{"id":1841,"date":"2019-12-11T14:56:31","date_gmt":"2019-12-11T14:56:31","guid":{"rendered":"http:\/\/tvtinvest.com\/?p=1841"},"modified":"2019-12-11T14:57:17","modified_gmt":"2019-12-11T14:57:17","slug":"nhung-kien-thuc-bo-ich-rut-ra-tu-quyen-sach-nha-dau-tu-thong-minh","status":"publish","type":"post","link":"http:\/\/tvtinvest.com\/?p=1841","title":{"rendered":"NH\u1eeeNG KI\u1ebeN TH\u1ee8C B\u1ed4 \u00cdCH R\u00daT RA T\u1eea QUY\u1ec2N S\u00c1CH \u201c NH\u00c0 \u0110\u1ea6U T\u01af TH\u00d4NG MINH\u201d"},"content":{"rendered":"

Nhi\u1ec1u ng\u01b0\u1eddi t\u1ef1 cho m\u00ecnh th\u1ef1c hi\u1ec7n \u0111\u1ea7u t\u01b0 theo ph\u01b0\u01a1ng ph\u00e1p \u0110\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb nh\u01b0ng th\u1ef1c s\u1ef1 h\u1ecd ch\u01b0a hi\u1ec3u ho\u1eb7c c\u00f3 \u0111\u1ecdc qua c\u00f3 hi\u1ec3u m\u1ed9t ph\u1ea7n nh\u01b0ng ch\u01b0a \u0111\u1ea7y \u0111\u1ee7 m\u00e0 \u0111\u00e3 th\u1ef1c hi\u1ec7n mua b\u00e1n n\u00ean k\u1ebft qu\u1ea3 kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c nh\u01b0 mong mu\u1ed1n. Sau \u0111\u00e2y l\u00e0 c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n khi th\u1ef1c hi\u1ec7n theo ph\u01b0\u01a1ng ph\u00e1p \u0110\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb. B\u1ea1n c\u1ea7n \u0111\u1ecdc k\u1ef9, suy ngh\u0129 c\u00e2n nh\u1eafc \u0111\u1ec3 c\u00f3 th\u1ec3 t\u1ef1 t\u00ecm ra ph\u01b0\u01a1ng ph\u00e1p x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb ri\u00eang ph\u00f9 h\u1ee3p v\u1edbi b\u1ea3n th\u00e2n m\u00ecnh. R\u1ea5t nhi\u1ec1u ng\u01b0\u1eddi l\u1ea7m t\u01b0\u1edfng r\u1eb1ng \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb c\u00f3 ngh\u0129a l\u00e0 t\u00ednh to\u00e1n d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai r\u1ed3i chi\u1ebft kh\u1ea5u v\u1ec1 hi\u1ec7n t\u1ea1i \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh. Kh\u00f4ng ph\u1ea3i v\u1eady. \u0110\u00f3 ch\u1ec9 l\u00e0 m\u1ed9t trong nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng th\u00f4i.<\/span><\/p>\n

\u0110\u1ec3 h\u1ecdc v\u1ec1 \u0111\u1ea7u t\u01b0 (\u0111\u1ea7u t\u01b0 b\u1ea5t k\u1ef3 th\u1ee9 g\u00ec, kh\u00f4ng ch\u1ec9 ch\u1ee9ng kho\u00e1n) th\u00ec kh\u00f4ng g\u00ec t\u1ed1t h\u01a1n b\u1eb1ng h\u00e3y \u0111\u1ecdc cu\u1ed1n s\u00e1ch \u201cNh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh\u201d (The Intelligent Investor) c\u1ee7a Benjamin Graham. C\u00f3 th\u1ec3 ph\u1ea7n l\u1edbn ng\u01b0\u1eddi \u1edf Vi\u1ec7t Nam ch\u01b0a bi\u1ebft v\u1ec1 cu\u1ed1n s\u00e1ch n\u00e0y, nh\u01b0ng c\u00f3 th\u1ec3 so s\u00e1nh nh\u01b0 sau: cu\u1ed1n s\u00e1ch n\u00e0y c\u00f3 th\u1ec3 xem nh\u01b0 l\u00e0 Kinh Th\u00e1nh trong l\u0129nh v\u1ef1c \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n. N\u00f3 d\u1ef1ng l\u00ean n\u1ec1n t\u1ea3ng \u0111\u1ec3 t\u1eeb \u0111\u00f3 bao nhi\u00eau th\u1ebf h\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 h\u1ecdc gi\u1ea3 ph\u00e1t tri\u1ec3n th\u00e0nh c\u00e1c l\u00fd thuy\u1ebft v\u00e0 ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ea7u t\u01b0 hi\u1ec7n \u0111\u1ea1i m\u00e0 th\u1ebf gi\u1edbi hi\u1ec7n \u0111ang \u00e1p d\u1ee5ng.<\/span><\/p>\n

Cu\u1ed1n s\u00e1ch xu\u1ea5t b\u1ea3n n\u0103m 1949. C\u00f3 r\u1ea5t nhi\u1ec1u c\u00e2u chuy\u1ec7n l\u00fd th\u00fa xung quanh cu\u1ed1n s\u00e1ch v\u00e0 t\u00e1c gi\u1ea3 c\u1ee7a n\u00f3. Ch\u1eb3ng h\u1ea1n, r\u1ea5t nhi\u1ec1u b\u1ea1n tr\u1ebb th\u1eddi \u0111\u00f3 sau khi \u0111\u1ecdc cu\u1ed1n s\u00e1ch \u0111\u00e3 t\u00ecm \u0111\u1ebfn l\u1edbp h\u1ecdc v\u1ec1 \u0111\u1ea7u t\u01b0 c\u1ee7a t\u00e1c gi\u1ea3 Benjamin Graham. Nh\u1edd l\u1edbp h\u1ecdc \u0111\u00f3, h\u1ea7u h\u1ebft nh\u1eefng h\u1ecdc tr\u00f2 c\u1ee7a Graham sau n\u00e0y \u0111\u1ec1u tr\u1edf th\u00e0nh tri\u1ec7u ph\u00fa v\u00e0 t\u1ec9 ph\u00fa nh\u1edd kinh doanh v\u00e0 \u0111\u1ea7u t\u01b0, trong \u0111\u00f3 n\u1ed5i b\u1ea5t nh\u1ea5t ch\u00ednh l\u00e0 Warren Buffett (ng\u01b0\u1eddi gi\u00e0u th\u1ee9 hai th\u1ebf gi\u1edbi hi\u1ec7n nay, ch\u1ec9 sau Bill Gates). Buffett l\u00e0 h\u1ecdc tr\u00f2 duy nh\u1ea5t nh\u1eadn \u0111\u01b0\u1ee3c \u0111i\u1ec3m A+ trong su\u1ed1t s\u1ef1 nghi\u1ec7p d\u1ea1y h\u1ecdc c\u1ee7a Graham; v\u00e0 c\u0169ng gi\u1ed1ng nh\u01b0 m\u1ed9t s\u1ed1 h\u1ecdc tr\u00f2 kh\u00e1c, Buffet xem Graham l\u00e0 ng\u01b0\u1eddi cha th\u1ee9 hai c\u1ee7a m\u00ecnh. Sau n\u00e0y h\u1ecd th\u1eadm ch\u00ed c\u00f2n l\u1ea5y t\u00ean c\u1ee7a th\u1ea7y Graham \u0111\u1ec3 \u0111\u1eb7t t\u00ean cho con trai c\u1ee7a m\u00ecnh \u0111\u1ec3 ghi nh\u1eadn s\u1ef1 \u1ea3nh h\u01b0\u1edfng l\u1edbn lao c\u1ee7a Graham \u0111\u1ed1i v\u1edbi h\u1ecd.<\/span><\/p>\n

B\u1ea3n th\u00e2n t\u00f4i khi \u0111\u1ecdc xong cu\u1ed1n s\u00e1ch (m\u1ea5t g\u1ea7n 1 n\u0103m tr\u1eddi) c\u0169ng c\u1ea3m nh\u1eadn \u0111i\u1ec1u t\u01b0\u01a1ng t\u1ef1. N\u00f3 ho\u00e0n to\u00e0n thay \u0111\u1ed5i suy ngh\u0129 c\u1ee7a t\u00f4i v\u1ec1 \u0111\u1ea7u t\u01b0, kinh doanh, v\u00e0 nh\u1eefng m\u1eb7t kh\u00e1c trong cu\u1ed9c s\u1ed1ng. V\u00e0 t\u00f4i ngh\u0129 n\u00f3 c\u0169ng c\u00f3 th\u1ec3 gi\u00fap b\u1ea1n c\u00f3 \u0111i\u1ec1u t\u01b0\u01a1ng t\u1ef1 nh\u01b0 v\u1eady.<\/span><\/p>\n

Sau \u0111\u00e2y l\u00e0 g\u00f3c nh\u00ecn c\u1ee7a t\u00f4i v\u1ec1 n\u1ed9i dung cu\u1ed1n s\u00e1ch \u201cNh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh\u201d. T\u00f4i r\u1ea5t ng\u1ea1c nhi\u00ean r\u1eb1ng nh\u1eefng nguy\u00ean l\u00fd \u0111\u1ea7u t\u01b0 v\u00f4 c\u00f9ng qu\u00fd gi\u00e1 c\u1ee7a Ng\u00e0i Graham n\u00eau ra trong cu\u1ed1n s\u00e1ch l\u1ea1i ch\u01b0a \u0111\u01b0\u1ee3c ph\u1ed5 bi\u1ebfn \u1edf Vi\u1ec7t Nam. R\u1ea5t nhi\u1ec1u ng\u01b0\u1eddi tham gia \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n \u1edf Vi\u1ec7t Nam hi\u1ec7n nay ch\u01b0a h\u1ec1 bi\u1ebft c\u00e1c ki\u1ebfn th\u1ee9c c\u01a1 b\u1ea3n n\u00e0y. \u0110\u00f3 l\u00e0 c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n sau:<\/span><\/p>\n

\u00a0<\/em><\/strong><\/span><\/p>\n

Nguy\u00ean t\u1eafc 1: Hi\u1ec3u v\u00e0 ph\u00e2n bi\u1ec7t th\u1ebf n\u00e0o l\u00e0 Th\u1ecb gi\u00e1 v\u00e0 Gi\u00e1 tr\u1ecb<\/em><\/strong><\/span><\/p>\n

Theo Graham, khi \u0111\u1ea7u t\u01b0 v\u00e0o b\u1ea5t k\u1ef3 c\u00e1i g\u00ec, b\u1ea1n n\u00ean quan t\u00e2m \u0111\u1ebfn hai v\u00e0 ch\u1ec9 hai kh\u00e1i ni\u1ec7m:<\/span><\/p>\n

\u2013 Th\u1ecb gi\u00e1 (price): l\u00e0 s\u1ed1 ti\u1ec1n m\u00e0 b\u1ea1n c\u1ea7n b\u1ecf ra \u0111\u1ec3 mua<\/em>.<\/span><\/p>\n

\u2013 Gi\u00e1 tr\u1ecb (value): l\u00e0 th\u1ee9 m\u00e0 b\u1ea1n s\u1ebd nh\u1eadn l\u1ea1i \u0111\u01b0\u1ee3c trong t\u01b0\u01a1ng lai<\/em>.<\/span><\/p>\n

Th\u1ecb gi\u00e1 th\u00ec d\u1ec5 hi\u1ec3u qu\u00e1 ph\u1ea3i kh\u00f4ng? Nh\u01b0ng l\u00e0m sao bi\u1ebft tr\u01b0\u1edbc \u0111\u01b0\u1ee3c gi\u00e1 tr\u1ecb? Ch\u00fang ta s\u1ebd th\u1eed x\u00e9t v\u00ed d\u1ee5 sau: M\u1ed9t n\u1eef sinh v\u1eeba t\u1ed1t nghi\u1ec7p Trung h\u1ecdc \u0111ang c\u00e2n nh\u1eafc xem c\u00f3 n\u00ean \u0111i du h\u1ecdc b\u1eadc \u0110\u1ea1i h\u1ecdc \u1edf n\u01b0\u1edbc ngo\u00e0i hay kh\u00f4ng? Th\u1eddi gian h\u1ecdc l\u00e0 4 n\u0103m, v\u00e0 t\u1ed5ng chi ph\u00ed l\u00e0 40.000 \u0111\u00f4 la, tr\u1ea3 h\u1ebft ngay t\u1eeb ban \u0111\u1ea7u (do L\u00e3nh s\u1ef1 qu\u00e1n y\u00eau c\u1ea7u s\u1ed1 ti\u1ec1n 40 ng\u00e0n ph\u1ea3i c\u00f3 s\u1eb5n ngay trong t\u00e0i kho\u1ea3n ng\u00e2n h\u00e0ng). H\u00e3y xem \u0111\u00e2y l\u00e0 m\u1ed9t quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0, v\u00e0 ch\u1ec9 x\u00e9t \u0111\u1ebfn kh\u00eda c\u1ea1nh kinh t\u1ebf, li\u1ec7u c\u00f4 b\u00e9 c\u00f3 n\u00ean \u0111i h\u1ecdc hay kh\u00f4ng?<\/span><\/p>\n

Th\u1ecb gi\u00e1 \u1edf \u0111\u00e2y ch\u00ednh l\u00e0 s\u1ed1 ti\u1ec1n 40 ng\u00e0n \u0111\u00f4 la ph\u1ea3i b\u1ecf ra.<\/span><\/p>\n

C\u00f2n c\u00e1ch t\u00ednh gi\u00e1 tr\u1ecb \u0111\u01a1n gi\u1ea3n nh\u1ea5t l\u00e0 x\u00e1c \u0111\u1ecbnh s\u1ed1 ti\u1ec1n m\u00e0 c\u00f4 b\u00e9 s\u1ebd ki\u1ebfm \u0111\u01b0\u1ee3c sau khi t\u1ed1t nghi\u1ec7p. Sau 4 n\u0103m, c\u00f4 b\u00e9 s\u1ebd v\u1ec1 Vi\u1ec7t Nam l\u00e0m vi\u1ec7c v\u1edbi m\u1ee9c l\u01b0\u01a1ng kh\u1edfi \u0111i\u1ec3m l\u00e0 400 \u0111\u00f4 la\/th\u00e1ng, ngh\u0129a l\u00e0 4,800 \u0111\u00f4 la\/n\u0103m. C\u00f4 b\u00e9 c\u0169ng tin r\u1eb1ng v\u1edbi n\u0103ng l\u1ef1c c\u1ee7a m\u00ecnh, m\u1ed7i n\u0103m c\u00f4 s\u1ebd \u0111\u01b0\u1ee3c t\u0103ng l\u01b0\u01a1ng trung b\u00ecnh 25%\/n\u0103m (b\u1ea3n th\u00e2n t\u00f4i n\u1eb1m m\u01a1 c\u0169ng kh\u00f4ng d\u00e1m ngh\u0129 m\u00ecnh c\u00f3 \u0111\u01b0\u1ee3c m\u1ee9c t\u0103ng l\u01b0\u01a1ng nh\u01b0 v\u1eady, nh\u01b0ng kh\u00f4ng sao, ph\u1ee5 n\u1eef th\u01b0\u1eddng hay m\u01a1 m\u1ed9ng m\u00e0). Ngh\u0129a l\u00e0, \u0111\u1ebfn n\u0103m th\u1ee9 hai, c\u00f4 b\u00e9 s\u1ebd ki\u1ebfm \u0111\u01b0\u1ee3c 6,000 \u0111\u00f4 la; n\u0103m k\u1ebf ti\u1ebfp l\u00e0 7,500 \u0111\u00f4 la. Nh\u01b0ng c\u00f4 b\u00e9 ch\u1ec9 mu\u1ed1n l\u00e0m vi\u1ec7c trong 6 n\u0103m th\u00f4i, sau \u0111\u00f3 c\u00f4 b\u00e9 s\u1ebd l\u1ea5y ch\u1ed3ng v\u00e0 ngh\u1ec9 vi\u1ec7c! V\u1eady s\u1ed1 ti\u1ec1n t\u1ed5ng c\u1ed9ng sau 6 n\u0103m l\u00e0m vi\u1ec7c l\u00e0: 4,800 + 6,000 + 7,500 + 9,380 + 11,730 + 14,660 = 54,070(USD).<\/span><\/p>\n

B\u1ecf ra 40 ng\u00e0n v\u00e0 thu \u0111\u01b0\u1ee3c 54 ng\u00e0n, v\u1eady \u0111\u00e2y l\u00e0 quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 \u0111\u00fang \u0111\u1eafn? Kh\u00f4ng h\u1eb3n, \u1edf \u0111\u00e2y c\u00f4 b\u00e9 c\u1ea7n l\u01b0u \u00fd r\u1eb1ng gi\u00e1 c\u1ee7a \u0111\u1ed3ng ti\u1ec1n s\u1ebd thay \u0111\u1ed5i theo th\u1eddi gian. Ch\u1eb3ng h\u1ea1n, n\u1ebfu t\u00f4i c\u00f3 100 \u0111\u1ed3ng v\u00e0 quy\u1ebft \u0111\u1ecbnh b\u1ecf v\u00e0o ng\u00e2n h\u00e0ng v\u1edbi l\u00e3i su\u1ea5t 8%, th\u00ec sau 1 n\u0103m t\u00f4i s\u1ebd c\u00f3 108 \u0111\u1ed3ng (100 \u0111\u1ed3ng v\u1ed1n + 8 \u0111\u1ed3ng l\u00e3i su\u1ea5t). Hay n\u00f3i c\u00e1ch kh\u00e1c, s\u1ed1 ti\u1ec1n 108 \u0111\u1ed3ng \u1edf t\u01b0\u01a1ng lai 1 n\u0103m sau s\u1ebd ch\u1ec9 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi 100 \u0111\u1ed3ng \u1edf hi\u1ec7n t\u1ea1i th\u00f4i. N\u1ebfu c\u00f3 2 l\u1ef1a ch\u1ecdn: 1) nh\u1eadn 100 \u0111\u1ed3ng ngay b\u00e2y gi\u1edd, ho\u1eb7c 2) nh\u1eadn 100 \u0111\u1ed3ng sau 1 n\u0103m; th\u00ec t\u00f4i s\u1ebd ch\u1ecdn ngay c\u00e1ch 1, v\u00ec c\u00f3 \u0111\u01b0\u1ee3c 100 \u0111\u1ed3ng trong tay t\u00f4i s\u1ebd b\u1ecf v\u00e0o ng\u00e2n h\u00e0ng \u0111\u1ec3 1 n\u0103m sau c\u00f3 \u0111\u01b0\u1ee3c 108 \u0111\u1ed3ng, thay v\u00ec ch\u1ec9 c\u00f3 100 \u0111\u1ed3ng n\u1ebfu ch\u1ecdn c\u00e1ch 2.<\/span><\/p>\n

V\u00ec v\u1eady, 4,800 \u0111\u00f4 la \u1edf 5 n\u0103m sau (4 n\u0103m h\u1ecdc + 1 n\u0103m l\u00e0m vi\u1ec7c), t\u00ednh theo l\u00e3i su\u1ea5t 8%\/n\u0103m th\u00ec ch\u1ec9 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 3,267 \u0111\u00f4 la \u1edf hi\u1ec7n t\u1ea1i, t\u01b0\u01a1ng t\u1ef1 cho c\u00e1c n\u0103m sau \u0111\u00f3. \u0110\u1ec3 \u0111\u00e1nh gi\u00e1 kho\u1ea3n \u0111\u1ea7u t\u01b0 m\u1ed9t c\u00e1ch ch\u00ednh x\u00e1c, ta c\u1ea7n ph\u1ea3i quy \u0111\u1ed5i d\u00f2ng ti\u1ec1n trong c\u00e1c n\u0103m \u1edf t\u01b0\u01a1ng lai v\u1ec1 hi\u1ec7n t\u1ea1i, \u0111\u1ec3 so s\u00e1nh v\u1edbi s\u1ed1 ti\u1ec1n 40 ng\u00e0n b\u1ecf ra ban \u0111\u1ea7u. C\u00f4 b\u00e9 \u0111\u00e3 th\u1ef1c hi\u1ec7n b\u1ea3ng t\u00ednh to\u00e1n nh\u01b0 sau:<\/span><\/p>\n

Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i (GTHT) c\u1ee7a t\u1ed5ng s\u1ed1 ti\u1ec1n gi\u1edd \u0111\u00e2y ch\u1ec9 c\u00f2n 29,150 \u0111\u00f4 la th\u00f4i. R\u00f5 r\u00e0ng n\u1ebfu ch\u1ec9 x\u00e9t v\u1ec1 kh\u00eda c\u1ea1nh kinh t\u1ebf th\u00ec \u0111\u00e2y l\u00e0 m\u1ed9t quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 qu\u00e1 t\u1ed3i. L\u1eddi khuy\u00ean: c\u00f4 b\u00e9 n\u00ean \u0111i t\u00ecm kh\u00f3a h\u1ecdc kh\u00e1c, ho\u1eb7c th\u1eadm ch\u00ed c\u00f3 th\u1ec3 xem x\u00e9t vi\u1ec7c l\u1ea5y ch\u1ed3ng ngay b\u00e2y gi\u1edd.<\/span><\/p>\n

\u1ede tr\u00ean l\u00e0 m\u1ed9t v\u00ed d\u1ee5 h\u1ebft s\u1ee9c \u0111\u01a1n gi\u1ea3n khi ph\u00e2n t\u00edch theo tr\u01b0\u1eddng ph\u00e1i \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb (Benjamin Graham \u0111\u01b0\u1ee3c xem nh\u01b0 l\u00e0 t\u1ed5 s\u01b0 c\u1ee7a tr\u01b0\u1eddng ph\u00e1i n\u00e0y). Khi ph\u00e2n t\u00edch m\u1ed9t doanh nghi\u1ec7p, b\u1ea1n c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng t\u01b0\u01a1ng t\u1ef1: 40 ng\u00e0n ch\u00ednh l\u00e0 s\u1ed1 ti\u1ec1n ph\u1ea3i b\u1ecf ra (th\u1ecb gi\u00e1); c\u00f2n s\u1ed1 ti\u1ec1n l\u01b0\u01a1ng ki\u1ebfm \u0111\u01b0\u1ee3c trong t\u01b0\u01a1ng lai ch\u00ednh l\u00e0 d\u00f2ng ti\u1ec1n t\u1eeb l\u1ee3i nhu\u1eadn m\u00e0 doanh nghi\u1ec7p \u0111\u00f3 s\u1ebd sinh ra trong t\u01b0\u01a1ng lai, b\u1ea1n s\u1ebd d\u1ef1 \u0111o\u00e1n d\u00f2ng ti\u1ec1n v\u00e0 t\u1eeb \u0111\u00f3 t\u00ednh ra gi\u00e1 tr\u1ecb c\u1ee7a kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u00f3.<\/span><\/p>\n

Kh\u1eafc ph\u1ee5c \u0111i\u1ec3m y\u1ebfu l\u1edbn nh\u1ea5t c\u1ee7a ng\u01b0\u1eddi Vi\u1ec7t<\/em><\/span><\/p>\n

Benjamin Graham c\u00f3 n\u00f3i ngay \u1edf \u0111\u1ea7u cu\u1ed1n s\u00e1ch r\u1eb1ng: k\u1ebb th\u00f9 l\u1edbn nh\u1ea5t c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u00ednh l\u00e0 b\u1ea3n th\u00e2n anh ta<\/em><\/strong>. Ngh\u0129a l\u00e0, ph\u1ea7n l\u1edbn nh\u1eefng sai l\u1ea7m m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1eafc ph\u1ea3i kh\u00f4ng ph\u1ea3i xu\u1ea5t ph\u00e1t t\u1eeb nh\u1eefng nguy\u00ean nh\u00e2n kh\u00e1ch quan (c\u00f4ng ty \u0111\u1ed9t nhi\u00ean ph\u00e1 s\u1ea3n, ban l\u00e3nh \u0111\u1ea1o gian d\u1ed1i, r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng,\u2026) m\u00e0 l\u00e0 do ch\u00ednh sai l\u1ea7m ch\u1ee7 quan m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ef1 g\u00e2y ra. \u0110i\u1ec1u n\u00e0y \u0111\u1eb7c bi\u1ec7t \u0111\u00fang \u1edf Vi\u1ec7t Nam: ph\u1ea7n l\u1edbn m\u1ecdi ng\u01b0\u1eddi th\u01b0\u1eddng lo l\u1eafng v\u00e0 \u0111\u1ed5 l\u1ed7i cho nguy\u00ean nh\u00e2n kh\u00e1ch quan (c\u00f3 th\u1ec3 xem c\u00e1c b\u00e0i ph\u1ecfng v\u1ea5n tr\u1ef1c tuy\u1ebfn g\u1ea7n \u0111\u00e2y) h\u01a1n l\u00e0 t\u1ef1 nh\u00ecn l\u1ea1i ch\u00ednh b\u1ea3n th\u00e2n m\u00ecnh.<\/span><\/p>\n

\u1ede \u0111\u00e2y t\u00f4i th\u1eed ph\u00e2n t\u00edch \u0111i\u1ec3m y\u1ebfu l\u1edbn nh\u1ea5t c\u1ee7a ng\u01b0\u1eddi Vi\u1ec7t khi \u0111\u1ea7u t\u01b0. V\u00e2ng, n\u00f3i m\u1ed9t c\u00e1ch ng\u1eafn g\u1ecdn l\u00e0 th\u1ebf n\u00e0y: ng\u01b0\u1eddi Vi\u1ec7t r\u1ea5t h\u00e1m c\u1ee7a r\u1ebb<\/strong>. Trong con m\u1eaft ng\u01b0\u1eddi n\u01b0\u1edbc ngo\u00e0i, ng\u01b0\u1eddi Vi\u1ec7t r\u1ea5t h\u00e0 ti\u1ec7n, ch\u1ee9 kh\u00f4ng bi\u1ebft ti\u1ebft ki\u1ec7m.<\/span><\/p>\n

Ng\u01b0\u1eddi h\u00e0 ti\u1ec7n l\u00e0 ng\u01b0\u1eddi ch\u1ec9 bi\u1ebft ngh\u0129 \u0111\u1ebfn th\u1ecb gi\u00e1<\/strong>. C\u00f2n ng\u01b0\u1eddi ti\u1ebft ki\u1ec7m l\u00e0 ng\u01b0\u1eddi bi\u1ebft dung h\u00f2a gi\u1eefa th\u1ecb gi\u00e1 v\u00e0 gi\u00e1 tr\u1ecb.<\/span><\/p>\n

Ph\u1ea7n tr\u00ecnh b\u00e0y ngay ph\u00eda sau \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng cho b\u1ea5t k\u1ef3 ai mu\u1ed1n b\u01b0\u1edbc v\u00e0o th\u1ebf gi\u1edbi \u0111\u1ea7u t\u01b0. Th\u1eadm ch\u00ed n\u1ebfu b\u1ea1n kh\u00f4ng quan t\u00e2m \u0111\u1ebfn \u0111\u1ea7u t\u01b0, b\u1ea1n c\u0169ng c\u1ea7n bi\u1ebft \u0111\u1ebfn nh\u1eefng \u0111i\u1ec1u sau \u0111\u00e2y \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn \u0111\u00fang \u0111\u1eafn h\u01a1n trong vi\u1ec7c mua s\u1eafm, ti\u00eau x\u00e0i. \u2026<\/strong><\/span><\/p>\n

V\u00ed d\u1ee5 1<\/strong>. Tr\u01b0\u1edbc kia t\u00f4i th\u01b0\u1eddng r\u1ea5t hay b\u1ecb b\u1ea1n b\u00e8 v\u00e0 \u0111\u1ed3ng nghi\u1ec7p ch\u00ea c\u01b0\u1eddi v\u00ec c\u00e1ch t\u00f4i b\u1ecf ti\u1ec1n cho c\u00e1c b\u1eefa \u0103n s\u00e1ng \u1edf b\u00ean ngo\u00e0i. B\u1eefa \u0103n s\u00e1ng c\u1ee7a t\u00f4i t\u1ed1n kho\u1ea3ng 6-8 ng\u00e0n \u0111\u1ed3ng, trong khi nh\u1eefng ng\u01b0\u1eddi \u0111\u00f3 khoe r\u1eb1ng h\u1ecd ch\u1ec9 \u0103n x\u00f4i, b\u00e1nh,\u2026 m\u1ea5t 10 – 20 ng\u00e0n \u0111\u1ed3ng. V\u1edbi nh\u1eefng b\u1eefa s\u00e1ng r\u1ebb nh\u01b0 v\u1eady, ch\u1eb3ng tr\u00e1ch h\u1ecd m\u1edbi l\u00e0m vi\u1ec7c ho\u1eb7c h\u1ecdc t\u1eadp \u0111\u1ebfn 10 gi\u1edd s\u00e1ng l\u00e0 hoa m\u1eaft, bu\u1ed3n ng\u00e1p, u\u1ec3 o\u1ea3i. \u0110i\u1ec1u h\u00e0i h\u01b0\u1edbc n\u1eefa l\u00e0 sau b\u1eefa s\u00e1ng h\u1ecd ti\u1ebfp t\u1ee5c ph\u1ea3i b\u1ecf th\u00eam ti\u1ec1n \u0111\u1ec3 mua th\u00eam nhi\u1ec1u th\u1ee9 kh\u00e1c \u0111\u1ec3 \u0103n cho \u0111\u1ee1 \u0111\u00f3i v\u00e0 m\u1ec7t! Ngh\u0129a l\u00e0 n\u1ebfu t\u00ednh s\u1ed1 ti\u1ec1n th\u1ef1c s\u1ef1 \u0111\u00e3 b\u1ecf ra, v\u00e0 x\u00e9t th\u00eam vi\u1ec7c n\u0103ng su\u1ea5t lao \u0111\u1ed9ng b\u1ecb gi\u1ea3m v\u00ec ham c\u1ee7a r\u1ebb l\u00fac \u0111\u1ea7u, c\u00e1i gi\u00e1 10-20 ng\u00e0n \u0111\u1ed3ng ch\u1eb3ng c\u00f2n h\u1eddi m\u1ed9t t\u00ed n\u00e0o. T\u00f4i \u01b0\u1edbc h\u1ecd c\u00f3 th\u1ec3 tham kh\u1ea3o b\u1eefa \u0103n c\u1ee7a ng\u01b0\u1eddi Nh\u1eadt: r\u1ea5t m\u1eafc, nh\u01b0ng nh\u1edd \u0103n u\u1ed1ng nh\u01b0 v\u1eady m\u00e0 ng\u01b0\u1eddi Nh\u1eadt c\u00f3 th\u1ec3 l\u00e0m vi\u1ec7c v\u1edbi 100% kh\u1ea3 n\u0103ng cho \u0111\u1ebfn 70 tu\u1ed5i m\u00e0 v\u1eabn ch\u1ea1y t\u1ed1t; c\u00f2n ph\u1ea7n l\u1edbn ng\u01b0\u1eddi Vi\u1ec7t kh\u00f4ng \u0111\u1ee7 s\u1ee9c l\u00e0m 50% c\u1ee7a kh\u1ea3 n\u0103ng cho \u0111\u1ebfn n\u0103m 35 tu\u1ed5i. Cho d\u00f9 \u0111i\u1ec1u ki\u1ec7n kinh t\u1ebf kh\u00f3 kh\u0103n \u0111\u1ebfn th\u1ebf n\u00e0o, ng\u01b0\u1eddi Nh\u1eadt c\u0169ng s\u1eb5n s\u00e0ng \u0111\u1ea7u t\u01b0 th\u00edch \u0111\u00e1ng cho b\u1eefa \u0103n.<\/span><\/p>\n

V\u00ed d\u1ee5 2.<\/strong> M\u1ed9t s\u1ed1 b\u1ea1n c\u1ee7a t\u00f4i khi mua xe g\u1eafn m\u00e1y \u0111\u1ec1u ch\u1ecdn xe Trung Qu\u1ed1c. L\u00fd do duy nh\u1ea5t: gi\u00e1 r\u1ebb. H\u1ecd l\u00fd lu\u1eadn r\u1eb1ng xe Trung Qu\u1ed1c ch\u1ec9 c\u00f3 5 tri\u1ec7u, c\u00f2n xe Nh\u1eadt (second-hand) th\u00ec m\u1eafc g\u1ea5p \u0111\u00f4i. V\u1ec1 th\u1ecb gi\u00e1 th\u00ec \u0111\u00fang l\u00e0 xe Trung Qu\u1ed1c h\u1ea5p d\u1eabn. Nh\u01b0ng n\u1ebfu x\u00e9t \u0111\u1ebfn ch\u1ea5t l\u01b0\u1ee3ng th\u00ec kh\u00e1c. N\u1ebfu x\u00e9t \u0111\u1ebfn s\u1ed1 ti\u1ec1n ph\u1ea3i b\u1ecf ra tu s\u1eeda \u0111\u1ec3 xe Trung Qu\u1ed1c c\u00f3 th\u1ec3 ch\u1ea1y \u0111\u01b0\u1ee3c, r\u1ed3i x\u00e9t \u0111\u1ebfn tu\u1ed5i th\u1ecd s\u1eed d\u1ee5ng, x\u00e9t \u0111\u1ebfn \u0111\u1ed9 an to\u00e0n cho ng\u01b0\u1eddi l\u00e1i,\u2026 t\u1ea5t c\u1ea3 c\u1ea5u th\u00e0nh n\u00ean m\u1ed9t con s\u1ed1 g\u1ecdi l\u00e0 \u201cgi\u00e1 tr\u1ecb\u201d cho chi\u1ebfc xe, v\u00e0 \u0111em so s\u00e1nh v\u1edbi th\u1ecb gi\u00e1 b\u1ecf ra, k\u1ebft qu\u1ea3 kh\u00f4ng h\u1eb3n l\u00e0 xe Trung Qu\u1ed1c l\u00fac n\u00e0o c\u0169ng h\u1ea5p d\u1eabn h\u01a1n.<\/span><\/p>\n

Qua hai v\u00ed d\u1ee5 tr\u00ean, ch\u00fang ta th\u1ea5y r\u1eb1ng ng\u01b0\u1eddi Vi\u1ec7t th\u01b0\u1eddng ch\u1ec9 ngh\u0129 \u0111\u1ebfn th\u1ecb gi\u00e1 khi mua m\u00f3n \u0111\u1ed3 g\u00ec \u0111\u00f3. \u201cPh\u01b0\u01a1ng ph\u00e1p\u201d ph\u00e2n t\u00edch \u0111\u01b0\u1ee3c nhi\u1ec1u ng\u01b0\u1eddi \u00e1p d\u1ee5ng l\u00e0: so s\u00e1nh th\u1ecb gi\u00e1 c\u1ee7a c\u00e1c m\u00f3n \u0111\u1ed3 v\u1edbi nhau \u0111\u1ec3 l\u1ef1a ch\u1ecdn c\u00e1i t\u1ed1t nh\u1ea5t. Ngo\u00e0i ra c\u00f2n m\u1ed9t \u201ctr\u01b0\u1eddng ph\u00e1i\u201d n\u1eefa c\u0169ng r\u1ea5t ph\u1ed5 bi\u1ebfn, nh\u1ea5t l\u00e0 \u1edf ph\u00e1i n\u1eef: so s\u00e1nh gi\u00e1 c\u1ee7a t\u1eebng th\u1eddi \u0111i\u1ec3m.<\/span><\/p>\n

V\u00ed d\u1ee5 3<\/strong>: ph\u1ea7n l\u1edbn nh\u1eefng th\u1ee9 h\u00e0ng hi\u1ec7u nh\u01b0 \u0111i\u1ec7n tho\u1ea1i di \u0111\u1ed9ng, qu\u1ea7n \u00e1o th\u1eddi trang, gi\u00e0y d\u00e9p \u0111\u1ec1u c\u00f3 gi\u00e1 b\u00e1n cao h\u01a1n r\u1ea5t nhi\u1ec1u so v\u1edbi gi\u00e1 tr\u1ecb s\u1eed d\u1ee5ng th\u1ef1c s\u1ef1 m\u00e0 ch\u00fang \u0111em l\u1ea1i. V\u1ee3 c\u1ee7a t\u00f4i ch\u01b0a mu\u1ed1n mua \u0111\u00f4i gi\u00e0y c\u00f3 gi\u00e1 1 tri\u1ec7u \u0111\u1ed3ng v\u00ec qu\u00e1 m\u1eafc, nh\u01b0ng n\u1ebfu ch\u1ec9 c\u1ea7n nghe th\u00f4ng tin b\u00e1n gi\u1ea3m gi\u00e1 30% (gi\u00e1 ch\u1ec9 c\u00f2n 700 ng\u00e0n \u0111\u1ed3ng) th\u00ec b\u1ea3o \u0111\u1ea3m s\u1ebd \u0111\u1ee9ng ng\u1ed3i kh\u00f4ng y\u00ean. Thay v\u00ec so s\u00e1nh th\u1ecb gi\u00e1 v\u00e0 gi\u00e1 tr\u1ecb, th\u00ec b\u00e2y gi\u1edd v\u1ee3 t\u00f4i ch\u1ec9 suy ngh\u0129 gi\u1eefa gi\u00e1 b\u00e1n tr\u01b0\u1edbc v\u00e0 sau khi gi\u1ea3m gi\u00e1!<\/span><\/p>\n

B\u01b0\u1edbc \u0111\u1ea7u ti\u00ean \u0111\u1ec3 \u0111\u1ea7u t\u01b0 kh\u00f4n ngoan l\u00e0 ph\u1ea3i bi\u1ebft mua r\u1ebb. Mua r\u1ebb c\u00f3 ngh\u0129a l\u00e0 mua v\u1edbi th\u1ecb gi\u00e1 th\u1ea5p h\u01a1n r\u1ea5t nhi\u1ec1u so v\u1edbi gi\u00e1 tr\u1ecb<\/em><\/strong>.<\/span><\/p>\n

Ch\u00fa \u00fd: th\u1ecb gi\u00e1 cao kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 \u0111\u1eaft, v\u00e0 th\u1ecb gi\u00e1 th\u1ea5p c\u00e0ng kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 r\u1ebb. Th\u1ecb gi\u00e1 gi\u1ea3m \u0111i \u0111\u00e1ng k\u1ec3 (gi\u00e0y gi\u1ea3m gi\u00e1, h\u00e0ng x\u00e1ch tay tr\u1ed1n thu\u1ebf, ch\u1ee9ng kho\u00e1n r\u1edbt gi\u00e1,\u2026) c\u0169ng kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 n\u00f3 \u0111\u00e3 r\u1ebb \u0111\u1ec3 \u0111\u1ea7u t\u01b0.<\/span><\/p>\n

V\u00ed d\u1ee5 4<\/strong>. G\u1ea7n \u0111\u00e2y t\u00f4i \u0111\u01b0\u1ee3c bi\u1ebft nh\u1eefng ng\u01b0\u1eddi mua x\u00f4i gi\u00e1 10-20 ng\u00e0n \u1edf v\u00ed d\u1ee5 1 \u0111ang ch\u01a1i ch\u1ee9ng kho\u00e1n. Kh\u1ecfi n\u00f3i ch\u1eafc b\u1ea1n c\u0169ng \u0111o\u00e1n \u0111\u01b0\u1ee3c h\u1ecd mua b\u00e1n th\u1ebf n\u00e0o. Ph\u1ea7n l\u1edbn h\u1ecd ch\u00ea c\u1ed5 phi\u1ebfu c\u00f3 gi\u00e1 l\u1edbn h\u01a1n 30 ng\u00e0n l\u00e0 \u0111\u1eaft n\u00ean h\u1ecd s\u1ebd \u00e0o sang mua c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 th\u1ecb gi\u00e1 si\u00eau r\u1ebb (th\u01b0\u1eddng l\u00e0 nh\u1ecf h\u01a1n 10 ng\u00e0n th\u1eadm ch\u00ed l\u00e0 si\u00eau nh\u1ecf d\u01b0\u1edbi 1000 \u0111\u1ed3ng).<\/span><\/p>\n

T\u00f4i \u0111\u00e3 th\u1eed t\u00ecm hi\u1ec3u c\u00e1ch \u201cph\u00e2n t\u00edch\u201d c\u1ed5 phi\u1ebfu c\u1ee7a nh\u1eefng ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u ch\u01a1i, v\u00e0 ph\u00e1t hi\u1ec7n ra nhi\u1ec1u \u0111i\u1ec3m l\u00fd th\u00fa. Th\u00f4ng tin \u0111\u1ea7u ti\u00ean m\u00e0 h\u1ecd t\u00ecm \u0111\u1ebfn l\u00e0 b\u1ea3ng gi\u00e1 ch\u1ee9ng kho\u00e1n v\u00e0o cu\u1ed1i m\u1ed7i ng\u00e0y (tr\u00ean b\u00e1o, website, b\u1ea3n tin ch\u1ee9ng kho\u00e1n\u2026). B\u1ea5t k\u1ef3 b\u1ea3ng gi\u00e1 n\u00e0o c\u0169ng c\u00f3 \u00edt nh\u1ea5t 2 c\u1ed9t: m\u00e3 c\u1ed5 phi\u1ebfu v\u00e0 th\u1ecb gi\u00e1 trong ng\u00e0y. V\u00e0 \u0111\u00f3 ch\u00ednh l\u00e0 th\u00f4ng tin duy nh\u1ea5t m\u00e0 h\u1ecd d\u00f9ng \u0111\u1ec3 \u201cph\u00e2n t\u00edch\u201d. Ch\u1ec9 c\u00f3 2 c\u1ed9t th\u00ec h\u1ecd ph\u00e2n t\u00edch th\u1ebf n\u00e0o? R\u1ea5t \u0111\u01a1n gi\u1ea3n: h\u1ecd so s\u00e1nh c\u00e1c d\u00f2ng trong b\u1ea3ng gi\u00e1 v\u1edbi nhau! V\u00ed d\u1ee5 h\u1ecd so s\u00e1nh 2 d\u00f2ng sau:<\/span><\/p>\n

C\u1ed5 phi\u1ebfu \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Gi\u00e1<\/span><\/p>\n

FLC \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05.000<\/span><\/p>\n

REE\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a036.000<\/span><\/p>\n

V\u00e0 h\u1ecd k\u1ebft lu\u1eadn r\u1eb1ng c\u1ed5 phi\u1ebfu FLC h\u1ea5p d\u1eabn h\u01a1n c\u1ed5 phi\u1ebfu REE!<\/span><\/p>\n

M\u1ed9t s\u1ed1 ng\u01b0\u1eddi th\u00ec \u201ch\u00e0n l\u00e2m\u201d h\u01a1n, ngo\u00e0i b\u1ea3ng gi\u00e1 th\u00ec h\u1ecd c\u00f2n nh\u00ecn v\u00e0o bi\u1ec3u \u0111\u1ed3 th\u1ecb gi\u00e1 c\u1ee7a t\u1eebng c\u1ed5 phi\u1ebfu. Khi h\u1ecd th\u1ea5y th\u1ecb gi\u00e1 hi\u1ec7n th\u1eddi c\u1ee7a c\u1ed5 phi\u1ebfu n\u00e0o \u0111\u00f3 \u0111ang xu\u1ed1ng th\u1ea5p nh\u1ea5t so v\u1edbi 3 th\u00e1ng tr\u01b0\u1edbc, h\u1ecd s\u1ebd \u0111inh ninh r\u1eb1ng c\u1ed5 phi\u1ebfu \u0111\u00f3 \u0111ang r\u1ea5t r\u1ebb! (C\u00f2n nh\u1edb ng\u01b0\u1eddi b\u1ea1n g\u00e1i ham mua \u0111\u1ed3 sale off ch\u1ee9?).<\/span><\/p>\n

Ph\u00e2n t\u00edch \u0111\u1ea7u t\u01b0 kh\u00f4ng ph\u1ea3i nh\u01b0 v\u1eady! \u0110\u1eebng bao gi\u1edd ph\u00ed h\u1ebft th\u1eddi gian \u0111\u1ec3 \u0111\u1ecdc b\u1ea3ng gi\u00e1 ho\u1eb7c xem \u0111\u1ed3 th\u1ecb, v\u00ec ch\u00fang ch\u1ec9 cho ta bi\u1ebft m\u1ed9t bi\u1ebfn duy nh\u1ea5t: th\u1ecb gi\u00e1<\/em>. B\u1ea1n kh\u00f4ng th\u1ec3 nh\u00ecn th\u1ea5y c\u1ed9t gi\u00e1 tr\u1ecb trong b\u1ea5t k\u1ef3 b\u1ea3ng gi\u00e1 n\u00e0o c\u1ea3.<\/strong><\/span><\/p>\n

\u00a0<\/em><\/strong><\/span><\/p>\n

Nguy\u00ean t\u1eafc 2: Hi\u1ec3u th\u1ebf n\u00e0o l\u00e0 Bi\u00ean \u0111\u1ed9 an to\u00e0n (Margin Of Safety<\/em><\/strong>)(L\u00e3i khi mua ch\u1ee9 kh\u00f4ng ph\u1ea3i mua \u0111\u1ee3i c\u00f4ng ty l\u00e0m \u0103n c\u00f3 l\u00e3i m\u1edbi t\u0103ng gi\u00e1) <\/em><\/span><\/p>\n

N\u1ebfu x\u00e9t k\u1ef9 c\u00e1ch ph\u00e2n t\u00edch c\u1ee7a c\u00f4 b\u00e9 trong ph\u1ea7n I, ta s\u1ebd th\u1ea5y c\u00f3 c\u00e1c v\u1ea5n \u0111\u1ec1 sau:<\/span><\/p>\n

\u2013 S\u1ed1 ti\u1ec1n l\u01b0\u01a1ng trong t\u01b0\u01a1ng lai th\u1ef1c ch\u1ea5t ch\u1ec9 l\u00e0 d\u1ef1 \u0111o\u00e1n, tr\u00ean th\u1ef1c t\u1ebf th\u00ec s\u1ed1 ti\u1ec1n \u1ea5y c\u00f3 th\u1ec3 kh\u00e1c \u0111i.<\/span><\/p>\n

\u2013 M\u1ee9c \u0111\u1ed9 \u201ct\u0103ng tr\u01b0\u1edfng\u201d ti\u1ec1n l\u01b0\u01a1ng c\u00f3 th\u1ec3 c\u0169ng kh\u00f4ng ph\u1ea3i l\u00e0 25%\/n\u0103m. C\u00f3 nhi\u1ec1u r\u1ee7i ro: c\u00f4ng ty l\u00e0m \u0103n k\u00e9m, n\u00ean kinh t\u1ebf \u0111i xu\u1ed1ng, c\u00f4 b\u00e9 ng\u1ed9 nh\u1eadn v\u1ec1 n\u0103ng l\u1ef1c c\u1ee7a m\u00ecnh\u2026<\/span><\/p>\n

\u2013 T\u1ec9 l\u1ec7 ph\u1ea7n tr\u0103m d\u00f9ng \u0111\u1ec3 chi\u1ebft kh\u1ea5u (8%\/n\u0103m) c\u0169ng c\u00f3 th\u1ec3 s\u1ebd kh\u00e1c \u0111i.<\/span><\/p>\n

Ch\u1ec9 c\u1ea7n m\u1ed9t trong c\u00e1c y\u1ebfu t\u1ed1 tr\u00ean x\u1ea3y ra, ch\u1eafc ch\u1eafn k\u1ebft qu\u1ea3 t\u00ednh gi\u00e1 tr\u1ecb cu\u1ed1i c\u00f9ng s\u1ebd c\u00f3 kh\u00e1c bi\u1ec7t. N\u00f3i chung nhi\u1ec1u ng\u01b0\u1eddi c\u00f9ng ph\u00e2n t\u00edch m\u1ed9t tr\u01b0\u1eddng h\u1ee3p th\u00ec m\u1ed7i ng\u01b0\u1eddi s\u1ebd c\u00f3 k\u1ebft qu\u1ea3 t\u00ednh gi\u00e1 tr\u1ecb kh\u00e1c nhau. V\u00e0 con ng\u01b0\u1eddi th\u00ec lu\u00f4n c\u00f3 th\u1ec3 m\u1eafc sai s\u00f3t khi t\u00ednh to\u00e1n v\u00e0 nh\u1eadn \u0111\u1ecbnh.<\/span><\/p>\n

V\u00ec v\u1eady Graham \u0111\u1ec1 ra nguy\u00ean t\u1eafc bi\u00ean \u0111\u1ed9 an to\u00e0n (B\u0110AT) khi \u0111\u1ea7u t\u01b0: ch\u1ec9 th\u1ef1c hi\u1ec7n \u0111\u1ea7u t\u01b0 n\u1ebfu nh\u01b0 th\u1ecb gi\u00e1 th\u1ea5p h\u01a1n gi\u00e1 tr\u1ecb m\u1ed9t kho\u1ea3ng \u0111\u00e1ng k\u1ec3, kho\u1ea3ng \u0111\u00f3 g\u1ecdi l\u00e0 B\u0110AT<\/em><\/strong>. N\u1ebfu B\u0110AT c\u00e0ng l\u1edbn th\u00ec v\u1ee5 \u0111\u1ea7u t\u01b0 \u0111\u00f3 c\u00e0ng h\u1ea5p d\u1eabn.<\/span><\/p>\n

Hay n\u00f3i c\u00e1ch kh\u00e1c, v\u1ea5n \u0111\u1ec1 kh\u00f4ng ph\u1ea3i l\u00e0 t\u00ednh to\u00e1n \u0111\u1ec3 t\u00ecm ra gi\u00e1 tr\u1ecb ch\u00ednh x\u00e1c nh\u1ea5t, v\u00ec \u0111i\u1ec1u \u0111\u00f3 l\u00e0 kh\u00f4ng th\u1ec3. Thay v\u00ec v\u1eady, ta ch\u1ec9 c\u1ea7n c\u1ed1 g\u1eafng \u0111\u1ecbnh gi\u00e1 sao cho con s\u1ed1 g\u1ea7n \u0111\u00fang nh\u1ea5t (x\u00e1c su\u1ea5t \u0111\u00fang c\u00e0ng cao c\u00e0ng t\u1ed1t, nh\u01b0ng kh\u00f4ng th\u1ec3 100% \u0111\u01b0\u1ee3c). V\u1ea5n \u0111\u1ec1 quan tr\u1ecdng h\u01a1n l\u00e0 c\u1ea7n ph\u1ea3i \u0111\u00f2i h\u1ecfi B\u0110AT th\u1eadt cao khi th\u1ef1c hi\u1ec7n \u0111\u1ea7u t\u01b0, \u0111\u1ec3 \u201cb\u00f9 \u0111\u1eafp\u201d cho nh\u1eefng sai s\u1ed1 kh\u00f4ng tr\u00e1nh kh\u1ecfi khi \u0111\u1ecbnh gi\u00e1. Theo Graham, m\u1ed9t giao d\u1ecbch m\u00e0 kh\u00f4ng c\u00f3 B\u0110AT th\u00ec giao d\u1ecbch \u0111\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00fang ngh\u0129a.<\/em><\/strong><\/span><\/p>\n

Nhi\u1ec1u ng\u01b0\u1eddi, m\u1eb7c d\u00f9 tr\u00ecnh \u0111\u1ed9 r\u1ea5t cao v\u00e0 cho r\u1eb1ng m\u00ecnh hi\u1ec3u v\u1ec1 ph\u00e2n t\u00edch \u0111\u1ea7u t\u01b0, l\u1ea1i kh\u00f4ng bi\u1ebft g\u00ec v\u1ec1 B\u0110AT. Xem v\u00ed d\u1ee5 \u1edf tr\u00ean b\u00e1o Tu\u1ed5i Tr\u1ebb, b\u00e0i vi\u1ebft v\u1eeba kh\u00f3 hi\u1ec3u v\u1eeba g\u00e2y hi\u1ec3u l\u1ea7m cho ng\u01b0\u1eddi \u0111\u1ecdc \u1edf ch\u1ed7: kh\u00f4ng n\u00f3i r\u00f5 sai s\u1ed1 c\u00f3 th\u1ec3 c\u00f3 trong t\u00ednh to\u00e1n v\u00e0 B\u0110AT th\u1ebf n\u00e0o l\u00e0 ph\u00f9 h\u1ee3p. N\u1ebfu t\u00e1c gi\u1ea3 c\u00f3 th\u1ec3 cho r\u1eb1ng B\u0110AT c\u1ee7a m\u00ecnh b\u1eb1ng 0 v\u00e0 t\u00ednh to\u00e1n c\u1ee7a m\u00ecnh ch\u00ednh x\u00e1c 100% th\u00ec c\u00f3 l\u1ebd t\u00e1c gi\u1ea3 \u0111\u00f3 s\u1ebd s\u1edbm tr\u1edf th\u00e0nh ng\u01b0\u1eddi gi\u00e0u nh\u1ea5t Vi\u1ec7t Nam trong nay mai.<\/span><\/p>\n

H\u00e3y ghi nh\u1edb: B\u0110AT c\u00e0ng l\u1edbn th\u00ec v\u1ee5 \u0111\u1ea7u t\u01b0 c\u00e0ng h\u1ea5p d\u1eabn. Nghe \u0111\u01a1n gi\u1ea3n qu\u00e1 ph\u1ea3i kh\u00f4ng? Ai l\u1ea1i ch\u1eb3ng bi\u1ebft v\u1eady? Th\u1ebf th\u00ec b\u1ea1n h\u00e3y quan s\u00e1t nh\u1eefng ng\u01b0\u1eddi xung quanh \u0111ang ch\u01a1i c\u1ed5 phi\u1ebfu.<\/span><\/p>\n

S\u1edf d\u0129 h\u1ea7u h\u1ebft c\u00e1c h\u1ecdc tr\u00f2 c\u1ee7a Graham \u0111\u1ec1u th\u00e0nh c\u00f4ng l\u00e0 v\u00ec h\u1ecd hi\u1ec3u \u0111\u01b0\u1ee3c B\u0110AT<\/em><\/strong>. Sau khi b\u01b0\u1edbc ra t\u1eeb \u201cl\u00f2 luy\u1ec7n\u201d c\u1ee7a Graham, m\u1ed7i ng\u01b0\u1eddi h\u1ecdc tr\u00f2 \u0111\u1ec1u t\u00ecm ra ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p ri\u00eang ph\u00f9 h\u1ee3p v\u1edbi m\u00ecnh. C\u00f3 ng\u01b0\u1eddi s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p d\u00f2ng ti\u1ec1n chi\u1ebft kh\u1ea5u. C\u00f3 ng\u01b0\u1eddi x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb b\u1eb1ng c\u00e1ch \u0111\u00e1nh gi\u00e1 to\u00e0n b\u1ed9 t\u00e0i s\u1ea3n hi\u1ec7n c\u00f3 c\u1ee7a doanh nghi\u1ec7p. C\u00f3 ng\u01b0\u1eddi th\u00ec t\u00ednh lu\u00f4n gi\u00e1 tr\u1ecb v\u00f4 h\u00ecnh (th\u01b0\u01a1ng hi\u1ec7u c\u1ee7a doanh nghi\u1ec7p) khi \u0111\u1ecbnh gi\u00e1. Trong \u0111\u00f3 n\u1ed5i b\u1eadt c\u00f3 Buffett l\u00e0 \u0111\u1eb7c bi\u1ec7t th\u00e0nh c\u00f4ng v\u00ec k\u1ebft h\u1ee3p \u0111\u01b0\u1ee3c 2 tr\u01b0\u1eddng ph\u00e1i \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb v\u00e0 \u0111\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng<\/em> (v\u1ed1n d\u0129 theo m\u1ecdi ng\u01b0\u1eddi l\u00e0 ho\u00e0n to\u00e0n tr\u00e1i ng\u01b0\u1ee3c nhau, c\u00f3 d\u1ecbp t\u00f4i s\u1ebd tr\u00ecnh b\u00e0y v\u1ec1 \u0111\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng sau). Ngay c\u1ea3 Graham c\u0169ng gi\u1edbi thi\u1ec7u m\u1ed9t s\u1ed1 ph\u01b0\u01a1ng ph\u00e1p c\u1ee5 th\u1ec3 trong cu\u1ed1n s\u00e1ch \u201cNh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh\u201d. M\u1ed7i ng\u01b0\u1eddi h\u1ecdc tr\u00f2 s\u1edf h\u1eefu m\u1ed9t \u201cchi\u00eau th\u1ee9c\u201d \u0111\u1ecbnh gi\u00e1 ri\u00eang, sao cho ph\u00f9 h\u1ee3p v\u1edbi th\u1ebf m\u1ea1nh c\u1ee7a ch\u00ednh m\u00ecnh v\u00e0 t\u0103ng \u0111\u1ed9 ch\u00ednh x\u00e1c khi \u0111\u1ecbnh gi\u00e1. D\u00f9 d\u00f9ng chi\u00eau th\u1ee9c n\u00e0o th\u00ec cu\u1ed1i c\u00f9ng h\u1ecd c\u0169ng tu\u00e2n theo m\u1ed9t nguy\u00ean t\u1eafc: \u0111\u00f2i h\u1ecfi B\u0110AT ph\u1ea3i cao.<\/span><\/p>\n

L\u1ea7n s\u1eafp t\u1edbi khi ai \u0111\u00f3 \u0111\u1ecbnh d\u1ea1y b\u1ea1n v\u1ec1 ph\u00e2n t\u00edch ch\u1ee9ng kho\u00e1n theo tr\u01b0\u1eddng ph\u00e1i gi\u00e1 tr\u1ecb (ho\u1eb7c ph\u00e2n t\u00edch c\u01a1 b\u1ea3n), n\u1ebfu h\u1ecd ch\u1ec9 d\u1ea1y b\u1ea1n v\u1ec1 PE, PEG, PB, DCF\u2026 m\u00e0 kh\u00f4ng n\u00f3i g\u00ec \u0111\u1ebfn B\u0110AT, th\u00ec \u0111\u1eebng n\u00ean tin h\u1ecd. N\u1ebfu ch\u1ec9 bi\u1ebft chi\u00eau th\u1ee9c m\u00e0 kh\u00f4ng bi\u1ebft t\u00e2m ph\u00e1p, b\u1ea1n ch\u1ec9 c\u00f3 th\u1ec3 l\u00e0m S\u01a1n \u0110\u00f4ng M\u00e3i V\u00f5 ki\u1ebfm b\u1ea1c c\u1eafc qua ng\u00e0y th\u00f4i.<\/span><\/p>\n

Warren Buffett c\u00f3 n\u00eau m\u1ed9t h\u00ecnh t\u01b0\u1ee3ng r\u1ea5t l\u00fd th\u00fa. N\u1ebfu b\u1ea1n c\u1ea7n x\u00e2y m\u1ed9t c\u00e2y c\u1ea7u \u0111\u1ec3 xe c\u00f3 tr\u1ecdng t\u1ea3i 10 t\u1ea5n \u0111i qua, b\u1ea1n ph\u1ea3i thi\u1ebft k\u1ebf v\u00e0 thi c\u00f4ng c\u00e2y c\u1ea7u ch\u1ecbu \u0111\u01b0\u1ee3c 15 t\u1ea5n<\/em><\/strong>. Ph\u1ea7n 5 t\u1ea5n \u0111\u00f3 ch\u00ednh l\u00e0 B\u0110AT. D\u00f9 b\u1ea1n c\u00f3 th\u00f4ng minh \u0111\u1ebfn \u0111\u00e2u th\u00ec c\u0169ng kh\u00f4ng th\u1ec3 l\u01b0\u1eddng tr\u01b0\u1edbc \u0111\u01b0\u1ee3c nh\u1eefng bi\u1ebfn c\u1ed1 trong t\u01b0\u01a1ng lai: th\u1eddi ti\u1ebft b\u1ea5t th\u01b0\u1eddng, m\u1ed9t s\u1ed1 xe \u0103n gian t\u1ea3i tr\u1ecdng,\u2026 N\u1ebfu b\u1ea1n ngoan c\u1ed1 x\u00e2y c\u00e2y c\u1ea7u t\u1ea3i tr\u1ecdng 10 t\u1ea5n ho\u1eb7c th\u1ea5p h\u01a1n, kh\u00f4ng s\u1edbm th\u00ec mu\u1ed9n c\u00e2y c\u1ea7u s\u1ebd s\u1eadp tan t\u00e0nh. Tr\u01b0\u1eddng h\u1ee3p n\u00e0y \u0111\u1eb7c bi\u1ec7t \u0111\u00fang khi b\u1ea1n \u1edf Vi\u1ec7t Nam.<\/span><\/p>\n

\u00a0<\/em><\/span><\/p>\n

M\u1ed9t kh\u00e1i ni\u1ec7m c\u01a1 b\u1ea3n kh\u00e1c c\u1ea7n ghi nh\u1edb \u0111\u00f3 l\u00e0 Ng\u00e0i Th\u1ecb Tr\u01b0\u1eddng (Mr. Market)<\/em><\/strong><\/span><\/p>\n

T\u00f4i v\u1eabn th\u01b0\u1eddng nghe nhi\u1ec1u ng\u01b0\u1eddi than phi\u1ec1n r\u1eb1ng ph\u00e2n t\u00edch c\u01a1 b\u1ea3n kh\u00f4ng c\u00f3 \u0111\u1ea5t d\u1ee5ng v\u00f5 \u1edf th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam. H\u1ecd cho r\u1eb1ng \u0111i h\u1ecdc m\u1ea5y l\u1edbp v\u1ec1 ph\u00e2n t\u00edch ch\u1ee9ng kho\u00e1n xong r\u1ed3i ch\u1eb3ng \u00e1p d\u1ee5ng \u0111\u01b0\u1ee3c g\u00ec. Ch\u1eb3ng h\u1ea1n: t\u1ea1i sao c\u1ed5 phi\u1ebfu Z c\u00f3 c\u00e1c ch\u1ec9 s\u1ed1 c\u01a1 b\u1ea3n \u0111\u1eb9p v\u1eady m\u00e0 gi\u00e1 c\u1ee9 th\u1ea5p l\u00e8 t\u00e8? H\u1ecd cho r\u1eb1ng b\u00e2y gi\u1edd ng\u01b0\u1eddi ta ch\u1ec9 quan t\u00e2m \u0111\u1ebfn th\u1ecb gi\u00e1 th\u00f4i, c\u00f3 ai \u0111\u1ea7u t\u01b0 d\u1ef1a v\u00e0o gi\u00e1 tr\u1ecb th\u1ef1c \u0111\u00e2u m\u00e0 m\u00ecnh ph\u00e2n t\u00edch gi\u00e1 tr\u1ecb l\u00e0m chi cho m\u1ec7t.<\/span><\/p>\n

M\u1ed9t l\u1ea7n n\u1eefa, nh\u1eefng ng\u01b0\u1eddi \u0111\u00f3 ch\u1ec9 h\u1ecdc chi\u00eau th\u1ee9c m\u00e0 ch\u01b0a thu\u1ed9c t\u00e2m ph\u00e1p. Ngo\u00e0i B\u0110AT, Graham c\u00f2n \u0111\u1ec1 ra m\u1ed9t nguy\u00ean t\u1eafc n\u1eefa: \u00f4ng Th\u1ecb Tr\u01b0\u1eddng (Mr. Market).<\/span><\/p>\n

\u0110\u1ec3 hi\u1ec3u \u0111\u01b0\u1ee3c nguy\u00ean t\u1eafc n\u00e0y, thay v\u00ec s\u1edf h\u1eefu c\u1ed5 phi\u1ebfu, b\u1ea1n h\u00e3y t\u01b0\u1edfng t\u01b0\u1ee3ng m\u00ecnh \u0111ang s\u1edf h\u1eefu m\u1ed9t mi\u1ebfng \u0111\u1ea5t do cha \u00f4ng \u0111\u1ec3 l\u1ea1i. D\u0129 nhi\u00ean l\u00e0 b\u1ea1n d\u1ec5 d\u00e0ng bi\u1ebft \u0111\u01b0\u1ee3c gi\u00e1 tr\u1ecb th\u1ef1c s\u1ef1 c\u1ee7a mi\u1ebfng \u0111\u1ea5t h\u01a1n l\u00e0 so v\u1edbi gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed5 phi\u1ebfu. Ngo\u00e0i ra, h\u00e3y t\u01b0\u1edfng t\u01b0\u1ee3ng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n l\u00e0 m\u1ed9t \u00f4ng h\u00e0ng x\u00f3m \u2013 t\u00ean l\u00e0 \u00f4ng Th\u1ecb Tr\u01b0\u1eddng \u2013 ng\u01b0\u1eddi c\u0169ng c\u00f3 m\u1ed9t m\u1ea3nh \u0111\u1ea5t \u1edf b\u00ean c\u1ea1nh m\u1ea3nh \u0111\u1ea5t c\u1ee7a b\u1ea1n.<\/span><\/p>\n

H\u1eb1ng ng\u00e0y, \u00f4ng Th\u1ecb Tr\u01b0\u1eddng s\u1ebd \u0111\u1ebfn tr\u01b0\u1edbc c\u1eeda nh\u00e0 b\u1ea1n \u0111\u1ec3 \u0111\u01b0a ra m\u1ed9t m\u1ee9c gi\u00e1 \u0111\u1ec3 mua m\u1ea3nh \u0111\u1ea5t c\u1ee7a b\u1ea1n, ho\u1eb7c ng\u01b0\u1ee3c l\u1ea1i b\u1ea1n c\u00f3 th\u1ec3 mua mi\u1ebfng \u0111\u1ea5t c\u1ee7a \u00f4ng ta n\u1ebfu th\u1ea5y gi\u00e1 \u0111\u00f3 h\u1ee3p l\u00fd. M\u1eb7c d\u00f9 c\u1ea3 hai mi\u1ebfng \u0111\u1ea5t \u0111\u1ec1u gi\u1ed1ng nhau v\u1ec1 di\u1ec7n t\u00edch v\u00e0 \u0111\u1ecba th\u1ebf, nh\u01b0ng m\u1ee9c gi\u00e1 m\u00e0 \u00f4ng Th\u1ecb Tr\u01b0\u1eddng \u0111\u01b0a ra lu\u00f4n bi\u1ebfn \u0111\u1ed9ng theo t\u1eebng ng\u00e0y. Ch\u1ec9 c\u00f3 \u0111i\u1ec1u, \u00f4ng Th\u1ecb Tr\u01b0\u1eddng c\u00f3 t\u00e2m l\u00fd r\u1ea5t b\u1ea5t \u1ed5n \u0111\u1ecbnh. Trong m\u1ed9t s\u1ed1 ng\u00e0y \u00f4ng ta ch\u1ec9 th\u1ea5y to\u00e0n kh\u00eda c\u1ea1nh t\u00edch c\u1ef1c c\u1ee7a mi\u1ebfng \u0111\u1ea5t v\u00e0 v\u00f4 c\u00f9ng ph\u1ea5n kh\u00edch, khi \u0111\u00f3 \u00f4ng ta ch\u00e0o m\u1ed9t m\u1ee9c gi\u00e1 v\u00f4 c\u00f9ng cao. L\u1ea1i c\u00f3 m\u1ed9t s\u1ed1 ng\u00e0y, \u00f4ng ta r\u01a1i v\u00e0o tr\u1ea1ng th\u00e1i v\u00f4 c\u00f9ng hoang mang v\u00e0 ch\u1ec9 nh\u00ecn th\u1ea5y to\u00e0n kh\u00eda c\u1ea1nh ti\u00eau c\u1ef1c, khi \u0111\u00f3 \u00f4ng ta s\u1ebd \u0111\u01b0a ra m\u1ee9c gi\u00e1 v\u00f4 c\u00f9ng th\u1ea5p.<\/span><\/p>\n

Ngo\u00e0i ra, \u00f4ng Th\u1ecb Tr\u01b0\u1eddng c\u00f2n r\u1ea5t l\u00ec. N\u1ebfu h\u00f4m nay b\u1ea1n t\u1eeb ch\u1ed1i giao d\u1ecbch, th\u00ec ngay ng\u00e0y h\u00f4m sau \u00f4ng ta l\u1ea1i \u0111\u1ebfn g\u00f5 c\u1eeda \u0111\u1ec3 ch\u00e0o m\u1ee9c gi\u00e1 kh\u00e1c, cao h\u01a1n ho\u1eb7c th\u1ea5p h\u01a1n t\u00f9y theo t\u1eadm tr\u1ea1ng c\u1ee7a \u00f4ng ta ng\u00e0y h\u00f4m \u0111\u00f3. \u00d4ng ta kh\u00f4ng bao gi\u1edd quan t\u00e2m \u0111\u1ebfn gi\u00e1 tr\u1ecb th\u1ef1c s\u1ef1 c\u1ee7a mi\u1ebfng \u0111\u1ea5t c\u1ea3.<\/span><\/p>\n

N\u1ebfu b\u1ea1n c\u0169ng kh\u00f4ng hi\u1ec3u r\u00f5 gi\u00e1 c\u1ee7a mi\u1ebfng \u0111\u1ea5t, b\u1ea1n ph\u1ea3i c\u1ea9n th\u1eadn v\u1edbi \u00f4ng Th\u1ecb Tr\u01b0\u1eddng. R\u1ea5t c\u00f3 th\u1ec3 ch\u1ee9ng t\u00e2m l\u00fd b\u1ea5t \u1ed5n \u0111\u1ecbnh s\u1ebd l\u00e2y t\u1eeb \u00f4ng qua sang b\u1ea1n. Khi \u0111\u00f3 b\u1ea1n c\u00f3 th\u1ec3 s\u1ebd mua ph\u1ea3i mi\u1ebfng \u0111\u1ea5t c\u1ee7a \u00f4ng ta ho\u1eb7c b\u00e1n mi\u1ebfng \u0111\u1ea5t c\u1ee7a m\u00ecnh v\u1edbi c\u00e1i gi\u00e1 sai l\u1ea7m.<\/span><\/p>\n

Warren Buffet c\u00f3 l\u1eddi khuy\u00ean nh\u01b0 sau: Ng\u00e0i Th\u1ecb Tr\u01b0\u1eddng \u1edf tr\u01b0\u1edbc c\u1eeda l\u00e0 \u0111\u1ec3 ph\u1ee5c v\u1ee5 b\u1ea1n, ch\u1ee9 kh\u00f4ng ph\u1ea3i \u0111\u1ec3 h\u01b0\u1edbng d\u1eabn b\u1ea1n; c\u00e1i m\u00e0 b\u1ea1n c\u1ea7n l\u00e0 t\u00fai ti\u1ec1n c\u1ee7a \u00f4ng ta, ch\u1ee9 kh\u00f4ng ph\u1ea3i s\u1ef1 ng\u00f4n ngoan c\u1ee7a \u00f4ng ta<\/em>. N\u1ebfu b\u1ea1n tin r\u1eb1ng c\u00e1i gi\u00e1 m\u00e0 \u00f4ng ta \u0111\u01b0a ra qu\u00e1 cao so v\u1edbi gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a mi\u1ebfng \u0111\u1ea5t, b\u1ea1n c\u00f3 th\u1ec3 th\u1ea3n nhi\u00ean t\u1eeb ch\u1ed1i giao d\u1ecbch, ho\u1eb7c th\u1eadm ch\u00ed c\u00f3 th\u1ec3 b\u00e1n ngay mi\u1ebfng \u0111\u1ea5t c\u1ee7a m\u00ecnh. T\u01b0\u01a1ng t\u1ef1, khi \u00f4ng ta hoang mang c\u1ef1c \u0111\u1ed9, b\u1ea1n c\u00f3 th\u1ec3 t\u1eadn d\u1ee5ng c\u01a1 h\u1ed9i \u0111\u1ec3 mua mi\u1ebfng \u0111\u1ea5t c\u1ee7a \u00f4ng ta ngay l\u1eadp t\u1ee9c.<\/em><\/span><\/p>\n

Graham cho r\u1eb1ng b\u1ea1n n\u00ean t\u1eadp trung t\u00ecm ra s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa th\u1ecb gi\u00e1 v\u00e0 gi\u00e1 tr\u1ecb<\/strong>, v\u00e0 khi c\u00f3 \u0111\u01b0\u1ee3c B\u0110AT t\u01b0\u01a1ng \u0111\u1ed1i l\u1edbn th\u00ec th\u1ef1c hi\u1ec7n \u0111\u1ea7u t\u01b0 ngay. Sau \u0111\u00f3, b\u1ea1n kh\u00f4ng \u0111\u01b0\u1ee3c \u0111\u1ec3 s\u1ef1 bi\u1ebfn \u0111\u1ed9ng h\u1eb1ng ng\u00e0y c\u1ee7a th\u1ecb gi\u00e1 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn quy\u1ebft \u0111\u1ecbnh mua\/b\u00e1n c\u1ee7a m\u00ecnh. Th\u1eadm ch\u00ed b\u1ea1n c\u1ea7n ph\u1ea3i tr\u00f4ng \u0111\u1ee3i s\u1ef1 bi\u1ebfn \u0111\u1ed9ng \u0111\u00f3. V\u1ec1 ng\u1eafn h\u1ea1n, s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa th\u1ecb gi\u00e1 v\u00e0 gi\u00e1 tr\u1ecb lu\u00f4n t\u1ed3n t\u1ea1i, nh\u01b0ng v\u1ec1 l\u00e2u d\u00e0i th\u00ec ch\u00fang s\u1ebd ti\u1ebfn l\u1ea1i g\u1ea7n nhau<\/em><\/strong>. B\u1ea1n c\u00f3 th\u1ec3 ki\u1ebfm \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn cao h\u01a1n m\u1ee9c trung b\u00ecnh c\u1ee7a th\u1ecb tr\u01b0\u1eddng n\u1ebfu bi\u1ebft t\u1eadn d\u1ee5ng nh\u1eefng l\u00fac c\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t \u0111\u00f3. Mu\u1ed1n l\u00e0m \u0111\u01b0\u1ee3c \u0111i\u1ec1u \u0111\u00f3 th\u00ec b\u1ea1n ph\u1ea3i bi\u1ebft c\u00e1ch tr\u00e1nh xa nh\u1eefng \u1ea3nh h\u01b0\u1edfng t\u00e2m l\u00fd c\u1ee7a Ng\u00e0i Th\u1ecb tr\u01b0\u1eddng<\/em>.<\/span><\/p>\n

C\u00e2u chuy\u1ec7n tr\u00ean c\u00f2n cho th\u1ea5y v\u00ec sao ph\u1ea7n l\u1edbn m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u th\u00e0nh c\u00f4ng khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u0103n nh\u00e0 ho\u1eb7c mi\u1ebfng \u0111\u1ea5t cho t\u01b0\u01a1ng lai l\u00e2u d\u00e0i c\u1ee7a m\u00ecnh (Nh\u01b0 b\u00e0 n\u1ed9i c\u1ee7a t\u00f4i ch\u1eb3ng h\u1ea1n, b\u00e0 ch\u01b0a h\u1ec1 h\u1ecdc qua l\u1edbp ph\u00e2n t\u00edch \u0111\u1ea7u t\u01b0 n\u00e0o h\u1ebft nh\u01b0ng v\u1eabn c\u00f3 th\u1ec3 ch\u1ecdn ra c\u0103n nh\u00e0 c\u00f3 gi\u00e1 tr\u1ecb cao). Th\u1ef1c t\u1ebf th\u00ec h\u1ecd kh\u00f4ng b\u1ecb Ng\u00e0i Th\u1ecb tr\u01b0\u1eddng qu\u1ea5y r\u1ea7y m\u1ed7i ng\u00e0y khi s\u1edf h\u1eefu c\u0103n nh\u00e0. Ch\u1eb3ng may n\u1ebfu h\u1ecd c\u00f3 th\u1ec3 giao d\u1ecbch c\u0103n nh\u00e0 qua m\u1ed7i ng\u00e0y, ho\u1eb7c t\u1ec7 h\u01a1n n\u1eefa, h\u1ecd c\u00f3 th\u1ec3 chia c\u0103n nh\u00e0 ra th\u00e0nh nhi\u1ec1u ph\u1ea7n thay v\u00ec ph\u1ea3i giao d\u1ecbch c\u1ea3 nguy\u00ean c\u0103n, c\u00f3 l\u1ebd ph\u1ea7n l\u1edbn trong s\u1ed1 h\u1ecd s\u1ebd g\u1eb7p th\u1ea5t b\u1ea1i khi \u0111\u1ea7u t\u01b0 v\u00e0o nh\u00e0 \u0111\u1ea5t.<\/span><\/p>\n

Khi b\u1ea1n mua c\u1ed5 phi\u1ebfu n\u00e0o \u0111\u00f3, h\u00e3y vi\u1ebft ra gi\u1ea5y c\u00e1ch th\u1ee9c t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb c\u1ee7a b\u1ea1n<\/em>. N\u1ebfu th\u1ecb gi\u00e1 c\u1ee7a c\u1ed5 phi\u1ebfu \u0111\u00f3 gi\u1ea3m ch\u1ec9 c\u00f2n ph\u00e2n n\u1eeda, \u0111\u1eebng hoang mang. H\u00e3y nh\u00ecn l\u1ea1i t\u1edd gi\u1ea5y \u0111\u00f3, xem c\u00e1ch t\u00ednh to\u00e1n \u0111\u00f3 c\u00f2n \u0111\u00fang kh\u00f4ng. N\u1ebfu v\u1eabn tin r\u1eb1ng n\u00f3 \u0111\u00fang, b\u1ea1n c\u00f3 th\u1ec3 c\u00f3 2 l\u1ef1a ch\u1ecdn:<\/span><\/p>\n

    \n
  1. Kh\u00f4ng quan t\u00e2m \u0111\u1ebfn th\u1ecb gi\u00e1 hi\u1ec7n t\u1ea1i. Theo c\u00e1ch n\u00e0y th\u00ec v\u1ec1 l\u00e2u d\u00e0i b\u1ea1n s\u1ebd c\u00f3 \u0111\u01b0\u1ee3c m\u1ee9c l\u1ee3i nhu\u1eadn th\u1ecfa \u0111\u00e1ng (nh\u01b0 trong b\u00e0i vi\u1ebft tr\u01b0\u1edbc).<\/span><\/li>\n
  2. L\u1ea5y ti\u1ec1n mua th\u00eam c\u1ed5 phi\u1ebfu \u0111\u00f3.<\/span><\/li>\n<\/ol>\n

    Tr\u00ean \u0111\u00e2y l\u00e0 b\u00e0i vi\u1ebft c\u1ee7a m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 r\u1ea5t th\u00e0nh c\u00f4ng chia s\u1ebb tr\u00ean m\u1ea1ng \u0111\u01b0\u1ee3c TVTinvest s\u01b0u t\u1ea7m, c\u00f3 \u0111i\u1ec1u ch\u1ec9nh m\u1ed9t s\u1ed1 \u00edt n\u1ed9i dung \u0111\u1ec3 l\u00e0m b\u00e0i h\u1ecdc, nay chia s\u1ebb \u0111\u1ec3 m\u1ecdi ng\u01b0\u1eddi c\u00f9ng \u0111\u1ecdc v\u00e0 h\u1ecdc h\u1ecfi th\u00eam.<\/span><\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    Nhi\u1ec1u ng\u01b0\u1eddi t\u1ef1 cho m\u00ecnh th\u1ef1c hi\u1ec7n \u0111\u1ea7u t\u01b0 theo ph\u01b0\u01a1ng ph\u00e1p \u0110\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb nh\u01b0ng th\u1ef1c s\u1ef1 h\u1ecd ch\u01b0a hi\u1ec3u ho\u1eb7c c\u00f3 \u0111\u1ecdc qua c\u00f3 hi\u1ec3u m\u1ed9t ph\u1ea7n nh\u01b0ng ch\u01b0a \u0111\u1ea7y \u0111\u1ee7 m\u00e0 \u0111\u00e3 th\u1ef1c hi\u1ec7n mua b\u00e1n n\u00ean k\u1ebft qu\u1ea3 kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c nh\u01b0 mong mu\u1ed1n. Sau \u0111\u00e2y l\u00e0 c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n khi th\u1ef1c hi\u1ec7n […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[24,21],"tags":[],"_links":{"self":[{"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/1841"}],"collection":[{"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1841"}],"version-history":[{"count":2,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/1841\/revisions"}],"predecessor-version":[{"id":1843,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/1841\/revisions\/1843"}],"wp:attachment":[{"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1841"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}