一个证券分析师的醒悟

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About value investment in China market

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  • 1. n_ - CHIN Cni'JC 'PRESS

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N a 7-J1t~? ~~Z,0~~~*-.ll:~0 f"F~f"F7-1-f~WiJ:t~o ~~~ 17 i=J: ( 1988 -2004) * ~Q* i1FtE~~$WB{] 3 500 *_tm0~~~~*~Wf"@.ltiV~1~~JIJ (M~ ~:i:~~~ I Jt, ~~~~55 Ui:B{J~ji]I'JSIJZ0~f~i1J 55 Jt, ~~) 0 ?!,!;, tE~3 500 0~~Ei:!& "{E~$" (ffi~~$Ei.$) mJ"IJo ''~~$'' ~~~~Jt~f~, &M*~~oJ;~~-0~~~1- f~j}';f]Q~*o tt~Q, ~$x0 ~ ~ ~M~W ?' @J tii$~~JIJ ~ I7 Ui: (f~)t17), [email protected]!i$, im~~ "~Ei.$" ~~JIJ~~3400Ui: (~~~fi!J~~ 100 Ui:l, ~Jl:ti~?t 100 ?ta :t~, tE:IS:~1'?t~;Jm ~*i"Ftt~o ,~,Jt~f~~~o tt~Q, ~$}.:~,~,Jt~~ 117 Jt ( ~p, 17 1m 100l 0 ~l'll'l SIJZ0 ~ Ei:!ffi ":t11$" ~~~~ 3 5oo -w: 1~~ ~ .11!1!:), i~I ?t. J'iH~,~,Jt~56?t, 17t~~$.7.:o T*m&~~:1S:~~-~*B{]~~o~~*~~ *~llAffi~oDJ~~1-~~o-, ~~~~~~~fflit~4 101. ~~k,~ftA~~~~~~o~~~~~~~~~~~:~~~ ~~~~~.~-~-~~7--I~~m~o~*~~~P~~ 1b,~il}ie~JJil'i&ff)l:(fjA'L'!FJI i1=~~E~,I]8o sl~fi!fftfl)g~fit 7.m~~-~-~~m~.~-*M~~~--,~~~-~ ~~"~o~~~-~aA,-fiR~~ ~~o 1988 27. 1 24.8 16.6 1989 44.6 18 31.7 1990 1. 7 -16. 1 -3. 1 1991 70.6 45.6 30..5 1992 32.4 11.4 7.6 1993 17.2 15.9 10. 1 1994 22 -4.5 1.3 1995 34 29. 1 37. 6 1996 17.3 14.9 23 1997 40.2 16.8 33.4 1998 25.5 -2 28.6 1999 53 36. 1 21 2000 7.9 -16.8 -9. 1 2001 69.6 11.5 -11.9 2002 -4 -24.2 -22. 1 2003 79.9 68.8 28.7 2004 19.3 17.8 10.9 ~~rnltfl$ 30.8% 12.3% 12.4% M*ll: Joel Greenblatt, 'I7u! Uule Book That Beau The Market, John Wiley & Sons. f r r I ) 1: I I ~ r I I I 102. m-=m- 11HO fX it 95 m. 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