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.
價值投資和成長型投資是兩種不同的投資風格。通常，價值型股票提供了買入低於實際價值的股票的機會，成長型股票表現出高於平均水平的收入和收益增長潛力。
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.
華爾街喜歡將股票整齊地歸類為成長型股票或價值型股票。事實要複雜一些，因為一些股票既有價值因素，也有增長因素。然而，成長型股票和價值型股票之間存在着重要的區別，許多投資者更喜歡其中一種投資風格而不是另一種。
Growth stocks
成長型股票
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.
成長型公司優先考慮的是儘快從小規模、後起之秀的企業成長為各自行業的領軍企業。早些時候，這類公司往往專注於增加收入，往往是以推遲盈利為代價。一段時間後，成長型公司開始更多地關注利潤最大化。
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.
隨着這些關鍵財務指標的增長，在注重增長的投資者眼中，公司的感知價值也會上升。這可以創造一個正反饋循環。不斷上漲的股價可以提升公司的聲譽，幫助它贏得更多的商業機會。
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.
成長型股票往往有以以下方式衡量的相對較高的估值市盈率(P/E)或市淨率(P/B)價值比率。然而，他們也看到收入和收入比同行增長更快.
Growth stocks typically share these common characteristics:
成長型股票通常具有以下共同特徵：
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.
強勁的增長率(無論是歷史性的還是前瞻性的)。從歷史上看，你希望看到過去五年增長率超過10%的小公司和5%-7%的大公司。
強勁的股本回報率(ROE)。
強勁的每股收益(EPS)。税前利潤率應該超過過去五年的平均水平和行業平均水平。
If the stock meets or roughly meets these criteria, you are probably looking at a growth stock.
如果這隻股票符合或大致符合這些標準，你可能會看到一隻成長型股票。
Value stocks
價值型股票
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.
價值型股票不是便宜的股票，而是目前交易價格相對較低的股票。相對便宜的估值 他們的收益和長期增長潛力。由於各種原因，市場低估了該股的價值，投資者希望在市場修正價格之前進場。
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.
價值型股票沒有華而不實的增長特徵。被視為價值型股票的公司往往擁有穩定、可預測的商業模式，隨着時間的推移，這些模式會帶來收入和收益的適度增長。
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.
有時，你可以找到價值型股票，這些股票的公司正在走下坡路。儘管如此，他們的股價如此之低，以至於低估了他們未來盈利潛力的價值。
Which is better: growth or value?
增長和價值，哪個更好？
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.
成長型股票和價值型股票都為股東提供了有利可圖的投資機會。最適合你的投資風格在很大程度上取決於你的個人財務目標和您的投資偏好.
Growth stocks are more likely to be appealing if the following things apply to you:
如果以下情況適用於你，成長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.
你對你投資組合的當前收入不感興趣。大多數成長型公司都避免向股東支付高額股息。這是因為他們更喜歡將所有可用現金直接再投資於他們的業務，以實現更快的增長。
你對股價的大幅波動感到自在。成長型股票的價格往往對公司未來業務前景的變化極為敏感。當情況好於預期時，成長型股票的價格可能會飆升。當它們令人失望時，價格較高的成長型股票可能同樣會以同樣快的速度回落到地球。
你有信心能挑出新興行業的贏家。你經常會在快速發展的經濟領域找到成長型股票，比如科技股。許多不同的成長型公司相互競爭是很常見的。你需要儘可能多地挑選一個行業的最終贏家，同時避免輸家。
在你需要退款之前，你還有很多時間。成長型股票可能需要很長時間才能充分發揮其潛力，而且在此過程中往往會遭遇挫折。
Value stocks may look more attractive to you if you seek these characteristics:
如果你尋求以下特徵，價值型股票可能會對你更具吸引力：
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.
你想從你的投資組合中獲得當前的收入。許多價值型股票向其股東支付了大量現金作為股息。
你更喜歡穩定的股票價格。價值型股票在這兩個方向上都不會出現很大的波動。只要他們的業務狀況保持在可預測的範圍內，股價波動通常都很低。
你有信心可以避免價值陷阱。在許多情況下，看起來便宜的股票是價值陷阱，或者便宜是有充分理由的。這可能是因為一家公司失去了競爭優勢，或者跟不上創新的步伐。你必須能夠超越有吸引力的估值，才能看到一家公司未來的業務前景不佳。
你想從你的投資中獲得更立竿見影的回報。價值型股票不會在一夜之間扭虧為盈。然而，如果一家公司成功地讓其業務朝着正確的方向發展，它的股價就會迅速上漲。最有價值的投資者在其他投資者發現並買入這些股票之前識別並買入這些股票。
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.
最後，當談到整體長期表現時，成長型股票和價值型股票之間沒有明確的贏家。哪一組表現更好在很大程度上取決於具體時間段你正在考慮的事情。
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.
當經濟狀況良好時，成長型股票的平均表現略好於價值型股票。
在更困難的經濟時期，價值型股票往往表現得更好。
Tracking growth and value indexes
跟蹤增長和價值指數
These trends can be seen in growth and value indexes, which are benchmarks designed to track each group of stocks.
這些趨勢可以在增長指數和價值指數中看到，這兩個指數是為跟蹤每一組股票而設計的基準。
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.
這個$SPDR系列信託SPDR投資組合標準普爾500成長型ETF(SPYG.US)$它是從標準普爾500指數中大約500只股票中挑選出來的。它選擇收入和每股收益連續三年增長最好、價格上漲勢頭最強勁的股票。
這個$SPDR系列信託SPDR投資組合標準普爾500價值ETF(SPYV.US)$根據幾個主要的股票估值指標選擇估值最高的股票。
How to find growth and value stocks in Moomoo？
如何在moomoo身上找到成長型和價值型股票？
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”指數，就可以簡單地列出所有成長股的完整名單。在搜索價值型股票時，也可以使用下面的方法(只需將股票代碼更改為“SPYV”)。
Step 1: Search "SPYG" in Moomoo and click on the first result highlighted below.
第一步：在moomoo中搜索“SPYG”，點擊下面突出顯示的第一個結果。
Step 2: Open the "Summary" tab on top.
第二步：打開頂部的“摘要”選項卡。
Step 3: Click on the arrow next to "Top 10 Stocks"
第三步：點擊“十大股票”旁邊的箭頭
Step 4: Screen all constituent stocks included in the ETF.
第四步：篩選ETF包含的所有成分股。
Source: The Motley Fool, The Balance
來源：The Motley Fool，The Balance
For more investment knowledge and trends, welcome to Courses on the Community.
欲瞭解更多投資知識和趨勢，歡迎訪問課程關於社區。
