1、第十五章 全球投資實操國 際 投 資 學(xué).Instruction:Part One is a must in your assignmentFor Part Two to Three, you can choose whether to do or notPart Four is also a must in your assignment.Part One： Find Your Stocks.Relative Web Site：SEC Info secinfo)Hoovers hoovers)Morningstar (morningstar)MSN Money (money.msn)Reut

2、ers Investing (reuters/investing)Yahoo financ.yahoo)Google Finance (finance.google)AOLs Stock Search(aol)Business Week.The Analysis ProcessFinding CandidatesAnalyzing Stocks / Bonds / Funds / Derivatives, etc.Quick Prequalify:Company and industry overview; Market capitalization; Valuation ratios(P/E

3、, P/S, etc.)Trading volumeFloatCash flowHistorical sales and earnings growthCheck the buzz(查找公司相關(guān)不良新聞.Detailed AnalysisStep1： Analyzing Analysts DataStep2： ValuationStep3： Estalishing Target PricesStep4: Industry AnalysisStep5: Business Plan AnalysisStep6: Assess Management QualityStep7: Financial S

4、trength AnalysisStep8: Profitablility & Growth AnalysisStep9：Detecting Red FlagsStep10： Ownership ConsiderationsStep11: Price Charts.When to SellSome certain events such as deteriorating fundamentals, significant earnings restatements, and announcments of large acquisitions warn all players that its

5、 time to sell.Screening (Google Finance).Company Size: Market CapitalizationSpecify a $1 billion minimum market cap.Smaller companies are usually riskier than larger companies. They typically offer lessdiverse product lines, weaker balance sheets, and less experience dealing witheconomic downturns.

6、Thus, you can reduce your risk by avoiding very small firms.Most investors use market capitalization, which is how much you d have to shellout to buy all of a firm s shares, to measure company size.Firms with market caps below $2 billion are termed small-caps, and those above $8billion are large-cap

7、s. Those in between are mid-caps. I set my minimum market cap at$1 billion. Try reducing your minimum to $500 million (500M) if you want to seemore stocks, or increasing it to $5 billion if you want to cut your risk.Valuation: Price/Sales RatioSpecify a minimum P /S ratio of 2 and a maximum of 7.The

8、 price/sales ratio is similar to the more familiar price/earnings (P /E) ratio, exceptthat it compares the current share price to the last 12 months per-share sales insteadof per-share earnings.The screen avoids stocks with P /S ratios below 2 because those stocks are morelikely value candidates tha

9、n growth stocks. On the downside, setting that minimumrules out supermarket chains and other low-profit-margin businesses. The way themath works, stocks with low profit margins also have low P /S ratios. Change yourminimum P /S requirement to 1 if you want to see such stocks.P rice/sales ratios can

10、run as high as 10, and sometimes much higher for in-favorgrowth stocks. Specifying a maximum 7 P /S avoids overpriced stocks. Since Iarbitrarily picked that number, try increasing it to 8 or 9 if you want to see morestocks, or cut it to 5 or 6 if you want to cut your risk.Cash-Rich: Current RatioSpe

11、cify a 2.5 minimum.Given the recently fragile credit markets, the slightest hint of a cash shortage cansink a stock. Thus, it s important to reduce the odds of that happening to yourstocks. Using the current ratio to check a firm s cash position is the first of twoselection criteria I use to achieve

12、 that goal.The current ratio compares current assets such as cash, inventories, and accountsreceivables to short-term debt such as payroll expenses and other current bills. Aratio of 1 means that current assets equal liabilities, while a 2 ratio means that currentassets are double current liabilitie

13、s. Setting the minimum allowable current ratio at2.5 ensures that passing firms have plenty of cash. Although I arbitrarily picked thatnumber, I don t see much advantage in upping that minimum, and I certainlywouldn t lower it.Add the current ratio requirement to the screen by selecting Add Criteria

14、, and thenFinancial Ratios, and finally Current Ratio.No Debt: Total Debt/Equity RatioSpecify a 0.1 maximum (most recent quarter).Refinancing debt is still problematic for all but the top credit-rated corporations.You can avoid such issues by limiting your picks to stocks carrying no long-termdebt.

15、To do that, you can use the total debt-to-equity ratio, which compares the totalof short- and long-term debt to shareholders equity (book value).While it s tempting to specify a 0 ratio, I set my maximum at 0.1 to avoid ruling outfirms carrying incidental debt items, such as lease obligations on the

16、ir balancesheets.Profitable: Return on EquitySpecify a 20% minimum (TTM).Unless you re looking for beaten-down value stocks, your best candidates arealways profitable firms as opposed to money losers. Return on equity (ROE)measures profitability by comparing net income to shareholders equity (bookva

17、lue). Most money managers that I know require a minimum 15 percent ROE.However, here I require a minimum 20 percent ROE to focus on the most profitablecandidates. Try cutting your minimum to 15 percent if you want to see more stocks.Follow the Money: Institutional OwnershipSpecify 40% minimum instit

18、utional ownership.Institutional buyers such as mutual funds and pension plans are more wired into themarket than individual investors. If they don t own a stock, you shouldn t either.“ Institutional ownership is the percentage of a firm s shares held by those bigplayers. The best growth candidates a

19、re stocks that are in favor with the smart money.Institutional ownership ranges from 40 to 95 percent for in-favor stocks.Growth Rules: Five-Year Revenue GrowthSpecify 10% minimum five-year revenue growth.Growth stocks, by definition, should be growing sales and earnings at least 15percent annually,

20、 and more is better. However, the 20212021 economic setbacktripped up even the best growth stocks. Given the volatile environment, revenuesare a steadier growth gauge than earnings. I take a long view by using the five-yearfigure. Usually, you want to see at least 15 percent average annual revenue g

21、rowth.But, considering the tough economy, I required only 10 percent.ResultsIdeally, this screen should turn up 20 or 60 strong growth candidates. If it doesn t,modify the parameter values as suggested to increase or decrease the number of hits.Choose several of these canditates (remember their symb

22、ol) and click Create portfolio from quotesBefore this above step, you must make sure you that you have already created an google account.Give your portfolio a name,then click OK.In Add symbol bottom, type your canditates symbol .After Several days, go to Performance to check your portfolios peroform

23、ance.Part Two：Find Your bonds.Relative Web Site：Bonds Online bondsonline)Investing In Bonds (investinginbonds)James Baker & Assoc. (jamesbaker)Google Bonds.Bond BasicsStraight Bonds Coupon rate and current yieldStraight Bond Prices and Yield to MaturityCalculating Straight Bond PricesPremium and Discount Bonds.Bond Rating Agencies:(債券信譽評級機構(gòu)穆迪：Moodys規(guī)范普爾：Standard& Poors.Screening(Choice One:Bonds Online).Create an account in the Web SiteClick bonds search , the following steps are similar to Google Finance-stock screener.Screening(Choice Two:Standard& Poors).Click B