第441章【解构】

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陆鸣看着投屏上的k线图说道:“……它应该有个斜率,比如我们天盛控股几乎就是以一个55度角的斜率在上升,中途的涨跌忽略,整体上它是在上升的,然后再看期间的暴涨暴跌。那么就会发现股价的两个影响变量其实也是一样的,盈利股息分红与投机性波动,对应的不正是收入增长与债务杠杆?”
    说着陆鸣回过头来目视在场的众人:“很多人都在讲价值投资,讲的是你的企业能不能给我创造回报,讨论的就是那个斜率,对应天盛控股不就是上升通道趋势?但投机也是一种价值,无非就是这个价值看怎么用它的问题。”
    天盛控股的主升浪暴涨暴跌就是投机性的短期剧烈波动,其价值在于启动行情,套住外资,以及结束行情等等,这当然也算是一种价值。
    陆鸣继续道:“说穿了就是一个价值加上一个投机部分的波动而已,天盛控股的‘价值’是上升趋势的斜率,暴涨是‘投机’的波动,回落下来也会沿着斜率继续走,因为公司还在创造价值。所以分工分配带来的收入增长,然后和债务杠杆之间的关系,放到股票这里去理解就简单了,当你的债务杠杆推升的时候股价已经大幅度偏离了你的长期增长收入时就是高估,就是泡沫了嘛。”
    “挪威财富主权基金为什么在之前天盛的股价3万的时候不买?前段时间跌到3万就开始猛的增持?原因就是一季度的3万元在当时是被高估的,现在是估值合理,是用时间去换空间,最近正好跌到这条斜率附近抄底的资金明显增加。”
    值得一提的是,挪威财富主权基金最近下跌到2.6万元附近的时候没有增持了,倒不是他们不想增持,主要是已经完成了阶段性的建仓计划了。
    对于这些做左侧交易的中长期机构投资者而言,他们的逻辑是只要认为估值在对应的时间节点到了他们认为的合理的价值区间,增持买入就完事了,完成建仓就不管了,也不会去在意短期的波动。
    ……
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