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做个智慧投资人 - The intelligent Investor (股市圣经)

最近的大马股市格外热闹, 可能是报纸大力吹鼓指数大升的号召下的现象。我也来凑凑热闹,淡淡股(呵呵)。不过我当然没有什么心得可以和大家分享。我们来看看股市圣经(The intelligent Investor)里的精华吧。这本书被被巴菲特称为"by far the best book about investing ever written."如果你不懂谁是Benjamin Graham, 看看这个链接的介绍吧“Benjamin Graham简介”, 我只知道他是芭菲特的师傅(如果芭菲特你也不认识,那你还是不要玩股票吧)。


1. Adequate Size of the enterprise
All our minimum figures must be arbitrary and especially in the matter of size     required. Our idea is to exclude small companies which may be subject to more than average vicissitudes especially in the industrial field. (There are often good possibilities in such enterprises but we do not consider them suited to the needs of the defensive investor.) Let us use round amounts: not less than $100 million of annual sales for an industrial company and, not less than $50 million of total assets for a public utility.

2. A sufficiently string financial condition
For industrial companies current assets should be at least twice current liabilities- a so called two-to-one current ration. Also, long-term debt should not exceed the net current assets (or “working capital”). For public utilities the debt should not exceed twice the stock equity (at book value).

3. Earning stability
     Dividend recordUninterrupted payments for at least the past 20 years

4. Dividend record
Uninterrupted payments for at least the past 20 years

5. Earnings growth
A minimum increase of at least one-third in per-share earnings in the past ten years using three-year averages at the beginning and end.

6. Moderate price/earning ratio
Current price should not be more than 15 times average earnings of the past three years

7. Moderate ratio of price to assets.
Current price should not be more than 1½ times the book value last reports. However, a multiplier of earning below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1½ ties books value. It would admit an issue selling at only 9 times earning and 2,5 times asset value, etc.)



“The Intelligent Investor”


黑夜的迷茫 | TNB