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The momentum formula

机译:动量公式

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摘要

You'd think that after three decades as a successful stock picker, Samuel Eisenstadt would have complete faith in his own system. Not quite. At age 76, the research chairman for Value Line, Inc.—and the coinventor of what may be the most famous stock-picking system in the world, the Value Line timeliness ranking—still has doubts. These days Eisenstadt is skeptical of the high ratings the system gives to Internet-related stocks like Yahoo and America Online. AOL was up about sevenfold last year and trades at 270 times trailing earnings. "I wouldn't buy it," Eisenstadt admits. But the Value Line rating system doesn't have any gut instincts, and it doesn't care that a stock's price/earnings ratio is higher than the market's. Rather, the system picks up on aol's accelerating net income and share price, and the fact that the stock's p/e, however high, is not out of line with its growth rate.
机译:您可能会认为,作为成功的股票选择者,塞缪尔·艾森斯塔特(Samuel Eisenstadt)在经历了三十年之后,将完全相信自己的系统。不完全的。现年76岁的Value Line,Inc.的研究主席(可能是世界上最著名的股票拣选系统的共同发明者,Value Line的时效性排名)仍然令人怀疑。如今,艾森斯塔特(Eisenstadt)对该系统对雅虎(Yahoo)和美国在线(America Online)等互联网相关股票的高评级持怀疑态度。去年,AOL的市盈率增长了约7倍,市盈率为270倍。艾森斯塔特承认:“我不会买。”但是,Value Line评级系统没有任何直觉,也不会在乎股票的市盈率是否高于市场。相反,该系统利用了美国在线的不断增长的净收入和股价,并且该股票的市盈率(无论高高)与其增长率并不一致。

著录项

  • 来源
    《Forbes》 |1999年第2期|p.114|共1页
  • 作者

    John Gorham;

  • 作者单位
  • 收录信息 美国《科学引文索引》(SCI);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 世界经济问题;
  • 关键词

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