{"id":1438,"date":"2023-03-08T08:34:53","date_gmt":"2023-03-08T01:34:53","guid":{"rendered":"https:\/\/robostock.vn\/web\/?p=1438"},"modified":"2023-03-08T08:40:33","modified_gmt":"2023-03-08T01:40:33","slug":"100-cau-noi-cua-bac-thay-dau-tu-benjamin-graham","status":"publish","type":"post","link":"https:\/\/robostock.vn\/web\/100-cau-noi-cua-bac-thay-dau-tu-benjamin-graham\/","title":{"rendered":"100 C\u00e2u N\u00f3i C\u1ee7a \u201cB\u1eadc Th\u1ea7y \u0110\u1ea7u T\u01b0\u201d Benjamin Graham"},"content":{"rendered":"\n<p><strong>Benjamin Graham<\/strong>&nbsp;(1894 \u2013 1976) \u0111\u01b0\u1ee3c coi l\u00e0 ng\u01b0\u1eddi s\u00e1ng l\u1eadp ra tr\u01b0\u1eddng ph\u00e1i \u0110\u1ea7u T\u01b0 Gi\u00e1 Tr\u1ecb, ng\u01b0\u1eddi th\u1ea7y c\u00f3 \u1ea3nh h\u01b0\u1edfng l\u1edbn \u0111\u1ebfn cu\u1ed9c \u0111\u1eddi c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n huy\u1ec1n tho\u1ea1i&nbsp;Warren Buffett. \u00d4ng c\u00f2n l\u00e0 m\u1ed9t nh\u00e0 kinh t\u1ebf h\u1ecdc, m\u1ed9t doanh nh\u00e2n, gi\u1ea3ng vi\u00ean \u0111\u1ea1i h\u1ecdc v\u00e0 l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n n\u1ed5i ti\u1ebfng ng\u01b0\u1eddi Anh \u2013 M\u1ef9. \u00d4ng \u0111\u00e3 h\u1ee3p t\u00e1c c\u00f9ng v\u1edbi David Dodd xu\u1ea5t b\u1ea3n cu\u1ed1n s\u00e1ch Ph\u00e2n T\u00edch Ch\u1ee9ng Kho\u00e1n. H\u00e3y c\u00f9ng ch\u00fang t\u00f4i \u0111\u1ebfn v\u1edbi 100 c\u00e2u n\u00f3i tr\u00ed tu\u1ec7 c\u1ee7a&nbsp;<strong>Benjamin Graham<\/strong><\/p>\n\n\n\n<!--more-->\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li>\u201cNh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh l\u00e0 m\u1ed9t ng\u01b0\u1eddi theo ch\u1ee7 ngh\u0129a th\u1ef1c t\u1ebf, b\u00e1n cho nh\u1eefng ng\u01b0\u1eddi l\u1ea1c quan v\u00e0 mua t\u1eeb nh\u1eefng ng\u01b0\u1eddi bi quan.\u201d<\/li><li>\u201cTh\u1ecb tr\u01b0\u1eddng l\u00e0 m\u1ed9t con l\u1eafc m\u00e3i m\u00e3i dao \u0111\u1ed9ng gi\u1eefa s\u1ef1 l\u1ea1c quan kh\u00f4ng b\u1ec1n v\u1eefng (khi\u1ebfn c\u1ed5 phi\u1ebfu tr\u1edf n\u00ean qu\u00e1 \u0111\u1eaft) v\u00e0 s\u1ef1 bi quan phi l\u00fd (khi\u1ebfn ch\u00fang tr\u1edf n\u00ean qu\u00e1 r\u1ebb).\u201d<\/li><li>\u201cTrong khi m\u1ed9t xu h\u01b0\u1edbng hi\u1ec3n th\u1ecb trong qu\u00e1 kh\u1ee9 l\u00e0 m\u1ed9t s\u1ef1 th\u1eadt, th\u00ec m\u1ed9t \u2018xu h\u01b0\u1edbng t\u01b0\u01a1ng lai\u2019 ch\u1ec9 l\u00e0 m\u1ed9t gi\u1ea3 \u0111\u1ecbnh.\u201d<\/li><li>\u201cNh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh kh\u00f4ng bao gi\u1edd \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o t\u01b0\u01a1ng lai ch\u1ec9 b\u1eb1ng c\u00e1ch ngo\u1ea1i suy qu\u00e1 kh\u1ee9.\u201d<\/li><li>\u201cV\u00ec l\u1ee3i nhu\u1eadn m\u00e0 c\u00e1c c\u00f4ng ty c\u00f3 th\u1ec3 ki\u1ebfm \u0111\u01b0\u1ee3c l\u00e0 h\u1eefu h\u1ea1n, n\u00ean m\u1ee9c gi\u00e1 m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eb5n s\u00e0ng tr\u1ea3 cho c\u1ed5 phi\u1ebfu c\u0169ng ph\u1ea3i h\u1eefu h\u1ea1n.\u201d<\/li><li>\u201c\u0110\u1ecbnh gi\u00e1 cao k\u00e9o theo r\u1ee7i ro cao.\u201d<\/li><li>\u201cHo\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 l\u00e0 m\u1ed9t ho\u1ea1t \u0111\u1ed9ng, sau khi ph\u00e2n t\u00edch k\u1ef9 l\u01b0\u1ee1ng, h\u1ee9a h\u1eb9n s\u1ef1 an to\u00e0n v\u1ec1 ti\u1ec1n g\u1ed1c v\u00e0 l\u1ee3i nhu\u1eadn t\u01b0\u01a1ng x\u1ee9ng. C\u00e1c ho\u1ea1t \u0111\u1ed9ng kh\u00f4ng \u0111\u00e1p \u1ee9ng c\u00e1c y\u00eau c\u1ea7u n\u00e0y l\u00e0 suy \u0111o\u00e1n.\u201d<\/li><li>\u201c\u0110i\u1ec1u duy nh\u1ea5t b\u1ea1n c\u00f3 th\u1ec3 t\u1ef1 tin khi d\u1ef1 b\u00e1o l\u1ee3i nhu\u1eadn c\u1ee7a c\u1ed5 phi\u1ebfu trong t\u01b0\u01a1ng lai l\u00e0 h\u00f3a ra b\u1ea1n c\u00f3 th\u1ec3 \u0111\u00e3 sai. S\u1ef1 th\u1eadt duy nh\u1ea5t kh\u00f4ng th\u1ec3 ch\u1ed1i c\u00e3i m\u00e0 qu\u00e1 kh\u1ee9 d\u1ea1y ch\u00fang ta l\u00e0 t\u01b0\u01a1ng lai s\u1ebd lu\u00f4n khi\u1ebfn ch\u00fang ta ng\u1ea1c nhi\u00ean&nbsp;\u2013&nbsp;lu\u00f4n lu\u00f4n! V\u00e0 h\u1ec7 qu\u1ea3 c\u1ee7a quy lu\u1eadt l\u1ecbch s\u1eed t\u00e0i ch\u00ednh \u0111\u00f3 l\u00e0 th\u1ecb tr\u01b0\u1eddng s\u1ebd g\u00e2y ng\u1ea1c nhi\u00ean m\u1ed9t c\u00e1ch t\u00e0n b\u1ea1o nh\u1ea5t cho ch\u00ednh nh\u1eefng ng\u01b0\u1eddi ch\u1eafc ch\u1eafn nh\u1ea5t r\u1eb1ng quan \u0111i\u1ec3m c\u1ee7a h\u1ecd v\u1ec1 t\u01b0\u01a1ng lai l\u00e0 \u0111\u00fang.&nbsp;H\u00e3y gi\u1eef khi\u00eam t\u1ed1n v\u1ec1 kh\u1ea3 n\u0103ng d\u1ef1 b\u00e1o c\u1ee7a b\u1ea1n&nbsp;s\u1ebd gi\u00fap b\u1ea1n kh\u00f4ng m\u1ea1o hi\u1ec3m qu\u00e1 nhi\u1ec1u v\u00e0o m\u1ed9t quan \u0111i\u1ec3m v\u1ec1 t\u01b0\u01a1ng lai c\u00f3 th\u1ec3 tr\u1edf n\u00ean sai l\u1ea7m.\u201d<\/li><li>\u201cNh\u01b0ng \u0111\u1ea7u t\u01b0 kh\u00f4ng ph\u1ea3i l\u00e0 \u0111\u00e1nh b\u1ea1i nh\u1eefng ng\u01b0\u1eddi kh\u00e1c trong tr\u00f2 ch\u01a1i c\u1ee7a h\u1ecd. \u0110\u00f3 l\u00e0 vi\u1ec7c ki\u1ec3m so\u00e1t b\u1ea3n th\u00e2n trong tr\u00f2 ch\u01a1i c\u1ee7a ri\u00eang b\u1ea1n.\u201d<\/li><li>\u201cV\u1ea5n \u0111\u1ec1 ch\u00ednh c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 \u2013 v\u00e0 th\u1eadm ch\u00ed l\u00e0 k\u1ebb th\u00f9 t\u1ed3i t\u1ec7 nh\u1ea5t c\u1ee7a anh ta \u2013 c\u00f3 th\u1ec3 l\u00e0 ch\u00ednh anh ta.\u201d<\/li><li>\u201cNh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu \u0111\u00fang hay sai kh\u00f4ng ph\u1ea3i b\u1edfi v\u00ec nh\u1eefng ng\u01b0\u1eddi kh\u00e1c \u0111\u1ed3ng \u00fd ho\u1eb7c kh\u00f4ng \u0111\u1ed3ng \u00fd v\u1edbi anh ta; anh \u1ea5y \u0111\u00fang b\u1edfi v\u00ec nh\u1eefng s\u1ef1 ki\u1ec7n v\u00e0 ph\u00e2n t\u00edch c\u1ee7a anh \u1ea5y l\u00e0 \u0111\u00fang.\u201d<\/li><li>\u201cC\u00e1ch t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111o l\u01b0\u1eddng s\u1ef1 th\u00e0nh c\u00f4ng trong \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n kh\u00f4ng ph\u1ea3i b\u1eb1ng vi\u1ec7c b\u1ea1n c\u00f3 \u0111ang \u0111\u00e1nh b\u1ea1i th\u1ecb tr\u01b0\u1eddng hay kh\u00f4ng m\u00e0 b\u1eb1ng vi\u1ec7c b\u1ea1n \u0111\u00e3 \u0111\u01b0a ra k\u1ebf ho\u1ea1ch t\u00e0i ch\u00ednh v\u00e0 k\u1ef7 lu\u1eadt h\u00e0nh vi c\u00f3 kh\u1ea3 n\u0103ng \u0111\u01b0a b\u1ea1n \u0111\u1ebfn n\u01a1i b\u1ea1n mu\u1ed1n hay kh\u00f4ng. Cu\u1ed1i c\u00f9ng, \u0111i\u1ec1u quan tr\u1ecdng kh\u00f4ng ph\u1ea3i l\u00e0 v\u01b0\u1ee3t qua v\u1ea1ch \u0111\u00edch tr\u01b0\u1edbc b\u1ea5t k\u1ef3 ai kh\u00e1c m\u00e0 ch\u1ec9 l\u00e0 \u0111\u1ea3m b\u1ea3o r\u1eb1ng b\u1ea1n s\u1ebd v\u01b0\u1ee3t qua n\u00f3.\u201d<\/li><li>\u201cNh\u1eefng ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0 ki\u1ebfm ti\u1ec1n cho ch\u00ednh h\u1ecd; nh\u1eefng ng\u01b0\u1eddi \u0111\u1ea7u c\u01a1 ki\u1ebfm ti\u1ec1n cho c\u00f4ng ty m\u00f4i gi\u1edbi c\u1ee7a h\u1ecd.\u201d<\/li><li>\u201cL\u1ef1a ch\u1ecdn tr\u00e1i phi\u1ebfu ch\u1ee7 y\u1ebfu l\u00e0 m\u1ed9t ngh\u1ec7 thu\u1eadt ph\u1ee7 nh\u1eadn. \u0110\u00f3 l\u00e0 m\u1ed9t qu\u00e1 tr\u00ecnh lo\u1ea1i tr\u1eeb v\u00e0 t\u1eeb ch\u1ed1i, thay v\u00ec t\u00ecm ki\u1ebfm v\u00e0 ch\u1ea5p nh\u1eadn.\u201d<\/li><li>\u201cT\u00ecnh tr\u1ea1ng t\u1ed1t ho\u1eb7c x\u1ea5u b\u1ea5t th\u01b0\u1eddng kh\u00f4ng k\u00e9o d\u00e0i m\u00e3i m\u00e3i.\u201d<\/li><li>\u201cB\u1ea1n s\u1ebd ki\u1ec3m so\u00e1t \u0111\u01b0\u1ee3c nhi\u1ec1u h\u01a1n, n\u1ebfu b\u1ea1n nh\u1eadn ra m\u00ecnh kh\u00f4ng ki\u1ec3m so\u00e1t \u0111\u01b0\u1ee3c bao nhi\u00eau.\u201d<\/li><li>\u201cC\u00f4ng vi\u1ec7c c\u1ee7a Ng\u00e0i Th\u1ecb Tr\u01b0\u1eddng l\u00e0 cung c\u1ea5p cho b\u1ea1n gi\u00e1 c\u1ea3; c\u00f4ng vi\u1ec7c c\u1ee7a b\u1ea1n l\u00e0 quy\u1ebft \u0111\u1ecbnh xem vi\u1ec7c h\u00e0nh \u0111\u1ed9ng d\u1ef1a tr\u00ean ch\u00fang c\u00f3 mang l\u1ea1i l\u1ee3i \u00edch cho b\u1ea1n hay kh\u00f4ng.\u201d<\/li><li>\u201cH\u00e3y tr\u1ed3ng c\u00e2y m\u00e0 nh\u1eefng ng\u01b0\u1eddi kh\u00e1c s\u1ebd ng\u1ed3i \u1edf d\u01b0\u1edbi.\u201d<\/li><li>\u201cNgh\u1ec7 thu\u1eadt \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng tr\u01b0\u1edbc h\u1ebft n\u1eb1m \u1edf vi\u1ec7c l\u1ef1a ch\u1ecdn nh\u1eefng ng\u00e0nh c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng ph\u00e1t tri\u1ec3n trong t\u01b0\u01a1ng lai v\u00e0 sau \u0111\u00f3 l\u00e0 x\u00e1c \u0111\u1ecbnh nh\u1eefng c\u00f4ng ty c\u00f3 tri\u1ec3n v\u1ecdng nh\u1ea5t trong nh\u1eefng ng\u00e0nh n\u00e0y.\u201d<\/li><li>\u201cB\u1ea1n ph\u1ea3i ph\u00e2n t\u00edch k\u1ef9 l\u01b0\u1ee1ng m\u1ed9t c\u00f4ng ty, v\u00e0 s\u1ef1 l\u00e0nh m\u1ea1nh c\u1ee7a c\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u01a1 b\u1ea3n c\u1ee7a n\u00f3, tr\u01b0\u1edbc khi b\u1ea1n mua c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3; b\u1ea1n ph\u1ea3i c\u1ed1 \u00fd b\u1ea3o v\u1ec7 m\u00ecnh tr\u01b0\u1edbc nh\u1eefng t\u1ed5n th\u1ea5t nghi\u00eam tr\u1ecdng; b\u1ea1n ph\u1ea3i khao kh\u00e1t \u0111\u1ea1t \u0111\u01b0\u1ee3c hi\u1ec7u su\u1ea5t \u201ct\u01b0\u01a1ng x\u1ee9ng\u201d, kh\u00f4ng ph\u1ea3i phi th\u01b0\u1eddng.\u201d<\/li><li>\u201cNh\u1eefng ng\u01b0\u1eddi quan s\u00e1t tinh t\u01b0\u1eddng v\u1ec1 b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a c\u00f4ng ty th\u01b0\u1eddng l\u00e0 nh\u1eefng ng\u01b0\u1eddi \u0111\u1ea7u ti\u00ean nh\u1eadn th\u1ea5y ho\u1ea1t \u0111\u1ed9ng kinh doanh sa s\u00fat.\u201d<\/li><li>\u201cH\u00e3y \u0111\u1ecdc ng\u01b0\u1ee3c. Khi b\u1ea1n nghi\u00ean c\u1ee9u c\u00e1c b\u00e1o c\u00e1o t\u00e0i ch\u00ednh c\u1ee7a m\u1ed9t c\u00f4ng ty, h\u00e3y b\u1eaft \u0111\u1ea7u \u0111\u1ecdc \u1edf trang cu\u1ed1i c\u00f9ng v\u00e0 t\u1eeb t\u1eeb l\u00e0m vi\u1ec7c theo c\u00e1ch c\u1ee7a b\u1ea1n v\u1ec1 ph\u00eda tr\u01b0\u1edbc. B\u1ea5t c\u1ee9 \u0111i\u1ec1u g\u00ec.\u201d<\/li><li>\u201cH\u00e3y \u0111\u1ecdc ph\u1ea7n ghi ch\u00fa. Kh\u00f4ng bao gi\u1edd mua m\u1ed9t c\u1ed5 phi\u1ebfu m\u00e0 kh\u00f4ng \u0111\u1ecdc ph\u1ea7n ch\u00fa th\u00edch c\u1ee7a b\u00e1o c\u00e1o t\u00e0i ch\u00ednh trong b\u00e1o c\u00e1o th\u01b0\u1eddng ni\u00ean. Th\u01b0\u1eddng \u0111\u01b0\u1ee3c g\u1eafn nh\u00e3n \u201ct\u00f3m t\u1eaft c\u00e1c ch\u00ednh s\u00e1ch k\u1ebf to\u00e1n quan tr\u1ecdng\u201d, m\u1ed9t ghi ch\u00fa quan tr\u1ecdng m\u00f4 t\u1ea3 c\u00e1ch c\u00f4ng ty ghi nh\u1eadn doanh thu, ghi nh\u1eadn h\u00e0ng t\u1ed3n kho, x\u1eed l\u00fd b\u00e1n h\u00e0ng tr\u1ea3 g\u00f3p ho\u1eb7c h\u1ee3p \u0111\u1ed3ng, chi ph\u00ed ti\u1ebfp th\u1ecb v\u00e0 t\u00ednh \u0111\u1ebfn c\u00e1c kh\u00eda c\u1ea1nh ch\u00ednh kh\u00e1c c\u1ee7a ho\u1ea1t \u0111\u1ed9ng kinh doanh, theo d\u00f5i c\u00e1c ti\u1ebft l\u1ed9 v\u1ec1 n\u1ee3, quy\u1ec1n ch\u1ecdn mua c\u1ed5 phi\u1ebfu, kho\u1ea3n vay cho kh\u00e1ch h\u00e0ng, d\u1ef1 ph\u00f2ng ch\u1ed1ng t\u1ed5n th\u1ea5t v\u00e0 c\u00e1c \u201cy\u1ebfu t\u1ed1 r\u1ee7i ro\u201d kh\u00e1c c\u00f3 th\u1ec3 l\u00e0m m\u1ea5t \u0111i thu nh\u1eadp.\u201d<\/li><li>\u201cC\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn c\u1ea7n \u0111\u1eb7t c\u00e2u h\u1ecfi, m\u1ee9c \u0111\u1ed9 \u1ed5n \u0111\u1ecbnh c\u1ee7a doanh nghi\u1ec7p, v\u00e0 tri\u1ec3n v\u1ecdng t\u01b0\u01a1ng lai c\u1ee7a n\u00f3 nh\u01b0 th\u1ebf n\u00e0o? Thu nh\u1eadp v\u00e0 d\u00f2ng ti\u1ec1n c\u1ee7a n\u00f3 l\u00e0 bao nhi\u00eau? R\u1ee7i ro m\u1eb7t tr\u00e1i c\u1ee7a vi\u1ec7c s\u1edf h\u1eefu n\u00f3 l\u00e0 g\u00ec? Gi\u00e1 tr\u1ecb thanh l\u00fd c\u1ee7a n\u00f3 l\u00e0 bao nhi\u00eau? Kh\u1ea3 n\u0103ng v\u00e0 trung th\u1ef1c c\u1ee7a n\u00f3 l\u00e0 qu\u1ea3n l\u00fd nh\u01b0 th\u1ebf n\u00e0o? B\u1ea1n s\u1ebd tr\u1ea3 bao nhi\u00eau cho c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty n\u00e0y n\u1ebfu n\u00f3 \u0111\u01b0\u1ee3c c\u00f4ng khai? Nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0o c\u00f3 th\u1ec3 khi\u1ebfn ch\u1ee7 doanh nghi\u1ec7p n\u00e0y b\u00e1n quy\u1ec1n ki\u1ec3m so\u00e1t v\u1edbi gi\u00e1 h\u1eddi?\u2026\u201d<\/li><li>\u201cC\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edfng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a l\u00e0 c\u1ed5 phi\u1ebfu \u0111\u00e3 l\u00e0m \u0111\u01b0\u1ee3c \u0111i\u1ec1u n\u00e0y trong qu\u00e1 kh\u1ee9 v\u00e0 d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd l\u00e0m nh\u01b0 v\u1eady trong t\u01b0\u01a1ng lai.\u201d<\/li><li>\u201cT\u0103ng tr\u01b0\u1edfng nhanh ch\u00f3ng b\u1ea5t th\u01b0\u1eddng kh\u00f4ng th\u1ec3 theo k\u1ecbp m\u00e3i m\u00e3i; khi m\u1ed9t c\u00f4ng ty \u0111\u00e3 \u0111\u0103ng k\u00fd m\u1ed9t s\u1ef1 m\u1edf r\u1ed9ng tuy\u1ec7t v\u1eddi, s\u1ef1 gia t\u0103ng quy m\u00f4 c\u1ee7a n\u00f3 khi\u1ebfn cho vi\u1ec7c l\u1eb7p l\u1ea1i th\u00e0nh t\u00edch c\u1ee7a n\u00f3 tr\u1edf n\u00ean kh\u00f3 kh\u0103n h\u01a1n. T\u1ea1i m\u1ed9t th\u1eddi \u0111i\u1ec3m n\u00e0o \u0111\u00f3, \u0111\u01b0\u1eddng cong t\u0103ng tr\u01b0\u1edfng s\u1ebd ph\u1eb3ng ra, v\u00e0 trong nhi\u1ec1u tr\u01b0\u1eddng h\u1ee3p, n\u00f3 h\u01b0\u1edbng xu\u1ed1ng.\u201d<\/li><li>\u201cCh\u00fang t\u00f4i coi c\u00e1c c\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edfng n\u00f3i chung l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n qu\u00e1 kh\u00f4ng ch\u1eafc ch\u1eafn v\u00e0 r\u1ee7i ro cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00f2ng th\u1ee7. T\u1ea5t nhi\u00ean, \u0111i\u1ec1u k\u1ef3 di\u1ec7u c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n v\u1edbi s\u1ef1 l\u1ef1a ch\u1ecdn ph\u00f9 h\u1ee3p c\u1ee7a t\u1eebng c\u00e1 nh\u00e2n, \u0111\u01b0\u1ee3c mua \u1edf m\u1ee9c ph\u00f9 h\u1ee3p, v\u00e0 sau \u0111\u00f3 \u0111\u01b0\u1ee3c b\u00e1n sau khi t\u0103ng m\u1ea1nh v\u00e0 tr\u01b0\u1edbc khi c\u00f3 th\u1ec3 x\u1ea3y ra s\u1ef1 s\u1ee5t gi\u1ea3m.\u201d<\/li><li>\u201cM\u1ed9t c\u00f4ng ty tr\u1ecb gi\u00e1 1 t\u1ef7 \u0111\u00f4 la c\u00f3 th\u1ec3 t\u0103ng g\u1ea5p \u0111\u00f4i doanh s\u1ed1 b\u00e1n h\u00e0ng c\u1ee7a m\u00ecnh m\u1ed9t c\u00e1ch kh\u00e1 d\u1ec5 d\u00e0ng; nh\u01b0ng m\u1ed9t c\u00f4ng ty tr\u1ecb gi\u00e1 50 t\u1ef7 \u0111\u00f4 la c\u00f3 th\u1ec3 quay \u0111\u1ea7u t\u00ecm ki\u1ebfm doanh nghi\u1ec7p 50 t\u1ef7 \u0111\u00f4 la kh\u00e1c \u1edf \u0111\u00e2u? C\u1ed5 phi\u1ebfu t\u0103ng tr\u01b0\u1edfng \u0111\u00e1ng mua khi gi\u00e1 c\u1ee7a ch\u00fang h\u1ee3p l\u00fd, nh\u01b0ng khi t\u1ef7 l\u1ec7 gi\u00e1 tr\u00ean thu nh\u1eadp c\u1ee7a ch\u00fang v\u01b0\u1ee3t qu\u00e1 25 ho\u1eb7c 30, t\u1ef7 l\u1ec7 n\u00e0y tr\u1edf n\u00ean t\u1ed3i t\u1ec7\u2026\u201d<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\" start=\"29\"><li>\u201cY\u00eau c\u1ea7u c\u01a1 b\u1ea3n \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh l\u00e0 kh\u1ea3 n\u0103ng ch\u1ed1ng l\u1ea1i s\u1ef1 nh\u1ea1t nh\u1ebdo c\u1ee7a nh\u1eefng ng\u01b0\u1eddi ch\u00e0o b\u00e1n c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng m\u1edbi trong th\u1ecb tr\u01b0\u1eddng t\u0103ng gi\u00e1.\u201d<\/li><li>\u201cM\u1ed9t c\u1ed5 phi\u1ebfu kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t bi\u1ec3u t\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu ho\u1eb7c m\u1ed9t phi\u1ebfu \u0111i\u1ec7n t\u1eed; n\u00f3 l\u00e0 quy\u1ec1n s\u1edf h\u1eefu trong m\u1ed9t doanh nghi\u1ec7p th\u1ef1c t\u1ebf, v\u1edbi gi\u00e1 tr\u1ecb c\u01a1 b\u1ea3n kh\u00f4ng ph\u1ee5 thu\u1ed9c v\u00e0o gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a n\u00f3.\u201d<\/li><li>\u201cL\u1ee3i \u00edch ch\u00ednh c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eb1m \u1edf vi\u1ec7c mua v\u00e0 n\u1eafm gi\u1eef c\u00e1c ch\u1ee9ng kho\u00e1n ph\u00f9 h\u1ee3p v\u1edbi m\u1ee9c gi\u00e1 ph\u00f9 h\u1ee3p.\u201d<\/li><li>\u201cCh\u1ec9 \u0111\u1ea7u t\u01b0 n\u1ebfu b\u1ea1n c\u1ea3m th\u1ea5y tho\u1ea3i m\u00e1i khi s\u1edf h\u1eefu m\u1ed9t c\u1ed5 phi\u1ebfu ngay c\u1ea3 khi b\u1ea1n kh\u00f4ng c\u00f3 c\u00e1ch n\u00e0o \u0111\u1ec3 bi\u1ebft gi\u00e1 c\u1ed5 phi\u1ebfu h\u00e0ng ng\u00e0y c\u1ee7a n\u00f3.\u201d<\/li><li>\u201cNh\u00ecn chung, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu c\u1ee7a m\u00ecnh b\u1ea5t c\u1ee9 khi n\u00e0o c\u00f3 ti\u1ec1n \u0111\u1ec3 mua c\u1ed5 phi\u1ebfu, ngo\u1ea1i tr\u1eeb khi m\u1ee9c th\u1ecb tr\u01b0\u1eddng chung cao h\u01a1n nhi\u1ec1u so v\u1edbi m\u1ee9c c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh b\u1edfi c\u00e1c ti\u00eau chu\u1ea9n gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp t\u1ed1t.\u201d<\/li><li>\u201cMua r\u1ebb, b\u00e1n \u0111\u1eaft.\u201d<\/li><li>\u201cL\u1ecbch s\u1eed t\u00e0i ch\u00ednh cho bi\u1ebft r\u00f5 r\u00e0ng r\u1eb1ng trung b\u00ecnh nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 mong \u0111\u1ee3i k\u1ebft qu\u1ea3 kh\u1ea3 quan t\u1eeb c\u00e1c c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng th\u1ee9 c\u1ea5p ch\u1ec9 khi anh ta mua ch\u00fang v\u1edbi gi\u00e1 th\u1ea5p h\u01a1n gi\u00e1 tr\u1ecb c\u1ee7a ch\u00fang cho m\u1ed9t ch\u1ee7 s\u1edf h\u1eefu t\u01b0 nh\u00e2n, t\u1ee9c l\u00e0 tr\u00ean c\u01a1 s\u1edf m\u1eb7c c\u1ea3.\u201d<\/li><li>\u201cNh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 danh m\u1ee5c c\u1ed5 phi\u1ebfu t\u1ed1t n\u00ean k\u1ef3 v\u1ecdng gi\u00e1 c\u1ee7a ch\u00fang s\u1ebd dao \u0111\u1ed9ng v\u00e0 kh\u00f4ng n\u00ean lo l\u1eafng tr\u01b0\u1edbc s\u1ef1 s\u1ee5t gi\u1ea3m \u0111\u00e1ng k\u1ec3 c\u0169ng nh\u01b0 kh\u00f4ng tr\u1edf n\u00ean ph\u1ea5n kh\u00edch tr\u01b0\u1edbc nh\u1eefng b\u01b0\u1edbc ti\u1ebfn l\u1edbn. Anh ta n\u00ean lu\u00f4n nh\u1edb r\u1eb1ng b\u00e1o gi\u00e1 th\u1ecb tr\u01b0\u1eddng \u1edf \u0111\u00f3 \u0111\u1ec3 thu\u1eadn ti\u1ec7n cho anh ta, ho\u1eb7c b\u1ecb l\u1ee3i d\u1ee5ng ho\u1eb7c b\u1ecb b\u1ecf qua. Anh ta kh\u00f4ng bao gi\u1edd n\u00ean mua m\u1ed9t c\u1ed5 phi\u1ebfu v\u00ec n\u00f3 \u0111\u00e3 t\u0103ng gi\u00e1 ho\u1eb7c b\u00e1n m\u1ed9t c\u1ed5 phi\u1ebfu v\u00ec n\u00f3 \u0111\u00e3 gi\u1ea3m gi\u00e1. Anh ta s\u1ebd kh\u00f4ng sai nhi\u1ec1u n\u1ebfu ph\u01b0\u01a1ng ch\u00e2m n\u00e0y \u0111\u01b0\u1ee3c \u0111\u1ecdc m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n h\u01a1n: \u201cKh\u00f4ng bao gi\u1edd mua m\u1ed9t c\u1ed5 phi\u1ebfu ngay sau khi t\u0103ng&nbsp;gi\u00e1&nbsp;\u0111\u00e1ng k\u1ec3 ho\u1eb7c b\u00e1n m\u1ed9t c\u1ed5 phi\u1ebfu ngay sau khi gi\u1ea3m&nbsp;gi\u00e1&nbsp;\u0111\u00e1ng k\u1ec3.\u201d<\/li><li>\u201cN\u1ebfu b\u1ea1n mua m\u1ed9t c\u1ed5 phi\u1ebfu ho\u00e0n to\u00e0n ch\u1ec9 v\u00ec gi\u00e1 c\u1ee7a n\u00f3 \u0111ang t\u0103ng l\u00ean \u2014 thay v\u00ec h\u1ecfi li\u1ec7u gi\u00e1 tr\u1ecb c\u01a1 b\u1ea3n c\u1ee7a c\u00f4ng ty c\u00f3 \u0111ang t\u0103ng hay kh\u00f4ng \u2014 th\u00ec s\u1edbm mu\u1ed9n g\u00ec b\u1ea1n c\u0169ng s\u1ebd v\u00f4 c\u00f9ng h\u1ed1i ti\u1ebfc.\u201d<\/li><li>\u201cTheo truy\u1ec1n th\u1ed1ng, l\u00fd do h\u1ee3p l\u00fd \u0111\u1ec3 t\u0103ng t\u1ef7 l\u1ec7 c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng s\u1ebd l\u00e0 s\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a c\u00e1c m\u1ee9c\u201c gi\u00e1 h\u1eddi \u201d\u0111\u01b0\u1ee3c t\u1ea1o ra trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng g\u1ea5u k\u00e9o d\u00e0i. Ng\u01b0\u1ee3c l\u1ea1i, quy tr\u00ecnh h\u1ee3p l\u00fd s\u1ebd k\u00eau g\u1ecdi gi\u1ea3m t\u1ef7 tr\u1ecdng c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng xu\u1ed1ng d\u01b0\u1edbi 50% khi theo \u0111\u00e1nh gi\u00e1 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0, m\u1ee9c th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 tr\u1edf n\u00ean cao m\u1ed9t c\u00e1ch nguy hi\u1ec3m.\u201d<\/li><li>\u201cTrong m\u1ed9t th\u1ebf gi\u1edbi l\u00fd t\u01b0\u1edfng, nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh s\u1ebd ch\u1ec9 n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu khi ch\u00fang r\u1ebb v\u00e0 b\u00e1n ch\u00fang khi ch\u00fang tr\u1edf n\u00ean \u0111\u1eaft \u0111\u1ecf, sau \u0111\u00f3 chui v\u00e0o h\u1ea7m ch\u1ee9a tr\u00e1i phi\u1ebfu v\u00e0 ti\u1ec1n m\u1eb7t cho \u0111\u1ebfn khi c\u1ed5 phi\u1ebfu tr\u1edf l\u1ea1i \u0111\u1ee7 r\u1ebb \u0111\u1ec3 mua.\u201d<\/li><li>\u201cNh\u00e0 \u0111\u1ea7u t\u01b0 cho ph\u00e9p m\u00ecnh b\u1ecb \u0111\u00f3ng d\u1ea5u ho\u1eb7c lo l\u1eafng qu\u00e1 m\u1ee9c b\u1edfi th\u1ecb tr\u01b0\u1eddng suy gi\u1ea3m kh\u00f4ng c\u00f3 l\u00fd do trong vi\u1ec7c n\u1eafm gi\u1eef c\u1ed5 ph\u1ea7n c\u1ee7a m\u00ecnh \u0111ang bi\u1ebfn l\u1ee3i th\u1ebf c\u01a1 b\u1ea3n c\u1ee7a m\u00ecnh th\u00e0nh b\u1ea5t l\u1ee3i c\u01a1 b\u1ea3n.\u201d<\/li><li>\u201cTrong nhi\u1ec1u n\u0103m, c\u00e1c d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh \u0111\u00e3 \u0111\u01b0a ra c\u00e1c d\u1ef1 b\u00e1o v\u1ec1 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n m\u00e0 kh\u00f4ng c\u00f3 ai th\u1ef1c hi\u1ec7n ho\u1ea1t \u0111\u1ed9ng n\u00e0y m\u1ed9t c\u00e1ch nghi\u00eam t\u00fac. Gi\u1ed1ng nh\u01b0 nh\u1eefng ng\u01b0\u1eddi kh\u00e1c trong l\u0129nh v\u1ef1c n\u00e0y, h\u1ecd \u0111\u00f4i khi \u0111\u00fang v\u00e0 \u0111\u00f4i khi sai.\u201d<\/li><li>\u201cT\u00f4i kh\u00f4ng m\u1ea5y tin t\u01b0\u1edfng ngay c\u1ea3 v\u00e0o kh\u1ea3 n\u0103ng c\u1ee7a c\u00e1c nh\u00e0 ph\u00e2n t\u00edch, ch\u1ee9 ch\u01b0a n\u00f3i \u0111\u1ebfn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u01b0a qua \u0111\u00e0o t\u1ea1o, trong vi\u1ec7c l\u1ef1a ch\u1ecdn nh\u1eefng c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng s\u1ebd cho k\u1ebft qu\u1ea3 t\u1ed1t h\u01a1n m\u1ee9c trung b\u00ecnh.\u201d<\/li><li>\u201cG\u1ea7n nh\u01b0 t\u1ea5t c\u1ea3 m\u1ecdi ng\u01b0\u1eddi quan t\u00e2m \u0111\u1ebfn c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng \u0111\u1ec1u mu\u1ed1n \u0111\u01b0\u1ee3c ng\u01b0\u1eddi kh\u00e1c cho bi\u1ebft h\u1ecd ngh\u0129 g\u00ec v\u1ec1 th\u1ecb tr\u01b0\u1eddng.\u201d<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\" start=\"44\"><li>\u201cCh\u00fang t\u00f4i n\u00f3i r\u1eb1ng \u0111\u1ec3 c\u00f3 m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 th\u1ef1c s\u1ef1 th\u00ec ph\u1ea3i c\u00f3 m\u1ed9t bi\u00ean \u0111\u1ed9 an to\u00e0n th\u1ef1c s\u1ef1. V\u00e0 m\u1ee9c \u0111\u1ed9 an to\u00e0n th\u1ef1c s\u1ef1 l\u00e0 m\u1ee9c \u0111\u1ed9 an to\u00e0n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh b\u1eb1ng s\u1ed1 li\u1ec7u, b\u1eb1ng l\u00fd l\u1ebd thuy\u1ebft ph\u1ee5c v\u00e0 b\u1eb1ng c\u00e1ch tham kh\u1ea3o kinh nghi\u1ec7m th\u1ef1c t\u1ebf.\u201d<\/li><li>\u201cB\u1ea1n n\u00ean lu\u00f4n nh\u1edb, theo c\u00e1ch n\u00f3i c\u1ee7a nh\u00e0 t\u00e2m l\u00fd h\u1ecdc Paul Slovic, r\u1eb1ng\u201c r\u1ee7i ro \u0111\u01b0\u1ee3c t\u1ea1o ra t\u1eeb m\u1ed9t li\u1ec1u l\u01b0\u1ee3ng b\u1eb1ng nhau c\u1ee7a hai th\u00e0nh ph\u1ea7n \u2013 x\u00e1c su\u1ea5t v\u00e0 h\u1eadu qu\u1ea3 \u201d. Tr\u01b0\u1edbc khi \u0111\u1ea7u t\u01b0, b\u1ea1n ph\u1ea3i \u0111\u1ea3m b\u1ea3o r\u1eb1ng b\u1ea1n \u0111\u00e3 \u0111\u00e1nh gi\u00e1 th\u1ef1c t\u1ebf x\u00e1c su\u1ea5t \u0111\u00fang c\u1ee7a m\u00ecnh v\u00e0 c\u00e1ch b\u1ea1n s\u1ebd ph\u1ea3n \u1ee9ng v\u1edbi h\u1eadu qu\u1ea3 c\u1ee7a vi\u1ec7c sai nh\u01b0 th\u1ebf n\u00e0o.\u201d<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\" start=\"46\"><li>\u201cC\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ea7u ti\u00ean, ho\u1eb7c d\u1ef1 \u0111o\u00e1n, c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ecbnh t\u00ednh, v\u00ec n\u00f3 nh\u1ea5n m\u1ea1nh v\u00e0o tri\u1ec3n v\u1ecdng, qu\u1ea3n l\u00fd v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 kh\u00f4ng th\u1ec3 \u0111o l\u01b0\u1eddng kh\u00e1c, m\u1eb7c d\u00f9 r\u1ea5t quan tr\u1ecdng, n\u1eb1m trong ti\u00eau \u0111\u1ec1 ch\u1ea5t l\u01b0\u1ee3ng. C\u00e1ch ti\u1ebfp c\u1eadn th\u1ee9 hai, ho\u1eb7c b\u1ea3o v\u1ec7, c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ecbnh l\u01b0\u1ee3ng ho\u1eb7c th\u1ed1ng k\u00ea, v\u00ec n\u00f3 nh\u1ea5n m\u1ea1nh c\u00e1c m\u1ed1i quan h\u1ec7 c\u00f3 th\u1ec3 \u0111o l\u01b0\u1eddng \u0111\u01b0\u1ee3c gi\u1eefa gi\u00e1 b\u00e1n v\u00e0 thu nh\u1eadp, t\u00e0i s\u1ea3n, c\u1ed5 t\u1ee9c, v.v.\u201d<\/li><li>\u201cNg\u1eabu nhi\u00ean, ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh l\u01b0\u1ee3ng th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t ph\u1ea7n m\u1edf r\u1ed9ng \u2013 v\u00e0o l\u0129nh v\u1ef1c c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng \u2013 theo quan \u0111i\u1ec3m m\u00e0 ph\u00e2n t\u00edch ch\u1ee9ng kho\u00e1n cho th\u1ea5y l\u00e0 h\u1ee3p l\u00fd trong vi\u1ec7c l\u1ef1a ch\u1ecdn tr\u00e1i phi\u1ebfu v\u00e0 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u1ec3 \u0111\u1ea7u t\u01b0.\u201d<\/li><li>\u201cC\u00f4ng ty th\u1ee9 c\u1ea5p trung b\u00ecnh \u0111\u01b0\u1ee3c l\u1ef1a ch\u1ecdn t\u1ed1t c\u00f3 th\u1ec3 ho\u00e0n to\u00e0n c\u00f3 tri\u1ec3n v\u1ecdng nh\u01b0 c\u00f4ng ty d\u1eabn \u0111\u1ea7u ng\u00e0nh c\u00f4ng nghi\u1ec7p trung b\u00ecnh.\u201d<\/li><li>\u201cT\u1ef7 l\u1ec7 l\u1ee3i nhu\u1eadn t\u00ecm ki\u1ebfm n\u00ean ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ed1 l\u01b0\u1ee3ng n\u1ed7 l\u1ef1c th\u00f4ng minh m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eb5n s\u00e0ng v\u00e0 c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n \u0111\u1ec3 th\u1ef1c hi\u1ec7n nhi\u1ec7m v\u1ee5 c\u1ee7a m\u00ecnh.\u201d<\/li><li>\u201cL\u1ee3i nhu\u1eadn t\u1ed1i thi\u1ec3u thu\u1ed9c v\u1ec1 nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ee5 \u0111\u1ed9ng,&nbsp;nh\u1eefng ng\u01b0\u1eddi mu\u1ed1n c\u1ea3 s\u1ef1 an to\u00e0n v\u00e0 kh\u00f4ng ph\u1ea3i lo l\u1eafng.\u201d&nbsp;<\/li><li>\u201cL\u1ee3i nhu\u1eadn t\u1ed1i \u0111a s\u1ebd \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n b\u1edfi nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ec9nh t\u00e1o v\u00e0 d\u00e1m ngh\u0129 d\u00e1m l\u00e0m, nh\u1eefng ng\u01b0\u1eddi c\u00f3 tr\u00ed tu\u1ec7 v\u00e0 k\u1ef9 n\u0103ng t\u1ed1i \u0111a.\u201d<\/li><li>\u201cNh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh ch\u1ec9 \u0111\u1ecbnh m\u1ed9t ph\u1ea7n nh\u1ecf trong t\u1ed5ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh l\u00e0 t\u00e0i kho\u1ea3n\u201c ti\u1ec1n \u0111i\u00ean \u201d. \u0110\u1ed1i v\u1edbi h\u1ea7u h\u1ebft ch\u00fang ta, 10% t\u1ed5ng t\u00e0i s\u1ea3n c\u1ee7a ch\u00fang ta l\u00e0 s\u1ed1 ti\u1ec1n t\u1ed1i \u0111a cho ph\u00e9p \u0111\u1ec3 \u0111\u1eb7t v\u00e0o r\u1ee7i ro \u0111\u1ea7u c\u01a1.\u201d<\/li><li>\u201cKh\u00f4ng bao gi\u1edd tr\u1ed9n ti\u1ec1n trong t\u00e0i kho\u1ea3n \u0111\u1ea7u c\u01a1 c\u1ee7a b\u1ea1n v\u1edbi s\u1ed1 ti\u1ec1n trong t\u00e0i kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n; kh\u00f4ng bao gi\u1edd cho ph\u00e9p suy ngh\u0129 \u0111\u1ea7u c\u01a1 c\u1ee7a b\u1ea1n tr\u00e0n v\u00e0o c\u00e1c ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n; v\u00e0 \u0111\u1eebng bao gi\u1edd b\u1ecf nhi\u1ec1u h\u01a1n 10% t\u00e0i s\u1ea3n v\u00e0o t\u00e0i kho\u1ea3n ti\u1ec1n \u0111i\u00ean c\u1ee7a m\u00ecnh, cho d\u00f9 c\u00f3 chuy\u1ec7n g\u00ec x\u1ea3y ra \u0111i n\u1eefa.\u201d<\/li><li>\u201c\u0110i\u1ec1u quan tr\u1ecdng l\u00e0 ph\u1ea3i \u0111o l\u01b0\u1eddng th\u00e0nh c\u00f4ng \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n kh\u00f4ng ch\u1ec9 b\u1eb1ng nh\u1eefng g\u00ec b\u1ea1n ki\u1ebfm \u0111\u01b0\u1ee3c m\u00e0 c\u00f2n b\u1eb1ng s\u1ed1 ti\u1ec1n b\u1ea1n gi\u1eef \u0111\u01b0\u1ee3c sau khi l\u1ea1m ph\u00e1t.\u201d<\/li><li>\u201cGi\u00e1o vi\u00ean h\u1ecfi Billy Bob:&nbsp;\u201cN\u1ebfu b\u1ea1n c\u00f3 12 con c\u1eebu v\u00e0 m\u1ed9t con nh\u1ea3y qua h\u00e0ng r\u00e0o, b\u1ea1n c\u00f2n l\u1ea1i bao nhi\u00eau con c\u1eebu?\u201d<\/li><\/ol>\n\n\n\n<p>Billy Bob tr\u1ea3 l\u1eddi, \u201cKh\u00f4ng.\u201d<\/p>\n\n\n\n<p>\u201cCh\u00e0\u201d gi\u00e1o vi\u00ean n\u00f3i,&nbsp;&nbsp;\u201cch\u1eafc ch\u1eafn b\u1ea1n kh\u00f4ng bi\u1ebft c\u00e1ch tr\u1eeb.\u201d<\/p>\n\n\n\n<p>Billy Bob tr\u1ea3 l\u1eddi, \u201cC\u00f3 th\u1ec3 kh\u00f4ng\u201d,\u201cnh\u01b0ng t\u00f4i ch\u1eafc ch\u1eafn bi\u1ebft nh\u1eefng con c\u1eebu c\u1ee7a m\u00ecnh.\u201d<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\" start=\"56\"><li>\u201cTrong khi s\u1ef1 nhi\u1ec7t t\u00ecnh c\u00f3 th\u1ec3 c\u1ea7n thi\u1ebft cho nh\u1eefng th\u00e0nh t\u1ef1u to l\u1edbn \u1edf nh\u1eefng n\u01a1i kh\u00e1c, th\u00ec \u1edf Ph\u1ed1 Wall, \u0111i\u1ec1u \u0111\u00f3 g\u1ea7n nh\u01b0 lu\u00f4n d\u1eabn \u0111\u1ebfn th\u1ea3m h\u1ecda.\u201d\u00a0<\/li><li>\u201cTuy nhi\u00ean, th\u1ebf gi\u1edbi \u0111\u1ea7u t\u01b0 c\u00f3 \u0111\u1ee7 nh\u1eefng k\u1ebb d\u1ed1i tr\u00e1, gian l\u1eadn v\u00e0 tr\u1ed9m c\u1eafp \u0111\u1ec3 khi\u1ebfn c\u00e1c nh\u00e2n vi\u00ean ki\u1ec3m tra c\u1ee7a Satan b\u1eadn r\u1ed9n trong nhi\u1ec1u th\u1eadp k\u1ef7 t\u1edbi.\u201d<\/li><li>\u201cC\u00e2n nh\u1eafc c\u00e1c b\u1eb1ng ch\u1ee9ng m\u1ed9t c\u00e1ch kh\u00e1ch quan, nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh n\u00ean k\u1ebft lu\u1eadn r\u1eb1ng IPO kh\u00f4ng ch\u1ec9 c\u00f3 ngh\u0129a l\u00e0 \u201cph\u00e1t h\u00e0nh l\u1ea7n \u0111\u1ea7u ra c\u00f4ng ch\u00fang\u201d. Ch\u00ednh x\u00e1c h\u01a1n, n\u00f3 c\u0169ng l\u00e0 vi\u1ebft t\u1eaft c\u1ee7a: C\u00f3 l\u1ebd l\u00e0 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao, Ch\u1ec9 l\u1ee3i nhu\u1eadn t\u01b0\u1edfng t\u01b0\u1ee3ng, C\u01a1 h\u1ed9i ri\u00eang t\u01b0 c\u1ee7a ng\u01b0\u1eddi trong cu\u1ed9c, ho\u1eb7c ngu ng\u1ed1c, phi l\u00fd v\u00e0 th\u00e1i qu\u00e1.\u201d<\/li><li>\u201cC\u00f3 nhi\u1ec1u l\u00fd do \u0111\u1ec3 th\u1ef1c hi\u1ec7n s\u1ef1 c\u1ea9n tr\u1ecdng v\u00e0 ph\u00e1n \u0111o\u00e1n trong vi\u1ec7c tr\u1edf th\u00e0nh m\u1ed9t ng\u01b0\u1eddi s\u1edf h\u1eefu c\u1ed5 phi\u1ebfu.\u201d<\/li><li>\u201cCho d\u00f9 c\u00f3 bao nhi\u00eau ng\u01b0\u1eddi kh\u00e1c mu\u1ed1n mua m\u1ed9t c\u1ed5 phi\u1ebfu, b\u1ea1n ch\u1ec9 n\u00ean mua n\u1ebfu c\u1ed5 phi\u1ebfu \u0111\u00f3 \u0111\u1ee7 r\u1ebb \u0111\u1ec3 s\u1edf h\u1eefu m\u1ed9t doanh nghi\u1ec7p \u0111\u00e1ng m\u01a1 \u01b0\u1edbc.\u201d<\/li><li>\u201cV\u00e0 tr\u1edf l\u1ea1i v\u00e0o m\u00f9a xu\u00e2n n\u0103m 1720, Ng\u00e0i\u00a0Isaac Newton\u00a0s\u1edf h\u1eefu c\u1ed5 ph\u1ea7n c\u1ee7a C\u00f4ng ty South Sea, c\u1ed5 phi\u1ebfu n\u00f3ng nh\u1ea5t \u1edf Anh. C\u1ea3m th\u1ea5y r\u1eb1ng th\u1ecb tr\u01b0\u1eddng \u0111ang v\u01b0\u1ee3t qu\u00e1 t\u1ea7m ki\u1ec3m so\u00e1t, nh\u00e0 v\u1eadt l\u00fd v\u0129 \u0111\u1ea1i l\u1ea9m b\u1ea9m r\u1eb1ng \u00f4ng \u201cc\u00f3 th\u1ec3 t\u00ednh to\u00e1n chuy\u1ec3n \u0111\u1ed9ng c\u1ee7a c\u00e1c thi\u00ean th\u1ec3, nh\u01b0ng kh\u00f4ng ph\u1ea3i l\u00e0 s\u1ef1 \u0111i\u00ean r\u1ed3 c\u1ee7a con ng\u01b0\u1eddi\u201d. Newton \u0111\u00e3 b\u00e1n\u00a0ph\u00e1\u00a0gi\u00e1 c\u1ed5 phi\u1ebfu South Sea c\u1ee7a m\u00ecnh, thu v\u1ec1 100% l\u1ee3i nhu\u1eadn v\u1edbi t\u1ed5ng tr\u1ecb gi\u00e1 7.000 b\u1ea3ng Anh. Nh\u01b0ng ch\u1ec9 v\u00e0i th\u00e1ng sau, b\u1ecb cu\u1ed1n theo s\u1ef1 cu\u1ed3ng nhi\u1ec7t c\u1ee7a th\u1ecb tr\u01b0\u1eddng, Newton \u0111\u00e3 quay tr\u1edf l\u1ea1i v\u1edbi m\u1ee9c gi\u00e1 cao h\u01a1n nhi\u1ec1u\u00a0\u2013\u00a0v\u00e0 m\u1ea5t 20.000 b\u1ea3ng Anh (ho\u1eb7c h\u01a1n 3 tri\u1ec7u \u0111\u00f4 la M\u1ef9 ng\u00e0y nay). Trong su\u1ed1t ph\u1ea7n \u0111\u1eddi c\u00f2n l\u1ea1i c\u1ee7a m\u00ecnh, \u00f4ng \u0111\u00e3 c\u1ea5m b\u1ea5t c\u1ee9 ai n\u00f3i nh\u1eefng t\u1eeb \u201cSouth Sea\u201d khi c\u00f3 m\u1eb7t \u00f4ng.\u201d<\/li><li>\u201cC\u00e1c nh\u00e0 t\u00e2m l\u00fd h\u1ecdc Daniel Kahnerman v\u00e0 Amos Tversky \u0111\u00e3 ch\u1ec9 ra r\u1eb1ng khi con ng\u01b0\u1eddi \u01b0\u1edbc t\u00ednh kh\u1ea3 n\u0103ng x\u1ea3y ra ho\u1eb7c t\u1ea7n su\u1ea5t c\u1ee7a m\u1ed9t s\u1ef1 ki\u1ec7n, ch\u00fang ta \u0111\u01b0a ra ph\u00e1n \u0111o\u00e1n \u0111\u00f3 kh\u00f4ng d\u1ef1a tr\u00ean t\u1ea7n su\u1ea5t s\u1ef1 ki\u1ec7n \u0111\u00e3 th\u1ef1c s\u1ef1 x\u1ea3y ra, m\u00e0 d\u1ef1a tr\u00ean m\u1ee9c \u0111\u1ed9 s\u1ed1ng \u0111\u1ed9ng c\u1ee7a c\u00e1c v\u00ed d\u1ee5 trong qu\u00e1 kh\u1ee9.\u201d<\/li><li>\u201cTri\u1ec3n v\u1ecdng r\u00f5 r\u00e0ng v\u1ec1 t\u0103ng tr\u01b0\u1edfng v\u1eadt ch\u1ea5t trong m\u1ed9t doanh nghi\u1ec7p kh\u00f4ng chuy\u1ec3n th\u00e0nh l\u1ee3i nhu\u1eadn r\u00f5 r\u00e0ng cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.\u201d<\/li><li>\u201cT\u01b0\u01a1ng t\u1ef1 nh\u01b0 v\u1eady, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 r\u1ea5t vui m\u1eebng khi ki\u1ebfm \u0111\u01b0\u1ee3c 11% tr\u00ean ch\u1ee9ng ch\u1ec9 ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng (CD) v\u00e0o n\u0103m 1980 v\u00e0 r\u1ea5t th\u1ea5t v\u1ecdng khi ch\u1ec9 ki\u1ebfm \u0111\u01b0\u1ee3c kho\u1ea3ng 2% v\u00e0o n\u0103m 2003\u00a0\u2013\u00a0m\u1eb7c d\u00f9 h\u1ecd \u0111\u00e3 thua l\u1ed7 sau l\u1ea1m ph\u00e1t nh\u01b0ng \u0111ang theo k\u1ecbp v\u1edbi l\u1ea1m ph\u00e1t b\u00e2y gi\u1edd.\u201d<\/li><li>\u201cNhi\u1ec1u ng\u01b0\u1eddi ho\u00e0i nghi, \u0111\u00fang l\u00e0 nh\u01b0 v\u1eady, c\u00f3 khuynh h\u01b0\u1edbng b\u00e1c b\u1ecf to\u00e0n b\u1ed9 quy tr\u00ecnh\u00a0(\u0111\u1ecdc bi\u1ec3u \u0111\u1ed3)\u00a0gi\u1ed1ng nh\u01b0 chi\u00eam tinh h\u1ecdc ho\u1eb7c thu\u1eadt chi\u00eau h\u1ed3n; nh\u01b0ng t\u1ea7m quan tr\u1ecdng tuy\u1ec7t \u0111\u1ed1i c\u1ee7a n\u00f3 \u1edf Ph\u1ed1 Wall \u0111\u00f2i h\u1ecfi nh\u1eefng k\u1ef3 v\u1ecdng c\u1ee7a n\u00f3 ph\u1ea3i \u0111\u01b0\u1ee3c ki\u1ec3m tra c\u1ea9n th\u1eadn \u1edf m\u1ed9t m\u1ee9c \u0111\u1ed9 n\u00e0o \u0111\u00f3.\u201d<\/li><li>\u201cTr\u01b0\u1edbc m\u1eaft, th\u1ecb tr\u01b0\u1eddng l\u00e0 m\u1ed9t c\u1ed7 m\u00e1y b\u00ecnh ch\u1ecdn nh\u01b0ng v\u1ec1 l\u00e2u d\u00e0i, n\u00f3 l\u00e0 m\u1ed9t c\u1ed7 m\u00e1y c\u00e2n.\u201d\u00a0<\/li><li>\u201cNh\u1eefng ng\u01b0\u1eddi kh\u00f4ng nh\u1edb qu\u00e1 kh\u1ee9 b\u1ecb l\u00ean \u00e1n \u0111\u1ec3 l\u1eb7p l\u1ea1i n\u00f3.\u201d\u00a0<\/li><li>\u201cG\u1ee3i \u00fd b\u1ea1n n\u00ean c\u00e2n b\u1eb1ng l\u1ea1i s\u00e1u th\u00e1ng m\u1ed9t l\u1ea7n, kh\u00f4ng h\u01a1n kh\u00f4ng k\u00e9m, v\u00e0o nh\u1eefng ng\u00e0y d\u1ec5 nh\u1edb nh\u01b0 N\u0103m m\u1edbi v\u00e0 ng\u00e0y 4 th\u00e1ng B\u1ea3y.\u201d<\/li><li>\u201cM\u1ed7i c\u00f4ng ty n\u00ean c\u00f3 m\u1ed9t\u00a0th\u00e0nh th\u00edch l\u00e2u\u00a0d\u00e0i v\u1ec1 vi\u1ec7c tr\u1ea3 c\u1ed5 t\u1ee9c li\u00ean t\u1ee5c.\u201d<\/li><li>\u201cB\u1edfi v\u00ec r\u1ea5t \u00edt nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 gan b\u00e1m v\u00e0o c\u1ed5 phi\u1ebfu trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng gi\u1ea3m gi\u00e1, m\u1ecdi ng\u01b0\u1eddi n\u00ean gi\u1eef t\u1ed1i thi\u1ec3u 25% trong tr\u00e1i phi\u1ebfu. T\u1ea5m \u0111\u1ec7m \u0111\u00f3 s\u1ebd cho b\u1ea1n can \u0111\u1ea3m \u0111\u1ec3 gi\u1eef ph\u1ea7n ti\u1ec1n c\u00f2n l\u1ea1i trong c\u1ed5 phi\u1ebfu ngay c\u1ea3 khi c\u1ed5 phi\u1ebfu\u00a0tr\u1edf n\u00ean t\u1ec7 h\u1ea1i.\u201d<\/li><\/ol>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/ynghiasong.vn\/wp-content\/uploads\/2022\/11\/Benjamin_Graham_1894-1976_portrait_on_23_March_1950.jpg\" alt=\"\" class=\"wp-image-2405\"\/><figcaption><strong>Benjamin Graham<\/strong>&nbsp;c\u00f3 nhi\u1ec1u c\u00e2u n\u00f3i \u0111\u00e1ng suy ng\u1eabm v\u1ec1 \u0111\u1ea7u t\u01b0<\/figcaption><\/figure>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\" start=\"71\"><li>\u201cV\u00ec v\u1eady, theo logic ch\u1eb7t ch\u1ebd, t\u1ea5t c\u1ea3 c\u00e1c c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i lo\u1ea1i \u0111\u1ea7u t\u01b0 n\u00ean \u0111\u01b0\u1ee3c mua b\u1edfi c\u00e1c c\u00f4ng ty, c\u0169ng nh\u01b0 t\u1ea5t c\u1ea3 c\u00e1c tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c mi\u1ec5n thu\u1ebf n\u00ean \u0111\u01b0\u1ee3c mua b\u1edfi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u1ea3 thu\u1ebf thu nh\u1eadp.\u201d&nbsp;<\/li><li>\u201cMua m\u1ed9t tr\u00e1i phi\u1ebfu ch\u1ec9 v\u00ec l\u1ee3i t\u1ee9c c\u1ee7a n\u00f3 gi\u1ed1ng nh\u01b0 k\u1ebft h\u00f4n ch\u1ec9 v\u00ec s\u1eafc. N\u1ebfu th\u1ee9 thu h\u00fat b\u1ea1n ngay t\u1eeb \u0111\u1ea7u c\u1ea1n ki\u1ec7t, b\u1ea1n s\u1ebd th\u1ea5y m\u00ecnh t\u1ef1 h\u1ecfi,&nbsp;\u201cC\u00f2n \u0111i\u1ec1u g\u00ec n\u1eefa?\u201d&nbsp;Khi c\u00e2u tr\u1ea3 l\u1eddi l\u00e0 \u201cKh\u00f4ng c\u00f3 g\u00ec\u201d, v\u1ee3 ch\u1ed3ng v\u00e0 nh\u1eefng ng\u01b0\u1eddi gi\u1eef tr\u00e1i phi\u1ebfu \u0111\u1ec1u c\u00f3 tr\u00e1i tim tan v\u1ee1.\u201d<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\" start=\"73\"><li>\u201cNh\u01b0ng trong c\u00e1c tr\u01b0\u1eddng h\u1ee3p kh\u00e1c, vi\u1ec7c cho ph\u00e9p quy\u1ec1n chuy\u1ec3n \u0111\u1ed5i&nbsp;\u2013&nbsp;v\u00e0 s\u1ef1 t\u1ed3n t\u1ea1i c\u1ee7a ch\u1ee9ng quy\u1ec1n mua c\u1ed5 phi\u1ebfu&nbsp;\u2013&nbsp;c\u00f3 th\u1ec3 l\u00e0m gi\u1ea3m m\u1ed9t n\u1eeda ho\u1eb7c nhi\u1ec1u h\u01a1n thu nh\u1eadp r\u00f5 r\u00e0ng.\u201d<\/li><li>\u201cKhi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eeb ch\u1ed1i c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty th\u1ee9 c\u1ea5p, m\u1eb7c d\u00f9 nh\u1eefng c\u1ed5 phi\u1ebfu n\u00e0y \u0111\u01b0\u1ee3c b\u00e1n v\u1edbi gi\u00e1 t\u01b0\u01a1ng \u0111\u1ed1i th\u1ea5p, h\u1ecd \u0111ang b\u00e0y t\u1ecf ni\u1ec1m tin ho\u1eb7c lo s\u1ee3 r\u1eb1ng nh\u1eefng c\u00f4ng ty \u0111\u00f3 ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi m\u1ed9t t\u01b0\u01a1ng lai \u1ea3m \u0111\u1ea1m.\u201d<\/li><li>\u201cNh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd c\u1ea7n nhi\u1ec1u h\u01a1n m\u1ed9t kho\u1ea3n gi\u1ea3m c\u1ea3 v\u1ec1 thu nh\u1eadp v\u00e0 gi\u00e1 c\u1ea3 \u0111\u1ec3 t\u1ea1o cho anh ta c\u01a1 s\u1edf h\u1ee3p l\u00fd \u0111\u1ec3 mua.\u201d<\/li><li>\u201cNh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean y\u00eau c\u1ea7u m\u1ed9t d\u1ea5u hi\u1ec7u v\u1ec1 s\u1ef1 \u1ed5n \u0111\u1ecbnh h\u1ee3p l\u00fd \u00edt nh\u1ea5t c\u1ee7a thu nh\u1eadp trong th\u1eadp k\u1ef7 qua ho\u1eb7c h\u01a1n \u2013 t\u1ee9c l\u00e0 kh\u00f4ng c\u00f3 n\u0103m n\u00e0o th\u00e2m h\u1ee5t thu nh\u1eadp \u2013 c\u1ed9ng v\u1edbi quy m\u00f4 v\u00e0 s\u1ee9c m\u1ea1nh t\u00e0i ch\u00ednh \u0111\u1ee7 \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nh\u1eefng th\u1ea5t b\u1ea1i c\u00f3 th\u1ec3 x\u1ea3y ra trong t\u01b0\u01a1ng lai.\u201d<\/li><li>\u201cDo \u0111\u00f3, s\u1ef1 k\u1ebft h\u1ee3p l\u00fd t\u01b0\u1edfng \u1edf \u0111\u00e2y l\u00e0 m\u1ed9t c\u00f4ng ty l\u1edbn v\u00e0 n\u1ed5i b\u1eadt b\u00e1n c\u1ea3 d\u01b0\u1edbi m\u1ee9c gi\u00e1 trung b\u00ecnh trong qu\u00e1 kh\u1ee9 v\u00e0 h\u1ec7 s\u1ed1 gi\u00e1 tr\u00ean thu nh\u1eadp trung b\u00ecnh trong qu\u00e1 kh\u1ee9 c\u1ee7a n\u00f3.\u201d<\/li><li>\u201cH\u00e3y can \u0111\u1ea3m v\u1edbi ki\u1ebfn th\u1ee9c v\u00e0 kinh nghi\u1ec7m c\u1ee7a b\u1ea1n. N\u1ebfu b\u1ea1n \u0111\u00e3 h\u00ecnh th\u00e0nh m\u1ed9t k\u1ebft lu\u1eadn t\u1eeb c\u00e1c s\u1ef1 ki\u1ec7n v\u00e0 n\u1ebfu b\u1ea1n bi\u1ebft ph\u00e1n \u0111o\u00e1n c\u1ee7a m\u00ecnh l\u00e0 \u0111\u00fang \u0111\u1eafn, h\u00e3y h\u00e0nh \u0111\u1ed9ng theo n\u00f3&nbsp;\u2013&nbsp;m\u1eb7c d\u00f9 nh\u1eefng ng\u01b0\u1eddi kh\u00e1c c\u00f3 th\u1ec3 do d\u1ef1 ho\u1eb7c kh\u00e1c.\u201d<\/li><li>\u201cNh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh nh\u1eadn ra r\u1eb1ng c\u1ed5 phi\u1ebfu tr\u1edf n\u00ean r\u1ee7i ro h\u01a1n, ch\u1ee9 kh\u00f4ng ph\u1ea3i \u00edt h\u01a1n khi gi\u00e1 c\u1ee7a ch\u00fang t\u0103ng l\u00ean \u2013 v\u00e0 \u00edt r\u1ee7i ro h\u01a1n, ch\u1ee9 kh\u00f4ng ph\u1ea3i nhi\u1ec1u h\u01a1n khi gi\u00e1&nbsp;c\u1ee7a ch\u00fang&nbsp;gi\u1ea3m.\u201d&nbsp;&nbsp;<\/li><li>\u201cNh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh s\u1ee3 h\u00e3i m\u1ed9t th\u1ecb tr\u01b0\u1eddng t\u0103ng gi\u00e1, v\u00ec n\u00f3 l\u00e0m cho c\u1ed5 phi\u1ebfu \u0111\u1eaft h\u01a1n \u0111\u1ec3 mua.\u201d&nbsp;&nbsp;<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\" start=\"81\"><li>\u201cV\u00e0 ng\u01b0\u1ee3c l\u1ea1i (mi\u1ec5n l\u00e0&nbsp;nh\u00e0 \u0111\u1ea7u t\u01b0&nbsp;gi\u1eef \u0111\u1ee7 ti\u1ec1n m\u1eb7t \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u chi ti\u00eau c\u1ee7a m\u00ecnh),&nbsp;nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh&nbsp;n\u00ean ch\u00e0o \u0111\u00f3n m\u1ed9t th\u1ecb tr\u01b0\u1eddng g\u1ea5u, v\u00ec n\u00f3 khi\u1ebfn c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c b\u00e1n tr\u1edf l\u1ea1i.\u201d<\/li><li>\u201cS\u1ef1 s\u1ee5t gi\u1ea3m gi\u00e1 kh\u00f4ng c\u00f3 t\u1ea7m quan tr\u1ecdng th\u1ef1c s\u1ef1 \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u00e2n ch\u00ednh tr\u1eeb khi n\u00f3 l\u00e0 r\u1ea5t \u0111\u00e1ng k\u1ec3, h\u01a1n m\u1ed9t ph\u1ea7n ba so v\u1edbi chi ph\u00ed \u2013 ho\u1eb7c tr\u1eeb khi n\u00f3 ph\u1ea3n \u00e1nh s\u1ef1 suy tho\u00e1i \u0111\u00e3 bi\u1ebft v\u1ec1 v\u1ecb th\u1ebf c\u1ee7a c\u00f4ng ty.\u201d<\/li><li>\u201cNh\u01b0ng nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh kh\u00f4ng quan t\u00e2m \u0111\u1ebfn vi\u1ec7c t\u1ea1m th\u1eddi \u0111\u00fang. \u0110\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c c\u00e1c m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh d\u00e0i h\u1ea1n, b\u1ea1n ph\u1ea3i \u0111\u00fang theo c\u00e1ch b\u1ec1n v\u1eefng v\u00e0 \u0111\u00e1ng tin c\u1eady.\u201d<\/li><li>\u201cN\u1ebfu l\u00fd do m\u1ecdi ng\u01b0\u1eddi \u0111\u1ea7u t\u01b0 l\u00e0 \u0111\u1ec3 ki\u1ebfm ti\u1ec1n, th\u00ec khi t\u00ecm ki\u1ebfm l\u1eddi khuy\u00ean, h\u1ecd \u0111ang y\u00eau c\u1ea7u ng\u01b0\u1eddi kh\u00e1c ch\u1ec9 cho h\u1ecd c\u00e1ch ki\u1ebfm ti\u1ec1n. \u00dd t\u01b0\u1edfng \u0111\u00f3 c\u00f3 m\u1ed9t s\u1ed1 y\u1ebfu t\u1ed1 c\u1ee7a s\u1ef1 ng\u00e2y th\u01a1.\u201d<\/li><li>\u201cN\u1ebfu nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee7 y\u1ebfu d\u1ef1a v\u00e0o l\u1eddi khuy\u00ean c\u1ee7a ng\u01b0\u1eddi kh\u00e1c trong vi\u1ec7c x\u1eed l\u00fd ti\u1ec1n c\u1ee7a m\u00ecnh, th\u00ec ho\u1eb7c anh ta ph\u1ea3i gi\u1edbi h\u1ea1n b\u1ea3n th\u00e2n v\u00e0 c\u00e1c c\u1ed1 v\u1ea5n c\u1ee7a m\u00ecnh m\u1ed9t c\u00e1ch nghi\u00eam ng\u1eb7t \u0111\u1ed1i v\u1edbi c\u00e1c h\u00ecnh th\u1ee9c \u0111\u1ea7u t\u01b0 ti\u00eau chu\u1ea9n, b\u1ea3o th\u1ee7 v\u00e0 th\u1eadm ch\u00ed l\u00e0 kh\u00f4ng t\u01b0\u1edfng, ho\u1eb7c anh ta ph\u1ea3i c\u00f3 ki\u1ebfn th\u1ee9c s\u00e2u s\u1eafc v\u00e0 uy\u00ean th\u00e2m m\u1ed9t c\u00e1ch phi th\u01b0\u1eddng c\u1ee7a ng\u01b0\u1eddi s\u1ebd chuy\u1ec3n ti\u1ec1n c\u1ee7a m\u00ecnh v\u00e0o c\u00e1c k\u00eanh kh\u00e1c.\u201d<\/li><li>\u201cB\u1ea1n s\u1ebd kh\u00f4n ngoan h\u01a1n khi h\u00ecnh th\u00e0nh \u00fd t\u01b0\u1edfng c\u1ee7a ri\u00eang m\u00ecnh v\u1ec1 gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c kho\u1ea3n n\u1eafm gi\u1eef c\u1ee7a b\u1ea1n, d\u1ef1a tr\u00ean c\u00e1c b\u00e1o c\u00e1o \u0111\u1ea7y \u0111\u1ee7 t\u1eeb c\u00f4ng ty v\u1ec1 ho\u1ea1t \u0111\u1ed9ng v\u00e0 t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty.\u201d&nbsp;<\/li><li>\u201cB\u1ea1n c\u00f3 m\u1ed9t \u0111i\u1ec1u xa x\u1ec9 l\u00e0 c\u00f3 th\u1ec3 suy ngh\u0129 cho ch\u00ednh m\u00ecnh.\u201d&nbsp;<\/li><li>\u201cH\u00e3y bi\u1ebft b\u1ea1n \u0111ang l\u00e0m g\u00ec&nbsp;\u2013&nbsp;bi\u1ebft c\u00f4ng vi\u1ec7c kinh doanh c\u1ee7a b\u1ea1n. \u0110\u1eebng c\u1ed1 t\u1ea1o ra&nbsp;\u201cl\u1ee3i nhu\u1eadn kinh doanh t\u1eeb ch\u1ee9ng kho\u00e1n.\u201d<\/li><li>\u201cNgay c\u1ea3 khi \u0111\u1ed9ng c\u01a1 c\u01a1 b\u1ea3n c\u1ee7a vi\u1ec7c mua&nbsp;b\u00e1n&nbsp;ch\u1ec9 l\u00e0 l\u00f2ng tham \u0111\u1ea7u c\u01a1, b\u1ea3n ch\u1ea5t con ng\u01b0\u1eddi v\u1eabn mong mu\u1ed1n che gi\u1ea5u s\u1ef1 th\u00f4i th\u00fac kh\u00f4ng th\u1ec3 thi\u1ebfu n\u00e0y \u0111\u1eb1ng sau m\u1ed9t m\u00e0n h\u00ecnh logic r\u00f5 r\u00e0ng v\u00e0 \u00fd th\u1ee9c t\u1ed1t.\u201d<\/li><li>\u201cTheo nguy\u00ean t\u1eafc chung, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean d\u00e0nh ph\u1ea7n l\u1edbn th\u1eddi gian c\u1ee7a h\u1ecd cho c\u00e1c ti\u1ebft l\u1ed9 v\u1ec1 b\u1ea3o m\u1eadt \u0111ang \u0111\u01b0\u1ee3c nghi\u00ean c\u1ee9u v\u00e0 h\u1ecd n\u00ean d\u00e0nh th\u1eddi gian \u0111\u00e1ng k\u1ec3 cho c\u00e1c b\u00e1o c\u00e1o c\u1ee7a c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh.\u201d<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\" start=\"91\"><li>\u201cC\u00e1c gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh n\u00ean d\u00e0nh ph\u1ea7n l\u1edbn th\u1eddi gian c\u1ee7a h\u1ecd \u0111\u1ec3 qu\u1ea3n l\u00fd c\u00f4ng ty c\u1ee7a h\u1ecd \u1edf ch\u1ebf \u0111\u1ed9 ri\u00eang t\u01b0, kh\u00f4ng qu\u1ea3ng b\u00e1 n\u00f3 cho c\u00f4ng ch\u00fang \u0111\u1ea7u t\u01b0.\u201d<\/li><li>\u201cC\u00e1c nh\u00e0 qu\u1ea3n l\u00fd n\u00ean c\u1ed1 g\u1eafng gi\u1eef cho gi\u00e1 c\u1ed5 phi\u1ebfu kh\u00f4ng xu\u1ed1ng qu\u00e1 th\u1ea5p ho\u1eb7c qu\u00e1 cao.\u201d<\/li><\/ol>\n\n\n\n<p>\u201cManagers should try to keep the stock price from going either too low or too high.\u201d<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\" start=\"93\"><li>\u201cTh\u00f4ng th\u01b0\u1eddng, c\u00e1c CEO ph\u00e0n n\u00e0n r\u1eb1ng c\u1ed5 phi\u1ebfu c\u1ee7a h\u1ecd b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p b\u1ea5t k\u1ec3 n\u00f3 c\u00f3 t\u0103ng cao \u0111\u1ebfn \u0111\u00e2u.\u201d<\/li><li>\u201c\u0110\u1eebng \u0111\u1ec3 b\u1ea5t k\u1ef3 ai kh\u00e1c \u0111i\u1ec1u h\u00e0nh c\u00f4ng vi\u1ec7c kinh doanh c\u1ee7a b\u1ea1n, tr\u1eeb khi (1) b\u1ea1n c\u00f3 th\u1ec3 gi\u00e1m s\u00e1t ho\u1ea1t \u0111\u1ed9ng c\u1ee7a anh \u1ea5y v\u1edbi s\u1ef1 quan t\u00e2m v\u00e0 th\u1ea5u hi\u1ec3u \u0111\u1ea7y \u0111\u1ee7 ho\u1eb7c (2) b\u1ea1n c\u00f3 l\u00fd do m\u1ea1nh m\u1ebd b\u1ea5t th\u01b0\u1eddng \u0111\u1ec3 \u0111\u1eb7t ni\u1ec1m tin ng\u1ea7m v\u00e0o s\u1ef1 ch\u00ednh tr\u1ef1c v\u00e0 kh\u1ea3 n\u0103ng c\u1ee7a anh \u1ea5y.\u201d<\/li><li>\u201cH\u1ea1nh ph\u00fac c\u1ee7a nh\u1eefng ng\u01b0\u1eddi mu\u1ed1n n\u1ed5i ti\u1ebfng ph\u1ee5 thu\u1ed9c v\u00e0o ng\u01b0\u1eddi kh\u00e1c; h\u1ea1nh ph\u00fac c\u1ee7a nh\u1eefng ng\u01b0\u1eddi t\u00ecm ki\u1ebfm ni\u1ec1m vui dao \u0111\u1ed9ng theo t\u00e2m tr\u1ea1ng ngo\u00e0i t\u1ea7m ki\u1ec3m so\u00e1t c\u1ee7a h\u1ecd; nh\u01b0ng h\u1ea1nh ph\u00fac c\u1ee7a ng\u01b0\u1eddi kh\u00f4n ngoan ph\u00e1t tri\u1ec3n t\u1eeb nh\u1eefng h\u00e0nh vi t\u1ef1 do c\u1ee7a ch\u00ednh h\u1ecd.\u201d<\/li><li>\u201c\u0110i\u1ec1u c\u1ea7n thi\u1ebft l\u00e0 m\u1ed9t khu\u00f4n kh\u1ed5 tr\u00ed tu\u1ec7 t\u1ed1t \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh v\u00e0 kh\u1ea3 n\u0103ng gi\u1eef cho c\u1ea3m x\u00fac kh\u00f4ng \u0103n m\u00f2n khu\u00f4n kh\u1ed5 \u0111\u00f3.\u201d<\/li><li>\u201cTr\u00ed th\u00f4ng minh kh\u00f4ng li\u00ean quan g\u00ec \u0111\u1ebfn \u0111i\u1ec3m IQ hay SAT. N\u00f3 ch\u1ec9 \u0111\u01a1n gi\u1ea3n c\u00f3 ngh\u0129a l\u00e0 ki\u00ean nh\u1eabn, k\u1ef7 lu\u1eadt v\u00e0 ham h\u1ecdc h\u1ecfi.\u201d<\/li><li>\u201cTh\u1eadt d\u1ec5 d\u00e0ng tr\u00ean th\u1ebf gi\u1edbi \u0111\u1ec3 s\u1ed1ng theo \u00fd ki\u1ebfn c\u1ee7a th\u1ebf gi\u1edbi; th\u1eadt d\u1ec5 d\u00e0ng trong c\u00f4 \u0111\u1ed9c \u0111\u1ec3 s\u1ed1ng theo \u00fd ri\u00eang c\u1ee7a ch\u00fang ta; nh\u01b0ng ng\u01b0\u1eddi v\u0129 \u0111\u1ea1i l\u00e0 ng\u01b0\u1eddi \u1edf gi\u1eefa \u0111\u00e1m \u0111\u00f4ng m\u00e0 v\u1eabn gi\u1eef s\u1ef1 ng\u1ecdt ng\u00e0o ho\u00e0n h\u1ea3o, s\u1ef1 \u0111\u1ed9c l\u1eadp c\u1ee7a s\u1ef1 c\u00f4 \u0111\u1ed9c.\u201d<\/li><li>\u201cM\u1ecdi th\u1ee9 \u0111\u1ec1u thay \u0111\u1ed5i, bao g\u1ed3m c\u1ea3 c\u00f4ng ty, quy \u0111\u1ecbnh v\u00e0 n\u1ec1n kinh t\u1ebf, nh\u01b0ng con ng\u01b0\u1eddi th\u00ec kh\u00f4ng, v\u00e0 con ng\u01b0\u1eddi l\u00e0 y\u1ebfu t\u1ed1 th\u00fac \u0111\u1ea9y th\u1ecb tr\u01b0\u1eddng.\u201d<\/li><li>\u201cCu\u1ed9c s\u1ed1ng ch\u1ec9 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c hi\u1ec3u v\u1ec1 ph\u00eda sau \u2013 nh\u01b0ng n\u00f3 ph\u1ea3i \u0111\u01b0\u1ee3c s\u1ed1ng v\u1ec1 ph\u00eda tr\u01b0\u1edbc.\u201d<\/li><\/ol>\n\n\n\n<p>Tr\u00ean \u0111\u00e2y l\u00e0 100 c\u00e2u n\u00f3i \u0111\u00e1ng suy ng\u1eabm c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1ed5i ti\u1ebfng Benjamin Graham. Mong r\u1eb1ng b\u1ea1n s\u1ebd h\u1ecdc h\u1ecfi \u0111\u01b0\u1ee3c nhi\u1ec1u \u0111i\u1ec1u t\u1eeb \u00f4ng \u0111\u1ec3 \u00e1p d\u1ee5ng v\u00e0o c\u00f4ng vi\u1ec7c kinh doanh v\u00e0 \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Benjamin Graham&nbsp;(1894 \u2013 1976) \u0111\u01b0\u1ee3c coi l\u00e0 ng\u01b0\u1eddi s\u00e1ng l\u1eadp ra tr\u01b0\u1eddng ph\u00e1i \u0110\u1ea7u T\u01b0 Gi\u00e1 Tr\u1ecb, ng\u01b0\u1eddi th\u1ea7y c\u00f3 \u1ea3nh h\u01b0\u1edfng l\u1edbn \u0111\u1ebfn cu\u1ed9c \u0111\u1eddi c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n huy\u1ec1n tho\u1ea1i&nbsp;Warren Buffett. \u00d4ng c\u00f2n l\u00e0 m\u1ed9t nh\u00e0 kinh t\u1ebf h\u1ecdc, m\u1ed9t doanh nh\u00e2n, gi\u1ea3ng vi\u00ean \u0111\u1ea1i h\u1ecdc v\u00e0 l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 &hellip; <a href=\"https:\/\/robostock.vn\/web\/100-cau-noi-cua-bac-thay-dau-tu-benjamin-graham\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;100 C\u00e2u N\u00f3i C\u1ee7a \u201cB\u1eadc Th\u1ea7y \u0110\u1ea7u T\u01b0\u201d Benjamin Graham&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-1438","post","type-post","status-publish","format-standard","hentry","category-dau-tu"],"_links":{"self":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/posts\/1438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/comments?post=1438"}],"version-history":[{"count":3,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/posts\/1438\/revisions"}],"predecessor-version":[{"id":1441,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/posts\/1438\/revisions\/1441"}],"wp:attachment":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/media?parent=1438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/categories?post=1438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/tags?post=1438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}