Börsennotizbuch

Ein sehr amüsanter und richtiger (?) kleiner Artikel darüber, was und wen es eigentlich an den Finanzmärkten zu “schlagen” gilt (Don’t Worry About The Market). Im Value Blog Review erinnert sich der Autor an seine Studienzeit, die damaligen Examen und schmückt das Ganze mit dieser bekannten Geschichte:

There were these two hunters who decide one day to go hunting for a bear. After several days on the hunt they had yet to capture their prize when out of nowhere a bear jumps from behind a thicket. Being the inexperienced hunters that they were, the hunters drop their weapons and begin to run down the trail with this very angry bear hot on their heels.

After a bit of time, and without much success of eluding the bear, one hunter turns to the other and gasps “Hey, I sure hope we can outrun this bear.” Being a bit more in shape than the other, the second hunter just turns and smiles and as he begins to run faster yells back over his shoulder “I don’t have to out run the bear, I just have to outrun you!”

Und jetzt Рwie kriegt man die Kurve zur B̦rse? Zum Beispiel so:

I think it is important to remember that the market is made up of individuals. When you buy or sell you are not buying/selling to the market, you are conducting an individual transaction between you and another person. Consequently, you should not be worrying about beating a market or some arbitrary index, you should be thinking about the person on the other side of the trade.

If you are a fundamental investor and you buy a stock because you think it is undervalued, you should ask yourself “why does the person selling think it is overvalued enough to sell.” If you rely on charts which indicate you should sell, do you ask yourself “what does the buyer see in his chart that I do not?” Instead of getting excited that the market has made a mistake, you should look to make sure you are not the slow one making the mistake.

Im Grunde genommen kann man nie den Markt schlagen, sondern nur die Anderen. Das erinnert mich an den Spruch von – glaube ich Paul Getty – auf die Frage: “Was würden Sie heute den amerikanischen Privatanlegern raten?” (es ist wohl eine Börsen-Hausse gewesen) – “Nicht zu vergessen, dass sie in Konkurrenz mit mir stehen”.