根據我的了解能力﹐defensive 的選股參考﹕
| 條件 | ||
| 1 | 指數成份股 | √ |
| 2 | Current ratio | >2 |
| NCA/debt | >1 | |
| 3 | 盈利紀錄 | >10年 |
| 4 | Dividend紀錄 | >10年 |
| 5 | Growth | >30% in 10yr |
| 6 | PE | <15 |
| 7 | P/B | <1.5 |
| PExPB | <22.5 | |
| 補充 | Diversification | √ |
enterprising 的選股參考﹕
| 1 | 廉價股 | |
| 2 | Current ratio | >1.5 |
| NCA/debt | >0.9 | |
| 3 | 盈利紀錄 | >5年 |
| 4 | Dividend | >5年 |
| 5 | Growth | >5年前 |
| 6 | PE | <9 |
| 7 | P/B | <1.2 |
| PExPB | <10.8 | |
| 8 | Bargain issue | |
| 市值/NCA | <1 | |
| 補充 | Diversification | √ |
當然﹐謹慎又聰明的投資者應該會靈活變動﹐它可以把enterprising的5年延長至10年或更長﹐也可以將5年紀錄只限制用在“賤價股”(Bargain issue)。
“The Intelligent Investor”的enterprising篇有一段是這樣的﹔
But what about your “bargain issues”? Can one really make money in them without taking a serious risk? Yes indeed, if you can find enough of them to make a diversified group, and if you don't lose patience if they fail to advance after you buy them.
.............
Most of the bargain issues in our experience have not taken so long to show good profits--nor have they shown so high a rate.
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