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所在平台: Udemy |
课程主页: https://www.udemy.com/course/quantitative-value-investing/
课程评论：没有评论
课程名称: 定量价值投资: 股票估值框架 概述: 大家好，欢迎参加本课程——定量价值投资。在本课程中，我将介绍一些在评估股票在特定价格的吸引力时非常有用的估值框架。这些框架是我在过去二十年印度股市投资过程中总结出来的宝贵经验。我最初的十年作为国内共同基金的研究分析师，之后又在几家外资机构的投资团队工作。接下来的十年，我改变了职业方向，但仍然积极参与投资。 我为何开设这门课程？正如一句古老的谚语所说，“授人以鱼，不如授人以渔”。我最近分析了约40只大型共同基金的五年表现，发现只有两只能够超越基准NIFTY指数。我设计这门课程是针对那些具有进取精神的投资者，他们如果在有纪律的投资框架内操作，很可能会做得更好。 这门课程适合哪些人？我将其设计为中级水平，针对有一定金融和估值相关术语基础的进取投资者。如果你希望找到一个针对股市投资的初学者课程，那么这门课并不适合你。 在本课程中，我将运用估值框架来回答一些复杂的投资问题。例如，如果一家公司运营的ROE为18%，而另一家为15%，那么在P/B或P/E倍数方面你愿意为前者支付多少？课程还将考虑增长带来的复杂情况，比如如何比较一家ROE为20%、增长率为4%的企业与一家ROE为16%、增长率为10%的企业的定价。此外，对于那些增长远高于所需回报率的高增长公司，该如何评估其价值，将是我们重点讨论的问题。这些问题将在课程中逐一解答。 课程还将介绍其他许多价值投资框架，同时也将深入探讨常被忽视的持仓规模方面。 至于课程结构，虽然会有一些理论课程，但我主要将依靠真实案例研究来阐明概念，主要是有关在印度股市上市公司的案例。但我要提前声明，你不会在这里找到提供暴涨股票的魔法公式。这是一门旨在帮助你发展估值思维的课程。 欢迎大家的加入，祝愿大家有一个愉快而充实的学习旅程。
Hello everyone. Welcome to this course on quantitative value investing. In this course, I am trying to provide you with a few valuation frameworks that are quite useful in evaluating the attractiveness of a stock at a given price. I have tried to summarise the frameworks that I have found useful in my investment journey over the last two decades in the Indian equity market. My initial decade was spent as a research analyst in a domestic mutual fund and a member of the investment team in a couple of foreign institutional investment firms. In the next decade, I changed my career path but continued to be an active investor.So why am I offering this course in the first place? There is an old proverb, If you give a man a fish, you feed him for a day. If you teach a man to fish, you feed him for a lifetime. I recently analysed the 5-year performance of about 40 large-cap mutual funds and found that only 2 of them could beat the benchmark NIFTY index. I designed this course keeping the enterprising investor in mind who can probably do a much better job if he operates within disciplined investment frameworks.So, who will find this course useful? I have designed this course at an intermediary level for enterprising investors. He needs to have a basic understanding of finance and valuation-related terminologies. So, if you are looking for a basic beginner's course in investing in the stock market then you are at the wrong place.In this course, I will use valuation frameworks to try to answer some tricky investment questions. For example, if one business operates at 18% ROE and one operates at 15% ROE how much more you are willing to pay the former in terms of P/B or P/E multiple. The further complication brought in by growth is also considered. For example, if presented a 20% ROE business with 4% growth versus a 16% ROE business growing at 10% how can you compare the price you can pay for the two businesses? Also, addressed will be the tricky question of high growth companies, where growth is much more than the required rate of return. Such stocks usually sell at high valuations - how to appraise the value for such cases. All these issues will be addressed in this course.The course will also introduce you to many other value investing frameworks as well. The very important but often neglected aspect of position sizing will also be covered in depth.Coming to the course structure, while there will be a few theory sessions, mostly I will be relying on live case studies to illustrate the concepts. These will be mainly companies listed in Indian stock markets. But let me declare upfront that you are not going to get a magic formula that provides you with multi-bagger stocks. It is a course that will help you to develop your thinking on valuations.So welcome and let me wish you all a happy and enlightening journey.
