Relationship of Intrinsic Value Factors to Market Price

Individual factors

A. Speculative

• Market factors
• Technical
• Manipulative
• Psychological
• Future value factors
• Management and reputation
• Competitive conditions and prospects
• Possible and probably changes in volume, price, and costs

B. Investment

• Future value factors (同上)
• Intrinsic value
• Earnings
• Dividends
• Assets
• Capital structure
• Terms of the issue
• Others

我的策略仍以 Investment 為主，以 Speculative 為輔。

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Speculative 例子：加權指數

想分析加權指數，Investment 分析是沒有用的。相反的，我會用 Speculative 分析。以技術面來看，我用的技術圖是月K圖，今年3月月K是所謂的 spike low，可視為潛在相對低點的訊號，但要注意 2月月K長黑棒的意義。多空不明，繼續看下去吧。