買科技領先及殖利率股: 23億身價的投資老手哲學

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https://www.forbes.com/sites/maddieberg/2019/02/19/the-greatest-investor-youve-never-heard-of-an-optometrist-who-beat-the-odds-to-become-a-billionaire/#138ab70022e8

Like Warren Buffett, Wertheim believes firmly in doubling down when his high-conviction picks go against him. He says that if you put your faith in a company’s intellectual property, it doesn’t matter too much if the market goes south for a bit—the product, he believes, has lasting value.

“If you like something at $13 a share, you should like it at $12, $11 or $10 a share,” Wertheim says. “If a stock continues to go down, and you believe in it and did your research, then you buy more. You are actually getting a better deal.” Whenever possible, he adds, dividends are useful in cushioning the pain of stocks that drift down or go sideways.

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“My goal is to buy and almost never sell,” he says, parroting a Buffettism. “I let it appreciate as much as it can and use the dividends to move forward.” In this way Wertheim, like the Oracle of Omaha, seldom reinvests dividends but instead uses the cash flow from his portfolio to either fund his lifestyle or make new investments.

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微軟和蘋果的長期投資者:


Wertheim points to Microsoft, a stock he has held since its IPO in 1986. “I knew a lot about computers and had been involved in building them,” he says. BPI had been using Apple IIe’s, but after Microsoft released its Windows operating system in 1985, Wertheim became convinced it would be a winner. “Only Microsoft had an operating system that could compete with Apple,” he recalls. The Microsoft shares he bought during the IPO, which have been paying dividends since 2003, are now worth more than $160 million. His 1.25 million shares of Apple, some purchased during its 1980 IPO and some when the stock was languishing at $10 in the 1990s, are worth $195 million.

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