外文翻译--策略—股票投资策略的调查.doc

企业投资价值分析系统11.英文资料SubjectSubject:Strategy-SurveyofStockInvestmentStrategiesLast-Revised:20Jan2000Contributed-By:JohnPrice(johnpatsherlockinvesting.com)Thisarticleoffersabriefsurveyofseveralstrategiesthatinvestorsusetoguidetheirstockpurchasesandsales.Beforewestartthesurvey,heresagoldenruleofinvesting:Knowwhyyouarebuyingaparticularstockdontwaituntilitspricegoesupordowntothinkaboutit.Manyinvestorsarenotsurewhytheyboughtastockinthefirstplace,sowhenadramaticfallinpricehappens,theyrenotsurewhattodonext.Heresanexample.LetssayyouboughtIntel.WhenyouknowwhyyouboughtIntelyouwillhaveastrongerbasisforknowingwhattodowhenitspricegoesup,ordown,orevenstaysthesame.SoifIntelstartstogodowninpriceandyouboughtitasamomentumplay,thenyouwillprobablywanttosellasquicklyaspossible.Butifyouboughtitasanundervaluedstock,andifthefundamentalshavenotchanged,thenyoumightwanttobuymore."Ofcourse,everyinvestorandeverystockpresentsadifferentreasonforcontactingyourbroker.Butwehavetostartsomewhere,sohereismyanalysisofthesixmaininvestmentstyles.Brother-in-lawinvestorYourbrother-in-lawphones,orperhapsyourstockbrokerortheinvestmentwriterfortheregionalnewspaper.Hehasthescooponagreatstockbutyouwillhavetoactquickly.Ifyouarelikelytobuyinthissituation,thenyouarea"brother-in-lawinvestor."Brother-in-lawinvestorsrelyontheadviceofotherpeopletomaketheirdecisions.TechnicalinvestorMovingaverages,candlestickpatterns,Gannchartsandresistancelevelsarethesortofthingsthetechnicalinvestordealswith.Technicalinvestorswereoncecalledchartistsbecausetheircentralactivity企业投资价值分析系统2wasmakingandstudyingchartsofstockprices.Nowadaysthisisusuallydoneonacomputerwhereadvancedmathematicscombineswithgruntpowertounlockpastpatternsandcorrelations.Thehopeisthattheywillcarryintothefuture.EconomistinvestorThistypeofinvestorbaseshisdecisionsonforecastsofeconomicparameters.Atypicalstatementis"Thedollarwillstrengthenoverthenextsixmonths,unemploymentwilldecrease,interestrateswillclimb-agreattimetogetintobankstocks."RandomwalkinvestorThisistheareaoftheacademicinvestorandispartofwhatiscalledModernPortfolioTheory."IhavenoideawhetherstockXYZwillgoupordown,butithasahighbeta.SinceIdontmindtherisk,IbuyitsinceIwill,ontheaverage,becompensatedforthisrisk."AtthecoreofthisstrategyistheEfficientMarketHypothesisEMH.Thereareanumberofversionsofitbuttheyallendupatthesamepoint:thecurrentpriceofastockiswhatyoushouldbuy,orsell,itfor.Thisisthefairpriceandnoamountofanalysiswillenableyoutodoanybetter,saystheEMH.WiththeEfficientMarketHypothesis,stockpricesareassumedtofollowpathsthatcanbedescribedbytossesofacoin.ScuttlebuttinvestorThisapproachtoinvestingwaspioneeredbyPhilipFisherandconsistsofpiecingtogetherinformationoncompaniesobtainedinformallythroughwide-rangingconversations,interviews,press-reportsand,simply,gossip.InhisbookCommonStocksandUncommonProfits,Fisherwrote:Gotofivecompaniesinanindustry,askeachofthemintelligentquestionsaboutthepointsofstrengthandweaknessoftheotherfour,andninetimesoutoftenasurprisinglydetailedandaccuratepictureofallfivewillemerge.Fisheralsosuggeststhatusefulinformationcanbeobtainedfromvendors,customers,researchscientistsandexecutivesoftradeassociations.ValueInvestorInthefourtheditionoftheinvestmentclassic_SecurityAnalysis_,theauthorsBenjaminGraham,DavidDodd,andSydneyCottlespeakofthe"attemptstovalueastockindependentlyofitscurrentmarketprice".Thisindependentvaluehasmanynamessuchasintrinsicvalue,?investmentvalue,?reasonablevalue,?fairvalue,?andappraisedvalue.?Theygoontosay:Ageneraldefinitionofintrinsicvaluewouldbe"thatvaluewhichisjustifiedbythefacts,e.g.,assets,earnings,dividends,anddefiniteprospects,includingthefactorofmanagement."Theprimaryobjective企业投资价值分析系统3inusingtheadjective"intrinsic"istoemphasizethedistinctionbetweenvalueandcurrentmarketprice,butnottoinvestthis"value"withanauraofpermanence.Valueinvestingisthenamegiventothemethodofdecidingonindividualinvestmentsonthebasisoftheirintrinsicvalueascontrastedwiththeirmarketprice.This,however,isnotthestandarddefinition.Mostauthorsrefertovalueinvestingastheprocessofsearchingforstockswithattributessuchasalowratioofpricetobookvalueoralowprice-earningsratio.Incontrast,stockswithhighpricetobookvalueorahighprice-earningsratioarecalledgrowthstocks.Investorssearchingforstocksfromwithinthisuniverseofstocksarecalledgrowthinvestors.Thesetwoapproachesareusuallyseentobeinopposition.Notso,declaredWarrenBuffett.Inthe1992AnnualReportofBerkshireHathawayhewrote,"thetwoapproachesarejoinedatthehip:Growthisalwaysacomponentinthecalculationofvalue,constitutingavariablewhoseimportancecanrangefromnegligibletoenormousandwhoseimpactcanbenegativeaswellaspositive."ConsciousInvestorThistypeofinvestoroverlapsthesixtypesjustmentioned.Increasinglyinvestorsarerespectingtheirownbeliefsandvalueswhenmakinginvestmentdecisions.Formany,quarterlyearningsarenolongerenough.Forexample,somanypeopleareinvestinginsociallyresponsiblemutualfundsthatthetotalinvestmentisnowoveronetrilliondollars.Manyothersarefollowingtheirownpathstoclarifytheirinvestmentvaluesandactonthem.Theprocessofbringingasmuchhonestyaspossibleintoinvestmentdecisionswecallconsciousinvesting.Mostpeopleinvestfordifferentreasonsatdifferenttimes.Alsotheydontfallneatlyintoasinglecategory.In1969Buffettdescribedhimselfas85percentBenjaminGrahamValueand15percentFisherScuttlebutt.Whateverapproach,orapproaches,youtake,themostimportantthingisknowwhyyouboughtaparticularstock.Ifyouboughtastockontherecommendationofyourneighbor,behappyaboutitandrecognizethatthisiswhyyouboughtit.Thenyouwillbemorelikelytoavoidthe"investorimperative,"namelythefollowingbehavior:Ifyourstockrises,claimitasyourability；ifitfalls,passontheblame.企业投资价值分析系统4Doallthatyoucantoavoidgoingdownthispath.Writedownwhyyouboughtastock.Tellyourspouseyourreasons.Tapethemonyourbathroommirror.Aboveall,ifyouwanttobeasuccessfulinvestor,dontkidyourself.2.中文翻译题目：策略股票投资策略的调查本文提供投资者使用引导他们的股票购买和销售的几个策略的简短调查。在我们开始调查之前，这是一条投资的箴言：知道你为什么正买一支特别的股票-不要直到它的价格上升或下降后才考虑它。很多投资者不能确信他们为什么首先买一支股票，因此当在价格方面的戏剧性的下降发生时，他们不能确信下一步做什么。这是一个例子。假如你买Intel。如果你知道你为什么买Intel，当它的价格上升时，或者向下，或者甚至保持相同时你将很清楚地知道该怎么做。因此如果Intel价格开始下降时，你买进作为短期投资，然后你或许将想要尽快出售。但是如果基本规律没改变，你买它作为一份低估的股票，然后你可能想要买更多。当然，每位投资者和每支股票为与你的经纪人联系提出一个不同的原因。但是我们从某处开始，因此下面是我的6个主要投资类型的分析。夫或妻的兄弟型投资者你的夫或妻的兄弟，或者你的股票经纪人或者地区报纸的投资作家打电话给你。他在某一支很好的股票商赚了一大笔钱但是你必须迅速行动。在这种情况下如果你很可能买进，那么你是一个“夫或妻的兄弟型的投资者”。“夫或妻的兄弟型投资者”依赖其他人的建议决定。技术型投资者均线图，K线图案，甘氏图表和压力线是技术投资者进行技术分析时用的部分方法。技术投资者曾经被叫为图表师，因为他们的中心的活动是制作和研究股票价格的图表。现在这通常在一台计算机上进行，计算机中发展的数学揭开过去图案和相互关系。他们的希望是可以预测将来。经济学家投资者这类投资者把他的决定建立在经济参数的预测上。一个典型的陈述是"美元将在未来的6个月内走强，失业将减少，利率将攀登这是进入银行板股票的大好时机"。