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()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,thenyouareabrother-in-lawinvestor.Brother-in-lawinvestorsrelyontheadviceofotherpeopletomaketheirdecisions.TechnicalinvestorMovingaverages,candlestickpatterns,Gannchartsandresistancelevelsarethesortofthingsthetechnicalinvestordealswith.Technicalinvestorswereoncecalledchartistsbecausetheircentralactivity企业投资价值分析系统2wasmakingandstudyingchartsofstockprices.Nowadaysthisisusuallydoneonacomputerwhereadvancedmathematicscombineswithgruntpowertounlockpastpatternsandcorrelations.Thehopeisthattheywillcarryintothefuture.EconomistinvestorThistypeofinvestorbaseshisdecisionsonforecastsofeconomicparameters.AtypicalstatementisThedollarwillstrengthenoverthenextsixmonths,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,andSydneyCottlespeakoftheattemptstovalueastockindependentlyofitscurrentmarketprice.Thisindependentvaluehasmanynamessuchasintrinsicvalue,?investmentvalue,?reasonablevalue,?fairvalue,?andappraisedvalue.?Theygoontosay:Ageneraldefinitionofintrinsicvaluewouldbethatvaluewhichisjustifiedbythefacts,e.g.,assets,earnings,dividends,anddefiniteprospects,includingthefactorofmanagement.Theprimaryobjective企业投资价值分析系统3inusingtheadjectiveintrinsicistoemphasizethedistinctionbetweenvalueandcurrentmarketprice,butnottoinvestthisvaluewithanauraofpermanence.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.Thenyouwillbemorelikelytoavoidtheinvestorimperative,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