Stock Selection for the Enterprising Investor

影響股價因素：

• the important facts about the companies’ past and current performance (protection)
• whatever expectations can be reasonably formed as to their future (prediction)

前面說過了，「預測」不值得砸錢投資，此外，預測容易讓人買在高點住套房，杯具。實際上，僅有少數公司能夠持續高成長，當公司錢越多越多，想要維持固定的資產報酬率便相當困難（有錢人的困擾）。

然後書開始講一堆，不禁讓我失去耐心。

直接看重點，criteria：

• Financial condition: (a) Current assets at least 1.5 times current liabilities, and (b) debt not more than 110% of net current assets (for industrial companies).
• Earnings stability: No deficit in the last five years covered in the Stock Guide.
• Dividend record: Some current dividend.
• Earnings growth: Last year’s earnings more than those of 1966.
• Price: Less than 120% net tangible assets.

困難在於要有勇氣買奇怪的股票。

最近跟家人聊到台股趨勢，我還是不改先前的判斷，市場本益比 18.11，偏高。可惜最近中油突襲式大漲油價，破壞上漲趨勢，可惜了，漲的越多跌的越多，如果市場沒超跌，我就沒有撈一票的機會，拜託馬總統快點開放瘦肉精牛肉，快點簽 FTA，讓股市在 520 飆高高。