2011年1月24日星期一
Graham: the easiest way to select cheap stocks _ a grievance
Category: stockapplication business card credit picker recently finished reading the book, smart investors, investment philosophy Help Desk Tracking Softwarehas a deeper understanding of Graham. Graham cheap price buy ordinary shares in the company investment law, as well as dispersed shareholders of cigarette butt head method has been criticized, but based on experience painful lessons of 1929 stock market crash on the verge of bankruptcy, his mind still has a strong practical and far-reaching influence. Don't loss of principal, remember such inculcation into the margin of safety in the blood of his favourite pupil of Warren Buffett, and created a brilliant investment performance of the latter! no wonder Buffett, Graham, regarded as his second father. Although Buffett, Fisher has been absorbing growth stocks and focus investmwrongful death attorneys floridaent ideas, as well as mount much of great value investment philosophy, discarding some of the ideas of his teacher Graham, but without prejudice to the Graham idea of light. Buffett says, "my most important thoughts from Graham, in addition to my father, Benjamin Graham influence than anyone else's investment in my career to be. " here is seeing an article from the Web, excerpts from this, a review of Graham's stock selection approach you may be able to give us more inspiration. courtesy of the journal of medical economics 1 9 7 6 September 2 special reports. transfers from the rediscovery of value: approaching investment gurus Benjamin Graham di337-347 it's very hard to find bibenjieming��geleiemu stock market knowledge more profound, more people understand the true value of stock secrets. He was recognized as teacher of securities analysts. It's not just because he and co-author of the securities analysis become the Bible of the securities industry, but also because he selects the stock performance of Wall Street legends. at the age of 35 will become a millionaire, Benjamin Graham, retirement living in California. In recent years, he devoted himself to refining his stock selection method of the application for nearly 50 years, and to summarize the principles to be easy to implement these methods. Benjamin Graham, 8 2 years recently and investment adviser James b. lightning cooperation, the establishment of a fund these principles as a basis. Benjamin Graham believes that application of these principles to manage their own investments one can obtain the 15% or higher income. sitting in the study of the La Jolla coastal apartments, Benjamin Graham to medical economics (Medical Economics) of West Coast Editor Bart Sheridan (BartSheridan) outlines the basic outlines of his investment methods. Senior Assistant Editor landun��maikateni (LatonMcCartney) lists of their conversation. q: can you tell us how you came to the simplified Graham skills? answer: well, the past few years, I've been trying to select a value by some simple criteria to identify undervalued stocks. My research shows that in this way find the portfolio to gain in the long run at twice the performance of the Dow Jones industrial average. During the study for more than 50 years, but in a relatively short period of time, this approach would be more efficient. I am interested in, I think it should be implemented. q: do you use this method you selected growth stocks? answer: No. I think those so-called growth investors General securities analysts or does not know how much growth stocks should be paid the price, or you do not know how many stocks should be purchased to obtain the desired benefits, more do not know how the stock price will change. These are fundamental questions. That is why I think the growth stocks that theory could not be applied to get an affordable, reliable income. q tradition using the company's planned profitable methods to measure the share price or market share well? answer: in theory is important, but they decided to pay the price for a particular stock and when you should sell very little practical significance. Only able to identify is sometimes a lot of stock price is too high, and sometimes they underpriced. Investigation showed that I had made for a broadly dispersed portfolio, and to know in advance the logical buying and selling points, without having to bother to measure the basic factors influencing the prospects of a particular company or industry. q: does not take into account the basic ways of thinking, is regarded as heresy by many analysts today. ��Ҳ��������ġ� But my research findings show that kind of thinking is useful. First you need to take, absolute rule is that you must buy stock price was lower than the value of those shares. Secondly, it is necessary to buy a lot of stock in order to make this approach can work. Finally, you must determine a selling point. question: a doctor or ordinary investors like me, can do this? answer: sure you can. q: How do I start? answer: make a list of detailed list includes all current prices as much as possible not more than 7 times in the past 12 months earnings times ordinary share. As long as access to the Wall Street Journal and other major daily price/earnings ratios of the stocks listed in the table. q: why price-earnings ratio is 7 times, rather than, say, 9 times or 5 times times it? a: decide how much money to buy stock at a given moment is one of the methods look at bond yields are much better. If the higher bond yields, you want to buy stock at a low price, so seeking relatively low earnings.If the decline in yields on bonds, you would be willing to pay higher prices for buying stocks, and therefore to accept higher price/earnings ratio. As a valuation rule of thumb, I choose only those earnings-price ratio (which is the reciprocal of the earnings) at least one is by far the best corporate bond (3 levels) twice times the average income. �ʣ��ٸ����Ӻ����𣺺õġ� As long as the proceeds of the bond multiplied by 2, with 1-0-0 away. Recently a AA bonds with an average income is around 7%. Multiply by 2, get 1, 1 0 0 in addition to 14, the result is approximately 7 times. So using my system portfolio, the highest price paid for a stock today is its earnings of seven times. If a stock's price-earnings ratio of more than 7 times, and should not be included in its portfolio. question: If AAA bonds income dropped to, say, 6 times so? a: the acceptable price-earnings ratio will rise. Multiply 6 by 2 equals-1, 1 0 0 removal, high price-earnings ratio is 8. However, I personally believe that, don't buy price-earnings ratio of more than 1 times the stock, regardless of the bond proceeds down to what degree. �ʣ��õġ� So now, based on your formulas, only in 7 times times the stock purchase price-earnings ratio. Such a condition would? a: Oh, this method provides a selected a better basis for portfolio, however, apply another standard, can do better. You should choose the Portfolio shares which not only meets conditions of price/earnings ratios, and the company's financial situation is satisfactory. q: How do you judge this? answer: you can use to test a variety of approaches, but my favorite by following this simple rule: a company should have twice times what it owes. The easy way to test this is to look at owner's equity to total assets ratio, if the ratio is above 50%, the company's financial position is said to be strong. q: what is the "equity"? a: simply put, is the company's net worth, when you are after deducting liabilities from assets amount. q: do you need an accountant to calculate for me? answer: No. From the company's annual report, you can easily get the total number of assets and owners ' equity, or you can let your broker to provide you with these numbers. q: can you give me an example of application of the law do? a: for example, a company's owner's equity is $ 3, total assets were $ 5, and owners ' equity to total assets ratio is 6. Now that the ratio of more than 50%, the company passed the test. q: so now that did not satisfy that condition and the earnings of less than 7 times? answer : Yes. Although not as 1 and 1 9 7 9 7 3 years 4 years when the stock market crash that much, but there are many. question: once I've completed the process of selecting, determined to purchase shares, how to build a portfolio I? a: from a statistical point of view, the number of stocks to buy, the more profit, the greater the chances. Contains 30 stocks portfolio may be the ideal minimum number. If the capital is limited, you can be "odd lots", less than 100 shares of stock for sale. q: how long do these stocks should I hold it? answer: first you should determine a profit target. -5 over cost target is already quite good. question: you mean I should buy each of the objectives set at the profits on stocks are 50%? answer: Yes. As long as the stock rose 50%, sell it. question: what about if you do not meet the target of 50%? answer: you must restrict your holding period in advance. My studies have shown that two or three years is the most appropriate. Therefore I recommend the following rule: before the end of the second year, starting from the time of purchase have not reached the target price, regardless of the current price high or low, get rid of it. For example, if you buy stock in the September 19 7 years, you should get rid of it before the end of 1978. q: how should I deal with selling the stock got cash? whether it should be reinvested in other stocks satisfying the stock condition? a: generally, Yes, but should be based on market circumstances. If a crash like 1 9 4, when you find a lot of good company's stock price-earnings ratio is very low, you should take advantage of this opportunity, 75% you prepared to invest the funds used to purchase common stock. Conversely, when the market when prices are too high on the whole, it's hard to find qualifying equity to reinvest. At this point, you should be less than 25% of the funds invested in stocks, others invest in United States Government bonds. q: use your strategies, how can I get a return? answer: obviously, you can't be at every 50% gains on the stock. If you scheduled to hold a stock is full, you have to sell it, the benefits would be reduced or even losses. However, in the long term, plus bonuses and subtracting commissions, you can getAn average of 15% per cent of the total return on investment. Overall, the dividend exceeds the amount of commissions. q: are you based on your research return gained in more than 50 years it? answer: Yes. The continuity in the results for shorter periods, for example 5 years as well. I think the short term is difficult to prove the correctness of this strategy. For example, 1 9 1 9 7 3 years investors in the stock market crash on the book of the year is lost money, but if he insists on the application of this policy, in 1975 to 1976 he can recover in full 5-year period, will still be able to get a 15% with an average return. If that situation once more, investors should be prepared and to survive during the stock market. q: now Dow Jones index of about 1 point, many stocks reached the highest level of 5 years, is it possible to appear like a 6-0 late early 70 's kind of crash that occurred after the stock price is too high? answer: I do not believe that I or anyone else who predicted what will be happening on the special forces of the market, but I'm sure, if the price level is very high risk, probability of correction of the market is very large. In my tests, there are many pricing is too high, price attractive stock is small, it turns out a warning, market prices as a whole was too high. q: can you summarize the main points on how to use your method it? a: investors in long-term adhere to these simple standards need to be patient, so that statistical probability is beneficial.
Cheap stock samples recommended the following stocks meet Benjamin Graham in the text below the criteria for selecting the stock-price-earnings ratio of 7 times and equity to assets ratio above 50%. All of these shares are listed on the New York Stock Exchange (please see table 13-1). Table 13-1 cheap stock of samples
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