Indlela yokuchazwa ngexabiso kwiRatio yokuFumana
Isitokhwe esinomgangatho ophantsi we-P / E sinokuthi senze kakuhle, okanye sisenokungabalulekanga.
Kunokwenzeka ukutyalo-mali ngokusekelwe kwi-P / E yesitokethi ngasinye, kodwa abaninzi abantu bajonga umlinganiselo we- P / E jikelele weemarike. Abantu abaninzi bathi imarike yesitokisi ixhaswa xa i- P / E isilinganiso semarike ingaphezu kwesilinganiso. Nguwuphi na umlinganiselo? Nazi ezimbalwa iziganeko eziphezulu kunye neephantsi kwiimarike eziza kukunika ingqiqo kwiimeko eziqhelekileyo, ezingavamile, kunye nezilinganiso eziqhelekileyo zeP / E.
I-P / E I-Ratio High and Iows of the S & P 500
Kwinqanaba le-intanethi / i-teknoloji ye-tekisi yama-1990, imarike yemasheya njengoko ilinganiswe yi- S & P 500 Index yayithengisa kwi-P / E isilinganiso esiphathelene no-40. Kuze kube yimanje, eli lixesha lonke eliphezulu kuloo mlinganiselo.
Ngezantsi kweemarike zeebhere ezimbi kakhulu, imarike yesitokisi (I-S & P 500 Index) iye yathengisa kwisilinganiselo seP / E esondele malunga no-7.
Umyinge we-P / E umlinganiselo wemarike malunga ne-14.
Ukusebenzisa imali ngokuqhelekileyo Ukusebenzisa imali yeP / E
Umlinganiselo we-AP / E wama-40 uphezulu, u-P / E u-7 uphantsi kakhulu, kwaye umlinganiselo we-14 umele umyinge kwimbali yesimanje.
Ukuxhotyiswe ngale ngcaciso, unokwazi ukubheka umlinganiselo we-P / E wangoku kwiimakethe ze-stock and ufumanisa apho izinto zihambelana namaxesha ezembali.
Into ebalulekileyo ukuba uyikhumbule kukuba akukho mgaqo obekiweyo ongayifaka. Umele usebenzise ingqiqo kunye nokucinga malunga noko kwenzekayo kwihlabathi.
Ngokomzekelo, ukuba uqoqosho lujongene neengxaki zenkampani zingaba nzima kunokuba zilindeleke. Oku kunciphisa ukulindela utyalo-mali, kwaye amanani entengo aya kuhla. Nangona imarike ibonakala ixabiseke ngokulinganayo kwi-P / E isilinganiso sama-14, amaxesha amabi angenza ukuba iimakethe zibuyele ukuze ziqhubeke nokuhla kwezinga eliphantsi kwe-P / E elingaphantsi.
Ngakolunye uhlangothi, ngexesha loqoqosho olukhulayo, i-income income ingakwazi ukuqhubeka iphakama, kwaye amanani e-stock angakwazi ukuqhubeka nokunyuka iminyaka emininzi. Umlinganiselo we-AP / E we-16, okanye ngisho no-20, awuthetha ngokuthe ngqo ukuba ixabiso lemarike liphezulu. Ekuqaleni kweminyaka engama-90, abaninzi babecinga ukuba imarike yaxhaswa ngokusekelwe kwiirati ze-P / E, ngoko ke balahlekelwa yiminyaka yembuyekezo enkulu ukusuka ngo-1994 ukuya ku-1999.
Izifundo zokufunda kwixesha elidlulileyo leP / E
Ekuqaleni kweminyaka yama-70, kwakukho iqela leempahla ezibizwa ngokuba yi-Nifty Fifty. Lawa mahlanu ngamakhulu akwiikhampani ezidweliswe kwi-stock exchange, kwaye amaziko athenge izikhundla ezinkulu ze-stock yabo. Njengoko amaxabiso esitokisi aphakama, amaxabiso e-P / E yale nkampani akhula aphakamileyo kwi-65-92. I- market crash ye-73 /74 yafika kunye, kwaye ngasekuqaleni kweminyaka yama-80, ezi nkampani ezifanayo zinama-P / E efana ne-9-18.
Kwakufanele kube yinto engqiqweni yokuba akukho nkampani enamandla inokuqhubeka ngokunyusa imivuzo yabo ngokukhawuleza ukuba iqinisekise ukuba inqanaba lotyalo-mali.
Kodwa isifundo asizange sifunde, nangona kunjalo, kwaye imeko iyaziphindaphinda ekupheleni kweminyaka engama-90 kunye ne-tech stocks. Izilinganiso ze-P / E zezintandokazi ze-tech zidlula ezili-100. Ezinye iikhampani zazingenazo inzuzo, kodwa, zanikezela ukulinganiswa okuphezulu xa kuthelekiswa neenkampani eziqhubela phambili ngokuzimeleyo.
Isifundo esifundekayo: ukulinganiswa okungaqhelekanga kwe-P / E, ezidibeneyo kunye neentloko ezikhuselekileyo, zingabonakalisa ukuba iimarike zitshatyalaliswe kwaye ukuchithwa kwamanyathelo kufuneka kube ncitshiswe. Izilinganiso eziphantsi kweP / E ezingaqhelekanga, ezidibaniswe neentloko eziphathekayo, zingabonisa ukuba amaxabiso okulingana "anokuthengiswa."