1、<p><b>　　1.英文資料</b></p><p>　　Subject Subject: Strategy - Survey of Stock</p><p>　　Investment Strategies</p><p>　　Last-Revised: 20 Jan 2000 Contributed-By: John Pri

2、ce (johnp at sherlockinvesting.com) </p><p>　　This article offers a brief survey of several strategies that investors use to guide their stock purchases and sales. </p><p>　　Before we start the

3、survey, here's a golden rule of investing: Know why you are buying a particular stock – don’t wait until its price goes up or down to think about it. Many investors are not sure why they bought a stock in the first p

4、lace, so when a dramatic fall in price happens, they're not sure what to do next. </p><p>　　Here's an example. Let's say you bought Intel. When you know why you bought Intel you will have a stron

5、ger basis for knowing what to do when its price goes up, or down, or even stays the same. So if Intel starts to go down in price and you bought it as a momentum play, then you will probably want to sell as quickly as pos

6、sible. But if you bought it as an undervalued stock, and if the fundamentals have not changed, then you might want to buy more." </p><p>　　Of course, every investor and every stock presents a different

7、reason for contacting your broker. But we have to start somewhere, so here is my analysis of the six main investment styles. </p><p>　　Brother-in-law investor </p><p>　　Your brother-in-law phone

8、s, or perhaps your stockbroker or the investment writer for the regional newspaper. He has the scoop on a great stock but you will have to act quickly. If you are likely to buy in this situation, then you are a "bro

9、ther-in-law investor." Brother-in-law investors rely on the advice of other people to make their decisions. </p><p>　　Technical investor </p><p>　　Moving averages, candlestick patterns, Gan

10、n charts and resistance levels are the sort of things the technical investor deals with. Technical investors were once called chartists because their central activity was making and studying charts of stock prices. Nowad

11、ays this is usually done on a computer where advanced mathematics combines with grunt power to unlock past patterns and correlations. The hope is that they will carry into the future. </p><p>　　Economist inv

12、estor </p><p>　　This type of investor bases his decisions on forecasts of economic parameters. A typical statement is "The dollar will strengthen over the next six months, unemployment will decrease, in

13、terest rates will climb -- a great time to get into bank stocks." Random walk investor This is the area of the academic investor and is part of what is called Modern Portfolio Theory. "I have no idea whether st

14、ock XYZ will go up or down, but it has a high beta. Since I don’t mind the risk, I buy it since I will, </p><p>　　Scuttlebutt investor </p><p>　　This approach to investing was pioneered by Phili

15、p Fisher and consists of piecing together information on companies obtained informally through wide-ranging conversations, interviews, press-reports and, simply, gossip. In his book Common Stocks and Uncommon Profits, Fi

16、sher wrote: </p><p>　　Go to five companies in an industry, ask each of them intelligent questions about the points of strength and weakness of the other four, and nine times out of ten a surprisingly detaile

17、d and accurate picture of all five will emerge. </p><p>　　Fisher also suggests that useful information can be obtained from vendors, customers, research scientists and executives of trade associations. </

18、p><p>　　Value Investor </p><p>　　In the fourth edition of the investment classic _Security Analysis_, the authors Benjamin Graham, David Dodd, and Sydney Cottle speak of the "attempts to value

19、 a stock independently of its current market price". This independent value has many names such as `intrinsic value,?`investment value,?`reasonable value,?`fair value,?and `appraised value.?They go on to say: </p

20、><p>　　A general definition of intrinsic value would be "that value which is justified by the facts, e.g., assets, earnings, dividends, [and] definite prospects, including the factor of management." T

21、he primary objective in using the adjective "intrinsic" is to emphasize the distinction between value and current market price, but not to invest this "value" with an aura of permanence. </p>&

22、lt;p>　　Value investing is the name given to the method of deciding on individual investments on the basis of their intrinsic value as contrasted with their market price. </p><p>　　This, however, is not th

23、e standard definition. Most authors refer to value investing as the process of searching for stocks with attributes such as a low ratio of price to book value or a low price-earnings ratio. In contrast, stocks with high

24、price to book value or a high price-earnings ratio are called growth stocks. Investors searching for stocks from within this universe of stocks are called growth investors. These two approaches are usually seen to be in

25、opposition. </p><p>　　Not so, declared Warren Buffett. In the 1992 Annual Report of Berkshire Hathaway he wrote, "the two approaches are joined at the hip: Growth is always a component in the calculatio

26、n of value, constituting a variable whose importance can range from negligible to enormous and whose impact can be negative as well as positive." </p><p>　　Conscious Investor </p><p>　　This

27、 type of investor overlaps the six types just mentioned. Increasingly investors are respecting their own beliefs and values when making investment decisions. For many, quarterly earnings are no longer enough. For example

28、, so many people are investing in socially responsible mutual funds that the total investment is now over one trillion dollars. Many others are following their own paths to clarify their investment values and act on them

29、. The process of bringing as much honesty as possible in</p><p>　　Most people invest for different reasons at different times. Also they don’t fall neatly into a single category. In 1969 Buffett described hi

30、mself as 85 percent Benjamin Graham [Value] and 15 percent Fisher [Scuttlebutt]. </p><p>　　Whatever approach, or approaches, you take, the most important thing is know why you bought a particular stock. If y

31、ou bought a stock on the recommendation of your neighbor, be happy about it and recognize that this is why you bought it. Then you will be more likely to avoid the "investor imperative," namely the following be

32、havior: If your stock rises, claim it as your ability; if it falls, pass on the blame. </p><p>　　Do all that you can to avoid going down this path. Write down why you bought a stock. Tell your spouse your re

33、asons. Tape them on your bathroom mirror. Above all, if you want to be a successful investor, don’t kid yourself. </p><p><b>　　2.中文翻譯</b></p><p>　　題目：策略—股票投資策略的調(diào)查</p><p>

34、;　　本文提供投資者使用引導(dǎo)他們的股票購(gòu)買(mǎi)和銷(xiāo)售的幾個(gè)策略的簡(jiǎn)短調(diào)查。</p><p>　　在我們開(kāi)始調(diào)查之前，這是一條投資的箴言： 知道你為什么正買(mǎi)一支特別的股票 - 不要直到它的價(jià)格上升或下降后才考慮它。 很多投資者不能確信他們?yōu)槭裁词紫荣I(mǎi)一支股票， 因此當(dāng)在價(jià)格方面的戲劇性的下降發(fā)生時(shí)，他們不能確信下一步做什么。</p><p>　　這是一個(gè)例子。 假如你買(mǎi)Intel。 如果你知道你

35、為什么買(mǎi)Intel，當(dāng)它的價(jià)格上升時(shí)，或者向下，或者甚至保持相同時(shí)你將很清楚地知道該怎么做。 因此如果Intel價(jià)格開(kāi)始下降時(shí)，你買(mǎi)進(jìn)作為短期投資，然后你或許將想要盡快出售。 但是如果基本規(guī)律沒(méi)改變，你買(mǎi)它作為一份低估的股票， 然后你可能想要買(mǎi)更多。 </p><p>　　當(dāng)然，每位投資者和每支股票為與你的經(jīng)紀(jì)人聯(lián)系提出一個(gè)不同的原因。 但是我們從某處開(kāi)始，因此下面是我的6個(gè)主要投資類(lèi)型的分析。</p>

36、;<p>　　夫或妻的兄弟型投資者</p><p>　　你的夫或妻的兄弟，或者你的股票經(jīng)紀(jì)人或者地區(qū)報(bào)紙的投資作家打電話給你。 他在某一支很好的股票商賺了一大筆錢(qián)但是你必須迅速行動(dòng)。在這種情況下如果你很可能買(mǎi)進(jìn)，那么你是一個(gè)“夫或妻的兄弟型的投資者”。 “夫或妻的兄弟型投資者”依賴(lài)其他人的建議決定。</p><p><b>　　技術(shù)型投資者</b><

37、;/p><p>　　均線圖，K線圖案，甘氏圖表和壓力線是技術(shù)投資者進(jìn)行技術(shù)分析時(shí)用的部分方法。 技術(shù)投資者曾經(jīng)被叫為圖表師，因?yàn)樗麄兊闹行牡幕顒?dòng)是制作和研究股票價(jià)格的圖表。 現(xiàn)在這通常在一臺(tái)計(jì)算機(jī)上進(jìn)行，計(jì)算機(jī)中發(fā)展的數(shù)學(xué)揭開(kāi)過(guò)去圖案和相互關(guān)系。他們的希望是可以預(yù)測(cè)將來(lái)。</p><p><b>　　經(jīng)濟(jì)學(xué)家投資者</b></p><p>　　這類(lèi)

38、投資者把他的決定建立在經(jīng)濟(jì)參數(shù)的預(yù)測(cè)上。 一個(gè)典型的陳述是" 美元將在未來(lái)的6 個(gè)月內(nèi)走強(qiáng)，失業(yè)將減少，利率將攀登 – 這是進(jìn)入銀行板股票的大好時(shí)機(jī)"。“隨機(jī)漫步理論的投資者”這是學(xué)術(shù)投資者的領(lǐng)域，并且是所謂的現(xiàn)代投資組合理論的一部分。 "我不知道是否股票XYZ 將上升或下降，但是它有高的β。 我從沒(méi)介意那些風(fēng)險(xiǎn)，從我想買(mǎi)它的時(shí)候我就買(mǎi)了，平均起來(lái)，基本上這些風(fēng)險(xiǎn)都被補(bǔ)償了"。 在這個(gè)策略的核心是

39、EMH(有效率的假定市場(chǎng))。 它有許多版本，但是他們?nèi)吭谙嗤狞c(diǎn)上結(jié)束： 這個(gè)時(shí)價(jià)的股票你應(yīng)該買(mǎi)進(jìn)或者賣(mài)出。 這是合理的價(jià)格，沒(méi)有什么分析將使你能夠做得更好，EMH 說(shuō)。 由于有效率的市場(chǎng)假說(shuō)，股票價(jià)格被假設(shè)為沿著拋一枚硬幣而形成的軌跡運(yùn)動(dòng)。</p><p><b>　　謠言投資者</b></p><p>　　Philip Fisher首先使用這種投資方法，這種方法

40、由通過(guò)大范圍的談話、會(huì)面、報(bào)道、簡(jiǎn)訊、閑談等非正式的方式獲得的公司的信息組成。Philip Fisher在他的《普通股和罕見(jiàn)的利潤(rùn)》這本書(shū)中寫(xiě)到： 在一個(gè)行業(yè)里去5 家公司， 分別問(wèn)他們中的每個(gè)關(guān)于其他4家 的優(yōu)點(diǎn)和弱點(diǎn)的問(wèn)題， 十之八九令人吃驚地詳細(xì)描述和準(zhǔn)確的全部5家的圖將出現(xiàn)。Philip Fisher也建議有用的信息可以從賣(mài)主，用戶(hù)，貿(mào)易協(xié)會(huì)的研究科學(xué)家和主管那里獲得。</p><p><b>

41、　　估價(jià)投資者</b></p><p>　　在投資杰作_安全分析_的第4 版里,作者本杰明·格雷厄姆，大衛(wèi)·陶德和悉尼科特爾談到" 不管它的現(xiàn)行市價(jià)而嘗試估價(jià)一支股票"。 這種獨(dú)立價(jià)值有很多名字例如‘ 實(shí)際價(jià)值 ’、‘ 投資額’、‘ 合理價(jià)值’、‘'公平價(jià)值’ 以及‘被估價(jià)的價(jià)值’。 他們接著說(shuō)： 實(shí)際價(jià)值的一般定義是" 被事實(shí)證明有合理的價(jià)值

42、（例如，資產(chǎn)，收入，股息）， 和明確的前景（包括管理的因素）"。 "固有"的主要目標(biāo)是強(qiáng)調(diào)在價(jià)值和現(xiàn)行市價(jià)之間的區(qū)別， 但不是投資這種有永久氣息的“估價(jià)”。</p><p>　　價(jià)值投資是在價(jià)值與市場(chǎng)價(jià)值相比較的基礎(chǔ)上而作出的投資決定的方法的名字。 </p><p>　　然而這不是標(biāo)準(zhǔn)定義。 大多數(shù)作者把價(jià)值投資作為尋找具有賬面價(jià)值低比率或者低的價(jià)格收入比率

43、那樣的屬性的股票的過(guò)程。 相反，對(duì)具有賬面價(jià)值高或者高的價(jià)格收入比率的股票被叫做增長(zhǎng)股。在這一范圍內(nèi)尋找股票的投資者被叫為發(fā)展投資者。 這兩種方法通常被看做是相對(duì)的。</p><p>　　而沃倫·巴菲特則宣布不是這樣一來(lái)。 在伯克希爾·哈撒韋的1992年度報(bào)告里，他寫(xiě)到，"兩種方法被綜合到一起使用： 發(fā)展總是在價(jià)值的計(jì)算過(guò)程中的一個(gè)組成部分， 形成一個(gè)變量，這個(gè)變量的重要能被忽視也可

44、能很大，其影響可能是負(fù)也可能是正"。</p><p><b>　　有意識(shí)的投資者</b></p><p>　　這類(lèi)投資者綜合了以上幾種類(lèi)型。 當(dāng)做投資決定時(shí)，越來(lái)越投資者是考慮他們自己的信念和價(jià)值。 對(duì)很多人來(lái)說(shuō)，季度收入將不能滿(mǎn)足他們。 例如，那么多人對(duì)社會(huì)責(zé)任公共基金的投資的總投資額現(xiàn)在已經(jīng)超過(guò)1萬(wàn)億美元。很多其它人正沿著他們自己的道路驗(yàn)證他們的投資價(jià)值

45、并且仿照他們。我們將把盡可能多的誠(chéng)實(shí)帶到投資決定的過(guò)程叫有意識(shí)的投資。</p><p>　　大多數(shù)人在不同的時(shí)代由于不同原因投資。 此外他們不整齊墜入一個(gè)單個(gè)的種類(lèi)。 在1969年巴菲特稱(chēng)他自己為85%的本杰明·格雷厄姆 [估價(jià) ] 以及15%的漁夫 [謠言 ]. </p><p>　　無(wú)論接近，或者接近什么，你花費(fèi)，最重要的事情是知道你為什么買(mǎi)這支特別的股票。 如果你茲承你的鄰