巴菲特選擇性反向投資策略於台股應用之可行性研究

Abstract

本研究以瑪麗．巴菲特(Mary Buffett) ＆大衛．克拉克(David Clark)著「和巴菲特同步買進-震盪市場中的穩當投資策略」一書的概念為基礎，研究期間和對象為2005到2014年上市櫃股票，從2005到2014年上市櫃股票中篩選出符合「巴菲特選擇性反向投資策略」(Warren Buffett’s selective contrarian investment strategy)的投資標的，藉以觀察台灣上市櫃股票中是否有符合巴菲特選擇性反向投資策略指標的投資標的，來實證巴菲特選股法則於台股投資的可行性。

在本研究中，由於巴菲特選股方式的篩選方式較為嚴格，必需是10年以上之公司而且財務指標每年皆必需達到所希望的標準才符合，經實證結果，台灣沒有上市櫃公司符合「巴菲特選擇性反向投資策略」之選股標準。

This study is based on the concept of the book“Buffett synchronously buys in - stable investestment strategy in volatile market”written by Mary Buffet and David Clark. The study objects are all listed stocks from the year 2005 to 2014. The target stocks which completely meet criterias of Warren Buffett’s selective contrarian investment strategy are selected to see whether any Taiwan listed stock could meet the standard in order to proof the feasibility of Warren Buffett’s selective contrarian investment strategy in Taiwan Stock Market.

Buffett’s stock selective methology is quite stricter. Listed companies must be as long established as more than 10 years. All financial ratios must be totally meet or exceed criterias every year among 10 years. The empirical result shows no Taiwan stock can completely meet the standard and requirement of Warren Buffett’s Selective Contrarian investment strategy.