路.辛普森
盖可保险公司
要点：辛普森掌管盖可保险公司的投资业务，并且担任资金运用事业部执行长。也就是说，他负责制订盖可公司的投资决策，以及管理公司的投资组合。辛普森近年缔造了人人称羡的绩效，平均投资报酬远胜于巴菲特以及彼得. 林区。辛普森将盖可公司股权投资的比重，从1980年占投资组合12%，提升到1983年的32%。1982年，辛普森共投资了2.亿美元在33家企业上，到了1995年，却投资11亿美元在区区10家企业上。
尽早结识正直、自信，并且值得效仿的人。
辛普森的经营原则：
一、要勇于自行判断投资标的
不要落入华尔街的惯性思考，勇于投资冷门标的。
二、只投资经营稳健的企业
经营稳健的企业，具备下列几项特征：
管理团队大量持股
会快速舍弃获利不佳的事业
会用多余现金买回自己公司的股票
三、即使是优质企业，也绝不溢价购并
购并的最高指导原则是，即使是杰出企业，也要用合理的价格收购，未来才有可能获利。所以，如果价格过高就不要投资。
四、投资要看长期
频繁进出股市只会产生交易成本与税赋，投资体质健全的企业，长期持有等待这些企业发光发热，才是投资的上策。
五、只投资少数几家企业
投资组合过于分散，只能带来普通的投资报酬率。投资人应该寻找体质健全的企业，投注大量资金帮助这几家企业成功发展，然后密切注意这几家企业的每一步进展。
六、研读所有可以取得的数据
自己下工夫研究，研读商业新闻、年报、产业报告、商业杂志，以及分析报告等，应该把自己大部分的时间，都用来研读数据。
“在自己的职业生涯之中，要尽早结识优秀的人，也就是正直、自信，并且值得自己效仿的人。我学到的经验是，不要妄想去左右市场，长期来看，市场毕竟是理性的，至少还有几分理性可言。”-----路.辛普森
***Invest only in well-run companies
The hallmarks of a well run company are :
*The management own a substantial stake
*Unprofitable business will be divested quickly
*The company uses excess cash to repurchase its own stock
*** Don't overpay for acquisition, even good ones
Work on the basis that even an exceptional company must be purchased for a reasonable price if a profit to be made in the years ahead. Thus, if the price is too high, don't invest.
*** Invest for long-term
Moving in and out of stocks quickly generates only transaction costs and a tax liability. Instead, invest in quality companies and stay with them long enough for them to shine.
*** Hold only a few stocks
A diversified portfolio can only produce an average return. Instead, find good companies, and place large amounts of capital on their success. Then keep watching them closely as they move forward.
*** Read everything that's available
Do your research. Read the business press, annual reports, industry reports, business magazines, analysts reports and more. reading should be the way the majority of your time is spent.
" Associate yourself early in your career with really good people, people who have integrity and confidence, people you can learn from. One of trhe things I've learned is that you cannot will the market to do what you want it to do. But, over time, the market is ultimately tational, or at least somewhat rational."-----Lou Simpson
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