The 'stupid-clever' approach

摘要

When the smart money was chasing after profitless dot-com companies a few years ago, Cheah Cheng Hye at Value Partners in Hong Kong didn't buy a single one for either his flagship Value Partners fund or his other funds. "We just couldn't understand how these tech companies could make any money, so we didn't buy them," says Cheah with a chuckle. It's a good example of what he calls his "stupid-clever" approach to buying stocks. "If you think you are stupid, you can do clever things. Anyone who thinks he is smart often does dumb things," he says. "Ego is the No. 1 killer in the fund industry."