投資者

Lex_Growth investing – US restaurant case study
Lex專欄:美國餐飲股打破巴菲特規則?


2007年8月,一個樂觀的成長型投資者願以24倍預期本益比購買美國帕納拉麪包店的股票。五年後,他擁有了260%的回報。難道主張價值型投資的巴菲特錯了?

If the markets were truly Darwinian, would growth investors exist? They pay up for stocks with strong prospects. That is, they shell out for something that might materialise, in contrast to value investors, who pay less for assets that exist now. Looked at this way, there is a reason that growth investing does not have a hero such as Warren Buffett. It’s stupid.

如果市場確實按照達爾文理論演化,那成長型投資者還會存在嗎?他們願意出高價買下前景強勁的股票。也就是說,他們會出高價買進可能成爲現實的東西,這與價值型投資者相反,後者以折扣價購買現實存在的資產。如此看來,成長型投資者中出不了像華倫•巴菲特(Warren Buffett)這樣的英雄是有原因的。這種方法很愚蠢。

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