CHIẾN LƯỢC ĐẦU TƯ- investment fables - BẢN TIẾNG ANH

ỉẫẻĩóéỉ ỉẫéỉóẫđ ỉẫẫỉóĩđđỉ đòđđũÌịở-ÉịƯể ƯệỪ ậổề ểổ ỠƯộỪ ổỨ ểịở- -ịởỨểởỗỰ ởỗ ƯỬếƯỗểƯỰỪ Ươệổ-- ồỪệởổỬ-á Úởệ-ểô ậổề -ịổềƠỬ ơổỗ-ởỬỪệ ểịỪ ếổƠƯểởƠởểậ Ư ơƯềểởổỗƯệậ ỗổểỪò ư -ểệƯểỪỰậ ổỨ ởỗếỪ-ểởỗỰ

Investment Fables Tall Tales about Stocks

Fable: A brief fictitious story embodying a moral and using persons, animals or inanimate objects as characters; A falsehood or lie (WebsterÕs Dictionary)

As investors, you have all been on the receiving end of sales pitches from brokers, friends and investment advisors about stocks that they claim will deliver spectacular returns These stories not only sound persuasive and reasonable but are also backed up by evidence - anecdotal, in some cases, and statistical, in others - that the strategies work When you try to implement them for your investments, though, you seldom can match their success on paper All to often, you end up with buyerÕs remorse, poorer for the experience and promising yourselves that you will not fall for the allure of these stories again All too often, you forget the lessons of past mistakes and are easy prey for the next big stock story

While there are literally hundreds of schemes to beat the market in circulation, they are all variants of about a dozen basic themes that have been around for as long as there have been stocks to buy and sell These broad themes are modified, given new names and marketed as new and different investment strategies by salespeople to a new generation of investors There must be something in these stories that appeals to investor instincts and to human weaknesses - greed, fear and hubris, to name but three- to give them the staying power that they do This book is an exploration of the appeal of these stories, why so many fall for them and fail with them, and what it may take to win with each of them

As you will see, with each story, there is a kernel of truth that makes it believable and a base in financial theory that allows proponents to claim to have a solid rationale Each chapter will begin with an examination of the basis for each investment story and the theory that would justify its adoption Why bother with the theory? Not only will it give you perspective on what makes each story work, but it will also allow you to identify potential weaknesses with the story

If you have been on the receiving end of one of these investment stories, you probably have also been told of studies that back them up and you are offered evidence of their potency It should come as no surprise, given the source, that most of these studies give you only a portion of the truth As you will see in this book, every investment

strategy ever devised has succeeded for some periods and with some stocks, but the complete picture requires an assessment of whether it works over long periods and with a wide cross section of stocks That is why you will see a review of the existing empirical evidence, drawn from both believers and skeptics, on each strategy and some of the potential problems with each

With every investment strategy, investors also grapple with the question of what adopting that strategy will mean in terms of investment choices If you adopt a strategy of buying ÒlowÓ PE stocks, you have to make a judgment of what represents a low PE ratio and what types of stocks have low PE ratios? If you believe that your best investments are in small companies you have to decide how to measure the size of companies - sales, market capitalization etc.- and what level would represent a small company You will be presented with rules of thumb, that a PE of 8 is cheap or that a company with a market capitalization less than $ 100 million is small, but these rules of thumb can be dangerous

as markets themselves change over time To provide a frame of reference, this book will examine the distribution of various measures - PE, price to book and market capitalization, to name a few- across the entire market This should then allow you to get

a sense of differences across the market and to develop portfolio standards

The best test of any strategy is to apply it to the market and to peruse the portfolio that you would have ended up with as a result of following it This book will attempt to

do this with each of the broad strategies examined and you can ask yourself whether you would be comfortable investing in the stocks that make up this portfolio If you are not, it

is a warning sign that this strategy may not be appropriate for you If you are a careful investor, putting this portfolio under a microscope will allow you to probe the strategy for weaknesses and examine what you can do to minimize the damage

It is worth emphasizing what this book is about and what it will not try to do It is not about promoting or debunking investment strategies, since there are plenty of analysts and brokers who do the former and lots of cynics, many from academia, who do the latter But it is about providing a full picture of each investment strategy, so that you can make your own judgments about what works and what does not It is not about giving you the answers to every investment question that has ever been asked; no one can have the foresight to do this But it is about providing you with the ammunition to ask the right

questions when confronted with promoters of these strategies It is not a book for pessimists who are convinced that picking stocks is an exercise in futility, but it is a book for optimists who want to figure out how to make active strategies pay off and how to use them prudently It is not about things you cannot and should not do while investing but it

is about things you can and should do as an investor to improve your odds for success

As long as there have been financial markets, there have been mountebanks and frauds luring investors into get-rich schemes that ultimately fail In the aftermath of these failings, you are often tempted to turn to the courts and to governments to protect you from yourselves The best antidote, though, to an unscrupulous sales pitch about Òstocks that cannot loseÓ or to a Òget rich quicklyÓ scheme is a skeptical and informed investor

I hope this book helps in this endeavor

1 With pooling accounting, which was legal until very recently, companies that used stock to acquire other

companies were not required to show the cost of their acquisitions in their financial statements Instead,

they were allowed to show just the book value of the assets of the acquired companies.

2 The other studies will be referenced in the footnotes of each chapter If you are interested, you can trace

the source articles and read them.

CHAPTER 2

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3 Consider a stockholder who owns 100 shares trading at $ 20 per share, on which she receives a dividend

of $0.50 per share If the firm did not pay a dividend, the stockholder would have to sell 2.5 shares of stock to raise the $ 5 that would have come from the dividend.

ỉẫẻĩóéỉ ỉẫéỉóẫđ ỉẫẫỉóĩđđỉ đòđđũ

Ìịở-ÉịƯể ƯệỪ ậổề ểổ ỠƯộỪ ổỨ ểịở- -ịởỨểởỗỰ ởỗ ƯỬếƯỗểƯỰỪ Ươệổ ồỪệởổỬ-á Úởệ-ểô ậổề -ịổềƠỬ

ơổỗ-ởỬỪệ ểịỪ ếổƠƯểởƠởểậ Ư ơƯềểởổỗƯệậ ỗổểỪò ư -ểệƯểỪỰậ ổỨ ởỗếỪ-ểởỗỰ ởỗ ịởỰị ỬởếởỬỪỗỬ ậởỪƠỬ -ểổơộ- ẹổềƠỬ ịƯếỪ ỬỪƠởếỪệỪỬ ỠởẽỪỬ ệỪ-ềƠể- ổếỪệ ểịỪ -ềớóồỪệởổỬ-ô ẹổệộởỗỰ ẹỪƠƠ ởỗ -ổỠỪ

ồỪệởổỬ- ƯỗỬ ỗổể ởỗ ổểịỪệ-ò ÍỪơổỗỬô ậổề ơổềƠỬ Ơổổộ Ưể ểịỪ ồỪệởổỬ- ẹịỪệỪ ịởỰị ỬởếởỬỪỗỬ ậởỪƠỬ -ểổơộ- ỬởỬ ớỪ-ể ƯỗỬ ểệậ ểổ ỨởỗỬ ơổỠỠổỗ ỨƯơểổệ- ểịƯể ỠƯậ ịỪƠồ ậổề ỨởỗỪóểềỗỪ ểịở- -ểệƯểỪỰậò Úổệ ởỗ-ểƯỗơỪô ịởỰị ỬởếởỬỪỗỬ -ểổơộ- ỠƯậ ớỪịƯếỪ Ỡềơị ƠởộỪ ớổỗỬ- ởỗ ồỪệởổỬ- ổỨ ịởỰị ởỗỨƠƯểởổỗ

ƯỗỬ ệở-ởỗỰ ởỗểỪệỪ-ể ệƯểỪ- ƯỗỬ Ơổ-Ừ ếƯƠềỪò Ìịở- ẹổềƠỬ ỪẽồƠƯởỗ ẹịậ ểịỪậ ềỗỬỪệồỪệỨổệỠỪỬ ểịỪ

ệỪ-ể ổỨ ểịỪ ỠƯệộỪể ớỪểẹỪỪỗ ỉẫéỉ ƯỗỬ ỉẫẫđò

ừỗ Ư ểỪ-ể ổỨ ẹịỪểịỪệ ịởỰị ỬởếởỬỪỗỬ -ểổơộ- ƯệỪ ỰổổỬ ỬỪỨỪỗ-ởếỪ ởỗếỪ-ểỠỪỗể-ô ậổề ơƯỗ -ỪỪ ẹịỪểịỪệ ịởỰị ỬởếởỬỪỗỬ ồƯậởỗỰ -ểổơộ- ịổƠỬ ềồ ớỪểểỪệ ểịƯỗ ỗổỗóỬởếởỬỪỗỬ ồƯậởỗỰ -ểổơộ-

ỬềệởỗỰ ớỪƯệ ỠƯệộỪể-ò Ẻ-ởỗỰ ỬƯểƯ ỨệổỠ ỉẫĩé ểổ ĩđđỉô ểịỪ ệỪểềệỗ- ổỗ ịởỰịỪ-ể ỬởếởỬỪỗỬ ậởỪƠỬ -ểổơộ- ụểổồ ĩđũọ ẹỪệỪ ơổỠồƯệỪỬ ểổ ệỪểềệỗ- ổỗ ểịỪ ƠổẹỪ-ể ỬởếởỬỪỗỬ ậởỪƠỬ -ểổơộ- ụớổểểổỠ ĩđũọ ởỗ ớềƠƠ ỠƯệộỪể ậỪƯệ- ụẹịỪệỪ ểổểƯƠ ỠƯệộỪể ệỪểềệỗ ỪẽơỪỪỬỪỬ ỉđũọô ớỪƯệ ỠƯệộỪể ậỪƯệ- ụẹịỪệỪ ểổểƯƠ ỠƯệộỪể ệỪểềệỗ ẹƯ- ỗỪỰƯểởếỪọ ƯỗỬ ỗỪềểệƯƠ ậỪƯệ- ụẹịỪệỪ ểổểƯƠ ỠƯệộỪể ệỪểềệỗ ẹƯ-

ớỪểẹỪỪỗ đ ƯỗỬ ỉđũọò ÌịỪ ệỪ-ềƠể- ƯệỪ -ềỠỠƯệởẩỪỬ ởỗ ÚởỰềệỪ ĩòĩữ

ểịở- -ểệƯểỪỰậ ơƠƯởỠ ểịƯể ểịỪậ ỰỪỗỪệƯểỪ ịởỰị ệỪểềệỗ- ỨệổỠ ởểô ớềể ểịỪậ ớƯ-Ừ ểịở- ơƠƯởỠ ổỗ Ư

ơổỠồƯệở-ổỗ ổỨ ểịỪ ệỪểềệỗ- ểịƯể ậổề ẹổềƠỬ ịƯếỪ ỠƯỬỪ ổỗ ểịỪ -ểệƯểỪỰậ ểổ ẹịƯể ậổề ẹổềƠỬ ịƯếỪ

ỠƯỬỪ ởỗếỪ-ểởỗỰ ởỗ ểịỪ ỵổẹ ắđò Úổệ ởỗ-ểƯỗơỪô Ư ẹỪớ -ởểỪ ỬỪỬởơƯểỪỬ ểổ ểịở- -ểệƯểỪỰậ ụỬổỰ-ổỨểịỪỬổẹòơổỠọ ơƠƯởỠ- ểịƯể ậổề ẹổềƠỬ ịƯếỪ ỪƯệỗỪỬ ỉéòéũ Ư ậỪƯệ ỨệổỠ ỉẫéắ ểổ ĩđđĩ

ởỗếỪ-ểởỗỰ ởỗ ểịỪ ểỪỗ ịởỰịỪ-ể ỬởếởỬỪỗỬ ậởỪƠỬ -ểổơộ- ởỗ ểịỪ ỵổẹô Ư Ỡềơị ịởỰịỪệ ệỪểềệỗ ểịƯỗ ểịỪ ỉỉòẫũ ậổề ẹổềƠỬ ịƯếỪ ỠƯỬỪ ổỗ ểịỪ ệỪ-ể ổỨ ểịỪ ỵổẹò

Òổể ổỗƠậ ở- ểịở- ơổỠồƯệở-ổỗ Ưỗ ỪẽểệƯổệỬởỗƯệởƠậ ỗƯệệổẹ ổỗỪ P ƯỨểỪệ ƯƠƠô ểịỪệỪ ƯệỪ -ỪếỪệƯƠ ểịổề-ƯỗỬ- -ểổơộ- ểịƯể ƯệỪ ỗổể ồƯệể ổỨ ểịỪ ỵổẹ ó ớềể ởể ơƯỗ ớỪ Ỡở-ƠỪƯỬởỗỰò ÓƯỗậ ổỨ

ểịỪ ỵổẹ ỵổỰ -ểổơộ- ƯệỪ ệở-ộởỪệ ểịƯỗ ểịỪ ệỪ-ể ổỨ ểịỪ ỵổẹ ắđ -ểổơộ-ô ƯỗỬ ểịỪ ịởỰịỪệ

ệỪểềệỗ-ểịỪậ ỠƯộỪ ơổềƠỬ ớỪ ờề-ể ơổỠồỪỗ-Ưểởổỗ Ứổệ ểịỪ ịởỰịỪệ ệở-ộò ừỗ ƯỬỬởểởổỗô Ưỗậ ởỗếỪ-ểổệ ởỗếỪ-ểởỗỰ

ổếỪệ ểịỪ-Ừ -ểổơộ- ổếỪệ ểịỪ ồỪệởổỬ- ơổếỪệỪỬ ụểịỪ -ởẽểởỪ- ƯỗỬ ểịỪ -ỪếỪỗểởỪ-ọ ẹổềƠỬ ịƯếỪ ỨƯơỪỬ Ư -ềớ-ểƯỗểởƯƠ ểƯẽ ƠởƯớởƠởểậ ỨệổỠ ểịỪ ịởỰị ỬởếởỬỪỗỬ-ò ừể -ịổềƠỬ ơổỠỪ Ư- ỗổ -ềệồệở-Ừ ểịƯể ểịổ-Ừ -ểềỬởỪ- ểịƯể Ửổ ơổỗểệổƠ Ứổệ ểịỪ ệở-ộ ỬởỨỨỪệỪỗơỪ- ƯỗỬ ỨƯơểổệ ởỗ ểịỪ ểƯẽ ỪỨỨỪơể- ơổỗơƠềỬỪ ểịƯể ểịỪ

ĐỪệịƯồ-ô ểịỪ ớỪ-ể ểỪ-ể ổỨ Ư -ểệƯểỪỰậ ở- ểổ Ơổổộ Ưể ểịỪ -ểổơộ- ểịƯể ẹổềƠỬ ớỪ ồởơộỪỬ

ớƯ-ỪỬ ềồổỗ ểịỪ -ểệƯểỪỰậ ƯỗỬ Ư-ộ ậổềệ-ỪƠỨ ẹịỪểịỪệ ậổề ẹổềƠỬ ớỪ ơổỠỨổệểƯớƠỪ ẹởểị ểịỪ-Ừ -ểổơộ-ò ưỨểỪệ ệƯỗộởỗỰ ểịỪ ỵổẹ ắđ -ểổơộ- ớậ ỬởếởỬỪỗỬ ậởỪƠỬô ởỗ ÓƯậ ĩđđắô ểịỪ ỨổƠƠổẹởỗỰ -ểổơộ- ỪỠỪệỰỪỬ Ư- ểịỪ ỵổẹ ỵổỰ-ữ

5Aharony, J and I Swary, 1981, Quarterly Dividends and Earnings Announcements and Stockholders' Returns: An Empirical Analysis, Journal of Finance, Vol 36, 1-12.

ỵởếởỬỪỗỬ ẵởỪƠỬ-ữ ươệổ ÝổỠồƯỗởỪ- ƯỗỬ ứếỪệ ÌởỠỪ

ÉịƯể ở- Ư ểậồởơƯƠ ỬởếởỬỪỗỬ ậởỪƠỬ Ứổệ Ư ơổỠồƯỗậ ƯỗỬ ịổẹ ịƯ- ởể ơịƯỗỰỪỬ ổếỪệ ểởỠỪá ừể

ở- ẹổệểị Ưỗ-ẹỪệởỗỰ ểịở- ốềỪ-ểởổỗ ớỪỨổệỪ ậổề ơổỗ-ởỬỪệ ởỗếỪ-ểỠỪỗể -ểệƯểỪỰởỪ- ớƯ-ỪỬ ềồổỗ ởểò ừỗ ÚởỰềệỪ ĩòìô ểịỪ Ửở-ểệởớềểởổỗ ổỨ ỬởếởỬỪỗỬ ậởỪƠỬ- ổỗ ơổỠồƯỗởỪ- ểịƯể ồƯậ ỬởếởỬỪỗỬ- ởỗ ểịỪ ẺỗởểỪỬ ÍểƯểỪ- ởỗ ứơểổớỪệ ĩđđĩ ở- ồệỪ-ỪỗểỪỬò

đ ẻđ ỉđđ ỉẻđ ĩđđ ĩẻđ

ồề-ịỪỬ ềồẹƯệỬ- ớậ ểịỪ ồệỪ-ỪỗơỪ ổỨ Ư ỨỪẹ ơổỠồƯỗởỪ- ểịƯể ịƯếỪ ếỪệậ ịởỰị ỬởếởỬỪỗỬ ụèũ ổệ ỠổệỪọò ư ỠổệỪ ỠỪƯỗởỗỰỨềƠ -ểƯểở-ểởơ ở- ểịỪ ỠỪỬởƯỗ ỬởếởỬỪỗỬ ậởỪƠỬ ƯỠổỗỰ ỬởếởỬỪỗỬ

ậởỪƠỬ-ồƯậởỗỰ -ểổơộ-ô ẹịởơị ở- ĩòẻìũò

Óềơị ịƯ- ớỪỪỗ -ƯởỬ Ướổềể ịổẹ ỬởếởỬỪỗỬ- ồƯởỬ ớậ ẺòÍò -ểổơộ- ịƯếỪ

ỬỪơệỪƯ-ỪỬ ổếỪệ ểởỠỪò ừỗ ÚởỰềệỪ ĩòẻô ểịỪ ỬởếởỬỪỗỬ ậởỪƠỬ Ứổệ ẺòÍò -ểổơộ- ỨệổỠ ỉẫêđ ểổ ĩđđỉ ở- ệỪồổệểỪỬữ

ỵởếởỬỪỗỬ ẵởỪƠỬ đòđđũ

ÌịỪ ỬởếởỬỪỗỬ ậởỪƠỬ Ứổệ ẺòÍò -ểổơộ- ỬệổồồỪỬ ỨệổỠ ắóìũ ởỗ ểịỪ ỉẫẻđ- ểổ ỉóĩũ ởỗ ểịỪ ƠƯểỪ ỉẫẫđ-ò ỹếỪỗ ẹởểị ểịỪ Ửệổồ ởỗ -ểổơộ ồệởơỪ- ỨệổỠ ỉẫẫẫ ểổ ĩđđĩô ểịỪ ỬởếởỬỪỗỬ ậởỪƠỬ ệỪỠƯởỗỪỬ

Ì¿¾´» îòîæ Í»½¬±®- ©·¬¸ ¸·¹¸ ¿²¼ ´±© ¼·ª·¼»²¼

ơđô-ơ-ò- ²±ơằẳ ằ¿đ´ãằđ ã² ơáã- ẵá¿°ơằđụ ẳ㺺ằđằ²ơ ẳãêãẳằ²ẳ °±´ãẵãằ- ¿ơơđ¿ẵơ ẳ㺺ằđằ²ơ ẵ´ãằ²ơằ´ằũ ề±ơ -ôđ°đã-ã²ạ´Đụ ã²êằ-ơ±đ- âá± ắôĐ -ơ±ẵà- ã² áãạá ẳãêãẳằ²ẳ °¿Đã²ạ -ằẵơ±đ- ơằ²ẳ ơ± êãằâ

³±đằ ẳãêãẳằ²ẳ- ¿- ¿ ạ±±ẳ ơáã²ạ ¿²ẳ ơ± đằâ¿đẳ ẵ±³°¿²ãằ- ơá¿ơ °¿Đ áãạáằđ ẳãêãẳằ²ẳ-ũ èáằ -¿³ằ ẵ¿²²±ơ ắằ -¿ãẳ ¿ắ±ôơ ã²êằ-ơ±đ- âá± ắôĐ ơằẵá²±´±ạĐ ±đ ắã±ơằẵá²±´±ạĐ -ơ±ẵà-ũ

ẫáĐ ẳ± -±³ằ -ằẵơ±đ- °¿Đ ³±đằ ã² ẳãêãẳằ²ẳ- ơῲ ±ơáằđ-ỏ ẫáã´ằ °¿đơ ±º ơáằ đằ¿-±²

³¿Đ ´ãằ ã² ơáằ áã-ơ±đĐ ±º ơáằ-ằ -ằẵơ±đ-ụ ¿ ạđằ¿ơ ẳằ¿´ ±º ơáằ ẳ㺺ằđằ²ẵằ- ã² ẳãêãẳằ²ẳ °±´ãẵĐ ẵ¿²

ắằ ằă°´¿ã²ằẳ ắĐ ẳ㺺ằđằ²ẵằ- ã² ºô²ẳ¿³ằ²ơ¿´-ũ Íằẵơ±đ- âãơá áãạáằđ ạđ±âơá °±ơằ²ơã¿´ ¿²ẳ ³±đằ ê±´¿ơã´ằ ằ¿đ²ã²ạ- ơằ²ẳ ơ± °¿Đ ´ằ ã² ẳãêãẳằ²ẳ-ụ ằ-°ằẵã¿´´Đ đằ´¿ơãêằ ơ± ³¿đàằơ ê¿´ôằũ Úãđ³- ã²

ỗổ -ềệồệở-Ừ ểịƯể Ư ỨỪẹ -Ừơểổệ- ƯệỪ Ửở-ồệổồổệểởổỗƯểỪƠậ ệỪồệỪ-ỪỗểỪỬ ởỗ ểịở- -Ừơểổệò ĨỪƯƠ Ừ-ểƯểỪ

ởỗếỪ-ểỠỪỗể ểệề-ể- ệỪồệỪ-Ừỗể ìđũ ổỨ ểịỪ -ểổơộ- ởỗ ểịỪ ồổệểỨổƠởổ ẹởểị ềểởƠởểởỪ- ụỪƠỪơểệởơ ƯỗỬ ỰƯ-ọ

ƯỗỬ ỨởỗƯỗơởƯƠ -ỪệếởơỪ ỨởệỠ- ụớƯỗộ-ô ởỗếỪ-ểỠỪỗể ơổỠồƯỗởỪ- ƯỗỬ ởỗ-ềệƯỗơỪọ ệỪồệỪ-ỪỗểởỗỰ Ướổềể ĩđũ ỪƯơịò

ỪẽỪệơở-Ừ ỬềỪ ỬởƠởỰỪỗơỪ ớậ ỪẽƯỠởỗởỗỰ ỠổệỪ ệỪơỪỗể ỗỪẹ- ệỪƠỪƯ-Ừ- ớỪỨổệỪ ểịỪậ ồƠềỗỰỪ ởỗểổ

ểịỪ-Ừ -ểổơộ-ò

ẫá¿ơ ¿đằ ơáằ ã³°´ãẵ¿ơã±²- º±đ ã²êằ-ơ±đ-ỏ ò -ơ±ẵà âãơá ¿ áãạá ẳãêãẳằ²ẳ ³¿Đ ắằ ¿²

¿ơơđ¿ẵơãêằ ã²êằ-ơ³ằ²ơ ắôơ ±²´Đ 㺠ơáằ ẳãêãẳằ²ẳ- ẵ¿² ắằ -ô-ơ¿ã²ằẳũ ỉ±â ẳ± бô ಱâ âáằơáằđ

ẳãêãẳằ²ẳ- ¿đằ -ô-ơ¿ã²¿ắ´ằỏ èáằđằ ¿đằ ơáđằằ ¿°°đ±¿ẵáằ-ũ èáằ ºãđ-ơ ¿²ẳ -ã³°´ằ-ơ ±²ằ

ẵ±³°¿đằ-ẳãêãẳằ²ẳ- ơ± ằ¿đ²ã²ạ- ã² ơáằ ³±-ơ đằẵằ²ơ °ằđã±ẳ ơ± -ằằ 㺠ơ±± ³ôẵá ã- ắằã²ạ °¿ãẳ ±ôơũ èáằ -ằẵ±²ẳ ¿°°đ±¿ẵá ³±ẳãºãằ- ơáằ ºãđ-ơ ±²ằ ơ± ¿´´±â º±đ ơáằ º¿ẵơ ơá¿ơ ằ¿đ²ã²ạ- ¿đằ ê±´¿ơã´ằũ ìơ

°¿Đ±ôơ đ¿ơã± ¿đằ ¿ơ đã-àũ

ẻằêã-ãơ ơáằ -¿³°´ằ ±º ơáằ ùðð ẵ±³°¿²ãằ- âãơá ơáằ áãạáằ-ơ ẳãêãẳằ²ẳ Đãằ´ẳ- ứºđ±³ è¿ắ´ằ ợũớữ ¿²ẳ ẵ±³°¿đằ ¿²²ô¿´ ẳãêãẳằ²ẳ- ơ± ơđ¿ã´ã²ạ ằ¿đ²ã²ạ- ú ằ¿đ²ã²ạ- ã² ơáằ ³±-ơ đằẵằ²ơ º±ôđ ¯ô¿đơằđ-ũ Úãạôđằ ợũố -ô³³¿đãƯằ- ơáằ ºã²ẳã²ạ-ổ

ĩãêãẳằ²ẳ- âãơá ²ằạ¿ơãêằ

Û¿đ²ã²ạ- í¿ơằạ±đĐ

ằ¿đ²ã²ạ-Úãạôđằ ợũốổ ĩãêãẳằ²ẳ- êằđ-ô-

Û¿đ²ã²ạ-Data from Value Line: The dividends for each company were compared to the earnings for the company.

ẹº ơáằ ùðð ºãđ³- ã² ơáằ °±đơº±´ã±ụ ởộ á¿ẳ ẳãêãẳằ²ẳ- ơá¿ơ ằăẵằằẳằẳ ơáằãđ ằ¿đ²ã²ạ- ±êằđ ơáằ ´¿-ơ º±ôđ ¯ô¿đơằđ- ¿²ẳ ùợ °¿ãẳ ẳãêãẳằ²ẳ- ằêằ² ơá±ôạá ơáằĐ á¿ẳ ´± ằ- º±đ ơáằ Đằ¿đũ

¿²¿´Đ-ã- ±² °±ơằ²ơã¿´ ơ±ắ¿ẵẵ± ´ã¿ắã´ãơãằ-ũ

í±³°¿đã-±²- ơ± é±ơằ²ơã¿´

ĩãêãẳằ²ẳ-ẫáã´ằ ẵ±³°¿đã²ạ ẳãêãẳằ²ẳ- ơ± ằ¿đ²ã²ạ- ³¿Đ °đ±êãẳằ ¿ -ã³°´ằ â¿Đ ±º ³ằ¿-ôđã²ạ

âáằơáằđ ẳãêãẳằ²ẳ- ¿đằ -ô-ơ¿ã²¿ắ´ằụ ãơ ã- ²±ơ ¿ ẵ±³°´ằơằ ơằ-ơ º±đ ơâ± đằ¿-±²-ũ

Ú±đ ẳãêãẳằ²ẳ- ơ± ắằ ơđô´Đ -ô-ơ¿ã²¿ắ´ằụ ơáằ ẵ¿-á º´±â- ´ằºơ ±êằđ ¿ºơằđ ẵ¿°ãơ¿´ ằă°ằ²ẳãơôđằ- á¿êằ

ơ± ắằ ạđằ¿ơằđ ơῲ ơáằ ẳãêãẳằ²ẳ-ũ

ỉ±â ẵ¿² бô ³ằ¿-ôđằ ơáằ ẵ¿-Ẵ±â- ¿ê¿ã´¿ắ´ằ º±đ ẳãêãẳằ²ẳ-ỏ ẹ²ằ ³ằ¿-ôđằ ã- ơáằ ºđằằ ẵ¿-Ẵ±â ơ± ằ¯ôãơĐụ âáãẵá ³ằ¿-ôđằ- ẵ¿-á ´ằºơ ±êằđ ¿ºơằđ ³ằằơã²ạ đằã²êằ-ơ³ằ²ơ ²ằằẳ-ũ è±

ề±ơằ ơá¿ơ ơáằ ²ằơ ẵ¿-Ẵ±â ºđ±³ ẳằắơ ẵ¿² ắằ °±-ãơãêằ 㺠ẳằắơ ã ôằ- ằăẵằằẳ ẳằắơ đằ°¿Đ³ằ²ơ-ũ í±²-ằđê¿ơãêằ ¿²¿´Đ-ơ- âá± ẳ± ²±ơ ⿲ơ ẳãêãẳằ²ẳ- ơ± ắằ ºô²ẳằẳ ắĐ ²ằơ ẳằắơ ã ôằ- ±ºơằ²

ẵ±³°ôơằ ¿ ẵ±²-ằđê¿ơãêằ êằđ-ã±² ±º ºđằằ ẵ¿-Ẵ±â ơ± ằ¯ôãơĐụ âáãẵá ãạ²±đằ- ²ằơ ẳằắơ ẵ¿-Ẵ±â-ổ

í±²-ằđê¿ơãêằ ÚíÚÛ ó ềằơ ì²ẵ±³ằ ừ ĩằ°đằẵã¿ơã±² ¿²ẳ ò³±đơãƯ¿ơã±² P í¿°ãơ¿´ Ûă°ằ²ẳãơôđằ- P íῲạằ ã² ²±²úẵ¿-á â±đàã²ạ ẵ¿°ãơ¿´

ã² ẳãêãẳằ²ẳ-ụ -ôạạằ-ơã²ạ ¿ ´¿đạằ ắôººằđ º±đ ẳãêãẳằ²ẳ °¿Đ³ằ²ơ-ũ í±²ẵằđ²- ¿ắ±ôơ ´¿â-ôãơ- ¿²ẳ

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ắằơâằằ² ằ¿đ²ã²ạ- °ằđ -á¿đằ ¿²ẳ ÚíÚÛ -á±â- ô° âãơá ơáằ ằ²ằđạĐ ºãđ³-ũ ò´´ ±º ơáằ ằ²ằđạĐ ºãđ³- á¿êằ -ôắ-ơ¿²ơã¿´´Đ ´±âằđ ºđằằ ẵ¿-Ẵ±â- ơ± ằ¯ôãơĐ ơῲ ằ¿đ²ã²ạ- °ằđ -á¿đằồ ºãêằ ±º ơáằ³

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