戴维森说,卖出一只不符合预期的股票似乎是显而易见的决定,但这个决定比表面上要复杂。"因为我们永远无法确知它是否会永远这样。"
Think About What's Fair
考虑公允价值
In looking at stocks to buy, many investment pros estimate a fair value for the shares, based on factors including the company's earnings, the rate of revenue growth and the multiples of earnings at which the shares of companies in a particular industry are trading. Fund managers generally aim to buy at a discount to fair value, and many have selling rules linked to that fair value, which is a figure that may change over time.
在考虑买入哪些股票时,许多投资专家都会根据一系列因素估计股票的公允价值,包括公司收益、收入增长率和特定行业中公司股票的市盈率。基金经理的目的通常是以公允价值的折价购买股票,而许多基金经理秉持和该公允价值相关的卖出规则,这个价值是一个可能随时间推移而变化的数字。
For Andy Jung, co-portfolio manager for Aston/Montag & Caldwell Mid Cap Growth in Atlanta, a position becomes a candidate for trimming when the stock reaches 100% of his firm's estimate of its fair value. 'Then at 120% of our price target we have to take action in terms of reducing or in many cases eliminating the position outright,' he says. 'The upside potential at that point is not as significant as the downside potential should the fundamentals falter.'
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2020-09-15
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