{"id":2660,"date":"2020-03-25T08:31:21","date_gmt":"2020-03-25T08:31:21","guid":{"rendered":"http:\/\/tvtinvest.com\/?p=2660"},"modified":"2020-09-24T01:04:09","modified_gmt":"2020-09-24T01:04:09","slug":"nha-dau-tu-benjamin-graham-va-nhung-nguyen-tac-dau-tu","status":"publish","type":"post","link":"http:\/\/tvtinvest.com\/?p=2660","title":{"rendered":"NH\u00c0 \u0110\u1ea6U T\u01af BENJAMIN GRAHAM V\u00c0 NH\u1eeeNG NGUY\u00caN T\u1eaeC \u0110\u1ea6U T\u01af\u00a0"},"content":{"rendered":"

\"Benjamin-Graham-fundamental.jpg\"<\/p>\n

Benjamin Graham<\/strong>\u00a0(8\/5\/1894 – 21\/9\/1976) l\u00e0 ng\u01b0\u1eddi M\u1ef9 g\u1ed1c Anh. \u00d4ng l\u00e0 nh\u00e0 kinh t\u1ebf h\u1ecdc v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p n\u1ed5i ti\u1ebfng b\u1eadc nh\u1ea5t tr\u00ean th\u1ebf gi\u1edbi. \u00d4ng sinh ra t\u1ea1i London, V\u01b0\u01a1ng qu\u1ed1c Anh, nh\u01b0ng t\u1eeb 1 tu\u1ed5i \u0111\u00e3 theo gia \u0111\u00ecnh di c\u01b0 sang M\u1ef9 v\u00e0 l\u1edbn l\u00ean \u1edf New York. \u00d4ng c\u0169ng ch\u00ednh l\u00e0 ng\u01b0\u1eddi khai sinh ra tr\u01b0\u1eddng ph\u00e1i \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb<\/strong><\/em>.<\/span><\/p>\n

N\u0103m 1914, sau khi v\u1eeba t\u1ed1t nghi\u1ec7p \u0111\u1ea1i h\u1ecdc, \u00f4ng l\u00e0m vi\u00eac t\u1ea1i m\u1ed9t c\u00f4ng ty m\u00f4i gi\u1edbi \u1edf ph\u1ed1 Wall \u2013 Newburger, Henderson & Loeb v\u1edbi vai tr\u00f2 l\u00e0 m\u1ed9t nh\u00e2n vi\u00ean th\u00f4ng tin. N\u0103m 1926 Graham b\u1eaft tay c\u00f9ng v\u1edbi m\u1ed9t ng\u01b0\u1eddi c\u1ed9ng s\u1ef1 t\u00ean l\u00e0 Jerome Newman v\u00e0 th\u00e0nh l\u1eadp n\u00ean Qu\u1ef9 \u0111\u1ea7u t\u01b0 Graham Newman Partnership.<\/span><\/p>\n

Song song v\u1edbi vi\u1ec7c \u0111\u1ea7u t\u01b0, cu\u1ed1i n\u0103m 1928, Graham tr\u1edf v\u1ec1 tr\u01b0\u1eddng c\u0169 c\u1ee7a m\u00ecnh (tr\u01b0\u1eddng \u0110\u1ea1i h\u1ecdc T\u1ed5ng h\u1ee3p Columbia) l\u00e0m gi\u1ea3ng vi\u00ean. C\u0169ng t\u1eeb c\u00f4ng vi\u1ec7c gi\u1ea3ng vi\u00ean n\u00e0y, Graham \u0111\u00e3 \u0111\u00e0o t\u1ea1o ra nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1ed5i ti\u1ebfng sau n\u00e0y, xu\u1ea5t s\u1eafc nh\u1ea5t ph\u1ea3i k\u1ec3 \u0111\u1ebfn Warren Buffett, William J. Ruane, Irving Kahn, Walter J. Schloss v\u00e0 nh\u1eefng ng\u01b0\u1eddi n\u1ed5i ti\u1ebfng kh\u00e1c. Warren Buffett \u0111\u00e3 t\u1eebng m\u00f4 t\u1ea3 \u00f4ng l\u00e0 ng\u01b0\u1eddi c\u00f3 \u1ea3nh h\u01b0\u1edfng l\u1edbn th\u1ee9 hai trong cu\u1ed9c s\u1ed1ng c\u1ee7a m\u00ecnh.<\/span><\/p>\n

Graham lu\u00f4n v\u00ed von v\u00e0 d\u1eady c\u00e1c h\u1ecdc tr\u00f2 c\u1ee7a m\u00ecnh h\u00e3y ghi nh\u1edb “Nh\u00e0 \u0111\u1ea7u t\u01b0 khi ph\u00e2n t\u00edch th\u1ecb tr\u01b0\u1eddng c\u0169ng gi\u1ed1ng ng\u01b0\u1eddi \u0111\u00e0n \u00f4ng c\u01b0 x\u1eed v\u1edbi v\u1ee3 c\u1ee7a m\u00ecnh v\u1eady, kh\u00f4ng n\u00ean qu\u00e1 ch\u00fa t\u00e2m nh\u1ecf nh\u1eb7t, tr\u01b0\u1edbc m\u1ed7i s\u1ef1 vi\u1ec7c di\u1ec5n ra ph\u1ea3i c\u00f3 c\u00e1i nh\u00ecn bao qu\u00e1t v\u00e0 b\u00ecnh t\u00e2m \u0111\u00e1nh gi\u00e1<\/strong>. \u0110\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng c\u0169ng v\u1eady, bi\u1ebft thu nh\u1eadn c\u00e1i g\u00ec, b\u1ecf qua c\u00e1i g\u00ec l\u00e0 k\u1ef9 n\u0103ng c\u1ee7a ng\u01b0\u1eddi ch\u1ed3ng gi\u1ecfi c\u0169ng l\u00e0 kinh nghi\u1ec7m c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u1ecfi<\/strong><\/em>“.<\/span><\/p>\n

Trong su\u1ed1t cu\u1ed9c \u0111\u1eddi m\u00ecnh, \u00f4ng c\u00f3 hai t\u00e1c ph\u1ea9m \u0111\u1ec3 \u0111\u1eddi l\u00e0: Ph\u00e2n t\u00edch ch\u1ee9ng kho\u00e1n<\/em><\/strong> (Security Analysis, xu\u1ea5t b\u1ea3n n\u0103m 1934, vi\u1ebft c\u00f9ng David Dodd) v\u00e0 Nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh<\/em><\/strong> (The intelligent investor, xu\u1ea5t b\u1ea3n n\u0103m 1949, t\u00e1i b\u1ea3n l\u1ea7n 4 c\u1ee7a Jason Zweig v\u00e0o n\u0103m 2003).<\/span><\/p>\n

Kh\u00f4ng qu\u00e1 khi n\u00f3i r\u1eb1ng “Ph\u00e2n t\u00edch ch\u1ee9ng kho\u00e1n” \u0111\u01b0\u1ee3c coi nh\u01b0 m\u1ed9t cu\u1ed1n kinh th\u00e1nh cho m\u1ecdi nh\u00e0 \u0111\u1ea7u t\u01b0 nghi\u00eam t\u00fac k\u1ec3 t\u1eeb l\u00fac n\u00f3 \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh<\/em>. Trong cu\u1ed1n s\u00e1ch, \u00f4ng \u0111\u00e3 \u0111\u1ecbnh ngh\u0129a r\u00f5 r\u00e0ng \u0111\u1ea7u t\u01b0 v\u00e0 \u0111\u1ea7u c\u01a1 nh\u01b0 sau: “Ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 l\u00e0 m\u1ed9t qu\u00e1 tr\u00ecnh, th\u00f4ng qua ph\u00e2n t\u00edch k\u1ef9 l\u01b0\u1ee1ng v\u00e0 c\u1ea9n tr\u1ecdng, c\u00f3 th\u1ec3 \u0111\u1ea3m b\u1ea3o an to\u00e0n v\u1ed1n v\u00e0 thu l\u1eddi th\u1ecfa \u0111\u00e1ng. T\u1ea5t c\u1ea3 nh\u1eefng ho\u1ea1t \u0111\u1ed9ng kh\u00f4ng \u0111\u00e1p \u1ee9ng \u0111\u01b0\u1ee3c nh\u1eefng y\u00eau c\u1ea7u tr\u00ean l\u00e0 \u0111\u1ea7u c\u01a1 “<\/em>.<\/span><\/p>\n

Nh\u1eafc t\u1edbi nh\u1eefng th\u00e0nh c\u00f4ng trong \u0111\u1ea7u t\u01b0, ph\u1ea3i k\u1ec3 \u0111\u1ebfn vi\u1ec7c \u00f4ng \u0111\u00e3 gi\u00fap cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a kh\u00e1ch h\u00e0ng \u0111\u1ea1t l\u1ee3i nhu\u1eadn l\u00ean \u0111\u1ebfn 670% trong v\u00f2ng nhi\u1ec1u n\u0103m li\u00ean t\u1ee5c. \u0110\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c nh\u1eefng th\u00e0nh t\u00edch \u0111\u00f3, nh\u1eefng l\u1eddi khuy\u00ean c\u1ee5 th\u1ec3 trong \u0111\u1ea7u t\u01b0 m\u00e0 \u00f4ng chia s\u1ebb nh\u01b0 sau:<\/span><\/p>\n

Nguy\u00ean t\u1eafc 1<\/em>: \u0110\u01b0\u01a1ng \u0111\u1ea7u v\u1edbi s\u1ef1 b\u1ea5t \u1ed5n v\u00e0 ki\u1ebfm l\u1ee3i t\u1eeb \u0111\u00f3<\/strong><\/span><\/p>\n

\u0110\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n c\u00f3 ngh\u0129a l\u00e0 \u0111\u1ed1i ph\u00f3 v\u1edbi s\u1ef1 b\u1ea5t \u1ed5n<\/em><\/strong>. Thay v\u00ec th\u00e1o ch\u1ea1y l\u00fac th\u1ecb tr\u01b0\u1eddng c\u0103ng th\u1eb3ng th\u00ec nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh l\u1ea1i ch\u00e0o \u0111\u00f3n xu h\u01b0\u1edbng suy gi\u1ea3m nh\u01b0 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 tuy\u1ec7t v\u1eddi<\/em><\/strong>.\u00a0<\/span><\/p>\n

Graham minh h\u1ecda \u0111i\u1ec1u n\u00e0y b\u1eb1ng h\u00ecnh \u1ea3nh t\u01b0\u01a1ng t\u1ef1 “Ng\u00e0i Th\u1ecb tr\u01b0\u1eddng”, \u0111\u1ed1i t\u00e1c kinh doanh t\u01b0\u1edfng t\u01b0\u1ee3ng c\u1ee7a m\u1ecdi nh\u00e0 \u0111\u1ea7u t\u01b0. H\u00e0ng ng\u00e0y \u2018Ng\u00e0i th\u1ecb tr\u01b0\u1eddng” ch\u00e0o gi\u00e1 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ho\u1eb7c \u0111\u1ec3 mua ho\u1eb7c \u0111\u1ec3 b\u00e1n c\u1ed5 ph\u1ea7n kinh doanh. L\u00fac th\u00ec th\u1ecb tr\u01b0\u1eddng b\u1ecb qu\u00e1 kh\u00edch b\u1edfi vi\u1ec5n c\u1ea3nh kinh doanh v\u00e0 \u0111\u01b0a ra m\u1ee9c gi\u00e1 qu\u00e1 cao, khi th\u00ec th\u1ea5t v\u1ecdng b\u1edfi t\u01b0\u01a1ng lai v\u00e0 \u0111\u01b0a ra m\u1ee9c gi\u00e1 qu\u00e1 th\u1ea5p<\/em>.<\/span><\/p>\n

\u00a0B\u1edfi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u00f3 nh\u1eefng c\u1ea3m x\u00fac t\u01b0\u01a1ng t\u1ef1 n\u00ean b\u00e0i h\u1ecdc \u1edf \u0111\u00e2y l\u00e0 b\u1ea1n kh\u00f4ng n\u00ean \u0111\u1ec3 nh\u1eefng quan \u0111i\u1ec3m c\u1ee7a “Th\u1ecb tr\u01b0\u1eddng” sai khi\u1ebfn nh\u1eefng c\u1ea3m x\u00fac c\u1ee7a ri\u00eang b\u1ea1n, ho\u1eb7c t\u1ec7 h\u01a1n l\u00e0 \u0111\u1ecbnh h\u01b0\u1edbng cho quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n. Thay v\u00ec th\u1ebf, b\u1ea1n n\u00ean \u0111\u1ecbnh h\u00ecnh phong c\u00e1ch ti\u00ean l\u01b0\u1ee3ng v\u1ec1 gi\u00e1 tr\u1ecb c\u1ee7a ri\u00eang m\u00ecnh tr\u00ean c\u01a1 s\u1edf ki\u1ec3m ch\u1ee9ng s\u1ef1 ki\u1ec7n m\u1ed9t c\u00e1ch ch\u1eafc ch\u1eafn v\u00e0 h\u1ee3p l\u00fd<\/strong><\/em>.<\/span><\/p>\n

H\u01a1n n\u1eefa b\u1ea1n ch\u1ec9 n\u00ean mua khi gi\u00e1 \u0111\u01b0\u1ee3c ch\u00e0o c\u00f3 \u00fd ngh\u0129a v\u00e0 b\u00e1n khi \u0111\u01b0\u1ee3c gi\u00e1<\/em><\/strong>. \u1ede m\u1ed9t kh\u00eda c\u1ea1nh kh\u00e1c, th\u1ecb tr\u01b0\u1eddng \u0111\u00f4i khi chao \u0111\u1ea3o b\u1ea5t th\u01b0\u1eddng, nh\u01b0ng thay v\u00ec s\u1ee3 h\u00e3i tr\u01b0\u1edbc s\u1ef1 b\u1ea5t \u1ed5n b\u1ea1n h\u00e3y s\u1eed d\u1ee5ng n\u00f3 nh\u01b0 m\u1ed9t c\u01a1 h\u1ed9i \u0111\u1ec3 mua \u0111\u01b0\u1ee3c gi\u00e1 h\u1eddi v\u00e0 b\u00e1n ra khi c\u1ed5 ph\u1ea7n c\u1ee7a b\u1ea1n \u0111\u01b0\u1ee3c gi\u00e1 cao h\u01a1n gi\u00e1 tr\u1ecb th\u1ef1c<\/em>.<\/span><\/p>\n

Nguy\u00ean t\u1eafc 2<\/em>: T\u1ef1 bi\u1ebft m\u00ecnh thu\u1ed9c lo\u1ea1i nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00e0o<\/strong><\/span><\/p>\n

Graham khuy\u00ean c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i bi\u1ebft r\u00f5 c\u00e1 t\u00ednh \u0111\u1ea7u t\u01b0 ri\u00eang c\u1ee7a m\u00ecnh<\/em><\/strong>. \u0110\u1ec3 minh h\u1ecda cho \u0111i\u1ec1u n\u00e0y, \u00f4ng ph\u00e2n bi\u1ec7t r\u00f5 nh\u1eefng nh\u00f3m nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau tham gia tr\u00ean th\u1ecb tr\u01b0\u1eddng. Nh\u00f3m ch\u1ee7 \u0111\u1ed9ng v\u00e0 nh\u00f3m b\u1ecb \u0111\u1ed9ng.<\/em><\/span><\/p>\n

Graham \u0111\u1ec1 c\u1eadp \u0111\u1ebfn kh\u00e1i ni\u1ec7m ch\u1ee7 \u0111\u1ed9ng cho nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ea5n c\u00f4ng v\u00e0 b\u1ecb \u0111\u1ed9ng cho nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00f2ng th\u1ee7<\/em>. B\u1ea1n ch\u1ec9 c\u00f3 duy nh\u1ea5t m\u1ed9t trong hai l\u1ef1a ch\u1ecdn: ho\u1eb7c l\u00e0 h\u00e3y cam k\u1ebft nghi\u00eam t\u00fac b\u1eb1ng th\u1eddi gian v\u00e0 s\u1ee9c l\u1ef1c c\u1ee7a m\u00ecnh \u0111\u1ec3 tr\u1edf th\u00e0nh nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 h\u1ea1ng, bi\u1ebft c\u00e2n b\u1eb1ng gi\u1eefa l\u01b0\u1ee3ng v\u00e0 ch\u1ea5t c\u1ee7a kh\u1ea3o s\u00e1t th\u1ef1c t\u1ebf v\u1edbi l\u00e3i su\u1ea5t mong \u0111\u1ee3i<\/em><\/strong>.<\/span><\/p>\n

N\u1ebfu \u0111\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 th\u1ebf m\u1ea1nh c\u1ee7a b\u1ea1n h\u00e3y b\u1eb1ng l\u00f2ng ch\u1ea5p nh\u1eadn m\u1ee9c l\u1eddi b\u1ecb \u0111\u1ed9ng v\u00e0 th\u1ea5p h\u01a1n nh\u01b0ng v\u1edbi th\u1eddi gian v\u00e0 c\u00f4ng s\u1ee9c r\u1ea5t \u00edt.<\/em> Graham thay \u0111\u1ed5i quan ni\u1ec7m c\u00f3 t\u00ednh h\u00e0n l\u00e2m t\u1eeb tr\u01b0\u1edbc t\u1edbi nay l\u00e0 “r\u1ee7i ro = l\u1ee3i nhu\u1eadn”. \u0110\u1ed1i v\u1edbi \u00f4ng th\u00ec “c\u00f4ng s\u1ee9c = l\u1ee3i nhu\u1eadn<\/strong>” m\u1edbi \u0111\u00fang<\/em>. B\u1ea1n c\u00e0ng b\u1ecf ra nhi\u1ec1u c\u00f4ng s\u1ee9c trong vi\u1ec7c \u0111\u1ea7u t\u01b0 b\u1ea1n c\u00e0ng ki\u1ebfm \u0111\u01b0\u1ee3c nhi\u1ec1u l\u1ee3i nhu\u1eadn.<\/span><\/p>\n

Theo \u00f4ng, kh\u00f4ng ph\u1ea3i t\u1ea5t th\u1ea3y ng\u01b0\u1eddi ch\u01a1i ch\u1ee9ng kho\u00e1n \u0111\u1ec1u l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0<\/em>. Graham tin r\u1eb1ng \u0111\u00e1nh gi\u00e1 ph\u00ea ph\u00e1n ai c\u00f2n x\u00e1c \u0111\u1ecbnh \u0111\u00e2u l\u00e0 nh\u00e0 \u0111\u1ea7u c\u01a1 hay nh\u00e0 \u0111\u1ea7u t\u01b0. S\u1ef1 kh\u00e1c nhau \u0111\u01a1n gi\u1ea3n l\u00e0: m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 coi c\u1ed5 phi\u1ebfu nh\u01b0 m\u1ed9t ph\u1ea7n c\u00f4ng vi\u1ec7c kinh doanh v\u00e0 ng\u01b0\u1eddi n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu l\u00e0 ng\u01b0\u1eddi ch\u1ee7 c\u00f4ng vi\u1ec7c kinh doanh \u0111\u00f3<\/strong>, trong khi quan \u0111i\u1ec3m c\u1ee7a nh\u00e0 \u0111\u1ea7u c\u01a1 xem \u0111\u00f3 nh\u01b0 l\u00e0 tr\u00f2 ch\u01a1i v\u1edbi nh\u1eefng t\u1edd gi\u1ea5y \u0111\u1eaft ti\u1ec1n, kh\u00f4ng quan t\u00e2m \u0111\u1ebfn gi\u00e1 tr\u1ecb th\u1ef1c<\/strong><\/em>. \u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u c\u01a1, gi\u00e1 tr\u1ecb ch\u1ec9 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1edfi gi\u00e1 do ng\u01b0\u1eddi n\u00e0o tr\u1ea3 gi\u00e1 cho t\u00e0i s\u1ea3n \u0111\u00f3. Graham ch\u1ec9 ra r\u1eb1ng \u0111\u1ea7u c\u01a1 hay \u0111\u1ea7u t\u01b0 c\u0169ng \u0111\u1ec1u th\u00f4ng minh \u2013 mi\u1ec5n sao b\u1ea1n ch\u1eafc ch\u1eafn hi\u1ec3u ch\u00ednh m\u00ecnh s\u1ebd l\u00e0m t\u1ed1t \u1edf lo\u1ea1i n\u00e0o.<\/em><\/strong><\/span><\/p>\n

Nguy\u00ean t\u1eafc 3<\/em>: \u0110\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu b\u1eb1ng kh\u1ea3 n\u0103ng sinh ra l\u1ee3i nhu\u1eadn<\/strong><\/span><\/p>\n

\u00a0Theo nguy\u00ean t\u1eafc n\u00e0y, Benjamin Graham ch\u1ec9 d\u1eabn nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1ch t\u00ednh ch\u1ec9 s\u1ed1 l\u1ee3i nhu\u1eadn d\u1ef1 \u0111o\u00e1n c\u1ee7a c\u00f4ng ty. C\u00e1c b\u01b0\u1edbc nh\u01b0 sau:<\/span><\/p>\n

\u00a0– \u0110\u00e1nh gi\u00e1 l\u1ee3i nhu\u1eadn trung b\u00ecnh c\u00f4ng ty trong th\u1eddi gian n\u0103m n\u0103m, nh\u1edb \u0111i\u1ec1u ch\u1ec9nh nh\u1eefng n\u0103m kinh doanh qu\u00e1 t\u1ed1t v\u00e0 qu\u00e1 x\u1ea5u.<\/em><\/span><\/p>\n

\u00a0– \u0110i\u1ec1u ch\u1ec9nh ch\u1ec9 s\u1ed1 l\u1ee3i nhu\u1eadn n\u1ebfu nh\u01b0 c\u00f3 nh\u1eefng thay \u0111\u1ed5i v\u1ec1 c\u01a1 c\u1ea5u t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty trong n\u0103m hi\u1ec7n t\u1ea1i.<\/em><\/span><\/p>\n

\u00a0– Nh\u00e2n cho h\u1ec7 s\u1ed1 t\u1ed1i thi\u1ec3u 8, t\u1ed1i \u0111a 20.<\/em><\/span><\/p>\n

\u00a0– \u0110i\u1ec1u ch\u1ec9nh ch\u1ec9 s\u1ed1 l\u1ee3i nhu\u1eadn n\u00e0y d\u1ef1a v\u00e0o vi\u1ec7c so s\u00e1nh n\u00f3 v\u1edbi gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n c\u00f3 c\u1ee7a c\u00f4ng ty<\/em>.<\/span><\/p>\n

\u00a0Quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh s\u1ebd t\u1ef7 l\u1ec7 thu\u1eadn v\u1edbi s\u1ef1 ch\u00eanh l\u1ec7ch c\u1ee7a ch\u1ec9 s\u1ed1 d\u1ef1 \u0111o\u00e1n l\u1ee3i nhu\u1eadn v\u00e0 gi\u00e1 c\u1ee7a c\u1ed5 phi\u1ebfu.<\/em><\/strong><\/span><\/p>\n

S\u01afU T\u1ea6M<\/p>\n","protected":false},"excerpt":{"rendered":"

Benjamin Graham\u00a0(8\/5\/1894 – 21\/9\/1976) l\u00e0 ng\u01b0\u1eddi M\u1ef9 g\u1ed1c Anh. \u00d4ng l\u00e0 nh\u00e0 kinh t\u1ebf h\u1ecdc v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p n\u1ed5i ti\u1ebfng b\u1eadc nh\u1ea5t tr\u00ean th\u1ebf gi\u1edbi. \u00d4ng sinh ra t\u1ea1i London, V\u01b0\u01a1ng qu\u1ed1c Anh, nh\u01b0ng t\u1eeb 1 tu\u1ed5i \u0111\u00e3 theo gia \u0111\u00ecnh di c\u01b0 sang M\u1ef9 v\u00e0 l\u1edbn l\u00ean \u1edf New York. \u00d4ng c\u0169ng ch\u00ednh l\u00e0 ng\u01b0\u1eddi khai […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[24,31],"tags":[],"_links":{"self":[{"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/2660"}],"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=2660"}],"version-history":[{"count":5,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/2660\/revisions"}],"predecessor-version":[{"id":3140,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/2660\/revisions\/3140"}],"wp:attachment":[{"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2660"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}