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1、STRATEGIESFORSTOCKSELECTIONFromLearningfromtheMarket,©NationalCouncilonEconomicEducation,NewYork,NYPETERLYNCH:BUYWHATYOUKNOWGowithwhatyouknow.ThatistheadviceofPeterLynch,formerportfoliomanagerofFidelityMagellanFund.“Duringalifetimeofbuyingcarsorcameras,youdevelopasenseo
2、fwhat'sgood,what9sbad,whatsells,andwhatdoesn't.Ifit'snotcarsyouknowabout,youknowsomethingaboutsomethingelse,andthemostimportantpartis,youknowitbeforeWallStreetknowsit.nThinkaboutwhatyouknow.Whatproductdoyoureallylike?Whatispopularamongyourfriends?Whomakesit?Doyouthinkit
3、willcontinuetobepopular?ThepointPeterLynchmakesisthatstocktipsareallaroundus.Often,wemightspotagoodcompanybeforeitiswellknown.Hedoescaution,though,thatyouhavetodoyourhomework・Ifyoucan5texplainwhatthecompanydoes,thenyoushouldn'tbuyit.Inadditiontoknowingwhatthecompanydoes
4、andwhetheritmakesgoodproducts/services,youalsoneedtoknowhowthecompanyisgoing,thefinancialpositionofthecompany,andotherimportantinformation.MARKETS:CURRENTANDFUTUREAproductmusthavecustomerstodayandevenmoretomorroworitisn'tgrowing・Wlienselectingastock,youmustconsiderthema
5、rketsavailablefortheproduct/service.Doesalmosteveryonealreadyownone?Intheearlyphaseofdevelopment,acompanyfirstputsaproductorserviceonthemarketanditssalesareexpectedtogrowrapidlybecausenoteveryonehaswhatitsells.Inthelatephase,acompany'sproductorservicehasbeenonthemarketf
6、orawhile,anditssalesarenolongerexpectedtogrowrapidly.Thestockofarapidlygrowingcompanyismorelikelytoincreaseinprice,especiallyintheshorttermofTheStockMarketGame.Globalmarketsareimportantaswell.ExamineprospectsforUScompaniesinforeignmarkets.U.S.companiesmovedintoMexicanma
7、rketswithNAFTA(theNorthAmericanFreeTradeAgreement),EasternEuropewiththefallofcommunism,andintoChinaandRussiawitheconomicreform.McDonald^isagoodexampleofacompanythathadsaturatedtheU.S.market,and,asaresult,itssalesandgrowthwereflat.Itmovedaggressivelyintoforeigncountries,
8、developednewmarkets,andcontinuestogrow.Rememberthattheproductorservicemustbeappealingtobusinessesorconsumersin
