价值与成长（Value and growth）.doc

价值与成长（Value and growth） Love the market investment into growth oriented investment and the value investment, investment growth in my dictionary is with the potential for long-term development of high-quality enterprises in the purchase price with a margin of safety, and long-term holding, rather than blindly pursuing growth rate regardless of price to buy at stage of high growth stocks. In China, the growth of investment has been demonized tendency, it seems that when it comes to growth, investment is ignoring the margin of safety. Growth investment itself is not wrong, the only mistake is those who misuse the growth of investment methods, growth, investment and ignore the margin of security is not necessarily linked, Buffett is an outstanding representative. From DCF valuation method can clearly see that the growth is actually a part of value, is a factor value, the growth speed is higher, the future free cash flow generated by the greater likelihood, the intrinsic value of the enterprise is higher. The stock price is cheap relative to the intrinsic value has a larger discount, can not be estimated intrinsic value of high-quality companies look at the earnings and other static index, more can not be measured by the general enterprise or periodic enterprise standards, but should be roughly estimated by the results of DCF valuation, because the DCF valuation method contains a growth factor, avoid considering the static problem. If the enterprise is difficult to use DCF valuation, you can use PE and PEG instead of land comprehensive estimation, the principle of this method is similar to that of DCF, and has the same function. In the course of investment practice, there are two styles of value oriented and growth oriented, but the two styles are not antagonistic, but different preferences in the choice of subject. As long as the price is greater for value, and the future value is high, the certainty is good investment. Just different investors should be based on indivi