One part could include fundamental analysis
because it delves into a company’s ability to make money.
其中一部分可能包括基本面分析，因為它深入探討一家公司的賺錢能力。
00:31
At its core, it’s the process of analyzing
a company’s financial statements, and studying other trends and data.
其核心在於分析公司財務報表，並研究其他趨勢和數據的過程。
00:38
That can help you determine whether a stock
is fairly valued, undervalued, or overvalued by the market.
這可以幫助你判斷一檔股票是被市場合理定價、低估還是高估。
00:45
Fundamental analysis is a large discipline
as well, but you don’t have to do it all by yourself.
基本面分析也是一門博大精深的學問，但你不必全部獨力完成。
00:51
You can determine how much you’re going
to do and what you want to leave to the experts.
你可以決定自己要做多少，以及哪些部分要留給專家處理。
00:55
There are many parts to due diligence, and
in this video, we'll discuss four core ones: earnings, capital structure, management, and
expectations.
盡職調查包含許多部分，在本影片中，我們將討論四個核心部分：盈餘、資本結構、管理層以及市場預期。
01:06
To get started, you need to know where to
get the right information.
首先，你需要知道去哪裡取得正確的資訊。
01:09
Publicly traded companies are required by
the Securities Exchange Commission, or SEC, to report financial information to the public
in quarterly reports called 10-Qs and annual
Despite the name, it’s not a race but instead
a document filled with hundreds of pages of detailed financial information that can feel
like a marathon to read.
This is because the stock market is a place
where people come to buy and sell the future earnings of a company.
這是因為股票市場是一個人們買賣公司未來盈餘的地方。
02:03
A common rule of thumb is that earnings and
revenues should be growing—quarter over quarter and year over year.
一個常見的經驗法則是，盈餘和營收應該要逐季（quarter over quarter）以及逐年（year over year）增長。
02:10
But there's more you can do with that information,
like compare how fast earnings are growing or determine how successful a company is at
making a profit.
但有了這些資訊，你還可以做更多事情，例如比較盈餘增長的速度，或是判斷一家公司在賺錢方面有多成功。
02:18
But that would mean a lot of number crunching.
但這意味著需要進行大量的數據運算。
02:20
The crunching happens by taking data from
these statements to calculate financial ratios.
這些運算透過從這些報表中提取數據來計算財務比率來完成。
02:25
These ratios are standardized measurements
that can help you analyze how well a company has performed, and what its future might look
like.
這些比率是標準化的衡量指標，可以幫助你分析一家公司的表現如何，以及其未來可能的樣貌。
02:33
Thankfully, the work has been done for you
and you can get many of these tools and ratios for free in a more palatable way from most
brokerages, like on the Research tab on schwab.com.
One example of a ratio is net profit margin,
which compares a company's revenue, or the total sales before expenses, to net income—the
money it has left over after all the expenses
It compares the price of a share of a company's
stock to the company's earnings per share.
它將公司一股股票的價格與公司的每股盈餘（earnings per share）進行比較。
03:37
If a stock is trading at $20 and its earnings
per share are $1, then the stock has a P/E of 20.
如果一檔股票的交易價格為 20 美元，其每股盈餘為 1 美元，那麼該股票的本益比就是 20。
03:44
Some investors like to focus on companies
with a lower ratio, believing it's a better value.
有些投資者喜歡專注於比率較低的公司，認為其價值較好。
03:50
Of course, there’s other ways to examine
revenue and earnings, but another core area of due diligence is a company's capital structure.
當然，還有其他方法可以審查營收和盈餘，但盡職調查的另一個核心領域是公司的資本結構。
03:58
It deals with how the business is funded.
它涉及企業是如何籌資的。
04:01
Funding is done in a few ways, including selling
equity by issuing stock shares or borrowing money in the form of things like bonds, mortgages,
and other debt.
籌資的方式有幾種，包括透過發行股票出售股權，或以債券、抵押貸款和其他債務的形式借錢。
04:10
If a company borrows money or incurs debt
to make new products or otherwise expand, it can affect earnings.
如果一家公司借錢或舉債來研發新產品或進行擴張，這可能會影響其獲利。
04:16
Debts have to be repaid, so they're essentially
a claim on a company's future earnings.
債務必須償還，因此它們本質上是對公司未來獲利的一種索取權。
04:21
A company with a good capital structure generally
keeps its debt and other liabilities in check, while growing equity by retaining earning
that can be reinvested into the company.
The debt-to-equity ratio is a good way to
analyze how burdened a company might be by debt.
負債權益比是分析公司債務負擔程度的好方法。
04:37
A high ratio that is also higher than the
company’s peers could be a sign that the company has too much debt, which could be
a drag on future earnings.
若該比率偏高，且高於同業水平，可能意味著公司債務過多，這將拖累未來的獲利。
04:45
However, debt levels vary from industry to
industry, so peer comparisons are an important part of this analysis.
然而，債務水平因行業而異，因此同業比較是此分析的重要一環。
04:51
I’ve talked about analyzing the books, but
what about the people keeping the books?
我談過了如何分析帳面數據，但負責管理帳簿的人呢？
04:57
Management effectiveness analysis focuses
on the ability of the management team to run the company, and it's one of a few soft data
points that can be helpful when researching an investment.
管理效能分析聚焦於管理團隊經營公司的能力，這是研究投資時幾個有幫助的「軟數據」之一。
05:07
Successful management can seem abstract, but
there's actually another ratio that can help grade how well management does at turning
shareholder money into profits.
成功的管理看似抽象，但其實有另一個比率可以評估管理層將股東資金轉化為利潤的表現。
05:15
It's called the return-on-equity ratio, and
in this case, the higher the ratio, the better.
這個比率稱為股東權益報酬率（ROE），在此情況下，比率越高越好。
05:21
It's calculated by dividing the company's
net income by the average shareholder’s equity.
它的計算方式是將公司的淨利除以平均股東權益。
05:25
If a company has a higher number than its
peers, investors might perceive that the managers are good at making money.
如果一家公司的該比率高於同業，投資者可能會認為其經理人善於賺錢。
05:31
It's not all about numbers, though.
不過，這並不僅僅是數字的問題。
05:33
You can also find commentary directly from
a company's management team on the company's investor relations website, in the 10-Qs and
10-Ks, and through analyst reports.
Those statements can provide insights into
what’s on the minds of the people in charge, such as product promotions, growth expectations,
or even potential dividends.
這些聲明可以深入了解高層心中的想法，例如產品促銷、增長預期，甚至是潛在的股息。
05:55
Companies are also required to disclose any
present risks they face, which may be an important factor in your investment decision.
公司也被要求披露目前面臨的任何風險，這可能是你投資決策的重要因素。
06:03
Risks can include lawsuits that could affect
future earnings, or other trouble, like concerns that the company will struggle to market to
certain customers.
風險可能包括影響未來獲利的訴訟，或其他麻煩，例如擔心公司難以向特定客戶行銷。
06:11
That's a good reminder about the importance
of diversifying the types of stocks you invest in.
這正好提醒我們分散投資股票類型的重要性。
06:15
Investing in companies from several sectors
and industry groups that don’t usually rise or fall at the same time can help manage risk.
投資於幾個通常不會同時漲跌的行業和產業集團的公司，有助於管理風險。
06:22
While earnings growth, capital structure,
and management are all important parts of conducting due diligence, much of what’s
being analyzed is in the past.
雖然獲利增長、資本結構和管理都是進行盡職調查的重要部分，但大部分被分析的內容都屬於過去的資訊。
06:32
Investors are most often concerned with the
future prospects of a company.
投資人最常關心的是公司的未來前景。
06:36
This is where the expertise of Wall Street
analysts is helpful.
這正是華爾街分析師的專業之處。
06:40
Banks and research firms around the world
pay analysts to study many public companies.
全世界的銀行和研究公司會付費請分析師研究許多上市公司。
06:44
They publish frequent reports about their
views, including what're known as forward earnings estimates that forecast what they
think each company will earn for the upcoming quarter or year.
They're educated guesses, but heavily researched
ones that analysts make using their professional projections and models.
這些是經過大量研究的專業推測，是分析師利用其專業預測和模型得出的有根據的猜測。
07:00
Larger companies tend to attract more analysts,
and the reports can be found through most brokerages, including Schwab.
較大的公司往往會吸引更多的分析師，這些報告可以透過大多數經紀商（包括嘉信理財）找到。
07:07
Analyst estimates tend to be pretty big news
when companies report earnings every three months.
當公司每三個月公佈財報時，分析師的預估值往往是重大的新聞。
07:12
A company beating or falling short of estimates
often result in big jumps or drops in the stock price.
一家公司若超出或未達預估值，通常會導致股價大幅上漲或下跌。
07:18
However, outside of earnings announcements,
positive adjustments to an analyst's estimates could be an indication the company may be
doing better than expected.
然而，在財報公佈之外，分析師預估值的正向調整可能表明公司的表現優於預期。
07:28
Negative estimate adjustments could be a bad
sign for the company.
負面的預估調整對公司來說可能是一個壞兆頭。
07:32
Analysts estimates for the future growth of
earnings can help investors calculate the intrinsic value, or fair market value, of
a company.
分析師對未來盈餘增長的預估，可以幫助投資人計算公司的「內在價值」或「公允市場價值」。
07:40
Anyone can calculate intrinsic value, but
it's complicated.
任何人都可以計算內在價值，但這很複雜。
07:44
One method requires you to calculate earnings
estimates for a company over a period of, say, five or 10 years, then discount those
estimates based on how likely it is to happen.
Not only is the discounted future cash flows
model complex, but it requires a few educated assumptions, so having analysts to rely on
can be a big relief.
折現現金流模型不僅複雜，還需要一些有根據的假設，因此依賴分析師可以說是一大解脫。
08:03
However, if you are relying on someone else,
even an analyst, make sure you understand their assumptions because they may have a
different economic outlook, investing time frame, or bias, on the industry than you.
While a hot stock tip is exciting, without
doing some due diligence, you could get burned.
雖然熱門的股票內線消息很令人興奮，但如果不做些盡職調查，你可能會遭受損失。
08:21
When you know what you're looking for and
where to find it, it's a lot less overwhelming.
當你知道要找什麼以及去哪裡找時，事情就沒那麼令人不知所措了。
08:25
Remember, the goal of due diligence isn't
to make sure you know everything about a company.
記住，盡職調查的目標並不是要確保你了解一家公司的一切。
08:30
Instead, it's to help you evaluate the pros
and cons so you can decide whether it belongs in your portfolio.
相反地，是為了幫助你評估利弊，以便決定它是否適合納入你的投資組合。
How to Research Stocks
📝 影片摘要
本單元「How to Research Stocks」強調在收到任何股票內線消息後，進行盡職調查（Due Diligence）的重要性。教學內容指出，投資者不應盲目跟隨，而應主動研究公司的基本面。這包括分析公司的財務報表，如損益表，並運用財務比率（如本益比、負債權益比）來評估公司的獲利能力、資本結構與管理效能。此外，影片也介紹了如何利用華爾街分析師的前瞻盈餘預估來評估公司未來的內在價值，並提醒投資人分散風險及了解分析師假設的必要性。
