Growth vs Value stock, which is better?
Growth vs Value stock, which is better?
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Value investing and growth investing are two different investing styles. Usually, value stocks present an opportunity to buy shares below their actual value, and growth stocks exhibit above-average revenue and earnings growth potential.
价值投资和成长型投资是两种不同的投资风格。通常，价值型股票提供了买入低于实际价值的股票的机会，成长型股票表现出高于平均水平的收入和收益增长潜力。
Wall Street likes to categorize stocks neatly as either growth or value stocks. The truth is a bit more complicated, as some stocks have elements of both value and growth. Nevertheless, there are important differences between growth and value stocks, and many investors prefer one style of investing over the other.
华尔街喜欢将股票整齐地归类为成长型股票或价值型股票。事实要复杂一些，因为一些股票既有价值因素，也有增长因素。然而，成长型股票和价值型股票之间存在着重要的区别，许多投资者更喜欢其中一种投资风格而不是另一种。
Growth stocks
成长型股票
Growth companies prioritize going from small, up-and-coming businesses to leaders in their respective industries as quickly as possible. Early on, these types of companies tend to concentrate on building up their revenue, often at the cost of delaying profitability. After a period of time, growth companies start focusing more on maximizing profits.
成长型公司优先考虑的是尽快从小规模、后起之秀的企业成长为各自行业的领军企业。早些时候，这类公司往往专注于增加收入，往往是以推迟盈利为代价。一段时间后，成长型公司开始更多地关注利润最大化。
As those key financial metrics grow, the perceived value of the company rises in the eyes of growth-minded investors. That can create a positive feedback loop. A rising stock price can boost a company's reputation, helping it win even more business opportunities.
随着这些关键财务指标的增长，在注重增长的投资者眼中，公司的感知价值也会上升。这可以创造一个正反馈循环。不断上涨的股价可以提升公司的声誉，帮助它赢得更多的商业机会。
Growth stocks tend to have relatively high valuations as measured by price-to-earnings (P/E) or price-to-book (P/B)value ratios. However, they also see faster growth in revenue and income than their peers.
成长型股票往往有以以下方式衡量的相对较高的估值市盈率(P/E)或市净率(P/B)价值比率。然而，他们也看到收入和收入比同行增长更快.
Growth stocks typically share these common characteristics:
成长型股票通常具有以下共同特征：
Strong growth rate (both historic and projected forward). Historically, you want to see smaller companies with a 10%+ growth rate for the past five years and larger companies with 5% - 7%.
Strong Return on Equity (ROE).
Strong earnings per share (EPS). Pre-tax margins should exceed the past five-year average and the industry average.
强劲的增长率(无论是历史性的还是前瞻性的)。从历史上看，你希望看到过去五年增长率超过10%的小公司和5%-7%的大公司。
强劲的股本回报率(ROE)。
强劲的每股收益(EPS)。税前利润率应该超过过去五年的平均水平和行业平均水平。
If the stock meets or roughly meets these criteria, you are probably looking at a growth stock.
如果这只股票符合或大致符合这些标准，你可能会看到一只成长型股票。
Value stocks
价值型股票
Value stocks are not cheap stocks, but stocks currently trading for relatively cheap valuations relative to their earnings and long-term growth potential. The market has undervalued the stock for a variety of reasons, and the investor hopes to get in before the market corrects the price.
价值型股票不是便宜的股票，而是目前交易价格相对较低的股票。相对便宜的估值 他们的收益和长期增长潜力。由于各种原因，市场低估了该股的价值，投资者希望在市场修正价格之前进场。
Value stocks don't have flashy growth characteristics. Companies considered value stocks tend to have steady, predictable business models that generate modest gains in revenue and earnings over time.
价值型股票没有华而不实的增长特征。被视为价值型股票的公司往往拥有稳定、可预测的商业模式，随着时间的推移，这些模式会带来收入和收益的适度增长。
Sometimes, you can find value stocks with companies that are in decline. Still, their stock price is so low that it understates the value of their future profit potential.
有时，你可以找到价值型股票，这些股票的公司正在走下坡路。尽管如此，他们的股价如此之低，以至于低估了他们未来盈利潜力的价值。
Which is better: growth or value?
增长和价值，哪个更好？
Both growth stocks and value stocks offer lucrative investment opportunities to their shareholders. The best investment style for you depends largely on your personal financial goals and your investing preferences.
成长型股票和价值型股票都为股东提供了有利可图的投资机会。最适合你的投资风格在很大程度上取决于你的个人财务目标和您的投资偏好.
Growth stocks are more likely to be appealing if the following things apply to you:
如果以下情况适用于你，成长型股票更有可能具有吸引力：
You're not interested in the current income from your portfolio. Most growth companies avoid paying significant dividends to their shareholders. That's because they prefer to use all available cash by reinvesting it directly into their business to generate faster growth.
You're comfortable with big stock price moves. The price of a growth stock tends to be extremely sensitive to changes in future prospects for a company's business. When things go better than expected, growth stocks can soar in price. When they disappoint, higher-priced growth stocks can fall back to Earth just as quickly.
You're confident that you can pick out winners in emerging industries. You'll often find growth stocks in fast-moving areas of the economy, such as technology. It's common for many different growth companies to compete against each other. You'll need to pick as many of the eventual winners in an industry as you can while avoiding losers.
You have plenty of time before you'll need your money back. Growth stocks can take a long time to realize their full potential, and they often suffer setbacks along the way.
你对你投资组合的当前收入不感兴趣。大多数成长型公司都避免向股东支付高额股息。这是因为他们更喜欢将所有可用现金直接再投资于他们的业务，以实现更快的增长。
你对股价的大幅波动感到自在。成长型股票的价格往往对公司未来业务前景的变化极为敏感。当情况好于预期时，成长型股票的价格可能会飙升。当它们令人失望时，价格较高的成长型股票可能同样会以同样快的速度回落到地球。
你有信心能挑出新兴行业的赢家。你经常会在快速发展的经济领域找到成长型股票，比如科技股。许多不同的成长型公司相互竞争是很常见的。你需要尽可能多地挑选一个行业的最终赢家，同时避免输家。
在你需要退款之前，你还有很多时间。成长型股票可能需要很长时间才能充分发挥其潜力，而且在此过程中往往会遭遇挫折。
Value stocks may look more attractive to you if you seek these characteristics:
如果你寻求以下特征，价值型股票可能会对你更具吸引力：
You want a current income from your portfolio. Many value stocks pay out substantial amounts of cash as dividends to their shareholders.
You prefer more stable stock prices. Value stocks don't tend to see very large movements in either direction. As long as their business conditions remain within predictable ranges, stock price volatility is usually low.
You're confident that you can avoid value traps. In many cases, stocks that look cheap are value traps, or cheap for a good reason. It could be that a company has lost its competitive edge, or can't keep up with the pace of innovation. You'll have to be able to look past attractive valuations to see when a company's future business prospects are poor.
You want a more immediate payoff from your investment. Value stocks don't turn things around overnight. If a company is successful in getting its business moving in the right direction, however, its stock price can rise quickly. The best value investors identify and buy shares of those stocks before other investors catch on.
你想从你的投资组合中获得当前的收入。许多价值型股票向其股东支付了大量现金作为股息。
你更喜欢稳定的股票价格。价值型股票在这两个方向上都不会出现很大的波动。只要他们的业务状况保持在可预测的范围内，股价波动通常都很低。
你有信心可以避免价值陷阱。在许多情况下，看起来便宜的股票是价值陷阱，或者便宜是有充分理由的。这可能是因为一家公司失去了竞争优势，或者跟不上创新的步伐。你必须能够超越有吸引力的估值，才能看到一家公司未来的业务前景不佳。
你想从你的投资中获得更立竿见影的回报。价值型股票不会在一夜之间扭亏为盈。然而，如果一家公司成功地让其业务朝着正确的方向发展，它的股价就会迅速上涨。最有价值的投资者在其他投资者发现并买入这些股票之前识别并买入这些股票。
Finally, when it comes to overall long-term performance, there's no clear-cut winner between growth and value stocks. Which group outperforms depends a lot on the specific time period that you're considering.
最后，当谈到整体长期表现时，成长型股票和价值型股票之间没有明确的赢家。哪一组表现更好在很大程度上取决于具体时间段你正在考虑的事情。
When economic conditions are good, growth stocks on average modestly outperform value stocks.
During more difficult economic times, value stocks tend to hold up better.
当经济状况良好时，成长型股票的平均表现略好于价值型股票。
在更困难的经济时期，价值型股票往往表现得更好。
Tracking growth and value indexes
跟踪增长和价值指数
These trends can be seen in growth and value indexes, which are benchmarks designed to track each group of stocks.
这些趋势可以在增长指数和价值指数中看到，这两个指数是为跟踪每一组股票而设计的基准。
The $Spdr Series Trust Spdr Portfolio S&P 500 Growth Etf(SPYG.US)$ draws from the roughly 500 stocks in the S&P 500. It selects the stocks that have the best three-year growth in revenue and earnings per share with the strongest upward momentum in price.
The $Spdr Series Trust Spdr Portfolio S&P 500 Value Etf(SPYV.US)$selects stocks with the best valuations based on several major stock valuation metrics.
这个$SPDR系列信托SPDR投资组合标准普尔500成长型ETF(SPYG.US)$它是从标准普尔500指数中大约500只股票中挑选出来的。它选择收入和每股收益连续三年增长最好、价格上涨势头最强劲的股票。
这个$SPDR系列信托SPDR投资组合标准普尔500价值ETF(SPYV.US)$根据几个主要的股票估值指标选择估值最高的股票。
How to find growth and value stocks in Moomoo？
如何在moomoo身上找到成长型和价值型股票？
It's simple to have a full list of all growth stocks simply with the "SPYG" index. And the method below can also be applied when searching for value stocks (just change ticker to "SPYV").
只需使用“SPYG”指数，就可以简单地列出所有成长股的完整名单。在搜索价值型股票时，也可以使用下面的方法(只需将股票代码更改为“SPYV”)。
Step 1: Search "SPYG" in Moomoo and click on the first result highlighted below.
第一步：在moomoo中搜索“SPYG”，点击下面突出显示的第一个结果。
Step 2: Open the "Summary" tab on top.
第二步：打开顶部的“摘要”选项卡。
Step 3: Click on the arrow next to "Top 10 Stocks"
第三步：点击“十大股票”旁边的箭头
Step 4: Screen all constituent stocks included in the ETF.
第四步：筛选ETF包含的所有成分股。
Source: The Motley Fool, The Balance
来源：The Motley Fool，The Balance
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