# 投资笔记

Stock investing notes

## 公司群体的划分

customer就是购买公司服务/商品的人。

employee是公司的雇员，雇员的头头是CEO。

owner是公司的拥有者，是所有股东，其中，股东的头头是董事会board of director

## 衡量投资的风险

price to book value ratio: 股票的价格与其对应的净资产（Equity=Asset – Liability）的比值。该比值越高，买股票的风险就越高。它代表着如果你买的公司此刻破产清算（liquidity）的话，你还能拿到多少钱。

price to earning ratio：股票价格与其对应的年盈利能力的比值。该比值越高，意味着你付出的买股票的钱所能对应的每年挣的钱就越少。

Yahoo Finance 可以找到相关的PE，PB的值，以及公司的三张表。

## 巴菲特买股票的四个原则

1. a stock must be stable and understandable

2. a stock must have long term prospects: 这个行业，或企业，有长长的坡。

3. a stock must be managed by vigilant leaders: individuals that manage debt well

4. a stock must be undervalued

A quick valuation tool

Market price, earnings, book value

price / earnings = 5 -> 20% yearly return

price / earning = 20 -> 5% yearly return

price / book value = 5 -> 20% safety

price / book value = 1 -> 100% safety

price / book value = 0.7 -> 134% safety

Buffet looks for stocks that P/E < 15, P/book value (BV) < 1.5

When combines the two factors: P/E * (P/BV) < 22.5

The importance of patience and individuality

YTM： 假设你一直持有债券到到期（拿回face value），并假设你把每年的coupon（也就是利息）都用来reinvest，且假定reinvest的利率与现在债券的利率相同，那么你的平均年化收益率为YTM。

FV*(1+R)^N

P*(1+YTM)^N = FV*(1+R)^N

YTM = sqrt((FV*(1+R)^N / P), N) – 1

YTM不要和current yield搞混。current yield = FV * R / P

Stop order：当市场价在P时，执行我的order。我最终的执行价可能高于可能低于P，但会在P附近。

What is the FED

The FED manages the US currency and ultimately controls the U.S. Economy.

Reason for the FED: Before 1913, the United states had over 30,000 different currencies circulating.

FED is a private institution. It is owned by 12 regional federal reserve banks, commercial banks, foreign banks and individuals.

How does the FED stabilize the financial system?

When interest rate is high, you need to buy bond.

when interest rate is low, buy stocks with low debt, great earnings, book value high, only buy stock when the price is under the intrinsic value.

How do you know what’s considered a high or low interest rates?

By compare the bond and stock return rate.

## Course session 2

Risks and rewards

risk 1: excessive debt in the company

• Debt is to speed up things. Use money to buy time.
• However, too much debt could impose a lot of risk.

risk 2: over pay an asset

• price is what you pay; value is what you get

risk 3: not knowing what you are buying

reverted bond yield curve的含义，视频介绍

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