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澳门赌城网址大全:One of Buffett's favorite indicators has never been used by many people

时间:2018/6/7 20:03:57  作者:  来源:  浏览:0  评论:0
内容摘要: Once someone asked Buffett if he could only invest with one kind of indicator, what would he choose, and Pao did not hesitate to say ROE. W...

Once someone asked Buffett if he could only invest with one kind of indicator, what would he choose, and Pao did not hesitate to say ROE.

Well, what exactly is ROE?

ROE, or Rate of Return on Common Stockholders (Equity), is the percentage of the company's after-tax profit divided by the net assets, which reflects the level of return on stockholders' equity and used to measure the efficiency of the company's use of its own capital. Generally, the higher the ROE, the higher the return per unit of net assets.

a relationship between ROE and valuation

Although Buffett seems, ROE is extremely important. But if you ask the average investor how to examine a company's valuation, they think first of the indicators may or PB and PE.

fact, ROE and PE, PB very closely.

First, look at the ROE equation: ROE = Net income / net assets.

net profit / net assets and can be equal to (total market value / net assets) / (total market value / net profit), while the total market value / net assets is PB, the total market value / net profit is PE.

Therefore, under normal circumstances can be derived from the following formula ROE = PB / PE

ROE can be seen as both net profit / net assets, is a full response indicators profitability of the business; they can measure the relationship between the enterprise PB / PE.

Second, high ROE are often able to bring huge returns

idea that the higher the index value of ROE, higher income investment. This view correct? Guoxin Securities have done verification:

Guoxin Securities had passed after the ROE and asset-liability ratio to classify, for all A-share listed company's 2015 listing of the earnings were statistically (since 2016 fused), found Sustained and stable high-ROE companies with low debt can usually bring lucrative returns to investors.

The results of the analysis show that the sustained and stable high ROE low-liability corporate earnings significantly outperformed the index.

February 1, 2016 to May 15, 2017 yield statistics

澳门赌城网址大全:One_of_Buffett's_favorite_indicators_has_never_been_used_by_many_people

the same time, statistics show that the end of the year 2007 on the market from 2007 to 2016 for ten consecutive years ROE greater than 10% of listed companies, such There are 68 companies (excluding finance and two oils). From the end ( the Shanghai index 3183 points) 3 2007 to May 15, 2017 (the Shanghai Composite Index 3090 points), the average increase these 68 stocks is 3.7 times the annualized rate of return as high as 14.0%, which is not considered dividends dividend return; while the Shanghai index rose no.

澳门赌城网址大全:One_of_Buffett's_favorite_indicators_has_never_been_used_by_many_people

three, ROE The Significance of enterprises

those companies with high ROE steady most of the outset have such characteristics, they are always in the management, organization, product research and development of one-upmanship, beginning with a lead others. With all walks of life to enhance the degree of concentration of Chinese industry, their advantages will be more apparent.

However, this is not on behalf of, the higher a company's ROE greater good? Generally this is the case, however, there are still special. Specifically identify ROE, we also need to take into account the characteristics of the industry, profit model, corporate debt, among other factors.

four, ROE factor bonus funds

Having said that, we also have a basic understanding of the ROE. Then we can look for bonus funds (501,029).

First, let's look at dividend fund tracking the index - the S \u0026 P A-Share Dividend Opportunities Index (abbreviation: S \u0026 P dividend) and compare the market's ROE among other Dividend Index:

澳门赌城网址大全:One_of_Buffett's_favorite_indicators_has_never_been_used_by_many_people

seen, all the dividends of such funds on the market ROE remained at a high level. However, it is commendable that after the CBBC exchange, the ROE of the S\u0026P bonus remained above 14%, showing consistent stability and high quality at different stages of the market.

that someone will ask, the S \u0026 P Dividend such a high ROE is how to maintain it?

I think, this is mainly due to the preparation method Standard \u0026 Poor's A Share Dividend Opportunities Index. Look at the method of preparation of the S \u0026 P Dividend Index:

澳门赌城网址大全:One_of_Buffett's_favorite_indicators_has_never_been_used_by_many_people

we can see, the index uses a more comprehensive and detailed way in the stock picking time. As a healthy company, the fundamental source of long-term stable dividends is actually its continued profitability and growth. Therefore, the S\u0026P A-share dividend index is based on the requirements of market value and liquidity, and it also adds an indicator of quality stability.

1. Profitability growth in the past three years must be positive.

2. Its net profit must be positive in the past 12 months.

Only through these requirements will eligible listed companies be selected into the sample shares. In order to achieve a stable quality and strong ability to long-term dividends.

The Shanghai, Shanghai and Shenzhen Stock Exchange dividends have not been clearly screened for quality stability.

澳门赌城网址大全:One_of_Buffett's_favorite_indicators_has_never_been_used_by_many_people

So, the ROE with such a high dividend fund is by no means a good choice. It is the reason why the bonus fund's strength is full!

(April 2018 Top 10 constituent stocks of the dividend fund)

澳门赌城网址大全:One_of_Buffett's_favorite_indicators_has_never_been_used_by_many_people

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