{"id":29922,"date":"2023-12-07T08:47:53","date_gmt":"2023-12-07T08:47:53","guid":{"rendered":"https:\/\/masterskills.org\/blog\/dau-tu-theo-cong-thuc-ki-dieu-magic-formula-investing-la-gi-dac-diem.html"},"modified":"2023-12-23T06:11:01","modified_gmt":"2023-12-22T23:11:01","slug":"dau-tu-theo-cong-thuc-ki-dieu-magic-formula-investing-la-gi-dac-diem","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/dau-tu-theo-cong-thuc-ki-dieu-magic-formula-investing-la-gi-dac-diem.html","title":{"rendered":"\u0110\u1ea7u t\u01b0 theo c\u00f4ng th\u1ee9c k\u00ec di\u1ec7u (Magic Formula Investing) l\u00e0 g\u00ec? \u0110\u1eb7c \u0111i\u1ec3m"},"content":{"rendered":"
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\u1ea2nh minh h\u1ecda. Ngu\u1ed3n: Personal Finances.<\/p>\n<\/div>\n<\/div>\n

\u0110\u1ea7u t\u01b0 theo c\u00f4ng th\u1ee9c k\u00ec di\u1ec7u<\/font><\/b><\/h2>\n

Kh\u00e1i ni\u1ec7m<\/b><\/p>\n

\u0110\u1ea7u t\u01b0 theo c\u00f4ng th\u1ee9c k\u00ec di\u1ec7u<\/b> ti\u1ebfng Anh l\u00e0 Magic Formula Investing.<\/b><\/p>\n

\u0110\u1ea7u t\u01b0 theo c\u00f4ng th\u1ee9c k\u00ec di\u1ec7u<\/b> l\u00e0 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u00f3 k\u1ec9 lu\u1eadt, d\u1ef1a tr\u00ean qui t\u1eafc, h\u01b0\u1edbng d\u1eabn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p t\u01b0\u01a1ng \u0111\u1ed1i \u0111\u01a1n gi\u1ea3n v\u00e0 d\u1ec5 hi\u1ec3u \u0111\u1ec3\u00a0\u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb\u00a0 N\u00f3 d\u1ef1a tr\u00ean m\u00e0n h\u00ecnh \u0111\u1ecbnh l\u01b0\u1ee3ng c\u1ee7a c\u00e1c c\u00f4ng ty v\u00e0 c\u1ed5 phi\u1ebfu, v\u00e0 \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 \u0111\u00e1nh b\u1ea1i l\u1ee3i nhu\u1eadn trung b\u00ecnh h\u00e0ng n\u0103m c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng\u00a0S&P 500\u00a0\u0111\u1ec3 th\u1ec3 hi\u1ec7n l\u1ee3i nhu\u1eadn c\u1ee7a th\u1ecb tr\u01b0\u1eddng. N\u00f3i m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n, n\u00f3 ho\u1ea1t \u0111\u1ed9ng b\u1eb1ng c\u00e1ch x\u1ebfp h\u1ea1ng c\u00e1c c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean gi\u00e1 c\u1ee7a ch\u00fang v\u00e0 l\u1ee3i nhu\u1eadn t\u1eeb v\u1ed1n.<\/p>\n

\u0110\u1ea7u t\u01b0 theo c\u00f4ng th\u1ee9c k\u00ec di\u1ec7u \u0111\u01b0a ra c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb t\u1eeb g\u00f3c \u0111\u1ed9 ph\u01b0\u01a1ng ph\u00e1p k\u0129 thu\u1eadt v\u00e0 kh\u00f4ng b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi c\u1ea3m x\u00fac. \u0110\u01b0\u1ee3c ph\u00e1t tri\u1ec3n b\u1edfi Joel Greenblatt, m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0, qu\u1ea3n l\u00ed qu\u0129 \u0111\u1ea7u c\u01a1 v\u00e0 gi\u00e1o s\u01b0 kinh doanh, c\u00f4ng th\u1ee9c n\u00e0y \u00e1p d\u1ee5ng cho c\u00e1c c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a l\u1edbn, m\u00e0 kh\u00f4ng bao g\u1ed3m b\u1ea5t k\u00ec c\u00f4ng ty nh\u1ecf ho\u1eb7c si\u00eau nh\u1ecf n\u00e0o. <\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a \u0110\u1ea7u t\u01b0 theo c\u00f4ng th\u1ee9c k\u00ec di\u1ec7u<\/font><\/b><\/h3>\n

Chi\u1ebfn thu\u1eadt \u0111\u1ea7u t\u01b0 theo c\u00f4ng th\u1ee9c k\u00ec di\u1ec7u \u0111\u01b0\u1ee3c m\u00f4 t\u1ea3 l\u1ea7n \u0111\u1ea7u ti\u00ean trong cu\u1ed1n s\u00e1ch b\u00e1n ch\u1ea1y nh\u1ea5t n\u0103m 1980 c\u00f3 t\u1ef1a \u0111\u1ec1 “Cu\u1ed1n s\u00e1ch nh\u1ecf \u0111\u00e1nh b\u1ea1i th\u1ecb tr\u01b0\u1eddng” v\u00e0 trong ph\u1ea7n ti\u1ebfp theo n\u0103m 2010, c\u00f3 t\u1ef1a \u0111\u1ec1 “Cu\u1ed1n s\u00e1ch nh\u1ecf v\u1eabn \u0111\u00e1nh b\u1ea1i th\u1ecb tr\u01b0\u1eddng” c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 Joel Greenblatt.\u00a0<\/p>\n

Trong cu\u1ed1n s\u00e1ch, Greenblatt n\u00eau ra hai ti\u00eau ch\u00ed \u0111\u1ec3 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n: Gi\u00e1 c\u1ed5 phi\u1ebfu v\u00e0 chi ph\u00ed v\u1ed1n c\u1ee7a c\u00f4ng ty. Thay v\u00ec ti\u1ebfn h\u00e0nh ph\u00e2n t\u00edch c\u01a1 b\u1ea3n c\u00e1c c\u00f4ng ty v\u00e0 c\u1ed5 phi\u1ebfu, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng c\u00f4ng c\u1ee5 s\u00e0ng l\u1ecdc ch\u1ee9ng kho\u00e1n tr\u1ef1c tuy\u1ebfn c\u1ee7a Greenblatt \u0111\u1ec3 ch\u1ecdn 20 \u0111\u1ebfn 30 c\u00f4ng ty \u0111\u01b0\u1ee3c x\u1ebfp h\u1ea1ng h\u00e0ng \u0111\u1ea7u \u0111\u1ec3 \u0111\u1ea7u t\u01b0. B\u1ea3ng x\u1ebfp h\u1ea1ng c\u00f4ng ty d\u1ef1a tr\u00ean:<\/p>\n

– Thu nh\u1eadp tr\u00ean c\u1ed5 phi\u1ebfu, \u0111\u01b0\u1ee3c t\u00ednh l\u00e0\u00a0thu nh\u1eadp tr\u01b0\u1edbc l\u00e3i v\u00e0 thu\u1ebf\u00a0(EBIT).<\/p>\n

– L\u1ee3i t\u1ee9c, \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng thu nh\u1eadp tr\u00ean m\u1ed7i c\u1ed5 ph\u1ea7n\u00a0(EPS) chia cho gi\u00e1 c\u1ed5 phi\u1ebfu hi\u1ec7n t\u1ea1i<\/p>\n

– L\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n \u0111o l\u01b0\u1eddng m\u1ee9c \u0111\u1ed9 hi\u1ec7u qu\u1ea3 m\u00e0 c\u00f4ng ty t\u1ea1o ra thu nh\u1eadp t\u1eeb t\u00e0i s\u1ea3n c\u1ee7a m\u00ecnh.<\/p>\n

C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c b\u00e1n c\u00e1c c\u1ed5 phi\u1ebfu thua l\u1ed7 tr\u01b0\u1edbc khi h\u1ecd n\u1eafm gi\u1eef ch\u00fang trong m\u1ed9t n\u0103m \u0111\u1ec3 t\u1eadn d\u1ee5ng l\u1ee3i th\u1ebf c\u1ee7a thu\u1ebf thu nh\u1eadp, cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng thua l\u1ed7 \u0111\u1ec3 b\u00f9 \u0111\u1eafp l\u1ee3i nhu\u1eadn c\u1ee7a h\u1ecd. H\u1ecd b\u00e1n c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 l\u00e3i sau m\u1ed9t n\u0103m, \u0111\u1ec3 t\u1eadn d\u1ee5ng l\u1ee3i th\u1ebf c\u1ee7a thu\u1ebf su\u1ea5t thu\u1ebf thu nh\u1eadp gi\u1ea3m \u0111\u1ed1i v\u1edbi l\u1ee3i nhu\u1eadn v\u1ed1n d\u00e0i h\u1ea1n. Sau \u0111\u00f3, h\u1ecd l\u1eb7p l\u1ea1i qu\u00e1 tr\u00ecnh n\u00e0y.<\/p>\n

Nh\u01b0 Greenblatt \u0111\u00e3 n\u00f3i trong m\u1ed9t cu\u1ed9c ph\u1ecfng v\u1ea5n n\u0103m 2006 v\u1edbi Barron’s, c\u00f4ng th\u1ee9c k\u00ec di\u1ec7u \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 mua \u0111\u01b0\u1ee3c c\u1ed5 phi\u1ebfu c\u00f4ng ty t\u1ed1t v\u1edbi gi\u00e1 r\u1ebb v\u00e0 trung b\u00ecnh. S\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p ti\u1ebfp c\u1eadn \u0111\u01a1n gi\u1ea3n v\u00e0 kh\u00f4ng b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi c\u1ea3m x\u00fac, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u00e0ng l\u1ecdc c\u00e1c c\u00f4ng ty c\u00f3 tri\u1ec3n v\u1ecdng t\u1ed1t t\u1eeb g\u00f3c \u0111\u1ed9 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb.<\/p>\n

C\u00f4ng th\u1ee9c ho\u1ea1t \u0111\u1ed9ng nh\u01b0 sau:<\/p>\n

– \u0110\u1eb7t\u00a0gi\u00e1 tr\u1ecb v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng\u00a0t\u1ed1i thi\u1ec3u cho c\u00e1c c\u00f4ng ty danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n. Con s\u1ed1 n\u00e0y th\u01b0\u1eddng ph\u1ea3i cao h\u01a1n 100 tri\u1ec7u USD.<\/p>\n

– \u0110\u1ea3m b\u1ea3o b\u1ea1n lo\u1ea1i tr\u1eeb b\u1ea5t k\u00ec c\u1ed5 phi\u1ebfu c\u00f4ng ty t\u00e0i ch\u00ednh ho\u1eb7c c\u00f4ng ty ti\u1ec7n \u00edch n\u00e0o khi b\u1ea1n ch\u1ecdn c\u00f4ng ty c\u1ee7a m\u00ecnh.<\/p>\n

– T\u00ednh n\u0103ng su\u1ea5t thu nh\u1eadp c\u1ee7a m\u1ed7i c\u00f4ng ty: (EBIT\/Gi\u00e1 tr\u1ecb doanh nghi\u1ec7p).<\/p>\n

– T\u00ednh l\u1ee3i t\u1ee9c v\u1ed1n c\u1ee7a m\u1ed7i c\u00f4ng ty: [EBIT\/(T\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh r\u00f2ng + V\u1ed1n l\u01b0u \u0111\u1ed9ng)].<\/p>\n

– X\u1ebfp h\u1ea1ng c\u00e1c c\u00f4ng ty \u0111\u01b0\u1ee3c l\u1ef1a ch\u1ecdn theo l\u1ee3i t\u1ee9c thu nh\u1eadp cao nh\u1ea5t v\u00e0 l\u1ee3i t\u1ee9c cao nh\u1ea5t v\u1ec1 v\u1ed1n.<\/p>\n

– Mua 2-3 c\u1ed5 phi\u1ebfu m\u1ed7i th\u00e1ng trong 20 \u0111\u1ebfn 30 c\u00f4ng ty h\u00e0ng \u0111\u1ea7u, trong su\u1ed1t m\u1ed9t n\u0103m.<\/p>\n

– M\u1ed7i n\u0103m, c\u00e2n b\u1eb1ng l\u1ea1i danh m\u1ee5c \u0111\u1ea7u t\u01b0 b\u1eb1ng c\u00e1ch b\u00e1n b\u1edbt c\u1ed5 phi\u1ebfu thua l\u1ed7 m\u1ed9t tu\u1ea7n tr\u01b0\u1edbc khi k\u00ec h\u1ea1n k\u1ebft th\u00fac. B\u00e1n h\u1ebft c\u1ed5 phi\u1ebfu c\u00f3 l\u00e3i m\u1ed9t tu\u1ea7n sau n\u0103m t\u01b0\u01a1ng \u1ee9ng.<\/p>\n

– L\u1eb7p l\u1ea1i qui tr\u00ecnh n\u00e0y m\u1ed7i n\u0103m trong t\u1ed1i thi\u1ec3u 5 \u0111\u1ebfn 10 n\u0103m ho\u1eb7c h\u01a1n.<\/p>\n

Theo Greenblatt, chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u00f4ng th\u1ee9c k\u00ec di\u1ec7u c\u1ee7a \u00f4ng \u0111\u00e3 t\u1ea1o ra l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m l\u00e0 30%. <\/p>\n

(Theo\u00a0Investopedia<\/i>)<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n \u0110\u1ea7u t\u01b0 theo c\u00f4ng th\u1ee9c k\u00ec di\u1ec7u (ti\u1ebfng Anh: Magic Formula Investing) l\u00e0 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u00f3 k\u1ec9 lu\u1eadt, d\u1ef1a tr\u00ean qui t\u1eafc, h\u01b0\u1edbng d\u1eabn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p t\u01b0\u01a1ng \u0111\u1ed1i \u0111\u01a1n gi\u1ea3n v\u00e0 d\u1ec5 hi\u1ec3u \u0111\u1ec3 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[417],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/29922"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=29922"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/29922\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=29922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=29922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=29922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}