Saturday, February 25, 2006

谢清海的投资心得

今天收拾书桌时,无意中发现了一份旧报纸报道一个来自马来西亚的香港基金经理 -谢清海。以下是他的一些投资心得:

  • 投资要有纪律。其中一个纪律是,只投资在自己精于的项目上,那就是价值投资(deep value investing)
  • 如没有好的投资对象,那便留下现金
  • 便宜的准则:本益比在8倍以下,股息率至少有3.5%,合理现金流,又或是股价对资产价值有很大折让
  • 在熊市时,股息率就是安全网
  • 判断股票,一看数字,二看管理层,因为不管数字多好,但只要管理层差,还是会赔钱。三是把焦点放在投资一盘生意,而不是投资股票
  • 但凡介绍巴菲特的书都可以以看,至于Benjamin Graham的Security Analysis,则是一本基本功的书

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