Iimpawu zokubeka ndawonye i-Portfolio Portfolio of Stocks eziqhelekileyo
Ngomjikelezo ngamnye, ndafunda u- Investor Intelligent Investment Benjamin Graham. Imigaqo yayo ayinasiphelo, ingenakuqinisekiswa, kwaye iqulethe isistim esilungileyo sokutshala imali esiye savavanywa ngamava eminyaka.
Nangona uWarren Buffett ubona uGraham waseMalty Intelligent "incwadi enkulu kunazo zonke ekutyala imali ebhaliweyo." Njengoko ndandicinga ukuba yeyiphi imxholo yokubhala kule nqaku, ndagqiba kugxininisa kwiimvavanyo eziyisixhenxe ezingenakulibaleka ezichazwe nguGraham kwiSahluko 14, Ukukhethwa kweStock Investment Defensive .
Ngolunye lwale luya kusebenza njengefayile yokucoca i-stocks ezinqabileyo ukusuka kwipotfoliyo. Qaphela ukuba ezi zikhokelo zisebenza kuphela kubatyalomali abanqwenela ukufuna ukubeka iipotifoliyo zeenkampani eziqinileyo ukuxabisa kwexesha elide
Umtyalo-mali onokukwazi ukuhlalutya kwezimali, ukuchithwa kweengxelo zokubhaliweyo, nokuxabisa i-asethi ngokusekelwe ekuphumeni kwemali engancishiswayo kunokuthatha ingqalelo kuzo naziphi na ezi zilandelayo njengoko nje ethembele ukuba uhlalutyo lwakhe lugcinwa kwaye luqinisekisa ukhuseleko lwenqununu.
Ubukhulu obufanelekileyo boshishino
Kwihlabathi lokutshala imali, kukho ukhuseleko oluthathwe ngobukhulu boshishini. Inkampani encinci ngokubanzi ixhomekeke ekutshintsheni ngokubanzi kwimali engenayo ngelixa iqela elikhulu lizinzile ngokuthelekiswa. UGraham wakhuthaza [ngowe-1970] ukuba inkampani yezoshishino kufuneka ibe ne-$ 100 yezigidi zentengiso yonyaka, kwaye inkampani yoluntu kufuneka ibe ne-$ 50 yezigidi kwiimpahla ezipheleleyo.
Ukulungiswa kwemali yokunyuka kwamaxabiso, amanani aya kusebenza malunga nama-465 yezigidi kunye nama-232 yezigidi ngezigidi ngokulandelana.
Isimo seMali esiMandla esinamandla
NgokukaGraham, isitokethi kufuneka sibe nomyinge okhoyo ubuncinane ubuncinane ezimbini. Ithuba lexesha elide akufanele lidlulele kwi- capital work . Kwizinto ezisetyenziselwa uluntu, ityala akufanele lidlule kabini ukulingana kwamasheya kwixabiso leencwadi .
Oku kufuneka kusebenze njengesiqulatho esinamandla ngokubhekiselele kwimeko yokutshatyalaliswa okanye ukusilela.
Ukuzinza Ukuzinza
I-nkampani ayifanele ibike ilahleko kwiminyaka elishumi edlulileyo. Iinkampani ezinokugcina ubuncinci kwinqanaba lemali, ngokubanzi, lizinzile.
IRejidend Record
Inkampani kufuneka ibe nembali yokuhlawula igalelo kwisitye sayo esifanelekileyo ubuncinane kwiminyaka engamashumi amabini edluleyo. Oku kufanele kuqinisekiswe ukuba izabelo ezizayo zihlawulwa. Ukufumana ulwazi oluninzi malunga nomgaqo-mali, funda Ukumisela ukuKhutshwa kweMida: Xa amaNkampani kufuneka ahlawule izivumelwano? .
Ukukhula kweZiphumo
Ukuncedisa ukuqinisekisa inzuzo yenkampani ihamba ngokuhambelana nemali yokunyuka kwemali, inzuzo engenayo ifanele ibe yanda ngeyesithathu okanye ngaphezulu kwi-share-sharing kwisithuba seminyaka elishumi edlulileyo isebenzisa imilinganiselo yeminyaka emithathu ekuqaleni nasekupheleni.
Ixabiso elincinane kwiRatio yoNyaka
Ukufakwa kwipotfoliyo egcinayo, ixabiso langoku lesitokethi akufanele lidlule amaxesha alishumi elinesihlanu umvuzo wemyinge kwiminyaka emithathu edlulileyo. Oku kusebenza njengomkhuseli ekuchaseni ukuhlawulwa ngaphezulu kwekhuseleko. Funda kabanzi malunga nomlinganiselo we-p / e kunye nokuba ungasetyenziswa njani ukuxabisa isitokisi .
Ukulinganiswa okulinganayo kwexabiso kwiAfa
Ukucaphula i-Graham, "Ixabiso langoku akufanele libe ngaphezu kwe-1 1/2 ngamaxesha okugqibela kwincwadi echazwe.
Nangona kunjalo, ukuphindaphindwa kwemali engaphantsi kwe-15 kunokuthethelela ngokuphindaphindiweyo kweefa. Njengomthetho wesithupha, sichaza ukuba imveliso yexesha lokuphindaphinda ixabiso lentengo kwixabiso leencwadi akufanele lidlule kwi-22.5 (eli nani lilingana namaxesha angama-15 amaxabiso kunye ne-1 1/2 yamaxabiso encwadi. amaxesha angama-9 kuphela amavuzo kunye namaxabiso amaxabiso angama-2.5, njl.) "
Ulwazi olungakumbi kwi -Intelligent Investor
Umtsalane oMninimandla kaBenjamin uGraham kufuneka abe ngumfundi ofundwayo nawuphi na umtyalomali. Kwiphepha laso kukho ubuninzi beenkcukacha kunye nolwazi oluya kukunika isiseko esihle kakhulu solwazi lotyalo-mali kunye nobulumko, kwaye unengalo ngezakhono ezifunekayo ukuze unyuke ubunzima bexabiso lokuhlalutya nokuhlalutya. Kubani abakhange bafunde incwadi kaBenjamin Graham, unokufumana ulwazi oluthe xaxa kunye nokuhlaziywa kwencwadi ye -Intelligent Investor kwicandelo lokupota eliphezulu.