20180412【充实计划】第675期
昨日阅读1小时,累计阅读24小时。
Following:
1. McKinney&Company_Valuation(Sixth Edition)
股东整体回报率(Total Return to Shareholders,简称TRS)
股东整体回报率(TRS)是衡量上市公司价值创造能力的一个重要指标,等于股票在持有期间内的资本性收益加上股东所获得的股息。
Total return = Dividend yield + Capital gains yield 即等于股利收益率和资本收益率的和。
●The expectations treadmill is the dynamic behind the adage that a good company and a good investment may not be the same. In the short term, good companies may not be good investments, because future great performance might already be built into the share price. Smart investors often prefer weakerperforming companies, because they have more upside potential, as the expectations expressed in their lower share prices are easier to beat.
#2018年A股白马股集体下跌,原因在于2017年整年上涨的股价已经兑现了业绩,需要更高的业绩才能支撑现有股价,但不少公司的业绩缺却出现下降。白马股不少好公司,但目前投资不算好投资。
#未来现金流的现值是形成公允价值的基础。
2.在总结阿比吉特·班纳吉等著的《贫穷的本质》时查的一些资料:
●联合国贫困标准已经从本书中提到的每天0.99美元提高到1.25美元。2015年统计结果显示,全球仍有8亿人处于极端贫困的生活之中。美国人口普查局估计,2018年元旦,全世界人口总数达74亿。所以现实情况是,全球范围内,每一百个人中就有十个穷人(极端贫困)。
http://www.un.org/millenniumgoals/poverty.shtml
GOAL 1:
ERADICATE EXTREME POVERTY & HUNGER
Target 1.A:
Halve, between 1990 and 2015, the proportion of people whose income is less than $1.25 a day
The target of reducing extreme poverty rates by half was met five years ahead of the 2015 deadline.
More than 1 billion people have been lifted out of extreme poverty since 1990.
In 1990, nearly half of the population in the developing regions lived on less than $1.25 a day. This rate dropped to 14 per cent in 2015.
At the global level more than 800 million people are still living in extreme poverty.
●之前有个纪录片《为什么贫穷》,有兴趣的朋友可以看一下。 https://movie.douban.com/subject/20393972/
●关于致贫原因,信息来源于凤凰网国际智库研究报告:
http://pit.ifeng.com/report/special/zgfpbg/chapter3.shtml
●书中提到的“有条件的现金转移”在我国扶贫工作的实践,信息来源《中国儿童发展报告:贫困地区儿童的营养与健康》:
http://cn.chinagate.cn/reports/2018-01/10/content_50164871_13.htm
●小额信贷在扶贫中的作用,信息来源中国发展门户网:
http://cn.chinagate.cn/povertyrelief/node_2340491.htm
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