p******e
发帖数: 22 | 1 No matter what your definitions are for investment and speculation, the
bottom line is to make money. In stock market, there are only two ways of
making money: (1) buy low and sell high, and (2) receive dividend. In fact
these two are to some degree connected if you happen to believe FA. For TA
goers, it is a completely different story, which I am still trying to figure
out.
Many years ago, I mean before all of us were born, most public companies
paid dividend. But there has been clearly a trend | p******e
发帖数: 22 | 2 Since earning is the name of the game, long term stock prices alway dance in
tandum with EPS for most stocks. This is the evidence largely supporting
the efficient market theory. However, the efficiency is adjusted all the
time by the action of institutional and individual investors. As a result,
lots of inefficient opportunities exist at various times. In general, the
stock market is a voting machine in short term, but a weighing machine in
long term.
Realizing this, there are two basic methods |
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