{"id":2453,"date":"2020-01-30T06:57:27","date_gmt":"2020-01-30T06:57:27","guid":{"rendered":"http:\/\/tvtinvest.com\/?p=2453"},"modified":"2020-01-30T06:57:49","modified_gmt":"2020-01-30T06:57:49","slug":"nha-dau-tu-mohamel-pabrai-va-nhung-loi-khuyen","status":"publish","type":"post","link":"http:\/\/tvtinvest.com\/?p=2453","title":{"rendered":"NH\u00c0 \u0110\u1ea6U T\u01af MOHAMEL PABRAI V\u00c0 NH\u1eeeNG L\u1edcI KHUY\u00caN"},"content":{"rendered":"<p><img class=\"alignleft\" src=\"http:\/\/cafefcdn.com\/zoom\/260_162\/2020\/1\/19\/photo-1-1579400699523149731697-crop-1579400731621271180046.jpg\" alt=\"[Quy t\u1eafc \u0111\u1ea7u t\u01b0 v\u00e0ng] Mohamel Pabrai \u2013 T\u1ec9 ph\u00fa \u0111\u1ea7u t\u01b0 v\u1edbi chi\u1ebfn l\u01b0\u1ee3c \u201cC\u00e0ng \u0111\u01a1n gi\u1ea3n \u2013 b\u1ea1n c\u00e0ng ki\u1ebfm \u0111\u01b0\u1ee3c nhi\u1ec1u ti\u1ec1n\u201d\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\"><span style=\"font-size: 24px;\"><strong>Mohamel Pabrai<\/strong> <\/span>l\u00e0 m\u1ed9t doanh nh\u00e2n, nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 nh\u00e0 t\u1eeb thi\u1ec7n ng\u01b0\u1eddi M\u1ef9 g\u1ed1c \u1ea4n \u0110\u1ed9. \u00d4ng sinh ra, l\u1edbn l\u00ean v\u00e0 theo h\u1ecdc \u1edf \u1ea4n \u0110\u1ed9. T\u1edbi n\u0103m 18 tu\u1ed5i, \u00f4ng du h\u1ecdc sang M\u1ef9 h\u1ecdc c\u00f4ng ngh\u1ec7 th\u00f4ng tin \u1edf Tr\u01b0\u1eddng \u0111\u1ea1i h\u1ecdc T\u1ed5ng h\u1ee3p Clemson \u1edf South Carolina. Sau khi t\u1ed1t nghi\u1ec7p \u0111\u1ea1i h\u1ecdc, \u00f4ng c\u00f3 3 n\u0103m kinh nghi\u1ec7m Pabrai l\u00e0m vi\u1ec7c cho c\u00f4ng ty vi\u1ec5n th\u00f4ng Tellabs n\u1ed5i ti\u1ebfng \u1edf n\u01b0\u1edbc M\u1ef9. N\u0103m 1990, v\u1edbi 30.000 USD c\u1ee7a m\u00ecnh v\u00e0 70.000 USD \u0111i vay, Pabrai m\u1edf c\u00f4ng ty d\u1ecbch v\u1ee5 tin h\u1ecdc Transtech.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\">Sau ch\u00edn n\u0103m sau \u0111i\u1ec1u h\u00e0nh c\u00f4ng ty, Pabrai ti\u1ebfn h\u00e0nh b\u00e1n c\u00f4ng ty n\u00e0y. Sau khi b\u00e1n c\u00f4ng ty \u00f4ng c\u00f3 m\u1ed9t kh\u1ed1i t\u00e0i s\u1ea3n l\u1edbn v\u00e0 tr\u1edf n\u00ean gi\u00e0u c\u00f3. N\u0103m 1994, \u00f4ng b\u1eaft \u0111\u1ea7u bi\u1ebft \u0111\u1ebfn \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n khi v\u00f4 t\u00ecnh \u0111\u01b0\u1ee3c t\u1eb7ng cu\u1ed1n s\u00e1ch c\u1ee7a ng\u00e0i Peter Lynch v\u1edbi t\u00ean &#8220;\u0110i tr\u01b0\u1edbc th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n m\u1ed9t b\u01b0\u1edbc&#8221;. Ch\u00ednh cu\u1ed1n s\u00e1ch n\u00e0y \u0111\u00e3 \u0111\u01b0a \u00f4ng \u0111\u1ebfn v\u1edbi th\u1ebf gi\u1edbi c\u1ee7a \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n v\u00e0 \u0111\u1ea1t \u0111\u01b0\u1ee3c th\u00e0nh c\u00f4ng trong l\u0129nh v\u1ef1c n\u00e0y. T\u1eeb khi t\u1edbi v\u1edbi th\u1ebf gi\u1edbi \u0111\u1ea7u t\u01b0, \u00f4ng ch\u1ee3t nh\u1eadn ra r\u1eb1ng &#8220;\u0110\u1ea7u t\u01b0 l\u00e0 c\u00e1ch c\u00f3 th\u1ec3 gi\u00fap \u0111\u1ed3ng ti\u1ec1n hi\u1ec7n c\u00f3 sinh s\u00f4i n\u1ea3y n\u1edf v\u00e0 ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 l\u00e0 c\u00e1ch c\u00f3 th\u1ec3 gi\u00fap th\u1ec3 hi\u1ec7n t\u00e0i n\u0103ng v\u00e0 l\u01b0u danh h\u1eadu th\u1ebf&#8221;. N\u0103m 1999, \u00f4ng ch\u00ednh th\u1ee9c th\u00e0nh l\u1eadp qu\u1ef9 Pabrai investment Funds.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\">\u0110\u1ed1i v\u1edbi Pabrai, chi\u1ebfn l\u01b0\u1ee3c m\u00e0 \u00f4ng theo \u0111u\u1ed5i su\u1ed1t cu\u1ed9c \u0111\u1eddi \u0111\u1ea7u t\u01b0 v\u00e0 l\u00e0m vi\u1ec7c c\u1ee7a m\u00ecnh ch\u1ec9 \u0111\u01a1n gi\u1ea3n l\u00e0 &#8220;H\u1ecdc th\u00e0nh th\u1ea1o m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p, v\u1eadn d\u1ee5ng cho th\u1eadt t\u1ed1t. Khi c\u00e0ng \u0111\u01a1n gi\u1ea3n \u2013 ch\u00fang ta s\u1ebd c\u00e0ng ki\u1ebfm \u0111\u01b0\u1ee3c nhi\u1ec1u ti\u1ec1n&#8221;.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\">Trong m\u1ed9t bu\u1ed5i ph\u1ecfng v\u1ea5n v\u1edbi t\u1edd b\u00e1o t\u00e0i ch\u00ednh n\u1ed5i ti\u1ebfng 15 n\u0103m v\u1ec1 tr\u01b0\u1edbc, khi \u0111\u01b0\u1ee3c h\u1ecfi v\u1ec1 nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1ed5i ti\u1ebfng m\u00e0 \u00f4ng kh\u00e2m ph\u1ee5c, Pabrai \u0111\u00e3 kh\u00f4ng do d\u1ef1 v\u00e0 tr\u1ea3 l\u1eddi \u0111\u00f3 ch\u00ednh l\u00e0 ng\u00e0i Warren Buffett . \u00d4ng t\u00f4n th\u1edd nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u1ee9 danh n\u00e0y v\u00e0 t\u1ef1 nh\u1eadn Buffett l\u00e0m th\u1ea7y m\u1eb7c d\u00f9 ch\u01b0a m\u1ed9t l\u1ea7n di\u1ec7n ki\u1ebfn v\u00e0 Buffett ch\u1eb3ng h\u1ec1 bi\u1ebft Pabrai l\u00e0 ai.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\">M\u00e3i t\u1edbi sau n\u00e0y, khi c\u00f3 c\u01a1 h\u1ed9i \u0111\u01b0\u1ee3c g\u1eb7p ng\u01b0\u1eddi th\u1ea7y c\u1ee7a m\u00ecnh tr\u1ef1c ti\u1ebfp, \u00f4ng \u0111\u00e3 chia s\u1ebb c\u1ea3m x\u00fac vui m\u1eebng v\u00e0 b\u1ed3i h\u1ed3i kh\u00f3 t\u1ea3 tr\u00ean kh\u1eafp c\u00e1c t\u00e0i kho\u1ea3n m\u1ea1ng x\u00e3 h\u1ed9i v\u00e0 website c\u00f4ng ty. Th\u1ec3 hi\u1ec7n m\u1ed9t s\u1ef1 ng\u01b0\u1ee1ng m\u1ed9 v\u00f4 b\u1edd b\u1ebfn v\u1edbi ng\u00e0i Buffett.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\">Trong su\u1ed1t qu\u00e1 tr\u00ecnh \u0111\u1ea7u t\u01b0, Pabrai c\u0169ng chia s\u1ebb <strong><em>ch\u1ee7 y\u1ebfu \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty c\u00f3 v\u1ed1n ho\u00e1 nh\u1ecf, kho\u1ea3ng 500 tri\u1ec7u USD<\/em><\/strong>. Kho\u1ea3n \u0111\u1ea7u t\u01b0 n\u1ed5i ti\u1ebfng c\u1ee7a Pabrai l\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00f4ng ty Satyam Computer Services. Pabrai c\u0169ng chia s\u1ebb phong c\u00e1ch \u0111\u1ea7u t\u01b0 c\u1ee7a <em><strong>\u00f4ng ch\u1ee7 y\u1ebfu t\u1eadp trung v\u00e0o nh\u00f3m c\u1ed5 phi\u1ebfu Mid v\u00e0 Small Cap ti\u1ec1m n\u0103ng, v\u1ed1n h\u00f3a nh\u1ecf<\/strong><\/em>. Trong su\u1ed1t giai \u0111o\u1ea1n t\u1eeb n\u0103m 2005 \u2013 2015, qu\u1ef9 c\u1ee7a \u00f4ng lu\u00f4n \u0111\u1ea1t <strong><em>t\u1ec9 su\u1ea5t sinh l\u1eddi 30% m\u1ed7i n\u0103m<\/em><\/strong>. B\u00ean c\u1ea1nh \u0111\u00f3 l\u1ee3i nhu\u1eadn b\u00ecnh qu\u00e2n h\u00e0ng n\u0103m c\u0169ng \u0111\u1ea1t m\u1ee9c h\u01a1n 18% trong 20 n\u0103m k\u1ec3 t\u1eeb 1990.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\"><em><strong>Nh\u1eefng l\u1eddi khuy\u00ean c\u1ee5 th\u1ec3 trong \u0111\u1ea7u t\u01b0 m\u00e0 \u00f4ng chia s\u1ebb nh\u01b0 sau<\/strong><\/em>:<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\"><strong>1. <em>Mua nh\u1eefng c\u1ed5 phi\u1ebfu gi\u00e1 tr\u1ecb th\u1ea5p khi h\u1ea7u h\u1ebft ai c\u0169ng ch\u00ea nh\u01b0ng doanh nghi\u1ec7p l\u1ea1i c\u00f3 ti\u1ec1m n\u0103ng ph\u1ee5c h\u1ed3i<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\">&#8220;<em>T\u00f4i mua nh\u1eefng th\u1ee9 c\u00f3 gi\u00e1 tr\u1ecb th\u1ea5p v\u00e0 ch\u1eb3ng ai ng\u00f3 ng\u00e0ng \u0111\u1ebfn, t\u00f4i gi\u1eef ch\u00fang cho \u0111\u1ebfn khi ch\u00fang t\u0103ng gi\u00e1 v\u00e0 m\u1ecdi ng\u01b0\u1eddi \u0111\u1ed5 x\u00f4 \u0111i mua<\/em>&#8220;, Pabrai gi\u1ea3i th\u00edch. V\u1edbi ph\u01b0\u01a1ng ch\u00e2m &#8220;<em>mua r\u1ebb, b\u00e1n \u0111\u1eaft&#8221;, ch\u1ecdn \u0111\u00fang th\u1eddi \u0111i\u1ec3m<\/em>, \u00f4ng \u0111\u00e3 nhanh ch\u00f3ng th\u00e0nh c\u00f4ng tr\u00ean c\u1ea3 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, b\u1ea5t \u0111\u1ed9ng s\u1ea3n, kinh doanh v\u00e0 tr\u00e1i phi\u1ebfu.<\/span><\/p>\n<p style=\"text-align: justify;\"><em><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\"><strong>2. X\u00e1c \u0111\u1ecbnh r\u00f5 r\u00e0ng gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i doanh nghi\u1ec7p<\/strong><\/span><\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\">Kh\u00e1i ni\u1ec7m gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i xu\u1ea5t ph\u00e1t t\u1eeb vi\u1ec7c <em>m\u1ed7i c\u1ed5 phi\u1ebfu l\u00e0 \u0111\u1ea1i di\u1ec7n cho m\u1ed9t ph\u1ea7n quy\u1ec1n s\u1edf h\u1eefu trong c\u00f4ng ty<\/em>. V\u1edbi v\u1ecb th\u1ebf c\u1ed5 \u0111\u00f4ng \u2013 ch\u1ee7 s\u1edf h\u1eefu \u2013 c\u1ee7a c\u00f4ng ty, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 quy\u1ec1n \u0111\u01b0\u1ee3c ph\u00e2n chia l\u1ee3i nhu\u1eadn v\u00e0 h\u01b0\u1edfng nh\u1eefng l\u1ee3i \u00edch kh\u00e1c m\u00e0 ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a c\u00f4ng ty t\u1ea1o ra. Do \u0111\u00f3, <em>nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1edf h\u1eefu c\u1ed5 phi\u1ebfu s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c m\u1ed9t d\u00f2ng ti\u1ec1n (v\u00e0 c\u00e1c l\u1ee3i \u00edch kh\u00e1c) trong t\u01b0\u01a1ng lai<\/em>. <em>T\u1ed5ng gi\u00e1 tr\u1ecb c\u1ee7a d\u00f2ng ti\u1ec1n v\u00e0 l\u1ee3i \u00edch \u0111\u00f3 quy v\u1ec1 hi\u1ec7n t\u1ea1i ch\u00ednh l\u00e0 gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a c\u1ed5 phi\u1ebfu<\/em>. \u00d4ng th\u01b0\u1eddng xuy\u00ean nghi\u00ean c\u1ee9u gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i doanh nghi\u1ec7p n\u1ebfu nh\u1eafm t\u1edbi m\u1ed9t doanh nghi\u1ec7p n\u00e0o \u0111\u00f3.<\/span><\/p>\n<p style=\"text-align: justify;\"><em><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\"><strong>3. Lu\u00f4n mua c\u1ed5 phi\u1ebfu \u1edf m\u1ed9t m\u1ee9c bi\u00ean an to\u00e0n (margin of safety)<\/strong><\/span><\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\">Ai c\u0169ng \u01b0a th\u00edch vi\u1ec7c mua h\u00e0ng khi \u0111ang gi\u1ea3m gi\u00e1. Ho\u00e0n to\u00e0n t\u01b0\u01a1ng t\u1ef1 trong vi\u1ec7c mua b\u00e1n c\u1ed5 phi\u1ebfu, nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng th\u00e1i lu\u00f4n l\u00e0 ng\u01b0\u1eddi mu\u1ed1n mua \u0111\u01b0\u1ee3c c\u1ed5 phi\u1ebfu \u1edf m\u1ee9c gi\u00e1 th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi gi\u00e1 tr\u1ecb c\u1ee7a n\u00f3, th\u01b0\u1eddng ch\u1ec9 xu\u1ea5t hi\u1ec7n khi doanh nghi\u1ec7p l\u00e2m v\u00e0o t\u00ecnh tr\u1ea1ng kh\u1ee7ng ho\u1ea3ng.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\">M\u1ee9c ch\u00eanh l\u1ec7ch th\u1ea5p h\u01a1n \u0111\u00f3 ch\u00ednh l\u00e0 bi\u00ean an to\u00e0n, t\u1ee9c l\u00e0 m\u1ed9t kho\u1ea3ng c\u00e1ch an to\u00e0n \u0111\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a c\u1ed5 phi\u1ebfu b\u1ecb s\u1ee5t gi\u1ea3m so v\u1edbi gi\u00e1 tr\u1ecb t\u1ea1i th\u1eddi \u0111i\u1ec3m nh\u00e0 \u0111\u1ea7u t\u01b0 mua v\u00e0o. T\u00f9y v\u00e0o m\u1ee9c \u0111\u1ed9 th\u1eadn tr\u1ecdng, m\u1ed7i nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ea5p nh\u1eadn m\u1ed9t m\u1ee9c bi\u00ean an to\u00e0n kh\u00e1c nhau. Theo Pabrai, Benjamin Graham \u2013 cha \u0111\u1ebb c\u1ee7a l\u00fd thuy\u1ebft \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb &#8211; th\u1eadm ch\u00ed ch\u1ec9 mua c\u1ed5 phi\u1ebfu khi gi\u00e1 th\u1ecb tr\u01b0\u1eddng gi\u1ea3m c\u00f2n m\u1ed9t n\u1eeda so v\u1edbi gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i.<\/span><\/p>\n<p style=\"text-align: justify;\"><em><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\"><strong>4. \u0110\u1ea7u t\u01b0 l\u00e0 ph\u1ea3i b\u1ea3o to\u00e0n v\u1ed1n<\/strong><\/span><\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\">Pabrai chia s\u1ebb nh\u00e0 \u0111\u1ea7u t\u01b0 <em><strong>h\u00e3y tr\u00e1nh xa nh\u1eefng c\u1ed5 phi\u1ebfu c\u00f3 nguy c\u01a1 r\u1ee7i ro cao. Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean r\u00f3t v\u1ed1n v\u00e0o nh\u1eefng tr\u01b0\u1eddng h\u1ee3p r\u1ee7i ro \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 th\u1ea5p h\u01a1n m\u1ee9c trung b\u00ecnh tr\u00ean th\u1ecb tr\u01b0\u1eddng. Gi\u1eef cho c\u00e1c kho\u1ea3n ph\u00ed giao d\u1ecbch v\u00e0 thu\u1ebf \u1edf m\u1ee9c th\u1ea5p c\u0169ng l\u00e0 m\u1ed9t nguy\u00ean t\u1eafc<\/strong><\/em>. Qua th\u1eddi gian, \u0111\u1ed3ng v\u1ed1n \u1edf nh\u1eefng c\u1ed5 phi\u1ebfu t\u1ed1t s\u1ebd sinh l\u1eddi, v\u00e0 l\u01b0\u1ee3ng v\u1ed1n c\u00e0ng \u0111\u01b0\u1ee3c duy tr\u00ec \u1ed5n \u0111\u1ecbnh, l\u1ee3i nhu\u1eadn c\u00e0ng c\u00f3 th\u1ec3 t\u0103ng cao.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\">Trong m\u1ed9t th\u1eddi \u0111i\u1ec3m nh\u1ea5t \u0111\u1ecbnh, \u00f4ng kh\u00f4ng th\u00edch li\u00ean t\u1ee5c \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u00e0 r\u1ea3i ti\u1ec1n t\u1eeb h\u1ebft doanh nghi\u1ec7p n\u00e0y \u0111\u1ebfn c\u00f4ng ty kia \u0111\u1ec3 ph\u00e2n t\u00e1n r\u1ee7i ro, m\u00e0 <em><strong>ch\u1ec9 t\u1eadp trung v\u00e0o nh\u1eefng doanh nghi\u1ec7p th\u1ef1c s\u1ef1 c\u00f3 ti\u1ec1m n\u0103ng. C\u00f9ng l\u00fac, ch\u1ec9 \u0111\u1ea7u t\u01b0 v\u00e0o nh\u1eefng v\u1ecb th\u1ebf giao d\u1ecbch m\u00e0 b\u1ea3n th\u00e2n th\u1ef1c s\u1ef1 hi\u1ec3u bi\u1ebft v\u00e0 li\u00ean t\u1ee5c t\u00ecm ki\u1ebfm c\u00e1c l\u1ef1a ch\u1ecdn m\u1edbi<\/strong><\/em>.<\/span><\/p>\n<p style=\"text-align: justify;\"><em><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\"><strong>5. H\u1ecdc c\u00e1ch t\u1eeb ch\u1ed1i v\u1edbi c\u00e1c kho\u1ea3n n\u1ee3<\/strong><\/span><\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\"><em>Nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng th\u01b0\u1eddng l\u00e0 nh\u1eefng ng\u01b0\u1eddi c\u00f3 \u00fd \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 l\u00e2u d\u00e0i v\u00e0 chuy\u00ean t\u00e2m v\u00e0o nh\u1eefng c\u1ed5 phi\u1ebfu \u0111\u00e3 ch\u1ecdn<\/em>. Khi chuy\u00ean t\u00e2m, s\u1ebd d\u1ea7n c\u00f3 th\u00f3i quen b\u1ecf ra l\u01b0\u1ee3ng ti\u1ec1n \u00edt h\u01a1n v\u1ed1n \u0111ang c\u00f3 \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0 tr\u00e1nh xa vi\u1ec7c vay n\u1ee3. <em>\u0110\u1ea7u t\u01b0 m\u1ed9t c\u00e1ch c\u0103n c\u01a1 s\u1ebd t\u1ea1o ra l\u1ee3i nhu\u1eadn trong d\u00e0i h\u1ea1n, trong khi vay n\u1ee3 \u0111\u1ec3 \u0111\u1ea7u t\u01b0 mang l\u1ea1i k\u1ebft qu\u1ea3 ng\u01b0\u1ee3c l\u1ea1i.<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 20px;\">N\u00f3i nh\u01b0 v\u1eady kh\u00f4ng c\u00f3 ngh\u0129a nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 huy\u1ec1n tho\u1ea1i kh\u00f4ng bao gi\u1edd d\u00f9ng chi\u1ebfn thu\u1eadt \u0111\u00f2n b\u1ea3y (leverage) nh\u1eb1m t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn. Nh\u01b0ng \u0111\u00e2y ch\u1ec9 l\u00e0 m\u1ed9t ph\u1ea7n nh\u1ecf trong to\u00e0n b\u1ed9 qu\u00e1 tr\u00ecnh \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd. M\u1eb7t kh\u00e1c, <em><strong>theo \u00f4ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00e0y lu\u00f4n tu\u00e2n th\u1ee7 c\u00e1c quy \u0111\u1ecbnh t\u1ef1 \u0111\u1ec1 ra r\u1ea5t nghi\u00eam ng\u1eb7t, nh\u01b0 vi\u1ec7c tho\u00e1t kh\u1ecfi th\u1ecb tr\u01b0\u1eddng \u1edf m\u1ed9t m\u1ee9c gi\u00e1 \u0111\u01b0\u1ee3c \u0111\u1eb7t ra ngay t\u1eeb khi mua c\u1ed5 phi\u1ebfu<\/strong><\/em>.<\/span><\/p>\n<p style=\"text-align: right;\">S\u01afU T\u1ea6M<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mohamel Pabrai l\u00e0 m\u1ed9t doanh nh\u00e2n, nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 nh\u00e0 t\u1eeb thi\u1ec7n ng\u01b0\u1eddi M\u1ef9 g\u1ed1c \u1ea4n \u0110\u1ed9. \u00d4ng sinh ra, l\u1edbn l\u00ean v\u00e0 theo h\u1ecdc \u1edf \u1ea4n \u0110\u1ed9. T\u1edbi n\u0103m 18 tu\u1ed5i, \u00f4ng du h\u1ecdc sang M\u1ef9 h\u1ecdc c\u00f4ng ngh\u1ec7 th\u00f4ng tin \u1edf Tr\u01b0\u1eddng \u0111\u1ea1i h\u1ecdc T\u1ed5ng h\u1ee3p Clemson \u1edf South Carolina. Sau khi t\u1ed1t nghi\u1ec7p \u0111\u1ea1i h\u1ecdc, \u00f4ng [&#8230;]<\/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\/2453"}],"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=2453"}],"version-history":[{"count":2,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/2453\/revisions"}],"predecessor-version":[{"id":2455,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/2453\/revisions\/2455"}],"wp:attachment":[{"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2453"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}