时机并不重要

身边就是信息来源。 ¨ 不偏执于某个行业或概念 ¨ 增长股，再生股，特性股，周期股的结合

¨ 重要的是选股。真正重要的是选股。 

My best investments usually involve an opinion about a company that the rest of the world doesn't share or adamantly disbelieves or doesn't focus on.

focus on inventory control and return on capital.

I'm analyzing businesses instead of stock factors.

And that wasn't psychologically congenial to me either, because I have no discipline. I just sort of wander around the overall in search of things.

I had read a bunch of stuff on investing ever since I had gotten interested: Supermoney, about Ben Graham and Warren Buffett; Graham's Intelligent Investor; Security Analysis; David Dreman's Psychology in the Stock Market. Combine those books and those approaches, and what you have is basically a contrarian, value-based methodology, which, psychologically, was very compatible with the way I tended to think about things. I tend to think stocks are more attractive at lower prices rather than higher prices.

buying low-expectation stocks, buying higher-dividend-yielding stocks, staying away from things with high expense ratios, and most important, the key thing would be — as Warren Buffett says — you need to be fearful when others are greedy, and greedy when others are fearful. So when the market's been down for a while, and it looks bad, then you should be more aggressive, and when it's been up for a while, then you should be less aggressive. And I think also, most importantly, people need to think long term. People tend to react and not anticipate. And what they react to is what they wish they'd done a year ago, or two years ago.

And the last thing I'll say is that the whole growth/value distinction has become rigidified. Most value people tend to own stocks that are cyclically underpriced. Most growth people own stocks that are secularly underpriced: #2things that can grow for long periods of time. > Our portfolios historically tended to be, though I wouldn't say they are now, better diversified along both cyclical and secular lines. And our portfolio tries to look at underpricing or mispricing along both of those dimensions so that we're not caught in one or the other.

things that can grow for long periods of time.

What is the return on marginal capital for InterActive's group of businesses

China is a huge secular story. By that I mean the long-term direction of the market is clear, even though in the short term there may be setbacks. It's cyclically extended, it looks like. And just as you pointed out, there's so much written about it that, I think, this has probably led to some overextension of investment into areas that probably don't warrant it. The Chinese economy is about the same size as the Italian economy. People don't get too worried about what Italy's doing. Of course, China's got a faster growth rate. And the combination of China, India, Russia, Brazil, Eastern Europe, Southeast Asian economies, that total complex of economies, together, is gonna be the source of most of the world's growth.

are there companies that are in China now — investing in China, or have huge growth prospects in China — that the market isn't paying any attention to?

had read a bunch of stuff on investing ever since I had gotten interested: Supermoney, about Ben Graham and Warren Buffett; Graham's Intelligent Investor; Security Analysis; David Dreman's Psychology in the Stock Market. Combine those books and those approaches, and what you have is basically a contrarian, value-based methodology, which, psychologically, was very compatible with the way I tended to think about things. I tend to think stocks are more attractive at lower prices rather than higher prices.

And that wasn't psychologically congenial to me either, because I have no discipline. I just sort of wander around the overall in search of things.

The key thing would be — as Warren Buffett says — you need to be fearful when others are greedy, and greedy when others are fearful. So when the market's been down for a while, and it looks bad, then you should be more aggressive, and when it's been up for a while, then you should be less aggressive."

"Well, if you do what other people do, you get the results that other people get.So by diversifying your sources of information, you get insights, analogies and metaphors, and you see connections that other people might not see."

A book by Katrina Firlik called Another Day in the Frontal Lobe: A Brain Surgeon Exposes Life on the Inside. It's basically an inside look at what it's like to be a neurosurgeon and a little bit about the brain. Upcoming books are The Halo Effect, by Phil Rosenzweig, and The Difference, by University of Michigan professor Scott Page. It's about diversity theory.

He has only a grade 12 education and used to labor as a Bell Canada repairman. He has never worked for a big bank or a mutual fund company.

best mutual fund manager in Canada

The fund has been managed by Francis Chou since it went public in 1986. Prior to this it was managed as part of a private investment club. Mr. Chou is perhaps unusual among money managers in that he manages both the Associates and RRSP funds in his spare time. When he is not adding value for his investors he is a vice-president of Fairfax Financial.

In late 2002 the Associates fund received a $50 million investment from Fairfax, increasing the fund's assets by almost a factor of six. To avoid any potential conflicts, or the appearance thereof, Mr. Chou has entered into appropriate arrangements with Fairfax concerning trading activities. Furthermore, he is foregoing any compensation or benefits arising from his position as a Fairfax executive.

a contrarian deep value style with discipline. Mr. Chou favours well-managed companies that have a solid record of prudent capital management and at least ten years of sustained return-on-equity of greater than 15%. Following a self-described "Margin of Safety" credo, he also looks for a stock price that is far below what a rational investor would pay for the company. Once purchased, stocks are generally held for the long term, as illustrated by the fund's low 28% average turnover.

. “Will I pay up for a stock? Absolutely not!” he laughs. “I would rather lose half my unitholders than lose half my unitholders’ money.”

claims no industry specialization

given that he worked as a technician for Bell Canada before he took to managing money in the early 1980s. He has since earned a CFA designation.

He is one of Canada's most successful mutual fund managers and also one of the most modest. At the age of 51, Francis Chou is in charge of $1.2-billion of other people's money. He is both a top stock picker and a record-setting bond manager.

half a dozen co-workers chipped into a pool that totalled $51,000 and created the fund that became Chou Associates.

The original investment club was converted to a mutual fund in 1986 and, over the next 20 years,