Hello everyone, I am a big cow. Five minutes a day, invest yourself; adhere to the Fund will vote, will eventually financial freedom!
82-year-old investment guru Benjamin Graham died in 1976, six months before his death, "Financial Analyst" magazine published a Butler on his visit, which Graham made a wonderful stock selection indicators. Graham I conducted a variety of tests can think of, the analysis period of up to 50 years, the performance results are significantly beat the market. The stock index is the article talking about the profitability rate of return.
First, the teacher to tell you about what is the earnings yield.
Earnings yield is the inverse of the PE ratio. PE = Price / earnings per share = market value / earnings. Earnings yield = 1 / earnings ratio.
Such as price-earnings ratio of 40 for the stock, the earnings yield was 2.5%, that is, bring the stock to buy 2.5 percent of annual revenue for you. We are not feeling better understood than the earnings yield earnings.
Also you can use the following examples to help you understand the earnings yield. For example, you spend 100 million to buy a company, you profit each year for $ 100,000, then the earnings yield of 10%. If profit 150,000 yuan, profit rate of return of 15%. In general, the higher the earnings yield, the stronger the profitability of the company, may be underestimated. So we have to buy a high earnings yield index funds.
Below is concerned about how to apply a profit rate of return to the selection of index funds above.
1. When the earnings yield greater than 10%, is scheduled to vote.
2. When the earnings yield less than 6.4%, in batches sell.
3. between 6.4% and 10%, and a firm hold.
Earnings yield greater than 10%, indicating that price-earnings ratio of less than 10, then index funds is very underrated.
6.4% of the origin is Graham said profit more than double the rate of return greater than the interest rate AAA-rated bonds, where we can do to change its interest rate 10-year government bonds. Currently the 10-year Treasury bill rate is 3.23% of the country (see below), which is twice the 6.46 percent. We are not surprised that the stock index actually was so close today, four decades later, this place is terrible master!
Profit rate of return of more stringent conditions, only for liquidity is better, more stable earnings index funds. If rapid earnings growth, or earnings more volatile index fund is not suitable for use profit rate of return. For these cases you need to use another method - Borg formula method, the teacher will give you another day to do a detailed introduction.
将盈利收益率法应用到上证50指数，恒生指数，标普500等指数进行回测，发现效果非常的好。
目前，适合盈利收益率的品种主要是中证红利、上证50、基本面50、上证50AH优选、恒生指数和恒生中国企业指数等。
也就是老师在每日估值表中给大家列出的盈利收益率那一栏，大家现在知道它的意义了吧~！
每天花5分钟收看牛大的文章，一起定投基金赚钱。剩下的苦活累活就都交给牛大吧，这也是我每天努力在为大家做的。
每天五分钟，投资你自己。相信牛大：一起努力，咱们终将富有！