經營品質為主的投資策略： 基本面驅動的投資方法

Abstract

Investing into stocks consists of numerous ways of investing styles. In this paper I examine if an investing strategy (Quality-Based Investing Strategy) that targets stocks of high quality companies delivers above market average return rates. Additionally, financial theory offers various ways how an investor can approach stock selection process. In Quality-Based Investing Strategy I use three unique stock selection criteria based on companies’ fundamentals, because I believe that relying solely on data from financial statements represents the most reliable unbiased information source as opposed to other methods that rely on market valuation and financial analysts’ predictions. The selection criteria of the Quality-Based Investing Strategy are uniquely designed to target four dimensions reflecting a company’s financial performance – cash flow, growth, profitability, and consistency. I show that by using Quality-Based Investing Strategy an investor can outperform the market almost in every year and achieve significantly superior return rates in long term perspective.

Investing into stocks consists of numerous ways of investing styles. In this paper I examine if an investing strategy (Quality-Based Investing Strategy) that targets stocks of high quality companies delivers above market average return rates. Additionally, financial theory offers various ways how an investor can approach stock selection process. In Quality-Based Investing Strategy I use three unique stock selection criteria based on companies’ fundamentals, because I believe that relying solely on data from financial statements represents the most reliable unbiased information source as opposed to other methods that rely on market valuation and financial analysts’ predictions. The selection criteria of the Quality-Based Investing Strategy are uniquely designed to target four dimensions reflecting a company’s financial performance – cash flow, growth, profitability, and consistency. I show that by using Quality-Based Investing Strategy an investor can outperform the market almost in every year and achieve significantly superior return rates in long term perspective.