{"id":3049,"date":"2020-08-16T03:26:53","date_gmt":"2020-08-16T03:26:53","guid":{"rendered":"http:\/\/tvtinvest.com\/?p=3049"},"modified":"2020-08-16T03:26:53","modified_gmt":"2020-08-16T03:26:53","slug":"nha-quan-ly-quy-ole-halvorsen-va-nhung-loi-khuyen","status":"publish","type":"post","link":"http:\/\/tvtinvest.com\/?p=3049","title":{"rendered":"NH\u00c0 QU\u1ea2N L\u00dd QU\u1ef8 OLE HALVORSEN V\u00c0 NH\u1eeeNG L\u1edcI KHUY\u00caN"},"content":{"rendered":"

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Ole Andreas Halvorsen<\/strong>\u00a0(sinh n\u0103m 1961) l\u00e0 m\u1ed9t t\u1ef7 ph\u00fa, nh\u00e0\u00a0qu\u1ea3n l\u00fd qu\u1ef9 \u0111\u1ea7u c\u01a1 v\u00e0 nh\u00e0 t\u1eeb thi\u1ec7n n\u1ed5i ti\u1ebfng ng\u01b0\u1eddi\u00a0Na Uy. \u00d4ng l\u00e0 Gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh v\u00e0 l\u00e0 ng\u01b0\u1eddi \u0111\u1ed3ng s\u00e1ng l\u1eadp qu\u1ef9 \u0111\u1ea7u c\u01a1 Viking Global Investors c\u00f3 tr\u1ee5 s\u1edf t\u1ea1i Connecticut.\u00a0<\/span><\/p>\n

Qu\u1ef9 \u0111\u1ea7u t\u01b0\u00a0Viking c\u1ee7a \u00f4ng c\u00f3 24 t\u1ef7 \u0111\u00f4 la \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd t\u00ednh \u0111\u1ebfn th\u00e1ng 10 n\u0103m 2017.\u00a0Halvorsen li\u00ean t\u1ee5c \u0111\u01b0\u1ee3c x\u1ebfp th\u1ee9 h\u1ea1ng cao trong s\u1ed1 c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 \u0111\u1ea7u c\u01a1 ki\u1ebfm ti\u1ec1n h\u00e0ng \u0111\u1ea7u, \u0111\u1ee9ng th\u1ee9 11 trong\u00a0b\u1ea3ng x\u1ebfp h\u1ea1ng n\u0103m 2012 c\u1ee7a Forbes v\u00e0 th\u1ee9 9 trong n\u0103m 2015, theo Institutional Investor’s Alpha<\/span><\/p>\n

Qu\u1ef9 Viking c\u0169ng l\u00e0 m\u1ed9t qu\u1ef9 ph\u00f2ng h\u1ed9 thu\u1ed9c nh\u00f3m “Nh\u1eefng \u0111\u1ee9a con c\u1ee7a h\u1ed5”. Theo b\u00e1o c\u00e1o trong nhi\u1ec1u n\u0103m li\u00ean t\u1ee5c, qu\u1ef9 \u0111\u00e3 c\u00f3 m\u1ed9t n\u0103m nh\u1eefng th\u00e0nh c\u00f4ng khi t\u0103ng 9,3% gi\u00e1 tr\u1ecb v\u00e0o m\u1ed7i n\u0103m li\u00ean ti\u1ebfp.<\/span><\/p>\n

Trong th\u1eddi gian \u0111i\u1ec1u h\u00e0nh, qu\u1ef9 ph\u00f2ng h\u1ed9 n\u00e0y mua v\u00e0o nhi\u1ec1u c\u1ed5 phi\u1ebfu c\u1ee7a Valeant Pharmaceuticals v\u00e0 quy\u1ebft \u0111\u1ecbnh n\u00e0y \u0111\u00e3 k\u00e9o th\u00e0nh t\u00edch c\u1ee7a qu\u1ef9 \u0111i xu\u1ed1ng v\u00e0 l\u00e0 kho\u1ea3n \u0111\u1ea7u t\u01b0 “k\u00e9m c\u1ecfi nh\u1ea5t” c\u1ee7a Halvorsen.<\/span><\/p>\n

Trong su\u1ed1t s\u1ef1 nghi\u1ec7p c\u1ee7a m\u00ecnh, Halvorsen \u0111\u00e3 ch\u1ee9ng minh \u0111\u01b0\u1ee3c b\u1ea3n th\u00e2n l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4n ngoan b\u1eadc nh\u1ea5t, t\u1ea1o ra ngu\u1ed3n l\u1ee3i nhu\u1eadn v\u1eefng ch\u1eafc v\u00e0 \u0111\u1ed3 s\u1ed9. V\u00e0 t\u1ea5t nhi\u00ean, nguy\u00ean t\u1eafc \u0111\u1ea7u t\u01b0 m\u00e0 \u00f4ng chia s\u1ebb ch\u1ec9 g\u00f3i g\u1ecdn trong 3 \u0111i\u1ec1u d\u01b0\u1edbi \u0111\u00e2y:<\/span><\/p>\n

1. \u0110\u1ea7u t\u01b0 l\u00e0 ph\u1ea3i b\u1ea3o to\u00e0n v\u1ed1n<\/strong><\/span><\/p>\n

Halvorsen chia s\u1ebb nh\u00e0 \u0111\u1ea7u t\u01b0 h\u00e3y tr\u00e1nh xa nh\u1eefng c\u1ed5 phi\u1ebfu c\u00f3 nguy c\u01a1 r\u1ee7i ro cao<\/em><\/strong>. 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.<\/span><\/p>\n

Gi\u1eef cho c\u00e1c kho\u1ea3n ph\u00ed giao d\u1ecbch v\u00e0 thu\u1ebf \u1edf m\u1ee9c th\u1ea5p<\/em><\/strong> c\u0169ng l\u00e0 m\u1ed9t nguy\u00ean t\u1eafc. 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

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 ch\u1ec9 t\u1eadp trung v\u00e0o nh\u1eefng doanh nghi\u1ec7p th\u1ef1c s\u1ef1 c\u00f3 ti\u1ec1m n\u0103ng<\/strong><\/em>. C\u00f9ng m\u1ed9t th\u1eddi \u0111i\u1ec3m, theo \u00f4ng ch\u1ec9 \u0111\u1ea7u t\u01b0 v\u00e0o nh\u1eefng v\u1ecb th\u1ebf giao d\u1ecbch m\u00e0 m\u00ecnh 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.<\/em><\/strong><\/span><\/p>\n

M\u1ed9t khi \u0111\u00e3 t\u00ecm \u0111\u01b0\u1ee3c c\u00e1c l\u1ef1a ch\u1ecdn nh\u01b0 v\u1eady, th\u00f4ng th\u01b0\u1eddng l\u00e0 t\u00e0i s\u1ea3n b\u1ecb \u0111\u00e1nh gi\u00e1 th\u1ea5p h\u01a1n gi\u00e1 tr\u1ecb th\u1ef1c, h\u1ecd s\u1ebd mua \u0111\u1ebfn h\u1ebft kh\u1ea3 n\u0103ng nh\u1eb1m t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn v\u1ec1 sau<\/em>. H\u1ecd c\u0169ng gi\u1eef k\u00edn th\u00f4ng tin v\u1ec1 vi\u1ec7c \u0111ang l\u00e0m v\u00e0 r\u00fat kinh nghi\u1ec7m t\u1eeb nh\u1eefng sai l\u1ea7m trong qu\u00e1 kh\u1ee9, thay v\u00ec l\u1eb7p l\u1ea1i c\u00e1c sai l\u1ea7m \u0111\u00f3.<\/em><\/strong><\/span><\/p>\n

2. N\u00f3i “kh\u00f4ng” v\u1edbi c\u00e1c kho\u1ea3n n\u1ee3<\/strong><\/span><\/p>\n

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><\/strong>. \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.<\/span><\/p>\n

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, 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.<\/em><\/strong><\/span><\/p>\n

3. L\u1ef1a ch\u1ecdn c\u00e1c c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u1ec3 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n ho\u1eb7c l\u01b0\u1edbt s\u00f3ng k\u0129 thu\u1eadt tr\u00ean ch\u00ednh nh\u1eefng c\u1ed5 phi\u1ebfu \u0111\u00f3<\/strong><\/span><\/p>\n

Trong chi\u1ebfn l\u01b0\u1ee3c mua v\u00e0 n\u1eafm gi\u1eef, vi\u1ec7c ph\u00e2n t\u00edch ,s\u00e0ng l\u1ecdc, l\u1ef1a ch\u1ecdn c\u1ed5 phi\u1ebfu l\u00e0 \u0111i\u1ec1u ki\u1ec7n ti\u00ean quy\u1ebft \u0111\u1ec3 c\u00f3 th\u1ec3 thu \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn t\u1ed1i \u01b0u.<\/em> Nh\u01b0 v\u1eady, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n th\u1eadt s\u1ef1 am hi\u1ec3u v\u1ec1 nh\u1eefng c\u00f4ng ty m\u00e0 m\u00ecnh n\u1eafm gi\u1eef v\u00e0 l\u1ef1a ch\u1ecdn r\u1ea5t c\u1ea9n th\u1eadn<\/em><\/strong>. N\u1ebfu t\u00ecnh h\u00ecnh kh\u00f4ng c\u00f3 g\u00ec thay \u0111\u1ed5i, nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng n\u00ean b\u00e1n c\u1ed5 phi\u1ebfu c\u1ee7a m\u00ecnh<\/em>.<\/span><\/p>\n

C\u00f2n \u0111\u1ed1i v\u1edbi l\u01b0\u1edbt s\u00f3ng, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng ph\u00e2n t\u00edch k\u0129 thu\u1eadt v\u00e0 t\u00ecm ra nh\u1eefng \u0111i\u1ec3m ph\u00f9 h\u1ee3p \u0111\u1ec3 mua\/b\u00e1n l\u01b0\u1edbt s\u00f3ng d\u1ef1a tr\u00ean nh\u1eefng c\u1ed5 phi\u1ebfu c\u00f3 n\u1ec1n t\u1ea3ng c\u01a1 b\u1ea3n.<\/em><\/strong><\/span><\/p>\n

Tr\u00ean th\u1ecb tr\u01b0\u1eddng hi\u1ec7n nay c\u00f3 r\u1ea5t nhi\u1ec1u m\u00e3 ch\u1ee9ng kho\u00e1n kh\u00e1c nhau, vi\u1ec7c t\u00ecm ki\u1ebfm nh\u1eefng c\u1ed5 phi\u1ebfu t\u1ed1t th\u1ef1c s\u1ef1 m\u1ea5t nhi\u1ec1u th\u1eddi gian.<\/em><\/span><\/p>\n

Tuy nhi\u00ean, qua s\u1ef1 tr\u1ee3 gi\u00fap c\u1ee7a m\u00e1y t\u00ednh, c\u00f4ng ngh\u1ec7, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u00e0ng l\u1ecdc c\u1ed5 phi\u1ebfu qua c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n nh\u01b0 : T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng doanh thu, l\u1ee3i nhu\u1eadn, kh\u1ea3 n\u0103ng thanh kho\u1ea3n, c\u01a1 c\u1ea5u v\u1ed1n, c\u00e1c ch\u1ec9 s\u1ed1 v\u1ec1 kh\u1ea3 n\u0103ng sinh l\u1eddi nh\u01b0 ROA, ROE, EBITDA,..v.v \u0111\u1ecbnh gi\u00e1 theo c\u00e1c ph\u01b0\u01a1ng ph\u00e1p t\u01b0\u01a1ng \u0111\u1ed1i nh\u01b0 P\/E, P\/B, PEG.<\/span><\/p>\n

M\u1eb7c d\u00f9 k\u1ebft qu\u1ea3 qu\u00e1 kh\u1ee9 kh\u00f4ng b\u1ea3o \u0111\u1ea3m k\u1ebft qu\u1ea3 c\u1ee7a t\u01b0\u01a1ng lai, nh\u01b0ng chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 d\u00f9 d\u00e0i h\u1ea1n hay l\u01b0\u1edbt s\u00f3ng ph\u1ee5 thu\u1ed9c v\u00e0o nh\u1eefng c\u1ed5 phi\u1ebfu t\u1ed1t \u0111\u00e3 gi\u00fap nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n \u0111\u1ea1t \u0111\u01b0\u1ee3c th\u00e0nh c\u00f4ng v\u00e0 \u00edt nhi\u1ec1u h\u1ea1n ch\u1ebf \u0111\u01b0\u1ee3c r\u1ee7i ro.<\/span><\/em><\/p>\n

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

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Ole Andreas Halvorsen\u00a0(sinh n\u0103m 1961) l\u00e0 m\u1ed9t t\u1ef7 ph\u00fa, nh\u00e0\u00a0qu\u1ea3n l\u00fd qu\u1ef9 \u0111\u1ea7u c\u01a1 v\u00e0 nh\u00e0 t\u1eeb thi\u1ec7n n\u1ed5i ti\u1ebfng ng\u01b0\u1eddi\u00a0Na Uy. \u00d4ng l\u00e0 Gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh v\u00e0 l\u00e0 ng\u01b0\u1eddi \u0111\u1ed3ng s\u00e1ng l\u1eadp qu\u1ef9 \u0111\u1ea7u c\u01a1 Viking Global Investors c\u00f3 tr\u1ee5 s\u1edf t\u1ea1i Connecticut.\u00a0 Qu\u1ef9 \u0111\u1ea7u t\u01b0\u00a0Viking c\u1ee7a \u00f4ng c\u00f3 24 t\u1ef7 \u0111\u00f4 la \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd t\u00ednh \u0111\u1ebfn […]<\/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\/3049"}],"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=3049"}],"version-history":[{"count":1,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/3049\/revisions"}],"predecessor-version":[{"id":3050,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/3049\/revisions\/3050"}],"wp:attachment":[{"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3049"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}