價值投資的關鍵性的問題是：
1. 在投資期間，收益和分紅的增長率是多少？
2. 有什麼樣的風險？投資收益的可靠程度是多少？
3. 管理策略是否會有效施行？
上面這些因素沒有一個可以肯定回答。我們需要在考慮了各種因素之後做出最佳評估。
增長
過往業績
• 每股的歷史收益是否呈現上升勢頭？
• 每股歷史價格是否一直在上升？
• 股本回報率是否一直在升高？
• 投資回報是否高到足以支撐擴大投資？
自由現金流
• 企業的健康運營需要多少資金支撐？
o 這筆資金從何而來？
o 來源於企業的留存收益？
o 來源於新股發行？
o 還是通過增加債務？
• 是否存在留存收益支撐企業健康運營？
o 是否有充足的折舊備抵資金支持現有資產的替換？
o 資本支出是用於支撐現有業務還是用於新的投資？
• 企業是否可以產生巨大盈利？它的發展是否依賴於大量的資本支出？
• 企業的發展是否依賴於大規模並購？它有什麼樣的並購歷史？
• 企業的實際稅率是否會發生改變？它以後是否需要支付更多的稅收？
• 紅利是否維持穩定增長？
收益的可靠性
• 企業是否可以從老客戶身上獲得固定收益？還是需要不斷的為自己的產品和服務開發新客戶？
• 企業的產品屬於快速使用、需要不斷訂購的易耗品還是幾年更換一次的耐用品？
• 企業是否不斷的給合作企業或者客戶提供售後服務？服務費多久收取一次？
新市場
• 企業的業績增長來源於它不斷的進軍新市場？
o 它是否有能力擴張到新興市場？
o 新城市？
o 新的國家？
o 國際市場？
• 它在新興市場是否擁有很高的品牌認知度？
利潤空間
利潤空間取決於企業與新老對手的競争能力。任何價格折扣和價格戰争都需要引起警惕。
消費壟斷
這深受巴菲特的喜愛。他不斷的找尋那些具有持續競争優勢的企業：
• 企業是否存在消費壟斷？
• 企業是否擁有強大的品牌？是否受到消費者喜愛？
• 消費者對產品或服務的依賴程度如何？
• 企業是否擁有競争者難以取得的特殊技術或知識？
• 企業的知識是否受專利或版權保護？
• 企業是否擁有競争者難以複制的分銷渠道？
• 企業是否可以根據通脹提高價格？
威脅
• 新崛起的競争者是否對企業構成威脅？
• 新技術是否構成威脅？
• 企業是否可以維持競争力水平？
o 研究與開發經費是否充足？
o 研究與開發成果如何？
o 新產品？
o 新專利？
• 可替代的分銷渠道是否構成威脅？
• 可替代產品是否構成威脅？
• 是否存在間接競争者？其他的行業領域也可能有同樣的需求。
風險
• 企業是否過度的依賴於單一產品、顧客、供應商、某一個人或借債資金？
• 企業是否會受到政治變革影響？
o 新的稅收或補助金？
o 壟斷法？
o 監管或是消費者權益保護的加強？
o 環境立法、勞動法規、進口義務？
• 企業和員工的關系如何？
管理層誠信
• 管理層對股東資金的負責程度如何？企業做出的決策都是以股東利益為出發點的嗎？
• 管理層是否對新項目或並購做出記錄？
• 企業股東是否參與企業事物？還是停留在“需要知道”的基礎上？
• 最大股東是否有別的計劃？他們是否企圖創造出一個家族企業？
管理技巧
• 員工是否參與企業管理？
• 企業是否有利潤分紅、股權分配等激勵機制？
• 是否有卓越的管理環境？
• 管理層是否擁有行業經驗？
• 管理層是如何看待新項目的？他們是否知道自己的不足？他們是否遠離了企業的根基？
財務管制
• 是否有強大的財務管制？
• 管理層有成本意識還是過度奢侈？如果一個企業在經營慘淡之時宣佈削減成本，那麼它在經營良好的幾年通常沒有關註成本。
Value Investing
The critical questions in value investing are:
1. At what rate will earnings (and dividends) grow over the investment period?
2. What is the risk? How reliable are earnings?
3. Can management be trusted to perform?
None of these factors can be answered with certainty, we have to make our best estimate after considering a number of factors.
Growth
Past Performance
• Do historic earnings (per share) show a strong upward trend?
• Do historic sales (per share) show a strong upward trend?
• Has management consistently achieved a high Return on Equity?
• Is the return from new investments high enough to justify expansion?
Free Cash Flow
• How much capital is needed to fund future growth?
o Where will this capital come from?
o Out of retained earnings?
o Out of new stock issues?
o Through increased debt?
• Are retained earnings available to fund growth?
o Are depreciation provisions adequate to fund the replacement of existing assets?
o Is new capital expenditure required just to retain existing business or is it available for new investment?
• Is the business a cash cow? Or is new growth dependent on large capital expenditures?
• Is growth dependent on large acquisitions? What is the company's track record with acquisitions?
• Is the company likely to experience changes in its effective tax rate? Will it pay a higher rate of tax in the future?
• Have dividends been maintained and regularly increased?
Income Reliability
• Does the company receive regular income from repeat business or does it continually have to find new customers for its products and services?
• Are the products consumable, quickly used up and reordered, or does the company sell durables that will not be replaced for a number of years?
• Does the company provide a repeat service to business or private customers? How regular are the service payments?
New Markets
• Is the growth of the company dependent on it expanding away from its home base into new markets?
o Has it proved that it has the capability to expand into new markets?
o New cities?
o New states?
o International markets?
• Does it have high brand awareness in the new markets?
Profit Margins
Profit margins are dependent on the company's ability to withstand competition from existing and new competitors. Any evidence of product discounting or price wars should set the alarm bells ringing.
Consumer Monopoly
This is Warren Buffett's favorite. He looks for companies that have a sustainable competitive advantage:
• Does the company have a consumer monopoly?
• Does the company own strong brands that can withstand competition? Are retailers obliged to carry these brands?
• How reliant are customers on the product or service?
• Does the company have special skills or knowledge that are difficult for competitors to acquire?
• Is the company's knowledge protected by patents or copyright?
• Does the company own a distribution channel that is difficult for competitors to replicate?
• Can the company raise prices in line with inflation?
Threats
• Is there a threat from new competitors?
• Is there a threat from new technology?
• Is the company maintaining its competitive position?
o Is there sufficient spending on research and development?
o Is research and development producing results?
o New products?
o New patents?
• Is there a threat from alternative distribution channels?
• Is there a threat from substitute products?
• Are there indirect competitors? Other industries that may fill the same need?
Risk
• Is the company overly reliant on a single product?
• Is the company overly reliant on a single customer?
• Is the company overly reliant on a single supplier?
• Is the company overly reliant on a single individual?
• Is the company overly reliant on debt funding?
• Will the company be affected by any political changes?
o New taxes or subsidies?
o Monopoly legislation?
o Increased regulation or consumer protection?
o Environmental legislation?
o Labor regulation?
o Duties on imports?
• How are the companies relations with its employees?
Management Integrity
• How responsible are management in dealing with shareholders funds? Are decisions always made in the interests of shareholders?
• What is management's track record with new projects or acquisitions?
• Do management involve shareholders in the business or do they work on a "need to know" basis?
• Does a major shareholder have another agenda? Are they trying to create a family dynasty?
Management Skill
• Do management involve employees in the business?
• Is there adequate profit participation and share incentives?
• Is there a climate of management excellence?
• Do management have proven industry experience?
• How have management fared with new ventures? Do they know their own limitations or have they strayed far from their industry base?
Financial Controls
• Are there strong financial controls?
• Is management cost-conscious or extravagant? A company that announces cost cuts after a poor performance has often taken its eye off costs during the good years.
本文翻譯由兄弟財經提供
文章來源：http://www.incrediblecharts.com/investing/value_investing.php