重温格雷厄姆《防御型投资者的选股标准》

Core Viewpoint - The article emphasizes the importance of adhering to Benjamin Graham's principles of value investing, particularly for defensive investors, and critiques the misunderstanding surrounding his teachings [4]. Group 1: Selection Criteria for Defensive Investors - The article outlines specific selection criteria for defensive investors as per Graham's "The Intelligent Investor": - Appropriate Company Size: Industrial companies should have annual sales of at least $100 million, while utility companies should have total assets of at least $50 million [5]. - Strong Financial Condition: Industrial companies should have a current ratio of at least 2:1, and long-term debt should not exceed net current assets. For utility companies, debt should not exceed twice the book value of equity [6]. - Profit Stability: Companies should have consistent profits over the past 10 years [7]. - Dividend Record: A minimum of 20 years of continuous dividend payments is required [8]. - Profit Growth: Earnings per share should have grown by at least one-third over the past 10 years [9]. - Moderate Price-to-Earnings Ratio: Current stock price should not exceed 15 times the average earnings of the past three years [10]. - Moderate Price-to-Book Ratio: Current stock price should not exceed 1.5 times the latest reported book value, with adjustments allowed for lower P/E ratios [11]. Group 2: Exclusion Criteria - The article discusses the exclusion of certain companies based on financial strength and market conditions: - Companies with weak financial metrics, such as deteriorating liquidity ratios or excessive debt, should be excluded [12]. - Companies that do not meet the outlined criteria, such as small size, weak financial strength, or lack of a consistent dividend history, are also excluded from consideration [13].