受采访时，46岁的施梅尔说：“我主要关注表现极好或极差的个股。有些公司濒临破产，股票非常便宜，坏消息连连，没有人想买。还有些是人人都抢着想买，但估值太高让人不敢出手。”

施梅尔这套方法看来的确奏效。今年前11个月，富达规模18.6亿加元（约合14.5亿美元）的特殊情况基金（Special Situations Fund）回报率高达21%，另一只规模37.3亿加元的加拿大成长型企业基金（Canadian Growth Company Fund）录得17%的回报率。同期加拿大基准股指S&P/TSX Composite Index总回报率仅有7.8%。施梅尔管理的全球创新类基金（Global Innovators Class）今年11月1日发行，发行前四周就完成募集4亿加元，创下富达在加拿大募资最快纪录。

具体来说，施梅尔的策略是紧盯变化迅速的行业。有些之前备受打击，现在突然出现一线希望，比如施梅尔持有的《纽约时报》。还有些一直在颠覆本行业的格局，比如第三方支付服务商PayPal Holdings Inc.和视频游戏开发商Take-Two Interactive Software Inc.。

估值无关紧要

“我不信沃伦·巴菲特，”施梅尔说，“我关心新事物，关注创新的、成长中和改变世界的事物。”

施梅尔不在意股票看上去贵不贵。他表示：“我选股时估值并不重要。估值是最没有用的信息，因为人人都知道估值是多少。”

牛市已经持续很久，在当前形势下，施迈尔寻找的表现极差个股少了，更关注价格虽然很高却在努力变革的个股。他一直在增持铜和能源类股，也在关注颠覆行业的企业。

在加拿大股市，他是玩具制造商Spin Master Corp.的最大股东，还持有电子商务软件公司Shopify Inc.、知名羽绒服制造商Canada Goose Holdings Inc.，还有“一切”跟新兴领域加密数字货币相关的个股。现在加拿大最热门的数字货币概念股包括比特币挖矿公司Hive Blockchain Technologies Ltd.，还有与数字货币交易平台合作的支付处理公司NetCents Technology Inc.等。

驾驭另类

施梅尔还广泛涉猎加拿大私营企业，他管理的加拿大成长型企业基金和特殊情况基金约有3%的仓位投向了加拿大私企，包括总部位于多伦多的人工智能公司DeepLearni.ng、总部设在安大略省滑铁卢的可穿戴技术开发商Thalmic Labs。

施梅尔计划一直持有这些公司，直到本轮牛市周期结束，也可能更久。他说：“我总是对人说能把握好另类个股，我会一直持有最优秀的个股。”

这意味着，一旦牛市转向，施梅尔可能损失多达20%。但他并不害怕，大不了等下一次牛市来临东山再起。（财富中文网）

译者：Pessy

审稿：夏林 

Mark Schmehl flouts Warren Buffett, thinks valuation is overrated and says most other rules of investing are “total baloney.”

The portfolio manager, who just completed Fidelity Investments’ most successful Canadian fund launch ever, eschews investing obsessions such as earnings, cash flow and price-earnings ratios and invests at the extremes of the market instead, including Canadian cryptocurrency stocks.

“I focus on the stuff in the tails: really cheap, broken, horrible stories that nobody wants to buy again, and stocks that everybody is excited about but their valuation is so high they can’t bring themselves to buy them,” Schmehl, 46, said in an interview at Fidelity’s Toronto offices.

His approach seems to be working. Fidelity’s C$1.86 billion ($1.45 billion) Special Situations Fund returned 21 percent in the first 11 months of the year and its C$3.73 billion Canadian Growth Company Fund returned 17 percent. That compares with a total return of 7.8 percent for the benchmark S&P/TSX Composite Index over the same time frame. His new Global Innovators Class, launched on Nov. 1, raised C$400 million in four weeks in Fidelity’s fastest launch north of the border.

It’s all about finding industries where rapid change is occurring. This can include beaten-down sectors that are suddenly showing glimmers of hope — Schmehl owns The New York Times Co. — or stocks that are permanently disrupting their industries, like PayPal Holdings Inc. and video-game company Take-Two Interactive Software Inc.

Valuation Immaterial

“I don’t believe in Warren Buffett,” he said. “I care about new things, things that are innovative, that are growing, that are changing the world.”

He’s unfazed if those stocks look expensive. “Valuation is an immaterial part of the process for me,” he said. “It’s the least useful piece of information you will ever get because everybody knows what the valuation is.”

In the current long-in-the-tooth bull market, Schmehl is finding fewer of the horrible stocks and more of the expensive change-makers. He’s been adding to positions in copper and energy stocks, but otherwise is mostly focused on disruptors.

Among Canadian stocks, he’s the largest investor in toymaker Spin Master Corp., and he also owns Shopify Inc., Canada Goose Holdings Inc., and “everything” in the emerging cryptocurrency space. Stocks that have sprung up in the Canadian sector include Hive Blockchain Technologies Ltd. and NetCents Technology Inc.

Over Top

Schmehl also invests more than 3 percent of his Canadian Growth and Special Situation funds’ holdings into private Canadian companies, including DeepLearni.ng, a Toronto-based artificial intelligence company, and Thalmic Labs, a maker of wearable technology based in Waterloo, Ontario.

He plans to hang onto those companies right to the end of the bull-market cycle, and maybe even beyond. “I always tell people I will ride this thing right over the top. I will own the best stocks right to the end.”

This may mean losing 20 percent when the market turns, but that kind of double-digit loss doesn’t frighten Schmehl. He’ll be ready to pounce on the next wave.