Ch\u1eef M th\u1ee9 2 Moat: Con h\u00e0o kinh t\u1ebf.<\/p>\n\n\n\n
Moat l\u00e0 m\u1ed9t kh\u00e1i ni\u1ec7m m\u00e0 do Ng\u00e0i Buffett s\u00e1ng t\u1ea1o ra v\u00e0 theo tr\u00ed nh\u1edb c\u1ee7a t\u00f4i c\u00f3 th\u1ec3 l\u1ea7n \u0111\u1ea7u ti\u00ean Ng\u00e0i Buffett s\u1eed d\u1ee5ng kh\u00e1i ni\u1ec7m n\u00e0y l\u00e0 \u1edf trong b\u1ee9c th\u01b0 g\u1eedi c\u1ed5 \u0111\u00f4ng v\u00e0o n\u0103m 1972. Ng\u00e0i Buffett \u0111\u00e3 h\u00ecnh \u1ea3nh ho\u00e1 l\u1ee3i th\u1ebf c\u1ea1nh tranh c\u1ee7a doanh nghi\u1ec7p th\u00e0nh 1 t\u1eeb duy nh\u1ea5t l\u00e0 MOAT thay v\u00ec nh\u1eefng c\u1ee5m t\u1eeb d\u00e0i v\u00f4 t\u1eadn \u0111\u1ed3ng ngh\u0129a. MOAT l\u00e0 con h\u00e0o b\u1ea3o v\u1ec7 th\u1ecb ph\u1ea7n hay l\u1ee3i nhu\u1eadn c\u1ee7a 1 doanh nghi\u1ec7p tr\u01b0\u1edbc nh\u1eefng th\u00e1ch th\u1ee9c b\u00ean ngo\u00e0i nh\u01b0 c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh c\u0169 v\u00e0 ti\u1ec1m t\u00e0ng, c\u0169ng nh\u01b0 s\u1ef1 thay \u0111\u1ed5i c\u1ee7a c\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4.<\/p>\n\n\n\n\n\n\n\n
Trong c\u00e1c cu\u1ed1n s\u00e1ch c\u1ee7a m\u00ecnh, v\u1ec1 h\u00ecnh th\u00e1i c\u1ee7a Moat, ng\u00e0i Phil Town c\u00f3 \u0111\u1ec1 c\u1eadp \u0111\u1ebfn 5 lo\u1ea1i l\u1ee3i th\u1ebf \u0111\u1ecbnh t\u00ednh v\u00e0 th\u00eam v\u00e0o \u0111\u00f3 l\u00e0 5 bi\u1ec3u hi\u1ec7n c\u1ee7a \u0111\u1ecbnh l\u01b0\u1ee3ng.
– 5 l\u1ee3i th\u1ebf \u0111\u1ecbnh t\u00ednh \u0111\u00f3 ch\u00ednh l\u00e0 :
+ Nh\u00e3n Hi\u1ec7u
+ B\u00ed Quy\u1ebft
+ Ph\u00ed s\u1eed d\u1ee5ng
+ Ph\u00ed Chuy\u1ec3n \u0111\u1ed5i
+ Chi ph\u00ed th\u1ea5p
T\u00f4i xin ph\u00e9p kh\u00f4ng \u0111\u1ec1 c\u1eadp th\u00eam chi ti\u1ebft v\u1ec1 t\u1eebng l\u1ee3i th\u1ebf c\u1ea1nh tranh v\u00ec vi\u1ec7c di\u1ec5n gi\u1ea3i \u0111\u00e3 c\u00f3 trong s\u00e1ch. C\u00e2u h\u1ecfi m\u00e0 t\u00f4i c\u00f9ng c\u00e1c b\u1ea1n mu\u1ed1n tr\u1ea3 l\u1eddi kh\u00f4ng ph\u1ea3i \u0111\u1ec3 \u00f4n l\u1ea1i ki\u1ebfn th\u1ee9c m\u00e0 ph\u1ea3i l\u00e0 th\u1ef1c t\u1ebf \u00e1p d\u1ee5ng n\u00f3 c\u00f3 nh\u1eefng v\u1ea5n \u0111\u1ec1 g\u00ec ? V\u00e0 th\u1ef1c s\u1ef1, khi \u00e1p d\u1ee5ng v\u00e0o th\u1ef1c t\u1ebf, t\u00f4i th\u1ea5y ngay c\u00e1ch chia 5 lo\u1ea1i l\u1ee3i th\u1ebf c\u1ea1nh tranh n\u00e0y g\u00e2y ra s\u1ef1 kh\u00f4ng tho\u1ea3i m\u00e1i cho b\u1ea3n th\u00e2n, \u0111\u00e2y c\u00f3 th\u1ec3 xu\u1ea5t ph\u00e1t t\u1eeb vi\u1ec7c tr\u01b0\u1edbc \u0111\u00e2y t\u00f4i \u0111\u00e3 \u0111\u1ecdc cu\u1ed1n The Little book that builds wealth tr\u01b0\u1edbc khi \u0111\u1ecdc nh\u1eefng cu\u1ed1n s\u00e1ch cu\u1ea3 ng\u00e0i Phil Town. Trong \u0111\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh \u0111c chia ra nh\u01b0 sau:
+ T\u00e0i s\u1ea3n v\u00f4 h\u00ecnh (Intangible Assets ) s\u1ea3n ph\u1ea9m\/ d\u1ecbch v\u1ee5 m\u00e0 ch\u00fang ta s\u1eb5n s\u00e0ng tr\u1ea3 th\u00eam ti\u1ec1n do g\u00eda tr\u1ecb v\u00f4 h\u00ecnh m\u00e0 n\u00f3 mang l\u1ea1i VNM, PNJ, MSN
+ Chi ph\u00ed chuy\u1ec3n \u0111\u1ed5i (Switching Costs ) S\u1ea3n ph\u1ea9m\/ d\u1ecbch v\u1ee5 m\u00e0 vi\u1ec7c thay \u0111\u1ed5i \u0111em l\u1ea1i chi ph\u00ed l\u1edbn h\u01a1n th\u1ee9 nh\u1eadn l\u1ea1i. V\u00ed d\u1ee5 : b\u1ea1n thay \u0111\u1ed5i t\u1eeb Iphone sang Samsung s\u1ebd m\u1ea5t h\u1ebft c\u00e1c th\u00f4ng tin \u0111\u00e3 l\u01b0u tr\u00ean I Clould trong nhi\u1ec1u n\u0103m ( bao g\u1ed3m h\u00ecnh \u1ea3nh, note, s\u1ed1 \u0111i\u1ec7n tho\u1ea1i )
+ Hi\u1ec7u \u1ee9ng m\u1ea1ng l\u01b0\u1edbi (The Network Effect ) S\u1ea3n ph\u1ea9m\/ d\u1ecbch v\u1ee5 m\u00e0 n\u1ebfu c\u00f3 c\u00e0ng nhi\u1ec1u ng\u01b0\u1eddi s\u1eed d\u1ee5ng th\u00ec s\u1ee9c m\u1ea1nh c\u1ee7a n\u00f3 c\u00e0ng l\u1edbn. V\u00ed d\u1ee5 : Facebook v\u00ec n\u00f3 c\u00f3 nhi\u1ec1u ng\u01b0\u1eddi s\u1eed d\u1ee5ng n\u00ean ch\u00fang ta ph\u1ea3i s\u1eed d\u1ee5ng facebook \u0111\u1ec3 giao ti\u1ebfp v\u00e0 v\u00ec ch\u00fang ta s\u1eed d\u1ee5ng facebook n\u00ean facebook s\u1ebd c\u00e0ng ng\u00e0y c\u00e0ng l\u1edbn, v\u00ed d\u1ee5 t\u01b0\u01a1ng t\u1ef1 v\u1edbi Grab hay nhi\u1ec1u starup c\u00f4ng ngh\u1ec7 kh\u00e1c. \u0110\u00e2y c\u00f3 l\u1ebd ch\u00ednh l\u00e0 l\u1ee3i th\u1ebf c\u1ee7a t\u01b0\u01a1ng lai v\u00e0 c\u0169ng l\u00e0 th\u1ee9 gi\u00e1 tr\u1ecb nh\u1ea5t trong \u0111\u1ecbnh gi\u00e1 n\u1ebfu b\u1ea1n mu\u1ed1n \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7
+ Chi ph\u00ed th\u1ea5p (Cost Advantages ) Chi ph\u00ed s\u1ea3n ph\u1ea9m th\u1ea5p \u0111\u1ebfn m\u1ee9c kh\u00f4ng \u0111\u1ed1i th\u1ee7 n\u00e0o c\u1ea1nh tranh \u0111\u01b0\u1ee3c VJC, BIG C, METRO…
L\u1ee3i th\u1ebf v\u1ec1 m\u1eb7t Quy M\u00f4 (The Size Advantage ) Ph\u1ea3i \u0111\u1ea7u t\u01b0 r\u1ea5t l\u1edbn v\u00e0o ng\u00e0nh c\u00f4ng nghi\u1ec7p n\u00e0y \u0111\u1ec3 t\u1ea1o ra s\u1ea3n ph\u1ea9m v\u00ed d\u1ee5 nh\u01b0 HPG, THACO, VIC, POW.
Ch\u00fang ta c\u00f3 th\u1ec3 th\u1ea5y 2 c\u00e1ch ph\u00e2n lo\u1ea1i gi\u1ed1ng nhau \u0111\u1ebfn 90% ngo\u1ea1i tr\u1eeb Pat Dorsey c\u00f3 b\u1ed5 sung th\u00eam l\u1ee3i th\u1ebf c\u1ea1nh tranh Hi\u1ec7u \u1ee9ng m\u1ea1ng l\u01b0\u1edbi.<\/p>\n\n\n\n
– 5 bi\u1ec3u hi\u1ec7n \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a ng\u00e0i Phil Town. T\u00f4i l\u1ea1i 1 n\u1eefa xin ph\u00e9p kh\u00f4ng li\u1ec7t k\u00ea c\u00e1c ch\u1ec9 ti\u00eau \u0111\u1ecbnh l\u01b0\u1ee3ng m\u00e0 ch\u1ec9 t\u1eadp trung v\u00e0o vi\u1ec7c chia s\u1ebb kinh nhi\u1ec7m khi \u00e1p d\u1ee5ng v\u00e0o th\u1ef1c t\u1ebf. Theo \u0111\u00e1nh gi\u00e1 c\u1ee7a t\u00f4i ROIC l\u00e0 ch\u1ec9 s\u1ed1 quan tr\u1ecdng nh\u1ea5t trong ch\u00f9m 5 ti\u00eau ch\u00ed \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a ng\u00e0i Phil Town.
Ch\u00fa th\u00edch: – ROIC = L\u1ee3i nhu\u1eadn sau thu\u1ebf\/ (V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu + N\u1ee3 vay c\u00f3 t\u00ednh l\u00e3i).
\u00c1p d\u1ee5ng t\u1eeb \u00fd t\u01b0\u1edfng v\u1ec1 5 ti\u00eau ch\u00ed \u0111\u1ecbnh l\u01b0\u1ee3ng, t\u00f4i \u0111\u01b0a ra 1 c\u00e2u h\u1ecfi cho b\u1ea3n th\u00e2n nh\u01b0 sau:<\/p>\n\n\n\n
Gi\u1ea3 s\u1eed: T\u00f4i li\u1ec7t k\u00ea t\u1ea5t c\u1ea3 c\u00e1c doanh nghi\u1ec7p tr\u00ean c\u1ea3 3 s\u00e0n d\u1ef1a tr\u00ean 3 ti\u00eau ch\u00ed l\u00e0 :
1. C\u00e1c m\u00e3 c\u00f3 ROIC >20% trong 3 n\u0103m li\u00ean ti\u1ebfp.
2. C\u00e1c m\u00e3 t\u0103ng tr\u01b0\u1edfng VCSH > 10% trong 3 n\u0103m li\u00ean ti\u1ebfp.
3. C\u00e1c m\u00e3 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn thu\u1ea7n >10% trong 3 n\u0103m li\u00ean ti\u1ebfp.<\/p>\n\n\n\n
Sau \u0111\u00f3, t\u00f4i ch\u1ecdn 1 danh m\u1ee5c ng\u1eabu nhi\u00ean 5 m\u00e3 trong t\u1eebng ti\u00eau ch\u00ed tr\u00ean. K\u1ebft qu\u1ea3 \u0111\u01b0a ra kh\u00e1 b\u1ea5t ng\u1edd.
T\u1eeb th\u00e1ng 3.2018 \u0111\u1ebfn 12.2018. VNindex gi\u1ea3m x\u1ea5p x\u1ec9 20%
Danh m\u1ee5c 1 gi\u1ea3m 6%
Danh m\u1ee5c 2 gi\u1ea3m 35%
Danh m\u1ee5c 3 gi\u1ea3m 18%<\/p>\n\n\n\n
V\u00ec danh m\u1ee5c l\u00e0 ng\u1eabu nhi\u00ean n\u00ean k\u1ebft qu\u1ea3 m\u1edbi ch\u1ec9 ph\u1ea3n \u00e1nh 1 ph\u1ea7n c\u1ee7a tr\u00f2 ch\u01a1i con s\u1ed1 th\u00f4i, tuy nhi\u00ean n\u00f3 c\u0169ng c\u00f3 th\u1ec3 cho th\u1ea5y t\u1ea7m quan tr\u1ecdng c\u1ee7a ROIC.<\/p>\n\n\n\n
T\u00e1c gi\u1ea3: Nguyen Quang Dung – team take profit<\/p>\n\t\t","protected":false},"excerpt":{"rendered":"
\t\t\t\tki\u1ebfn th\u1ee9c \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n\t\t<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[20],"class_list":["post-815","post","type-post","status-publish","format-standard","hentry","category-phan-tich-co-ban","tag-kien-thuc-chung-khoan"],"_links":{"self":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/posts\/815","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=815"}],"version-history":[{"count":0,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/posts\/815\/revisions"}],"wp:attachment":[{"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/media?parent=815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/categories?post=815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/robostock.vn\/web\/wp-json\/wp\/v2\/tags?post=815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}