<\/p>\n
SETH KLARMAN <\/strong>\u2013 \u0110\u01b0\u1ee3c m\u1ec7nh danh l\u00e0”Warren Buffett m\u1edbi” – Quy t\u1eafc \u0111\u1ea7u t\u01b0 l\u1ef1a ch\u1ecdn c\u1ed5 phi\u1ebfu \u0111\u01a1n gi\u1ea3n \u0111\u1ebfn kh\u00f3 tin.<\/em><\/strong><\/span><\/p>\n Seth Klarman Sinh ng\u00e0y 21 -5-1957 t\u1ea1i th\u00e0nh ph\u1ed1 New York , M\u1ef9<\/span> .<\/span>\u00a0Gi\u1ed1ng nh\u01b0 nh\u00e0 \u0111<\/span><\/span>\u1ea7u t\u01b0 l\u00e3o l\u00e0ng Warren Buffett, tri\u1ebft l\u00fd \u0111\u1ea7u t\u01b0 c\u1ee7a Seth Klarman ch\u1ecbu \u1ea3nh h\u01b0\u1edfng nhi\u1ec1u t\u1eeb Benjamin Graham. B\u1ea3n th\u00e2n \u00f4ng t\u1eebng n\u00f3i<\/span>: “N\u1ebfu Warren Buffett l\u00e0 h\u1ecdc tr\u00f2 c\u1ee7a Benjamin Graham th\u00ec ng\u00e0y nay ch\u00fang t\u00f4i l\u00e0 nh\u1eefng h\u1ecdc tr\u00f2 c\u1ee7a Warren Buffett”.<\/span><\/em><\/p>\n Seth Klarman l\u00e0 m\u1ed9t trong nh\u1eefng nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng nh\u1ea5t hi\u1ec7n nay. \u00d4ng ch\u00ednh l\u00e0 ng\u01b0\u1eddi \u0111\u1ee9ng \u0111\u1ea7u c\u1ee7a Baupost Group \u0111\u1eb7t tr\u1ee5 s\u1edf t\u1ea1i Boston – m\u1ed9t trong nh\u1eefng qu\u1ef9 ph\u00f2ng h\u1ed9 l\u1edbn nh\u1ea5t v\u1edbi quy m\u00f4 t\u00e0i s\u1ea3n kho\u1ea3ng 32 t\u1ef7 USD, chuy\u00ean t\u1eadp trung t\u00ecm ki\u1ebfm v\u00e0o nh\u1eefng kho\u1ea3n \u0111\u1ea7u t\u01b0 mang l\u1ea1i gi\u00e1 tr\u1ecb cao trong d\u00e0i h\u1ea1n.<\/span><\/p>\n C\u00f9ng ch\u1ecbu \u1ea3nh h\u01b0\u1edbng t\u1eeb tri\u1ebft l\u00fd c\u1ee7a huy\u1ec1n tho\u1ea1i Benjamin Graham, nhi\u1ec1u t\u1edd b\u00e1o \u0111\u00e3 v\u00ed von Seth Klarman l\u00e0 “Buffett th\u1ebf h\u1ec7 k\u1ebf ti\u1ebfp” hay “Nh\u00e0 hi\u1ec1n tri\u1ebft x\u1ee9 Boston<\/em>” – t\u01b0\u01a1ng t\u1ef1 nh\u01b0 c\u00e1ch g\u1ecdi “Nh\u00e0 hi\u1ec1n tri\u1ebft x\u1ee9 Omaha” c\u1ee7a Buffett.<\/span><\/p>\n Th\u1ee7a ni\u00ean thi\u1ebfu, \u00f4ng \u0111\u00e3 t\u1ed1t nghi\u1ec7p tr\u01b0\u1eddng Harvard v\u00e0 t\u1eebng l\u00e0m vi\u1ec7c cho qu\u1ef9 Mutual Shares. \u00d4ng c\u0169ng ch\u00ednh l\u00e0 t\u00e1c gi\u1ea3 cu\u1ed1n s\u00e1ch “Margin of Safety, Risk Averse Investing Strategies for the Thoughtful Investor”(T\u1ea1m d\u1ecbch l\u00e0 “Bi\u00ean \u0111\u1ed9 an to\u00e0n, Nh\u1eefng chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 ph\u00f2ng ng\u1eeba r\u1ee7i ro cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea9n tr\u1ecdng”), cu\u1ed1n s\u00e1ch \u0111\u00e3 tr\u1edf th\u00e0nh t\u00e1c ph\u1ea9m kinh \u0111i\u1ec3n v\u1ec1 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb k\u1ec3 t\u1eeb khi n\u00f3 xu\u1ea5t b\u1ea3n l\u1ea7n \u0111\u1ea7u n\u0103m 1991. K\u1ec3 t\u1eeb khi th\u00e0nh l\u1eadp qu\u1ef9 c\u1ee7a \u00f4ng v\u00e0o n\u0103m 1983, \u00f4ng \u0111\u00e3 gi\u00fap t\u00e0i s\u1ea3n r\u00f2ng c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u0103ng 22,6 t\u1ef7 USD.<\/span><\/p>\n \u00d4ng c\u0169ng l\u00e0 m\u1ed9t trong nh\u1eefng ng\u01b0\u1eddi qu\u1ea3n l\u00fd qu\u1ef9 c\u00f3 thu nh\u1eadp cao nh\u1ea5t n\u0103m 2013. \u00d4ng gh\u00e9t b\u1ecb thua cu\u1ed9c c\u0169ng nhi\u1ec1u nh\u01b0 vi\u1ec7c t\u1eadn h\u01b0\u1edfng ni\u1ec1m vui t\u1eeb vi\u1ec7c ki\u1ebfm ti\u1ec1n, v\u00e0 \u00f4ng s\u1eb5n s\u00e0ng ki\u00ean nh\u1eabn ch\u1edd \u0111\u1ee3i cho m\u1ed9t c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 \u0111\u00fang \u0111\u1eafn. \u00d4ng \u0111\u01b0\u1ee3c bi\u1ebft \u0111\u1ebfn nh\u01b0 m\u1ed9t ng\u01b0\u1eddi c\u1ea7n m\u1eabn nh\u1eb7t nh\u1ea1nh \u0111\u1ee7 ti\u1ec1n m\u1eb7t trong nhi\u1ec1u n\u0103m tr\u1eddi, \u0111\u1ec3 theo \u0111u\u1ed5i m\u1ed9t c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 khi n\u00f3 xu\u1ea5t hi\u1ec7n.<\/span><\/p>\n \u0110\u1ed1i v\u1edbi Seth, t\u1eeb l\u00e2u th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu \u0111\u00e3 n\u1ed5i ti\u1ebfng l\u00e0 m\u1ecf v\u00e0ng ti\u1ec1m n\u0103ng nh\u01b0ng l\u1ea1i \u1ea9n ch\u1ee9a \u0111\u1ea7y r\u1eaby r\u1ee7i ro. B\u01b0\u1edbc ch\u00e2n v\u00e0o l\u00e3nh \u0111\u1ecba, ch\u00fang ta c\u00f3 th\u1ec3 sau m\u1ed9t ph\u00fat \u0111\u1ea1t \u0111\u1ebfn vinh quang t\u1ed9t \u0111\u1ec9nh nh\u01b0ng c\u0169ng c\u00f3 th\u1ec3 b\u1ecb r\u01a1i xu\u1ed1ng t\u1eadn \u0111\u00e1y ch\u1ec9 trong ch\u1edbp m\u1eaft<\/em>. Tham gia v\u00e0o cu\u1ed9c ch\u01a1i \u1ea5y, ch\u1ec9 th\u00f4ng minh th\u00f4i ch\u01b0a \u0111\u1ee7. M\u1ed9t chi\u1ebfn thu\u1eadt h\u1ee3p l\u00fd, linh ho\u1ea1t theo bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0 m\u1ed9t t\u00e2m l\u00fd v\u1eefng v\u00e0ng l\u00e0 nh\u1eefng \u0111i\u1ec1u c\u1ea7n thi\u1ebft<\/strong><\/em>.<\/span><\/p>\n Song, c\u00f3 \u0111\u01b0\u1ee3c nh\u1eefng y\u1ebfu t\u1ed1 tr\u00ean kh\u00f4ng ph\u1ea3i l\u00e0 vi\u1ec7c \u0111\u01a1n gi\u1ea3n. \u0110\u1ea7u t\u01b0 theo \u0111\u00e1m \u0111\u00f4ng \u0111\u1ed3ng ngh\u0129a v\u1edbi nguy c\u01a1 r\u1ee7i ro cao v\u00e0 l\u1ee3i nhu\u1eadn th\u1ea5p, nh\u01b0ng hi\u1ec7n nay, c\u00f3 r\u1ea5t \u00edt nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00e1nh \u0111\u01b0\u1ee3c l\u1ed1i m\u00f2n n\u00e0y. H\u1ecd d\u1ec5 b\u1ecb t\u00e1c \u0111\u1ed9ng v\u00e0 th\u01b0\u1eddng l\u00e0m theo s\u1ed1 \u0111\u00f4ng, h\u1ecd \u0111\u1ea7u t\u01b0 \u1ed3 \u1ea1t theo tr\u00e0o l\u01b0u v\u00e0 thi\u1ebfu m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c c\u1ee5 th\u1ec3 cho ri\u00eang m\u00ecnh. Ch\u00ednh v\u00ec th\u1ebf, h\u1ecd th\u01b0\u1eddng ch\u1eadm ch\u00e2n tr\u01b0\u1edbc nh\u1eefng c\u01a1 h\u1ed9i nh\u00e3n ti\u1ec1n m\u00e0 c\u1ed5 phi\u1ebfu \u0111em l\u1ea1i hay kh\u00f3 tho\u00e1t ra khi th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng.<\/em><\/strong><\/span><\/p>\n V\u1eady c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 chuy\u1ec3n t\u1eeb th\u1ebf b\u1ecb \u0111\u1ed9ng sang th\u1ebf ch\u1ee7 \u0111\u1ed9ng tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u00e0 \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng?<\/em><\/strong> \u0110\u00e1p \u00e1n duy nh\u1ea5t cho c\u00e2u h\u1ecfi tr\u00ean l\u00e0 <\/em>h\u1ecd c\u1ea7n c\u00f3 m\u1ed9t chi\u1ebfn s\u00e1ch mang \u0111\u1eadm b\u1ea3n s\u1eafc ri\u00eang<\/strong>, \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng d\u1ef1a tr\u00ean m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c c\u01a1 b\u1ea3n<\/em>. N\u00f3i c\u00e1ch kh\u00e1c, nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng ch\u1ec9 c\u1ea7n hi\u1ec3u r\u00f5 b\u1ea3n th\u00e2n m\u00ecnh m\u00e0 tr\u01b0\u1edbc h\u1ebft c\u00f2n ph\u1ea3i c\u00f3 ki\u1ebfn th\u1ee9c c\u01a1 b\u1ea3n v\u1ec1 c\u00e1c phong c\u00e1ch \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c \u0111\u00fac k\u1ebft t\u1eeb kinh nghi\u1ec7m th\u00e0nh c\u00f4ng c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111i tr\u01b0\u1edbc hay c\u00f9ng th\u1eddi<\/strong><\/em>.<\/span><\/p>\n Quay tr\u1edf l\u1ea1i v\u1edbi Seth, qu\u1ef9 \u0111\u1ea7u t\u01b0 do \u00f4ng s\u00e1ng l\u1eadp v\u00e0 \u0111\u1ee9ng \u0111\u1ea7u, nh\u1edd c\u00e1ch th\u1ee9c nghi\u00ean c\u1ee9u c\u1ea9n th\u1eadn trong \u0111\u1ea7u t\u01b0 n\u00e0y m\u00e0 c\u00e1c kh\u00e1ch h\u00e0ng ch\u1ecbu kh\u00f3 nghe nh\u1eefng l\u1eddi t\u01b0 v\u1ea5n t\u1eeb Seth \u0111\u00e3 t\u1eebng \u0111\u1ea1t t\u1ef7 l\u1ec7 sinh l\u1edbi g\u1ea5p hai l\u1ea7n ch\u1ec9 s\u1ed1 S&P 500, b\u1ea5t ch\u1ea5p c\u1ea3 nh\u1eefng giai \u0111o\u1ea1n c\u1ee7a kh\u00f3 kh\u0103n nh\u1ea5t c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n M\u1ef9. V\u00e0 t\u1ea5t nhi\u00ean, nguy\u00ean t\u1eafc \u0111\u1ea7u t\u01b0 c\u1ee7a \u00f4ng ch\u1ec9 g\u00f3i g\u1ecdn trong nh\u1eefng \u0111i\u1ec1u c\u01a1 b\u1ea3n d\u01b0\u1edbi \u0111\u00e2y:<\/span><\/p>\n 1\/ Lu\u00f4n t\u1eadp trung v\u00e0o c\u1ed5 phi\u1ebfu c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng \u1ed5n \u0111\u1ecbnh<\/em><\/strong><\/span><\/p>\n Khi l\u1ef1a ch\u1ecdn c\u1ed5 phi\u1ebfu, Seth \u0111\u01b0a ra chia s\u1ebb \u00f4ng s\u1ebd ch\u1ec9 t\u1eadp trung v\u00e0o nh\u1eefng doanh nghi\u1ec7p t\u1ea1o ra doanh s\u1ed1 v\u00e0 l\u1ee3i nhu\u1eadn t\u0103ng li\u00ean t\u1ee5c m\u1ed7i n\u0103m<\/em><\/strong>. C\u00f2n s\u1ed1 n\u0103m l\u00e0 bao nhi\u00eau t\u00f9y thu\u1ed9c v\u00e0o chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a t\u1eebng ng\u01b0\u1eddi. M\u1ed9t \u0111i\u1ec1u quan tr\u1ecdng n\u1eefa chuy\u00ean gia n\u00e0y l\u01b0u \u00fd l\u00e0 d\u01b0 n\u1ee3 c\u1ee7a doanh nghi\u1ec7p kh\u00f4ng \u0111\u01b0\u1ee3c qu\u00e1 l\u1edbn so v\u1edbi tr\u1ecb gi\u00e1 t\u00e0i s\u1ea3n<\/em><\/strong>. Y\u1ebfu t\u1ed1 n\u00e0y ph\u00f2ng tr\u01b0\u1eddng h\u1ee3p khi l\u00e3i su\u1ea5t vay t\u0103ng cao, c\u00f4ng ty v\u1eabn \u0111\u1ee7 kh\u1ea3 n\u0103ng tr\u1ea3 n\u1ee3. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u1eafn h\u1ea1n v\u00e0 l\u01b0\u1edbt s\u00f3ng c\u00f3 th\u1ec3 kh\u00f4ng quan t\u00e2m \u0111\u1ebfn y\u1ebfu t\u1ed1 n\u00e0y, nh\u01b0ng trong d\u00e0i h\u1ea1n, \u0111\u00e2y l\u00e0 v\u1ea5n \u0111\u1ec1 c\u1ea7n \u0111\u01b0\u1ee3c l\u01b0u \u00fd<\/em>.<\/span><\/p>\n Ch\u1eb3ng h\u1ea1n nh\u01b0 Warren Buffett y\u00eau th\u00edch chi\u1ebfn l\u01b0\u1ee3c d\u00e0i h\u1ea1n v\u00e0 mu\u1ed1n n\u1eafm c\u1ed5 phi\u1ebfu trong 15 n\u0103m. \u00d4ng \u1ea5y s\u1ebd ph\u1ea3i ki\u1ec3m tra d\u1eef li\u1ec7u doanh nghi\u1ec7p tr\u01b0\u1edbc khi \u0111\u1ea7u t\u01b0 v\u1edbi l\u1ecbch s\u1eed ho\u1ea1t \u0111\u1ed9ng kho\u1ea3ng 10 n\u0103m. Trong khi \u0111\u00f3, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u1eafn h\u1ea1n c\u00f3 th\u1ec3 ch\u1ec9 c\u1ea7n th\u1ed1ng k\u00ea d\u1eef li\u1ec7u trong 3-4 n\u0103m g\u1ea7n nh\u1ea5t \u0111\u1ec3 xem x\u00e9t l\u1ea1i s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh c\u1ee7a doanh nghi\u1ec7p.<\/span><\/p>\n 2\/ L\u01b0u \u00fd \u0111\u1ed9ng th\u00e1i giao d\u1ecbch n\u1ed9i b\u1ed9 c\u00f4ng ty<\/em><\/strong><\/span><\/p>\n Nh\u1eefng giao d\u1ecbch n\u1ed9i b\u1ed9 c\u00f3 th\u1ec3 \u0111\u1ebfn t\u1eeb nh\u1eefng l\u00e3nh \u0111\u1ea1o \u2013 ng\u01b0\u1eddi tr\u1ef1c ti\u1ebfp \u0111ang \u0111i\u1ec1u h\u00e0nh c\u00f4ng ty nh\u01b0 ch\u1ee7 t\u1ecbch, t\u1ed5ng gi\u00e1m \u0111\u1ed1c, ph\u00f3 t\u1ed5ng gi\u00e1m \u0111\u1ed1c\u2026 Theo kinh nghi\u1ec7m v\u00e0 s\u1ef1 quan s\u00e1t c\u1ee7a m\u00ecnh, t\u00e1c gi\u1ea3 nh\u1eadn th\u1ea5y m\u1ed7i khi nh\u1eefng l\u00e3nh \u0111\u1ea1o c\u1ee7a c\u00f4ng ty mua c\u1ed5 phi\u1ebfu ch\u00ednh c\u00f4ng ty m\u00ecnh, th\u00ec gi\u00e1 c\u1ee7a ch\u00fang sau \u0111\u00f3 th\u01b0\u1eddng t\u0103ng. B\u1edfi l\u1ebd, \u0111\u00e2y l\u00e0 nh\u1eefng ng\u01b0\u1eddi hi\u1ec3u v\u00e0 n\u1eafm r\u00f5 nh\u1ea5t c\u00e1c ho\u1ea1t \u0111\u1ed9ng c\u00f4ng ty<\/strong>.<\/em><\/span><\/p>\n Th\u1ebf nh\u01b0ng n\u1ebfu h\u00e0ng lo\u1ea1t c\u1ed5 \u0111\u00f4ng n\u1ed9i b\u1ed9 l\u1ea1i b\u00e1n c\u1ed5 phi\u1ebfu, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u0169ng n\u00ean s\u1edbm t\u00ednh chuy\u1ec7n r\u00fat lui kh\u1ecfi doanh nghi\u1ec7p.<\/em> Nhi\u1ec1u c\u00f4ng ty ch\u1ee9ng kho\u00e1n hay \u0111\u01b0a ra nh\u1eefng b\u00e1o c\u00e1o khuy\u1ebfn ngh\u1ecb mua – b\u00e1n cho nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1edbi t\u1eebng m\u00e3 c\u1ee5 th\u1ec3. D\u00f9 v\u1eady, \u00f4ng cho r\u1eb1ng m\u1ed7i ng\u01b0\u1eddi n\u00ean t\u1ef1 c\u00f3 chi\u1ebfn l\u01b0\u1ee3c ri\u00eang, h\u00e3y \u0111\u1ecdc v\u00e0 t\u1ef1 nghi\u00ean c\u1ee9u nh\u1eefng doanh nghi\u1ec7p m\u00ecnh \u0111ang s\u1edf h\u1eefu c\u1ed5 phi\u1ebfu b\u1eb1ng c\u00e1c kh\u1ea3 n\u0103ng t\u00ecm t\u00f2i suy lu\u1eadn nhi\u1ec1u nh\u1ea5t c\u00f3 th\u1ec3<\/em><\/strong><\/span><\/p>\n Tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ch\u00fang ta c\u0169ng kh\u00f4ng hi\u1ebfm g\u1eb7p c\u00e1c tr\u01b0\u1eddng h\u1ee3p nh\u00e0 \u0111\u1ea7u t\u01b0 nghe theo tin \u0111\u1ed3n khuy\u1ebfn ngh\u1ecb \u0111\u1ea7u t\u01b0 mua v\u00e0o c\u1ed5 phi\u1ebfu m\u1ed9t doanh nghi\u1ec7p khi c\u1ed5 phi\u1ebfu n\u00e0y \u0111ang c\u00f3 gi\u00e1 r\u1ea5t r\u1ebb. Tuy nhi\u00ean, h\u1ea7u nh\u01b0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng bi\u1ebft r\u1eb1ng h\u00e0ng lo\u1ea1t c\u1ed5 \u0111\u00f4ng n\u1ed9i b\u1ed9 c\u00f4ng ty n\u00e0y \u0111\u1ed3ng lo\u1ea1t b\u00e1n c\u1ed5 phi\u1ebfu doanh nghi\u1ec7p nghi\u1ec7p m\u00ecnh qu\u1ea3n l\u00fd. Ch\u1ec9 m\u1ed9t th\u1eddi gian ng\u1eafn sau, th\u1ecb gi\u00e1 c\u1ed5 phi\u1ebfu c\u00f4ng ty tr\u00ean \u0111\u00e3 gi\u1ea3m r\u1ea5t m\u1ea1nh v\u00e0 t\u1ea1o ra nhi\u1ec1u c\u00fa s\u1ed1c t\u00e2m l\u00ed \u0111\u1ed1i v\u1edbi nh\u1eefng ng\u01b0\u1eddi n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty n\u00e0y.<\/span><\/p>\n 3\/ Ch\u1ec9 mua khi th\u1ecb gi\u00e1 c\u1ed5 phi\u1ebfu th\u1ea5p h\u01a1n gi\u00e1 tr\u1ecb th\u1ef1c t\u1ebf<\/em><\/strong><\/span><\/p>\n Gi\u00e1 tr\u1ecb th\u1ef1c t\u1ebf c\u1ee7a m\u1ed9t c\u1ee7a c\u1ed5 phi\u1ebfu c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 “Gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch”, t\u00ednh tr\u00ean hi\u1ec7u s\u1ed1 gi\u1eefa t\u1ed5ng t\u00e0i s\u1ea3n v\u00e0 c\u00e1c kho\u1ea3n n\u1ee3, kh\u00f4ng bao g\u1ed3m l\u00e3i. Th\u00f4ng th\u01b0\u1eddng, Seth cho bi\u1ebft \u00f4ng t\u00ecm \u0111\u1ebfn nh\u1eefng c\u1ed5 phi\u1ebfu \u0111ang c\u00f3 th\u1ecb gi\u00e1 th\u1ea5p h\u01a1n gi\u00e1 tr\u1ecb th\u1ef1c t\u1ebf.<\/strong><\/em><\/span><\/p>\n D\u00f9 v\u1eady, ph\u1ea7n l\u1edbn th\u1ecb gi\u00e1 c\u1ed5 phi\u1ebfu b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi cung, c\u1ea7u tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u00e0 \u0111a s\u1ed1 kh\u00f4ng ph\u1ea3n \u00e1nh \u0111\u00fang gi\u00e1 tr\u1ecb th\u1ef1c<\/em>. C\u1ea3m x\u00fac nh\u00e0 \u0111\u1ea7u t\u01b0 l\u00e0 y\u1ebfu t\u1ed1 lu\u00f4n chi ph\u1ed1i s\u1ef1 t\u0103ng, gi\u1ea3m gi\u00e1 m\u1ed7i c\u1ed5 phi\u1ebfu. Ngay khi m\u1ed9t tin t\u1ee9c ti\u00eau c\u1ef1c ho\u1eb7c c\u00f3 l\u1ee3i cho doanh nghi\u1ec7p \u0111\u01b0\u1ee3c tung ra, nhi\u1ec1u ng\u01b0\u1eddi c\u00f3 th\u1ec3 l\u1eadp b\u1ecb \u1ea3nh h\u01b0\u1edfng trong ng\u1eafn h\u1ea1n. Cu\u1ed1i c\u00f9ng, \u0111i\u1ec1u quan tr\u1ecdng nh\u1ea5t v\u1eabn l\u00e0 t\u00ecm ra gi\u00e1 tr\u1ecb th\u1ef1c m\u1ed9t c\u1ed5 phi\u1ebfu l\u00e0 bao nhi\u00eau v\u00e0 mua khi th\u1ecb gi\u00e1 th\u1ea5p h\u01a1n m\u1ee9c n\u00e0y.<\/em><\/strong><\/span><\/p>\n 4\/ L\u1ef1a ch\u1ecdn \u0111\u00fang xu h\u01b0\u1edbng \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/em><\/strong><\/span><\/p>\n \u0110\u00f4i khi tr\u00ean ch\u1ee9ng tr\u01b0\u1eddng, nhi\u1ec1u Nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn \u0111\u1eb7t ra th\u1eafc m\u1eafc r\u1eb1ng t\u1ea1i sao h\u1ecd \u0111\u00e3 l\u1ef1a ch\u1ecdn nh\u1eefng c\u00f4ng ty t\u1ed1t nh\u1ea5t \u0111\u1ec3 mua c\u1ed5 phi\u1ebfu, nh\u01b0ng sau \u0111\u00f3 th\u1ecb gi\u00e1 v\u1eabn suy gi\u1ea3m<\/em><\/strong>. Theo quan \u0111i\u1ec3m c\u1ee7a Seth, mua c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty t\u1ed1t ch\u01b0a \u0111\u1ee7, m\u1ed9t trong nh\u1eefng y\u1ebfu t\u1ed1 quan tr\u1ecdng kh\u00e1c l\u00e0 “ph\u1ea3i ch\u1ecdn \u0111\u00fang th\u1eddi \u0111i\u1ec3m<\/em><\/strong>“.<\/span><\/p>\n S\u1eed d\u1ee5ng ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u1edbi c\u00e1c bi\u1ec3u \u0111\u1ed3 th\u1ed1ng k\u00ea bi\u1ebfn \u0111\u1ed9ng c\u1ee7a ch\u1ec9 s\u1ed1 ch\u1ee9ng kho\u00e1n t\u1eeb 50 \u0111\u1ebfn 150 phi\u00ean c\u00f3 th\u1ec3 gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eafm b\u1eaft xu th\u1ebf. Trong \u0111\u00f3, gi\u1ea3 s\u1eed \u0111\u01b0\u1eddng m\u00e0u xanh n\u01b0\u1edbc bi\u1ec3n tr\u00ean bi\u1ec3u \u0111\u1ed3 t\u01b0\u1ee3ng tr\u01b0ng cho di\u1ec5n bi\u1ebfn c\u1ee7a 50 phi\u00ean giao d\u1ecbch, c\u00f2n m\u00e0u xanh l\u00e1 c\u00e2y hi\u1ec3n th\u1ecb 150 phi\u00ean. Khi \u0111\u01b0\u1eddng xanh n\u01b0\u1edbc bi\u1ec3n n\u1eb1m ph\u00eda tr\u00ean m\u00e0u xanh l\u00e1 c\u00e2y, th\u1ecb tr\u01b0\u1eddng \u0111ang trong xu h\u01b0\u1edbng t\u0103ng v\u00e0 ng\u01b0\u1ee3c l\u1ea1i. Nh\u1eefng lo\u1ea1i bi\u1ec3u \u0111\u1ed3 th\u1ebf n\u00e0y nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 d\u00f9ng th\u00f4ng qua m\u1ed9t s\u1ed1 ph\u1ea7n m\u1ec1m c\u00f3 s\u1eb5n v\u00e0 ch\u1ec9 c\u1ea7n nh\u1eadp s\u1ed1 li\u1ec7u. D\u00f9 l\u00e0 t\u1ef1 th\u1ed1ng k\u00ea hay nh\u1edd ph\u1ea7n m\u1ec1m x\u1eed l\u00fd, h\u00e3y c\u1ed1 g\u1eafng nh\u1eadn ra k\u1ecbp th\u1eddi tri\u1ebft l\u00fd “lu\u00f4n mua c\u1ed5 phi\u1ebfu trong xu th\u1ebf t\u0103ng v\u00e0 l\u1eadp t\u1ee9c b\u00e1n ngay khi nh\u1eadn ra \u0111\u00e0 gi\u1ea3m”.<\/span><\/p>\n V\u1edbi t\u00f4i:<\/strong><\/em> Nguy\u00ean t\u1eafc \u0111\u1ea7u t\u01b0 v\u00e0 Nh\u1eefng l\u1eddi khuy\u00ean c\u1ee7a \u00f4ng r\u1ea5t \u0111\u01a1n gi\u1ea3n d\u1ec5 hi\u1ec3u, nh\u01b0ng th\u1ef1c hi\u1ec7n n\u00f3 th\u00ec qu\u1ea3 l\u00e0 \u0111i\u1ec1u kh\u00f4ng d\u1ec5 d\u00e0ng. Vi\u1ec7c x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a m\u1ed9t c\u1ed5 phi\u1ebfu<\/em><\/strong>, hay\u00a0 ch\u1ecdn \u0111\u00fang th\u1eddi \u0111i\u1ec3m mua<\/em><\/strong> l\u00e0 v\u00f4 c\u00f9ng kh\u00f3 kh\u0103n c\u1ea7n nhi\u1ec1u ki\u1ebfn th\u1ee9c, kinh nghi\u1ec7m m\u1edbi c\u00f3 th\u1ec3 l\u00e0m \u0111\u01b0\u1ee3c. \u0110\u1ec3 th\u00e0nh c\u00f4ng, ph\u1ea3i t\u1ef1 c\u1ed1 g\u1eafng h\u1ecdc h\u1ecfi m\u1ed7i ng\u00e0y th\u00f4i, kh\u00f4ng c\u00f3 con \u0111\u01b0\u1eddng n\u00e0o kh\u00e1c.<\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" SETH KLARMAN \u2013 \u0110\u01b0\u1ee3c m\u1ec7nh danh l\u00e0”Warren Buffett m\u1edbi” – Quy t\u1eafc \u0111\u1ea7u t\u01b0 l\u1ef1a ch\u1ecdn c\u1ed5 phi\u1ebfu \u0111\u01a1n gi\u1ea3n \u0111\u1ebfn kh\u00f3 tin. Seth Klarman Sinh ng\u00e0y 21 -5-1957 t\u1ea1i th\u00e0nh ph\u1ed1 New York , M\u1ef9 .\u00a0Gi\u1ed1ng nh\u01b0 nh\u00e0 \u0111\u1ea7u t\u01b0 l\u00e3o l\u00e0ng Warren Buffett, tri\u1ebft l\u00fd \u0111\u1ea7u t\u01b0 c\u1ee7a Seth Klarman ch\u1ecbu \u1ea3nh h\u01b0\u1edfng nhi\u1ec1u t\u1eeb Benjamin Graham. B\u1ea3n […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[31],"tags":[],"_links":{"self":[{"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/1999"}],"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=1999"}],"version-history":[{"count":5,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/1999\/revisions"}],"predecessor-version":[{"id":2256,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/1999\/revisions\/2256"}],"wp:attachment":[{"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1999"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}