投資策略

出自維基百科,自由嘅百科全書
幾個人喺度留意住啲股票嘅價:
價值投資者:邊啲公司嘅潛力最受到低估呢?
增長投資者:邊啲公司業務最可能會增長呢?
動量投資者:邊隻股票嘅價近排升得最勁呢?

投資策略粵拼tau4 zi1 caak3 loek6英文investment strategy)係泛指一個玩投資嘅人用嚟揀選投資組合策略。常用嘅策略有價值投資增長投資同埋動量投資呀噉。經濟學金融等領域嘅工作者好關注「用咩策略先可以有效噉賺錢」呢個議題。

常用策略[編輯]

睇埋:投資同埋策略

喺廿一世紀初,比較常用嘅投資策略有以下呢啲:

  • 價值投資(value investing):指個投資者集中買認為係價錢低得滯嘅嘅股票;採用價值投資嘅投資者認為,靠金融投資賺錢嘅重點在於「市場上嘅第啲投資者唔能夠準確噉評估啲公司嘅潛力」-佢哋認為自己要做嘅嘢係用基本分析對見到嘅上市公司作出分析,由呢啲分析嗰度搵出第啲人唔識珍惜嘅公司嘅股票,買入呢啲股票,而等到呢啲股票(一如自己預期)升嗰陣,自己就有賺[1]。好出名嘅「股神」巴菲特(Warren Buffett)就好鍾意用價值投資呢種策略[2]
  • 增長投資(growth investing):指個投資者集中買一啲升值潛力高嘅股票;採用增長投資嘅投資者著眼於市場同公司嘅增長潛力-佢哋會分析唔同產品嘅市場,睇吓邊啲產品嘅公司喺未來最有增長潛力,再(用基本分析嘅結果同過往股價等嘅指標)睇吓呢啲產品嘅公司當中邊間最似會增長,然後就買入嗰啲公司嘅股票。廿一世紀初嘅研究指,增長投資嘅表現(長遠嚟講賺到幾多錢)冇價值投資咁好[3]
  • 動量投資(momentum investing):指個投資者集中買啲近排喺度升值嘅股票;動量投資嘅觀點主張,最能夠預測一隻股票嘅未來價錢嘅資訊就係嗰隻股票早排(一般係過去 3 至 12 個月)嘅價錢-就好似股價嘅上落會有動量噉,一隻股票愈升佢股升勢就會愈勁,一隻股票愈跌佢股跌勢就會愈勁,所以投資者要做嘅就係「買嗰排升勢勁嘅股票」同埋「賣嗰排跌勢勁嘅股票」。採取動量投資策略嘅投資者好睇重評估股價嘅升勢同跌勢,途中成日會用到數據科學上嘅技術[4]

等等。

平均成本法[編輯]

內文:平均成本法
睇埋:冧心

「喺市場入邊打滾咗幾耐時間,重要過喺市場入邊捉唔捉得啱時機。」

英文圈投資界常見嘅一句說話[5][6]

平均成本法(DCA)係一種好受普羅大眾歡迎嘅投資策略。用平均成本法買(例如)黃金嘅做法如下[7]:投資者每個月攞自己個人入息裡邊其中一橛仔(例如 1,500 文)出嚟買金,如果撞正金價跌佢就會買到多啲金,不過佢就算撞見金價升都照買;呢種做法相對於(例如)一次過攞 30,000 銀出嚟買一隻巨型足金金猴;如是者位投資者儲儲吓,過咗若干年後佢就會儲到好多金,可以搵日趁住金價高,賣晒啲金佢,然後佢手上突然多咗一筆錢,就可以用筆錢去幫手買車或者買樓畀首期

平均成本法有好有唔好:一方面,平均成本法喺好多情況下都冇「一吓過攞大筆錢做投資」咁好賺[7],尤其係如果市場處於強烈嘅牛勢,啲資產嘅價勁喺度升,一吓過買大堆資產會比較著數[8];但係喺另一方面,平均成本法亦被指有好多好處,例如係入場門檻低,又可以訓練投資者嘅紀律... 等等。因此,平均成本法呢種策略,被指係好適合唔能夠一吓抌大筆錢做投資嘅普羅大眾—包括啱啱出嚟做嘢嘅年輕人,或者想儲錢第時供仔女讀書嘅父母呀噉[9]

睇埋[編輯]

引咗[編輯]

  1. Lowe, Janet (1996). Value Investing Made Easy: Benjamin Graham's Classic Investment Strategy Explained for Everyone. New York: McGraw-Hill.
  2. Graham (1949). The Intelligent Investor. New York: Collins, Ch. 20.
  3. Chan, L. K., & Lakonishok, J. (2004). Value and growth investing: Review and update. Financial Analysts Journal, 60(1), 71-86.
  4. Low, R.K.Y.; Tan, E. (2016). "The Role of Analysts' Forecasts in the Momentum Effect". International Review of Financial Analysis. 48: 67–84.
  5. Dollar Cost Averaging: What You Need to Know. ABC Bullion, "Time in the market is more important than timing the market."
  6. Market Timing vs Time in the Market. Zoe Financial. "Time in the market beats market timing every time."
  7. 7.0 7.1 How To Invest With Dollar Cost Averaging. Forbes. "Dollar cost averaging works because over the long term, asset prices tend to rise. But asset prices do not rise consistently over the near term. Instead, they run to short-term highs and lows that may not follow any predictable pattern."
  8. Dollar Cost Averaging. GoldPriceForecast.com. "The stronger the bull market in a particular sector is, the more costly the dollar cost averaging becomes. It may be more difficult from the psychological point of view for one to purchase all of their bullion at once, but in the end it should prove profitable in most cases."
  9. Why Dollar Cost Averaging May Be the Smart Way to Buy Gold and Silver. Rush Gold.

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