积极投资者的交易基于基本面分析、技术分析，并顺应经济周期的各个阶段。积极交易与交易之前的主要区别为：

• 更长的时间框架；
• 更加注重价值；
• 分散风险；
• 较大的止损距离。

积极投资领域最具影响力的书籍是威廉.欧奈尔的《笑傲股市》和《证券投资二十四堂课》。

一、时间框架

为了避免二级趋势震仓，积极投资关注长期趋势或经济周期，而普通交易者则会关注短期、中期和长期趋势。积极投资的信号来源于如斯坦•温斯坦的突破模式或其他市场方向指标。

二、价值

积极投资将股票的目前市场价格与盈利预期相比较，注重股票的内在价值。

a. 管理

• 管理层是否有相当大的持股？
• 员工是否与公司经营情况息息相关？通常以期权或利润分红的形式体现。

b. 竞争力

• 审查公司的产品或服务：
与竞争对手相比，公司是否具有竞争力？他们是否有更好的技术、品牌、版权、专利或更强的专业能力

c. 表现

• 每股价格是否在过去的3到5年迅速增长？
• 分红是否在持续增长？分红增长表明公司正在产生现金流，而不是账面上的利润。
• 每股销售额和收益在过去几个季度是否都在加速增长？
• 警惕由于削减成本和裁员带来的短期收益，因为这会使长期收益大打折扣。

d. 股价收益

• 市盈率/每股盈利增长率(PEG)小于1.0，表明适合做多。
• PEG值小于0.5，强烈的做多信号。

Active Investing
Active investors combine fundamental and technical analysis, moving in and out of the market in accordance with the phases of the business cycle.
The major differences between active investing and trading are:
• A longer time frame;
• Increased emphasis on value;
• Risk diversification; and
• Stop-losses set with higher loss limits, because of the emphasis on value and diversification.
The most influential author in the active investing field is William J O'Neil, author of How to Make Money in Stocks and 24 Essential Lessons for Investment Success.
Time Frames
Active investing concentrates on the primary trend or business cycle and tries to avoid being shaken out bysecondary cycle fluctuations. Traders may focus on short, secondary or primary trends.
Active investing focuses on long-term market signals, using trading systems such as Stan Weinstein's breakout model. Other long-term market direction systems are discussed in Reading The Market.
Value
Active investing emphasizes fundamental stock values, comparing earnings prospects to the current market price:
Management
• Does management have sizable stock holdings?
• Do employees have a real stake in the business? Normally in the form of options or profit-sharing arrangements.
Competitive Strength
• Examine the company's products or services:
Does the company have a competitive edge? Do they have better technology, stronger brands, copyrights, patents or greater expertise that gives them an advantage over their competitors?
Performance
• Have sales and earnings per share grown strongly over the past 3 to 5 years?
• Has there been consistent growth in dividends?
This is a good indication that the company is generating cash flow and not just paper profits.
• Have sales and earnings per share growth accelerated in recent quarters?
• Be on the alert for cost reductions and layoffs that may enhance short-term performance at the expense of long-term growth.
Price-Earnings
Compare earnings prospects to the current price. The PEG Ratio is a handy formula:
Divide the current Price-Earnings Ratio by the expected long-term growth rate (in earnings per share).
• A PEG ratio less than 1.0 signals a buy opportunity.
• Ratios of 0.5 or less are strong buy signals.

本文翻译由兄弟财经提供

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