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书房拾遗-第42至45期

 

书房拾遗-第42至45期

42期

  • 网络说:持有平安的人,大概率持有万科,而持有平安和万科的人,大概率也持有格力。

后来想通了,这类投资者,内心基本是将“龙头+白马+低市盈率+从股价高点已经大幅调整”这几个条件叠加,然后将其等同于正宗的“价值投资”,所以自然而然地汇总到同一条路上了。

  • 网友:uta:老唐,请问企业价值为什么用现金流折现,而不是用净利润折现?
    唐朝:因为净利润不是钱,净利润是账。账不是价值,钱才是价值。

  • 地魔:请问在你的投资体系里,一家公司的ROE低于多少就不值得研究或者投资了?
    唐朝:通常低于8%我就不大关注了。

43期

唐朝:银行非常常见的操作。放贷款的同时拉存款,降低了实际贷款额,提高了真实贷款利率。
WDS:没看懂,怎么提高贷款利率?
唐朝 :你获得银行贷款100万,利率5%。但同时要求你存款30万,存款利息2%,你实际贷款多少,成本多少?
唐朝:你一年支付5万利息,收到0.6万利息,实际使用资金70万,所以,你的贷款利率是4.4/70=6.29%。说这个是小学数学,不算夸张吧?

44期

  • Uta:是不是投资港股市场的股票风险要比A股的股票大?
    唐朝:核心在于自己的理念。理念不对,A股港股都是风大浪大;理念对了,港股A股都是闲庭信步。

  • 唐朝:主要是招股书披露的基础知识特别详细,一般我会看看,学习一些行业基础知识。和普通年报一样,没啥特别要注意的地方。

45期

  • 数字货币替代的是现金,微信支付宝可以作为现金支付手段,也可以作为数字货币支付手段。货币的形式和支付的形式,是两码事。

数字货币不是微信支付宝的对手,它是运钞车、ATM机、点钞员、印刷厂……的对手。

  • Lei:老唐,对于初学者来说的话是先多看财报,还是先多看书籍比较好。谢谢

唐朝:我认为多看财报,不懂的时候查书,是进步最快的方式。

  • 老唐从2017年1月首次介入腾讯至今,只有买入没有卖出,最低买过197.3港币,最高买过607港币,平均买入位置大概在465~470港币之间(就是去年底约480港币的平均买入位置减去所分京东股票价值),目前持有腾讯的市值是八位数,亏损是七位数。

  • 但不装不端,我真没有任何压力。如前所述,真要是爆发核战争,拿股票现金黄金房子都是一码事,没区别;如果没有核战争,等上几年后我几乎100%确定我会是赚钱的,区别无外乎也就是赚几千万还是赚几百万而已。

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