Looking at their recent track records doesn’t do much to settle the debate. Over the past decade, as a whole, value stocks have not performed as well as growth stocks. But looking at a larger body of cumulative data, 可以追溯到1926年, 但情况并非总是如此. 让我们再深入一点.1
价值投资者在寻找便宜货. 这是, they attempt to find stocks that are trading below the value of the companies they represent. If they consider a stock to be underpriced, it’s an opportunity to buy. If they consider it overpriced, it’s an opportunity to sell. 一旦他们购买了一支股票, value investors seek to ride the price upward as the security returns to its “fair market” price – selling it when this price objective is reached.
Most value investors use detailed analysis to identify stocks that may be undervalued. 他们将检查公司的资产负债表, 财务报表, and cash flow statements to get a clear picture of its assets, 负债, 收入, 和费用.
One of the key tools value investors use is financial ratios. 例如, 确定公司的账面价值, a value analyst would subtract the company’s 负债 from its assets. This book value can then be divided by the number of outstanding shares to determine the book-value-per-share – a ratio that would then be compared with the book-value-per-share of other companies in the same industry or to the overall market.
Growth investors are using today’s information to identify tomorrow’s strongest stocks. They’re looking for “winners” – stocks of companies within industries that are expected to experience substantial growth. They seek companies in a position to generate 收入 or earnings greater than what the market expects. 当成长型投资者发现有希望的股票时, 他们买它, even if it has already experienced rapid price appreciation, in the hope that its price will continue to rise as the company grows and attracts more investors.
Where value investors use analysis, growth investors use criteria. Growth investors are more concerned about whether a company is exhibiting behavior that suggests it will be one of tomorrow’s leaders; they are less focused on the value of the underlying company.
例如, growth investors may favor companies with a sustainable competitive advantage that are expected to experience rapid revenue growth, 能够有效地控制成本, and that have an experienced management team in place.
Value and growth investing are opposing strategies. A stock prized by a value investor might be considered worthless by a growth investor, ,反之亦然. 这是正确的? A close review of your personal situation can help determine which strategy may be right for you.
1. 《爱博体育app下载》.com, 2020
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