{"id":2739,"date":"2020-04-19T02:25:52","date_gmt":"2020-04-19T02:25:52","guid":{"rendered":"http:\/\/tvtinvest.com\/?p=2739"},"modified":"2020-04-19T02:25:52","modified_gmt":"2020-04-19T02:25:52","slug":"nha-dau-tu-eveillard-va-nhung-loi-khuyen","status":"publish","type":"post","link":"http:\/\/tvtinvest.com\/?p=2739","title":{"rendered":"NH\u00c0 \u0110\u1ea6U T\u01af EVEILLARD V\u00c0 NH\u1eeeNG L\u1edcI KHUY\u00caN"},"content":{"rendered":"

\"[Quy<\/a><\/p>\n

Jean-Marie Eveillard<\/strong> (sinh n\u0103m 1940) l\u00e0 m\u1ed9t doanh nh\u00e2n, nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1ed5i ti\u1ebfng t\u1ea1i ng\u01b0\u1eddi Ph\u00e1p<\/em>. \u00d4ng \u0111\u01b0\u1ee3c sinh ra \u1edf Poitiers, m\u1ed9t ng\u00f4i l\u00e0ng nh\u1ecf n\u01b0\u1edbc Ph\u00e1p v\u00e0o n\u0103m 1940 trong m\u1ed9t gia \u0111\u00ecnh c\u00f4ng nh\u00e2n ngh\u00e8o th\u1eddi \u0111\u00f3. \u00d4ng l\u1edbn l\u00ean, tr\u01b0\u1edfng th\u00e0nh, h\u1ecdc ph\u1ed5 th\u00f4ng v\u00e0 \u0111\u1ea1i h\u1ecdc chuy\u00ean ng\u00e0nh kinh t\u1ebf t\u1ea1i ch\u00ednh \u0111\u1ea5t n\u01b0\u1edbc Ph\u00e1p xinh \u0111\u1eb9p.<\/span><\/p>\n

N\u0103m 1970, \u00f4ng c\u00f9ng gia \u0111\u00ecnh chuy\u1ec3n \u0111\u1ebfn Hoa K\u1ef3<\/em>, Eveillard \u0111\u00e3 \u0111\u1ea3m nh\u1eadn v\u1ecb tr\u00ed vi\u1ec7c l\u1ea1i \u0111\u1ea7u ti\u00ean t\u1ea1i qu\u1ef9 \u0111\u1ea7u t\u01b0 qu\u1ed1c t\u1ebf SoGen (SoGen International Fund) v\u1edbi t\u01b0 c\u00e1ch l\u00e0 nh\u00e0 ph\u00e2n t\u00edch, ng\u01b0\u1eddi qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0. Trong su\u1ed1t th\u1eddi gian l\u00e0m vi\u1ec7c t\u1ea1i qu\u1ef9 SoGen, \u00f4ng \u0111\u00e3 nh\u1eadn \u0111\u01b0\u1ee3c r\u1ea5t nhi\u1ec1u gi\u1ea3i th\u01b0\u1edfng l\u1edbn danh gi\u00e1. B\u1eaft \u0111\u1ea7u v\u00e0o n\u0103m 2009, \u00f4ng \u0111\u1ed3ng th\u1eddi nh\u1eadn th\u00eam vai tr\u00f2 c\u1ed1 v\u1ea5n cao c\u1ea5p cho qu\u1ef9 \u0111\u1ea7u t\u01b0 First Eagle.<\/span><\/p>\n

Trong su\u1ed1t 50 n\u0103m \u0111\u1ed3ng h\u00e0nh c\u00f9ng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, v\u00e0o n\u0103m 2001 \u00f4ng \u0111\u01b0\u1ee3c m\u1ec7nh danh l\u00e0 ” Nh\u00e0 qu\u1ea3n l\u00ed qu\u1ef9 \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng” v\u00e0 ch\u1ec9 8 n\u0103m sau \u0111\u00f3, \u00f4ng nh\u1eadn th\u00eam gi\u1ea3i th\u01b0\u1edfng “Nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 th\u1eadp k\u1ef7 c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n M\u1ef9 “. N\u0103m 2003, Eveillard \u0111\u00e3 nh\u1eadn th\u00eam m\u1ed9t gi\u1ea3i th\u01b0\u1edfng danh gi\u00e1 n\u1eefa l\u00e0 “Nh\u00e0 qu\u1ea3n l\u00ed qu\u1ef9 c\u00f3 th\u00e0nh t\u1ef1u b\u1ec1n v\u1eefng”.<\/span><\/p>\n

Trong giai \u0111o\u1ea1n \u0111i\u1ec1u h\u00e0nh qu\u1ef9 \u0111\u1ea7u t\u01b0 v\u00e0 t\u01b0 v\u1ea5n kh\u00e1ch h\u00e0ng, \u00f4ng \u0111\u1ec1u c\u00f3 th\u00e0nh c\u00f4ng r\u1ef1c r\u1ee1 v\u1edbi t\u1ef7 su\u1ea5t sinh l\u1eddi tr\u00ean 32%\/n\u0103m<\/em><\/strong>. Tr\u00ean ph\u1ed1 Wall, \u00f4ng \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 ng\u01b0\u1eddi c\u00f3 nh\u1eefng l\u1eddi khuy\u00ean \u1ea3nh h\u01b0\u1edfng nh\u1ea5t \u0111\u1ed1i v\u1edbi nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 “t\u01b0 nh\u00e2n nh\u1ecf” b\u1edfi d\u1ecbch v\u1ee5 t\u01b0 v\u1ea5n t\u00e0i ch\u00ednh c\u1ee7a \u00f4ng \u0111\u00e3 gi\u00fap \u0111\u00e3 h\u00e0ng ch\u1ee5c ngh\u00ecn nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n x\u00e2y d\u1ef1ng ph\u01b0\u01a1ng ph\u00e1p v\u00e0 ch\u1ecdn l\u1ecdc doanh nghi\u1ec7p t\u1ed1t trong \u0111\u1ea7u t\u01b0.<\/em><\/span><\/p>\n

\u00d4ng tin t\u01b0\u1edfng r\u1eb1ng con \u0111\u01b0\u1eddng d\u1eabn t\u1edbi th\u00e0nh c\u00f4ng \u0111\u00edch th\u1ef1c tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u0111\u00f3 l\u00e0 c\u1ed1ng hi\u1ebfn to\u00e0n b\u1ed9 th\u1eddi gian v\u00e0 t\u00e2m tr\u00ed cho c\u00f4ng vi\u1ec7c n\u00e0y b\u1edfi \u0111\u00e2y l\u00e0 m\u1ed9t m\u00f4i tr\u01b0\u1eddng \u0111\u1ea7y nh\u1eefng th\u00e1ch th\u1ee9c to l\u1edbn<\/em>.<\/span><\/p>\n

N\u1ebfu nh\u01b0 d\u00e0nh to\u00e0n b\u1ed9 th\u1eddi gian \u0111\u1ec3 nghi\u00ean c\u1ee9u v\u1ec1 ch\u1ee9ng kho\u00e1n, nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd t\u00ecm ra \u0111\u01b0\u1ee3c nh\u1eefng quy lu\u1eadt c\u1ee7a chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u1ed5 phi\u1ebfu<\/em><\/strong>. \u00d4ng cho r\u1eb1ng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n kh\u00f4ng quy\u1ebft \u0111\u1ecbnh s\u1ef1 t\u0103ng tr\u01b0\u1edfng v\u00e0 ph\u00e1t tri\u1ec3n c\u1ee7a n\u1ec1n kinh t\u1ebf nh\u01b0ng l\u1ea1i ph\u1ea3n \u00e1nh b\u1ed9 m\u1eb7t c\u1ee7a n\u1ec1n kinh t\u1ebf.<\/span><\/p>\n

Kh\u1ea3 n\u0103ng hi\u1ec3u v\u00e0 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh ph\u00f9 h\u1ee3p v\u1edbi xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng l\u00e0 m\u1ed9t k\u1ef9 n\u0103ng b\u1eaft bu\u1ed9c<\/em><\/strong>. \u00d4ng tin r\u1eb1ng gi\u00e1 c\u1ed5 phi\u1ebfu ph\u1ea3n \u00e1nh s\u1ef1 th\u1eadt v\u1ec1 n\u1ec1n kinh t\u1ebf v\u00e0 r\u1eb1ng t\u00e2m l\u00fd qu\u00e1 l\u1ea1c quan, \u0111\u01b0\u1ee3c th\u1ea5y r\u00f5 khi gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng cao, th\u1eadm ch\u00ed nguy hi\u1ec3m h\u01a1n so v\u1edbi t\u00e2m l\u00fd bi quan b\u1edfi v\u00ec khi qu\u00e1 l\u1ea1c quan b\u1ea1n s\u1ebd kh\u00f4ng th\u1eadn tr\u1ecdng n\u1eefa.<\/span><\/p>\n

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

1. Bi\u1ebft t\u1eadn d\u1ee5ng c\u00e1c xu th\u1ebf th\u1ecb tr\u01b0\u1eddng<\/span><\/strong><\/p>\n

\n
\n
\n
\n
\n
\n
\n
M\u1ed9t \u0111\u1eb7c \u0111i\u1ec3m kh\u00e1c c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng theo \u00f4ng l\u00e0 h\u1ecd lu\u00f4n bi\u1ebft l\u1ea5y c\u00e1c xu th\u1ebf th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 l\u00e0m l\u1ee3i cho m\u00ecnh.<\/em><\/strong> M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00ecnh th\u01b0\u1eddng s\u1ebd ho\u1ea3ng lo\u1ea1n khi th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng, nh\u01b0ng m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p l\u1ea1i r\u1ea5t n\u00f3ng l\u00f2ng ch\u1edd \u0111\u00f3n \u0111i\u1ec1u \u0111\u00f3<\/em>. \u0110\u01a1n gi\u1ea3n v\u00ec h\u1ecd c\u00f3 th\u1ec3 ki\u1ebfm ti\u1ec1n t\u1eeb vi\u1ec7c n\u00e0y.<\/em> B\u00ean c\u1ea1nh \u0111\u00f3, nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 giao d\u1ecbch th\u00e0nh c\u00f4ng th\u01b0\u1eddng c\u00f3 nguy\u00ean t\u1eafc r\u00fat kh\u1ecfi th\u1ecb tr\u01b0\u1eddng khi h\u1ecd giao d\u1ecbch kh\u00f4ng ph\u00f9 h\u1ee3p v\u1edbi xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng thay v\u00ec c\u1ed1 g\u1eafng ti\u1ebfp t\u1ee5c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng khi nguy hi\u1ec3m.<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

K\u1ebft h\u1ee3p gi\u1eefa \u0111\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng v\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb \u0111\u1ec3 t\u00ecm ra c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty nh\u1ecf, t\u0103ng tr\u01b0\u1edfng tr\u01b0\u1edbc khi n\u00f3 th\u00e0nh c\u00f4ng v\u00e0 tr\u1edf th\u00e0nh c\u00f4ng ty l\u1edbn (c\u00f2n g\u1ecdi l\u00e0 hidden gem – vi\u00ean ng\u1ecdc \u1ea9n d\u1ea5u)<\/em><\/strong>.<\/span><\/p>\n

C\u00f4ng c\u1ee5 ch\u00ednh m\u00e0 \u00f4ng ph\u00e1t minh ra v\u00e0 ph\u1ed5 bi\u1ebfn \u0111\u1ec3 t\u00ecm ki\u1ebfm lo\u1ea1i c\u1ed5 phi\u1ebfu n\u00e0y l\u00e0 t\u1ef7 l\u1ec7 PEG<\/strong> (so s\u00e1nh P\/E c\u1ee7a m\u1ed9t c\u00f4ng ty v\u1edbi t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng d\u1ef1 ki\u1ebfn ho\u1eb7c \u01b0\u1edbc t\u00ednh c\u1ee7a thu nh\u1eadp m\u1ed7i c\u1ed5 phi\u1ebfu)<\/em>.<\/span><\/p>\n

\u00d4ng nh\u1eadn ra r\u1eb1ng, t\u1ef7 l\u1ec7 P\/E cao kh\u00f4ng \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c c\u1ed5 phi\u1ebfu \u0111\u00f3 \u0111\u1eaft n\u1ebfu t\u0103ng tr\u01b0\u1edfng thu nh\u1eadp c\u1ee7a n\u00f3 c\u0169ng cao v\u00e0 ng\u01b0\u1ee3c l\u1ea1i. V\u00ed d\u1ee5, n\u1ebfu c\u1ed5 phi\u1ebfu c\u1ee7a m\u1ed9t c\u00f4ng ty c\u00f3 m\u1ee9c P\/E t\u01b0\u01a1ng \u0111\u1ed1i cao l\u00e0 30 nh\u01b0ng l\u1ee3i nhu\u1eadn c\u1ee7a n\u00f3 \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o s\u1ebd t\u0103ng tr\u01b0\u1edfng v\u1edbi t\u1ed1c \u0111\u1ed9 30%, th\u00ec n\u00f3 s\u1ebd c\u00f3 PEG l\u00e0 1<\/em>, v\u00e0 \u0111\u00e2y l\u00e0 m\u1ed9t t\u1ef7 l\u1ec7 t\u1ed1t \u0111\u1ec3 \u0111\u1ea7u t\u01b0<\/em>. Ng\u00e0y nay, t\u1ef7 l\u1ec7 PEG \u0111\u00e3 \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 ph\u00e2n t\u00edch \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng r\u1ea5t r\u1ed9ng r\u00e3i.<\/span><\/p>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean thi\u1ebft l\u1eadp gi\u1edbi h\u1ea1n l\u00ean m\u1ee9c gi\u00e1 s\u1ebd tr\u1ea3 cho m\u1ed9t c\u1ed5 phi\u1ebfu, t\u00ednh theo l\u1ee3i nhu\u1eadn trung b\u00ecnh trong kho\u1ea3ng 7 n\u0103m.<\/em><\/span><\/p>\n

G\u1ee3i \u00fd c\u1ee7a \u00f4ng nh\u00e0 \u0111\u1ea7u t\u01b0 h\u00e3y gi\u1edbi h\u1ea1n m\u1ee9c gi\u00e1 tr\u1ea3 cho m\u1ed9t c\u1ed5 phi\u1ebfu l\u00e0 b\u1eb1ng \u00e1ng ch\u1eebng t\u1ea7m 25 l\u1ea7n s\u1ed1 l\u1ee3i nhu\u1eadn trung b\u00ecnh trong 7 n\u0103m, v\u00e0 kh\u00f4ng qu\u00e1 20 l\u1ea7n c\u1ed5 t\u1ee9c c\u1ee7a giai \u0111o\u1ea1n 12 th\u00e1ng g\u1ea7n nh\u1ea5t. N\u1ebfu nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n ch\u00fa \u00fd \u0111i\u1ec1u n\u00e0y s\u1ebd gi\u00fap tr\u00e1nh cho vi\u1ec7c mua nh\u1ea7m c\u00e1c c\u1ed5 phi\u1ebfu \u0111ang b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao so v\u1edbi th\u1ef1c t\u1ebf.<\/span><\/p>\n

2. H\u00e3y ch\u1ecdn c\u00f4ng ty c\u00f3 th\u00e0nh t\u00edch li\u00ean t\u1ee5c v\u1ec1 vi\u1ec7c chi tr\u1ea3 c\u1ed5 t\u1ee9c \u0111\u1ec1u \u0111\u1eb7n<\/span><\/strong><\/p>\n

C\u1ed5 t\u1ee9c ch\u00ednh l\u00e0 cam k\u1ebft c\u1ee7a c\u00f4ng ty \u0111\u1ed1i v\u1edbi c\u00e1c c\u1ed5 \u0111\u00f4ng<\/em><\/strong>. Ch\u00ednh v\u00ec v\u1eady nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n h\u00e3y ch\u1ecdn c\u00e1c c\u00f4ng ty c\u00f3 l\u1ecbch s\u1eed chi tr\u1ea3 c\u1ed5 t\u1ee9c \u0111\u1ec1u \u0111\u1eb7n t\u1eeb 10-20 n\u0103m li\u00ean t\u1ee5c trong l\u1ecbch s\u1eed qu\u00e1 tr\u00ecnh h\u00ecnh th\u00e0nh v\u00e0 ph\u00e1t tri\u1ec3n c\u1ee7a doanh nghi\u1ec7p.<\/span><\/p>\n

3. Nh\u00ecn th\u1eadt k\u0129 b\u00e1o c\u00e1o t\u00e0i ch\u00ednh trong 5 n\u0103m li\u00ean ti\u1ebfp \u0111\u1ec3 ra quy\u1ebft \u0111\u1ecbnh l\u1ef1a ch\u1ecdn<\/span><\/strong><\/p>\n

Theo \u00f4ng, m\u1ed9t c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c ch\u1ecdn khi b\u00e1o c\u00e1o t\u00e0i ch\u00ednh 5 n\u0103m li\u00ean ti\u1ebfp t\u1edbi th\u1eddi \u0111i\u1ec3m khuy\u1ebfn ngh\u1ecb tr\u00ean b\u00e1o c\u00e1o \u0111\u1ec1u ph\u1ea3i c\u00f3 l\u00e3i, kh\u00f4ng n\u0103m n\u00e0o c\u00f3 l\u1ed7.<\/em> N\u1ebfu trong v\u00f2ng 5 n\u0103m tr\u01b0\u1edbc c\u00f4ng ty c\u00f3 l\u1ee3i nhu\u1eadn s\u1ee5t gi\u1ea3m t\u1ea1i n\u0103m n\u00e0o \u0111\u00f3 th\u00ec n\u00f3 ph\u1ea3i \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee9c c\u1ed5 t\u1ee9c cao nh\u1ea5t trong n\u0103m g\u1ea7n nh\u1ea5t. \u0110i\u1ec1u n\u00e0y ch\u1ee9ng t\u1ecf c\u00f4ng ty \u0111ang th\u1eadt s\u1ef1 c\u00f3 \u0111\u1ed9ng l\u1ef1c \u0111\u1ec3 t\u0103ng tr\u01b0\u1edfng.<\/span><\/p>\n

S\u01afU T\u1ea6M<\/p>\n

 <\/p>\n

 <\/p>\n

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

Jean-Marie Eveillard (sinh n\u0103m 1940) l\u00e0 m\u1ed9t doanh nh\u00e2n, nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1ed5i ti\u1ebfng t\u1ea1i ng\u01b0\u1eddi Ph\u00e1p. \u00d4ng \u0111\u01b0\u1ee3c sinh ra \u1edf Poitiers, m\u1ed9t ng\u00f4i l\u00e0ng nh\u1ecf n\u01b0\u1edbc Ph\u00e1p v\u00e0o n\u0103m 1940 trong m\u1ed9t gia \u0111\u00ecnh c\u00f4ng nh\u00e2n ngh\u00e8o th\u1eddi \u0111\u00f3. \u00d4ng l\u1edbn l\u00ean, tr\u01b0\u1edfng th\u00e0nh, h\u1ecdc ph\u1ed5 th\u00f4ng v\u00e0 \u0111\u1ea1i h\u1ecdc chuy\u00ean ng\u00e0nh kinh t\u1ebf t\u1ea1i ch\u00ednh \u0111\u1ea5t n\u01b0\u1edbc […]<\/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\/2739"}],"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=2739"}],"version-history":[{"count":1,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/2739\/revisions"}],"predecessor-version":[{"id":2740,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/2739\/revisions\/2740"}],"wp:attachment":[{"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2739"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}