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We all know it is important to select a good company worth investing in, but is that all?
If you buy the shares of a good company, does that mean you can rest assured, do nothing about it, and wake up finding yourself a millionaire?
Absolutely not.
A good company does not necessarily come with a fair price.
For example, $Amazon(AMZN.US)$, an outstanding company showing impressive growth in both business and stock price, may not be a good investment choice at the end of 1999.
If you bought $Amazon(AMZN.US)$ stock in 1999, you would ride on a roller coaster from over $100 to less than $10 after the burst of the dot-com bubble.
It would take 10 years to recover the initial investment.
Can you wait a decade for a stock to rebound?
'Just hang on, hang on...' That's what you tell yourself. But when you suffer a 90% loss, your answer may be a no-no.
In fact, Warren Buffett already gave us a tip, and he said, 'Buy a wonderful company at a fair price.'
So the question becomes how can we tell if a stock is at a fair price?
To help your understanding, let's take a look at the following example.
Suppose there are two cafés named Bull Café and Bear Café.
The annual profit is $200,000 for Bull and $50,000 for Bear.
Both cafés are for sale now. Bull is sold at $1,000,000, while Bear is sold at $500,000.
Which café would you buy?
To figure this out, let's take a look at one of the most widely used valuation metrics: the price-to-earnings ratio, or P/E ratio.
Basically, a company's P/E ratio tells us how much its investors are willing to pay for every dollar earned by the company.
Now let's go back to the example of cafés. Bull is sold at $100,000,000 and has an earnings of $200,000.
So its P/E ratio is 5 times.
Likewise, we can calculate Bear's P/E ratio, which is 10 times.
This means if you decide to buy Bull Café, it will take you 5 years to recover your initial investment.
If you buy Bear Café, the number would be 10 years.
By comparing the P/E ratios, we could tell that Bull Café may be a better buy.
Normally, the higher the P/E ratio, the more likely that the stock is overvalued, and vice versa.
Now you may probably ask, 'What if a company has no earnings? How can I tell if its stock price is overvalued or undervalued?"'
In most cases, even if a company's in a loss, its book value, which is equal to the total assets minus total liabilities, is still positive.
As P/E ratio no longer works in this case, we need to use price-to-book ratio, also known as P/B ratio, to evaluate the relative value of a stock.
We still use the example of cafés to explain P/B ratio.
Suppose the book value is $1,000,000 for Bull and $250,000 for Bear, and their selling prices remain unchanged.
In this case, the P/B ratio for Bull is 1 time, for Bear is 2 times.
A high P/B ratio is usually interpreted to mean that the stock is overvalued compared to its book value, and vice versa.
By comparing the two cafés' P/B ratios, we could tell that Bull delivers greater value for money, as you will be paying less for every dollar of its net assets.
With moomoo, you can find out a ticker's P/E and P/B ratio by simply tapping the ticker in your watchlist and tapping anywhere above the dividing line to display more info about the ticker.
If you'd like to find out a stock's historical P/E and P/B ratios, you can go to Detailed Quotes, tap Analyses, select Fundamental, and then tap Details.
To conclude, a wise investment decision takes into account two important factors, i.e. a wonderful company and a fair price.
In share dealing, using metrics like P/E and P/B ratios could help us better understand whether a stock is a great buy.
Through this lesson, we hope you are better familiarized with the two metrics. If you'd like to gain more stock trading knowledge, stay tuned with us! In the next chapter, let's explore the secret behind charts!
For more investment knowledge and trends, welcome to Courses in the Community.
We all know it is important to select a good company worth investing in, but is that all?
我们都知道选择一家值得投资的好公司很重要,但这就是全部吗?
If you buy the shares of a good company, does that mean you can rest assured, do nothing about it, and wake up finding yourself a millionaire?
如果你买了一家好公司的股票,是不是意味着你可以放心,什么都不做,醒来就会发现自己成了百万富翁?
Absolutely not.
绝对不行。
A good company does not necessarily come with a fair price.
一家好的公司不一定会有一个公平的价格。
For example, $Amazon(AMZN.US)$, an outstanding company showing impressive growth in both business and stock price, may not be a good investment choice at the end of 1999.
例如,$亚马逊(AMZN.US)$一家业务和股价都有令人印象深刻增长的优秀公司,在1999年底可能不是一个好的投资选择。
If you bought $Amazon(AMZN.US)$ stock in 1999, you would ride on a roller coaster from over $100 to less than $10 after the burst of the dot-com bubble.
如果你买了$亚马逊(AMZN.US)$1999年的股票,在互联网泡沫破裂后,你会坐过山车从100美元以上跌到不到10美元。
It would take 10 years to recover the initial investment.
收回最初的投资需要10年时间。
Can you wait a decade for a stock to rebound?
你能等上十年,等一只股票反弹吗?
'Just hang on, hang on...' That's what you tell yourself. But when you suffer a 90% loss, your answer may be a no-no.
“等一下,等一下……”你就是这么告诉自己的。但当你遭受90%的损失时,你的回答可能是“不”。
In fact, Warren Buffett already gave us a tip, and he said, 'Buy a wonderful company at a fair price.'
事实上,沃伦·巴菲特(Warren Buffett)已经给了我们一个提示,他说,以公平的价格收购一家优秀的公司。
So the question becomes how can we tell if a stock is at a fair price?
因此,问题变成了我们如何判断一只股票是否处于公平价格?
To help your understanding, let's take a look at the following example.
为了帮助您理解,让我们看一下下面的示例。
Suppose there are two cafés named Bull Café and Bear Café.
假设有两家名为Bull Café和Bear Café的咖啡馆。
The annual profit is $200,000 for Bull and $50,000 for Bear.
公牛和贝尔斯登的年利润分别为20万美元和5万美元。
Both cafés are for sale now. Bull is sold at $1,000,000, while Bear is sold at $500,000.
这两家咖啡馆现在都在出售。公牛的售价为100万美元,而贝尔斯登的售价为50万美元。
Which café would you buy?
你会买哪家咖啡馆?
To figure this out, let's take a look at one of the most widely used valuation metrics: the price-to-earnings ratio, or P/E ratio.
为了弄清这一点,让我们看看最广泛使用的估值指标之一:市盈率,或市盈率。
Basically, a company's P/E ratio tells us how much its investors are willing to pay for every dollar earned by the company.
基本上,一家公司的市盈率告诉我们,它的投资者愿意为公司赚的每一美元支付多少钱。
Now let's go back to the example of cafés. Bull is sold at $100,000,000 and has an earnings of $200,000.
现在让我们回到咖啡馆的例子,公牛的售价为1亿美元,收入为20万美元。
So its P/E ratio is 5 times.
因此,其市盈率为5倍。
Likewise, we can calculate Bear's P/E ratio, which is 10 times.
同样,我们可以计算出贝尔斯登的市盈率是10倍。
This means if you decide to buy Bull Café, it will take you 5 years to recover your initial investment.
这意味着,如果你决定收购Bull Café,你需要5年时间才能收回最初的投资。
If you buy Bear Café, the number would be 10 years.
如果你买了Bear Café,数字是10年。
By comparing the P/E ratios, we could tell that Bull Café may be a better buy.
通过比较市盈率,我们可以看出Bull Café可能是一个更好的选择。
Normally, the higher the P/E ratio, the more likely that the stock is overvalued, and vice versa.
通常情况下,市盈率越高,股票被高估的可能性就越大,反之亦然。
Now you may probably ask, 'What if a company has no earnings? How can I tell if its stock price is overvalued or undervalued?"'
现在你可能会问,‘如果一家公司没有盈利怎么办?我怎么知道它的股价是被高估了还是被低估了?’“
In most cases, even if a company's in a loss, its book value, which is equal to the total assets minus total liabilities, is still positive.
在大多数情况下,即使一家公司处于亏损状态,其账面价值(等于总资产减去总负债)仍为正值。
As P/E ratio no longer works in this case, we need to use price-to-book ratio, also known as P/B ratio, to evaluate the relative value of a stock.
由于市盈率在这种情况下不再适用,我们需要使用市净率,也就是市净率,来评估一只股票的相对价值。
We still use the example of cafés to explain P/B ratio.
我们仍然用咖啡馆的例子来解释市盈率。
Suppose the book value is $1,000,000 for Bull and $250,000 for Bear, and their selling prices remain unchanged.
假设公牛的账面价值为100万美元,贝尔斯登的账面价值为25万美元,它们的售价保持不变。
In this case, the P/B ratio for Bull is 1 time, for Bear is 2 times.
在本例中,公牛的市盈率为1倍,熊市的市盈率为2倍。
A high P/B ratio is usually interpreted to mean that the stock is overvalued compared to its book value, and vice versa.
高市盈率通常被解读为股票相对于账面价值被高估,反之亦然。
By comparing the two cafés' P/B ratios, we could tell that Bull delivers greater value for money, as you will be paying less for every dollar of its net assets.
通过比较两家咖啡馆的市盈率,我们可以看出,公牛提供了更高的性价比,因为你将为其每一美元的净资产支付更少的费用。
With moomoo, you can find out a ticker's P/E and P/B ratio by simply tapping the ticker in your watchlist and tapping anywhere above the dividing line to display more info about the ticker.
有了moomoo,你只需在你的观察列表中点击股票代码,然后点击分界线上的任何地方,就可以看到股票代码的市盈率和市盈率,从而显示更多关于股票代码的信息。
If you'd like to find out a stock's historical P/E and P/B ratios, you can go to Detailed Quotes, tap Analyses, select Fundamental, and then tap Details.
如果你想了解一只股票的历史市盈率和市盈率,你可以去详细报价,攻丝分析,选择基本原理,然后点击细节.
To conclude, a wise investment decision takes into account two important factors, i.e. a wonderful company and a fair price.
总而言之,一个明智的投资决策考虑到两个重要因素,即一家优秀的公司和一个公平的价格。
In share dealing, using metrics like P/E and P/B ratios could help us better understand whether a stock is a great buy.
在股票交易中,使用市盈率和市盈率等指标可以帮助我们更好地了解一只股票是否值得买入。
Through this lesson, we hope you are better familiarized with the two metrics. If you'd like to gain more stock trading knowledge, stay tuned with us! In the next chapter, let's explore the secret behind charts!
通过本课,我们希望您更好地熟悉这两个指标。如果你想获得更多的股票交易知识,请继续收看我们的节目!在下一章中,让我们来探索图表背后的秘密!
For more investment knowledge and trends, welcome to Courses in the Community.
欲了解更多投资知识和趋势,欢迎访问课程在社区里。
moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
风险及免责提示
moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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