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advances in Investment Analysis and Portfolio Management phần 6

d) giới thiệu cổ phiếu cho nhà đầu tư với khả năng chịu đựng rủi ro thấp hơn? Tài liệu tham khảo và đọc thêm cũng không bị đánh thuế, nó cung cấp các lợi thế đáng kể cho tổ chức phát hành và nhà đầu tư trái phiếu. Chất lượng: • Gilt-edged trái phiếu | Investment Analysis and Portfolio Management These alternative multiples are used when earnings are not representative. Example could be the high growth Internet firms with negative net income negative EPS and actual stock price irrelevant usage. When using these multiplies investors usually consider that the PER that should apply to the firm of which stock value has to be estimated should be in line with peer firms selected or the industry average. 4.4. Formation of stock portfolios In this section we review the important principles behind the stock selection process that are relevant in the formation and management of the stock portfolios. We focus on the explanation of the principal categories of common stock especially the investment characteristics that make a category of stock suitable for one portfolio but not for another. The most widely used categories of stocks are blue chip stocks income stocks cyclical stocks defensive stocks growth stocks speculative stocks Penny stocks. Blue chip stock is the best known of all the categories of stocks presented above. These stocks represent the best-known firms among the investment community. But it is difficult to define exactly this category of stock because in most cases blue chip stocks are presented using the examples of the firms. One common definition of Blue Chip Company is that this company has long continuous history of divided payments. For example Coca Cola has a history of dividend payments more than for 100 years. But it doesn t mean that the younger successful companies running business for some decades and paying dividends can t be categorized as blue chips in the specific investment environment. From the other side many high quality stocks do not meet the criterion of uninterrupted dividend history. It is a practice that brokerage firms recommend for their clients - individual investors the list of blue chip stock as high quality ones in their understanding based on the analysis of information about .