Hello everyone, I am a big cow. Five minutes a day, invest yourself; adhere to the Fund will vote, will eventually financial freedom!
Last issue we introduced a very useful method for the selection of index funds - profit rate of return. Next, Daniel, give you about another simple and practical method selected group - Borg formula. Do not be scared everyone name, Borg is a cow's name, it will be described in detail below.
Founder Borg formula method is John Berger, who is the founder of index funds we invest now, the inventor of the first index fund, known as the "father of Index Funds." And is the world's second-largest fund management company, founder of "Vanguard", the company in charge of a total of $ 400 trillion in assets.
In short, John believes Berg yield index funds comes from three factors:
Beginning dividend yield investment
The rate of change of the investment period earnings
Investment earnings growth period
Borg formula method written as the following equation:
Compound annual rate of change of the opening rate of return = dividend yield + + earnings growth of earnings
Beginning dividend yield is relatively easy to determine, you can directly view the large cattle Valuations dividend yield column.
The rate of change of the future earnings of the index, we can not accurately known, we can only predict future earnings through the historical price-earnings ratio, where cattle can refer to a large valuation history percentile table column, the lower the percentile, Description of the current lower price-earnings ratio. From the beginning to now, the Hang Seng Index's price-earnings ratio 6-30, the Shanghai index's price-earnings ratio between 9-50. As long as we buy when the price-earnings ratio is low, the probability of future earnings will be greatly increases, thus get a higher rate of change in earnings, the investment can be profitable.
On earnings growth, as long as the national economy is a healthy development, earnings growth will generally steady growth in our domestic investment now basically do not consider this factor, can often get good earnings growth.
So how Borg formula method selected index funds, large cattle for everyone summarized as follows:
1. Select a high dividend yield fund
2. Select the low price-earnings ratio, which is undervalued Fund
Buy index funds in line with the above two, then hold patience will be able to obtain a larger profit.
The above said selected based method is suitable for relatively stable earnings growth, the applicable index funds are:
Shanghai and Shenzhen 300 Index, CSI 500 Index, the GEM index, CSI pension, CSI medicine, CSI consumer index.
But for earnings instability or cyclical changes in the industry, how to do it?
Do not worry, there is another formula method Borg form, using the book value is measured. Formula is as follows:
年复合收益率 = 市净率的变化率 + 净资产的增长率
大家可以发现公式中少了股息率，因为股息属于公司资产，公司派发股息之后净资产会下降，所以市净率的变化率中已经提现了股息率。
对于银行、证券、地产等行业指数主要参考市净率，市盈率只是作为辅助参考，当市净率比较低的时候才去购买对应的基金。
牛大为大家挑选低估的基金，和博格公式法的精髓是一致的。
即选择低市盈率、低市净率、高股息率的基金，然后耐心持有即可大幅盈利。
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！