Satellieten bouwen en portefeuilles ontwerpen
Satellieten bouwen en portefeuilles ontwerpen
Jed Fogdall beschrijft zijn overstap van satelliet engineering naar portefeuillebeheer en hoe het in beide functies belangrijk is om door de ruis heen te kijken naar wat echt belangrijk is.
If you're thinking about noise in terms
of a distracting sound or some background thing
that is irritating, then it's a background energy
that doesn't have anything to do with the information
you're trying to focus on.
I was trained as an engineer in my undergrad,
went to work building satellites.
Everything has to be really tightly synced
in that whole system.
And you're thinking about sending energy up from the earth
22,000 miles up to a satellite
and then 22,000 miles back somewhere else.
You have stuff in the atmosphere that creates noise.
Things just don't work if you have too much noise.
I was still working as an engineer when I decided
to go and study finance more formally.
And what I realized is that there's a lot of stuff out there
that doesn't really help you make investing decisions.
And to me, that was all noise.
And it was in my first finance class at UCLA,
and one day they came and handed out
the Dimensional Fund Advisors Harvard Business School case.
So my group and I studied Dimensional Fund Advisors,
and I knew that it was really tough to beat the market.
I knew that there was this body of work
where we actually knew something about financial markets
and it was scientifically testable
and scientifically demonstrated.
And here was a shop that actually took all that
and put it to work in real life day-to-day
in real portfolios.
And I thought, bingo, that's a place I could work.
Like in engineering, when you have a set of basic research
and you can use those facts to go and design a bridge
or design a skyscraper,
you have some idea of how things are gonna behave.
But then the exciting part
is when you actually build something and the noise
and the randomness happens and you need to make decisions
that deal with that.
And I think finance and more specifically,
managing portfolios in the way Dimensional does
is very, very similar to that.
We have a set of things that we know based on the work
of Fama and French and all the other academics
that we work with and we use that to design portfolios.
But then when we go and interact with the market
every single day, there are things that happen
that you can't anticipate.
What sets Dimensional's philosophy apart gets back
to this whole distinction between information and noise.
There's so much noise
and so many places that it can come from
whether it's someone watching the news
or someone reading an article
or even someone looking at at data themselves.
What parts can you ignore?
What parts should you pay attention to?
And that's why it's satisfying.
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