Stephen Jarislowsky – the Canadian Warren Buffett – MoneyWeek

2020年7月4日 at 下午4:31

HisbookInvestmentZoo–amish-mashofautobiography,advice,andsomefranklyeccentricviewsoninternationalpolicy–recentlyknockedTheDaVinciCodeoffthebestsellerlists。

AspookinJapan

BorninBerlinin1925,thesonofanindustrialist,hemovedtoFranceasateenagerwhenhismotherremarriedaFrenchbureaucrat,andsubsequentlytoAmerica。

Beinguprootedeveryfewyearsledto“asenseofself-reliance”,hetoldtheCanadianFinancialPost。

AftertakinganengineeringdegreeatCornell,hejoinedtheUSarmyin1944andwaseventuallyrecruitedtoitsintelligenceunitinJapan。

Herehehad“hisfirstbrushwithgovernance”:Jarislowsky’sunitcaughtwindofarumourthatGeneralDouglasMacArthur’swifewasinfluencingthechoiceofcontractorsinpost-warreconstruction。

Whenhebeganaskingquestions,theunitwasshutdown,possiblyinfluencinghissubsequentdecisiontoeschewadiplomaticcareerinfavourofanMBAatHarvard。

“Smartashell”

In1949,JarislowskymovedtoCanadaandafterashortspellatpackagingfirmAlcangavehimselfuptowhatwastobehislifelongcalling,makingmoney。

TogetherwithpartnerScottFraser,hefoundedMontreal-basedJarislowskyFraser。

Itdidn’ttakelongforthefirmtoestablishitselfas“aCanadianinvestinglegend”,saystheNationalPost,withJarislowskysoonrenownedforbeing“aggressiveandsmartashell”withhischaracteristicvalue-seekingstyle。

Thatdescriptionstandstoday,saystheMontrealGazatte。

Butnowitalsocomeswith“feisty”,“irascible”and“caricatureofawealthycurmudgeon”。

Still,hehasputthesecharacteristicstogooduse。

Overtheyears,hehasemergedasCanada’sone-mancorporategovernancelobby–inthethickofany“corporaterumble”orlegalbattleonbehalfofshareholders。

Hespeaksupforthelittleguy,denouncingthe“outrageousconduct”ofexecutiveswhose“obscene”stock-optionplansamounttolittlemorethan“legaltheft”。

In1978whenConsolidated-BathurstInc。

triedtobuyoutminorityshareholdersofsubsidiaryDomglasLtdfor$20ashare,Jarislowskywenttocourt,arguingshareholderswerebeingshort-changed。

Heeventuallyforcedthepriceupto$36pershare。

Jarislowskyandhisfirmownedonly5,285shares,butthevictorymeantmorethanmoney。

“Itputanewtypeofprecedentonthebooks,”hesays。

Playingalonggame

Theonlyrealblipina50-yearcareercameintheearly1990swheninvestorsfledonfalserumoursthatJarislowskywasplanningretirement。

Hewasn’t。

Heisstillgoingstrongat80andhasn’tlosthisknackforcontroversy。

HavinglongadvocatedCanadianunificationwiththeUS,hehasrecentlybeenvigorousindenouncingAmerica’sloosemonetarypolicyanditsforeignpolicy。

However,hehasfoundonecomfortingconstant:thelong-termnatureoftheinvestinggame。

“Ifmykidshangontotheportfolio,anditdoubleseveryseven,eightyears,there’llbemoremoneythanWarrenBuffetthas。



StephenJarislowsky’seightrulesofinvesting

1。

Yourbestbetforbuildingwealthoverthelongtermistobuildaportfolioofhigh-qualitylarge-companystocksthathavegreatmanagementandatrackrecordofdoublingearningseveryfivetosevenyears–preferablyinnon-cyclicalbusinesses。

2。

Choosestocksoveralternativessuchasproperty(cyclical)andbonds(lowerreturnsoverthelonghaul)andbewaryofalternativeinvestments,suchasgoldandart。

3。

Startasearlyasyoucanandselectandholdthesecompaniesforthelongterm。

Donottradeunlessyouhaveclearlymadeamistake。

Tradingonlyaddsdealingcostsandpossiblytriggersataxchargetoo。

Bealong-terminvestor,notagambler,andkeepcoststoaminimum。

4。

Sharesproduceanaveragerealreturnof5%to6%ayear(afterinflation)。

Theearlierthatyoucanstart,themoremiraculouswillbetheeffectsofcompoundingoveraworkinglife。

5。

Putyourplaninplaceanddonotwaverinthefaceofshort-termmarketfluctuations。

Youdonotownthemarket,onlythosecompaniesinwhichyouareinvested。

6。

Lookatmarketbubblesasanoccasionalopportunitytotakeprofitsandmarketslumpsasanopportunitytotopupyourholdingswithcheappurchases。

7。

Donotbeswayedfromyourplanbysmooth-talkingfinancialadvisersorstockbrokers。

Bewaremutualfunds(ortheirUKequivalent,unittrustsandOeics)becauseoftheirhighchargesandoftenpedestrianperformance。

8。

Keepyourselfinformedonthecompaniesinwhichyouinvest。

Makeapointofreadingyourcompanies’reportsandaccounts。

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