《约翰.聂夫的成功投资》内容简介
有些人把聂夫称为价值投资者，有些人称他为逆向投资者，而聂夫更喜欢称自己为低市盈率投资者。在网络股泡沫泛滥时他说了一句令美国人侧目的名言：“该看的是有无价值，笨蛋！”其次，他喜欢做逆向投资，对于主流股票，他的原则是“遭冷落时，我们买它们；受到恩宠时，我们卖它们。
在这本自传中，聂夫一边生动地讲述自己从事基金投资的半生岁月，一边阐述自己的投资原则和技巧，让人读得津津有味，又能获益匪浅。
聂夫的低市盈率投资法选股法则：
·低市盈率
·基本增长率超过7%
·收益有保障
·总回报率相对于支付的市盈率两者关系绝*
·除非从低市盈率得到补偿，否则不买周期性股票
·成长行业中的稳健公司
·基本面良好
聂夫独创“衡量式参与”策略，重新确立了4大投资类别：
1.高知名度成长股
2.低知名度成长股
3.慢速成长股
4.周期成长股
作者简介
约翰·聂夫：生于1931年，1955年进入克利夫兰国家城市银行工作，1958年成为信托部门的证券分析主管，1963年进入威灵顿管理公司，1964年成为温莎基金经理，并一直担任至1995年退休。在此期间，他将摇摇欲坠、濒临解散的温莎基金经营成当时最大的共同基金。1985年底，温莎基金为防止规模臃肿，停止接受新客户。在31年间，温莎基金总投资回报率达55．46倍，而且累计平均年复利回报率达13．7％的纪录，在基金史上尚无人能与其匹敌。在退休前，聂夫还一直兼任威灵顿管理公司的副总裁和经营合伙人。.
Introduction to the Successful Investment of John Neff
While some call him a value investor and others a contrarian, Neff prefers to call himself a low P/E investor. At the height of the dotcom bubble he famously raised eyebrows in the US: "It's value, stupid!" Second, he likes to be contrarian, and for mainstream stocks, his rule is "when they're out in the cold, we buy them; When we are favored, we sell them.
In this autobiography, Neff vividly tells the half of his life engaged in fund investment, while explaining his investment principles and skills, which makes people read with interest and benefit a lot.
Neff's low P/E ratio investment method stock selection rule:
· Low P/E ratio
· The underlying growth rate exceeded 7%
· Income is guaranteed
· There is a strong relationship between total return and the P/E ratio paid *
· Don't buy cyclical stocks unless compensated for by low P/E ratios
· Solid companies in growing industries
· Good fundamentals
Neff's original "measured participation" strategy re-established four major investment categories:
1. High-profile growth stocks
2. Low-profile growth stocks
3. Slow growth stocks
4. Cyclical growth stocks
About the author
John Neff: Born 1931, he joined the National City Bank of Cleveland in 1955, became head of securities analysis in the trust department in 1958, Wellington Management in 1963, and Windsor Fund Manager in 1964, a position he held until his retirement in 1995. During this time, he turned the faltering Windsor Fund, which was on the verge of dissolution, into the largest mutual fund at the time. At the end of 1985, the Windsor Fund stopped accepting new clients to prevent it from becoming bloated. In 31 years, the Windsor Fund's total investment return has reached 55.46 times, and the cumulative average annual compound return has reached a record 13.7%, which is no one in the history of the fund. Until his retirement, Neff was also Vice President and Managing Partner of Wellington Management. .
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