{"id":361,"date":"2016-10-02T06:58:01","date_gmt":"2016-10-01T23:58:01","guid":{"rendered":"http:\/\/robostock.vn\/web\/?p=361"},"modified":"2016-10-02T06:58:01","modified_gmt":"2016-10-01T23:58:01","slug":"graham-va-chien-luoc-dau-tu-gia-tri","status":"publish","type":"post","link":"https:\/\/robostock.vn\/web\/graham-va-chien-luoc-dau-tu-gia-tri\/","title":{"rendered":"Graham v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb"},"content":{"rendered":"

TR\u01af\u1edcNG PH\u00c1I \u0110\u1ea6U T\u01af GI\u00c1 TR\u1eca V\u00c0 CHI\u1ebeN L\u01af\u1ee2C CH\u1eccN C\u1ed4 PHI\u1ebeU C\u1ee6A GRAHAM<\/h1>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb<\/b><\/p>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb (value investor)<\/b> \u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a m\u1ed9t c\u00e1ch n\u00f4m na l\u00e0 nh\u1eefng ng\u01b0\u1eddi t\u00ecm ki\u1ebfm c\u1ed5 phi\u1ebfu gi\u00e1 h\u1eddi. H\u1eddi \u1edf \u0111\u00e2y c\u00f3 ngh\u0129a l\u00e0 th\u1ecb tr\u01b0\u1eddng \u0111\u1ecbnh gi\u00e1 c\u1ee7a c\u1ed5 phi\u1ebfu th\u1ea5p h\u01a1n gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3. C\u00f3 nhi\u1ec1u c\u00e1ch \u0111\u1ec3 t\u00ecm c\u1ed5 phi\u1ebfu h\u1eddi. C\u00e1ch th\u1ee9 nh\u1ea5t l\u00e0 d\u00f9ng nh\u1eefng ti\u00eau chu\u1ea9n \u0111\u1ec3 ch\u1ecdn l\u1ecdc. C\u1ed5 phi\u1ebfu n\u00e0o qua \u0111\u01b0\u1ee3c m\u00e0ng l\u1ecdc n\u00e0y l\u00e0 c\u1ed5 phi\u1ebfu \u0111\u00e1ng \u0111\u1ec3 \u0111\u1ea7u t\u01b0. Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y v\u00ec th\u1ebf \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 chi\u1ebfn lu\u1ee3c \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb b\u1eb1ng c\u00e1ch ch\u1ecdn l\u1ecdc th\u1ee5 \u0111\u1ed9ng (Passive Screening value investing). C\u00e1ch th\u1ee9 hai l\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 gi\u00e1 tri n\u1ed9i t\u1ea1i (intrinsic value investing), nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 mua v\u00e0o c\u1ed5 phi\u1ebfu khi th\u1ecb gi\u00e1 th\u1ea5p h\u01a1n gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i do h\u1ecd (hay t\u01b0 v\u1ea5n c\u1ee7a h\u1ecd) \u01b0\u1edbc t\u00ednh. C\u00e1ch th\u1ee9 ba l\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o nh\u1eefng c\u1ed5 phi\u1ebfu m\u00e0 h\u1ea7u nh\u01b0 kh\u00f4ng ai d\u00f2m ng\u00f3 \u0111\u1ebfn v\u00ec k\u1ebft qu\u1ea3 kinh doanh t\u1ec7, v\u00ec gi\u00e1 qu\u00e1 th\u1ea5p. \u0110\u00e2y l\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb – \u0111\u1ed1i ngh\u1ecbch (contrarian value investing). C\u00e1ch th\u1ee9 t\u01b0 l\u00e0 c\u00e1ch c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee7 \u0111\u1ed9ng H\u1ecd \u0111\u1ea7u t\u01b0 v\u00e0o nh\u1eefng c\u1ed5 phi\u1ebfu c\u00f3 ti\u1ec1m n\u0103ng nh\u01b0ng c\u00f3 gi\u00e1 tr\u1ecb th\u1ea5p v\u00ec do qu\u1ea3n l\u00fd, \u0111i\u1ec1u h\u00e0nh y\u1ebfu. Sau khi \u0111\u1ea7u t\u01b0, h\u1ecd s\u1ebd thay \u0111\u1ed5i c\u00e1ch qu\u1ea3n l\u00fd. \u0110\u00e2y l\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee7 \u0111\u1ed9ng (activist value investing), nh\u1eefng ng\u01b0\u1eddi c\u00f3 v\u1ed1n \u0111\u1ee7 l\u1edbn \u0111\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn vi\u1ec7c \u0111i\u1ec1u h\u00e0nh v\u00e0 qu\u1ea3n tr\u1ecb c\u1ee7a c\u00f4ng ty.<\/p>\n

Chi\u1ebfn L\u01b0\u1ee3c \u0110\u1ea7u T\u01b0 Gi\u00e1 Tr\u1ecb c\u1ee7a Benjamin Graham.<\/b><\/p>\n

\u00a0<\/b><\/div>\n\n\n\n\n
<\/td>\n<\/tr>\n
Benjamin Graham<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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Benjamin Graham – ng\u01b0\u1eddi th\u00e0nh c\u00f4ng trong nhi\u1ec1u vai tr\u00f2 – nh\u00e0 ph\u00e2n t\u00edch t\u00e0i ch\u00e1nh, nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 gi\u1ea3ng vi\u00ean, l\u00e0 \u0111\u1ed3ng t\u00e1c gi\u1ea3 cu\u1ed1n s\u00e1ch Security Analysis – Ph\u00e2n T\u00edch Ch\u1ee9ng Kho\u00e1n. \u0110\u00e2y l\u00e0 cu\u1ed1n s\u00e1ch \u0111\u1eb7t n\u1ec1n t\u1ea3ng cho tr\u01b0\u1eddng ph\u00e1i \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb v\u00e0 l\u00e0 s\u00e1ch g\u1ed1i \u0111\u1ea7u gi\u01b0\u1eddng cho nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n. Trong cu\u1ed1n s\u00e1ch n\u00e0y, \u00d4ng Benjamin Grahanm \u0111\u00e3 \u0111\u01b0a ra 10 ti\u00eau chu\u1ea9n \u0111\u1ec3 ch\u1ecdn c\u1ed5 phi\u1ebfu:<\/p>\n

TC1:<\/b> T\u1ef7 s\u1ed1 L\u1ee3i Nhu\u1eadn Tr\u00ean Th\u1ecb Gi\u00e1 (E\/P) ph\u1ea3i cao g\u1ea5p \u0111\u00f4i l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu x\u1ebfp h\u1ea1ng AAA. (AAA l\u00e0 h\u1ea1n m\u1ee9c t\u00edn d\u1ee5ng cao nh\u1ea5t d\u00e0nh cho tr\u00e1i phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty).<\/p>\n

TC2:<\/b> PE c\u1ee7a c\u1ed5 phi\u1ebfu ph\u1ea3i th\u1ea5p h\u01a1n, v\u00e0 b\u1eb1ng kho\u1ea3n 40% so v\u1edbi PE c\u1ee7a to\u00e0n th\u1ecb tr\u01b0\u1eddng<\/p>\n

TC3:<\/b> Dividend Yield – T\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c \/ gi\u00e1 c\u1ee7a c\u1ed5 phi\u1ebfu ph\u1ea3i l\u1edbn h\u01a1n 2\/3 c\u1ee7a l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu x\u1ebfp h\u1ea1ng AAA.<\/p>\n

TC4:<\/b> Th\u1ecb Gi\u00e1 (c\u1ee7a c\u00f4ng ty) ph\u1ea3i nh\u1ecf h\u01a1n 2\/3 gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch c\u1ee7a t\u00e0i s\u1ea3n h\u1eefu h\u00ecnh<\/p>\n

TC5:<\/b> Th\u1ecb Gi\u00e1 (c\u1ee7a c\u00f4ng ty) ph\u1ea3i nh\u1ecf h\u01a1n 2\/3 gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n l\u01b0u \u0111\u1ed9ng r\u00f2ng.<\/p>\n

TC6:<\/b> T\u1ef7 s\u1ed1 N\u1ee3\/V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu theo gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch ph\u1ea3i nh\u1ecf h\u01a1n 1<\/p>\n

TC7:<\/b> T\u00e0i s\u1ea3n ng\u1eafn h\u1ea1n ph\u1ea3i l\u1edbn n\u1ee3 ng\u1eafn h\u1ea1n \u00edt nh\u1ea5t 2 l\u1ea7n<\/p>\n

TC8:<\/b> To\u00e0n b\u1ed9 n\u1ee3 ph\u1ea3i nh\u1ecf h\u01a1n hai l\u1ea7n gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n l\u01b0u \u0111\u1ed9ng r\u00f2ng<\/p>\n

TC9:<\/b> T\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn tr\u00ean c\u1ed5 phi\u1ebfu (EPS) ph\u1ea3i t\u0103ng tr\u01b0\u1edfng7%\/n\u0103m tr\u1edf l\u00ean trong v\u00f2ng 10 n\u0103m qua.<\/p>\n

TC10:<\/b> T\u0103ng tr\u01b0\u1edfng n\u0103m c\u1ee7a thu nh\u1eadp to\u00e0n c\u00f4ng ty ph\u1ea3i d\u01b0\u01a1ng \u00edt nh\u1ea5t 7 l\u1ea7n trong v\u00f2ng 10 n\u0103m qua.<\/p>\n<\/div>\n

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C\u1ed5 phi\u1ebfu n\u00e0o v\u01b0\u1ee3t qua 10 \u0111i\u1ec1u ki\u1ec7n s\u00e0ng l\u1ecdc tr\u00ean, theo Benjamin Graham, l\u00e0 nh\u1eefng c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb tuy\u1ec7t v\u1eddi. Nh\u00e0 nghi\u00ean c\u1ee9u Henry Oppenheimer \u0111\u00e3 ph\u00e2n t\u00edch k\u1ebft qu\u1ea3 c\u1ee7a nh\u1eefng c\u1ed5 phi\u1ebfu \u0111\u1ea1t \u0111i\u1ec1u ki\u1ec7u 10 ti\u00eau chu\u1ea9n Graham trong th\u1eddi gian t\u1eeb 1974 \u0111\u1ebfn 1981. K\u1ebft qu\u1ea3 l\u00e0 t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn c\u1ee7a nh\u1eefng c\u1ed5 phi\u1ebfu n\u00e0y cao g\u1ea5p nhi\u1ec1u l\u1ea7n t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn c\u1ee7a c\u1ee7a nh\u1eefng c\u1ed5 phi\u1ebfu kh\u00e1c tr\u00ean th\u1ecb tr\u01b0\u1eddng. M\u1ed9t \u0111i\u1ec1u c\u0169ng c\u1ea7n l\u01b0u \u00fd r\u1eb1ng, c\u00f3 m\u1ed9t s\u1ed1 ng\u01b0\u1eddi c\u0169ng s\u1eed d\u1ee5ng 10 ti\u00eau chu\u1ea9n ch\u1ecdn l\u1ecdc mang t\u00ean Graham nh\u01b0ng n\u1ed9i dung th\u00ec kh\u00e1c \u0111\u00f4i ch\u00fat so v\u1edbi 10 ti\u00eau chu\u1ea9n g\u1ed1c c\u1ee7a Gramham. \u0110\u00f3 l\u00e0 v\u00ec h\u1ecd thay \u0111\u1ed5i cho h\u1ee3p v\u1edbi ho\u00e0n c\u1ea3nh th\u1ecb tr\u01b0\u1eddng hay theo ng\u00e0nh \u0111\u1eb7c th\u00f9. Ch\u00fang ta c\u0169ng c\u00f3 th\u1ec3 l\u00e0m t\u01b0\u01a1ng t\u1ef1 nh\u01b0 v\u1eady \u0111\u1ec3 \u00e1p d\u1ee5ng cho ch\u00ednh b\u1ea3n th\u00e2n m\u1ed7i ch\u00fang ta t\u1ea1o th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam.<\/p>\n

Ngo\u00e0i 10 ti\u00eau chu\u1ea9n ch\u1ecdn l\u1ecdc tr\u00ean, Graham c\u00f2n c\u00f3 8 ph\u01b0\u01a1ng ch\u00e2m v\u1ec1 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb v\u00e0 m\u1ed9t c\u00f4ng th\u1ee9c t\u00ednh gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed5 phi\u1ebfu mang d\u1ea5u \u1ea5n ri\u00eang c\u1ee7a \u00f4ng. T\u00e1c gi\u1ea3 Janet Lowe, trong cu\u1ed1n s\u00e1ch vi\u1ebft v\u1ec1 ti\u1ec3u s\u1eed c\u1ee7a Benjamin Graham \u0111\u00e3 t\u1ed5ng k\u1ebft l\u1ea1i ch\u00fang l\u1ea1i nh\u01b0 sau:<\/p>\n

PC1:<\/b> H\u00e3y l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0, \u0111\u1eebng l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u c\u01a1. Giaham \u0111\u1ecbnh ngh\u0129a nh\u00e0 \u0111\u1ea7u t\u01b0 mua v\u00e0 s\u1ee1 h\u1eefu c\u1ed5 phi\u1ebfu d\u00e0i h\u1ea1n, trong khi \u0111\u00f3 nh\u00e0 \u0111\u1ea7u c\u01a1 t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn ng\u1eafn h\u1ea1n<\/p>\n

PC2:<\/b> Quan tr\u1ecdng nh\u1ea5t l\u00e0 mua v\u1edbi gi\u00e1 bao nhi\u00eau. C\u1ed5 phi\u1ebfu c\u1ee7a m\u1ed9t c\u00f4ng ty t\u1ed1t nh\u1ea5t th\u1ecb tr\u01b0\u1eddng v\u1ec1 ho\u1ea1t \u0111\u1ed9ng, v\u1ec1 c\u00e1c ch\u1ec9 s\u1ed1 kinh doanh, t\u00e0i ch\u00e1nh v\u1eabn c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t \u0111\u1ea7u t\u01b0 sai, ho\u1eb7c kh\u00f4ng hi\u1ec7u qu\u1ea3 n\u1ebfu ch\u00fang ta mua gi\u00e1 sai (qu\u00e1 cao)<\/p>\n

PC3: <\/b>Truy t\u00ecm nh\u1eefng c\u01a1 h\u1ed9i gi\u00e1 h\u1eddi. Th\u1ecb tr\u01b0\u1eddng s\u1ebd lu\u00f4n c\u00f3 l\u1ed7i trong vi\u1ec7c \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu.<\/p>\n

PC4:<\/b> Lu\u00f4n th\u1eadn tr\u1ecdng v\u1edbi nh\u1eefng con s\u1ed1 t\u00e0i ch\u00e1nh do c\u00f4ng ty cung c\u1ea5p. Th\u1ec9nh tho\u1ea3ng v\u1eabn c\u00f3 nh\u1eefng c\u00f4ng ty c\u1ed1 t\u00ecnh kh\u00f4ng \u0111\u1ea1o \u0111\u1ee9c<\/p>\n

PC5:<\/b> \u0110a d\u1ea1ng ho\u00e1 \u0111\u1ea5u t\u01b0. \u0110\u1eebng qu\u00e1 t\u1eadp trung v\u00e0o m\u1ed9t s\u1ed1 \u00edt c\u1ed5 phi\u1ebfu.
\nPC6:<\/b> h\u00e3y th\u1ee5c hi\u1ec7n quy\u1ec1n c\u1ed5 \u0111\u00f4ng c\u1ee7a m\u00ecnh. Nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 kh\u00f4ng th\u1ef1c hi\u1ec7n quy\u1ec1n c\u1ed5 \u0111\u00f4ng c\u1ee7a m\u00ecnh, b\u1ecf ng\u1ecf c\u00f4ng ty cho c\u00e1c nh\u00e0 \u0111i\u1ec1u h\u00e0nh. Nh\u1eefng nh\u00e0 \u0111i\u1ec1u h\u00e0nh \u0111\u00f4i khi h\u00e0nh \u0111\u1ed9ng theo l\u1ee3i \u00edch c\u1ee7a h\u1ecd, hay l\u1ee3i \u00edch c\u1ee7a m\u1ed9t nh\u00f3m c\u1ed5 \u0111\u00f4ng n\u00e0o \u0111\u00f3, m\u00e0 kh\u00f4ng ho\u1ea1t \u0111\u1ed9ng v\u00ec l\u1ee3i \u00edch c\u1ee7a c\u1ea3 c\u00f4ng ty.<\/p>\n

PC7:<\/b> H\u00e3y ki\u00ean nh\u1eabn. Ph\u01b0\u01a1ng ch\u00e2m n\u00e0y c\u1ee7ng c\u1ed1 ph\u01b0\u01a1ng ch\u00e2m 1.<\/p>\n

PC8:<\/b> Ph\u1ea3i c\u00f3 t\u00ednh k\u1ef9 lu\u1eadt. Ch\u1ec9 mua c\u1ed5 phi\u1ebfu khi th\u1ecb gi\u00e1 th\u1ea5p h\u01a1n gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh theo c\u00f4ng th\u1ee9c gi\u00e1 tr\u1ecb c\u1ee7a Graham.<\/p>\n

C\u00f4ng th\u1ee9c Gi\u00e1 Tr\u1ecb c\u1ee7a Graham:<\/b><\/p>\n

Gi\u00e1 tr\u1ecb = EPS * (2* t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng n\u0103m+ 8.5)* L\u00e3i su\u1ea5t T.phi\u1ebfu C.Ph\u1ee7 \/L\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu AAA.
\nV\u00ed d\u1ee5 c\u1ee5 th\u1ec3: V\u00e0o n\u0103m 2002, M\u1ed9t c\u1ed5 phi\u1ebfu c\u00f3 EPS l\u00e0 3 USD, t\u0103ng tr\u01b0\u1edfng 10% n\u0103m, trong khi \u0111\u00f3 l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 l\u00e0 5%, v\u00e0 l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu c\u1ee7a c\u00f4ng ty x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng AAA l\u00e0 6%. Gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed5 phi\u1ebfu n\u00e0y theo c\u00f4ng th\u1ee9c Graham s\u1ebd l\u00e0:<\/p>\n<\/div>\n

Gi\u00e1 tr\u1ecb = 3*(2*10+8.5)*5\/6 = 71.25 USD.Theo Graham, ch\u00fang ta ch\u1ec9 n\u00ean mua c\u1ed5 phi\u1ebfu n\u00e0y khi th\u1ecb gi\u00e1 th\u1ea5p h\u01a1n 71.25 USD.<\/p>\n<\/div>\n
Ghi ch\u00fa:<\/b> n\u1ebfu \u00e1p d\u1ee5ng cho Vi\u1ec7t Nam ch\u00fang ta c\u00f3 th\u1ec3 t\u1ea1m gi\u1ea3 s\u1eed r\u1eb1ng l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu c\u00f4ng ty x\u1ebfp h\u1ea1ng AAA s\u1ebd cao h\u01a1n 1,5% so v\u1edbi l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 h\u1ea1n 5 n\u0103m (\u0111\u00e2y l\u00e0 g\u1ee3i \u00fd c\u1ee7a ri\u00eang t\u00e1c gi\u1ea3). Ngh\u0129a l\u00e0 n\u1ebfu l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 h\u1ea1n 5 n\u0103m l\u00e0 8%, th\u00ec l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu AAA c\u00f3 th\u1ec3 t\u1ea1m \u1ea5n \u0111\u1ecbnh \u1edf m\u1ee9c 9.5%. V\u1ec1 t\u1ef7 s\u1ed1 8.5, th\u00ec ch\u00fang ta c\u0169ng c\u00f3 th\u1ec3 thay \u0111\u1ed5i cho ph\u00f9 h\u1ee3p v\u1edbi Vi\u1ec7t Nam. Nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1eadn tr\u1ecdng c\u00f3 th\u1ec3 v\u1eabn d\u00f9ng 8.5%, nh\u01b0ng nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 “th\u00edch” r\u1ee7i ro c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng \u1edf m\u1ee9c 9 hay t\u1ed1i \u0111a l\u00e0 9,5. V\u1edbi nh\u1eefng gi\u1ea3 \u0111\u1ecbnh tr\u00ean nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb t\u1ea1i Vi\u1ec7t Nam c\u00f3 th\u1ec3 d\u00f9ng c\u00f4ng th\u1ee9c gi\u00e1 tr\u1ecb c\u1ee7a Graham \u0111\u1ec3 \u00e1p d\u1ee5ng v\u00e0o vi\u1ec7c truy t\u00ecm nh\u1eefng c\u1ed5 phi\u1ebfu “gi\u00e1 h\u1eddi” v\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n.<\/p>\n
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Benjamin Graham<\/b>\u00a0 (8\/5\/1894 - 21\/9\/1976) l\u00e0 ng\u01b0\u1eddi M\u1ef9 g\u1ed1c Anh. \u00d4ng l\u00e0 nh\u00e0 kinh t\u1ebf h\u1ecdc v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p. Graham \u0111\u01b0\u1ee3c coi l\u00e0 ng\u01b0\u1eddi khai sinh ra tr\u01b0\u1eddng ph\u00e1i \u00a0\u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb\u00a0. \u00d4ng b\u1eaft \u0111\u1ea7u gi\u1ea3ng d\u1ea1y v\u1ec1 tr\u01b0\u1eddng ph\u00e1i n\u00e0y t\u1ea1i Tr\u01b0\u1eddng Columbia v\u00e0o n\u0103m 1928 v\u00e0 sau \u0111\u00f3 c\u1ed9ng t\u00e1c v\u1edbi David Dodd xu\u1ea5t b\u1ea3n cu\u1ed1n s\u00e1ch n\u1ed5i ti\u1ebfng \u00a0Ph\u00e2n t\u00edch ch\u1ee9ng kho\u00e1n\u00a0 (Security Analysis)<\/b>. H\u1ecdc tr\u00f2 c\u1ee7a Benjamin bao g\u1ed3m: Warren Buffett<\/b>, William J. Ruane, Irving Kahn, Walter J. Schloss v\u00e0 nh\u1eefng ng\u01b0\u1eddi kh\u00e1c. Warren Buffett m\u00f4 t\u1ea3 \u00f4ng l\u00e0 ng\u01b0\u1eddi c\u00f3 \u1ea3nh h\u01b0\u1edfng l\u1edbn th\u1ee9 hai trong cu\u1ed9c s\u1ed1ng c\u1ee7a m\u00ecnh. Th\u1eadm ch\u00ed, Warren Buffet v\u00e0 Irving Kahn c\u00f3 l\u1ea5y h\u1ecd Graham l\u00e0m t\u00ean \u0111\u1ec7m cho con trai c\u1ee7a m\u00ecnh l\u00e0 Howard Graham Buffett v\u00e0 Thomas Graham Kahn.\n\n<\/pre>\n
ST<\/p>\n<\/blockquote>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
TR\u01af\u1edcNG PH\u00c1I \u0110\u1ea6U T\u01af GI\u00c1 TR\u1eca V\u00c0 CHI\u1ebeN L\u01af\u1ee2C CH\u1eccN C\u1ed4 PHI\u1ebeU C\u1ee6A GRAHAM Nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb Nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb (value investor) \u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a m\u1ed9t c\u00e1ch n\u00f4m na l\u00e0 nh\u1eefng ng\u01b0\u1eddi t\u00ecm ki\u1ebfm c\u1ed5 phi\u1ebfu gi\u00e1 h\u1eddi. H\u1eddi \u1edf \u0111\u00e2y c\u00f3 ngh\u0129a l\u00e0 th\u1ecb tr\u01b0\u1eddng \u0111\u1ecbnh gi\u00e1 c\u1ee7a c\u1ed5 phi\u1ebfu … Continue reading “Graham v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,6],"tags":[],"class_list":["post-361","post","type-post","status-publish","format-standard","hentry","category-dau-tu","category-kien-thuc"],"_links":{"self":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/posts\/361","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=361"}],"version-history":[{"count":0,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/posts\/361\/revisions"}],"wp:attachment":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/media?parent=361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/categories?post=361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/tags?post=361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}