<\/span><\/h3>\nCu\u1ed1n s\u00e1ch “C\u00e1c ti\u1ec3u lu\u1eadn c\u1ee7a Warren Buffett” c\u1ee7a Warren Buffett \u0111\u00e3 s\u1eafp x\u1ebfp c\u00e1c b\u00e0i vi\u1ebft d\u00e0i c\u1ee7a \u00f4ng theo ch\u1ee7 \u0111\u1ec1, t\u1eeb \u0111\u00f3 t\u1ea1o ra m\u1ed9t c\u1ea5u tr\u00fac d\u1ec5 hi\u1ec3u v\u00e0 nh\u1ea5t qu\u00e1n cho ng\u01b0\u1eddi \u0111\u1ecdc.<\/p>\n
Tri\u1ebft l\u00fd trung t\u00e2m c\u1ee7a cu\u1ed1n s\u00e1ch l\u00e0 s\u1ef1 kh\u00e1c bi\u1ec7t l\u1edbn gi\u1eefa gi\u00e1 c\u1ea3 v\u00e0 gi\u00e1 tr\u1ecb trong \u0111\u1ea7u t\u01b0. N\u00f3 c\u0169ng ph\u00e2n t\u00edch v\u00e0 x\u00e2u chu\u1ed7i c\u00e1c ch\u1ee7 \u0111\u1ec1 kh\u00e1c c\u00f3 li\u00ean quan m\u1ed9t c\u00e1ch logic.<\/p>\n
Nh\u1eefng cu\u1ed1n s\u00e1ch v\u1ec1 \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh. \u201cC\u00e1c ti\u1ec3u lu\u1eadn c\u1ee7a Warren Buffett\u201d c\u1ee7a Warren Buffett<\/figcaption><\/figure>\n<\/span>\u201c\u0110\u1ecbnh gi\u00e1 ti\u1ec1n t\u1ec7 c\u1ee7a Damodaran\u201d – Aswath Damodaran\u201d<\/b><\/span><\/h3>\nCu\u1ed1n s\u00e1ch n\u00e0y \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t ngu\u1ed3n t\u00e0i li\u1ec7u \u0111\u00e1ng tin c\u1eady \u0111\u1ec3 hi\u1ec3u v\u00e0 \u00e1p d\u1ee5ng c\u00e1c ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 trong l\u0129nh v\u1ef1c \u0111\u1ea7u t\u01b0 v\u00e0 t\u00e0i ch\u00ednh doanh nghi\u1ec7p. N\u00f3 cung c\u1ea5p m\u1ed9t c\u00e1i nh\u00ecn t\u1ed5ng th\u1ec3 v\u1ec1 c\u00e1ch \u0111\u1ecbnh gi\u00e1 c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh, bao g\u1ed3m c\u1ea3 ti\u1ec1n t\u1ec7, v\u00e0 gi\u1ea3i th\u00edch c\u00e1c ph\u01b0\u01a1ng ph\u00e1p v\u00e0 c\u00f4ng c\u1ee5 chuy\u00ean m\u00f4n \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb c\u1ee7a ch\u00fang.<\/p>\n Nh\u1eefng cu\u1ed1n s\u00e1ch v\u1ec1 \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh. \u201c\u0110\u1ecbnh gi\u00e1 ti\u1ec1n t\u1ec7 c\u1ee7a Damodaran\u201d c\u1ee7a Aswath Damodaran\u201d\n
<\/span>“L\u1ee3i \u00edch chung t\u1eeb qu\u1ef9 t\u01b0\u01a1ng h\u1ed7\u201d – John Bogle<\/b><\/span><\/h3>\nTrong cu\u1ed1n s\u00e1ch, John Bogle ph\u00e2n t\u00edch v\u00e0 chia s\u1ebb nh\u1eefng \u00fd ki\u1ebfn c\u1ee7a m\u00ecnh v\u1ec1 c\u00e1ch m\u00e0 h\u1ec7 th\u1ed1ng qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 c\u00f3 th\u1ec3 cung c\u1ea5p l\u1ee3i \u00edch chung cho c\u1ea3 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 ng\u00e0nh c\u00f4ng nghi\u1ec7p t\u00e0i ch\u00ednh. \u00d4ng t\u1eadp trung v\u00e0o vi\u1ec7c gi\u1ea3m chi ph\u00ed \u0111\u1ea7u t\u01b0 v\u00e0 t\u1ea1o ra c\u00e1c qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 ch\u1ea5t l\u01b0\u1ee3ng, b\u1ec1n v\u1eefng v\u00e0 c\u00f3 t\u00ednh minh b\u1ea1ch cao \u0111\u1ec3 gi\u00fap \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i \u00edch d\u00e0i h\u1ea1n cho nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n
“L\u1ee3i \u00edch chung t\u1eeb qu\u1ef9 t\u01b0\u01a1ng h\u1ed7\u201d cung c\u1ea5p nh\u1eefng th\u00f4ng tin h\u1eefu \u00edch v\u1ec1 c\u00e1ch t\u1ed1i \u01b0u h\u00f3a l\u1ee3i \u00edch t\u1eeb vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o qu\u1ef9 t\u01b0\u01a1ng h\u1ed7. N\u00f3 c\u0169ng kh\u00e1m ph\u00e1 nh\u1eefng th\u00e1ch th\u1ee9c v\u00e0 c\u01a1 h\u1ed9i trong ng\u00e0nh qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 v\u00e0 t\u00e1c \u0111\u1ed9ng c\u1ee7a ch\u00fang \u0111\u1ebfn \u0111\u1eddi s\u1ed1ng v\u00e0 t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n
Nh\u1eefng cu\u1ed1n s\u00e1ch v\u1ec1 \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh. “L\u1ee3i \u00edch chung t\u1eeb qu\u1ef9 t\u01b0\u01a1ng h\u1ed7\u201d c\u1ee7a John Bogle<\/figcaption><\/figure>\n<\/span>“Ho\u1ea3ng lo\u1ea1n, h\u1ed7n lo\u1ea1n v\u00e0 cu\u1ed3ng lo\u1ea1n” – Charles P. Kindleberger<\/strong><\/span><\/h3>\n“Ho\u1ea3ng lo\u1ea1n, h\u1ed7n lo\u1ea1n v\u00e0 cu\u1ed3ng lo\u1ea1n” \u0111\u01b0\u1ee3c Financial Times (T\u1edd b\u00e1o v\u1ec1 t\u00e0i ch\u00ednh qu\u1ed1c t\u1ebf) l\u1ef1a ch\u1ecdn l\u00e0 m\u1ed9t trong nh\u1eefng cu\u1ed1n s\u00e1ch \u0111\u1ea7u t\u01b0 t\u1ed1t nh\u1ea5t m\u1ecdi th\u1eddi \u0111\u1ea1i. Cu\u1ed1n s\u00e1ch l\u00e0 m\u1ed9t c\u00e2u chuy\u1ec7n sinh \u0111\u1ed9ng, th\u00fa v\u1ecb v\u1ec1 vi\u1ec7c kh\u00f4ng bi\u1ebft c\u00e1ch s\u1eed d\u1ee5ng ti\u1ec1n d\u1eabn \u0111\u1ebfn nh\u1eefng cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh qua nhi\u1ec1u th\u1ebf k\u1ec9. Nhi\u1ec1u ch\u1ee7 \u0111\u1ec1 \u0111\u01b0\u1ee3c nh\u1eafc \u0111\u1ebfn trong cu\u1ed1n s\u00e1ch nh\u01b0 l\u1ecbch s\u1eed, ph\u00e2n t\u00edch kh\u1ee7ng ho\u1ea3ng, \u0111\u1ea7u c\u01a1 t\u00ednh to\u00e1n,…<\/p>\n
Thay v\u00ec li\u1ec7t k\u00ea theo c\u00e1c ph\u01b0\u01a1ng tr\u00ecnh to\u00e1n h\u1ecdc ph\u1ee9c t\u1ea1p, t\u00e1c gi\u1ea3 l\u00fd gi\u1ea3i nh\u1eefng cu\u1ed9c kh\u1ee7ng ho\u1ea3ng b\u1eb1ng nh\u1eefng giai tho\u1ea1i v\u00e0 v\u00ed d\u1ee5 th\u1ef1c t\u1ebf. Tr\u00ecnh b\u00e0y s\u00fac t\u00edch v\u00e0 gi\u00e0u th\u00f4ng tin, cu\u1ed1n s\u00e1ch \u0111\u00e3 t\u00f3m g\u1ecdn g\u1ea7n 400 n\u0103m l\u1ecbch s\u1eed kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh, trong \u0111\u00f3 c\u00f3 h\u01a1n 10 cu\u1ed9c kh\u1ee7ng ho\u1ea3ng l\u1edbn. \u0110\u00e2y s\u1ebd l\u00e0 m\u1ed9t trong nh\u1eefng cu\u1ed1n s\u00e1ch v\u1ec1 \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh nh\u1ea5t \u0111\u1ecbnh kh\u00f4ng n\u00ean b\u1ecf l\u1ee1.<\/p>\n
“Ho\u1ea3ng lo\u1ea1n, h\u1ed7n lo\u1ea1n v\u00e0 cu\u1ed3ng loan\u201d c\u1ee7a Charles P. Kindleberger<\/figcaption><\/figure>\n<\/span>“Khi thi\u00ean t\u00e0i b\u1ecb ph\u00e1 s\u1ea3n” – <\/strong>Roger Lowenstein<\/b><\/span><\/h3>\nNh\u01b0 ti\u00eau \u0111\u1ec1 c\u1ee7a cu\u1ed1n s\u00e1ch, t\u00e1c gi\u1ea3 Roger Lowenstein \u0111\u00e3 r\u00fat ra \u0111\u01b0\u1ee3c b\u00e0i h\u1ecdc t\u1eeb cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh. T\u00e1c gi\u1ea3 n\u1eafm b\u1eaft \u0111\u01b0\u1ee3c s\u1ef1 h\u1ea5p d\u1eabn c\u1ee7a vi\u1ec7c quay v\u00f2ng nhanh ch\u00f3ng trong qu\u1ea3n l\u00ed v\u1ed1n d\u00e0i h\u1ea1n.<\/p>\n
Qua cu\u1ed9c ph\u1ecfng v\u1ea5n h\u00e0ng ch\u1ee5c ng\u01b0\u1eddi c\u00f3 li\u00ean quan, Lowenstein \u0111\u00e3 t\u00ecm ra \u0111\u01b0\u1ee3c c\u00e1ch c\u00e1c qu\u1ef9 th\u1ef1c hi\u1ec7n. Kh\u00f4ng ch\u1ec9 th\u1ebf, \u00f4ng c\u00f2n v\u1ea1ch tr\u1ea7n nh\u00e2n c\u00e1ch c\u1ee7a c\u00e1c \u0111\u1ed1i t\u00e1c d\u00e0i h\u1ea1n, s\u1ef1 ki\u00eau ng\u1ea1o c\u1ee7a c\u1ed1 h\u1eefu c\u1ee7a h\u1ecd. V\u00e0 v\u0103n h\u00f3a ph\u1ed1 Wall \u0111\u00e3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn s\u1ef1 th\u00e0nh c\u00f4ng hay th\u1ea5t b\u1ea1i c\u1ee7a h\u1ecd.<\/p>\n
Khi thi\u00ean t\u00e0i b\u1ecb ph\u00e1 s\u1ea3n – Roger Lowenstein<\/figcaption><\/figure>\n<\/span>“L\u00e0m gi\u00e0u t\u1eeb ch\u1ee9ng kho\u00e1ng” – William J.O’Neil<\/strong><\/span><\/h3>\n“L\u00e0m gi\u00e0u t\u1eeb ch\u1ee9ng kho\u00e1n” l\u00e0 cu\u1ed1n s\u00e1ch m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean \u0111\u1ecdc qua, \u0111\u1eb7c bi\u1ec7t v\u1edbi nh\u1eefng ng\u01b0\u1eddi m\u1edbi t\u00ecm hi\u1ec3u ho\u1eb7c mu\u1ed1n tham gia v\u00e0o th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1ng. Cu\u1ed1n s\u00e1ch s\u1ebd ch\u1ec9 ra cho b\u1ea1n c\u00e1ch l\u1ef1a ch\u1ecdn c\u1ed5 phi\u1ebfu an to\u00e0n v\u00e0 hi\u1ec7u qu\u1ea3 nh\u1ea5t.<\/p>\n
B\u1eaft \u0111\u1ea7u t\u1eeb vi\u1ec7c t\u00ecm hi\u1ec3u v\u1ec1 h\u1ec7 th\u1ed1ng Canslim – M\u1ed9t h\u1ec7 th\u1ed1ng t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn, gi\u1ea3m thi\u1ec3u r\u1ee7i ro. V\u00ec h\u1ec7 th\u1ed1ng \u0111\u00e3 \u0111\u01b0\u1ee3c ki\u1ec3m ch\u1ee9ng tr\u00ean th\u1ef1c t\u1ebf n\u00ean ngay sau khi xu\u1ea5t b\u1ea3n cu\u1ed1n s\u00e1ch \u0111\u00e3 tr\u1edf n\u00ean n\u1ed5i ti\u1ebfng. Sau h\u1ec7 th\u1ed1ng Canslim t\u00e1c gi\u1ea3 \u0111em \u0111\u1ebfn cho ng\u01b0\u1eddi \u0111\u1ecdc nh\u1eefng t\u01b0 duy th\u00f4ng minh \u0111\u1ec3 b\u1eaft \u0111\u1ea7u \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3, chuy\u00ean nghi\u1ec7p.<\/p>\n
L\u00e0m gi\u00e0u t\u1eeb ch\u1ee9ng kho\u00e1ng – William J.O’Neil<\/figcaption><\/figure>\n<\/span>“B\u1ecdn r\u1ee3 r\u00ecnh tr\u01b0\u1edbc c\u1ed5ng” – Bryan Burrough v\u00e0 John Helyar<\/strong><\/span><\/h3>\n“B\u1ecdn r\u1ee3 r\u00ecnh tr\u01b0\u1edbc c\u1ed5ng” l\u00e0 t\u00e0i li\u1ec7u v\u1ec1 s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a RJR Nabisco. \u0110\u00e2y l\u00e0 m\u1ed9t ki\u1ec7t t\u00e1c d\u00e0i k\u00ec c\u1ee7a Bryan Burrough v\u00e0 John Hlyar, l\u00e0 m\u1ed9t c\u00e2u chuy\u1ec7n c\u00f3 th\u1eadt v\u1ec1 cu\u1ed9c chi\u1ebfn gi\u00e0nh quy\u1ec1n ki\u1ec3m so\u00e1t c\u00f4ng ty gi\u1eefa c\u00f4ng ty b\u00e1nh quy v\u00e0 c\u00f4ng ty thu\u1ed1c l\u00e1 M\u1ef9.<\/p>\n
N\u1ed9i dung ch\u00ednh n\u00f3i v\u1ec1 vi\u1ec7c mua l\u1ea1i \u0111\u00f2n b\u1ea9y c\u1ee7a t\u1eadp \u0111o\u00e0n RJR Nabisco, bao g\u1ed3m nh\u1eefng cu\u1ed9c h\u1ed9i tho\u1ea1i trong ph\u00f2ng h\u1ecdp bao g\u1ed3m CEO c\u1ee7a c\u00f4ng ty. Vi\u1ec7c s\u00e1t nh\u1eadp b\u1eaft \u0111\u1ea7u v\u1edbi quy\u1ebft \u0111\u1ecbnh mua l\u1ea1i \u0111\u00f2n b\u1ea9y v\u00e0 k\u1ebft th\u00fac v\u1edbi chi\u1ebfn th\u1eafng tr\u1ecb gi\u00e1 25 t\u1ef7 \u0111\u00f4 la c\u1ee7a c\u00f4ng ty c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n l\u00e2u \u0111\u1eddi.<\/p>\n
B\u1eaft \u0111\u1ea7u b\u1eb1ng l\u1ecbch s\u1eed c\u1ee7a RJR Nabisco sau \u0111\u00f3 \u0111\u1ea9y nhanh t\u1ed1c \u0111\u1ed9 v\u00e0 s\u1ef1 k\u1ecbch t\u00ednh trong \u0111o\u1ea1n h\u1ed9i tho\u1ea1i, cu\u1ed1n s\u00e1ch s\u1ebd d\u1eabn d\u1eaft ch\u00fang ta \u0111\u1ebfn s\u1ef1 kinh ng\u1ea1c v\u00ec nh\u1eefng th\u1ee7 \u0111o\u1ea1n, l\u00f2ng tham c\u1ee7a ch\u1ee7 ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0, nh\u00e0 qu\u1ea3n l\u00fd c\u00f4ng ty, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 ph\u1ea7n t\u01b0 nh\u00e2n, c\u1ed5 \u0111\u00f4ng,…<\/p>\n
\u0110\u00e2y kh\u00f4ng ch\u1ec9 l\u00e0 cu\u1ed1n s\u00e1ch khi\u1ebfn ng\u01b0\u1eddi \u0111\u1ecdc t\u00f2 m\u00f2 v\u1edbi nh\u1eefng th\u1ee7 thu\u1eadt t\u00e0i ch\u00ednh m\u00e0 c\u00f2n l\u00e0 cu\u1ed1n s\u00e1ch d\u00e0nh cho nh\u1eefng ng\u01b0\u1eddi l\u00e3nh \u0111\u1ea1o doanh nghi\u1ec7p \u0111ang tr\u0103n tr\u1edf v\u1ec1 c\u00e1ch qu\u1ea3n l\u00fd doanh nghi\u1ec7p.<\/p>\n