<\/span><\/h2>\nBenjamin Graham (8 th\u00e1ng 5 n\u0103m 1894 – 21 th\u00e1ng 9 n\u0103m 1976) l\u00e0 m\u1ed9t nh\u00e0 kinh t\u1ebf h\u1ecdc v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p ng\u01b0\u1eddi M\u1ef9. Graham \u0111\u01b0\u1ee3c coi l\u00e0 ng\u01b0\u1eddi \u0111\u1ec1 x\u01b0\u1edbng \u0111\u1ea7u ti\u00ean v\u1ec1 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb, m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ea7u t\u01b0 m\u00e0 \u00f4ng b\u1eaft \u0111\u1ea7u gi\u1ea3ng d\u1ea1y t\u1ea1i Tr\u01b0\u1eddng Kinh doanh Columbia v\u00e0o n\u0103m 1928 v\u00e0 sau \u0111\u00f3 \u0111\u01b0\u1ee3c ho\u00e0n thi\u1ec7n c\u00f9ng v\u1edbi David Dodd th\u00f4ng qua c\u00e1c \u1ea5n b\u1ea3n kh\u00e1c nhau c\u1ee7a cu\u1ed1n s\u00e1ch Ph\u00e2n t\u00edch B\u1ea3o m\u1eadt n\u1ed5i ti\u1ebfng c\u1ee7a h\u1ecd. C\u00e1c m\u00f4n \u0111\u1ed3 c\u1ee7a \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb bao g\u1ed3m Jean-Marie Eveillard, Warren Buffett, William J. Ruane, Irving Kahn, Hani M. Anklis v\u00e0 Walter J. Schloss. Buffett, ng\u01b0\u1eddi cho r\u1eb1ng Graham \u0111\u00e3 t\u1ea1o n\u1ec1n t\u1ea3ng cho \u00f4ng v\u1edbi m\u1ed9t khu\u00f4n kh\u1ed5 \u0111\u1ea7u t\u01b0 tr\u00ed tu\u1ec7 h\u1ee3p l\u00fd, \u0111\u00e3 m\u00f4 t\u1ea3 \u00f4ng l\u00e0 ng\u01b0\u1eddi c\u00f3 \u1ea3nh h\u01b0\u1edfng l\u1edbn th\u1ee9 hai trong cu\u1ed9c \u0111\u1eddi sau cha c\u1ee7a m\u00ecnh. Tr\u00ean th\u1ef1c t\u1ebf, Graham c\u00f3 \u1ea3nh h\u01b0\u1edfng l\u1edbn \u0111\u1ebfn c\u00e1c h\u1ecdc tr\u00f2 c\u1ee7a m\u00ecnh \u0111\u1ebfn n\u1ed7i hai ng\u01b0\u1eddi trong s\u1ed1 h\u1ecd, Buffett v\u00e0 Kahn, \u0111\u00e3 \u0111\u1eb7t t\u00ean con trai c\u1ee7a h\u1ecd, Howard Graham Buffett v\u00e0 Thomas Graham Kahn, theo t\u00ean \u00f4ng.<\/span><\/p>\n<\/span>T\u1ed5ng h\u1ee3p review s\u00e1ch <\/b>Nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh<\/b><\/span><\/h2>\n<\/span>Review t\u1eeb b\u1ea1n <\/span>Dang Minh Ngoc<\/b>, 11\/2021.<\/b><\/span><\/h3>\n|Nh\u00e0 \u0110\u1ea7u T\u01b0 Th\u00f4ng Minh by Benjamin Graham|<\/span><\/p>\nD\u00f9 \u0111\u1ea7u t\u01b0 b\u1ea5t k\u00ec l\u0129nh v\u1ef1c g\u00ec, c\u0169ng c\u1ea7n \u0111\u1eb7t c\u00e2u h\u1ecfi: l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 h\u01a1n, an to\u00e0n h\u01a1n, \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh c\u1ee7a m\u00ecnh.<\/span><\/p>\nT\u00e1c gi\u1ea3: Xu\u1ea5t th\u00e2n ngh\u00e8o kh\u00f3, n\u1ed7 l\u1ef1c r\u1ea5t nhi\u1ec1u \u0111\u1ec3 tr\u1edf th\u00e0nh sinh vi\u00ean xu\u1ea5t s\u1eafc. \u00d4ng b\u1eaft \u0111\u1ea7u s\u1ef1 nghi\u1ec7p \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh \u1edf ph\u1ed1 Wall. N\u0103m 1949, \u00f4ng vi\u1ebft l\u1ea1i to\u00e0n b\u1ed9 nguy\u00ean t\u1eafc c\u1ed1t l\u00f5i v\u1ec1 \u0111\u1ea7u t\u01b0 m\u00e0 \u00f4ng h\u1ecdc \u0111\u01b0\u1ee3c th\u00e0nh cu\u1ed1n Nh\u00e0 \u0110\u1ea7u T\u01b0 Th\u00f4ng Minh. Cu\u1ed1n s\u00e1ch n\u00e0y \u0111\u00e3 t\u1eebng \u0111\u01b0\u1ee3c Warren Buffett nh\u1eadn x\u00e9t l\u00e0 cu\u1ed1n s\u00e1ch \u0111\u1ea7u t\u01b0 hay nh\u1ea5t \u00f4ng t\u1eebng \u0111\u1ecdc.<\/span><\/p>\n3 n\u1ed9i dung ch\u00ednh:<\/span><\/p>\nN\u1ed9i dung 1: \u0110\u1ea7u t\u01b0 theo gi\u00e1 tr\u1ecb v\u00e0 d\u1ef1a tr\u00ean 3 nguy\u00ean t\u1eafc<\/span><\/p>\n– Nguy\u00ean t\u1eafc 1: Ph\u00e2n t\u00edch nguy\u00ean t\u1eafc qu\u1ea3n l\u00fd v\u00e0 s\u1ef1 ph\u00e1t tri\u1ec3n l\u00e2u d\u00e0i c\u1ee7a c\u00f4ng ty tr\u01b0\u1edbc khi \u0111\u1ea7u t\u01b0 (t\u00ecm hi\u1ec3u tr\u01b0\u1edbc v\u1ec1 \u0111\u1ed1i t\u01b0\u1ee3ng \u0111\u1ea7u t\u01b0). Th\u1ee9 nh\u1ea5t, kh\u00f4ng bao gi\u1edd \u0111\u1ec3 m\u1ea5t ti\u1ec1n. Th\u1ee9 hai, kh\u00f4ng bao gi\u1edd \u0111\u01b0\u1ee3c qu\u00ean \u0111i\u1ec1u th\u1ee9 nh\u1ea5t. -> Tr\u00e1nh thua l\u1ed7 b\u1eb1ng ph\u00e2n t\u00edch to\u00e0n di\u1ec7n, \u0111\u1ec3 t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn.<\/span><\/p>\n– Nguy\u00ean t\u1eafc 2: B\u1ea3o v\u1ec7 m\u00ecnh kh\u1ecfi thi\u1ec7t h\u1ea1i b\u1eb1ng c\u00e1ch \u0111a d\u1ea1ng h\u00f3a c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 (ko b\u1ecf tr\u1ee9ng v\u00e0o 1 gi\u1ecf).<\/span><\/p>\n– Nguy\u00ean t\u1eafc 3: Kh\u00f4ng t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn b\u1ea5t th\u01b0\u1eddng m\u00e0 t\u1eadp trung v\u00e0o l\u1ee3i nhu\u1eadn an to\u00e0n, \u1ed5n \u0111\u1ecbnh.<\/span><\/p>\nN\u1ed9i dung 2: \u0110\u1eebng bao gi\u1edd tin t\u01b0\u1edfng \u201cth\u1ecb tr\u01b0\u1eddng\u201d<\/span><\/p>\n– N\u00ean b\u1ecf qua nh\u1eefng b\u00e1o c\u00e1o c\u1ee7a Mr. Th\u1ecb tr\u01b0\u1eddng v\u00ec th\u1ecb tr\u01b0\u1eddng lu\u00f4n \u0111em l\u1ea1i b\u1ea5t ng\u1edd, t\u00e2m tr\u1ea1ng l\u00ean xu\u1ed1ng th\u1ea5t th\u01b0\u1eddng.<\/span><\/p>\n– VD: iPhone: gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng ngay tr\u01b0\u1edbc khi m\u1eabu m\u1edbi ra m\u1eaft, t\u1eebng h\u00e0ng d\u00e0i ng\u01b0\u1eddi \u0111\u1ee9ng ch\u1edd. Nh\u01b0ng n\u1ebfu m\u1eabu m\u1edbi ko \u0111\u00e1p \u1ee9ng k\u1ef3 v\u1ecdng, c\u1ed5 phi\u1ebfu r\u1edbt gi\u00e1..<\/span><\/p>\n– Ch\u00fang ta th\u01b0\u1eddng gi\u1ea3 \u0111\u1ecbnh: nh\u1eefng c\u1ed5 phi\u1ebfu t\u0103ng gi\u00e1 trong 10 ng\u00e0y tr\u1edf l\u1ea1i s\u1ebd ti\u1ebfp t\u1ee5c t\u0103ng, tuy nhi\u00ean ko ph\u1ea3i l\u00fac n\u00e0o c\u0169ng v\u1eady.<\/span><\/p>\nNguy\u00ean t\u1eafc 3: H\u00e3y theo \u0111u\u1ed5i m\u1ed9t nguy\u00ean t\u1eafc nghi\u00eam ng\u1eb7t, r\u1ed3i m\u1ecdi th\u1ee9 s\u1ebd \u1ed5n th\u00f4i.<\/span><\/p>\n– Theo \u0111u\u1ed5i m\u1ed9t l\u00fd thuy\u1ebft\/ c\u00f4ng th\u1ee9c tr\u01b0\u1edbc khi quy\u1ebft \u0111\u1ecbnh ch\u00ednh s\u00e1ch \u0111\u1ea7u t\u01b0 (\u0110\u1ea7u t\u01b0 theo c\u00f4ng th\u1ee9c \u2013 formula investing, Trung b\u00ecnh chi ph\u00ed b\u1eb1ng dollar \u2013 dollar cost averaging).<\/span><\/p>\n– \u0110\u1eb7t ra m\u1ed9t ng\u00e2n s\u00e1ch c\u1ed1 \u0111\u1ecbnh \u0111\u1ec3 chi \u0111\u1ea7u t\u01b0 h\u1eb1ng th\u00e1ng\/ qu\u00fd -> \u0110\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u1ed5 phi\u1ebfu \u0111\u00e3 ch\u1ecdn, b\u1ea5t k\u1ec3 gi\u00e1 ra sao (t\u1ef1 \u0111\u1ed9ng chuy\u1ec3n v\u00e0o tk \u0111\u1ea7u t\u01b0).<\/span><\/p>\n– \u0110\u00f2i h\u1ecfi kh\u1eaft khe v\u1ec1 c\u1ea3m x\u00fac, ch\u1ec9 d\u1eebng l\u1ea1i \u1edf 1 m\u1ee9c ti\u1ec1n, ko h\u01a1n khi cp r\u1ebb, ko k\u00e9m khi cp t\u0103ng, l\u1eb7p \u0111i l\u1eb7p l\u1ea1i\u2026 tuy nhi\u00ean \u0111\u00e2y l\u00e0 ph\u01b0\u01a1ng \u00e1n b\u1ea3o v\u1ec7 b\u1ea3n th\u00e2n kh\u1ecfi thi\u1ec7t h\u1ea1i.<\/span><\/p>\n– C\u00f3 k\u1ebf ho\u1ea1ch d\u1ef1 ph\u00f2ng, v\u00ec ta ko bao gi\u1edd bi\u1ebft tr\u01b0\u1edbc \u0111c \u0111i\u1ec1u g\u00ec s\u1ebd x\u1ea3y ra.<\/span><\/p>\n– H\u00e3y ki\u00ean \u0111\u1ecbnh. Khi \u0111\u00e3 c\u00f3 t\u01b0 duy \u0111\u00fang \u0111\u1eafn, \u0111\u1ea7u t\u01b0 theo c\u00f4ng th\u1ee9c s\u1ebd gi\u00fap lo\u1ea1i b\u1ecf c\u0103ng th\u1eb3ng h\u1eb1ng ng\u00e0y.<\/span><\/p>\n“Nh\u1eefng ng\u01b0\u1eddi kh\u00f4ng nh\u1edb g\u00ec v\u1ec1 qu\u00e1 kh\u1ee9 s\u1ebd ph\u1ea3i l\u1eb7p \u0111i l\u1eb7p l\u1ea1i m\u1ed9t c\u00e1i sai m\u00e3i ch\u01b0a s\u1eeda \u0111\u01b0\u1ee3c. \u0111\u00f3 l\u00e0 s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa ng th\u00e0nh c\u00f4ng v\u00e0 th\u1ea5t b\u1ea1i. ch\u1ec9 c\u00f3 h\u1ecdc \u0111\u01b0\u1ee3c t\u1eeb sai l\u1ea7m th\u00ec m\u1edbi c\u00f3 th\u1ec3 ti\u1ebfn l\u00ean – BENJAMIN GRAHAM”<\/span><\/p>\n