很久沒有寫文,其中一個原因是懶惰(每星期在報章發表數千文字,原來已經相當疲累),其二是也沒有甚麼好心水。

有留心筆者最近在報章上的文章,會發現最近寫過一篇頗為有趣的文章,當中提及一個選股方法,名為「神奇公式」(Magic Formula)。

相關連結如下:


上篇:打敗大市的「神奇公式」

下篇:「神奇公式」豈是紙上談兵


簡單來說,「神奇公式」的核心指標有二,包括:


一、資本回報率(ROC)= EBIT ÷ (Net Working Capital + Net Fixed Assets)


二、盈利收益率(Earnings Yield)= EBIT ÷ Enterprise Value


「神奇公式」的流程如下:

  1. Establish a minimum market capitalization (usually greater than $50 million).
  2. Exclude utility and financial stocks.
  3. Exclude foreign companies (American Depositary Receipts).
  4. Determine company's earnings yield = EBIT / enterprise value.
  5. Determine company's return on capital = EBIT / (net fixed assets + working capital).
  6. Rank all companies above chosen market capitalization by highest earnings yield and highest return on capital (ranked as percentages).
  7. Invest in 20–30 highest ranked companies, accumulating 2–3 positions per month over a 12-month period.
  8. Re-balance portfolio once per year, selling losers one week before the year-mark and winners one week after the year mark.
  9. Continue over a long-term (5–10+ year) period.

其實大部份內容都在報章上已有詳盡講解釋(包括 Back-test result),這裡也不再重覆。

然而,由於報紙上版位有限,更完整的篩選結果未能登出,趁機在這裡將整個「原汁原味」的列表附上,方便大家再進一步參詳。


Greatwords