選股唔需要睇複雜財報——彼得林奇教你點樣用生活觀察找到市場上的隱藏寶藏《彼得·林奇的成功投資》

作者用淺顯生動的語言娓娓道出了股票投資的諸多技巧，
向廣大的中小投資者提供了簡單易學的投資分析方法。
這些方法是作者多年的經驗總結，具有很強的實踐性，
對於業餘投資者來說尤為有益。

作者首先告訴投資者的就是這樣一條投資規則：不要相信投資專家的建議！作者認為投資者只要對股票認真做一些研究，其成績不會比專家差。
此外，作者認為業餘投資者有很多先天的優勢，
如果他們把這些優勢發揮出來，在投資時就會比專家做得還出色。

 
作者介紹
彼得·林奇（Peter Lynch），在世人的眼中，他就是財富的化身，他的著作是所有股民的寶典，他手上的基金是有史以來賺錢的，他被譽為“全球佳選股者”。

他就是彼得·林奇——歷史上偉大的投資人之一。他被美國《時代》雜誌評為“全球佳基金經理”，被美國基金評級公司評為“歷史上傳奇的基金經理”。他對共同基金的貢獻，就像是喬丹之於籃球，鄧肯之於現代舞蹈。他讓投資變成了一種藝術。

1977～1990年，他一直擔任富達公司旗下麥哲倫基金的經理人。在這13年間，他使麥哲倫基金的管理資產從1800萬美元增至140億美元，年平均複利報酬率高達29%，幾乎無人能出其右，基金持有人超過100萬人，麥哲倫基金也由此成為世界上成功的基金，投資績效名列前茅。由於資產規模巨大，林奇13年間買過15000多檔股票。

1990年，彼得·林奇在事業高峰急流勇退，開始總結自己的投資經驗，陸續寫出《彼得·林奇的成功投資》《戰勝華爾街》《彼得·林奇教你理財》三部暢銷書，轟動華爾街。退休後，彼得·林奇投身慈善事業。雖然他是億萬富翁，也讓別人成為億萬富翁，但他卻不是金錢的奴隸，而是主人。
 
約翰·羅瑟查爾德（John Rothchild），與彼得·林奇合著《彼得·林奇的成功投資》《戰勝華爾街》《彼得·林奇教你理財》，在《時代》《財富》《價值》等刊物上均發表過文章。
 
 
目錄
推薦序 閱讀林奇28年（楊天南）
致謝
譯者序
千禧版序言
引言 愛爾蘭之行的啟示 /1
一些讓我心煩意亂的小事 /2
10月股市暴跌的教訓 /4
導論 業餘投資者的優勢 /6
奇妙的10倍股 /8
油炸圈餅和蘋果電腦 /10
普通常識的重要性 /12
這是一家上市公司嗎 /19
不要投資于你根本不瞭解的公司股票 /21
......
本書結構 /23
｜第一部分｜ 投資準備
第1章 我是如何成長為一個選股者的 /27
隨機漫步理論反思和緬因州制糖公司股票的教訓 /34
第2章 專業投資者的劣勢 /38
華爾街專業投資者的滯後性 /41
機構投資的嚴格限制：4項檢驗全部合格 /44
機構投資潛規則：洛克菲勒牡蠣 /52
業餘投資者要自己獨立投資 /55
第3章 股票投資是賭博嗎 /58
解放銀行存款 /60
股票的反駁 /62
投資股票的風險有多大 /64
股票和梭哈撲克遊戲 /67
第4章 進入股市前的自我測試 /73
我有一套房子嗎 /73
我未來需要用錢嗎 /76
我具備股票投資成功所必需的個人素質嗎 /77
第5章 不要預測股市 /82
為歷史重演做準備無濟於事 /85
股市預測的雞尾酒會理論 /87
不要問未來股市會如何 /88
本部分要點 /91
｜第二部分｜ 挑選大牛股
第6章 尋找10倍股 /95
潰瘍藥背後隱藏的10倍股 /98
消費者和行業專家兩種投資優勢 /102
我個人的絕對優勢 /104
第7章 6種類型公司股票 /109
這種產品對公司淨利潤的影響有多大 /111
公司越大，漲幅越小 /113
6種類型公司股票 /115
從快速增長到緩慢增長 /138
不同類型股票區別對待 /140
第8章 13條選股準則 /142
13條選股準則 /143
......
第9章 我避而不買的股票 /169
避開熱門行業的熱門股 /169
小心那些被吹捧成“下一個”的公司 /174
避開“多元惡化”的公司 /175
當心小聲耳語的股票 /180
小心過於依賴大客戶的供應商公司股票 /184
小心名字花裡胡哨的公司 /185
第10章 收益，收益，還是收益 /186
著名的市盈率（P/E） /194
對市盈率的進一步討論 /196
股市整體的市盈率 /200
未來收益如何預測 /201
第11章 下單之前沉思兩分鐘 /203
研究La Quinta的成功經驗 /207
研究Bildner’s公司的失敗教訓 /212
第12章 如何獲得真實的公司資訊 /215
從一位元經紀人處獲得最多的資訊 /216
給公司打電話 /219
你相信投資者關係部門說的話嗎 /222
拜訪上市公司總部 /224
與投資者關係部門工作人員的個人接觸 /226
實地調查 /227
閱讀公司年報 /231
第13章 一些重要的財務分析指標 /238
某種產品在總銷售額中占的比例 /238
市盈率 /239
現金頭寸 /240
負債因素 /244
股息 /248
公司派發股息嗎 /250
帳面價值 /251
隱蔽資產 /254
現金流量 /261
存貨 /264
養老金計畫 /266
增長率 /267
稅後利潤 /270
第14章 定期重新核查公司分析 /273
第15章 股票分析要點一覽表 /279
股票分析要點 /279
本部分要點 /285
｜第三部分｜ 長期投資
第16章 構建投資組合 /291
持有多少股票才算太多 /294
分散投資 /297
不要“拔掉鮮花澆灌野草” /299
......
1987年的市場崩潰 /305
不要過早賣出 /306
小心煽動效應 /309
何時真的應該賣出 /312
第18章 12種關於股價的最愚蠢且最危險的說法 /322
股價已經下跌這麼多了，不可能再跌了 /323
你總能知道什麼時候一檔股票跌到底了 /325
股價已經這麼高了，怎麼可能再漲呢 /327
股價只有3美元，我能虧多少呢 /329
最終股價會漲回來的 /330
黎明前總是最黑暗的 /331
等到股價反彈到10美元時我才會賣出 /332
我有什麼可擔心的，保守型股票不會波動太大 /332
等的時間太長了，不可能上漲了 /333
看看我損失了多少錢，我竟然沒買這只大牛股 /336
我錯過了這只大牛股，我得抓住下一隻這樣的大牛股 /337
股價上漲，所以我選的股票一定是對的；股價下跌，所以我選的股票一定是錯的 /337
第19章 期權、期貨與賣空交易 /340
期權、期貨交易 /340
賣空股票 /345
第20章 5萬個專業投資者也許都是錯的 /348
對投資充滿信心 /348
本部分要點 /361
後記 馬里蘭之旅的感悟 /364

Transcript

SPEAKER_01 0:04

Come on, I gone in Sula, Kjo Bader Lamcadek, Sangong Tit Hop, Chota Beta Lam Kater, Caesan Hagor Choi Fufar San. K Bay Yuana Chin Kaucho Gai Sun Gut, Lexi Sang White Tao Tian Zia, Cause Sau Kamler, Haiao C Lantin. Com so in a claim, Juni you get outtiana, die helibun su lamina, could kiss the jugginse. Jong yi san gong at. Yip Jungybithoyan. Come de tau teach a minute to pin that suffan yi chan. Ms. Yip you get how di jala bunsan cry hotel loyao sai. Yu lil langaula chong van yum gai le young. Come could get how ti yip ja will bait how ti chin gach sec. Give your whole langa, how chu go si chang de penguin yip check soy peng. Come that you guy heart. Yib you tau te get how t bakuda yi be a tau te hogi kick by chin youtu. You could give you how tic go tie like a hole on to kong chin yi care waji guy hammer. Y wadi guy chong take to he but give you hold on and won die how kick them fan six seal could changi go pill, hammer. Come gala you could yield go tie, hold on one dough take the tau jigu pio. But go gasida chall. Such a shall chin bite yet than I may yi go tile jungaio sai. Did he change out jet, how isado chong jungtai, chung yder, hi yang hung could chu jung tao zile yet. Kamoda, your pin ya dilu sai han dele Taya tauji hai moganti. Donkey gum could nat than you ka my di kupial. Kho hola so do mtonga mengman koi denga, fat kwa han tai pe yula, yeding dun hong ason topomuner, could m one ho kaumaya kung wi gong si yaku, yaola yu, y ding kaula and one ho kaumai mo li ducting hongji kupil. He had it in di she bay chan yiba set yao chan yiba gong ti chan yiba tang dang. Nangola, may go ting, kao yikwai, ydu tie then jolla chong zhonghan tai sang kwaidang. Cho si yam hoekan song si gong si go bay like m langga siugo zhong kubun ya zakpresent. Tauzi zhongga, itum moi shu go kigang chong map. Gumando chido tao di jell, hai hoi chin ja thozi gubula, chapin siola. Jongati la gigum have jun yapo so do gongsi se cai mo yok chok, did gay gum hai moikal my yam hoagan, si jek tai you, mo g bujon y gong si gobil, pay you, si jek moi dai go, yad yek may gum. Yoyagongsi, lautong gu fan, yi chin mangu, moi gugat, yet dim chme. Cekle, zeta fan, leng dim sam yek mayun. Kung do call my bujun. Gma da dongo guga sung jung sambui tato m dim yi me, yes yale, gongsi a si jele jumpinzang yo ya dim leng gigamgongsi ciao hoi kauma the gobilla. Kuman jokigola do zil go kijin jung. Zi donisek song si gongsi a gubil, your hopeng, so jung do gaga, hoko siao, die yangigam gongsi sinang bay one hoi kao madi siugongsi a gobio. Tola andguai gigumle, moban vatin sensi chau ti johokasinjaohan, si lang hai lautong gu boon kwaim gal di la maya ho chi gu bay mu silgo sok besangsi la tic a se kuimo hoda, may like dole da hongu man y kumsi, natze, mangli choi fu jabsi guide mba kang chimengongsi, dali dia tauti johoble, kizahohan u yang do di ling king hai getau yip chik, diado so chengfontiale, nijangga do po ng taujibo. Da yi pang yong hai chingon ching chatler. Gay bun zang yom minam lung jung taoji zun jat, da yat, tauchi hegan, butsi mengongsi gubhiu, hola langu jandwa dibatin, da yi tauchi hegan, yi ging bakong fan ying hong a gongsi gubhiu, dhanhella, hai wea silangasun zat, boldon happy a cotti jet to a hoba yao yum fong hean di ching hollong sang. K Sunja Kwai Ziu ching cotton sing. Com to y chin yi tautian gong, Langao Jan Dai Chin ho see, di man yat, cut out by lot pageam hajama. But ging like on dargong. Hopi to the lingdu gate, mojo van wuna tic sea leon my call my IBM go pill, yi lengo go hot witsi gum soon, tileing yunduy my comy mojo fan wuna. You mighto sea men a go pill, Ibama, could go hardilla, come heart, tongolo ban to hold you, I like an Ibm Gongsio mea, ta you go my joksi men goup heal, tehla mama gehe lo gungsi, could go heartila, gum could ne hoy tola, lit me gumila, me lega, colo suinsa gomdo chain, gum so yina, whika hai chai ho senga. Tedongigo uh Yoga Gubga Hyda Fan uh say may gum. Chi without t ja hai mmu kauma gang me, but chokto as you gongsi go bill, ta hovala, liang gungsi yi mo son chukong jung, cabanj job msaway fan six chun chi jung fanse, tangdo lisia tau di j choiho my good ina eja kuga yin son jong donbu say somet may. Chin b tau tij you jo hold a swim gai sek. Y bunegongla, gai gum good nature has so yufa chang gan save and yang jo si gang gai sec, kitao ti ho jokin, little hungsi a bom yelloi bogaloban, yinola, tung sa chin tau ziga hak, her gai sec, yi tai tao chigo haksi chan kwa yu diale, little yu soyufa gangdo si gan choi kide. Tali dum to bui chano gang dogin Pei Bolan duck son to gungsi, saugu, hoi whai wai du duck bein bagungsi, kun me janglo ge gum nigangu. Hei tai white duck bein bagungsi and tao zigung jokasihale, tao ziginglean, bojan dogat, hayat seudo, why dug me bagum sia fujong chhoi go on yiu kangile hai hose gubil, gumbuga samgo yule, jetongatoga, so sun jak kupiu lechun yimga nigga sam chungbuya tallongsi di mar sunman, tao zi to hap ketju san changfo, kum toga lehochiho yim kun to. Ken sian gif long fai sai, hutong liga wide me bag of zong choan gubio me, yi ti chan jing ngun gongasigan, so chengbo. Nsiogina, chin yga tja kisa yufa gang dogasigan, sinagou yun sang yet si gethaoti chle. Danhai, nigoifany he gu wok yikin. Kodila, hai muyan muefa gang dogasi gan, yi wokang doglo, do fan junko su sang so do ja fo ja khatleck, the will gang dogano. You go hai yip you get go and tau di jet mumin do song, so. Let him ja yu hai yap meng jun taiga gong changsi, sung chang song and yun, lega yang mo ka le chun jek chong long. Gum hi ying his thousand me gribja tang yao sai. Yum my li so liu guai hold gongsi to hai sapu ku chan sanga de fong. Yi lidi gongsi a gobula, do my waji guy chun yip tau si and soon go geha lo fan my. Mura do Maudi Hong yip, chan bantung fo mol, baby hotungan, kangal guy. Liu yan my le hago uh software engineer. Little yung gin hai liu hong yim, kangaye. Mateliko yamokga, little yang y dog hong yip, kangal guy. Matelego chong yi chong long, the hungu yi soyu so mutong hong yip, kangal guy. Kamguan gintai, le ya son sang will me walta libhuai te sun wa yiga hem ti metiko chong may. Matiko yu five so bakong taugas si jung yin gao sin badakdo, y lia go taliao sai. So I sapoigu, tai ti with sang jung sapuya gubio, ledi gubio tau ti will sang donking yan, p chok ja tauzi, sang ni kale, c phazangi gumsa puigo, cuso kumai atja supu, fayfu hong hong, the language and no dog yingao sange chin bohock fai. Gumma le sapueguin lazy and tau ti, beho gasum me nyakubuler, tisisona, hodo sapugu, the lazy yu ta phaser, so, may go get woon go fan dou san. Gwangyin jai layu sick bit cultural, le chung yi yung pin disam sikunsi mana, niel langa pong le wando sapuguga. Gum chok telle, two tauti chok, p uhan uh gafe pole ma k chong yam gafe dimer, quakin dole, uh ligo chiga wale ho dimor, pin chiliangsi, butinho fan dimsiale, whajiga chinga, chung mechi doljikubio. Gokugan, sang dong die cidole, digo tau tsi kogin, de ja kupil, then coi chan ya diabat. Yigo jung iagan gong sila, the hoy or hollang do a jungi groupio. Bakola, he young li or founse gupio, le chi dole, mau yang chan band face on cup yan le ying go yumaya, the gang si go pio, little su de fan segi, jalgung for, taya goupil, toldai, ten chamaia. Kama lo chong lo yangsi gupil, da yat, woonman, zang jang yang, litigungsi kwaimo, letong zong gao di, lexi hai hoyao gaula, uh, hai hei ko e so yet, tong zha, libho si little gumsi a gub yuga yan. Toso di wai jo chanjo ten kega gusek, bagole, chhoc tin, melju lidi go, yumai kry yang my yogunsi mf chukfa tin, go kuga, mishen chocan jung. Di one theng zang jang yang, gibunjana, lidigong si na hai uhirdly in do yo sub tsuny per cent, ges so y jang junglet. Kumi chang jong changti hala, yug li yogun si get guga sang jungle sums upti mse per cent, chocena, j mygo. Yino cho sinjakodila, gugat may zhang jung get sangu bill, fan foch jun and ton yang get how teachho chop, he kingtai so to by the king di magazi kale, de lo gubio, hayakoho hoge bole cho yung, soil, he leg how thopp lomin, g you bowl or liangu bill. Pesan, fai chok jang jang yang, ligum si a dial kwaim siula, sunseng la bolo, sang jun sen kang, bulina penguana do yi subti some besen cho jang jong, you lungum xium sun j, nitha wo chong jung fai nungo, sang jung sub t say sub, some di bak puya di no go, it is so yet silangsi gupula, it's why diafo tai go lito di jok get sengtai yip che soi pen. Tai say okei yang, thokei senga gongzilla, hai zigodi, siu sao so yap we cho ji, so yip coke, but dun sang jung tungha di chegumsi, youa, legon si me sam jong, lo yangle, do yip mo butin kong jongsi wala, gum tsaukei sengong silla jikong jum sausok, choikong jun choi sausok. L patun chung ye wong fana, gum uh pei you he tongongsi, ta gumsi, gong tik kungsi, j fha hokumsi, quicking tai fan bangasiale, yan, hai hold gangato my san tela, ganga hai wo e chouna, do yangle, yan fatle, a gong tina, far gon than a chan bana soi call, chanbo jang jum, tong king so, tho ki yengungsi, do baus outong foo, comitio singo aham si gate, hitaozi thoke yengongsi kubi guan gin, lipiso lango fat ying gongsi yi mo soito wakse fange to kicja. Tim quan king fan jin yang. Kwan king fanjin gungsi dagu sunsin po chan bogwegomsi, kumbo zan jung, dium tichao king gumsi with fo, churn gero yioktoyum, danai yu gwali lango toktu gaywo. Tilango sonye chang ging tin dong yek jun ho hei, pae yye woongo fan thousen hai sai gai to dag woon go lin so k yip, kembo gongsi, thota forgumsi fan tachele, toklap king yen, kikwga sem jung jo, msab tat poi. Dalo, yan bai yengeti tany yang gongzi uh telly young yan bai tany gumsi uh hai wo bay fai gai fatsi jo, gumidi yan bai jo di tangle, hai mo fanyo he gugasha me. Gumidi bo ba chi doge ho lang the yan chang jo he uh gums uh se yawa bsia chin yokana din si toya some di freddy yan chong gongsi thaimodo. Puyan jung young titlo gumsi a chang fasongama chengfong, he gumsi tsao po chan bo, coy nakai sun ho yi soji kao, e ma chila, tong ho si chochi yang siale, qitum se joi kao li sotaxo. Tongle, liu gai joli lo yengjale, lipi soy tido, yang gum si la moho lang yun sok yu mu guden lo yang, mugumse jangjang lo, moho lang weng yun bochi gooden ba be, tho chit silla yungsi yama, he fating goshen lomina, chang, hai sok yu mtonglo yang ye. Chi jogisiao, kwa su yu fai chok jang jun yengongsi, yin out, cho ji, quai mo to my choi chan sat like yaj yik pong di beans and jugan, one den jang jun gongzi. Gojinsian, cry sing my jobba, yan bai chan yengongsi, cryungik fai van y von de chan din yang to my tongwa pin, did yan by ti chan, hodo yi sub y basabin the jongkei, k kiking yang, how me up soyhoye. Kamhoi letong wagan, quang ying fan jun yang gongsi kupio change tai gamaya. Kali musu bay tito, so Iep youtu jan, lehoi hose and gong. Ziba go, don't let you tang you yi tautsi ken tau ti siao, little ying go, low like gam to la si how mo lei wo make it one siu sec mo tangli gong si ye gio toi teen yik do mo lega litauti di san, hi my me go bill. So I yi t' ja, like a yao sa youao. Ho la tauzi bang tell hoy yao yasan some will mean lodo boy son some thoo sub poigo. We are some van jung when a gong ho si chun zan yan vassan lock yumbaye Iga and your channel. Yet I fat got si bun the mean gang dog a ting wad on teasek or the song teas like high gob be ming one su boonosi yan sang to ye tho hai ho ye hogtabdo, but dun hogtado, gang dog ts, helling to gate, but doing zang jang, but doing jumbo, but doing hang jannel sh web bapbunsu. Sangai your capsule can second your channel. Subscribe, like and share.