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klse.i3investor.com
Read more (阅读多点)
YOLO123
14-17 minutes

Reading is one of the most important thing to do when comes to investing. You cannot possibly invest without reading any sort or report, news or information. Imagine you buy Company A just because you saw it, without having anything to support your decision, you will most definitely loss money from this investment.

However, what shall we read, what are the contents that shall be read through before and after buying a company? First of all, you must read a company’s financial report before investing. This is to make sure that you know their business model thoroughly, and ask yourself whether will you will able to explain the company’s business model when others asked you about the company. If your answer is yes, then you passed the first reading test, which is to understand a company’s background and business.

Then, you will need to read its financial status, how did the company performed throughout the years. Obviously, it will be tedious to read from the start of the establishment of a company, but we at least need to read the financial report for the recent five years. This is to understand whether the company is earning money, and are these earnings included some one-off items that boost up the company’s profit in a year.

After reading all these reports, a total of 25 reports to be studied included 5 annual reports and 20 quarter reports for five years, you already have sufficient understanding on a company, on its business, profitability, cash flow and prospect. From here, you already can make your decision whether to invest in this company or not. Then, we can seek for some reports that have been conducted by investment banks. Although we should not take every recommendation from others when comes to investing, but investment banks can obtain some exclusive information directly from the company. Hence, we will be able to enhance our understanding, and obtain exclusive information that others will not if they are lazy to read.

Last but not least, we should also read some extra information and news. For example, if you invested in technology company, it is safe to say you need to read more about the supply and demand of technologies, CAGR of semiconductor, capital expenditures of the company’s main customer. One direct example can be given is INARI, we all know that its main customer is APPLE, hence if APPLE decided to expand their business, we know that INARI will more or less benefited from it. However, you will not know this information if you did not read the news from foreign market, and company news from APPLE.

In short, reading is a boring thing to do, for sure. However, it is absolutely essential to read more, in order to reduce the risk in investing. The more you know, the more you are confident in your investment, or the other way round, the more you know, the more you will not invest in this company.

阅读是投资路上一个蛮重要的部分。你几乎不可以再不阅读报告,新闻,或任何资料的情况下进行投资。试想象你买入A公司就因为你看到它,而并没有任何的资料来支持你的决定,那你这项投资几乎肯定会以失败收场。

但是,我们究竟要阅读什么,什么资料是需要在投资前阅读,又有什么需要在投资后阅读?首先,我们必须要阅读公司的报告。这是为了然后我们彻底了解公司的生意模式,然后问自己,如果别人问你这家公司是从事什么行业的,你是否能够给出答案?如果是,那么你就通过了第一项阅读考验,那就是了解公司的背景以及生意模式。

然后,你需要了解公司的财政情况,这么多年来公司的表现如何。当然,如何要从公司上市时的报告开始读起会很花时间,可是我们至少也要知道公司近5年的财政状况。这是为了让我们更清楚公司是否在赚钱,有没有任何的一次性盈利让公司在某一年的赚幅突然暴涨。

如果读完这些报告,你将阅读了25份报告,包括了五年份的5份年报和20份季报,那你应该对公司的生意,赚益,现金流和展望有所了解了。从这里,你就已经可以开始决定是否投资这家公司了。然后,我们也可以阅读投行所给出的报告。尽管我们不应该接纳所有外来的投资建议,但是投行可以直接从公司内部获得独家资料,因此这给予我们一个深入了解公司的机会,比懒惰阅读报告的投资者懂得更多。

最后,我们也应该阅读一些额外资料以及新闻,举例,如果你投资一家科技公司,你应该要阅读一些关于科技的需求以及供应,半导体的复利成长,公司主要客户的扩张。一个直接的例子就是INARI,总所皆知INARI的主要客户是APPLE,所以如果APPLE进行扩张的话,INARI或多或少也会得益。但是,如果你不阅读这些国外市场的新闻或者APPLE公司的公告,你将不会知道这项消息。

总结,阅读确实是一件蛮闷的事情。但是,这是一定需要的,这样你就可以减低投资的风险。你知道的越多,你就会对你投资的公司越有信心。相反的,你也可以知道的越多,越不会投资这家公司。

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https://klse.i3investor.com/blogs/InvestingKnowEverything/2020-12-31-story-h1538456928.jsp

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