{"id":3386,"date":"2021-08-08T07:52:43","date_gmt":"2021-08-08T07:52:43","guid":{"rendered":"http:\/\/tvtinvest.com\/?p=3386"},"modified":"2021-08-08T08:12:38","modified_gmt":"2021-08-08T08:12:38","slug":"nha-dau-tu-bill-miller-va-nhung-goi-y-dau-tu-khac-biet","status":"publish","type":"post","link":"http:\/\/tvtinvest.com\/?p=3386","title":{"rendered":"NH\u00c0 \u0110\u1ea6U T\u01af BILL MILLER V\u00c0 NH\u1eeeNG G\u1ee2I \u00dd \u0110\u1ea6U T\u01af KH\u00c1C BI\u1ec6T"},"content":{"rendered":"

\"[Quy<\/p>\n

Bill Miller Sinh n\u0103m 1950 t\u1ea1i Laurinburg, B\u1eafc Carolina l\u00e0 c\u1ef1u ch\u1ee7 t\u1ecbch qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 c\u1ee7a Legg Mason Value Trust v\u00e0 hi\u1ec7n l\u00e0 ch\u1ee7 t\u1ecbch c\u1ee7a Miller Value Partners LLC.<\/span><\/p>\n

Ph\u1ea3i n\u00f3i r\u1eb1ng, Miller l\u00e0 ng\u01b0\u1eddi nh\u1eadn \u0111\u01b0\u1ee3c r\u1ea5t nhi\u1ec1u l\u1eddi khen ng\u1ee3i tuy\u1ec7t v\u1eddi nh\u01b0ng l\u1ea1i ch\u1ecbu r\u1ea5t \u00edt l\u1eddi ch\u1ec9 tr\u00edch h\u01a1n b\u1ea5t k\u1ef3 nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 tuy\u1ec7t v\u1eddi n\u00e0o. T\u1eeb n\u0103m 1991 \u0111\u1ebfn n\u0103m 2005, Miller \u0111\u00e3 l\u1eadt \u0111\u1ed5 k\u1ef7 l\u1ee5c l\u1ee3i nhu\u1eadn c\u1ee7a Peter Lynch b\u1eb1ng c\u00e1ch \u0111\u00e1nh b\u1ea1i th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n trong 15 n\u0103m li\u00ean ti\u1ebfp. Th\u01b0\u1eddng th\u00ec ch\u1ec9 c\u00f3 kho\u1ea3ng 25% qu\u1ef9 c\u1ed5 ph\u1ea7n l\u00e0m \u0111\u01b0\u1ee3c \u0111i\u1ec1u \u0111\u00f3 m\u1ed7i n\u0103m, c\u00f2n t\u1ef7 l\u1ec7 \u0111\u1ec3 m\u1ed9t qu\u1ef9 duy nh\u1ea5t \u0111\u00e1nh b\u1ea1i th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n 15 n\u0103m li\u00ean ti\u1ebfp l\u00e0 r\u1ea5t th\u1ea5p.<\/span>
\nTrong khi ngo\u00e0i \u0111\u1eddi Miller n\u1ed5i ti\u1ebfng v\u1edbi vi\u1ec7c qu\u1ea3n l\u00fd Legg Mason, nh\u01b0ng n\u1ebfu ai xem qua b\u1ed9 phim The Big Short s\u1ebd th\u1ea5y \u00f4ng b\u1ecb nhi\u1ec1u s\u1ef1 \u201cch\u00e8n \u00e9p\u201d. Nh\u00e2n v\u00e2t gi\u1ea3 t\u01b0\u1edfng “Bruce Miller”, \u0111\u01b0\u1ee3c m\u00f4 ph\u1ecfng theo cu\u1ed9c s\u1ed1ng th\u1ef1c c\u1ee7a Bill Miller ngo\u00e0i \u0111\u1eddi, tham gia v\u00e0o m\u1ed9t cu\u1ed9c tranh lu\u1eadn trong b\u1ed9 phim, trong \u0111\u00f3 \u00f4ng m\u1ea1nh m\u1ebd b\u1ea3o v\u1ec7 \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh v\u00e0o Bear Stearns ngay c\u1ea3 khi nh\u1eefng ng\u01b0\u1eddi tham d\u1ef1 cu\u1ed9c tr\u00f2 chuy\u1ec7n tin r\u1eb1ng c\u1ed5 phi\u1ebfu c\u1ee7a ng\u00e2n h\u00e0ng s\u1ebd s\u1ee5t gi\u1ea3m.<\/span>
\nM\u1eb7c d\u00f9 \u0111\u00e2y l\u00e0 h\u01b0 c\u1ea5u nh\u01b0ng d\u01b0\u1eddng nh\u01b0 n\u00f3 chia s\u1ebb m\u1ed9t s\u1ed1 y\u1ebfu t\u1ed1 s\u1ef1 th\u1eadt \u0111\u00f3 l\u00e0 Miller \u0111\u00e3 ph\u1ea3i ch\u1ecbu nh\u1eefng t\u1ed5n th\u1ea5t l\u1edbn sau s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a Bear Stearns. Tuy v\u1eady Miller v\u1eabn \u0111\u00e1ng n\u1eafm gi\u1eef v\u1ecb tr\u00ed l\u00e0 m\u1ed9t trong nh\u1eefng nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 gi\u1ecfi nh\u1ea5t trong l\u1ecbch s\u1eed v\u00e0 c\u0169ng l\u00e0 m\u1ed9t trong nh\u1eefng ng\u01b0\u1eddi \u0111\u00e3 g\u00e2y \u1ea3nh h\u01b0\u1edfng d\u1eabn \u0111\u1ebfn s\u1ef1 s\u1ee5p \u0111\u1ed5 th\u1ecb tr\u01b0\u1eddng v\u00e0o kho\u1ea3ng th\u1eddi gian kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh n\u0103m 2008.<\/span><\/p>\n

Tri\u1ebft l\u00fd \u0111\u1ea7u t\u01b0 :<\/span><\/strong><\/em><\/p>\n

V\u00e0o th\u00e1ng 11 n\u0103m 2006, bi\u00ean t\u1eadp vi\u00ean c\u1ee7a t\u1ea1p ch\u00ed Fortune, Andy Serwer, \u0111\u00e3 m\u00f4 t\u1ea3 phong c\u00e1ch \u0111\u1ea7u t\u01b0 c\u1ee7a Bill Miller: “B\u1ea1n kh\u00f4ng th\u1ec3 l\u00e0m \u0111\u01b0\u1ee3c nh\u1eefng g\u00ec m\u00e0 anh \u1ea5y \u0111\u00e3 l\u00e0m trong m\u1ed9t th\u1ebf gi\u1edbi c\u1ef1c k\u00ec c\u1ea1nh tranh v\u00e0 anh \u1ea5y l\u00e0m vi\u1ec7c c\u1ef1c k\u1ef3 hi\u1ec7u qu\u1ea3 trong vi\u1ec7c l\u1ef1a ch\u1ecdn c\u1ed5 phi\u1ebfu… Th\u1ef1c t\u1ebf l\u00e0 Miller \u0111\u00e3 m\u1ea5t nhi\u1ec1u th\u1eadp k\u1ef7 \u0111\u1ec3 nghi\u00ean c\u1ee9u t\u1eeb nh\u1eefng ng\u01b0\u1eddi xung quanh v\u00e0 nh\u1eefng ng\u01b0\u1eddi b\u01b0\u1edbc chung con \u0111\u01b0\u1eddng, t\u1eeb \u0111\u00f3 h\u00ecnh th\u00e0nh anh \u1ea5y \u0111\u1ed9c nh\u1ea5t v\u00f4 nh\u1ecb”<\/span><\/p>\n

Miller t\u1ef1 m\u00f4 t\u1ea3 m\u00ecnh nh\u01b0 l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb (value investor), m\u1eb7c d\u00f9 quan \u0111i\u1ec3m c\u1ee7a \u00f4ng v\u1ec1 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb c\u00f3\u00a0xu h\u01b0\u1edbng<\/a>\u00a0kh\u00e1c v\u1edbi m\u00f4 h\u00ecnh truy\u1ec1n th\u1ed1ng. C\u1ee5 th\u1ec3 h\u01a1n, Miller c\u1ea3m th\u1ea5y r\u1eb1ng b\u1ea5t k\u1ef3 c\u1ed5 phi\u1ebfu n\u00e0o c\u0169ng \u0111\u1ec1u c\u00f3 th\u1ec3 l\u00e0 c\u1ed5 phi\u1ebfu gi\u00e1 tr\u1ecb (value stock), v\u1edbi \u0111i\u1ec1u ki\u1ec7n l\u00e0 n\u00f3 c\u00f3 m\u1ee9c chi\u1ebft kh\u1ea5u t\u01b0\u01a1ng \u0111\u1ed1i so v\u1edbi gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a n\u00f3.<\/span>
\nNh\u1eefng th\u00e0nh c\u00f4ng l\u1edbn \u0111\u1ebfn v\u1edbi Miller trong nh\u1eefng n\u0103m 1990 v\u00e0 \u0111\u1ea7u nh\u1eefng n\u0103m 2000 v\u1edbi hai y\u1ebfu t\u1ed1 ch\u00ednh: ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu \u0111\u1ea7y \u0111\u1ee7 chi ti\u1ebft v\u00e0 x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0. Trong n\u0103m 2006, b\u1ee9c th\u01b0 c\u1ee7a Bill Miller g\u1eedi c\u1ed5 \u0111\u00f4ng gi\u1ea3i th\u00edch v\u1ec1 hai y\u1ebfu t\u1ed1 n\u00e0y t\u00e1c \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o v\u1edbi Value Trust:<\/span>
\n“\u0110\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb (value investing) c\u00f3 ngh\u0129a l\u00e0 lu\u00f4n h\u1ecfi v\u1ec1 gi\u00e1 tr\u1ecb t\u1ed1t nh\u1ea5t l\u00e0 g\u00ec v\u00e0 kh\u00f4ng \u0111\u01b0\u1ee3c gi\u1ea3 \u0111\u1ecbnh\/gi\u1ea3 s\u1eed r\u1eb1ng th\u1ee9 n\u00e0y tr\u00f4ng \u0111\u00e1ng gi\u00e1 \u0111\u1eaft ti\u1ec1n ho\u1eb7c gi\u1ea3 \u0111\u1ecbnh r\u1eb1ng b\u1edfi v\u00ec m\u1ed9t c\u1ed5 phi\u1ebfu gi\u1ea3m gi\u00e1 v\u00e0 giao d\u1ecbch \u1edf m\u1ee9c th\u1ea5p ngh\u0129a l\u00e0 \u0111\u00f3 l\u00e0 m\u1ed9t m\u00f3n h\u1eddi … \u0110\u00f4i khi s\u1ef1 t\u0103ng tr\u01b0\u1edfng ngh\u0129a l\u00e0 gi\u00e1 r\u1ebb nh\u01b0ng gi\u00e1 tr\u1ecb \u0111\u1eaft. . . . V\u1ea5n \u0111\u1ec1 \u0111\u1eb7t ra \u1edf \u0111\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 s\u1ef1 t\u0103ng tr\u01b0\u1edfng hay gi\u00e1 tr\u1ecb, nh\u01b0ng gi\u00e1 tr\u1ecb t\u1ed1t nh\u1ea5t \u1edf \u0111\u00e2u?… Ch\u00fang ta x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng \u201c\u0111a d\u1ea1ng h\u00f3a c\u00e1c y\u1ebfu t\u1ed1\u201d. . .\u00a0<\/span>
\nCh\u00fang ta \u0111ang s\u1edf h\u1eefu m\u1ed9t lo\u1ea1t c\u00e1c c\u00f4ng ty c\u00f3 c\u00e1c y\u1ebfu t\u1ed1 \u0111\u1ecbnh gi\u00e1 c\u01a1 b\u1ea3n kh\u00e1c nhau. M\u1ed9t s\u1ed1 c\u00f4ng ty trong \u0111\u00f3 c\u00f3 P\/E cao v\u00e0 P\/E th\u1ea5p, gi\u00e1 c\u1ea3 cao v\u00e0 gi\u00e1 c\u1ea3 th\u1ea5p. H\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c c\u00f3 khuynh h\u01b0\u1edbng kh\u00f4ng \u0111a d\u1ea1ng v\u1ec1 c\u00e1c y\u1ebfu t\u1ed1 \u0111\u1ecbnh gi\u00e1 n\u00e0y, v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 thi\u00ean v\u1ec1 gi\u00e1 tr\u1ecb truy\u1ec1n th\u1ed1ng (traditional value investor) hay \u0111i li\u1ec1n v\u1edbi c\u00e1c c\u1ed5 phi\u1ebfu gi\u00e1 tr\u1ecb th\u1ea5p v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng (growth investor) t\u1eadp trung trong vi\u1ec7c \u0111\u1ecbnh gi\u00e1 cao …<\/span>
\nV\u00e0o gi\u1eefa nh\u1eefng n\u0103m 1990, ch\u00fang ta b\u1eaft \u0111\u1ea7u t\u1ea1o ra danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111a d\u1ea1ng h\u00f3a c\u00e1c y\u1ebfu t\u1ed1 v\u00e0 \u0111i\u1ec1u \u0111\u00f3 \u0111\u00e3 tr\u1edf th\u00e0nh \u0111i\u1ec3m m\u1ea1nh c\u1ee7a ch\u00fang ta … Ch\u00fang ta s\u1edf h\u1eefu P\/E th\u1ea5p v\u00e0 c\u0169ng c\u00f3 P\/E cao, nh\u01b0ng ch\u00fang ta s\u1edf h\u1eefu ch\u00fang v\u1edbi c\u00f9ng m\u1ed9t l\u00fd do: ch\u00fang ta tin r\u1eb1ng ch\u00fang b\u1ecb \u0111\u1ecbnh gi\u00e1 sai. Ch\u00fang ta kh\u00e1c v\u1edbi nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c trong vi\u1ec7c s\u1eb5n s\u00e0ng ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu \u0111\u1eaft ti\u1ec1n \u0111\u1ec3 xem li\u1ec7u h\u1ecd c\u00f3 th\u1ef1c s\u1ef1 \u0111\u1eaft ti\u1ec1n kh\u00f4ng. Nh\u00ecn th\u00ec th\u1ea5y l\u00e0 \u0111\u00e1ng gi\u00e1, tr\u00ean th\u1ef1c t\u1ebf th\u00ec nhi\u1ec1u c\u1ed5 phi\u1ebfu th\u1ef1c s\u1ef1 kh\u00f4ng \u0111\u00e1ng gi\u00e1 nh\u01b0 v\u1eady”.<\/span><\/p>\n

Nh\u1eefng ch\u00e2m ng\u00f4n v\u1ec1 phong c\u00e1ch \u0111\u1ea7u t\u01b0 c\u1ee7a \u00f4ng:<\/span><\/strong><\/em><\/p>\n

“T\u00f4i th\u01b0\u1eddng nh\u1eafc nh\u1edf c\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a ch\u00fang t\u00f4i r\u1eb1ng 100% th\u00f4ng tin b\u1ea1n c\u00f3 v\u1ec1 m\u1ed9t c\u00f4ng ty \u0111\u1ea1i di\u1ec7n cho qu\u00e1 kh\u1ee9 v\u00e0 100% gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed5 phi\u1ebfu ph\u1ee5 thu\u1ed9c v\u00e0o t\u01b0\u01a1ng lai.”<\/span><\/p>\n

“Th\u1ecb tr\u01b0\u1eddng ph\u1ea3n \u00e1nh nh\u1eefng th\u00f4ng tin s\u1eb5n c\u00f3 nh\u01b0 c\u00e1c gi\u00e1o s\u01b0 n\u00f3i v\u1edbi ch\u00fang t\u00f4i.Nh\u01b0ng c\u0169ng gi\u1ed1ng nh\u01b0 c\u00e1c t\u1ea5m g\u01b0\u01a1ng ph\u1ea3n chi\u1ebfu kh\u00f4ng ph\u1ea3n \u00e1nh ch\u00ednh x\u00e1c c\u00e2n n\u1eb7ng c\u1ee7a b\u1ea1n, th\u1ecb tr\u01b0\u1eddng kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng ph\u1ea3n \u00e1nh ch\u00ednh x\u00e1c th\u00f4ng tin \u0111\u00f3.Th\u01b0\u1eddng th\u00ec ch\u00fang qu\u00e1 bi quan khi ch\u00fang x\u1ea5u v\u00e0 qu\u00e1 l\u1ea1c quan khi ch\u00fang t\u1ed1t”<\/span><\/p>\n

“Nh\u1eefng g\u00ec ch\u00fang t\u00f4i c\u1ed1 g\u1eafng l\u00e0m l\u00e0 l\u1ee3i d\u1ee5ng l\u1ed7i ng\u01b0\u1eddi kh\u00e1c g\u00e2y ra, th\u01b0\u1eddng b\u1edfi v\u00ec h\u1ecd qu\u00e1 \u0111\u1ecbnh h\u01b0\u1edbng ng\u1eafn h\u1ea1n ho\u1eb7c h\u1ecd ph\u1ea3n \u1ee9ng l\u1ea1i v\u1edbi c\u00e1c s\u1ef1 ki\u1ec7n k\u1ecbch t\u00ednh ho\u1eb7c \u0111\u00e1nh gi\u00e1 qu\u00e1 cao t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c s\u1ef1 ki\u1ec7n, v\u00e2n v\u00e2n\u2026”<\/span><\/p>\n

Tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, “\u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb” l\u00e0 m\u1ed9t tr\u01b0\u1eddng ph\u00e1i \u0111\u1ea7u t\u01b0 kinh \u0111i\u1ec3n \u0111\u01b0\u1ee3c nhi\u1ec1u ng\u01b0\u1eddi t\u00f4n s\u00f9ng. N\u1ebfu c\u00f3 ai b\u1ecb ph\u00ea ph\u00e1n r\u1eb1ng h\u1ecd kh\u00f4ng ph\u1ea3i nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb th\u1ef1c th\u1ee5, h\u1eb3n \u0111\u00f3 s\u1ebd l\u00e0 m\u1ed9t l\u1eddi n\u00f3i ch\u1ea5n \u0111\u1ed9ng. Nh\u01b0ng v\u1edbi Bill Miller th\u00ec kh\u00f4ng.<\/span><\/p>\n

Bill Miller l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 duy nh\u1ea5t \u0111\u00e1nh b\u1ea1i S&P 500 trong 15 n\u0103m li\u00ean ti\u1ebfp v\u00e0 \u0111i v\u00e0o l\u1ecbch s\u1eed nh\u01b0 m\u1ed9t trong nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb v\u0129 \u0111\u1ea1i nh\u1ea5t.<\/span><\/p>\n

Trong n\u0103m 2019, qu\u1ef9 Miller Value Partners \u2013 do Bill Miller v\u1eadn h\u00e0nh \u2013 l\u00e0 m\u1ed9t trong nh\u1eefng qu\u1ef9 \u0111\u1ea7u c\u01a1 \u0111\u1ea1t hi\u1ec7u su\u1ea5t cao nh\u1ea5t trong l\u1ecbch s\u1eed v\u1edbi 119,5%.<\/span><\/p>\n

Phong c\u00e1ch \u0111\u1ea7u t\u01b0 c\u1ee7a \u00f4ng \u0111\u01b0\u1ee3c xem l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a t\u1eeb Ben Graham, Warren Buffett, John Williams v\u00e0 Charlie Munger.<\/span><\/strong><\/p>\n

C\u00e2u ch\u00e2m ng\u00f4n \u00f4ng v\u1eabn th\u01b0\u1eddng nh\u1eafc \u0111i nh\u1eafc l\u1ea1i c\u00e1c nh\u00e2n vi\u00ean c\u1ee7a m\u00ecnh khi l\u00e0m vi\u1ec7c: “T\u00f4i th\u01b0\u1eddng nh\u1eafc nh\u1edf c\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a ch\u00fang t\u00f4i r\u1eb1ng 100% th\u00f4ng tin anh c\u00f3 v\u1ec1 m\u1ed9t c\u00f4ng ty ph\u1ea3n \u00e1nh qu\u00e1 kh\u1ee9, trong khi \u0111\u00f3 100% vi\u1ec7c \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu l\u1ea1i ph\u1ee5 thu\u1ed9c v\u00e0o t\u01b0\u01a1ng lai.”<\/em><\/span><\/p>\n

Trong \u0111\u00f3, m\u1ed9t trong nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p \u0111\u01b0\u1ee3c nh\u1eafc t\u1edbi g\u1eafn li\u1ec1n v\u1edbi t\u00ean tu\u1ed5i c\u1ee7a Miller l\u00e0 vi\u1ec7c \u0111\u1ecbnh gi\u00e1 kh\u00f4ng d\u1ef1a tr\u00ean P\/E, P\/B m\u00e0 d\u1ef1a tr\u00ean d\u00f2ng ti\u1ec1n.<\/em><\/strong><\/span><\/p>\n

Nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng d\u00f9ng ch\u1ec9 ti\u00eau P\/E \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p, Miller th\u00ec kh\u00f4ng. \u00d4ng kh\u00f4ng quan t\u00e2m c\u00f4ng ty c\u00f3 P\/E 10x hay 100x. X\u00e9t cho c\u00f9ng, t\u1ea5t c\u1ea3 nh\u1eefng g\u00ec \u00f4ng quan t\u00e2m l\u00e0 d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai c\u1ee7a doanh nghi\u1ec7p v\u00e0 li\u1ec7u \u00f4ng \u1ea5y c\u00f3 th\u1ec3 mua d\u00f2ng ti\u1ec1n t\u01b0\u01a1ng lai \u0111\u00f3 v\u1edbi gi\u00e1 th\u1ea5p h\u01a1n tr\u1ecb gi\u00e1 th\u1ef1c s\u1ef1 c\u1ee7a n\u00f3 hay kh\u00f4ng.<\/em><\/span><\/p>\n

“\u0110\u1ecbnh ngh\u0129a gi\u00e1 tr\u1ecb c\u1ee7a ch\u00fang t\u00f4i xu\u1ea5t ph\u00e1t t\u1eeb c\u00e1c cu\u1ed1n s\u00e1ch gi\u00e1o khoa t\u00e0i ch\u00ednh. Trong \u0111\u00f3, gi\u00e1 tr\u1ecb c\u1ee7a kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a l\u00e0 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i c\u1ee7a d\u00f2ng ti\u1ec1n t\u1ef1 do trong t\u01b0\u01a1ng lai c\u1ee7a kho\u1ea3n \u0111\u1ea7u t\u01b0<\/em>. B\u1ea1n s\u1ebd kh\u00f4ng t\u00ecm th\u1ea5y \u2018gi\u00e1 tr\u1ecb\u2019 \u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a b\u1eb1ng m\u1ee9c P\/E th\u1ea5p hay P\/FCF th\u1ea5p trong s\u00e1ch t\u00e0i ch\u00ednh. Tr\u00ean th\u1ef1c t\u1ebf, nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng nh\u1eefng h\u1ec7 s\u1ed1 n\u00e0y nh\u01b0 \u0111\u1ea1i di\u1ec7n cho nh\u1eefng c\u1ed5 phi\u1ebfu gi\u00e1 h\u1eddi ti\u1ec1m n\u0103ng. Ch\u00fang \u0111\u00f4i khi \u0111\u00fang, \u0111\u00f4i khi kh\u00f4ng”.<\/span><\/p>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 huy\u1ec1n tho\u1ea1i n\u00e0y cho r\u1eb1ng c\u00e1c h\u1ec7 s\u1ed1 nh\u01b0 P\/E v\u00e0 P\/FCF ch\u1ec9 n\u00ean \u0111\u01b0\u1ee3c xem l\u00e0 ch\u1ec9 d\u1eabn \u0111\u1ec3 nghi\u00ean c\u1ee9u s\u00e2u h\u01a1n<\/strong> ch\u1ee9 kh\u00f4ng d\u00f9ng \u0111\u1ec3 ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 ngay l\u1eadp t\u1ee9c.<\/span><\/em><\/p>\n

V\u00ed d\u1ee5 nh\u01b0 m\u1ed9t c\u00f4ng ty vi\u1ec5n th\u00f4ng ch\u01b0a t\u1eebng c\u00f3 l\u00e3i r\u00f2ng trong 30 n\u0103m, nh\u01b0ng n\u1ebfu b\u1ea1n \u0111\u1ea7u t\u01b0 v\u00e0o c\u00f4ng ty n\u00e0y, s\u1ed1 ti\u1ec1n c\u1ee7a b\u1ea1n s\u1ebd t\u0103ng g\u1ea5p 900 l\u1ea7n, v\u00ec c\u00f4ng ty \u0111\u00f3 t\u1ea1o ra r\u1ea5t nhi\u1ec1u gi\u00e1 tr\u1ecb.<\/span><\/p>\n

Theo Miller, c\u00e1i b\u1eaby gi\u00e1 tr\u1ecb xu\u1ea5t hi\u1ec7n khi \u0111\u1ecbnh gi\u00e1 theo nh\u1eefng th\u01b0\u1edbc \u0111o \u0111\u1ecbnh l\u01b0\u1ee3ng gi\u1ea3m v\u1ec1 m\u1ee9c m\u00e0 m\u1ecdi ng\u01b0\u1eddi c\u1ea3m th\u1ea5y h\u1ea5p d\u1eabn.<\/em><\/span><\/p>\n

“C\u00e1i b\u1eaby s\u1ebd h\u00e9 m\u1edf khi c\u00e1c y\u1ebfu t\u1ed1 kinh t\u1ebf c\u01a1 b\u1ea3n c\u1ee7a doanh nghi\u1ec7p \u0111ang thay \u0111\u1ed5i ho\u1eb7c ng\u00e0nh c\u00f4ng nghi\u1ec7p \u0111ang chuy\u1ec3n m\u00ecnh, v\u00e0 th\u1ecb tr\u01b0\u1eddng th\u01b0\u1eddng ph\u1ea3n \u00e1nh \u0111i\u1ec1u n\u00e0y v\u00e0o gi\u00e1 m\u1ed9t c\u00e1ch ch\u1eadm r\u00e3i”<\/em><\/strong>, \u00f4ng \u0111\u00e3 nh\u1ea5n m\u1ea1nh trong cu\u1ed1n s\u00e1ch “The Man Who Beats the S&P”.<\/span><\/p>\n

M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 ho\u1ea1t \u0111\u1ed9ng d\u1ef1a v\u00e0o \u0111\u1ecbnh ngh\u0129a “gi\u00e1 tr\u1ecb” tr\u00ean trang MorningStar s\u1ebd kh\u00f4ng th\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 hay ph\u1ea7n m\u1ec1m. H\u1ecd s\u1ebd \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 P\/B th\u1ea5p, do \u0111\u00f3 d\u1ec5 m\u1eafc b\u1eaby gi\u00e1 tr\u1ecb.<\/span><\/p>\n

Miller kh\u00f4ng quan t\u00e2m t\u1edbi c\u00e1i m\u00e1c “nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb” m\u00e0 ch\u1ec9 quan t\u00e2m t\u1edbi d\u00f2ng ti\u1ec1n m\u1eb7t t\u1ef1 do c\u1ee7a m\u1ed9t doanh nghi\u1ec7p<\/em>.<\/span><\/p>\n

M\u1ed9t ph\u01b0\u01a1ng ph\u00e1p kh\u00e1c c\u0169ng \u0111\u00f3ng g\u00f3p v\u00e0o th\u00e0nh c\u00f4ng c\u1ee7a Miller l\u00e0 mua c\u1ed5 phi\u1ebfu t\u1ea1i m\u1ee9c c\u00f3 k\u1ef3 v\u1ecdng th\u1ea5p<\/em><\/strong>.<\/span><\/p>\n

Kh\u00e1i ni\u1ec7m n\u00e0y kh\u00e1 \u0111\u01a1n gi\u1ea3n. B\u1ea1n mua c\u1ed5 phi\u1ebfu t\u1ea1i m\u1ee9c gi\u00e1 bao h\u00e0m k\u1ef3 v\u1ecdng th\u1ea5p v\u1ec1 th\u00e0nh qu\u1ea3 t\u01b0\u01a1ng lai c\u1ee7a doanh nghi\u1ec7p<\/em>. Li\u1ec7u m\u1ee9c gi\u00e1 hi\u1ec7n t\u1ea1i ng\u1ee5 \u00fd k\u1ef3 v\u1ecdng cao hay th\u1ea5p? C\u00f4ng ty c\u1ea7n ph\u1ea3i l\u00e0m g\u00ec trong v\u00f2ng 3, 5 ho\u1eb7c 7 n\u0103m t\u1edbi \u0111\u1ec3 dung d\u01b0\u1ee1ng cho m\u1ee9c gi\u00e1 hi\u1ec7n t\u1ea1i?<\/span><\/p>\n

“M\u1eabu s\u1ed1 chung gi\u1eefa c\u00e1c c\u1ed5 phi\u1ebfu chi\u1ebfn th\u1eafng c\u1ee7a ch\u00fang t\u00f4i \u0111\u1ec1u xu\u1ea5t ph\u00e1t t\u1eeb k\u1ef3 v\u1ecdng th\u1ea5p<\/em>. Th\u00e0nh t\u00edch c\u1ee7a m\u1ed9t c\u1ed5 phi\u1ebfu ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ed1i t\u01b0\u01a1ng quan gi\u1eefa y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n v\u00e0 k\u1ef3 v\u1ecdng<\/em><\/strong>.\u00a0\u0110\u1ed1i v\u1edbi nh\u1eefng c\u1ed5 phi\u1ebfu th\u1eafng l\u1edbn, kho\u1ea3ng c\u00e1ch gi\u1eefa th\u00e0nh t\u00edch th\u1ef1c s\u1ef1 v\u00e0 th\u00e0nh t\u00edch m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 k\u1ef3 v\u1ecdng s\u1ebd l\u00e0 l\u1edbn nh\u1ea5t.<\/em>\u00a0C\u00e1c c\u1ed5 phi\u1ebfu mang l\u1ea1i th\u00e0nh qu\u1ea3 cao nh\u1ea5t c\u1ee7a ch\u00fang t\u00f4i c\u0169ng th\u01b0\u1eddng l\u00e0 nh\u1eefng c\u00f4ng ty ti\u1ebfp t\u1ee5c t\u00edch l\u0169y gi\u00e1 tr\u1ecb trong nhi\u1ec1u n\u0103m nh\u01b0 Amazon”.<\/em><\/strong><\/span><\/p>\n

K\u1ef3 v\u1ecdng th\u1ea5p<\/em> l\u00e0 \u0111i\u1ec3m kh\u1edfi \u0111\u1ea7u c\u1ee7a \u00f4ng Miller. B\u1eb1ng c\u00e1ch ki\u00ean nh\u1eabn, \u00f4ng c\u00f3 kh\u1ea3 n\u0103ng t\u1eadn d\u1ee5ng l\u1ee3i th\u1ebf c\u1ee7a c\u1ed5 phi\u1ebfu c\u00f3 k\u1ef3 v\u1ecdng th\u1ea5p. Khi th\u1ea5y m\u1ed9t \u00fd t\u01b0\u1edfng \u0111\u1ea7u t\u01b0 hay ho, \u00f4ng s\u1ebd mua d\u00f9 bi\u1ebft gi\u00e1 c\u1ed5 phi\u1ebfu s\u1ebd ti\u1ebfp t\u1ee5c gi\u1ea3m.<\/span><\/p>\n

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

Bill Miller Sinh n\u0103m 1950 t\u1ea1i Laurinburg, B\u1eafc Carolina l\u00e0 c\u1ef1u ch\u1ee7 t\u1ecbch qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 c\u1ee7a Legg Mason Value Trust v\u00e0 hi\u1ec7n l\u00e0 ch\u1ee7 t\u1ecbch c\u1ee7a Miller Value Partners LLC. Ph\u1ea3i n\u00f3i r\u1eb1ng, Miller l\u00e0 ng\u01b0\u1eddi nh\u1eadn \u0111\u01b0\u1ee3c r\u1ea5t nhi\u1ec1u l\u1eddi khen ng\u1ee3i tuy\u1ec7t v\u1eddi nh\u01b0ng l\u1ea1i ch\u1ecbu r\u1ea5t \u00edt l\u1eddi ch\u1ec9 tr\u00edch h\u01a1n b\u1ea5t k\u1ef3 nh\u00e0 qu\u1ea3n l\u00fd […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[31],"tags":[],"_links":{"self":[{"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/3386"}],"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=3386"}],"version-history":[{"count":3,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/3386\/revisions"}],"predecessor-version":[{"id":3390,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/3386\/revisions\/3390"}],"wp:attachment":[{"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3386"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}