讀講稿心得與發問


  • 回想過去加碼(各佔2%)後的股票卻跌更低的案例:CJPRY, EJPRY, CUK, SABR(PS:我還是對這些股票很有信心)
  • 最近想若少了這些虧損,獲利會如何?於是把這些虧損加回去,後來發現其實即變少了這些虧損,整體獲利也沒增加多少,整體獲利僅增加3%
  • 心得:由這件事看得出把個股控制在2%內,即便踩雷對整體獲利影響不大
  • 期許:開這個討論串,拋磚引玉,讓大家能分享及發問,買了股票一陣子後,再回頭來看Mike大的講義,更有感覺~
  • 講義連結:多種果樹
主張集中持股的人應先告訴我們
哪一支股票未來的報酬率最高?
持有的過程不會大幅回檔,隨時跑贏大盤,
否則半途中早就被換股操作掉了。
單抱一檔股票的選股難度更高,內心更煎熬
我講過,持股集中的績效大好大壞,最終以大壞收場。
這句話由統計學而來,
即小樣本估計容易不準,出現大好與大壞的偏差。
加上買錯股的機率高達3成,
最終注定以大壞收場。
選股要多種果樹的道理其實很簡單,
買錯股機率27%,
買5支錯3支機率32%
買100支錯60支機率0.0022%,
相差1,000倍 。

請查ChatGPT
同樣問題問ChatGPT二次,
答案居然不一樣,太不可靠了
剛剛人在外面吃火鍋,隨手用手機查ChatGPT
容我重新整理
謝謝dicnas桑指導


讀講稿心得與發問 KmtZOGA

讀講稿心得與發問 BQelNRb
買錯股機率27%,
買5支錯1支機率38%
買5支錯2支機率28%,
買5支錯3支機率10%,
績效大壞機率偏高

可是買100支同比例
買100支錯20支機率3%
買100支錯40支機率0%,
買100支錯60支機率0%,
大壞機率遽降到3%,甚至為0%可高枕無憂

終於解開為何要買100支之謎了,
以前常會問自己為何不買50支、30支?
無法自圓其說,
現在總算有強力根據

讀講稿心得與發問 R7VnFcW
https://support.microsoft.com/zh-tw/office/binom-dist-函數-c5ae37b6-f39c-4be2-94c2-509a1480770c
語法

BINOM.DIST(number_s,trials,probability_s,cumulative)

BINOM.DIST 函數語法具有下列引數:

Number_s     必要。 為實驗的成功次數。

Trials     必要。 為獨立實驗的次數。

Probability_s     必要。 每一次實驗的成功機率。

Cumulative     必要。 這是決定函數形式的邏輯值。 如果 cumulative 為 TRUE,則 BINOM.DIST 會傳回累加分配函數,最多有 number_s 次成功的機率;如果為 FALSE,則會傳回機率質量函數,有 number_s 次成功的機率。
買100檔錯27檔的機率9%=BINOM.DIST(27,100,0.27,false)
為最高,
因為Binomial 分配是鐘型,平均值機率最高
讀講稿心得與發問 - 頁 2 NIL3lus

買錯股機率27%
買錯數=買數x27%
從上表可知
買5支錯1.35支機率38%
買100支錯27支機率9%
機率隨著買數增加而遞減

買對股機率73%
買對數=買數x73%
買5支對3.65支機率28%,遠不如73%
dicnas桑的講法最周延,Great !
請允許將本段編入巴班講稿,會註明出處,
非常感謝

http://mikeon88.blogspot.com/2018/08/1221.html
幫dicnas桑進一步說明:

4成以上持股表現不佳為績效大壞
買10支錯4支以上機率35% = 1-BINOM.DIST(3,10,30%,TRUE)
買20支錯8支以上機率23%
......
買100支錯40支以上機率2%
P(x>=40%) = 1-P(x<40%)
上述買100檔持股的統計證明相當重要,
分散或集中持股不再是見仁見智沒有結論的議題,
而是必須遵守的準則。
也給足大家信心,
持股100支以上績效大壞的可能性很低,
不必每天緊張兮兮關注股市,
有更多時間去吃喝玩樂

The statistical proof of holding 100 stocks mentioned above is very important. Whether to diversify or concentrate one's holdings is no longer a debatable issue, but a guideline that must be followed. This also gives everyone confidence that the likelihood of poor performance with holding more than 100 stocks is very low. There is no need to be nervous and pay close attention to the stock market every day, instead, we can spend more time enjoying life.
台股若找不到100檔可好很久的公司,請來投資全世界。
把家族財產分散到世界級好公司最安全而且可大可久,比房地產有保障。

If you cannot find 100 long-term companies in Taiwan’s stocks, please come to invest globally.
Diversifying your property to world-class companies is the safest and growing, more secure than real estate.
2021以前一些所謂的達人鼓吹貴了也不用賣,
跌下來之後就沒人這樣講了

股票貴了還買,想當盤子嗎 ? 貴了也不賣,傻了嗎 ?

因為他們不會正確計算淑貴價,
也未按照淑貴價去買賣
追熱門股基金下場都很慘


讀講稿心得與發問 - 頁 3 PbBrfD7
http://mikeon88.blogspot.com/2018/08/621roe.html

AlexWu桑幫我們設計了網頁版盈再表,
可抓台美日港中等國盈再表,

https://stocks.ddns.net/US.aspx

Alex Wu helped us design the web version of the On's table, which can collect financial statements from Taiwan, the United States, Japan, Hong Kong, China, and other countries.

我的選股步驟如下,
從預期報酬率大於12%以上股票中
挑選常利大於5億元以及自己3秒即懂的股票列為入圍名單

My process for selecting stocks is as follows: I look for stocks with an expected return rate of over 12%, and among those, I choose stocks with a recurring net profit of more than $500 million and stocks that I can understand within 3 seconds. These selected stocks are then added to my watch list.

讀講稿心得與發問 - 頁 3 5nHd7jU

入圍股票輸入看盤軟體以便每日追蹤股價變化
我的看盤軟體是Stock Master
股價線圖很細膩,各國股票皆有。

Selected stocks are imported into a stock monitoring software for tracking daily price changes. My monitoring software is Stock Master, which has detailed stock price charts for stocks from various countries.

讀講稿心得與發問 - 頁 3 9xzKI8V

平時查看的股市新聞有:

The stock market news that I usually check includes:

讀講稿心得與發問 - 頁 3 FWlcALT

1. finviz.com
看不懂英文者可透過瀏覽器漢文翻譯

For those who cannot understand English, they can use a browser translation tool to translate the website to Chinese.

https://finviz.com/news.ashx

讀講稿心得與發問 - 頁 3 Sl0ukzT

2. Seeking Alpha

3. 在FB和Tweeter上點選國外財經新聞
4. 聚亨網和蘋果日報

3. Click on foreign financial news on Facebook and Twitter.
4. cnyes.com and tw.nextapple.com

5. 我完全不看台灣的財經媒體和書籍雜誌,
充斥意識形態,
還常找外行達人冒充專家,觀念錯誤,績效造假

I completely do not read Taiwan's financial media, books and magazines because they are filled with political ideologies and often feature non-experts posing as experts with wrong concepts and exaggerated performance records.

6. 也不看國內外財經部落格和討論區
盡是一些不懂的在問不懂的,不懂的人在教不懂的,
實在沒意思

6. I avoid reading both domestic and international financial blogs and discussion forums due to the prevalence of individuals who lack understanding and ask questions to others who also lack knowledge. Additionally, there are people who do not comprehend investments but still try to teach others, which is counterproductive and a waste of my time.

基本上我只靠一支手機在投資全世界,淨值超過5千萬元台幣

Essentially, I rely exclusively on my mobile phone for investing in the global market, and as of now, my net worth surpasses NT$50 million.
都一樣,
我很早時買的,當時還很便宜,
現在變貴了
很多人可能被投資要看這麼多英文新聞嚇一跳,
其實最簡單的方法是都不要看。
每天來巴班跟單,
買100多檔持股不要照顧,
等GDP高點再來跟著我們修剪果樹,
如此一樣可賺到大錢。
同學只是在找理由想去追貴了的AI股,
這是頭部現象,值得警惕!

貴的股票可不可以買?當然可以,
不過請先告訴我們什麼時候要賣?
2個月後股市AI風潮就過了
遑論30年後
比擬工業革命就想太多

投資人常常犯了看長做短的毛病,
一談起產業前景都是未來10-20年,
只要股價一跌下來1-2周就賣掉了
http://mikeon88.blogspot.com/2018/08/1121.html

選股的重點不在看未來會如何,
而在確定現在會不會變。

The key to stock selection lies not in predicting the future, but in determining whether the current dominance will change.


研究員除了拜訪公司之外還會去做產業研究,
從產業裡找出哪些是未來的明星產業,
若該產業最具發展潛力,裡頭的公司應該會快速成長,
可是卻常常發現,產業前景看好
跟公司會不會賺錢其實沒有必然的關係!
過去大家曾看好太陽能、面板、DRAM這些產業
後來發展趨勢跟當時所預料的其實差不多,
當初認為電視機和電腦螢幕都將換成面板,趨勢的確如此,
可是沒想到做面板的公司沒幾家賺錢。
這一點在年報上巴菲特也提到,
祂小時候萊特兄弟駕飛機飛越大西洋,
當時大家認為飛機工業的產值將變得很大,
果然如此,可是製造飛機的公司能獲利者寥寥可數。

In addition to visiting companies, analysts also conduct industry research to identify the future star industries. If an industry has significant potential, the companies within that industry should experience rapid growth. However, I have often noticed that a bright future for an industry does not necessarily guarantee profitability for the companies within it.
In the past, industries such as solar, LCD panels, and DRAM were highly optimistic. While the industry trends aligned with expectations at the time, few companies were able to turn a profit. For instance, we believed that both TV and computer screens would be replaced by panels, which turned out to be true. Nevertheless, only a few companies could make a profit from this trend.
Mr. Buffett addressed this issue in his annual report. He mentioned how the Wright brothers flew across the Atlantic when he was a kid, and at that time, people believed that the output value of the aircraft industry would be enormous. While the industry followed the expected trend, few companies were able to achieve profitability.
70%股票淑買貴賣績效會最好,
5%股票貴了還會更貴
請問怎麼操作最好?
A. 遵守淑買貴賣
B. 貴了也不賣

這又是一個幼稚園問題

http://mikeon88.blogspot.com/2018/08/1321irr.html
最近選舉民調滿天飛,
很多人都在問一個統計名詞
「信心水準95%,抽樣誤差3%」是何意思?
我的統計學得很差,重新複習了一下
https://web.ntnu.edu.tw/~494402345/CI/CI.pdf

選股就是統計學的抽樣,
選對股機率p 70%
可是抽樣得到的結果不會每次剛好70%,
而是有偏差,很可能落在正負2個標準差之內。

Stock selection is akin to statistical sampling.
Probability of accurately selecting the right stock, denoted as p, is 70%.
Nonetheless, the results of the sampling will not consistently align with the precise 70%.
Instead, they tend to show a bias, highly likely falling within a range of plus or minus two standard deviations.

以上換成統計術語為:
信心水準95%之信賴區間為正負2個標準差s
[p - 2s, p + 2s] = [70% - 2s, 70% + 2s]
信心水準95%即白話文的「很可能」

The above can be translated into statistical terminology as follows:
The confidence interval at a 95% confidence level is ±2 standard deviations (s).
[p - 2s, p + 2s] = [70% - 2s, 70% + 2s]
A 95% confidence level is colloquially referred to as "highly likely."

標準差指資料之間的平均距離
=[px(1-p)/n]^0.5 = [70%x30%/n]^0.5
樣本數n

The standard deviation refers to the average distance between data points.
= [px(1-p)/n]^0.5 = [70%x30%/n]^0.5
Sample size n

n=1,  [-22%, 162%]
n=5,  [29%, 111%]
n=10,  [41%, 98%]
n=30,  [53%, 87%]
n=50,  [57%, 83%]
n=100, [61%, 79%]
n=200, [64%, 76%]
n=300, [65%, 75%]
n=500, [66%, 74%]
n=1,000, [67%, 73%]

n=1,  [-22%, 162%]
n=5,  [29%, 111%]
機率在0到100%之間,故上式應改為
n=1,  [0, 100%],單押1支選對股機率很可能為0或100%
n=5,  [29%, 100%],僅押5支選對股機率很可能落於29%到100%之間
n=10,  [41%, 98%],買10檔選對股機率很可能落於41%到98%之間,表示績效大好大壞

For different sample sizes:
n=1, [-22%, 162%].
n=5, [29%, 111%].
Since the probability ranges from 0% to 100%, the formula above requires adjustment.
n=1, [0, 100%]: When selecting only 1 stock, the probability of selecting the correct stock is likely to be either 0% or 100%.
n=5, [29%, 100%]: By selecting only 5 stocks, the probability of correctly identifying the stocks is very likely to fall between 29% and 100%.
n=10, [41%, 98%]: Buying 10 stocks, the probability of selecting the correct stocks is highly likely to fall within the range of 41% to 98%, indicating a wide range of performance outcomes.

n=100, [61%, 79%],買100支選對股機率很可能落於61%到79%之間,至少61%這是我們建議至少買100支持股的原因

n=100, [61%, 79%]: When purchasing 100 stocks, the probability of selecting the correct stocks is very likely to fall within the range of 61% to 79%. With a minimum threshold of 61%, this is the rationale behind our recommendation to acquire a minimum of 100 stocks.

上述至少買100檔持股的統計證明相當重要,
分散或集中持股不再是見仁見智沒有結論的議題,
而是必須遵守的準則。
也給足大家信心,
持股100支以上績效大壞的可能性很低,
不必每天緊張兮兮關注股市,
有更多時間去吃喝玩樂

The above statistical evidence underscores the significance of holding a minimum of 100 stocks in your portfolio. Whether to diversify or concentrate one's holdings is no longer a debatable issue, but a guideline that must be followed. This also gives everyone confidence that the likelihood of poor performance with holding more than 100 stocks is very low. There is no need to be nervous and pay close attention to the stock market every day, instead, we can spend more time enjoying life.

http://mikeon88.blogspot.com/2018/08/1221.html
pnfeedback桑一再指稱本段Superman打錯了,
應改為其本名ka-sing
經復查並無不妥,
在文學寫作上這是一個值得稱讚的手法,
本段先點出李嘉誠大名,
末了以其知名外號為代稱,
如此文章上方能產生變化。

而且李超人若是一個錯誤,很明顯的錯誤
不會經過復查之後,我仍然跟你回報沒有打錯。
這時應該警覺是自己錯了
應該去查Google。
 
半天思考之後察覺可能pnfeedback桑不知
李超人是李嘉誠很知名外號,
才生此誤會

麻煩以後反映問題時要描述清楚
會刪除同學貼文是因為這是一個不成問題的貼文
同學又語焉不詳。
討論區不留存無意義的貼文,
以免浪費大家的時間。

原本很期待同學能自行發現錯誤,
等了半天卻無聲息,
只好把原委一一寫出來
以幫助Pnfeedback同學能及早知道錯誤。
實在很累。

讀講稿心得與發問 - 頁 4 A8HUqoU


讀講稿心得與發問 - 頁 4 UIyODAT
我並未禁止同學發言資格,請直接上來發言


From pnfeedback簡訊

Hi Michael:

看到您的貼文了。我真的不知道您講的李超人,就是李嘉誠。

我只是聽了好幾次,在語音檔裏面,只聽到您說李嘉誠,沒聽過您說李超人。所以才會認為需要修正。

我想如果像我這種華語系讀者都有可能誤解,部分英語系讀者,要把沒有諧音的英語李超人,跟英語李嘉誠連結起來,可能會有點困難。

受教了。辛苦了。

祝闔家安康

pnfeedback


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