tag:blogger.com,1999:blog-3080403710783247993.post599049665264166850..comments2024-03-18T00:35:38.043-07:00Comments on 股息 現金流 被動收入 理財的心路歷程: 如果明天股市崩盤, 你要怎麼應對---推薦零成本的觀念,樂活買 ETF 基金的方法 PDF 已經上傳. 歡迎大家 DOWNLOADAnonymoushttp://www.blogger.com/profile/12558279700290402690noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-3080403710783247993.post-72224760915388538362014-04-30T07:15:55.530-07:002014-04-30T07:15:55.530-07:00FROM 高手高高手的留言:
基本上外資Long Funds機構長久以來的back testin...FROM 高手高高手的留言:<br /><br /><br />基本上外資Long Funds機構長久以來的back testing...low valuation (PB and PE) 買進是會賺錢而且會outperform 買進high valuation (growth or momentum stocks)很多. 原因很簡單 => Return = Dividend yield + [(1+Earning Growth) X (1+ P/E re-ratng)]. P/E re-rating是最好賺的. Lower valuation => 有 higher dividend yield + higher chance for re-rating (低預期心理). 相反, growth stocks 低yield + re-rating機會不大 (already factored in on higher expectations).<br /> <br />還有看到很多人問Allen大的方法在ETF有用, 個股會有用嗎? 根據GMO的Ben Inker之前的文章(不好意思沒有留底), mean reversion 發生的機率最大是以下(如果沒記錯): Asset class (currency, bond, commodity, stock etc.) > Country > Individual stocks. 所以Allan大的SOP要用在個股最好不要用在小股票(lower chances of mean reversion). 最後Joe Greenblatt常說 "value investing works only because it doesn't work all the time." 耐心非常重要.Anonymoushttps://www.blogger.com/profile/12558279700290402690noreply@blogger.com