画/《巴伦》Goran Factory      

Stock Investing 101: A Guide to the Stock Market   

Stocks (also known as equities) represent shares of ownership in a corporation. Their usual purpose in a portfolio is to provide appreciation and, over many decades, they have been the most productive assets for building wealth for almost all investors. It’s what most people think of when they talk about “the market.”

股票（亦称为股权）代表着持有一家公司的所有权份额。通常，持有股票是为了升值，几十年来，在大多数投资者累积财富的过程中，股票是发挥作用最大的资产类别。当人们谈到“市场”时，往往第一个出现在他们脑海中的就是股票。

Some stocks also pay dividends, which can offer investors a source of regular income, though payouts aren’t guaranteed.

有些股票还会派发股息，定期为投资者提供收入来源，但不能保证所有股票都会派息。

Stocks are a key part of any portfolio. You can invest in mutual funds and exchange-traded funds that own stocks, or you can research and buy individual stocks. In either case, these are the primary categories to consider when building a diversified portfolio.

在任何投资组合中，股票都是至关重要的一部分。你可以投资那些持有股票的共同基金或交易所交易基金（ETF），或者可以自己研究行情，购买个股。不论是哪种情况，在建立多样化的投资组合时，股票都是不二之选。

Domestic vs. International Investing

全球投资已是大势所趋

Traditionally, Americans have tended to stay close to home when it comes to their equity portfolios, but this is now changing as more investors realize the diversification and growth benefits of investing in the global economy. Indeed, U.S. companies constitute only about half the value of all world equities, and that piece of the pie is slowing getting smaller. Virtually every portfolio should have a good slug of international stocks.

传统意义上，在选择股票投资组合产品时，美国人倾向于投资国内公司，但现在，改变正在发生，越来越多的投资者意识到，投资全球市场会让投资组合更加多样化，同时获得更高的增长，能够带来诸多益处。事实的确是这样，美国公司发行的股票大约只占全球股票价值总和的一半，而且这一占比还在不断减小，因此差不多每一个投资组合都应该持有一些优质的海外股票。

Industry Sectors

不同行业与经济运行有迹可循

Different industries tend to perform differently under different economic conditions or expectations. These relationships are not perfect, but they do provide reliable indications. For example, financial institutions are sensitive to interest-rate changes, and food and health care companies are typically more resistant to economic downturns than, say, factory equipment manufacturers.

在不同经济环境或经济预期下，不同行业的表现也不尽相同。经济环境或经济预期与行业表现之间并不呈完全相关状态，但是其中的关联仍有迹可循。例如，金融机构对于利率变化最为敏感，而当经济处于下行阶段时，食品和健康公司受到的影响要远小于工厂设备制造等行业。

Market Value

小盘股比大盘股更优秀？

When investors talk about company size, they are typically referring to its market capitalization, or total market value of the company’s stock based on current price and the number of shares outstanding. There are times when the market clearly favors small- or medium-cap stocks over large ones. And, of course, vice versa. Over the long term, academic research suggests that small-cap stocks outperform large ones.

投资者口中的公司规模通常指的是其市值，即根据公司目前股价和已发行股票数量得出的股票的总市场价值。有时，市场会格外偏爱中小盘股，反之亦然。长期来看，学术研究显示小盘股比大盘股的表现要更加优秀。

Value Investing

价值投资：如何找到被低估的股票

Value investors seek to buy stocks that they believe are underpriced by the market. These companies may be out of favor because of the economic cycle, or because they have suffered setbacks such as disappointing earnings or unexpected competition. Whatever the reason, value investors are looking for stocks whose low prices are temporary. The idea is that current perceptions about the stock do not reflect its potential and that eventually the market will recognize the company’s true value.

价值型投资者追逐的目标是那些他们认为被市场低估的股票。这些公司可能因经济周期变化而失宠，抑或因遭遇重重困难而不被看好，比如令人失望的收益数据，或出乎意料的竞争压力。不论原因如何，价值型投资者所寻觅的股票，其低价的情况一般都是暂时的。这种投资方法的核心理念是，现阶段对于该股票的认知并不足以完全反映其潜力，终有一天，市场会意识到这家公司的真正价值。

There are several ways to identify stocks that may be undervalued. The most common is to look for stocks with a price-to-earnings ratio (P/E) lower than that of the market average or the average of selected peer companies. Investors also look at the ratio of price to book value and price to sales.

识别可能被低估的股票有许多方法。最普遍的做法是，寻找那些市盈率（P/E）低于股市或同行业平均水平的企业。同时，投资者也会参考市净率（P/B Ratio）和市销率（P/S Ratio）两个指标。

Once you identify a company that seems undervalued, the next step is to estimate its true value. One way is to calculate the present value of future cash flows. Most individual investors rely on professionals to make both the necessary estimates and the calculations. Keep in mind that all the players in the market have access to those same estimates, so they are often—but not always—baked into the price of the stock.

一旦你发现了一家公司的股价疑似被低估，下一步要做的就是去估算其真实价值。方法之一是计算这家公司未来现金流的现值是多少。多数散户投资者会依靠专业人士进行必要的预期并完成整个计算过程。要记住的是，股市的所有参与者都能够接触到同样的预估数字，因此，有时候（但不总是如此）这些预期都已经反映在了股票价格上。

Growth Investing

增长型投资：除了基本面，更关注背后“故事”怎么讲

Growth investors look for companies whose sales and earnings are expected to increase at a faster rate than that of the market average or the average of their peers. The key difference between the growth and value philosophies is that the former places much more emphasis on a company’s revenue, unit sales, and market share, and somewhat less on earnings. Thus, growth investors tend to buy stocks that are already in favor and to pay prices that are relatively high in terms of P/E ratio. In the bull market of the late 1990s, growth investors tended to do very well, and growth returned to favor after the Great Recession.

增长型投资者关注的是那些销售和利润数据预期增速快于市场或同行业平均水平的公司。增长型和价值型的投资思路最主要的区别在于，前者更强调公司的收入、单位产品销售量以及市场份额，而较少关注盈利情况。因此，增长型投资者热衷购买已经是市场宠儿的股票，也甘愿付出相对更高的价格（以市盈率倍数衡量）。20世纪90年代后期的牛市中，增长型投资者大放异彩，2007年到2009年的经济大衰退（Great Recession）过后，增长型投资者又重返舞台。

By its nature, growth investing relies heavily on a “story” or a theory as to the forces behind a company’s projected growth. Even so, disciplined growth investors pay attention to the same fundamentals used by value investors, and they often set explicit growth targets and time frames. The danger is that even the best story may not work out on schedule. A quarter or two of earnings disappointments can result in a dramatic selloff and a lengthy period of skepticism.

从本质上说，一家公司所做的增速预期背后的“故事”或理论才是增长型投资最为倚重的因素。尽管如此，训练有素的增长型投资者也会去关注价值型投资者看重的一些基本面因素，而且他们总是会制定明确详尽的增长目标和时间线。这种做法存在一种风险，那就是即使是最完美的故事也不一定都能够完全按计划进展下去。如果有一两个季度的利润数据不尽如人意，就可能导致股票被大规模抛售，投资者之后可能会长时间对这家公司持怀疑态度。

Growth at a Reasonable Price

既被低估又增长强劲：GARP策略

As the name implies, the “GARP” approach combines elements of value and growth investing, seeking to buy companies whose prices don’t fully reflect their solid growth prospects. For example, a company might be stuck in an out-of-favor industry sector but have new products in the pipeline that could propel it into a more attractive category. The particular emphasis given to growth and value varies considerably, although one or the other is usually clearly dominant. Among professional investors, GARP is sometimes used as an exception to give a value manager more flexibility to buy higher-priced stocks.

顾名思义，GARP策略将价值型和增长型投资的要素相结合，指的是去投资那些股价不能完全反映其强劲增长前景的公司。举例来说，某家公司可能身处不受欢迎的行业，但是正在酝酿推出新产品，借此跃入更具吸引力的行业类别。虽然增长型和价值型这两种投资策略中总有一个会更占上风，但投资者对二者的关注重点有着显著的区别。在专业投资者中，价值型投资者有时会使用GARP投资策略作为一种例外，这种策略可以赋予他们更多购买高价股票的灵活度。

版权声明：

《巴伦》2019年3月18日报道“Stock Investing 101: A Guide to the Stock Market”。《财经》获道琼斯旗下《巴伦》（Barron's）在中国大陆独家授权，原创文章未经许可，不得转载。

*本文内容仅供参考，投资建议不代表《巴伦》倾向；市场有风险，投资须谨慎。