{"id":3528,"date":"2020-04-19T07:24:34","date_gmt":"2020-04-19T00:24:34","guid":{"rendered":"https:\/\/hoclamgiau.vn\/?p=3528"},"modified":"2020-05-06T13:28:20","modified_gmt":"2020-05-06T06:28:20","slug":"lam-giau-tu-chung-khoan-su-that-hay-ao-tuong","status":"publish","type":"post","link":"https:\/\/hoclamgiau.vn\/lam-giau-tu-chung-khoan-su-that-hay-ao-tuong\/","title":{"rendered":"L\u00e0m gi\u00e0u t\u1eeb ch\u1ee9ng kho\u00e1n S\u1ef0 TH\u1eacT hay \u1ea2O T\u01af\u1edeNG v\u00e0 s\u00e1ch c\u01a1 b\u1ea3n"},"content":{"rendered":"

L\u00e0m gi\u00e0u t\u1eeb ch\u1ee9ng kho\u00e1n c\u00f3 th\u1ef1c s\u1ef1 d\u1ec5 d\u00e0ng nh\u01b0 nh\u1eefng g\u00ec ng\u01b0\u1eddi ta v\u1eabn ngh\u0129? Ki\u1ebfm ti\u1ec1n t\u1eeb ch\u1ee9ng kho\u00e1n c\u0169ng tr\u00e0n \u0111\u1ea7y nh\u1eefng r\u1ee7i ro b\u00ean c\u1ea1nh nh\u1eefng c\u00e2u chuy\u1ec7n gi\u00e0u nhanh t\u1eeb ch\u1ee9ng kho\u00e1n. T\u00ecm hi\u1ec3u s\u1ef1 th\u1eadt v\u00e0 nh\u1eefng cu\u1ed1n s\u00e1ch c\u01a1 b\u1ea3n \u0111\u1ec3 b\u1ea1n c\u00f3 \u0111\u01b0\u1ee3c m\u1ed9t kh\u1edfi \u0111\u1ea7u t\u1ed1t \u0111\u1eb9p.<\/span><\/p>\n\n

1. L\u00e0m gi\u00e0u t\u1eeb ch\u1ee9ng kho\u00e1n c\u00f3 ph\u1ea3i s\u1ef1 th\u1eadt<\/b><\/span><\/h2>\n

1.1 Th\u1ecb tr\u01b0\u1eddng g\u1ea5u cu\u1ed1n ph\u0103ng t\u00e0i s\u1ea3n c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0<\/b><\/span><\/h3>\n

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n l\u00e0 n\u01a1i cho ra \u0111\u1eddi nh\u1eefng t\u1ef7 ph\u00fa, tri\u1ec7u ph\u00fa \u0111\u00f4 la v\u00e0 c\u0169ng ch\u1ee9ng ki\u1ebfn r\u1ea5t nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00e1 s\u1ea3n. \u0110\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n<\/a> lu\u00f4n ti\u1ec1m \u1ea9n nh\u1eefng r\u1ee7i ro b\u00ean c\u1ea1nh nh\u1eefng c\u01a1 h\u1ed9i l\u00e0m gi\u00e0u t\u1eeb th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n.<\/span><\/p>\n

\"Th\u1ecb
Th\u1ecb tr\u01b0\u1eddng g\u1ea5u trong nh\u1eefng n\u0103m 2008<\/figcaption><\/figure>\n

Cu\u1ed1i n\u0103m 2007, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam t\u0103ng \u0111i\u1ec3m m\u1ea1nh m\u1ebd, ch\u1ec9 s\u1ed1 VNindex v\u01b0\u1ee3t m\u1ed1c 1000 \u0111i\u1ec3m. Nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 l\u00fac b\u1ea5y gi\u1edd ki\u1ebfm l\u1eddi r\u1ea5t l\u1edbn v\u00e0 ch\u00ednh \u0111i\u1ec1u n\u00e0y \u0111\u00e3 thu h\u00fat m\u1ed9t b\u1ed9 ph\u1eadn nh\u00e0 \u0111\u1ea7u t\u01b0 tham gia th\u1ecb tr\u01b0\u1eddng. Tuy nhi\u00ean, \u0111\u1ebfn cu\u1ed1i n\u0103m 2008, th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 s\u1ee5p \u0111\u1ed5, kh\u1ee7ng ho\u1ea3ng kinh t\u1ebf n\u1ed5 ra v\u00e0 th\u1ed5i bay t\u00e0i s\u1ea3n c\u1ee7a r\u1ea5t nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0. \u1ede th\u1eddi \u0111i\u1ec3m \u0111\u00f3, r\u1ea5t nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 ph\u00e1 s\u1ea3n v\u00e0 kh\u00f4ng th\u1ec3 tr\u1ea3 n\u1ed5i nh\u1eefng kho\u1ea3n n\u1ee3.<\/span><\/p>\n

Th\u1eddi \u0111i\u1ec3m \u0111\u1ea7u n\u0103m 2020, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam m\u1ea5t h\u01a1n 30% v\u00e0 nguy c\u01a1 kh\u1ee7ng ho\u1ea3ng kinh t\u1ebf \u0111ang c\u1eadn k\u1ec1. Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n kh\u00f4ng d\u00e0nh cho nh\u1eefng ng\u01b0\u1eddi thi\u1ebfu ki\u1ebfn th\u1ee9c, thi\u1ebfu b\u1ea3n l\u0129nh \u0111\u1ec3 nh\u1eadn ra trong nguy lu\u00f4n c\u00f3 c\u01a1. V\u1eady n\u00ean, b\u1ea1n c\u1ea7n ph\u1ea3i hi\u1ec3u \u0111\u01b0\u1ee3c ch\u00ednh x\u00e1c nguy v\u00e0 c\u01a1 trong m\u1ed7i giai \u0111o\u1ea1n c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n.<\/span><\/p>\n

1.2 H\u1ecdc h\u1ecfi v\u00e0 ki\u00ean tr\u00ec<\/b><\/span><\/h3>\n

B\u1ea5t k\u1ef3 ai c\u00f3 m\u1ed9t kho\u1ea3n t\u00edch l\u0169y nho nh\u1ecf \u0111\u1ec1u c\u00f3 th\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o ch\u1ee9ng kho\u00e1n. Tuy nhi\u00ean ch\u1ec9 c\u00f3 kho\u1ea3ng t\u1eeb 5% \u0111\u1ebfn 10% ki\u1ebfm ti\u1ec1n t\u1eeb ch\u1ee9ng kho\u00e1n. Ki\u1ebfn th\u1ee9c v\u1ec1 ch\u1ee9ng kho\u00e1n, kinh nghi\u1ec7m, ki\u00ean tr\u00ec trong \u0111\u1ea7u t\u01b0 ch\u00ednh l\u00e0 s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa ng\u01b0\u1eddi th\u00e0nh c\u00f4ng v\u00e0 k\u1ebb th\u1ea5t b\u1ea1i.<\/span><\/p>\n

Nhi\u1ec1u ng\u01b0\u1eddi cho r\u1eb1ng ch\u1ee9ng kho\u00e1n l\u00e0 c\u1edd b\u1ea1c, l\u1eeba \u0111\u1ea3o. Tuy nhi\u00ean, \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng \u0111\u00fang v\u00e0 hoclamgiau cho r\u1eb1ng: \u201cL\u00e0m gi\u00e0u t\u1eeb ch\u1ee9ng kho\u00e1n ho\u00e0n to\u00e0n c\u00f3 th\u1ec3 h\u1ecdc \u0111\u01b0\u1ee3c. B\u1ea1n kh\u00f4ng th\u1ec3 nh\u1eadn ra xu h\u01b0\u1edbng b\u1edfi v\u00ec b\u1ea1n ch\u01b0a \u0111\u1ee7 ki\u1ebfn th\u1ee9c v\u00e0 s\u1ef1 ki\u00ean tr\u00ec m\u00e0 th\u00f4i\u201d.<\/span><\/p>\n

B\u1ea1n kh\u00f4ng th\u1ec3 n\u00e0o \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t th\u1ecb tr\u01b0\u1eddng m\u00e0 b\u1ea1n ho\u00e0n to\u00e0n kh\u00f4ng h\u1ec1 hi\u1ec3u v\u1ec1 n\u00f3. B\u1ea1n \u0111\u1ea7u t\u01b0 theo xu h\u01b0\u1edbng \u0111\u00e1m \u0111\u00f4ng, c\u1ea7m nh\u00e0, b\u00e1n xe v\u1edbi mong mu\u1ed1n \u0111\u1ed5i \u0111\u1eddi v\u00e0 ch\u1eafc ch\u1eafn b\u1ea1n s\u1ebd \u00f4m m\u1ed9t c\u1ee5c n\u1ee3. M\u1ecdi ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 nh\u01b0 ch\u1ee9ng kho\u00e1n \u0111\u1ec1u c\u1ea7n c\u00f3 \u201ch\u1ecdc ph\u00ed\u201d \u0111\u1ec3 gia nh\u1eadp.\u00a0<\/span><\/p>\n

1.3 \u0110\u1ea7u t\u01b0 d\u00e0i h\u1ea1n l\u00e0 ch\u00eca kh\u00f3a<\/b><\/span><\/h3>\n

\u0110\u1ea7u t\u01b0 d\u00e0i h\u1ea1n hay c\u00f2n g\u1ecdi l\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb. Trong \u0111\u00f3, nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ecf qua nh\u1eefng bi\u1ebfn \u0111\u1ed9ng trong ng\u1eafn h\u1ea1n v\u1ec1 gi\u00e1 c\u1ee7a c\u1ed5 phi\u1ebfu. Thay v\u00e0o \u0111\u00f3, h\u1ecd n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu trong th\u1eddi th\u1eddi gian d\u00e0i v\u00e0 ch\u1ed1t l\u1eddi khi \u0111\u1ea1t \u0111\u1ebfn m\u1ee9c gi\u00e1 mong mu\u1ed1n. Nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00e0i ba tr\u00ean th\u1ebf gi\u1edbi \u0111\u00e3 s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p n\u00e0y c\u00f3 th\u1ec3 k\u1ec3 \u0111\u1ebfn nh\u01b0 Warren Buffett, Charlie Munger. \u0110\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb c\u00f3 th\u1ec3 thu v\u1ec1 kho\u1ea3n l\u1ee3i nhu\u1eadn g\u1ea5p v\u00e0i l\u1ea7n sau m\u1ed9t kho\u1ea3ng th\u1eddi gian ng\u1eafn.<\/span><\/p>\n

\"Warren-Buffett\"
Warren-Buffett<\/figcaption><\/figure>\n

V\u00e0o nh\u1eefng n\u0103m 2015, gi\u00e1 c\u1ed5 phi\u1ebfu Vinamilk dao \u0111\u1ed9ng kho\u1ea3ng 60 ngh\u00ecn \u0111\u1ed3ng\/ c\u1ed5 phi\u1ebfu. \u0110\u1ebfn n\u0103m 2018, c\u1ed5 phi\u1ebfu Vinamilk ch\u1ea1m m\u1ee9c 180 ngh\u00ecn \u0111\u1ed3ng\/ c\u1ed5 phi\u1ebfu. Ch\u1ec9 trong v\u00f2ng 3 n\u0103m, gi\u00e1 c\u1ed5 phi\u1ebfu VinaMilk \u0111\u00e3 t\u0103ng g\u1ea5p 3 l\u1ea7n. \u0110\u00e2y l\u00e0 m\u1ed9t v\u00ed d\u1ee5 cho th\u1ea5y vi\u1ec7c n\u1eafm gi\u1eef m\u1ed9t c\u1ed5 phi\u1ebfu t\u1ed1t trong d\u00e0i h\u1ea1n s\u1ebd t\u1ed1t h\u01a1n nhi\u1ec1u so v\u1edbi vi\u1ec7c \u0111\u1ea7u t\u01b0 trong ng\u1eafn h\u1ea1n. <\/span>Gi\u00e0u t\u1eeb ch\u1ee9ng kho\u00e1n <\/b>ho\u00e0n to\u00e0n c\u00f3 th\u1ec3 l\u00e0m \u0111\u01b0\u1ee3c.<\/span><\/span><\/p>\n

Tuy nhi\u00ean, nhi\u1ec1u ng\u01b0\u1eddi \u0111\u00e3 kh\u00f4ng n\u1eafm gi\u1eef nh\u1eefng c\u1ed5 phi\u1ebfu t\u1ed1t nh\u01b0 Vinamilk trong m\u1ed9t kho\u1ea3ng th\u1eddi gian \u0111\u1ee7 d\u00e0i. C\u00e1c nghi\u00ean c\u1ee9u cho th\u1ea5y r\u1eb1ng, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 xu h\u01b0\u1edbng l\u1eb7p \u0111i l\u1eb7p l\u1ea1i c\u00e1c sai l\u1ea7m v\u00e0 b\u1ecf qua c\u00e1c c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 \u0111\u00e1ng kinh ng\u1ea1c.\u00a0<\/span><\/p>\n

H\u1ecd th\u01b0\u1eddng b\u1ecf qua c\u00e1c c\u01a1 h\u1ed9i v\u00e0 ch\u1ecdn b\u00e1n c\u1ed5 phi\u1ebfu khi ch\u1ee9ng r\u01a1i xu\u1ed1ng m\u1ee9c gi\u00e1 th\u1ea5p. Tuy nhi\u00ean, v\u1ec1 d\u00e0i h\u1ea1n m\u1ed9t doanh nghi\u1ec7p c\u00f3 gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch t\u1ed1t, ch\u1ec9 s\u1ed1 P\/E h\u1ee3p l\u00fd s\u1ebd t\u0103ng trong t\u01b0\u01a1ng lai l\u00e0 \u0111i\u1ec1u ch\u1eafc ch\u1eafn.<\/span><\/p>\n

2. Ki\u1ebfm ti\u1ec1n t\u1eeb ch\u1ee9ng kho\u00e1n nh\u01b0 th\u1ebf n\u00e0o<\/b><\/span><\/h2>\n

Ki\u1ebfm ti\u1ec1n t\u1eeb ch\u1ee9ng kho\u00e1n b\u1eaft \u0111\u1ea7u b\u1eb1ng vi\u1ec7c b\u1ea1n ph\u1ea3i s\u1edf h\u1eefu nh\u1eefng chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 nh\u1ea5t \u0111\u1ecbnh. C\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 n\u1ed5i ti\u1ebfng c\u00f3 th\u1ec3 k\u1ec3 \u0111\u1ebfn nh\u01b0: \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb, \u0111\u1ea7u t\u01b0 l\u01b0\u1edbt s\u00f3ng, l\u1ecdc c\u1ed5 phi\u1ebfu theo ph\u01b0\u01a1ng ph\u00e1p canslim,…<\/span><\/p>\n

Ki\u1ebfm ti\u1ec1n t\u1eeb ch\u1ee9ng kho\u00e1n l\u00e0 m\u1ed9t b\u1ed9 m\u00f4n ngh\u1ec7 thu\u1eadt v\u00e0 y\u1ebfu t\u1ed1 may m\u1eafn ch\u1ec9 \u0111\u00f3ng vai tr\u00f2 r\u1ea5t nh\u1ecf b\u00e9. Nh\u1eefng n\u0103m 2000, c\u1ed5 phi\u1ebfu c\u1ee7a Apple \u1edf m\u1ee9c gi\u00e1 th\u1ea5p so v\u1edbi th\u1eddi \u0111i\u1ec3m hi\u1ec7n nay. Tuy nhi\u00ean, nhi\u1ec1u ng\u01b0\u1eddi \u0111\u00e3 kh\u00f4ng c\u00f3 \u0111\u1ee7 k\u1ef9 n\u0103ng ho\u1eb7c s\u1ef1 ki\u00ean nh\u1eabn \u0111\u1ec3 c\u00f3 th\u1ec3 gi\u1eef c\u1ed5 phi\u1ebfu n\u00e0y trong nhi\u1ec1u n\u0103m li\u1ec1n. \u0110i\u1ec1u quan tr\u1ecdng l\u00e0 h\u1ea7u h\u1ebft nh\u1eefng doanh nghi\u1ec7p l\u1edbn \u0111\u1ec1u c\u00f3 kh\u1ea3 n\u0103ng t\u0103ng tr\u01b0\u1edfng v\u01b0\u1ee3t b\u1eadc theo th\u1eddi gian. Vinamilk, VinGroup, Th\u1ebf Gi\u1edbi Di \u0110\u1ed9ng,… l\u00e0 nh\u1eefng c\u00f4ng ty c\u00f3 m\u1ee9c t\u0103ng tr\u01b0\u1edfng v\u01b0\u1ee3t tr\u1ed9i qua nhi\u1ec1u n\u0103m.<\/span><\/p>\n

B\u1ea1n ch\u1ec9 n\u00ean mua c\u1ed5 phi\u1ebfu c\u00f3 3 \u0111\u1eb7c \u0111i\u1ec3m tuy\u1ec7t v\u1eddi sau \u0111\u00e2y \u0111\u1ec3 n\u1eafm gi\u1eef d\u00e0i h\u1ea1n:<\/span><\/p>\n