by finandlife11/06/2024 10:11

Ngày đăng ký cuối cùng 25/6/2024

Ngày thanh toán 8/7/2024



120 Years of stock market history in one chart

by finandlife10/06/2024 08:32

Source: Pieter Slegers

Here are 15 things I learned from 120 years of stock market history:

Lesson 1: Invest for the long term. In the short run, stock returns can be very volatile, but they are very robust in the long run.

Lesson 2: On average, you double your money in the stock market every 10 years.

Lesson 3: In the long run, stocks are less risky than bonds. For 20-year holding periods, stock returns have never fallen below inflation.

Lesson 4: Don’t try to time the market. Time in the market is way more important than timing the market.

Lesson 5: Our world continuously changes. Avoid companies who are highly exposed to rapid changing industry dynamics. Lesson

6: This time it’s not different. History doesn't repeat itself. But it often rhymes.

Lesson 7: Let your winners run. Selling your winners and holding your losers is like cutting the flowers and watering the weeds.

Lesson 8: Low stock prices are great for investors.

Lesson 9: Invest in companies that translate most earnings into free cash flow. Earnings are an opinion, cash is a fact.

Lesson 10: In the long term stock prices always follow earnings growth.

Lesson 11: Look at the equity premium. Over the past 200 years, the equity premium (the spread between the return of stocks and return of government bonds) has averaged between 3% and 3.5%.

Lesson 12: In general, small cap stocks outperform. Smaller stocks generate a higher return on the stock market. Between 1926 and 2006, the smallest decile stocks compounded at a CAGR of 14.0% compared to 10.3% for the S&P500.

Lesson 13: Cheaper stocks outperform the market. Based on the price-earnings ratio, the 20% cheapest stocks outperformed the S&P500 by 3.2% between 1957 and 2006.

Lesson 14: Do not invest in IPOs. From 1968 through 2000, a buy-and-hold strategy on IPOs underperformed the index in 29 out of 33 years that were studied.

Lesson 15: The stock market is a leading indicator for the economy. On average, the lead time between what happens on the stock market and what happens in our economy is equal to 6 months.


Economics | StoriesofLife

SBV 30/5/2024

by finandlife30/05/2024 12:54

Chiều 29/5, phát biểu giải trình tại phiên thảo luận kinh tế - xã hội của Quốc hội, Thống đốc Ngân hàng Nhà nước Việt Nam Nguyễn Thị Hồng đã có thông tin thêm về diễn biến tỷ giá và tín dụng trong thời gian qua.

"Vừa qua, Ngân hàng Nhà nước đã phối hợp đồng bộ thực hiện các giải pháp, chính sách để điều tiết tiền tệ và thực hiện can thiệp để đảm bảo nguồn ngoại tệ cho doanh nghiệp nhập khẩu, phục vụ sản xuất trong nước", bà Hồng nói.

Với sự phát triển quay trở lại của sản xuất và tăng xuất khẩu trong thời gian tới, Thống đốc Ngân hàng Nhà nước Việt Nam Nguyễn Thị Hồng cho rằng, điều này sẽ hỗ trợ cho cung - cầu ngoại tệ. Đặc biệt, khi chỉ số USD có diễn biến tăng, các doanh nghiệp đã tăng cường hoạt động mua kỳ hạn (mua trước) có nghĩa nhu cầu ngoại tệ trong tương lại sẽ có xu hướng giảm.Đồng thời, Fed có thể điều chỉnh giảm lãi suất vào cuối năm. Nhiều dự báo cho thấy, tỷ giá vào cuối năm nay sẽ được hạ nhiệt.

"Ngân hàng Nhà nước Việt Nam vẫn tiếp tục theo dõi sát diễn biến thị trường để các doanh nghiệp yên tâm vấn đề điều hành của Chính phủ", Thống đốc nhấn mạnh.



NVIDIA Stock price vs Earnings

by finandlife28/05/2024 15:29



Công ty cổ phần VICOSTONE (HNX: VCS): Dòng tiền thuần FCFF đạt mức cao nhất vào Q1/2024

by finandlife19/05/2024 20:53

"Biển cả lớn vì nó chấp nhận mọi dòng chảy; sông suối cao vì nó thấu hiểu sự giảm sút."

Lão Tử

Công ty tiếp tục ghi nhận khả năng thu hồi công nợ xuất sắc và quản lý hiệu quả vốn lưu động, khiến dòng tiền thuần FCFF đạt mức cao nhất mọi thời đại, lên đến 1.760 tỷ đồng trong bốn quý gần nhất (Q1/2024). Hiện tại, công ty có tiền mặt ròng (tiền và các khoản tương đương tiền trừ đi nợ ngân hàng) là 635 tỷ đồng. Với vốn hóa thị trường chỉ ở mức 11.600 tỷ đồng, đây là mức giá khá hấp dẫn. Nếu công ty có thể duy trì dòng tiền thuần FCFF như đã đề cập, nhà đầu tư sẽ chỉ mất khoảng 6,5 năm để hoàn vốn nếu mua toàn bộ công ty.




To continue working on the transfer of the Phenikaa Chemical Plant in 2024

VCS plans to acquire the Phenikaa Chemical Plant from Phenikaa Group. The Phenikaa Chemical Plant (Phenikaa Chemical) produces UP plastics – one of the most important inputs for VCS’s engineered stone and accounts for 40-50% of total production costs. Phenikaa Chemical is currently owned by Phenikaa Group – VCS’s parent company. With estimated investment costs of USD50.6mn, Phenikaa Chemical has two development phases with an annual designed capacity for the first phase and second phase of 25,000 tonnes each. According to management, Phenikaa Group has invested USD15mn in the first phase and put it into operation in 2021. The first phase is now running stably at around 80% of the designed capacity, per management.In 2023, VCS planned to acquire Phenikaa Chemical. However, due to legal delays related to land acquisition, the transfer has been postponed until now. VCS is accelerating the legal process to complete the acquisition in 2024 at the soonest, as stated by management.

We believe acquiring Phenikaa Chemical should support VCS with (1) reduced production costs and (2) a new revenue stream. With UP plastics accounting for 40-50% of total production costs, bringing the Phenikaa Chemical under its wing should help VCS to manufacture them in-house with lower costs. Additionally, the plant should open new revenue for VCS from selling UP plastics, given its high demand in both Vietnam and the world (see page8).

VCS plans to produce other plastics in the second phase of Phenikaa Chemical. According to management, in addition to UP plastics, VCS will diversify to other plastics like acrylics in the second phase of Phenikaa Chemical. Management forecasts the plant to generate USD40 million in revenue in the first phase, with the potential to double after the second phase is operational.

Further details of the transaction (including the transfer value) have not yet been provided.




I am currently serving as an Investment Manager at Vietcap Securities JSC, leveraging 16 years of experience in investment analysis. My journey began as a junior analyst at a fund in 2007, allowing me to cultivate a profound understanding of Vietnam's macroeconomics, conduct meticulous equity research, and actively pursue lucrative investment opportunities. Furthermore, I hold the position of Head of Derivatives, equipped with extensive knowledge and expertise in derivatives, ETFs, and CWs.


To document my insights and share personal perspectives, I maintain a private blog where I store valuable information. However, it is essential to acknowledge that the content provided on my blog is solely based on my own opinions and does not carry a guarantee of certainty. Consequently, I cannot assume responsibility for any trading or investing activities carried out based on the information shared. Nonetheless, I wholeheartedly welcome any questions or inquiries you may have. You can contact me via email at thuong.huynhngoc@gmail.com.


Thank you for your understanding, and I eagerly anticipate engaging with you on topics concerning investments and finance.

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