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威廉·欧奈尔选股的艺术

2011-5-12 08:02| 发布者: admin| 查看: 1829| 评论: 0|原作者: 摘|来自: 威廉·欧奈尔

<P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial"> 威廉·欧奈尔是美国经济制度的狂热支持者与乐天派人士。他说:“在美国,每年都会出现许多大好良机,你应该随时准备掌握这些机会。你将会发现一粒小小的橡树种籽,也可以长成巨大的橡树。只是辛勤工作,就可能成功。在美国,一个人的成功之道就在于决心与毅力。” <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  欧尼尔本身便是一个例证:一个典型美国式的成功故事。欧尼尔出生于经济大萧条时期的奥克拉荷马州,并在德州长大。他既是一位高明的投资人,也是一位殷实的商人。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  欧尼尔的股市交易生涯始于 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1958 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年。他当时担任海登·史东公司的证券经纪商,而他日后的投资策略就是在这时期成型的。欧尼尔从事交易一开始便相当成功。从 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1962 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年到 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1963 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年间,他以多空交替的操作手法,将自己 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5000 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">美元的资本成长到 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">万美元 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">向华尔街日报挑战 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">   <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1964 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年,欧尼尔在纽约证券交易所买下一个席位,并成立一家证券公司棗欧尼尔公司。今天,欧尼尔公司不但是提供综合性电脑化股市资讯的翘楚,而且也是全美最受推崇的证券分析公司之一。欧尼尔公司目前拥有 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">500 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">家以上的机构投资客户,以及 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2.8 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">万名购买其每日图表 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(DailyGraph) <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">的订户。该公司的资料库包含 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7500 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">种乐虎国际游戏的 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">120 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">种统计值。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">   <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1983 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年,欧尼尔更是雄心万丈地创办《投资人日报》 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(lnvestor's Daily) <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">,摆明要向《华尔街日报》挑战。欧尼尔明知这份专业性报纸可能要经过多年奋战才能达到损益平衡,可是他毫不犹豫地投下大笔资金。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  《投资人日报》在 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1984 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年时,大约只有 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">万名订户,与《华尔街日报》的 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">200 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">万名订户简直无法相比。然而到 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1988 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年中期,《投资人日报》的订户数量成长到 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">万名,而且还在持续增加,已与欧尼尔估计的 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">万名订户的损益平衡点相去不远。欧尼尔深信《投资人日报》的订户最后 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">会到达 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">80 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">万名,而他之所以对这份报纸深具信心,主要是由于《投资人日报》提供的资讯,如每股盈余、相对强 <SPAN style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">弱指标,以及成交量变动百分比等,都是其他投资专业刊物所没有的。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">   <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1988 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年,欧尼尔又把自己的投资观念付诸文字。由麦考奚尔 <SPAN style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">出版公司 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(McGraw Hill Co <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">. <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">) <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">出版,名为乐虎国际游戏致富术 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(How to Make Money inStock) <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">。该书也成为当年度最畅销的投资专业书籍。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  欧尼尔的事业并没有妨碍其本身在投资股市方面的表现。过去 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年,欧尼尔的乐虎国际游戏投资年平均报酬率为 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">40 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">%。而他最精彩的表现有一部分是来自于 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1970 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年代所投资的加拿大石油公司 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(canadian oil) <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">和 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1970 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年代末期与 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1980 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年代初期的毕肯塞因暨派斯公司 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(Pic'n Sare and Price CO) <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">。然而欧尼尔最令人津津乐道的是,他先后两次在华尔街日报刊登全版广告,昭示投资人股市的多头行情即将来临。他刊登的时间实在是再适当不过的, <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1978 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">月与 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1982 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">月。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  发掘潜力股的方法 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  从欧尼尔公司的工作现场可以看出,该公司的行事作风强调实事求是,不矫揉做作。更难得的是,欧尼尔虽然是该公司的最高阶层经理人,可是他在办公室却不要求享受特权,并和另外两位同事共用一间办公室。另外在采访期间,欧尼尔对美国充满信心的态度,令我印象深刻。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  问:你的投资策略颇为独特,这是如何发展出来的 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">? <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  答:其实我和大部分投资人一样,是从订阅若干有关股市股资的专业刊物开始,而后才踏入股市的。我发现这些刊物所介绍的投资方式并不十分有效,例如购买低价或是低本益比乐虎国际游戏的策略,其实并不能确实的降低风险。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  问:你是到什么时候才找到足以致胜的投资方法 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">? <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  答: <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1956 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年,我曾经研究多位在股市中成功人士的投资之道。 <SPAN style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">当时,柴弗斯基金 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(Dreyfus Fund) <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">是一个相当小型的基金。其所管理的资金大约只有 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1500 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">万美元,然而在杰克·柴弗斯的经营下,该基金的投资报酬率却是其他竞争对手的两倍。于是我设法拿到该基金的季报,研究其投资方法。我发现柴弗斯基金所投资的 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">100 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">种乐虎国际游戏,其买进时机都是在该乐虎国际游戏创新高价的时候。我从这项研究中获得一项重大发现,即是要购买上涨潜力雄 <SPAN style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">厚的乐虎国际游戏,不一定要选择价格已经跌到接近谷底的乐虎国际游戏。有时候,创新高价的乐虎国际游戏前景可能更是海阔夫空。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  如何选择飙涨股 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  另外,我也曾经下功夫研究过去几年表现最优异的乐虎国际游戏,其临发动前的共通性。我不仅研究这些乐虎国际游戏的本益比,还设计出一套观察个股表现的模式。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  问:请你说明一下这套选择潜力股的方式 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">? <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  答:这套方法非常简单,名为 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">CANSLlM <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">,每个字母都代表潜力股在飘涨之前的共通性。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">“ <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">C <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">”代表目前的每股季盈余。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  根据我的研究,表现优异的乐虎国际游戏在飙涨之前,其每股盈余通常要比前一年同期的水准增加 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">%。然而我经常发现有许多投资,甚至基金经理人,都会买一些每股季盈余与前一年同期水准相差无几的乐虎国际游戏,其实这类乐虎国际游戏根本欠缺上涨的动力。因此,我选股一条基本原则,就是要选择每股季盈余比前一年同季盈余要高出至少 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">%到 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">50 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">%的乐虎国际游戏。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">“ <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">A <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">”代表每股年盈余。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">我发现表现优异的乐虎国际游戏在发动之前的 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年中,其平均每股年盈余成长率为 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">24 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">%。因此,选股的第二条基本原则是,选择每股年盈余高于前一年水准的乐虎国际游戏。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  “ <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">N <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">”代表创新。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  所谓创新是指新产品、新服务、产业新趋势,以及新经营策略等。经过我研究发现,在股价涨势突出的公司当中,其中 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">95 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">%都曾有创新的发展。另外,乐虎国际游戏创新高也是一种新发展。根据调查,有 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">98 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">%的投资人在股价新高时,都不愿意进场购买。其实股市有一种特性,即看来涨得过高的乐虎国际游戏还会继续上场,而跌到接近谷底的乐虎国际游戏可能还会继续下滑。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  “ <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">S <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">”代表流通在外的股数。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  在表现优异的乐虎国际游戏当中,有 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">99 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">%的乐虎国际游戏在开始涨升之前,其流通在外的股数都低于 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2500 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">万股。有许多机构投资人喜欢流通在外股数较多的 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">乐虎国际游戏,这种策略反而牺牲掉一些上涨的潜力股。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  “ <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">L <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">”代表领先股或落后股。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  根据调查,在 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1953 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年到 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1985 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">年间表现优异的 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">500 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">种乐虎国际游戏中,其发动涨势的相对强弱指标平均为 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">87 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">%。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">( <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">所谓相对强弱指数是指某支乐虎国际游戏价格在过去 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">12 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">个月间的表现,与其他所有乐虎国际游戏同期间的比较值。例如某乐虎国际游戏相对强弱指数为 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">80 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">,即是该乐虎国际游戏在过去一年间的价格涨幅比所有乐虎国际游戏中 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">80 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">%的个股表现好。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">) <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">因此,选投的另一项基本原则是,选择相对强弱指数高的乐虎国际游戏。我本人则都选择相对强弱指数在 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">80 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">以上的乐虎国际游戏。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  “ <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">I <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">”代表乐虎国际游戏背后法人机构的支撑程度。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  机构投资人对乐虎国际游戏的需求最为强劲,而领先股的背后大都具有法人机构的支撑。尽管法人机构的支撑是必要的,可是如果支撑的机构投资人太多,反而会对乐虎国际游戏的表现造成负面影响,因为假如该股或股市发生重大变化,机构投资人势必会大量抛出持股,造成股价跌势加重。这也就是有些被许多机构投资人持有的乐虎国际游戏,其表现难以突出的主要原因之一。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  “ <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">M <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">”代表股市价量变化。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  股市中有四分之三的乐虎国际游戏会跟随股市每日的变动浮沉,因此你必须掌握股市每日的价格与成交量的变化。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  乐虎国际游戏筑底后未必向上突破 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  根据测试,在任何时候,股市中只有 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">%的乐虎国际游戏会符合 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">CANSLIM <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">的选股原则。不过, <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">GANSLIM <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">的目的就是在于便利选择最具潜力的乐虎国际游戏。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  问: <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">CANSLlM <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">的选股标准非常严格。请问你使用这套方法的成效如何 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">? <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  答:利用这套方法所选择出来的乐虎国际游戏,有三分之二最后都能获利了结。不过在我选中的乐虎国际游戏当中,每十种只有一到二种的表现会特别突出而已。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  问:为什么 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">CANSLIM <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">公式无法指示投资人在股价涨到新高价之前进场 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">? <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">为什么不在某支乐虎国际游戏处于筑底阶段时购买该股,而要等到它创新高价才进场 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">? <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  答:任何人都不应该期待某支乐虎国际游戏在筑底完成后一定会向上突破。如果你在筑底阶段买进乐虎国际游戏,按正常状况,只要股价震荡幅度在 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">到 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">15 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">%之间,你就很容易被洗出场。但是只要我选择了正确的进场时间,股价通常就不会下挫到我所设定 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">%的最大停损点。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  问:你说你会选购相对强弱指数为 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">80 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">以上的乐虎国际游戏,然而有些乐虎国际游戏的相对强弱指数是否会过高 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">? <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">我是说,假如某一支乐虎国际游戏的相对强弱指数是 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">99 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">,该支乐虎国际游戏的价格是否已经超高,而随时可能下跌 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">? <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  答:这一点必须根据其他的资料来研判,问题的关键不在于相对强弱指数有多高,而是在于该股目前的价格距离最近一次的底部有多远。我会购买相对强弱指数高,而且股价与最近底部相去不远的乐虎国际游戏。我可不会去买相对强弱指数高,然而价格已超过底部 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> 10 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">%的乐虎国际游戏。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  判断头部的方法 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  问: <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">CANSLIM <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">中的 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">M <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">,代表要选择和大势走一致的乐虎国际游戏。这条 <SPAN style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">法则虽然在理论上可行,可是实际上并不一定行得通。毕竞,你到底如何区别股价已涨到顶部即将面临回跌,还是它正处多头走势的回档整理阶段 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">? <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  答:判断股市是否形成顶部的方法有二:其一是股价指数创新高,然而成交量却呈现萎缩,这表示市场上的乐虎国际游戏需求不振,般价随时可能下跌。第二个方法则是成交量接连几天扩张,但是股价指数的涨幅相当有限,这表示股市主力或大户有出脱持股的现象,可能已达顶部。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  另外,你也可以观察领先指标股的表现来区分股市是否已达头部。如果多头市场的领先指标股开始下跌,那表示股市可能已形成顶部。其实,联邦准备理事会的重贴现率也是判断股市涨势是否已达强弩之末的关键。通常,在联邦准备理事会把重贴现率调高二到三次之后,股市便会遭遇麻烦。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  问:当你认为股市已经步入空头,你会建议投资人抛空还是单纯地退场 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">? <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">答:除非是专业交易员,否则我不主张抛空。基本上,抛空乐虎国际游戏在于慎选适当的时机,而不在于判断胶票是否已经涨到顶部。抛空某支个股的 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">时机也应该是在股市大势形成头部之际。 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">从技术图上来看,最好的抛空时机是股价连续三到四次试探上档高价,而后股价无法再向上攀升的时候。此外,在抛空某支乐虎国际游戏时,你也应该设定停损价位。我通常会在损失 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">%到 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7 <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">%时出场。  会上涨的才是好乐虎国际游戏 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">  问:你除了用 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">CANSUM <SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-bidi-font-family: Arial">做为选股策略外,风险控制在你的交易中也扮演非常重要的角色。你能否谈一谈你的风险管理 <SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">? <P style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <P style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-f

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