Forbes: Best Under A Billion List

I personally find this piece of information very valuable.

Venus

Eight Items That Impact Daily Trades

There are a number of things that can impact an investor's entry (buy) into or exit (sell) out of a given stock and/or sector. Depending on the investor and his or her goals and investing time frame, the importance of timing the entry will differ. Obviously, the shorter the time frame the more important the entry; specific entries matter little to long-term (five years or more) investors.

Eight items that can materially impact the average day's trading.

1. Overseas Market/Economic Action

The US market.

2. Economic Data

Ex, Interest Rate, Exchange Rate

3. Futures Data

They start trading before the stock market and are a very good indicator of what the stock market opening will look like.

Investors should check to see if futures contracts are trading higher or lower in pre-market trading. This will give them a better feel for where the index they are tracking might be headed "after the open".

4. Buying at the Open

Buying or selling stock at the open of the market might not be a good idea.

The opening hour of trading is basically the first time that most market participants have to enter or exit the stock, which can easily produce higher-than-average trading volume. These market participants are reacting to the myriad of news stories that came out between yesterday's close and today's open, which includes major market news events like economic reports and political changes.

5. Midday Trading Lull

There is typically a drop off in trading (meaning the volume of transaction) at noon as most of the major news events are out in the market. During this lull, stock prices can often lose some ground.

When this happens, stocks can be purchased at a cheaper price at 1pm than they could at, say, 11am. Again, this is important to know, as this can affect both entry and exit points.

6. Analyst Upgrades/Downgrades

An analyst may disseminate an intraday note that can have a significant impact on a given stock and/or sector. As a tip, remember to scan financial websites or watch business reports on television.

If a large company has just been upgraded or downgraded, try to judge the potential impact on certain industries and the market as a whole.

For example, if a major semiconductor stock were downgraded by a well-known analyst due to slackening demand for that company's products, it might be reasonable to assume that other smaller players may be experiencing similar trends. It might also be logical to assume that shares of computer makers (which purchase large numbers of semiconductors) might be impacted as well.

7. Web-Related Articles

All investors should try to peruse the web and visit major news portals throughout the day, to see if there are any potentially market-moving news stories in the public domain. Be careful to avoid sites that give recommendations based on the stocks they own.

8. Friday Trading

Even if you're a "buy and hold" investor, a significant number of retail and institutional traders typically liquidate their equities on Friday (usually in the afternoon), so they don't have to hold their positions and assume risk through the weekend.

It means that stocks can and often sell off Friday afternoon during the last few hours of the trading day, if for no other reason than traders are looking to go home "flat" (without positions on their books). Keep this in mind on Fridays if you are trying to find a favorable time to enter or exit a stock position.

Bottom Line

While company-specific events can have an impact on equity prices, there are a number of other factors that can affect your shares as well. Savvy investors should be aware of them.

From Investopedia

Mars

Economic Indicators

What Are Economic Indicators?

Every week there are dozens of economic surveys and indicators released. In the past, experienced professionals and economists have had an advantage in receiving this data in a timely fashion. Fortunately, the emergence of the Internet has changed this situation by giving everyone access.

Economic indicators can have a huge impact on the market, knowing how to interpret and analyze them is important for all investors. Without further ado, here are 11 economic indicators we feel investors should understand.

Beige Book
Released by : Federal Reserve Board

Consumer Confidence Index
Released by : Consumer Confidence Board


Consumer Price Index
Released by : Bureau of Labor and Statistics

Employee Cost Index
Released by : Bureau of Labor and Statistics

Employment Situation Report
Released by : Bureau of Labor and Statistics

Gross Domestic Product
Released by : Commerce Department

Housing Starts
Released by : Department of Commerce

Philadelphia Fed Index
Released by : Federal Reserve Bank of Philadelphia

Producer Price Index
Released by : Bureau of Labor and Statistics

Purchasing Managers Index
Released by : Association of Purchasing Managers

Retail Sales Data
Released by : Census Bureau

Mars

Financial Ratio Analysis

The Balance Sheet and the Statement of Income are essential, but they are only the starting point for successful financial management. Apply Ratio Analysis to Financial Statements to analyze the success, failure, and progress of your business.

Ratio Analysis enables the business owner/manager to spot trends in a business and to compare its performance and condition with the average performance of similar businesses in the same industry. To do this compare your ratios with the average of businesses similar to yours and compare your own ratios for several successive years, watching especially for any unfavorable trends that may be starting. Ratio analysis may provide the all-important early warning indications that allow you to solve your business problems before your business is destroyed by them.

Balance Sheet Ratio Analysis

Important Balance Sheet Ratios measure liquidity and solvency (a business's ability to pay its bills as they come due) and leverage (the extent to which the business is dependent on creditors' funding). They include the following ratios:

Liquidity Ratios

These ratios indicate the ease of turning assets into cash. They include the Current Ratio, Quick Ratio, and Working Capital.

Current Ratios

The Current Ratio is one of the best known measures of financial strength. It is figured as shown below:

Current Ratio = Total Current Assets / Total Current Liabilities

The main question this ratio addresses is: "Does your business have enough current assets to meet the payment schedule of its current debts with a margin of safety for possible losses in current assets, such as inventory shrinkage or collectable accounts?"

A generally acceptable current ratio is 2 to 1. But whether or not a specific ratio is satisfactory depends on the nature of the business and the characteristics of its current assets and liabilities. The minimum acceptable current ratio is obviously 1:1, but that relationship is usually playing it too close for comfort.

If you feel your business's current ratio is too low, you may be able to raise it by:
· Paying some debts.
· Increasing your current assets from loans or other borrowings with a maturity of more than one year.
· Converting non-current assets into current assets.
· Increasing your current assets from new equity contributions.
· Putting profits back into the business.

Quick Ratios

The Quick Ratio is sometimes called the "acid-test" ratio and is one of the best measures of liquidity. It is figured as shown below:

Quick Ratio = Cash + Government Securities + Receivables / Total Current Liabilities

The Quick Ratio is a much more exacting measure than the Current Ratio. By excluding inventories, it concentrates on the really liquid assets, with value that is fairly certain. It helps answer the question: "If all sales revenues should disappear, could my business meet its current obligations with the readily convertible `quick' funds on hand?"

An acid-test of 1:1 is considered satisfactory unless the majority of your "quick assets" are in accounts receivable, and the pattern of accounts receivable collection lags behind the schedule for paying current liabilities.

Working Capital

Working Capital is more a measure of cash flow than a ratio. The result of this calculation must be a positive number. It is calculated as shown below:

Working Capital = Total Current Assets - Total Current Liabilities

Bankers look at Net Working Capital over time to determine a company's ability to weather financial crises. Loans are often tied to minimum working capital requirements.

A general observation about these three Liquidity Ratios is that the higher they are the better, especially if you are relying to any significant extent on creditor money to finance assets.

Leverage Ratio
This Debt/Worth or Leverage Ratio indicates the extent to which the business is reliant on debt financing (creditor money versus owner's equity):

Debt/Worth Ratio = Total Liabilities / Net Worth

Generally, the higher this ratio, the more risky a creditor will perceive its exposure in your business, making it correspondingly harder to obtain credit.

Income Statement Ratio Analysis

The following important State of Income Ratios measure profitability:

Gross Margin Ratio

This ratio is the percentage of sales dollars left after subtracting the cost of goods sold from net sales. It measures the percentage of sales dollars remaining (after obtaining or manufacturing the goods sold) available to pay the overhead expenses of the company.

Comparison of your business ratios to those of similar businesses will reveal the relative strengths or weaknesses in your business. The Gross Margin Ratio is calculated as follows:

Gross Margin Ratio = Gross Profit / Net Sales

Reminder: Gross Profit = Net Sales - Cost of Goods Sold

Net Profit Margin Ratio

This ratio is the percentage of sales dollars left after subtracting the Cost of Goods sold and all expenses, except income taxes. It provides a good opportunity to compare your company's "return on sales" with the performance of other companies in your industry. It is calculated before income tax because tax rates and tax liabilities vary from company to company for a wide variety of reasons, making comparisons after taxes much more difficult. The Net Profit Margin Ratio is calculated as follows:

Net Profit Margin Ratio = Net Profit Before Tax / Net Sales

Management Ratios

Other important ratios, often referred to as Management Ratios, are also derived from Balance Sheet and Statement of Income information.

Inventory Turnover Ratio

This ratio reveals how well inventory is being managed. It is important because the more times inventory can be turned in a given operating cycle, the greater the profit.

The Inventory Turnover Ratio is calculated as follows:

Inventory Turnover Ratio = Net Sales / Average Inventory at Cost

Accounts Receivable Turnover Ratio

This ratio indicates how well accounts receivable are being collected. If receivables are not collected reasonably in accordance with their terms, management should rethink its collection policy. If receivables are excessively slow in being converted to cash, liquidity could be severely impaired. Getting the Accounts Receivable Turnover Ratio is a two step process and is is calculated as follows:

Daily Credit Sales = Net Credit Sales Per Year / 365 (Days)

Accounts Receivable Turnover (in days) = Accounts Receivable / Daily Credit Sales

Return on Assets Ratio

This measures how efficiently profits are being generated from the assets employed in the business when compared with the ratios of firms in a similar business. A low ratio in comparison with industry averages indicates an inefficient use of business assets. The Return on Assets Ratio is calculated as follows:

Return on Assets = Net Profit Before Tax / Total Assets

Return on Investment (ROI) Ratio

The ROI is perhaps the most important ratio of all. It is the percentage of return on funds invested in the business by its owners. In short, this ratio tells the owner whether or not all the effort put into the business has been worthwhile. If the ROI is less than the rate of return on an alternative, risk-free investment such as a bank savings account, the owner may be wiser to sell the company, put the money in such a savings instrument, and avoid the daily struggles of small business management. The ROI is calculated as follows:

Return on Investment = Net Profit before Tax / Net Worth

These Liquidity, Leverage, Profitability, and Management Ratios allow the business owner to identify trends in a business and to compare its progress with the performance of others through data published by various sources. The owner may thus determine the business's relative strengths and weaknesses.

From : http://www.zeromillion.com/business/financial/financial-ratio.html

摘自冷眼的著作 <<３０年股票投资心得>> 一书

摘自冷眼的著作 <<３０年股票投资心得>> 一书。。。

“。。。　

我常常看到股票的价格，持续上升， 但又找不到上升的理由，公司也没有宣布好消息，过了一个时期，公司公布季报，投资大众才恍然大悟：

原来该公司的盈利大幅度上升。很明显的，知道内情的人，已静悄悄地在股市中购入，到公司业绩公布时，股价已经上升了一大截，利好消息已反映在股价上，天真的散户，在报上读到公司盈利大增的消息时，进场追逐，局内人乘机脱售较早时廉价买进的股票，散户以高价买进，即使有利可图，也微不足道。

散户如果要求胜，最好的方法就是比大户及局内人先走一步， “反向”就是最好的策略。

平时要勤做功课，了解公司业务发展。
当一支股票的价格处在低水平时，不但不要看不起他，反而要多加注意，深入阅读有关行业及公司的资料，进行研究，以生意的角度去衡量 ：
有关公司的设备好吗？
产品有竞争优势吗？
管理层可靠吗？
公司财务状况务实吗？

长期投资者，最好持有长达１到３年，这样才有可能享受到业绩改善带来的好处，取得超常的回酬。　

如果你常以一般常用的标准，如本益比，周息率，每股净有价值等作为买进的根据的话，你可能会失去低价购买一只潜能股票的良机，所以最好不要固步自封，应该以将来的盈利成长潜能作为根据。　

。。。　”

Mars

Ho Kok Mun's Book on Stock

上两个礼拜的周末
去了City Square的Popular
看到这个



为什么要拍下来呢？
因为我们也有这本书
而且也觉得这本书很不错

可是几年前我们买的是英文版的
叫做“How to Make Money from Your Stocks Investment Even in the Falling Market”
英文版是2004年出版
卖大概RM30吧
现在竟然出了中文版
应该是需求很高吧

这本书对于很多股票基本知识都有很不错的介绍哦~




Venus

Industry Handbook

相信不少人都会有这样的烦恼：
要投资在不是自己的行业里的公司
可是因为那不是自己的老本行
所以要了解起来有心无力
偏偏自己的老本行又不一定是最值得投资的行业
因此要怎么办呢？

别无它法的
就是要多看罗
书中自有黄金屋嘛

Investopedia有一个系列关于不同行业的概括介绍
叫做Industry Handbook
我觉得对初学者很有帮助
而且还通过Porter's 5 Forces Analysis来解释这些行业的特点
很有意思的
多花时间吧
you'll reap what you sow~



Porter's 5 Forces Analysis:






Venus

买股票要看的《四书〉〉

冷眼在《30年投资股票心得〉〉里说
买股票要看四种书：

招股说明书
常年报告书
致股东书
研究报告书

自古以来
“书中自有黄金屋”
还是不变的法则啊~~~




Venus

先问这四个问题

今天翻到了冷眼先生的《30年投资股票心得〉
分享一下

买进股票之前，问下面四个问题

1）你所投资的公司，做的是什么生意？
对，千万不能连它是做什么生意都不懂就买了。不然，就好像人家叫你合股做生意，你连要做什么生意都不知道就丢钱，不是等于把钱丢进咸水海吗？

2）这种生意有前途吗？
没有人会投资没有前途的生意吧。过去的业绩记录、产品有无市场、产品素质是否有竞争性、行业的景色等等，都可以用来判断这种生意值得不值得做。

3）管理层可靠吗？
管理层是否精明能干，诚实可靠，是非常重要的。

4）公司的财务状况稳固吗？
看看资产负债表、损益表、现金流量报告以及附在财务报告表后的注解吧。

找到了上面这四题问题的答案后，才来说你要不要买一只股票吧！






Venus