pe和pb的4种组合（4 combinations of PE and Pb）.docVIP

pe和pb的4种组合（4 combinations of PE and Pb） I recently saw a book on valuations that summarizes the 4 combinations of PE and PB: 1, high PE, high PB portfolio, only when a company is expected to grow rapidly, and in the growth period and after the growth of the abnormal high ROE, the companys PE and PB are high.; 2, high PB, low PE portfolio, when a company may still enjoy high ROE in the existing investment, but no longer fast growth, it will have high PB and low PE; 3, high PE, low PB portfolio, when a recovery company is expected to rise from the temporary low level of profitability, but the competition also prevents it from returning to the unusually high ROE, it will have high PE and low PB; 4, low PE, low PB portfolio, when a companys earnings expectations are neither growth nor high ROE, it will have a low PE, low PB. These 4 conclusions make sense, and I personally agree with them. For the first types of portfolios, investing in such firms is a difficult problem. Strictly speaking, this has gone beyond the category of classical value investing and is more of a range of growth stocks. Founder of growth stocks, the old favorite of such shares. Many people like to talk about long-term hold. In what circumstances should they be held for a long time? Strictly speaking, to establish and consolidate the competitive advantage in the company should be during the growth period of the life cycle, the performance of the companys rapid growth period, the company, can not consider temporarily overvalued (of course, not excessive overestimation of long-term Holdings). Such companies, such as Guizhou Moutai and Suning appliances in previous years, are typical examples. This kind of company is not something you cant do, but only if you have to be precise. So the difficulty of this kind of investment is very big, the most difficult is to judge the long-term development prospect and competitive advantage of the company. Once the judgment is wrong, it will suffer heavy losses. It s