國(guó)際投資實(shí)操

第十五章全球投資實(shí)操?lài)?guó)際投資學(xué)Instruction:PartOneisamustinyourassignmentForPartTwotoThree,youcanchoosewhethertodoornotPartFourisalsoamustinyourassignmentPartOne：

FindYourStocksRelativeWebSite：SECInfo（)Hoover's（)Morningstar()MSNMoney()ReutersInvesting(/investing)Yahoo（)GoogleFinance(()AOL'sStockSearch()BusinessWeekTheAnalysisProcessFindingCandidatesAnalyzingStocks/Bonds/Funds/Derivatives,etc.QuickPrequalify:Companyandindustryoverview;Marketcapitalization;Valuationratios(P/E,P/S,etc.)TradingvolumeFloatCashflowHistoricalsalesandearningsgrowthCheckthebuzz(查找公司相關(guān)不良新聞）DetailedAnalysisStep1：AnalyzingAnalystsDataStep2：ValuationStep3：EstalishingTargetPricesStep4:IndustryAnalysisStep5:BusinessPlanAnalysisStep6:AssessManagementQualityStep7:FinancialStrengthAnalysisStep8:Profitablility&GrowthAnalysisStep9：DetectingRedFlagsStep10：OwnershipConsiderationsStep11:PriceChartsWhentoSellSomecertaineventssuchasdeterioratingfundamentals,significantearningsrestatements,andannouncmentsoflargeacquisitionswarnallplayersthatit'stimetosell.Screening(GoogleFinance)CompanySize:MarketCapitalizationSpecifya$1billionminimummarketcap.Smallercompaniesareusuallyriskierthanlargercompanies.Theytypicallyofferlessdiverseproductlines,weakerbalancesheets,andlessexperiencedealingwitheconomicdownturns.Thus,youcanreduceyourriskbyavoidingverysmallfirms.Mostinvestorsusemarketcapitalization,whichishowmuchyou’dhavetoshellouttobuyallofafirm’sshares,tomeasurecompanysize.Firmswithmarketcapsbelow$2billionaretermedsmall-caps,andthoseabove$8billionarelarge-caps.Thoseinbetweenaremid-caps.Isetmyminimummarketcapat$1billion.Tryreducingyourminimumto$500million(500M)ifyouwanttoseemorestocks,orincreasingitto$5billionifyouwanttocutyourrisk.Valuation:Price/SalesRatioSpecifyaminimumP/Sratioof2andamaximumof7.Theprice/salesratioissimilartothemorefamiliarprice/earnings(P/E)ratio,exceptthatitcomparesthecurrentsharepricetothelast12months’per-sharesalesinsteadofper-shareearnings.ThescreenavoidsstockswithP/Sratiosbelow2becausethosestocksaremorelikelyvaluecandidatesthangrowthstocks.Onthedownside,settingthatminimumrulesoutsupermarketchainsandotherlow-profit-marginbusinesses.Thewaythemathworks,stockswithlowprofitmarginsalsohavelowP/Sratios.ChangeyourminimumP/Srequirementto1ifyouwanttoseesuchstocks.Price/salesratioscanrunashighas10,andsometimesmuchhigherforin-favorgrowthstocks.Specifyingamaximum7P/Savoidsoverpricedstocks.SinceIarbitrarilypickedthatnumber,tryincreasingitto8or9ifyouwanttoseemorestocks,orcutitto5or6ifyouwanttocutyourrisk.Cash-Rich:CurrentRatioSpecifya2.5minimum.Giventherecentlyfragilecreditmarkets,theslightesthintofacashshortagecansinkastock.Thus,it’simportanttoreducetheoddsofthathappeningtoyourstocks.Usingthecurrentratiotocheckafirm’scashpositionisthefirstoftwoselectioncriteriaIusetoachievethatgoal.Thecurrentratiocomparescurrentassetssuchascash,inventories,andaccountsreceivablestoshort-termdebtsuchaspayrollexpensesandothercurrentbills.Aratioof1meansthatcurrentassetsequalliabilities,whilea2ratiomeansthatcurrentassetsaredoublecurrentliabilities.Settingtheminimumallowablecurrentratioat2.5ensuresthatpassingfirmshaveplentyofcash.AlthoughIarbitrarilypickedthatnumber,Idon’tseemuchadvantageinuppingthatminimum,andIcertainlywouldn’tlowerit.AddthecurrentratiorequirementtothescreenbyselectingAddCriteria,andthenFinancialRatios,andfinallyCurrentRatio.NoDebt:TotalDebt/EquityRatioSpecifya0.1maximum(mostrecentquarter).Refinancingdebtisstillproblematicforallbutthetopcredit-ratedcorporations.Youcanavoidsuchissuesbylimitingyourpickstostockscarryingnolong-termdebt.Todothat,youcanusethetotaldebt-to-equityratio,whichcomparesthetotalofshort-andlong-termdebttoshareholders’equity(bookvalue).Whileit’stemptingtospecifya0ratio,Isetmymaximumat0.1toavoidrulingoutfirmscarryingincidentaldebtitems,suchasleaseobligationsontheirbalancesheets.Profitable:ReturnonEquitySpecifya20%minimum(TTM).Unlessyou’relookingforbeaten-downvaluestocks,yourbestcandidatesarealwaysprofitablefirmsasopposedtomoneylosers.Returnonequity(ROE)measuresprofitabilitybycomparingnetincometoshareholders’equity(bookvalue).MostmoneymanagersthatIknowrequireaminimum15percentROE.However,hereIrequireaminimum20percentROEtofocusonthemostprofitablecandidates.Trycuttingyourminimumto15percentifyouwanttoseemorestocks.FollowtheMoney:InstitutionalOwnershipSpecify40%minimuminstitutionalownership.Institutionalbuyerssuchasmutualfundsandpensionplansaremorewiredintothemarketthanindividualinvestors.Iftheydon’townastock,youshouldn’teither.“Institutionalownership”isthepercentageofafirm’ssharesheldbythosebigplayers.Thebestgrowthcandidatesarestocksthatareinfavorwiththesmartmoney.Institutionalownershiprangesfrom40to95percentforin-favorstocks.GrowthRules:Five-YearRevenueGrowthSpecify10%minimumfive-yearrevenuegrowth.Growthstocks,bydefinition,shouldbegrowingsalesandearningsatleast15percentannually,andmoreisbetter.However,the2008–2009economicsetbacktrippedupeventhebestgrowthstocks.Giventhevolatileenvironment,revenuesareasteadiergrowthgaugethanearnings.Itakealongviewbyusingthefive-yearfigure.Usually,youwanttoseeatleast15percentaverageannualrevenuegrowth.But,consideringthetougheconomy,Irequiredonly10percent.ResultsIdeally,thisscreenshouldturnup20or60stronggrowthcandidates.Ifitdoesn’t,modifytheparametervaluesassuggestedtoincreaseordecreasethenumberofhits.Chooseseveralofthesecanditates(remembertheirsymbol)andclick"Createportfoliofromquotes"Beforethisabovestep,youmustmakesureyouthatyouhavealreadycreatedangoogleaccount.Giveyourportfolioaname,thenclick"OK"In"Addsymbol"bottom,typeyourcanditatessymbolAfterSeveraldays,goto"Performance"tocheckyourportfoliosperoformance.PartTwo：FindYourbondsRelativeWebSite：BondsOnline（)InvestingInBonds()JamesBaker&Assoc.()GoogleBondsBondBasicsStraightBonds（Couponrateandcurrentyield）StraightBondPricesandYieldtoMaturityCalculatingStraightBondPricesPremiumandDiscountBondsBondRatingAgencies:(債券信用評(píng)級(jí)機(jī)構(gòu)）穆迪：Moody's標(biāo)準(zhǔn)普爾：Standard&Poor'sScreening(ChoiceOne:BondsOnline)CreateanaccountintheWebSiteClick"bondssearch",thefollowingstepsaresimilarto"GoogleFinance-stockscreener"Scr