00:00
this fundamental analysis training strategy turned $1,000 into $22,000 using back tested data in this
這個基本面分析培訓策略，利用回測數據將 1,000 美元變成 22,000 美元
00:09
free video course you will learn everything you need to know about fundamental analysis including the
在這個免費的影片課程中，你將學到關於基本面分析所需的一切知識，包括
00:15
secret tool that made this strategy possible all right so let's begin here by taking a look at what you can expect
讓這個策略成為可能的秘密工具。好的，那麼讓我們從了解你能從這個課程中學到什麼開始
00:25
to learn from this course and the very first thing we of course need to talk about here is what is fundamental
首先我們當然需要討論什麼是基本面分析。要知道，為了有效使用基本面分析，我們首先當然需要知道它是什麼
00:34
analysis you know in order to use fundamental analyses effectively we of course need to know what it is in the
我們也需要知道為什麼要使用基本面分析，所以第一章是非常重要的
00:42
first place we also need to know why we would use fundamental analysis so the first chapter is a very important
介紹。第一章結束後，是時候繼續看看一些非常重要的基本面分析
00:51
introduction of chapter one it's time to move on and take a look at some very important fundamental analysis
原則了。例如，我們會看看所謂的「內在價值」，這是基本面分析的
01:00
principles we will for example take a look at something called intrinsic value and this is a concept that is in the
核心概念，因此對其有堅實的理解非常重要。但在第二章
01:07
heart of fundamental analysis so it's very important to have a solid understanding of that uh but in Chapter
中，我們也會看看其他一些非常重要的概念，在課程的後續部分你都需要將這些牢記在心
01:14
2 we will also take a look at some other very important Concepts that you will need to have in mind throughout the rest
第二章結束後，是時候繼續開始理解
01:21
of the course um after chapter 2 it's time to move on uh to start understanding
財務報表和財務報告了。我們會以非常簡單、對初學者友善的方式
01:30
financial statements and financial reports uh so we will take in a very simple you know beginner friendly manner
來學習如何理解損益表，我們會看看資產負債表和現金流量
01:38
we will learn how to understand the income statement we will take a look at the balance sheet and the cash flow
表。這些都是重要的報告，作為基本面分析交易者，我們需要能夠理解
01:46
statement all of these are important reports that as a fundamental analysis Trader we need to be able to understand
正如我所說，我會嘗試以非常簡單的、一步一步的方式來拆解它們。接下來，在第四章，我們
01:54
and as I said I will try to break them down in a very simple step-by-step manner next up uh in chapter four we are
將開始更深入探討，我們會看看一些重要的財務指標和
02:03
going to start diving a bit deeper and we're going to take a look at some important fin Financial metrics and
比率，以便在基本面分析中關注。市場上有許多不同的變數我們可以分析，以
02:10
ratios to pay attention to here in fundamental analysis there are so many different variables we can analyze to
試圖獲得市場優勢，並因此賺錢。但在第四章，我們會看看一些重要的
02:20
try to get an edge on the market and as a result make money but in this chapter 4 we'll take a look at a few important
比率。你可能聽過例如所謂的本益比（PE ratio），那是什麼呢？本益比是
02:29
uh ra ises you might have heard of something for example called a PE ratio what is that well the PE Ratio is an
一個財務指標的例子，在第四章，你將學到本益比是什麼，以及你將學到關於許多
02:38
example of a financial metric and in chapter 4 you will learn what the PE Ratio is and you will learn about many
例如，你可能聽過一個東西叫做本益比，那是什麼呢？本益比是一項財務指標，在第四章，你將學到本益比是什麼，以及你將學到關於許多
02:45
other important financial ratios last but not least guys and this is in my opinion the most important
其他重要的財務比率 最後但同樣重要的是 各位 在我看來這是最重要的一章
02:53
chapter here we will take a look at some uh some of the best at least in my opinion fundamental analysis tools and I
我們將探討一些 至少在我看來 最好的基本面分析工具 而且我
03:00
will show you how to use these tools in a stepbystep manner uh but what is important here and what I do want to
會一步一步地向您展示如何使用這些工具 但這裡重要的是 我想強調的是
03:08
emphasize is that I have built this order in a in a stepbystep manner so in order to get the most out of chapter 5
我是按照循序漸進的方式來構建這個順序的 所以為了從第5章
03:18
for example H I do recommend that you watch chapter 4 and in order to get the most out of chapter 4 uh I recommend to
獲得最大收益 例如H 我確實建議您先看第4章 而為了從第4章獲得最大收益 我建議
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um watch chapter 3 so I highly do recommend that you watch the chapters in order but you of course don't have to do
先看第3章 所以我強烈建議您按順序觀看這些章節 但當然您不必這樣做
03:33
that uh I will make sure to have these video timestamps or video chapters so you can jump around in the course to go
我會確保提供這些影片時間戳或影片章節 讓您可以在課程中跳轉到
03:42
to uh whatever part you want but yeah guys now let's get started with chapter
任何您想要的部分 但好吧 各位 現在我們開始第一章
03:47
one but all right so what is fundamental analysis well uh in very simple terms
好的 那麼什麼是基本面分析呢 嗯 簡單來說
03:55
the definition of fundamental analysis is basically analyzing a company's
基本面分析的定義基本上是分析一家公司的
04:03
financials comp uh competitive position and sort of overall Market environment
財務狀況 競爭地位以及整體的市場環境
04:09
to estimate its fair value or in other words its intrinsic value and now you might of
以估計其公允價值 或者換句話說 它的內在價值 現在您可能
04:18
course wonder what is intrinsic value well to understand this uh I want you
當然會想 內在價值是什麼呢 為了理解這一點 我希望各位
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guys to look at this image right here so here we have a blue blue line and the blue line is basically the price you can
看一下這張圖片 這裡我們有一條藍線 這條藍線基本上是價格 您可以
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think about it as the price of a stock maybe this is the price of Tesla and the orange line right here is the intrinsic
把它想像成某支股票的價格 也許這是特斯拉的價格 這裡的橙線是內在
04:42
value we can call it IV and you can think about the intrinsic value as the sort of real value of the
價值 我們可以稱之為IV 您可以把內在價值想像成公司的
04:51
company so as you can see the actual price of the company is sometimes more
真實價值 所以如您所見 公司的實際價格有時會高於
05:00
than the sort of real value or intrinsic value and sometimes the price is below uh the orange line so it's below the
這個真實價值或內在價值 有時價格會低於 低於橙線 也就是低於
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real value but the theory here in fundamental analysis is that the price will always sort of come back uh on a
真實價值 但基本面分析這裡的理論是 價格終究會
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long time scale the price will always revert to the real value or the intrinsic value of a company as you can
回歸 在長期尺度上 價格將始終回歸到公司的真實價值或內在價值 如您所見
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see this stock is always sort of it can spend a lot of time above uh but then it always reverts back to eventually it
你看這支股票總是會在一段時間內高於...但最終總是會回歸到
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goes back to the real value so it will sort of move up and down around the real value but the question here is of course
真實價值，所以它會在真實價值附近上下波動，但這裡的問題當然是
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how do we calculate the real value and the answer here is that different Traders have different methods and
我們該如何計算真實價值，而答案是不同的交易者有不同的方法和
05:53
opinions how to correctly calculate this intrinsic value uh this is pretty pretty much what fundamental analysis is about
意見來正確計算這個內在價值，這幾乎就是基本面分析的全部內容
06:02
we analyze companies to get this uh fair value and if we see the price being far
我們分析公司以得出這個...公平價值，如果我們看到價格遠低於
06:09
uh far below the intrinsic value that suggests that the stock is undervalued and that we should basically
內在價值，這就表示該股票被低估了，我們基本上應該
06:17
buy the stock um another thing I can also mention here is that we can actually also use fundamental analysis
買進這支股票。另外我還可以提到的一點是，我們其實也可以將基本面分析用於
06:24
in for example crypto trading uh but that uh this course will mostly FOC
例如加密貨幣交易，但這門課程主要會
06:29
focus on stock market but now then what is uh you might wonder you know what is the key difference versus technical
專注於股票市場，但現在你可能會想，那麼與技術分析
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analysis if you have been following uh our YouTube channel for a while you know that so far we have been mostly focused
相比，關鍵的區別是什麼？如果你有追蹤我們的 YouTube 頻道一段時間，你就知道到目前為止我們主要專注於
06:45
on technical analysis um but you know what is the difference here well the main difference as I said is that
技術分析，但你知道這裡的區別是什麼嗎？正如我所說，主要區別在於
06:53
fundamental analysis or for short fa focuses on the entry inic value and another important uh key about
基本面分析（簡稱 FA）專注於內在價值，而基本面分析的另一個重要關鍵是
07:03
fundamental analysis is that it focus on the longer term so um because the price can spend a lot of time below and a lot
它專注於長期，因為價格可能在內在價值之下和之上
07:12
of time above the intrinsic value we need to have a long-term perspective in order to uh you know be successful at
波動很長一段時間，我們需要有長期的視角才能在
07:21
fundamental analysis on the other hand technical analysis or for short
基本面分析上取得成功。另一方面，技術分析（簡稱
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ta is more more focused on price action and also Market structure uh but uh technical analysis is in general a much
TA）則更專注於價格走勢以及市場結構，但技術分析通常是一個更
07:38
more shortterm process we focus on price action and short-term patterns uh so for example technical traders can buy and
短期的過程，我們專注於價格走勢和短期型態，例如技術交易者可以在
07:46
sell within the same day and that is not really a thing uh for fundamental analysis unless you are maybe trading
同一天內買進和賣出，但這對於基本面分析來說並不是常見的做法，除非你可能是交易
07:55
you know news or news reports some of these trades can actually be very short but all right then so now let's take a
消息或新聞報告，有些這類交易其實可以非常短暫。好了，那麼現在讓我們來看看
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look at some key principles that you need to know about fundamental analysis and the first thing I want to talk about
關於基本面分析你需要知道的一些關鍵原則，首先我想談談的是
08:11
we have already H touched upon this but this is the intrinsic value versus market price principle and what this
我們已經稍微提過了，但這就是「內在價值與市場價格」原則，而這個
08:21
principle basically States is that the market price so the price of a stock or maybe a crypto can differ in the short
原則基本上說明了市場價格——也就是股票或加密貨幣的價格——在短期
08:28
term from a company's true Worth or intrinsic value and this right here was the chart I showed you guys earlier uh
內可能會與公司的真實價值或內在價值不同，而這就是我之前給各位看的圖表，呃
08:38
how the price can go both above and below the intrinsic value but but it will always sort of follow the intrinsic
價格如何可能高於或低於內在價值，但它總是會大致跟隨內在
08:46
value uh at least in according to fundamental analysis Theory another very important principle is the long-term
價值，呃至少根據基本面分析理論是如此。另一個非常重要的原則是長期
08:55
perspective principle and I also already kind of mentioned this that fundamentally uh fundamental analysis
視角原則，我也已經稍微提過了，基本上呃基本面分析
09:02
often takes months or sometimes even years to fully play out so if you want to use fundamental analysis it's very
通常需要數月甚至數年的時間才能完全發揮作用，所以如果你想使用基本面分析，這非常
09:11
important to know this is not something that you will you know get rich overnight you need to have patience um
重要的是要明白這不是那種你會一夜致富的東西，你需要有耐心，呃
09:19
in order to use fundamental analysis and to be honest this is true for all training strategies you need to have
來使用基本面分析，老實說，這對於所有交易策略都是如此，你需要有
09:26
patience even if you use technical analysis you need to have patience but it's important to know that fundamental
耐心，即使你使用技術分析，你也需要有耐心，但重要的是要了解基本面
09:33
analysis focuses on a really long-term perspective another thing that is important about fundamental analysis is
分析專注於一個非常長期的視角。關於基本面分析，另一件重要的事是
09:42
that you need to uh not only analyze uh the stock or the actual company in order to be successful in
你必須呃不僅僅分析呃股票或實際的公司，才能在
09:52
fundamental analysis at least uh for most people you also need to have a little bit of understanding of macro uh
基本面分析中取得成功，至少呃對大多數人來說，你還需要對宏觀呃
10:00
and sort of Industry factors as well so it's good to sort of broaden your perspective uh and learn about Mac macro
以及產業因素有一定程度的了解，所以最好能擴大你的視野，呃並學習宏觀
10:09
and Industry factors as well so this includes for example you know economic data um for example interest rates if
以及產業因素，這包括例如你知道的經濟數據，嗯，例如利率，如果
10:17
you have been following the stock market you know that the decisions the Federal Reserve makes around interest rates have
你一直在關注股票市場，你就知道聯準會在利率方面所做的決定
10:25
a huge impact uh or at least can have a huge huge impact on the market uh especially lately so it is important in
會產生巨大的影響，呃，或者至少可能對市場產生巨大、巨大的影響，呃，尤其是最近，所以在我看來
10:34
my opinion to learn a bit about economic data uh uh in interest rates uh some industry Trends and so on and so on but
了解一點經濟數據、呃、利率、呃、一些產業趨勢等等是很重要的，但
10:42
because it can uh signific significantly affect a Stock's price the same thing is
因為它會、呃、顯著地影響股票價格，對於加密貨幣來說
10:49
true for a cryptocurrency as well so all of these things are important to sort of
同樣也是如此，所以所有這些事情在我們學習這門課程的剩餘部分時，至少都要記在心裡
10:57
at least have in mind when we go through the rest of the course all right guys so I'm sorry for the interruption but real
至少在我們學習這門課程的剩餘部分時要記住這一點。好的，各位，很抱歉打斷一下，但在我們繼續之前，我想先快速地向我們在 YouTube 上的所有頻道會員致以最誠摯的感謝和喊話。
11:04
quick before we continue here I just want to give a big shout out and a big thank you to all our channel members
各位是這個影片的官方贊助商，我很高興你們在社群中享受獨家內容。但是現在，各位，我們閒話少說，讓我們回到課程中吧。
11:12
here on YouTube you guys are the official sponsor of this video and I'm glad you're enjoying the exclusive
好的，各位，現在終於到了開始學習和理解財務報表的時候了。你理解財務報表的能力，
11:19
content in the community but now Guys Without further Ado let's jump back into the course all right guys so now it's
可以直接關係到你作為一位基本面分析交易者將會有多成功。所以這章節非常重要，正如我在課程開始時提到的，
11:26
finally time to start learning about and understanding financial statements your ability to understand financial
我會盡量保持內容非常簡單。但首先，我們當然需要回答這個問題：什麼是財務報表？
11:35
statements can be directly linked to you know how successful you will be as a fundamental analysis Trader so this
嗯，財務報表基本上是用來總結一家公司財務表現和狀況的文件與報告。所以它們基本上是每一家上市公司都必須提交的報告，
11:44
chapter is very important and as I mentioned in the beginning of the course I would try to keep this very simple but
用來說明公司的營運狀況。這裡的財務報表對於評估一家公司的健康狀況至關重要，
11:53
to begin here we of course need to answer the question what are financial statements
也就是這家公司或股票目前看起來如何。但我們也利用這些報告來試圖預測這支股票未來的表現。
12:00
well financial statements are basically uh papers and reports that summarizes a
所以我們會關注像成長性這樣的指標：這家公司的收益未來會成長嗎？嗯，成長性通常會導致未來價格的爆發性波動。
12:07
company's Financial uh performance and position so they are basically reports that every single uh stock every single
或者，這家公司目前表現良好，但我們是否預期其收益會隨著時間推移而下滑？這些是我們可以從財務報表中推導出的一些非常重要的事項。
12:17
company have to uh report about how it's performing and the financial statements
在財務報表方面，我們有三種主要類型。第一種是非常重要且需要理解的，這就是損益表。
12:24
here are essential for evaluating uh both a company's health so how is the
損益表是用來追蹤像營收、費用和利潤等事項的報表。這裡有一個問題你可以思考一下，
12:31
company or stock looking right now but we also use these reports to try to predict how the stock uh will perform in
以便記住損益表：它基本上就是在回答這支股票賺了多少錢。這是...
12:40
the future so we look at things like growth will the company's earnings grow in the future uh you know growth can
未來的表現，所以我們觀察像是成長性這樣的事情，公司的收益未來會成長嗎？呃，你知道成長性
12:50
often lead to explosive price movements in the future or uh is the company maybe performing good now but we are maybe
通常會導致未來價格的爆炸性波動，或者呃，公司現在表現可能很好，但我們可能
12:58
expecting that the earnings will fall over time these are some very important things uh that we can sort of try to
預期收益會隨著時間推移而下降，這些是我們可以從
13:08
derive from the financial statements and here when it comes to financial statements we have three main
財務報表中推導出的一些非常重要的事情，而在財務報表方面，我們有三個主要的
13:17
types the first one is a very important one to understand and this right here is the income statement and the income
類型，第一個是非常重要且需要理解的，這就是損益表，而損益表
13:27
statement is the statement that that tracks things like Revenue expenses and profit and here is a question you can
是追蹤像是營收、費用和利潤等事項的報表，這裡有一個問題你可以
13:36
think about uh just to remember uh the income statement and it's basically how much money is the stock making this is
思考一下，呃， just to remember uh the income statement and it's basically how much money is the stock making this is
13:44
like the simple version of an income statement the next financial statement we need to understand and this one is
就像損益表的簡化版本一樣，我們下一個需要理解的財務報表，而且這個超級重要，就是資產負債表
13:51
super important is the balance sheet because this one basically shows you uh or show you how healthy a company is
因為這張表基本上向你展示，或說顯示一家公司目前的健康狀況如何
13:59
right now so here we take a look at things like assets and liabil
所以在這裡我們會看到像是資產和負債
14:06
liabilities uh and also equity and in very simple terms the assets here are basically what is ours that is what we
負債，還有股東權益。用非常簡單的術語來說，這裡的資產基本上就是屬於我們的東西，也就是我們
14:16
own uh the liabilities here the liabilities here are basically what we owe to other people and the equity here
擁有的東西。這裡的負債，這裡的負債基本上就是我們欠別人的東西，而這裡的股東權益
14:25
is what is left over so you can think about it as basically assets minus liabilities right so this is what
則是剩下的部分，所以你可以把它想成基本上就是資產減去負債，對吧？所以這就是
14:32
is left overs for everyone holding the stock so you can think about the balance sheet as uh what they own and owe in
留給所有持股股東的剩餘價值。所以你可以把資產負債表想成是，呃，他們擁有和欠債的簡單總結
14:41
simple terms last but definitely not least here we need to take a look at the cash flow statement and this is the sort
最後但絕對不是最不重要的，我們需要看看現金流量表，這是一種
14:50
of a pretty raw statement uh statement that re reveals how much money that flows into the company and how much
相當原始的報表，它揭示了有多少錢流入公司，以及有多少
14:59
money that flows out so you can think about uh the cash flow statement as how
錢流出。所以你可以把現金流量表想成是
15:05
are we managing the cash is our sort of uh chest with cash growing or is our
我們如何管理現金，我們的現金金庫是在增長，還是我們的
15:14
cash stack actually decreasing this right here is what the cash flow statement re reveal and if we combine
現金實際上在減少。這裡顯示的正是現金流量表所揭示的內容。如果我們結合
15:23
it's actually when we combine all of these factors together that we get a holistic picture of the company and we
實際上，當我們把所有這些因素結合在一起時，我們就能得到公司的一個全貌，然後
15:31
can start to calculate our fair value and remember to know if a company is undervalued or uh uh overvalued we need
我們就可以開始計算我們的合理股價。記住，要判斷一家公司是被低估還是高估，我們需要
15:40
to have this fair value so yeah this is pretty much what I just said why does this matter well together these
這個合理股價。所以，是的，這大致就是我剛才說的。為什麼這很重要呢？因為這些
15:47
statements give a complete picture of a company's Financial Health and not only Financial Health but as I said also uh
報表共同呈現了一家公司財務狀況的完整畫面，而且不僅是財務狀況，正如我所說的，也包括
15:56
potential future health as well well all right then so now it's time to take a look at the income statement what does
未來的潛在狀況。好的，那麼現在是時候來看看損益表了，它代表什麼意思，以及我們該如何理解這份
16:04
it mean and how do we understand this uh very important financial statement uh first of all you know let's answer
非常重要的財務報表？首先，讓我們來回答
16:13
answer the question what is an income statement and in very simple term uh very simple terms an income statement
什麼是損益表這個問題。用非常簡單的術語來說，損益表
16:23
shows a company's revenues expenses and profits or over a specific period so
顯示了一家公司在特定期間內的營收、支出和利潤，所以
16:33
right here you can see the table we have right here is a simplified version of an income statement and the example I'm
在這裡你可以看到我們手邊的表格，這是損益表的簡化版本，而我接下來要使用的例子是來自蘋果公司第四季，也就是蘋果的 2024 年第 4 季。
16:42
going to use here is from Apple's Q4 so the fourth quarter of Apple uh
這裡有一些損益表中非常重要的部分，你需要了解的第一個部分叫做營收，或者說是 Topline（總營收）。
16:51
2024 and here here are some very important sections of the income statements you need to understand the
這基本上是透過銷售產品或服務所賺取的總金額，就蘋果而言，這筆錢主要來自銷售手機。
16:58
first one is is called revenue or in other words Topline and this is basically the total money earned from
但蘋果也從其他方面獲得大量收入，例如我認為現在蘋果會向所有試圖在 App Store 銷售應用程式的人抽取 30% 的費用。
17:07
selling products or services and here when it comes to Apple H this money
所以蘋果實際上從產品和服務中都賺了很多錢，但營收非常簡單，就是公司所賺取的一切。
17:13
comes mainly uh from selling phones right but Apple also gets a lot of
那麼下一個關鍵部分是什麼呢？下一個關鍵部分叫做銷貨成本（Cost of Sales）。
17:20
income from other things uh for example I think that nowadays Apple takes 30% uh for for everyone trying to sell
如你所見，這些是與製造產品和服務直接相關的成本，那麼哪些是與製造手機直接相關的事物呢？
17:30
you know apps and things on the Apple Store so Apple actually earns a lot from both products and services but revenue
也許是我們製造手機所需的所有原材料，也許是所有類型的處理器，以及蘋果為了組裝和製造手機而必須購買的東西。
17:39
revenue is super simple it's everything the companies earn what about the next key section
當然還有與服務相關的製造成本，所有這些都是與銷售直接相關的成本。
17:46
well the next key key section is called cost of sales so here as you can see these are cost that are directly related
這裡我們可以看到一個例子，在 2024 年第 4 季，蘋果的銷貨成本是 510 億美元，但我們的營收是 940 億美元，或者說接近 950 億美元。
17:55
to making the products and services so what are the the things that are directly related to making phones uh
這就引出了毛利率，這基本上是營收減去銷貨成本或商品/服務成本。
18:02
maybe uh you know all the raw material we need to make the phone maybe all the sort of uh processors and uh things that
這就是我們從營收中扣除成本後剩下的金額，也就是營收減去銷貨成本，剩下的就是毛利率。
18:12
I uh Apple has to buy in to actually uh assemble and make the phones but also uh you know of course
對於蘋果來說，這筆錢是 439 億美元，所以現在你可能會想，這不就是我們——也就是蘋果——所賺到的嗎？
18:19
manufacturing and everything related to the service all of these are costs directly related to sales and here we
我們有所有的營收，並且已經扣除了所有的成本。
18:27
can see an example uh Q4 2024 Apple had 51 billion in cost but we had 94 billion
我們可以看到一個例子，呃，2024年第四季，Apple 的成本是 510 億美元，但我們有 940 億
18:37
or actually almost 95 billion in Revenue so this leads us to the gross margin
或者實際上接近 950 億美元的營收，所以這引導我們到毛利率
18:44
here this is basically the revenue minus the cost of sales or cost of goods of services so this is what is left when we
這裡基本上是營收減去銷售成本或商品/服務成本，所以這是當我們
18:53
take this minus this which should be this right so this is the money left after the production cost which for
將這個減去這個（應該是這樣沒錯），這就是扣除生產成本後剩下的錢，對
19:02
Apple was 43.9 billion so now you might think is is
蘋果是 439 億美元，所以現在你可能會想，這
19:09
isn't this what we uh Apple has earned you know we have all the revenue and we have taken away taking away all the cost
難道不就是我們呃蘋果賺到的錢嗎？你知道我們有所有的營收，而且我們已經扣除了
19:17
well unfortunately we have more costs that we need to pay uh before we have the final sort of income one such cost
嗯，不幸的是，在我們得到最終的收入之前，我們還有更多成本需要支付，其中一項成本
19:26
is the operating expenses right right here and these are costs that are not directly related to making the phone but
就是營業費用，對，就在這裡，這些成本與製造手機沒有直接關係，但是
19:34
they are still costs nonetheless so we have cost like R&D this is basically the research and
它們仍然是成本，所以我們有像研發（R&D）這樣的成本，這基本上是
19:44
development uh you know Apple needs to to uh do in order to for example create better and better phones um so and sort
蘋果為了例如創造越來越好的手機而必須做的研發，嗯，還有針對
19:53
of research other products as well uh and of course we have things like marketing
其他產品的研發，嗯，當然我們還有像行銷
19:59
uh that this is also a cost and of course salaries as well so we have many many uh things uh related to operating
這樣的東西，嗯，這也是一項成本，當然還有薪資，所以我們有許多許多嗯與營業
20:07
expenses and you can see that Apple actually paid uh around 14 billion in operating expenses in Q4 2024 and other
費用相關的東西，你可以看到蘋果在 2024 年第 4 季實際支付了約 140 億美元的營業費用，而且除了
20:16
than operating expenses we have many more costs as well I can't talk about them all in this video but I hope you
營業費用，我們還有更多成本，我無法在這個影片中全部說明，但我希望你
20:24
get a sort of basic understanding of that we have the revenue and then we have C cost more cost more cost and when
能對此有基本的了解：我們有營收，然後我們有成本 C，更多的成本，更多的成本，當
20:31
we have taken all the costs here we have the net income and the net income is basically it's also called the bottom
我們扣除了這裡所有的成本後，我們得到淨利（Net Income），而淨利基本上也稱為
20:39
line and this is the money that is left after all cost and also after taxes
底線（Bottom Line），這是在扣除所有成本以及稅款之後剩下的錢，對蘋果來說，在第 4 季是 147 億美元，所以從創造這個呃營收呃
20:47
which in Q4 for Apple was 14.7 billion so from making this uh in uh Revenue uh
在第 4 季，蘋果的淨利是 147 億美元，所以從創造這個呃營收呃
20:57
what we was left with was uh only 14.7 billion all right so now it's finally time to take a look at the
我們剩下的呃只有 147 億美元，好的，那麼現在終於是時候來看看
21:05
balance sheet this right here is a key financial statement uh that we really need to understand but first of all
資產負債表，這是一個關鍵的財務報表，呃我們真的需要了解，但首先
21:13
before we take a look at the example right here uh we of course have to answer the question what is a balance
在我們看這裡的範例之前，呃我們當然必須回答這個問題：什麼是資產負債
21:20
sheet um and in very simple terms a balance sheet shows what a com uh
表呢？用非常簡單的術語來說，資產負債表顯示一家公呃
21:26
company owns uh or in other words assets but also owes or in other words
司擁有什麼，呃或者換句話說是資產，但也欠了什麼，或者換句話說是
21:33
liabilities and the value left over for the shareholders like for example you
負債，以及剩餘給股東的價值，例如像你
21:40
and me is the equity and this is at a specific point in time so it's basically
和我這樣的人，這就是股東權益，而且這是在一個特定的時間點，所以基本上是
21:46
a snapshot of a specific point in time in this case I will once again as you can see on the table I will once again
在特定時間點的快照，在這個案例中，我會再次，如你在表格上所見，我會再次
21:54
use Apple's Q4 uh as a simplif IED example so here are some key sections of the balance
使用蘋果的第四季作為一個簡化的例子，這裡是資產負債表的一些關鍵部分
22:02
sheet first of all we have the assets and in very simple terms the assets are
首先是資產，簡單來說，資產就是
22:10
what the company owns so what does the company actually have so for example the company can have cash this is very
公司所擁有的東西，所以公司實際上有什麼呢？例如公司可以持有現金，這非常
22:19
straightforward uh to understand so how much cash is Apple holding uh but we also have other things like for example
容易理解，所以蘋果持有多少現金？但我們還有其他東西，例如
22:27
inventory so for Apple inventory could maybe be you know unsold phones because these phones of course have value even
存貨，對蘋果來說，存貨可能是，你知道的，未售出的手機，因為這些手機當然有價值，即使
22:36
though we haven't sold them yet uh but they can also be other unsold products and other types of
我們還沒把它們賣掉，但它們也可能是其他未售出的產品和其他類型的
22:43
inventory we also have something called accounts receivable and accounts receivable is basically money that is
存貨。我們還有一種叫做應收帳款的東西，應收帳款基本上是
22:50
owed to Apple so it's money that hasn't come in to Apple yet but it still counts as assets here in order to make the
別人欠蘋果的錢，所以這筆錢還沒進到蘋果的帳上，但它仍然算作資產，這樣才能讓
23:00
balance sheet uh correct here uh but also things like property maybe you know I think Apple has like a large
資產負債表保持正確，但還有像房地產這樣的東西，也許你知道，我認為蘋果有一個很大的
23:08
headquarters uh that is worth lots of money and all kinds of factories and all kinds of properties are also part of
總部，價值不菲，還有各種工廠和各種房地產，也都是
23:16
assets so here we can see just as an example the assets total here in 2024 was around
資產的一部分。所以這裡我們可以看到，以2024年為例，資產總額大約是
23:26
365 billion then we also have the liabilities here and in simple terms the liabilities is the opposite it's what
3650億美元。然後我們這裡還有負債，簡單來說，負債正好相反，是公司
23:34
the company owes and included in liabilities are things like accounts payable this is basically the opposite
所欠的東西，負債中包含的項目像是應付帳款，這基本上是
23:42
of remember accounts receivables so this is basically money that Apple hasn't paid yet but we also of course have
剛剛提到的應收帳款的相反，所以這基本上是蘋果還沒支付的錢，但我們當然也有
23:49
other times of debt like uh shortterm loans and even long-term loans because this is money that is uh we can think
其他類型的債務，像是短期貸款，甚至是長期貸款，因為這筆錢是，我們可以這樣想，
23:57
about it that that debt is money that is not really our ours uh because we need to eventually pay that back so that will
這筆債務並不是真正屬於我們的，因為我們最終需要償還，所以那也會是
24:05
be uh liabilities as well and here last but not least the equity and I think the easy way to think about Equity is
負債。而這裡，最後但同樣重要的是股東權益，我認為理解股東權益的簡單方式是
24:13
basically that this is the value left for the shareholders or in other words this is the assets minus the liabilities
這基本上是留給股東的價值，或者換句話說，就是資產減去負債
24:22
so if you look at the numbers here if we take 365 billion minus 308 billion we
所以如果你看這裡的數字，如果我們用3650億減去3080億，我們
24:30
will actually get 57 billion so after we have paid back uh in theory after we
實際上會得到570億，所以理論上，在我們償還了
24:37
have paid back all our loans our uh accounts payable this is what we have left as shareholders and yeah guys as I
我們已經償還了所有貸款，我們的應付帳款，這是我們作為股東剩下的，是的，各位，正如我所說，
24:46
said this right here is just a simplified version of the balance sheet but if you guys uh really know these
這裡的只是資產負債表的簡化版本，但如果各位真的了解這三個部分，
24:53
three sections you actually already have a pretty solid understanding of the balance sheet all right so now the time
其實你們對資產負債表已經有相當紮實的理解了。好了，那麼現在是時候
25:00
has come to take a look at the cash flow statement and before we take a look at we once again have a simplified example
來看看現金流量表了，在我們看之前，我們再次有一個簡化的現金流量表範例，
25:09
of a cash flow statement uh before we do that let's just quickly take a look at what is a cash flow statement well in
在那之前，我們先快速了解一下什麼是現金流量表。嗯，用非常非常簡單的術語來說，
25:17
very very simple terms a cash flow statement is the financial statement that shows how cash flows into and out
現金流量表是顯示現金如何流入和流出公司的財務報表，
25:26
of the company it's not harder than that and here now let's take a look at some important sections of the cash uh cash
就是這麼簡單。現在，讓我們來看看現金流量表的一些重要部分以及它們的含義，
25:35
flow statement as well as what they mean and to make this simple let's uh once again imagine that this is the cash flow
為了讓事情簡單，我們再次想像這是蘋果公司的現金流量表。
25:45
statement of Apple all right so first of all we have the operating cash flow and
好的，首先，我們有營業活動現金流量，
25:52
this is basically the cash earned from uh what we call regular business activities so this is basically the cash
這基本上是我們所謂的常規業務活動所賺取的現金，所以這基本上是當你想到蘋果公司時，
26:00
earned from uh what you think when you think about Apple so for example you know selling uh selling phones but also
你會想到的，例如，你知道的，銷售手機，但也銷售你知道的 iPad、我不知道的 AirPods 等等，
26:09
selling you know iPads I don't know airpods and so on and so on this is the uh cash we get from the day-to-day
這就是我們從日常業務中獲得的現金，
26:17
business but it's important to remember here that cash when we talk about cash flow we are talking about both cash
但這裡要記住的重要一點是，當我們談到現金流時，我們談的是現金流入，也包括現金流出，
26:24
flowing in but also cash flowing out so uh in operating cash flow we also have
所以，在營業活動現金流中，我們也有
26:31
expenses like you know paying suppliers or maybe uh paying wages and so on and so on so we can have a negative cash
像支付供應商或支付工資等的支出，所以根據公司的表現，我們可能會有負的現金流或正的現金流。
26:41
cash flow or a positive cash flow depending on how the company performs but now then what about investing cash
但那麼，投資活動現金流呢？嗯，這是我所說的用於投資所花費或賺取的現金，
26:50
flow well this is cash that is uh as I said spent or earned from Investments so
所以，從這裡我們可以獲得資金流入，例如，也許蘋果出售了對其他公司的一些投資，或者出售了一些舊設備，
26:58
from this we can get money in from maybe maybe Apple sells some uh investment in other companies or maybe sell some old
這可以算作正的投資活動現金流，但在負面方面，可能是像購買工廠，
27:07
equipment then this can count as positive investing cash flow but on the minus side here it can be things like uh
甚至投資於生產設備這樣的事情，所以投資活動現金流可以是正的也可以是負的。
27:16
you know maybe buying a factory or even investing in equipment from production so investing cash flow can be either
你知道，也許是買一家工廠，甚至投資於生產設備，所以投資活動現金流可以是
27:25
positive or negative here as I said some examples buying equipment selling Investments uh or maybe property sales
正面或負面，如我所說，一些例子像是購買設備、出售投資，或是可能的房地產銷售
27:34
when it comes to financing cash flow these are basically cash that is raised or returned through debt or Equity
當談到融資現金流時，這些基本上是透過債務或股權籌集或返還的現金
27:44
activities so here we might actually get cash flow from borrowing money let's say we borrow uh money from the bank then we
活動，所以在這裡我們可能會透過借錢獲得現金流，假設我們向銀行借錢，那麼我們
27:53
will actually get cash in right and one example of money flowing out here is maybe we pay cash to our stockholders
實際上會收到現金，對吧？而這裡現金流出的一個例子可能是我們支付現金給我們的股東
28:02
that that is called dividend so uh in that way money will flow out of the company so as I said here are some
這就叫做股利，所以，以這種方式，錢會從公司流出，所以如我所說，這裡有一些
28:09
examples you know paying dividends as I just uh talked about but also stock BuyBacks uh this is maybe a bit outside
例子，你知道的，支付股利，就像我剛剛說的，但還有庫藏股回購，這可能有點超出
28:18
the scope of this uh video but this is basically when uh Apple uses cash to buy back stock uh stocks from the market
這個影片的範疇，但這基本上是當，嗯，Apple 用現金從市場上
28:26
this usually leads to a stock uh increase which is good for share holders but as I said it can also be issuing or
買回股票，這通常會導致股價上漲，這對股東是好事，但如我所說，它也可能是發行或
28:34
repaying debt so one example of this was to borrow money from the bank and now the net cash flow here is pretty
償還債務，所以這裡的一個例子是向銀行借錢，而現在這裡的淨現金流非常
28:41
straightforward this is the co total cash increase or decrease During the period so let's say that this was the
直截了當，這是該期間內現金總增加或減少，所以假設這是
28:48
Apple Q4 right here then the net cash flow was basically how uh did the cash
Apple 的第四季，那麼淨現金流基本上就是現金在
28:55
change during this period so here we basically summarize the operating the investing and the financing uh cash flow
這段期間內如何變化，所以我們在這裡基本上總結了營運、投資和融資的現金流
29:05
and last but not least the ending cash is the cash balance that is left uh at the end of the period so here we take
最後但同樣重要的是，期末現金是該期間結束時剩下的現金餘額，所以我們在這裡拿取
29:15
the cash we had at the start plus how the cash flow changed so let's say here that we maybe started with you know 50
我們期初的現金，加上現金流的變化，所以假設我們一開始有，你知道的，500
29:25
billion and let's say that our net cash flow here During the period was maybe uh you know
億，再假設我們在這段期間的淨現金流是，你知道的，
29:31
20 billion then our ending cash would simply be 70 billion all right so now we
200 億，那麼我們的期末現金就簡單地是 700 億，好的，所以現在我們
29:39
know the different financial statements we need in order to do fundamental analysis now it's time to dive a little
知道了進行基本面分析所需的不同財務報表，現在是時候更深入一點
29:46
bit deeper and take a look at Financial metrics but first of all what are
並看看財務指標，但首先，什麼是
29:53
Financial metrics well in very simple terms Financial metrics are calculations
財務指標？用非常簡單的術語來說，財務指標是幫助我們
30:01
that helps us evaluate a company's Financial Health and performance remember here our goal with fundamental
評估公司財務狀況和表現的計算，請記住，我們進行基本面分析的目標是
30:09
analysis is to calculate a fair value and in order to do this we need to know about the Financial Health and
分析是為了計算公允價值，為此我們需要了解公司的財務狀況
30:17
performance of the company and what this sort of financial metrics uh aim to do is to make it easier to compare
以及表現，而這類財務指標的目的是為了讓我們能更輕鬆地
30:27
companies with each other and as a result assist in identifying potential Investments so if we have specific
比較不同公司，進而協助找出潛在的投資標的。因此，若我們有特定的
30:36
metrics we can very easily see is the metric better for company a or is the metric better for Company B and there
指標，就能很直觀地看出哪個指標對A公司更有利，或哪個指標對B公司更有利。市面上有
30:45
are tons of metrics and later on in this course we will take a look at some of the most important ones step by step in
許多指標，本課程稍後會逐步、以淺顯易懂的方式
30:52
an easy manner but for now this is all you need to know but now then why does
介紹一些最重要的指標，但目前這些資訊已足夠。那麼，為什麼
30:59
metrics matter well here we have a few different H classifications of metrics
指標很重要呢？在此我們將指標分為幾種不同的類別。
31:07
first of all we have valuation metrics these are metrics that indicates if a stock is basically expensive or cheap
首先是評價指標，這類指標用來判斷一檔股票相對於其他股票是否
31:16
compared to other stocks then we also have something called profitability metrics and this measures basically how
偏貴或便宜。接著是所謂的獲利能力指標，用來衡量公司
31:25
efficient a company generates profits last here but definitely not least or we do have some other sort of subcategories
產生利潤的效率。最後，但絕非最不重要的，我們還有其他子類別，
31:35
as well but the next broad category here is a growth metrics and this basically highlights a company's potential for
但下一個主要類別是成長指標，這類指標主要凸顯公司未來
31:45
future expansion or future growth so these three categories right here this is basically three broad these
擴張或成長的潛力。因此，這三個類別基本上是三大廣泛的分類，
31:55
categories are not like exact categories but I think that having these categories in mind throughout the rest of the
這些並非絕對的分類，但我認為在接下來的課程中，
32:02
course or at least throughout the rest of the slides will definitely be helpful all right then so now the time has come
或至少在接下來的投影片中，將這些分類牢記在心絕對會很有幫助。好的，那麼現在是時候
32:10
to take a look at some key profitability metrics and I will try to do this in as
來看看一些關鍵的獲利能力指標了，我會盡可能以
32:16
simple as possible Manner and the first metric here I want to talk about is
簡單的方式來說明。首先我想介紹的指標是
32:24
called the net profit margin and what is this well this metric basically show how
淨利率，這是什麼呢？這個指標基本上顯示了公司
32:31
much profit a company makes from its Revenue so this is a very simple but uh
從其營收中賺取了多少利潤，所以這是一個非常簡單但
32:38
nonetheless a very important metric so the formula here is pretty simple the net profit margin is basically the net
同時也非常重要的指標。這裡的公式很簡單，淨利率基本上是
32:48
income and the net income is basically the what you have left after paying all your expenses including taxes so this is
淨利除以，而淨利基本上是支付所有費用（包括稅款）後剩下的部分。所以這是
32:57
this is what you actually get after all the expenses uh are paid divided here by
這就是你在支付所有開支後實際得到的數字，這裡除以
33:04
revenue and revenue is basically uh you know the total money uh a company gets from selling its products if we're
營收，而營收基本上就是一家公司從銷售產品中獲得的總金額，如果我們
33:12
talking about Apple it's for selling phones iPads if we're talking about Tesla it's for selling cars and so on
說的是蘋果，就是銷售 iPhone 和 iPad，如果我們說的是特斯拉，就是銷售汽車等等
33:18
and so on so the net net profit margin here is basically a measurement of how much profit are we actually making from
等等。所以這裡的淨利率（net profit margin）基本上是衡量我們從
33:26
selling so let's take a look at a very easy example if we have a net income of 10 million so the company after all
銷售中實際賺取多少利潤的一個指標。讓我們來看一個非常簡單的例子，如果我們的淨利潤是 1000 萬，也就是公司在扣除所有
33:35
expenses makes 10 million uh but from selling the products we have 100 million then the margin would be remember we
開支後賺了 1000 萬，但我們的銷售額是 1 億，那麼利潤率就是，請記住我們
33:45
take the net income which is 10 and we divide it by 100 this is equal to 0.1 or in other words
拿淨利潤也就是 10，除以 100，等於 0.1，或者換句話說
33:54
10% so this company would have a net profit margin of 10% so here the higher the number the
10%，所以這家公司的淨利率就是 10%。這裡數字越高
34:03
better because if uh the net income was say 20 instead then it would be 20% um
越好，因為如果淨利潤是 20 的話，那就會是 20%，
34:11
and it's of course better the more you make H relative to your Revenue but now then why does it matter well I basically
當然，相對於營收賺得越多越好。但那麼，為什麼這很重要呢？我基本上
34:20
said it but higher margins so the higher the percentage or the higher the number means that that we have a better cost
說過了，利潤率越高，也就是百分比或數字越高，意味著我們的成本效益越好，
34:30
efficiency so it means that we don't have to pay as much for what we are making right that is sort of one way to
也就是說我們不必為我們所生產的東西支付那麼多錢，這是一種思考方式，但請記住，在這裡淨利率我們希望越高越好。接下來我想
34:39
think about it but remember here net profit margin we want the higher the better now the next metric I want to
討論的指標叫做股東權益報酬率（return on equity），這個指標有點不同
34:46
talk about is called return on equity and this one is a bit different
在這裡。它衡量的是什麼呢？它基本上衡量一家公司從
34:53
here uh and what does it measure well it measures basically how much profit a company generates from
股東投資中產生了多少利潤。所以這裡的股東權益報酬率，或簡稱 ROE，我們再次
35:01
shareholder Investments so here return on Equity or for short Roe here is once
擁有淨利潤，也就是扣除開支後的收入，但現在我們將它
35:09
again we have the net income which is income after expenses but now we divide
除以股東權益，請記得在本課程稍早我們提到過
35:15
it by shareholders equity and remember here from earlier in the course that the
權益就是資產減去負債。所以如果我們舉個簡單的例子，假設
35:21
equity is the assets right minus the liabilities so if we take a simple example uh let's
我們的淨利潤再次是 1000 萬，所以我們有 1000 萬，然後我們假設
35:30
say that once again our net income is 10 million so we have 10 million and let's
說我們的淨利潤再次是 1000 萬，所以我們有 1000 萬，然後我們假設
35:36
say that we have 50 million Equity then this would be 20% return on investment
假設我們有 5000 萬的股東權益，那麼這將是 20% 的投資回報率
35:44
because if we take 10 divided by 50 uh this will be 1/5 which is
因為如果我們用 10 除以 50，這將是 1/5，也就是
35:52
20% but now then why does this metric matter well you can think about it that it B basically shows how effectively the
20%；但現在，為什麼這個指標很重要呢？你可以這樣想，它基本上顯示了
36:00
Investor's money are used because remember Equity is assets minus liabilities so that is B basically what
投資者的錢被使用的效率如何，因為請記住，股東權益是資產減去負債，所以這基本上是
36:09
is left for the shareholders so this is one one way you can think about return on Equity how effectively the Investor's
留給股東的東西，所以這是你可以思考股東權益報酬率的一種方式，即投資者的錢在公司中
36:18
money are used in the company all right so let's continue taking a look at a few more profitability metrics here that we
被使用的效率如何。好的，那麼讓我們繼續看看這裡我們需要知道的其他幾個獲利能力指標
36:26
need to know about uh the next one is called return on on assets or for short
下一個叫做資產報酬率，或簡稱
36:33
Roa and what this metric basically shows is how well a company uses uses its
Roa，而這個指標基本上顯示的是一家公司利用其
36:41
assets to generate profit remember we talked about earlier we talked about Roe and that is how well we use the equity
資產來產生利潤的效率如何。還記得我們之前談論過 RoE 嗎？那是我們使用股東權益的效率如何
36:49
so the return on assets or Roa is a similar metric but the difference here is that we use assets instead said so as
所以資產報酬率或 Roa 是一個相似的指標，但這裡的區別在於我們使用的是資產而不是股東權益。所以如
36:58
you can see here on the formula the Roa is the net income divided by the total
你在公式中所見，Roa 是淨利潤除以總
37:05
assets so just as a very simple example let's say that we have H 10 million in
資產。所以舉個非常簡單的例子，假設我們有 1000 萬的
37:12
net income and we have 100 million in assets this would be 10% return on assets because the Assets in the company
淨利潤，而我們有 1 億的資產，這將是 10% 的資產報酬率，因為公司的資產
37:21
is producing 10 million or uh it's producing 10% of the value of the asset
正在產生 1000 萬，或者說，它正在產生資產價值的 10%
37:27
assets now then why does it matter well this metric is useful for comparing how
那麼，為什麼它很重要呢？這個指標對於比較不同公司
37:35
efficiently uh companies uh as I already mentioned use their assets to generate profit it's a pretty straightforward uh
如何有效地利用其資產來產生利潤很有用，正如我已經提到的，這是一個相當直接的
37:43
metric here if you already understand Ro OE last here I want to talk about a
指標。如果你已經理解 RoE，這裡我想談談一個
37:51
metric called gross margin gross margin basically shows how much money is left on after production costs so the formula
叫做毛利率的指標。毛利率基本上顯示的是扣除生產成本後還剩下多少錢，所以這裡的公式
38:01
here is that gross margin is equal to the revenue minus minus the cost of
是毛利率等於營收減去
38:08
goods sold so so this is basically costs that are directly related to the production like raw materials wages uh
銷貨成本。所以這基本上是與生產直接相關的成本，像是原物料、工資等
38:17
you know different kinds of production costs and what we then do is that we divide it by uh the total revenue here
我們了解了不同類型的生產成本，接下來我們將其除以這裡的總營收
38:25
so as a simple example let's say that we have 100 million in revenue and we have
舉個簡單的例子，假設我們有 1 億元的營收
38:32
60 million in costs of goods sold so we take this minus each other it will be 40
以及 6,000 萬元的銷貨成本，兩者相減就是 4,000 萬
38:40
uh 40 million and then we take the 40 million divided by the revenue which is 100 million so 40 divided by 100 and
4,000 萬元，然後我們將 4,000 萬元除以 1 億元的營收，也就是 4,000 萬除以 1 億
38:49
that is 40% and once again what we're looking for here is that we want a high gross
結果是 40%，再次強調，我們在尋找的是高的毛利率
38:55
margin because the higher the margin Marin the more money uh the company is actually keeping and now why does this
因為毛利率越高，公司實際保留的資金就越多，那麼為什麼這
39:03
matter well in very simple terms it indicates uh production efficiency so uh
很重要呢？簡單來說，它顯示了生產效率，也就是
39:11
how effective is the company at producing what we are selling very important metric but all right so now
公司在生產我們所銷售的產品時效率如何，這是非常重要的指標，好的，那麼現在
39:17
let's take a look at some valuation metrics and remember these are basically metrics that can directly help us
我們來看看一些估值指標，請記住，這些基本上是可以直接幫助我們
39:24
determine if a stock is overvalued or undervalued so these are very important to learn as a fundamental analysis
判斷一檔股票是被高估還是低估的指標，對於基本面分析
39:32
Trader and let's begin here by taking a look at a classic valuation metric you might have heard of this one this one is
交易者來說，學習這些非常重要，讓我們從一個經典的估值指標開始，你可能聽過這個，它叫做
39:40
called price to earnings or uh for short PE ratio and what is the PE Ratio well
本益比，或簡稱 PE ratio，什麼是本益比呢？
39:49
it's a metric that compares the stock price to the company's earnings so how
它是一個比較股價與公司獲利的指標，也就是
39:57
much do we have to pay compared to how much the company earns so the formula here is pretty
我們必須支付多少錢來換取公司賺多少錢，所以這裡的公式很
40:06
straightforward you can take the price of a stock so how much is the stock price right now and you divide it by how
直接，你可以拿一股股票的價格，也就是目前股價是多少，然後除以這檔股票
40:14
much the stock is earning uh you know per share EPS stands for earning per share so as an example let's say we have
賺多少錢，你知道的，每股盈餘 EPS 代表每股盈餘，舉個例子，假設我們有
40:23
a stock that trades right now at $100 and it has an EPS of 10 so it earns 10
一檔目前交易價為 100 美元的股票，它的每股盈餘是 10，所以它每股賺
40:31
per per per stock then the PE Ratio would be 10 or 10 x I don't really know
10 美元，那麼本益比就是 10 或 10 倍，我不太確定
40:39
why I said 10 x but 10 uh because uh 100 divided by 10 is 10 right and here a
為什麼我說 10 倍，但就是 10，因為 100 除以 10 是 10，對吧？這裡要
40:48
quick note about PE ratio is that in general we want low PE ratio because a
快速說明一下本益比，一般來說我們希望本益比越低越好，因為一個
40:55
lower PE ratio often suggests undervaluation but it's very important here that you know we don't simplify it
低本益比通常暗示股價被低估，但在此非常重要的是，我們不能過度簡化
41:04
too much because it uh it's more better used if we compare it to other uh peers in the same industry um and in some
因為如果將其與同業其他公司進行比較，會更有意義。在某些
41:14
cases a very low price to earning ratio can basically mean that the market thinks that the stock will perform uh
情況下，極低的本益比可能意味著市場預期該股票未來的表現會
41:24
worse and worse in the future so this is where a more sort of holistic picture starts to come in and a reason why it's
越來越差。因此，這就是需要更全面考量的開始，也是為什麼
41:32
important to use multiple uh metrics here and don't just focus on one metric to get your fair value for your
在這裡使用多種指標很重要，不要只關注單一指標來評估
41:41
companies and as a result can actually pick the best stocks but in general we want to have a low PE
公司的合理價值，進而選出最佳的股票。但一般來說，我們希望有低的本益比。
41:50
ratio the next financial metric I want to take a look at look at is called Price to Book or for short p PB ratio
接下來我想看的財務指標稱為股價淨值比，或簡稱 PB 比。
41:59
and what is the PB ratio well uh this right here is a metric that compares the stock price to a company's Book value
什麼是 PB 比呢？這是一個比較股價與公司帳面價值的指標。
42:08
and in very simple terms the book value is the assets minus the liabilities so the formula here pretty
簡單來說，帳面價值就是資產減去負債。所以這裡的公式很
42:17
straightforward you take the stock price minus the book value per share so uh
直接，你用股價除以每股帳面價值。所以，
42:24
let's take a look at a simple example if we have a stock that trades at $50 uh
讓我們看一個簡單的例子。如果有一支股票交易價格是 50 美元，
42:32
and the book value here is $25 per stock right then the price to
這裡的帳面價值是每股 25 美元，那麼股價淨值比
42:39
book would be 2x because uh 50 here the price divided by the book value 25 is 2
就會是 2 倍，因為 50 這裡的價格除以帳面價值 25 等於 2。
42:47
and once again let's make a quick note here for the book value just as with the PE in general we want to have a low
再次強調，讓我們在這裡快速做個備註，關於帳面價值，就像本益比一樣，一般來說我們希望有低的
42:55
price to book a low price the book is typically better uh especially for companies uh that are asset heavy and I
股價淨值比，低的股價淨值通常比較好，特別是對於那些
43:04
want to mention here that the book The Price to Book value is you know by far is far from a perfect metric especially
資產很重的公司。我想在這裡提到，股價淨值比，眾所周知，遠非一個完美的指標，尤其是在
43:12
nowadays when we have many uh you know many tech companies have lots of assets that are hard to measure they are called
現今，許多科技公司有很多難以衡量的資產，它們被稱為
43:20
intangible assets and they aren't really fully captured in the book value so the price to book value can many times be
無形資產，並沒有完全反映在帳面價值中。因此，股價淨值比在許多時候
43:28
more useful in traditional companies that has lots of machine and lots of like hard assets but this right here is
對於擁有許多機器和硬資產的傳統公司可能更有用。但這仍然
43:37
still in my opinion a good metric to understand and learn all right so let's continue here with some more valuation
在我看來，是一個很好的指標，值得去理解和學習。好的，那麼讓我們繼續看更多估值的內容。
43:45
metrics the next next metric I want to talk about here is called price to sales or for short PS ratio and what this
指標 接下來我想討論的指標叫做股價營收比，或簡稱 PS 比率，這個
43:53
ratio does is that it compares the stock price to the company's Revenue per share so
比率的作用是將股價與公司的每股營收進行比較，所以
44:01
now we're talking about revenue and not earnings like we did with the PE Ratio so the formula here is that the price to
現在我們談的是營收，而不是像討論本益比時那樣談盈餘，所以這裡的公式是股價營收比
44:09
sales ratio is basically stock price divided by Revenue per share and as a simple example let's say that we have a
基本上就是股價除以每股營收，舉個簡單的例子，假設我們有一檔
44:17
stock that trades at $30 and that the revenue every share brings in is
股票交易價格為 30 美元，而每股帶來的營收為
44:24
$10 then the price to sales is three here uh because you know 30 / 10 is
10 美元，那麼股價營收比就是 3，因為 30 除以 10 是
44:31
three and a quick note here is that a lower price to S uh price to sales is generally better but it's important here
3，這裡要快速提醒一下，一般來說股價營收比越低越好，但重要的是
44:40
to not you know hyperfocus on price to sales and you need to also consider the company's growth potential and we we are
不要過度聚焦在股價營收比，你還需要考慮公司的成長潛力，我們
44:49
very soon going to take a look at some important growth met metrics that you need to know about but for now uh just
很快會探討一些你必須了解的重要成長指標，但就目前而言，
44:55
in general it is of course is better to have a lower price to sales because the lower price to sales the more sales the
一般來說當然是股價營收比越低越好，因為股價營收比越低，代表公司創造的營收越多，
45:02
company is making and that is of course in general a good thing but margins are
這當然一般是好事，但利潤率
45:08
also of course important um next I do want to talk a bit about a metric called
當然也很重要，接下來我想談談一個叫做
45:15
dividend yield and what is this well this one basically measures the annual return on a stock from dividends and
股息殖利率的指標，這是什麼呢？它基本上衡量的是股票來自股息的年度報酬率，
45:25
dividends here are basically money that the company pays out directly to its
這裡的股息基本上是公司直接支付給
45:32
shareholders so not all companies will even have a dividend but for companies that have dividend this is a good metric
股東的錢，所以不是所有公司都會發放股息，但對於有發放股息的公司來說，這是一個值得關注的好指標，
45:41
to follow and the dividend yield here is very straightforward uh what you measure is the annual dividend so what the
這裡的股息殖利率非常直接，你衡量的是年度股息，也就是公司
45:50
company pays out to shareholders for that year divided by the stock price so you as an example let's say we had an
在那一年支付給股東的金額，除以股價，舉個例子，假設我們有
45:59
annual dividend of $2 and a stock price of 50 then the yield here would be 2
2 美元的年度股息和 50 美元的股價，那麼殖利率就是 2
46:08
divided by 50 which is equal to 4% and here let's just a quick note here
除以 50，等於 4%，這裡我們要快速提醒一下，
46:17
in general of course a higher yield is better uh but here it's important to ensure that the company can sustain its
一般來說當然是殖利率越高越好，但這裡重要的是要確保公司能夠維持其
46:25
dividends so uh you know a a big yield is of course nice but if this is just a onetime thing
股利，所以，嗯，你知道高殖利率當然很好，但如果這只是一次性的情況
46:34
then you know you of course need to have that in mind maybe the company only plans to pay dividends this year and not
那麼你當然需要把這點放在心上，也許公司只計劃今年發放股利，而未來
46:40
going forward that is of course worse then if the company has stable and perhaps even growing dividends all right
不再發放，那當然比不上公司有穩定甚至持續成長的股利，好的
46:48
so now the time has finally come to take a look at growth metrics and these are metrics that are super important as
那麼現在終於到了看看成長指標的時候了，這些指標非常重要，因為
46:56
especially in today's uh financial and economic climate uh Traders are really
特別是在當今的金融和經濟環境下，交易員真的
47:03
focused on growth and you know for an understandable reason you know it is the companies that has great growth that
非常關注成長，你知道這是可以理解的，因為那些成長性好的公司
47:12
often have the potential to really go up a lot in price so growth metrics are very important uh to follow and analyze
通常最有潛力讓股價大幅上漲，所以跟隨和分析成長指標非常重要
47:21
and the first metric I do want to talk about is earnings per share eps growth right and from earlier in the video you
而我想談的第一個指標就是每股盈餘（EPS）成長，對吧？從影片前面你
47:30
already know what EPS is that is how much the company earns per chare but earnings per share growth is basically
已經知道 EPS 是什麼，就是公司每股賺多少錢，但每股盈餘成長基本上是
47:38
uh it tracks how much a company's profit per share increases over time and this is what growth is all about how much are
追蹤公司的每股利潤隨著時間增加了多少，而這就是成長的全部意義：我們隨著時間
47:47
we increasing over time so as a simple example if a company's EPS grow from 2
增加了多少，舉個簡單的例子，如果一家公司的 EPS 在一年內從 2
47:55
to three in one year here then that's simply an EPS growth of 50% and this is a very good growth especially if we can
成長到 3，那麼這就是單純的 50% EPS 成長，這是非常好的成長，特別是如果我們能
48:05
you know sustain that kind of growth over time it can be amazing and that is very hard to do uh but growing from 2 to
長期維持這種成長，那就太棒了，雖然這非常難做到，但從 2 成長到 3
48:12
three is simply a 50% growth and now why does this matter well a higher EPS growth shows that the company is
就是單純的 50% 成長，那麼為什麼這很重要呢？更高的 EPS 成長顯示公司正
48:22
becoming more and more profitable right we are earning more and more for every
變得越來越有利潤，對吧，我們每股賺得越來越多
48:28
chair now the next metric I want to talk about this is a similar metric but this is revenue growth and what is this well
現在下一個我想談的指標，這是一個類似的指標，但這是營收成長，這是什麼呢？
48:38
Revenue growth measures how quickly a company's sales are increasing remember here the important difference between
營收成長衡量公司銷售額增加的速度有多快，請記住這裡營收和利潤的重要區別
48:45
revenue and profit right profit is what is left of their all expenses while revenue is what you get in from selling
對吧，利潤是扣除所有開支後剩下的，而營收是你透過銷售產品
48:55
product so Revenue your Revenue growth is good but I would say that uh you know uh profit growth is even better but this
所得到的，所以營收，你的營收成長很好，但我會說，嗯，利潤成長更好，但這
49:03
is still an important metric to follow so let's say for example that the revenue grows from 100 million to 120
仍然是一個重要的指標，所以舉例來說，營收從 1 億增加到 1.2 億
49:12
million in a year then in this case the revenue growth would be
那麼在這種情況下，營收成長率將是
49:17
20% and why does it matter well a high Revenue growth indicate indicates sort
20%，為什麼這很重要呢？因為高營收成長通常表示
49:25
of rising demand for the company's products or services or it can indicate either you know Rising demand or simply
市場對公司產品或服務的需求增加，或者它可能表示需求上升，
49:34
that the company is becoming uh better or taking a uh a bigger market share of the product that they are selling but in
或者僅僅是公司變得更好，或在他們銷售的產品中佔有更大的市場份額，但
49:42
general we're looking for high earnings per share growth and we're looking for high Revenue growth as well all right so
一般來說，我們尋求高每股盈餘成長，同時也尋求高營收成長。好的，那麼
49:50
now the next metric I do want to talk about is the compound annual growth rate
接下來我想談的指標是複合年增率
49:56
or for sure C A and this is a very important metric to understand because this metric basically gives you the
或稱 CAGR，這是一個非常重要的指標，因為這個指標基本上提供你
50:06
average annual growth rate over several years um remember the previous growth rate we talked about was only from one
過去幾年的平均年增率。記得我們之前討論的成長率只是從一年
50:15
year to another but but if you want to get a deep understanding of a company it's important to take a look at longer
到另一年，但如果你想深入了解一家公司，檢視更長的
50:22
time periods so for example as a very simple example let's say that the revenue grows from 100 million to uh 121
時間區間是很重要的。舉個非常簡單的例子，假設營收在兩年內從 1 億美元成長到
50:32
million over 2 years then the compound annual growth rate would be 10% and why is this the case well let's
1.21 億美元，那麼複合年增率就是 10%。為什麼是這樣呢？讓我們
50:41
say here that we start with 100 then after one year we grow to
從這裡開始說，我們從 100 開始，一年後我們成長到
50:47
110 and then to the next year we grow to 1221 what you will see here that the
110，然後下一年我們成長到 121。你會看到這裡的
50:54
growth rate here on average was 10 10% to go to 110 but then to go to
平均成長率是 10%，從 100 到 110 是 10%，然後從 110 到
51:01
121 uh we need 10 more per.
121，我們又需要 10%。
51:05
so this is basically what a 10% um uh annual growth rate a com compound annual growth rate
所以這基本上就是 10% 的年增率，也就是複合年增率
51:10
means and you know why does this matter well the compound annual growth rate
的意思。那麼，為什麼這很重要呢？因為複合年增率
51:17
shows a consistent and steady growth over time so this gives a much deeper understanding than to just compare
顯示了長期一致且穩健的成長，這比只比較
51:25
growth for for example one year so now the next metric I want to talk about is the free cash flow growth and remember
單一年度的成長能提供更深入的理解。那麼接下來我想談的指標是自由現金流的成長，請記住
51:33
here the free cash flow here you can think about how much actual money or how much actual cash the company has made
這裡的自由現金流，你可以把它想成公司實際賺了多少錢或多少現金
51:42
over a certain time period so free cash flow growth basically measures how much
在特定時間期間內，自由現金流成長基本上衡量的是
51:49
a company's free cash flow increases or decreases over time so as a simple
一家公司的自由現金流隨時間增加或減少的程度。舉個簡單的例子，
51:57
example here let's say that the free C cash flow here grows from 50 million to
假設這裡的自由現金流從 5,000 萬成長到
52:03
75 million in a year then its yearly growth would be 50% right because 75
7,500 萬，那麼它的年度成長率就是 50%，對吧？因為 7,500
52:12
divided by 50 is equal to 1.5 right or in other words a growth of
除以 50 等於 1.5，對吧？或者換句話說，成長了
52:20
50% and why is this important well a higher free cash flow growth shows the
50%。為什麼這很重要呢？嗯，較高的自由現金流成長顯示
52:26
company has more flexibility for reinvestments or you know returns to shareholders or whatever in general it's
公司在再投資或回報股東等方面有更大的靈活性，總之，
52:35
of course and nice to see the cash flowing into the company growing year overy year all right guys so now it's
當然，看到流入公司的現金逐年增長是件好事。好了，各位，現在終於
52:44
finally time to take what we have learned so far in this course to use fundamental analysis to find better
是時候運用我們在這門課中到目前為止所學到的東西，利用基本面分析來尋找更好的
52:52
trading and investing opportunities and let's actually begin here with a very simple stepbystep example on how you can
交易和投資機會了。讓我們從一個非常簡單的逐步範例開始，說明如何
53:02
use fundamental analysis and then later on in this course we will take a look at some more advanced strategies and some
使用基本面分析，然後在本課程稍後，我們將探討一些更進階的策略和一些
53:09
very amazing tools uh but to begin here I'm going to use trading view trading view is basically a platform for all
非常棒的工具。但首先，我將使用 TradingView。TradingView 基本上是一個
53:17
things trading whether you are focusing on you know technical analysis or fundamental analysis you will find tons
關於交易的全方位平台，無論您是專注於技術分析還是基本面分析，您都會在 TradingView 上找到
53:25
and tons of analysis tools and data here on trading View and one great thing about trading view is that it has a free
大量的分析工具和數據。TradingView 的一大優點是它有一個
53:33
plan and in my personal opinion the free plan is very solid and also if you guys want to try out trading view premium for
免費方案，以我個人的觀點，這個免費方案非常扎實，而且如果您們想免費試用 TradingView Premium 30 天，
53:41
free for 30 days and also get a $15 bonus if you somewhere down the road decide that you want to upgrade I
並且如果您日後決定升級，還能獲得 15 美元的獎金，
53:50
actually have a special link for that and you will find the link both in the description as well as the top comment
我其實有一個 special link（特殊連結），您可以在本影片的
53:57
of this video so make sure to use that link when you sign up to get the most out of trading view but now once you
說明欄以及置頂留言中找到該連結，所以請務必在註冊時使用該連結，以充分利用 TradingView。但現在，一旦您
54:05
have signed up to trading view it will look something like this I have some since this is my trading view account I
註冊了 TradingView，它看起來會像這樣。因為這是我的 TradingView 帳戶，所以
54:11
have a pre-made watch list here to the right and I have already made some stuff but it should look something like this
我右邊有一個預先製作的觀察名單，我也已經做了一些設定，但它看起來應該像這樣。
54:19
and the first tool I want to show you guys for fundamental analysis is the trading view stock screener and to find
我想向各位介紹基本面分析的第一個工具，就是 Trading View 的股票篩選器。要找到
54:27
the trading view stock screener you want to go up here to where it says products then you go down right here to where it
Trading View 的股票篩選器，你需要點擊上方的「產品」選項，然後往下拉到這裡，
54:34
says screeners and you want to click here where it it says stocks as you can see if you're looking for you know ETF
點擊「篩選器」，接著點擊這裡的「股票」。如你所見，如果你想找 ETF（指數股票型基金）
54:43
exchange traded funds or bonds uh we do have screeners for that as well but I want to keep it simple so let's focus on
或債券，我們也有相關的篩選器，但我想保持簡單，所以現在讓我們專注於
54:51
stocks right now and all right so now you might wonder what is a stock screener well a stock screener is
股票。好了，現在你可能會想，什麼是股票篩選器？基本上，股票篩選器是
54:57
basically a tool that we can use to filter out and find uh the best stocks for trading and investing based on
一個我們可以用來根據特定條件過濾並找出最適合交易和投資的股票的工具。
55:07
certain criteria so as you can see here we have multiple multiple H criteria we can change to find the best stocks and
如你所見，我們有許多許多的條件可以更改，以找出最佳的股票，我們也可以
55:16
we can also add uh additional filters as well so let's say right here you can see that the current uh filter shows only
新增額外的篩選條件。比方說在這裡，你可以看到目前的篩選器只顯示
55:25
stocks in in the US so we can click here if we want to change the market uh we can for example choose the entire world
美國的股票。如果我們想更改市場，可以點擊這裡，例如選擇全球市場，
55:33
but this will just you know show so many stocks so for now let's actually choose uh the us as our Market uh but to filter
但這會顯示太多股票了，所以目前我們還是選擇美國作為我們的市場。但為了讓市場更精準一點，
55:42
down the market a bit more we can choose a certain index so a certain stock market index for example the S&P 500
我們可以選擇某個特定的指數，也就是某個股票市場指數，例如右邊的 S&P 500。
55:51
right here let's actually choose this one this is the world's largest stock stock index uh and by choosing this
讓我們實際選擇這個，這是全球最大的股票指數。透過選擇這個
55:59
index we now filter down to only around 500 stocks that's what 500 stands for um so now we have basically filtered out to
指數，我們現在篩選到只剩下大約 500 檔股票，這就是 500 的意思。所以現在我們基本上已經過濾到
56:08
only show 500 of the most uh successful companies in the US but now let's
只顯示美國 500 家最成功的公司。但現在讓我們
56:15
actually start filter for some fundamental analysis metrics remember that earlier in the course we for
開始篩選一些基本面分析指標。記得我們在課程前面
56:23
example talked about the PE ratio you can see right here it says PE ratio uh which stands for price to earnings and
有提到過本益比（PE ratio），你可以在這裡看到它寫著 PE ratio，也就是 Price to Earnings 的縮寫。
56:32
remember that in general uh the lower PE ratio we have the better because the
記得一般來說，本益比越低越好，因為
56:38
lower the PE the less we have to pay for the earnings so let's actually shoose
本益比越低，我們為每單位盈餘所支付的價格就越低。所以讓我們實際把
56:44
the PE Ratio here to 15 and Below you can see that 15 and Below uh is in
這裡的本益比設定為 15 以下。你可以看到 15 以下
56:52
general a pretty solid uh price to earning ratio and also remember here what category the price to earnings was
通常是一個相當穩健的本益比範圍。同時也記得，本益比是屬於哪一個類別？
56:59
well the PE Ratio is a valuation metric but remember that we also have profitability and growth metrics so
本益比確實是評價指標，但請記住我們還有獲利能力與成長性指標
57:08
let's take a look at some uh profitability and growth metrics as well so for example right here you can say
因此讓我們來看看一些獲利能力與成長性指標。例如在此處你可以看到
57:15
here we have Revenue growth and you can also see that it says TTM y y and that
我們有營收成長率，你還可以看到它標示著TTM與YoY，而
57:22
basically stands for trailing 12 months year over year SO trading to 12 months means that we look at the last uh 12
這基本上代表的是「近12個月」與「年增率」。所謂近12個月是指我們檢視過去
57:30
months and year of O over year means that the growth is compared from uh the previous year to this year uh so let's
12個月的數據，而年增率則是指將今年與去年的成長幅度進行比較。那麼讓我們
57:39
actually filter for Revenue growth and as you can see here we have multiple different Alternatives we can choose
實際篩選營收成長率，如你所見，我們有許多不同的選項可以
57:46
between uh but now I actually want to show you guys how we can set it up manually as well so if you don't like
選擇。但現在我想向各位展示如何手動設定。如果你不喜歡
57:52
any of these alter Alternatives you can click on manual setup right here so you can choose uh as I said trailing 12
這些選項，可以點擊此處的手動設定，如此一來你就可以如我所說選擇近12個月
58:00
months year of a year um and we can choose above here so this is a value above and we choose value here and then
與年增率。我們可以在上方選擇「大於」，這裡我們選擇數值，然後
58:08
let's say that we want to look out for a revenue growth uh with uh you know above
假設我們想尋找營收成長率
58:15
10% so let's for example choose 10% right here and click on apply now we
超過10%的股票。讓我們在此處選擇10%並點擊套用。現在
58:22
have once again filtered out more stocks so we have as you can see actually right
我們再次篩選掉更多股票，如你所見，現在
58:28
here now we only have 23 stocks left but let's actually apply even more filters because we haven't applied a metric in
我們只剩下23檔股票，但讓我們再套用更多篩選條件，因為我們尚未套用獲利能力類別的
58:36
the profitability category uh yet um and let's see here actually remember from earlier in the course we talked about
指標。讓我們看看，記得我們在課程前面討論過
58:44
return on Equity so let's also filter on return on equity and remember here the higher the better in general when it
股東權益報酬率（ROE），所以我們也來篩選股東權益報酬率。請記住，一般而言
58:53
comes to return on Equity because that means that we make more profit from the equity in the company so we we want to
股東權益報酬率是越高越好，因為這代表我們從公司權益中獲取的利潤更多，因此我們希望
59:01
have a lot you can see they call it the 30 and above they call it the creme de La Creme um but you know 15 and above as
擁有高數值。你可以看到他們稱30以上為頂尖中的頂尖，但如文字所述，15以上
59:08
you can see on the text under is considered high returns so let's filter for 15 and above and you can see after
就被視為高報酬率。讓我們篩選15以上的數值，你可以看到在
59:17
we have applied all of these filters now we only have 14 symbols left so hopefully by now you can see how we can
我們套用所有這些篩選條件後，現在只剩下14檔股票。希望到此為止，你能了解如何
59:26
apply these different Financial metrics and other sort of mathematical formulas to you know narrow down and find the
運用這些不同的財務指標與其他數學公式，來縮小範圍並找出
59:34
best trading and investing opportunities but this example I just recently showed you guys was just a very simplified
但這是我最近才給大家看的例子，只是一個非常簡化的說明
59:41
example and later on in this video I will actually show you guys a h sort of very powerful tool where we have
範例，稍後在這個影片中，我會實際展示一個非常強大的工具，裡面我們有
59:49
multiple premade combinations of different variables that can be very powerful but
多種不同變數的預設組合，這些組合可能非常強大，但是
59:56
for now all you need to know is that we can combine different metrics here to filter out the best stocks and when we
目前你只需要知道，我們可以在這裡結合不同的指標來篩選出最好的股票，當我們
1:00:04
have applied the filters here now we can start to analyze even more so you can see that right now it says overview
在這裡應用篩選器後，現在就可以開始進行更深入的分析。你可以看到目前這裡顯示的是總覽
1:00:11
right here but if you want to for example look at the performance so we might want to analyze how has these
，但如果你想要，例如查看績效，我們可能想分析這些
1:00:17
different uh stocks performed over for example the last week here we can sort uh the last week from the sending we can
不同的股票在例如過去一週表現如何，我們可以將過去一週從高到低排序，我們可以
1:00:25
see that some most of these stocks has actually performed pretty well H we can also see the performance for example
看到這些股票中大多數其實表現得相當好。我們也可以看到例如
1:00:31
over the last uh five years right and here you can see that we have some very impressive results with around 900% for
過去五年的績效，對吧？在這裡你可以看到我們有一些非常驚人的結果，SMCI 大約 900%
1:00:39
smci with around 230% for this company and you can see that most of these companies have performed very well over
，這家公司大約 230%，你可以看到這些公司大多數在
1:00:48
the last 5 years so you can analyze the performance but you can also go very deep into analyze valuation
過去 5 年表現都非常好，所以你可以分析績效，但你也可以非常深入地分析估值
1:00:56
you can analyze dividends uh profitability income statement balance sheet so on and so on so as you can see
，你可以分析股息、獲利能力、損益表、資產負債表等等，所以如你所見
1:01:02
even though trading view is a free platform it still has some nice analysis capabilities all right guys so now it's
，即使 Trading View 是一個免費平台，它仍然具備一些不錯的分析功能。好了，各位，現在終於
1:01:10
finally finally time to take a look at a platform called investing Pro and this right here is an amazing uh fundamental
終於到了來看看一個叫做 Investing Pro 的平台的時候了，而這裡這個平台是一個非常棒的基本面
1:01:18
analysis platform for multiple reasons for example right here I'm looking at one of the pre prade investing
分析平台，原因有很多，例如在這裡，我正在查看你可以在 Investing Pro 裡面找到的其中一個預設
1:01:27
strategies that you will find inside uh investing Pro and just as an example this uh investing strategy has a total
投資策略，只舉個例子，這個投資策略的總
1:01:36
return of 2,00% and it actually performed outperformed the S&P 500 or uh at least
報酬率是 2,000%，而且它實際上擊敗了 S&P 500，或者說
1:01:43
outperform the market in general with around 1,750 per and this right here is just
至少以大約 1,750% 的幅度擊敗了整體市場，而這裡這個
1:01:52
one of so many pre-made investing strategies that you will find here in investing Pro in investing Pro uh you
只是你會在 Investing Pro 裡找到的眾多預設投資策略中的其中一個，在 Investing Pro 裡，你
1:02:00
can go to the ideas tab here you can also actually uh search for very famous investors and actually you know copy how
可以前往這裡的「想法」分頁，你也可以實際搜尋非常有名的投資人，並實際地，你知道，複製他們的...
1:02:10
they are trading you can see we can for example copy Warren Buffett right here uh we can copy you know Bill Gates and
他們正在交易，你可以看到我們可以，例如，複製沃倫·巴菲特，就在這裡，我們可以複製比爾·蓋茲，
1:02:16
let's say that we want to you know maybe we want to search for some other famous investor let's say we want to search for
假設我們想要，你知道，也許我們想搜尋其他著名的投資者，假設我們想搜尋
1:02:22
Ray doio a very famous uh you know hedge fund manager uh we can go to ral's portfol
雷·達里歐，一位非常著名的，你知道，避險基金經理人，我們可以前往雷的投資組合
1:02:30
portfolio here and we can take a look at exactly what is ralo buying and selling
投資組合在這裡，我們可以仔細看看雷究竟在買進和賣出什麼
1:02:37
and what stocks uh is he holding and so on and so on so that is another thing with investing Pro we can also use
以及他持有什麼股票等等，所以這是 Investing Pro 的另一個功能，我們也可以使用
1:02:43
investing Pro to find uh just as in trading view we have a stock screener here but the difference is that here we
Investing Pro 來尋找，就像在 TradingView 我們在這裡有一個股票篩選器，但不同之處在於這裡我們
1:02:52
have multiple formulas I can actually show show you if I I scroll up a bit here we have multiple pre-made uh
有多種公式，如果我稍微向上滾動，我其實可以展示給你看，我們有多種預設的
1:03:00
fundamental analysis combinations of different uh Financial metrics and different variables to you know
基本面分析組合，結合了不同的財務指標和不同的變數，用來
1:03:08
specifically find the best stocks one very famous example is the Benjamin Graham or Ben Graham formula right here
具體找出最好的股票，一個非常著名的例子是班傑明·葛拉罕或班·葛拉罕的公式，就在這裡
1:03:17
that you know he is uh for example the author of this book right here you can see the intelligent investor uh and here
你知道，他，例如，是這本書的作者，你可以看到《智慧型股票投資人》，而這裡
1:03:25
is a quote from Warren Buffett himself he says it's by far the best book on on
引述了沃倫·巴菲特本人的話，他說這是有史以來
1:03:33
on investing ever written so just the fact that you can apply this formula automatically in investing Pro is of
關於投資寫得最好的一本書，所以，光是能在 Investing Pro 自動應用這個公式這件事
1:03:41
course amazing uh but now let's just calm down a bit before we get ahead of ourselves here uh I just want to mention
當然很厲害，但現在，在我們得意忘形之前，讓我們稍微冷靜一下，我只是想提一下
1:03:48
that for this video I have actually managed to get a special link from investing Pro and right now you can
在這個影片中，我其實設法從 Investing Pro 獲得了一個特殊連結，現在你
1:03:56
actually use that link to get up to 70% off when you purchase your investing Pro Plan and this right here is a limited
其實可以使用那個連結，在購買你的 Investing Pro 方案時獲得高達 7 折的優惠，而這是一個限時
1:04:05
time offer so make sure to take advantage of that link you know as soon as possible if uh after watching this uh
優惠，所以務必盡快利用那個連結，如果，在看完這個
1:04:13
video you seem to like the platform but now let's actually begin here by taking a look at the screener here in investing
影片後，你似乎喜歡這個平台，但現在讓我們實際開始，在 Investing Pro
1:04:21
Pro and the first thing we can do here is that we can go up and press on new and let's give this one a name we can
這裡看看篩選器，我們首先可以做的就是向上按一下「新增」，我們可以幫這個取個名字，例如
1:04:27
for example call it fun fundamental analysis like that and press create and
叫它基本面分析，像這樣，然後按一下建立，當我們
1:04:35
when we first uh open up our screener you can see that it looks a little bit complicated and the reason for this is
第一次打開我們的篩選器時，你可以看到它看起來有點複雜，原因在於
1:04:42
that we are currently seeing so many stocks here we're seeing around 14,800 stocks and that is because right
我們目前在這裡看到這麼多股票，我們看到大約 14,800 檔股票，這是因為現在
1:04:51
now we don't have any filters here for the screener and this is you know where
我們在篩選器這裡沒有任何過濾條件，而這就是你知道你可以
1:04:59
you can either just as we did in trading view you can apply your own filters to do that you press on the button right
就像我們在 Trading View 做的那樣，你可以應用你自己的過濾條件來做到這點，你按下右邊的按鈕
1:05:07
here and you can add a filter by simply pressing on the plus here then you click on this Arrow right here and you can
這裡，你可以透過簡單地按下這裡的加號來新增一個過濾條件，然後你點擊這裡的這個箭頭，你可以
1:05:16
either search so let's say you want to add the you know price to earnings you just search for Price earnings or you
你可以直接搜尋，例如你想加入本益比，就搜尋 Price earnings 或是
1:05:24
can simply search for p PE ratio uh and here you can see that we have the PE Ratio but we have different tons of
可以直接搜尋 PE ratio，這裡可以看到 PE Ratio，但我們有許多不同的
1:05:31
different uh sort of adjusted PE ratios as well so you can basically combine to uh if you have uh your own fundamental
不同的調整後本益比，所以基本上你可以組合，如果你有自己的基本面
1:05:40
analysis formula you can combine all the filters you need and you know build the perfect screener uh I can just let's
分析公式，你可以結合所有需要的篩選條件，打造完美的篩選器。我可以直接，讓我們
1:05:48
just use the PE Ratio as an example and we can choose here PE less than and you just as we did in in trading view let's
以 PE Ratio 為例，我們可以選擇這裡 PE 小於，就像我們在 TradingView 做的一樣，讓我們
1:05:56
choose 15 right here and now as you can see instead of around 14,000 stocks we
在這裡選擇 15，現在如你所見，原本大約 14,000 檔股票，我們
1:06:03
have around 4,000 so many uh disappeared with that filter uh and here we can also choose you know uh in what market right
現在剩下大約 4,000 檔，許多股票因該篩選條件而消失了，這裡我們也可以選擇，你知道，在什麼市場，現在
1:06:12
now we're looking at United States uh but for this section I actually don't want to focus on creating our own uh you
我們看的是美國，但這 section 我其實不想專注於建立我們自己的，你知道
1:06:21
know our own uh screening because that is something you can do with trading view as well investing pro has uh more
我們自己的篩選，因為這件事你在 TradingView 也能做，Investing Pro 有更多
1:06:29
metrics and often better metrics but you can do that with trading view however what what we don't have in trading view
指標，而且通常更好，但你在 TradingView 也能做，然而 TradingView 沒有的是
1:06:36
is all of these pre-made strategies here you can see we have uh you know stocks with strong upside we have stocks on the
這裡所有這些預設策略，你可以看到我們有，你知道，強勢上漲潛力股，我們有上漲中的股票
1:06:44
rise stocks that are based on a specific scored uh piotroski score scores here and we also of course we have tech
基於特定皮氏得分（Piotroski score）的股票，我們當然也有科技
1:06:53
technology gems and we also of course have the one I talked about earlier the Ben Graham formula and let's actually
科技潛力股，我們當然也有我剛才提到的班傑明·葛拉罕（Ben Graham）公式，讓我們實際
1:06:59
take a look at what happens if we simply apply this formula so we simply press on this one right here and now we can see
看看如果我們直接套用這個公式會發生什麼事，我們只需按下這裡的這一個，現在我們可以看到
1:07:07
that the the screener automatically applied the Ben Graham formula Right Here and Now guys what you will be able
篩選器自動在這裡套用了班傑明·葛拉罕公式，現在各位，你將能夠
1:07:16
to see is that now oops sorry about that but what you now can see if we scroll
看到的是，現在——哦抱歉，但如果您往下滾動，現在可以看到只剩下 135 檔股票，而且您還可以
1:07:23
down is that now only 135 stocks are left and what you also
下降，現在只剩下 135 檔股票，而且您還可以
1:07:31
can see here and this is one a pretty amazing feature about investing Pro let me scroll down a bit here is that for
在這裡看到，這是 Investing Pro 一個相當驚人的功能，讓我稍微向下滾動一下，就是對於
1:07:39
all of these stocks we have an automatic fair value label and remember
所有這些股票，我們都有一個自動的合理價值標籤，請記住
1:07:47
that our goal by using fundamental analysis is to find out the fair value of a stock and if the stock price is
我們使用基本面分析的目標是為了找出股票的合理價值，如果股價
1:07:56
below that fair value it suggests that the stock will go up in the future it's of course no guarantee but that is what
低於這個合理價值，這表示該股票未來將會上漲，這當然不是保證，但這就是
1:08:03
the analysis suggests so here we actually have a fair value calculated automatically by investing Pro and you
分析所顯示的結果，所以這裡我們實際上有一個由 Investing Pro 自動計算的合理價值，而您
1:08:13
can see that when we apply this specific Ben Graham formula you will see that uh many stocks here are undervalued you can
可以看到，當我們應用這個特定的班傑明·葛拉罕公式時，您會看到這裡有許多股票是被低估的，您可以
1:08:20
for example see the first stock called GSL is considered under valued here according to investing Pro uh automatic
例如看到第一檔股票叫做 GSL，根據 Investing Pro 的
1:08:29
analysis you can see that we have upset of around 30 32.8% you can see this next stock right
自動分析，它被認為是低估的，您可以看到我們有大約 30% 到 32.8% 的上漲空間，您可以看到下一檔股票
1:08:36
here NMM is according to investing Pro it has a pretty fair value but still a small upside but what you also can see
這裡 NMM，根據 Investing Pro，它有一個相當合理的價值，但仍然有小幅的上漲空間，但您還可以
1:08:45
in this screener is that we don't only have the fair value calculated here by investing Pro because we also have the
在這個篩選器中看到，我們不僅只有 Investing Pro 在這裡計算的合理價值，因為我們還有
1:08:52
fair value calculated by other investors and other people's analysis and for this uh specific stock you can see that this
由其他投資者和其他人分析所計算的合理價值，對於這檔特定的股票，您可以看到
1:09:01
one is severely undervalued according to other analyst with an upside here of
根據其他分析師的分析，這檔股票是嚴重低估的，上漲空間達到
1:09:09
74.3% but now you might of course wonder you know when the stocks have different values here for example the analyst
74.3%，但現在您當然可能會想，當股票在這裡有不同的價值時，例如分析師
1:09:17
thinks it has an upside of 74% while the uh investing Pro Fair Value here is only
認為它有 74% 的上漲空間，而 Investing Pro 的合理價值在這裡只有
1:09:23
an upside of around 5% a general uh rule of thumb in my opinion this is not you know a perfect rule but what you can
大約 5% 的上漲空間，一個一般的經驗法則，在我看來這不是一個完美的法則，但您可以
1:09:31
look out for here is that we have uh both undervalued according to investing Pro and undervalued according to the
注意的是，我們這裡有根據 Investing Pro 被低估的股票，也有根據
1:09:39
analyst this is in general um you know a good combination for a stock and also if you scroll to the right here you can see
分析師被低估的股票，這通常是一個很好的股票組合，另外如果您向右滾動，您可以看到
1:09:47
that we have a very nice overview of all the stocks that right now is filtered based on Benjamin Graham and uh you can
我們有一個非常棒的概覽，顯示所有目前根據班傑明·葛拉罕篩選出來的股票，而且您
1:09:55
see we have the dividend per share share dividend yield and so on and so on we have the PE Ratio all that good stuff
可以看到我們有每股股息、股息殖利率等等，我們有本益比，所有這些好東西
1:10:02
but you also have so many opportunities here to dive deeper if you click on risk right here you will have many many
但你在這裡也有許多機會可以深入探索，如果你點擊這裡的風險，你會看到許多許多
1:10:09
different risk metrics that you can analyze and of course for all of the these metrics you can apply additional
不同的風險指標可以分析，當然對於所有這些指標，你都可以套用額外的
1:10:16
filters if you want to you know dive even deeper so you can choose a metric right here just add any metric you want
篩選條件，如果你想更深入探討，你可以選擇一個指標，隨意添加任何你想要的指標
1:10:23
we have a uh sort of a tab here for returns a tab for efficiency and this tab right here that is called health is
我們這裡有幾個分頁，像是報酬率的分頁、效率的分頁，還有這個叫做健康度的分頁
1:10:32
in my opinion very nice because here you will get automatic uh sort of valuations
在我看來非常棒，因為在這裡你會得到自動化的
1:10:38
of the health of the different companies so let's actually scroll scroll up to the top top once again here you can see
不同公司健康度的評估值，所以讓我們實際上再滾動到最頂部，在這裡你可以看到
1:10:46
we can for example look at this stock right here prg uh you will get a valuation for the overall health and
我們可以，例如，看看這支股票 prg，你會得到整體健康度的評估值，而
1:10:53
here you can look at the specific metrics like cash flow growth profit so this stock for example looks great on
在這裡你可以查看具體的指標，像是現金流、成長、獲利，所以這支股票，例如，在
1:11:01
the cash flow s uh side but the growth looks very weak uh the profit however looks good uh but the price momentum
現金流方面看起來很棒，但成長看起來非常疲弱，然而獲利看起來不錯，但價格動能
1:11:10
doesn't look that bad so here in general you can look for stocks that are you know uh the sort of overall health you
看起來沒那麼糟，所以在這裡一般來說，你可以尋找那些，你知道的，整體健康度
1:11:18
want to be as good as possible like for example right here uh where we have a great overall health value
儘可能好的股票，就像這裡，我們有一個很棒的整體健康度數值
1:11:26
but all right guys so now you hopefully have you know at least a basic understanding of the investing Pro
但好了，各位，希望你們現在至少對 Investing Pro 的
1:11:32
screener I really find this one impressive and as I said uh if you're interested in this screener I do have a
篩選工具有了基本的了解，我真心覺得這個工具很厲害，正如我所說，如果你對這個篩選工具有興趣，我下面有
1:11:39
special link down below uh but let's actually also show some other uh things you can do here in investing Pro one
一個專屬連結，但讓我們也展示一下在 Investing Pro 裡你還可以做的其他事情，其中
1:11:48
thing you can do if you want to get an overview of how a company performs is to
一件你可以做的事，如果你想概覽一家公司的表現，就是
1:11:54
Simply use the search uh up here in the upper left corner you see it says search for a company so right now Nvidia is
直接使用這裡的搜尋功能，在左上角你看到它寫著「搜尋公司」，所以現在 Nvidia
1:12:03
very hyped up so let's actually search for NVIDIA uh I recommend searching for the ticker symbol right here which is
非常熱門，讓我們實際搜尋一下 NVIDIA，我建議在這裡搜尋股票代碼，也就是
1:12:10
nvd a uh and then we choose this one right here at the top it says us on NASDAQ so we know it's the correct
nvda，然後我們選擇頂部這個，它寫著在 NASDAQ 上市的 US，所以我們知道這是正確的
1:12:18
Nvidia and here when you choose the company you will get a very nice H fundamental analysis overview of mvidia
Nvidia，而在這裡當你選擇了這家公司，你會得到一個非常棒的 Nvidia 基本面分析概覽
1:12:27
we have some metrics we have different analysis of the fair value which is very important and if we scroll down here we
我們有一些指標，我們有對公平價值的不同分析，這非常重要，如果我們往下滾動這裡我們
1:12:34
can see that we have for example a company profile this uh right here I really like because here you get a nice
可以看到這裡有例如公司概況，我真的很喜歡這個功能，因為在這裡你可以獲得
1:12:42
summary about some general things uh fundamental analysis things related to Nvidia so if we click uh view more here
關於一些一般事項的精闢摘要，以及與輝達相關的基本面分析，所以如果我們點擊這裡的「查看更多」
1:12:51
uh you can see that we can scroll and see some different metrics for example the green ones right here are metrics
你可以看到我們可以滾動並查看一些不同的指標，例如這裡綠色的指標
1:12:58
that are considered good right now for NVIDIA so for example one good thing right here is that it has a perfect P
是目前被認為對輝達有利的指標，例如這裡一個很好的點是它有完美的
1:13:05
troski score of nine that is very bullish uh another bullish thing is that analyst anticipate that the growth will
Piotroski評分九分，這非常看漲，另一個看漲的因素是分析師預期成長將會
1:13:13
continue the sales growth uh will continue during this year uh it has impressive gross profit margins remember
繼續，銷售成長將在今年持續，它有令人印象深刻的毛利率，記得
1:13:21
we talked about that earlier in the video uh however a negative thing here is that the stock has taken a big hit
我們在影片前面有討論過，然而，這裡一個負面因素是該股在過去一週遭受重創
1:13:29
over the last week Nvidia has been falling quite a bit as I'm recording this video so that is a bearish thing
輝達在我錄製這支影片時下跌了不少，所以這是一個看跌的因素
1:13:37
another bullish bullish thing here uh sorry can't speak another bullish thing is that it's trading at a low PE ratio H
另一個看漲的因素，抱歉，有點口誤，另一個看漲的因素是它的本益比相對較低
1:13:46
relative to the near-term earnings and you can see that we have so many different metrics here that you can use
相對於近期的盈餘，你可以看到我們在這裡有這麼多不同的指標可以使用
1:13:53
to get a nice uh uh overview about Nvidia right now we also have the financial Health right here you can see
來獲得關於輝達目前的良好概覽，我們在這裡也有財務健康度，你可以看到
1:14:01
that overall uh Nvidia is looking healthy according to to the analysis so overall you can see that we can get uh
整體而言，根據分析，輝達看起來是健康的，所以總體來說，你可以看到我們可以獲得
1:14:10
we can get a very nice overview about how en Nvidia is performing right now we also have a tab here for the latest news
關於輝達目前表現的非常棒的概覽，我們在這裡也有一個分頁是關於輝達的最新消息
1:14:19
related for NVIDIA we have a tab here for dividends we have a tab here for earnings we have different models
我們在這裡有一個分頁是關於股息，我們在這裡有一個分頁是關於盈餘，我們有不同的模型
1:14:26
financials compare you can see you can spend so much time uh just analyzing a single stock so that's a bit outside the
財務比較，你可以看到你可能花很多時間只分析一支股票，所以這有點超出
1:14:34
scope of this video but I really do like the Simplicity of just being able to search for a company get a nice overview
這支影片的範疇，但我真的很喜歡這種簡單性，只需搜尋一家公司就能獲得一個很好的概覽
1:14:42
and so on and so on but now guys the next thing I want to show you in investing Pro is the ideas tab right
等等，但現在各位，接下來我想在Investing Pro中展示給你們看的是「想法」分頁
1:14:50
here so now let's go up here and press on ideas and here I mentioned this briefly earlier but this is the tab
在這裡，所以現在我們按一下上面的「想法」，我在這裡之前有簡短提到過，但這是一個分頁
1:14:59
where you can search for famous and well-performing investors and actually if you don't have the time to perform
你可以在這裡搜尋著名且表現良好的投資者，事實上，如果你沒有時間進行
1:15:06
your own analysis you can just copy what they are trading and you can also if you scroll down a bit here you can choose
你自己的分析，你可以直接複製他們的交易，你也可以如果稍微往下滾動一點，你可以選擇
1:15:13
that you can actually filter based on billionaires you know other smart Money traders like Banks hedge funds and so on
您可以根據億萬富翁、其他聰明的資金交易者，例如銀行、對沖基金等來進行篩選
1:15:19
and so on but let's keep it very simple and let's say that we want to uh copy you know Warren Buffett what we do here
等等，但讓我們保持非常簡單，假設我們想模仿沃倫·巴菲特，我們在這裡可以這樣做
1:15:27
what we can do here is that we can simply we can either click here and get an overview of exactly what Warren
我們在這裡可以做的就是，我們可以簡單地點擊這裡，獲得沃倫·巴菲特正在做什麼
1:15:32
Buffett is doing and what is trading and all the companies right here but what you also can do is that you can click on
以及他正在交易什麼和所有公司的精確概覽，但您也可以點擊
1:15:39
copy to watch list and then you press yes right here and just like that as you can see we have now copied all of Warren
「加入觀察名單」，然後在這裡按下「是」，就像這樣，如您所見，我們現在已經將所有沃倫·巴菲特的股票
1:15:48
Buffett stocks to a watch list right here and here if you want to analyze even deeper maybe you think that you are
複製到這裡的一個觀察名單中，在這裡，如果您想進行更深入的分析，也許您認為自己是
1:15:55
a better investor than Warren Buffett then you can of course uh you know uh pick between Warren Buffett stocks maybe
比沃倫·巴菲特更好的投資者，那麼您當然可以從沃倫·巴菲特的股票中挑選，也許
1:16:03
for some reason you don't want to include you know Visa in your portfolio uh maybe you performed an analysis to
出於某種原因，您不想將 Visa 納入您的投資組合，也許您進行了分析
1:16:09
you know not find it worth to actually buy Visa then you can simply ex exclude that one and so on and so on there are
認為不值得購買 Visa，那麼您可以簡單地排除那一檔，等等，這裡有
1:16:16
so many opportunities here and this uh watch watch list tab we are in right now is very similar to the screen
很多機會，而我們現在所在的這個「觀察名單」分頁，與「螢幕」
1:16:25
tab last guys but definitely not least before we wrap this course up I do want to show you guys the AI investing
分頁非常相似，最後但絕對同樣重要的是，在我們結束這門課程之前，我確實想向各位展示 Investing Pro 中的
1:16:34
strategies in investing Pro because these are so impressive right here you can for example see that this one has
AI 投資策略，因為它們在這裡非常令人印象深刻，例如，您可以看到這一個策略的
1:16:40
around 2100% return a total return and outperformance of
報酬率約為 2100%，總報酬率和超額報酬為
1:16:47
1,750 per so if we click on this uh strategy right here you can see that we get more information about this strategy
1,750 個基點，如果我們點擊這裡的這個策略，您可以看到我們獲得了關於此策略的更多資訊
1:16:57
you can for example see right here if you want to see all the stocks that are currently uh in this strategy you can
您可以例如在這裡看到，如果您想查看目前在此策略中的所有股票，您可以
1:17:05
simply find it right here you can see here you can simply scroll down and find all the stocks if you scroll down a bit
在這裡簡單地找到它，您可以在這裡看到，您可以簡單地向下滾動並找到所有股票，如果您在這裡稍微向下滾動
1:17:11
here you can also get the pcks history so here you can see all the Recently Added stocks but as important you can
您也可以查看選股歷史，所以您可以在這裡看到所有最近新增的股票，但同樣重要的是，您也可以
1:17:20
also see all the recently removed stocks so if you want to follow this strategy you have to add and remove uh the stocks
查看所有最近被移除的股票，所以如果您想遵循此策略，您必須根據此頁面
1:17:30
uh according to this page right here so you need to actually follow the strategy scrolling down a bit here you can also
新增和移除股票，因此您需要實際遵循策略，稍微向下滾動，您也可以
1:17:39
see that we have some spotlights uh you know some well performing stocks that recently got added or removed from the
看到我們有一些焦點股，也就是一些表現良好、最近被新增或移除的股票
1:17:47
strategy you can for example see here that qrvo here which is up around 25% since
例如，你可以看到這裡的 QRVO，自從被納入以來上漲了約 25%
1:17:54
it got added you can see it got added all the way down here and since then we have been seeing a massive massive move
你可以看到它是在這裡被納入的，從那時起我們就看到了非常非常大幅度的
1:18:02
towards the upside and soon we will have a new rebalance date so uh maybe this
上漲，而且很快我們將迎來新的再平衡日期，所以也許這檔
1:18:09
one gets sold or the strategy will still hold on to this stock but yeah guys to
會被賣出，或者該策略仍會繼續持有這檔股票，但各位，為了
1:18:15
not make this course way too long I think I will have to wrap up pretty soon uh one more thing that is important to
不讓這門課程太長，我想我得很快做個總結了，呃還有一件重要的事要
1:18:24
mention mention here uh is to of course read the disclaimer about the AI trading strategies you can for example see right
在這裡提一下，呃那就是一定要閱讀關於 AI 交易策略的免責聲明，例如你可以在這裡看到
1:18:31
here that the performance here is derived from back tested historical data so this is how the strategy would have
這裡的表現是來自於回測的歷史數據，所以這就是該策略在
1:18:39
performed in the past and that is a common method to use to try to predict how the strategy will perform in the
過去的表現方式，這是一種用來嘗試預測該策略在
1:18:46
future but it you know back tested and histor historical performance do not guarantee uh future outcomes this is
未來表現的常用方法，但是你知道，回測和歷史表現並不能保證未來的結果，這點
1:18:55
very important to understand and it's very important to uh read this whole disclaimer on the page uh before you you
非常重要，而且在你
1:19:04
know jump into this trading strategy and think that it will per perform exactly as well in the future that is
投入這個交易策略並認為它在未來會表現得一模一樣之前，閱讀頁面上的整個免責聲明也非常重要，那是
1:19:10
unrealistic this is just the back tested data how the strategy has performed not how it's guaranteed to perform in the
不切實際的，這只是回測數據，顯示該策略過去的表現，而不是它在未來
1:19:18
future and what I also want to mention is that you can even if you use investing Pro you don't have to go for
保證會有的表現，我還想提的是，即使你使用 Investing Pro，你也不必選擇
1:19:25
one of the pre-made strategies as I have already showed you guys you have so many ways to uh you know for example use uh
預先設定好的策略之一，就像我已經展示給各位看的，你有很多方式可以，例如，使用
1:19:34
parts of other strategies and if you want to adjust a little bit your own you have many opportunities to do that as
其他策略的部分內容，如果你想稍微調整自己的策略，你也有許多機會可以這樣做
1:19:41
well all right so this course is actually coming to an end now and I want to thank you all so much for watching
好的，那麼這門課程現在其實要結束了，我要非常感謝大家的觀看
1:19:47
and I also want to give an extra big thank you to all our channel members you guys are the official sponsor of this
我也要特別感謝我們所有的頻道會員，各位是這個頻道的官方贊助者
1:19:54
Channel if you want to become a channel member you can do that by clicking join down below and last but not least when
如果你想成為頻道會員，可以點擊下方的加入來完成，最後但同樣重要的是，當
1:20:01
you are ready to continue your trading journey I highly recommend to check out this playlist right here but for now
你準備好繼續你的交易旅程時，我強烈推薦你查看這裡的這個播放清單，但現在
1:20:08
guys take care Chia Chow
各位，再見，Chia Chow
