D\u00f9 c\u00f4ng ty \u0111\u00f3 t\u1ed1t \u0111\u1ebfn \u0111\u00e2u, n\u1ebfu b\u1ea1n tr\u1ea3 qu\u00e1 nhi\u1ec1u ti\u1ec1n cho n\u00f3, b\u1ea1n s\u1ebd h\u1ed1i h\u1eadn.<\/p>\n\n\n\n
C\u00e2u chuy\u1ec7n \u0111\u00e3 d\u1ea1y cho Buffett b\u00e0i h\u1ecdc quan tr\u1ecdng nh\u1ea5t.<\/strong><\/p>\n\n\n\n Benjamin Graham l\u00e0 gi\u00e1o s\u01b0 t\u1ea1i \u0110\u1ea1i h\u1ecdc Columbia v\u00e0 l\u00e0 m\u1ed9t trong nh\u1eefng nh\u00e0 t\u01b0 t\u01b0\u1edfng \u0111\u1ea7u t\u01b0 c\u00f3 \u1ea3nh h\u01b0\u1edfng nh\u1ea5t trong l\u1ecbch s\u1eed. \u00d4ng c\u0169ng l\u00e0 ng\u01b0\u1eddi th\u1ea7y c\u1ee7a Warren Buffett.<\/p>\n\n\n\n Graham \u0111\u00e3 tr\u1ef1c ti\u1ebfp tr\u1ea3i nghi\u1ec7m s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n n\u0103m 1929. \u00d4ng \u0111\u00e3 ch\u1ee9ng ki\u1ebfn nh\u1eefng ng\u01b0\u1eddi th\u00f4ng minh, \u0111\u01b0\u1ee3c gi\u00e1o d\u1ee5c t\u1ed1t m\u1ea5t t\u1ea5t c\u1ea3 m\u1ecdi th\u1ee9\u2014kh\u00f4ng ph\u1ea3i v\u00ec h\u1ecd mua c\u1ed5 phi\u1ebfu c\u1ee7a nh\u1eefng c\u00f4ng ty t\u1ed3i, m\u00e0 v\u00ec h\u1ecd \u0111\u00e3 tr\u1ea3 gi\u00e1 sai cho nh\u1eefng c\u00f4ng ty t\u1ed1t. Th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 b\u1ecb cu\u1ed1n theo s\u1ef1 h\u01b0ng ph\u1ea5n v\u00e0 l\u1ea1c quan th\u00e1i qu\u00e1, v\u00e0 gi\u00e1 c\u1ea3 \u0111\u00e3 tr\u1edf n\u00ean kh\u00f4ng c\u00f2n ph\u00f9 h\u1ee3p v\u1edbi th\u1ef1c t\u1ebf.<\/p>\n\n\n\n T\u1eeb kinh nghi\u1ec7m \u0111\u00f3, Graham \u0111\u00e3 \u0111\u00fac k\u1ebft n\u00ean m\u1ed9t kh\u00e1i ni\u1ec7m duy nh\u1ea5t m\u00e0 \u00f4ng coi l\u00e0 n\u1ec1n t\u1ea3ng c\u1ee7a m\u1ecdi ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 nghi\u00eam t\u00fac:<\/p>\n\n\n\n Bi\u00ean \u0111\u1ed9 an to\u00e0n.<\/strong><\/p>\n\n\n\n \u00dd t\u01b0\u1edfng n\u00e0y c\u00f3 h\u00ecnh th\u1ee9c \u0111\u01a1n gi\u1ea3n nh\u01b0ng mang l\u1ea1i h\u1eadu qu\u1ea3 s\u00e2u s\u1eafc: \u0111\u1eebng bao gi\u1edd mua m\u1ed9t c\u00f4ng ty v\u1edbi gi\u00e1 tr\u1ecb m\u00e0 b\u1ea1n cho l\u00e0 \u0111\u00fang. H\u00e3y mua v\u1edbi gi\u00e1 th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3. Kho\u1ea3n ch\u00eanh l\u1ec7ch \u0111\u00f3 ch\u00ednh l\u00e0 "v\u00f9ng an to\u00e0n" \u0111\u1ec3 b\u1ea1n tr\u00e1nh kh\u1ecfi r\u1ee7i ro sai l\u1ea7m.<\/p>\n\n\n\n V\u00e0 b\u1ea1n s\u1ebd m\u1eafc sai l\u1ea7m. \u0110\u00f4i khi. \u0110\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 th\u1ea5t b\u1ea1i \u2014 \u0111\u00f3 l\u00e0 s\u1ef1 th\u1eadt. Kho\u1ea3ng d\u1ef1 ph\u00f2ng s\u1ebd b\u1ea3o v\u1ec7 b\u1ea1n khi \u0111i\u1ec1u \u0111\u00f3 x\u1ea3y ra.<\/p>\n\n\n\n Bi\u00ean \u0111\u1ed9 an to\u00e0n th\u1ef1c s\u1ef1 c\u00f3 ngh\u0129a l\u00e0 g\u00ec?<\/strong><\/p>\n\n\n\n H\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 coi r\u1ee7i ro l\u00e0 s\u1ef1 bi\u1ebfn \u0111\u1ed9ng \u2014 m\u1ee9c \u0111\u1ed9 gi\u00e1 c\u1ea3 dao \u0111\u1ed9ng l\u00ean xu\u1ed1ng. \u0110\u00f3 l\u00e0 m\u1ed9t c\u00e1ch \u0111\u1ec3 \u0111o l\u01b0\u1eddng r\u1ee7i ro, nh\u01b0ng kh\u00f4ng ph\u1ea3i l\u00e0 \u0111\u1ecbnh ngh\u0129a c\u1ee7a Graham hay Buffett.<\/p>\n\n\n\n \u0110\u1ed1i v\u1edbi h\u1ecd, r\u1ee7i ro l\u1ea1i l\u00e0 m\u1ed9t th\u1ee9 kh\u00e1c: s\u1ef1 m\u1ea5t m\u00e1t v\u1ed1n v\u0129nh vi\u1ec5n.<\/p>\n\n\n\n M\u1ed9t c\u1ed5 phi\u1ebfu gi\u1ea3m 301% r\u1ed3i ph\u1ee5c h\u1ed3i kh\u00f4ng ph\u1ea3i l\u00e0 v\u1ea5n \u0111\u1ec1 n\u1ebfu b\u1ea1n \u0111\u1ee7 ki\u00ean nh\u1eabn ch\u1edd \u0111\u1ee3i. M\u1ed9t c\u1ed5 phi\u1ebfu kh\u00f4ng bao gi\u1edd ph\u1ee5c h\u1ed3i \u2013 \u0111\u00f3 m\u1edbi l\u00e0 r\u1ee7i ro.<\/p>\n\n\n\n V\u00e0 c\u00e1ch ph\u1ed5 bi\u1ebfn nh\u1ea5t \u0111\u1ec3 m\u1ea5t v\u1ed1n v\u0129nh vi\u1ec5n l\u00e0 tr\u1ea3 gi\u00e1 qu\u00e1 cao ngay t\u1eeb \u0111\u1ea7u.<\/p>\n\n\n\n H\u00e3y ngh\u0129 theo c\u00e1ch n\u00e0y. B\u1ea1n \u0111\u1ecbnh mua m\u1ed9t b\u1ea5t \u0111\u1ed9ng s\u1ea3n. M\u1ed9t chuy\u00ean gia th\u1ea9m \u0111\u1ecbnh \u0111\u1ed9c l\u1eadp cho bi\u1ebft n\u00f3 tr\u1ecb gi\u00e1 3 tri\u1ec7u \u0111\u00f4 la. B\u1ea1n tr\u1ea3 3 tri\u1ec7u \u0111\u00f4 la. N\u1ebfu th\u1ecb tr\u01b0\u1eddng gi\u1ea3m 20%, b\u1ea1n s\u1ebd l\u1ed7. N\u1ebfu b\u1ea1n mua v\u1edbi gi\u00e1 2,1 tri\u1ec7u \u0111\u00f4 la \u2014 v\u1edbi bi\u00ean \u0111\u1ed9 an to\u00e0n l\u00e0 30% \u2014 th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 gi\u1ea3m m\u1ea1nh h\u01a1n n\u1eefa tr\u01b0\u1edbc khi b\u1ea1n th\u1ef1c s\u1ef1 b\u1ecb l\u1ed7.<\/p>\n\n\n\n Nguy\u00ean t\u1eafc t\u01b0\u01a1ng t\u1ef1 c\u0169ng \u00e1p d\u1ee5ng cho c\u1ed5 phi\u1ebfu. N\u1ebfu m\u1ed9t c\u00f4ng ty c\u00f3 gi\u00e1 tr\u1ecb 100 kronor m\u1ed7i c\u1ed5 phi\u1ebfu v\u00e0 b\u1ea1n mua v\u1edbi gi\u00e1 70 kronor, b\u1ea1n c\u00f3 bi\u00ean \u0111\u1ed9 an to\u00e0n l\u00e0 30%. B\u1ea1n c\u00f3 th\u1ec3 sai trong \u0111\u1ecbnh gi\u00e1, th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 gi\u1ea3m, \u0111i\u1ec1u g\u00ec \u0111\u00f3 b\u1ea5t ng\u1edd c\u00f3 th\u1ec3 x\u1ea3y ra \u2014 v\u00e0 b\u1ea1n v\u1eabn \u0111\u01b0\u1ee3c b\u1ea3o v\u1ec7 tr\u01b0\u1edbc h\u1ea7u h\u1ebft c\u00e1c r\u1ee7i ro.<\/p>\n\n\n\n \u0110\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 h\u00e8n nh\u00e1t. \u0110\u00f3 l\u00e0 s\u1ef1 ch\u00ednh x\u00e1c.<\/p>\n\n\n\n V\u1ea5n \u0111\u1ec1 trong vi\u1ec7c \u0111\u1ecbnh gi\u00e1 m\u1ed9t c\u00f4ng ty<\/strong><\/p>\n\n\n\n \u0110\u00e2y l\u00e0 ph\u1ea7n th\u1eadt m\u00e0 nhi\u1ec1u cu\u1ed1n s\u00e1ch v\u1ec1 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng b\u1ecf qua: \u0111\u1ecbnh gi\u00e1 ch\u00ednh x\u00e1c m\u1ed9t c\u00f4ng ty l\u00e0 \u0111i\u1ec1u b\u1ea5t kh\u1ea3 thi.<\/p>\n\n\n\n B\u1ea1n c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n ph\u00e2n t\u00edch DCF (chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n) v\u00e0 t\u00ednh to\u00e1n "gi\u00e1 tr\u1ecb h\u1ee3p l\u00fd" \u0111\u1ebfn t\u1eebng krona. Nh\u01b0ng m\u1ecdi con s\u1ed1 trong ph\u00e9p t\u00ednh \u0111\u00f3 \u0111\u1ec1u d\u1ef1a tr\u00ean c\u00e1c gi\u1ea3 \u0111\u1ecbnh v\u1ec1 t\u01b0\u01a1ng lai. C\u00f4ng ty s\u1ebd t\u0103ng tr\u01b0\u1edfng nhanh nh\u01b0 th\u1ebf n\u00e0o trong m\u01b0\u1eddi n\u0103m t\u1edbi? T\u1ef7 l\u1ec7 chi\u1ebft kh\u1ea5u ph\u00f9 h\u1ee3p l\u00e0 bao nhi\u00eau? T\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng cu\u1ed1i k\u1ef3 l\u00e0 bao nhi\u00eau?<\/p>\n\n\n\n Ch\u1ec9 c\u1ea7n thay \u0111\u1ed5i m\u1ed9t trong nh\u1eefng gi\u1ea3 \u0111\u1ecbnh n\u00e0y d\u00f9 ch\u1ec9 m\u1ed9t ch\u00fat th\u00f4i, \u0111\u1ecbnh gi\u00e1 c\u1ee7a 50% c\u0169ng c\u00f3 th\u1ec3 thay \u0111\u1ed5i theo h\u01b0\u1edbng n\u00e0y ho\u1eb7c h\u01b0\u1edbng kh\u00e1c. \u0110\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 l\u1ed7i trong ph\u01b0\u01a1ng ph\u00e1p lu\u1eadn \u2014 \u0111\u00f3 l\u00e0 m\u1ed9t th\u1ef1c t\u1ebf v\u1ec1 t\u01b0\u01a1ng lai. Kh\u00f4ng th\u1ec3 d\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c \u0111\u01b0\u1ee3c \u0111i\u1ec1u \u0111\u00f3.<\/p>\n\n\n\n \u0110\u00f3 ch\u00ednh l\u00e0 l\u00fd do t\u1ea1i sao c\u1ea7n c\u00f3 bi\u00ean \u0111\u1ed9 an to\u00e0n.<\/strong><\/p>\n\n\n\n Graham \u0111\u00e3 n\u00f3i r\u1ea5t \u0111\u00fang: \u201cB\u1ea1n kh\u00f4ng c\u1ea7n bi\u1ebft ch\u00ednh x\u00e1c c\u00e2n n\u1eb7ng c\u1ee7a m\u1ed9t ng\u01b0\u1eddi \u0111\u00e0n \u00f4ng \u0111\u1ec3 bi\u1ebft anh ta b\u1ecb th\u1eeba c\u00e2n.\u201d<\/p>\n\n\n\n B\u1ea1n kh\u00f4ng c\u1ea7n ph\u1ea3i t\u00ednh to\u00e1n ch\u00ednh x\u00e1c gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t c\u00f4ng ty \u0111\u1ec3 th\u1ea5y r\u1eb1ng n\u00f3 \u0111ang b\u1ecb \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 \u2014 ho\u1eb7c b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao m\u1ed9t c\u00e1ch nguy hi\u1ec3m. C\u00e1c \u01b0\u1edbc t\u00ednh s\u01a1 b\u1ed9 v\u1edbi m\u1ed9t bi\u00ean \u0111\u1ed9 an to\u00e0n lu\u00f4n t\u1ed1t h\u01a1n c\u00e1c t\u00ednh to\u00e1n ch\u00ednh x\u00e1c m\u00e0 kh\u00f4ng c\u00f3 bi\u00ean \u0111\u1ed9 an to\u00e0n.<\/p>\n\n\n\n Gi\u00e1 b\u1ea1n ph\u1ea3i tr\u1ea3 v\u00e0 l\u1ee3i nhu\u1eadn b\u1ea1n nh\u1eadn \u0111\u01b0\u1ee3c<\/strong><\/p>\n\n\n\n C\u00f3 m\u1ed9t m\u1ed1i quan h\u1ec7 t\u1ea5t y\u1ebfu v\u1ec1 m\u1eb7t to\u00e1n h\u1ecdc nh\u01b0ng l\u1ea1i b\u1ecb h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ecf qua trong th\u1ef1c t\u1ebf:<\/p>\n\n\n\n Gi\u00e1 b\u1ea1n b\u1ecf ra h\u00f4m nay s\u1ebd quy\u1ebft \u0111\u1ecbnh l\u1ee3i nhu\u1eadn b\u1ea1n nh\u1eadn \u0111\u01b0\u1ee3c trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n N\u1ebfu m\u1ed9t c\u00f4ng ty c\u00f3 gi\u00e1 tr\u1ecb 100 kronor sau m\u01b0\u1eddi n\u0103m v\u00e0 b\u1ea1n mua v\u1edbi gi\u00e1 50 kronor h\u00f4m nay \u2013 l\u1ee3i nhu\u1eadn b\u1ea1n nh\u1eadn \u0111\u01b0\u1ee3c l\u00e0 m\u1ed9t chuy\u1ec7n. N\u1ebfu b\u1ea1n mua v\u1edbi gi\u00e1 90 kronor h\u00f4m nay \u2013 l\u1ee3i nhu\u1eadn b\u1ea1n nh\u1eadn \u0111\u01b0\u1ee3c l\u1ea1i ho\u00e0n to\u00e0n kh\u00e1c. C\u00f4ng ty \u0111\u00f3 gi\u1ed1ng h\u1ec7t nhau. T\u01b0\u01a1ng lai c\u0169ng gi\u1ed1ng h\u1ec7t nhau. S\u1ef1 kh\u00e1c bi\u1ec7t duy nh\u1ea5t l\u00e0 gi\u00e1 mua v\u00e0o.<\/p>\n\n\n\n Nghe th\u00ec c\u00f3 v\u1ebb hi\u1ec3n nhi\u00ean. Nh\u01b0ng tr\u00ean th\u1ef1c t\u1ebf, h\u1ea7u h\u1ebft m\u1ecdi ng\u01b0\u1eddi l\u1ea1i l\u00e0m ng\u01b0\u1ee3c l\u1ea1i.<\/strong><\/p>\n\n\n\n Khi m\u1ed9t c\u00f4ng ty l\u00e0m \u0103n t\u1ed1t v\u00e0 gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng l\u00ean, nhi\u1ec1u ng\u01b0\u1eddi s\u1ebd mua h\u01a1n. S\u1ef1 h\u01b0ng ph\u1ea5n lan r\u1ed9ng. Gi\u00e1 b\u1ecb \u0111\u1ea9y l\u00ean cao. M\u1ecdi ng\u01b0\u1eddi tr\u1ea3 90, 100, 120 cho m\u1ed9t th\u1ee9 ch\u1ec9 \u0111\u00e1ng gi\u00e1 100. Bi\u00ean \u0111\u1ed9 an to\u00e0n b\u1eb1ng kh\u00f4ng ho\u1eb7c th\u1eadm ch\u00ed \u00e2m.<\/p>\n\n\n\n Khi m\u1ed9t c\u00f4ng ty t\u1ea1m th\u1eddi g\u1eb7p kh\u00f3 kh\u0103n v\u00e0 gi\u00e1 c\u1ed5 phi\u1ebfu gi\u1ea3m, m\u1ecdi ng\u01b0\u1eddi s\u1ebd b\u00e1n th\u00e1o. N\u1ed7i s\u1ee3 h\u00e3i lan r\u1ed9ng. Gi\u00e1 b\u1ecb \u0111\u1ea9y xu\u1ed1ng. L\u00fac n\u00e0y, b\u1ea1n \u0111\u1ed9t nhi\u00ean c\u00f3 th\u1ec3 mua v\u1edbi gi\u00e1 60, 50, 40 \u2013 v\u1edbi bi\u00ean \u0111\u1ed9 an to\u00e0n r\u1ea5t l\u1edbn \u2013 nh\u01b0ng \u0111\u00f3 ch\u00ednh x\u00e1c l\u00e0 th\u1eddi \u0111i\u1ec3m m\u00e0 h\u1ea7u h\u1ebft m\u1ecdi ng\u01b0\u1eddi kh\u00f4ng mu\u1ed1n s\u1edf h\u1eefu c\u1ed5 phi\u1ebfu \u0111\u00f3.<\/p>\n\n\n\n \u0110\u00f3 ch\u00ednh l\u00e0 ngh\u1ecbch l\u00fd t\u00e2m l\u00fd c\u1ed1t l\u00f5i c\u1ee7a \u0111\u1ea7u t\u01b0. V\u00e0 bi\u00ean \u0111\u1ed9 an to\u00e0n l\u00e0 c\u00f4ng c\u1ee5 tr\u00ed tu\u1ec7 gi\u00fap b\u1ea1n h\u00e0nh \u0111\u1ed9ng l\u00fd tr\u00ed khi th\u1ecb tr\u01b0\u1eddng \u0111ang bi\u1ebfn \u0111\u1ed9ng theo c\u1ea3m x\u00fac.<\/p>\n\n\n\n S\u1ef1 b\u1ed5 sung c\u1ee7a Buffett v\u00e0o Graham<\/strong><\/p>\n\n\n\n Graham ch\u1ee7 y\u1ebfu t\u00ecm ki\u1ebfm nh\u1eefng c\u00f4ng ty c\u00f3 gi\u00e1 tr\u1ecb th\u1ed1ng k\u00ea th\u1ea5p \u2014 nh\u1eefng c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c giao d\u1ecbch d\u01b0\u1edbi gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch, b\u1ea5t k\u1ec3 ch\u1ea5t l\u01b0\u1ee3ng m\u00f4 h\u00ecnh kinh doanh ra sao. Ph\u01b0\u01a1ng ph\u00e1p n\u00e0y \u0111\u00e3 mang l\u1ea1i hi\u1ec7u qu\u1ea3 t\u1ed1t trong th\u1eddi c\u1ee7a \u00f4ng.<\/p>\n\n\n\n Buffett \u0111\u00e3 ph\u00e1t tri\u1ec3n kh\u00e1i ni\u1ec7m n\u00e0y h\u01a1n n\u1eefa v\u00e0 k\u1ebft h\u1ee3p n\u00f3 v\u1edbi s\u1ef1 hi\u1ec3u bi\u1ebft c\u1ee7a \u00f4ng v\u1ec1 l\u1ee3i th\u1ebf c\u1ea1nh tranh b\u1ec1n v\u1eefng v\u00e0 ch\u1ea5t l\u01b0\u1ee3ng qu\u1ea3n l\u00fd.<\/p>\n\n\n\n Quan \u0111i\u1ec3m c\u1ee7a \u00f4ng \u1ea5y l\u00e0 m\u1ed9t c\u00f4ng ty tuy\u1ec7t v\u1eddi v\u1edbi l\u1ee3i th\u1ebf c\u1ea1nh tranh v\u1eefng ch\u1eafc v\u00e0 \u0111\u1ed9i ng\u0169 qu\u1ea3n l\u00fd gi\u1ecfi \u0111\u00e1ng \u0111\u01b0\u1ee3c tr\u1ea3 gi\u00e1 cao h\u01a1n \u2014 b\u1edfi v\u00ec gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i c\u1ee7a n\u00f3 t\u0103ng l\u00ean theo th\u1eddi gian. M\u1ed9t c\u00f4ng ty b\u00ecnh th\u01b0\u1eddng \u0111\u01b0\u1ee3c mua v\u1edbi gi\u00e1 r\u1ebb l\u00e0 c\u00f3 l\u00fd do c\u1ee7a n\u00f3.<\/p>\n\n\n\n \u0110\u00f3 l\u00e0 s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa vi\u1ec7c mua m\u1ed9t s\u1ea3n ph\u1ea9m \u0111\u1eaft ti\u1ec1n nh\u01b0ng tuy\u1ec7t v\u1eddi, c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng \u0111\u01b0\u1ee3c 30 n\u0103m, v\u00e0 vi\u1ec7c mua m\u1ed9t s\u1ea3n ph\u1ea9m r\u1ebb ti\u1ec1n c\u1ea7n ph\u1ea3i thay th\u1ebf sau m\u1ed7i ba n\u0103m. L\u1ef1a ch\u1ecdn r\u1ebb ti\u1ec1n hi\u1ebfm khi l\u00e0 l\u1ef1a ch\u1ecdn ti\u1ebft ki\u1ec7m nh\u1ea5t v\u1ec1 l\u00e2u d\u00e0i.<\/p>\n\n\n\n Nh\u01b0ng \u2014 v\u00e0 \u0111\u00e2y l\u00e0 m\u1ed9t \u0111i\u1ec1u r\u1ea5t quan tr\u1ecdng \u2014 ngay c\u1ea3 m\u1ed9t c\u00f4ng ty tuy\u1ec7t v\u1eddi c\u0169ng c\u00f3 th\u1ec3 b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao. Buffett \u0111\u00e3 tr\u1ea3 \u0111\u00fang gi\u00e1 cho Coca-Cola v\u00e0o n\u0103m 1988. N\u1ebfu \u00f4ng mua c\u00f9ng s\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u0111\u00f3 v\u00e0o th\u1eddi \u0111i\u1ec3m \u0111\u1ec9nh cao n\u0103m 1999, l\u1ee3i nhu\u1eadn c\u1ee7a \u00f4ng s\u1ebd gi\u1ea3m m\u1ea1nh trong m\u01b0\u1eddi n\u0103m ti\u1ebfp theo \u2014 ngay c\u1ea3 khi c\u00f4ng ty v\u1eabn y h\u1ec7t nh\u01b0 c\u0169.<\/p>\n\n\n\n Ch\u1ea5t l\u01b0\u1ee3ng kh\u00f4ng gi\u00fap b\u1ea1n tr\u00e1nh kh\u1ecfi gi\u00e1 c\u1ea3 cao. N\u00f3 ch\u1ec9 gi\u00fap gi\u1ea3m thi\u1ec3u h\u1eadu qu\u1ea3 m\u00e0 th\u00f4i.<\/p>\n\n\n\n Ki\u00ean nh\u1eabn nh\u01b0 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0<\/strong><\/p>\n\n\n\n C\u00f3 m\u1ed9t \u0111\u1eb7c \u0111i\u1ec3m c\u1ea7n thi\u1ebft \u0111\u1ec3 bi\u00ean \u0111\u1ed9 an to\u00e0n ph\u00e1t huy t\u00e1c d\u1ee5ng trong th\u1ef1c t\u1ebf. \u0110\u1eb7c \u0111i\u1ec3m n\u00e0y kh\u00f4ng \u0111\u01b0\u1ee3c d\u1ea1y trong c\u00e1c tr\u01b0\u1eddng kinh doanh. N\u00f3 kh\u00f4ng xu\u1ea5t hi\u1ec7n trong c\u00e1c b\u00e1o c\u00e1o ph\u00e2n t\u00edch. N\u00f3 kh\u00f4ng \u0111\u01b0\u1ee3c \u0111o l\u01b0\u1eddng trong b\u1ea5t k\u1ef3 t\u1ef7 l\u1ec7 quan tr\u1ecdng n\u00e0o.<\/p>\n\n\n\n \u0110\u00f3 l\u00e0 s\u1ef1 ki\u00ean nh\u1eabn.<\/p>\n\n\n\n Th\u1ecb tr\u01b0\u1eddng kh\u00f4ng ph\u1ea3i ng\u00e0y n\u00e0o c\u0169ng c\u00f3 gi\u00e1 t\u1ed1t. Gi\u00e1 t\u1ed1t ch\u1ec9 xu\u1ea5t hi\u1ec7n v\u00e0o nh\u1eefng th\u1eddi \u0111i\u1ec3m kh\u00f4ng \u0111\u1ec1u \u0111\u1eb7n \u2014 th\u01b0\u1eddng l\u00e0 khi n\u1ed7i s\u1ee3 h\u00e3i, s\u1ef1 b\u1ea5t \u1ed5n ho\u1eb7c c\u00e1c v\u1ea5n \u0111\u1ec1 t\u1ea1m th\u1eddi \u0111\u1ea9y gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a nh\u1eefng c\u00f4ng ty c\u00f3 n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc xu\u1ed1ng.<\/p>\n\n\n\n H\u00ecnh \u1ea3nh \u1ea9n d\u1ee5 n\u1ed5i ti\u1ebfng c\u1ee7a Buffett l\u00e0 "\u00d4ng Th\u1ecb tr\u01b0\u1eddng" \u2014 m\u1ed9t \u0111\u1ed1i t\u00e1c t\u01b0\u1edfng t\u01b0\u1ee3ng trong c\u00f4ng ty, ng\u01b0\u1eddi g\u00f5 c\u1eeda nh\u00e0 b\u1ea1n m\u1ed7i ng\u00e0y v\u00e0 \u0111\u1ec1 ngh\u1ecb mua c\u1ed5 ph\u1ea7n c\u1ee7a b\u1ea1n ho\u1eb7c b\u00e1n c\u1ed5 ph\u1ea7n c\u1ee7a \u00f4ng \u1ea5y cho b\u1ea1n. \u0110\u00f4i khi \u00f4ng \u1ea5y r\u1ea5t ph\u1ea5n kh\u00edch v\u00e0 \u0111\u01b0a ra m\u1ee9c gi\u00e1 cao ng\u1ea5t ng\u01b0\u1edfng. \u0110\u00f4i khi \u00f4ng \u1ea5y l\u1ea1i ch\u00e1n n\u1ea3n v\u00e0 b\u00e1n v\u1edbi gi\u00e1 th\u1ea5p \u0111\u1ebfn m\u1ee9c n\u1ef1c c\u01b0\u1eddi.<\/p>\n\n\n\n Nhi\u1ec7m v\u1ee5 c\u1ee7a b\u1ea1n l\u00e0 ph\u1ea3i gi\u1eef l\u00fd tr\u00ed khi anh ta \u0111ang x\u00fac \u0111\u1ed9ng. H\u00e3y mua h\u00e0ng c\u1ee7a anh ta khi anh ta \u0111ang bu\u1ed3n b\u00e3. H\u00e3y ph\u1edbt l\u1edd anh ta khi anh ta \u0111ang vui s\u01b0\u1edbng t\u1ed9t \u0111\u1ed9.<\/p>\n\n\n\n \u0110i\u1ec1u \u0111\u00f3 \u0111\u00f2i h\u1ecfi b\u1ea1n ph\u1ea3i ng\u1ed3i y\u00ean. Ph\u1ea3i ch\u1edd \u0111\u1ee3i h\u00e0ng th\u00e1ng, \u0111\u00f4i khi l\u00e0 h\u00e0ng n\u0103m, cho \u0111\u1ebfn th\u1eddi \u0111i\u1ec3m th\u00edch h\u1ee3p. V\u00e0 kh\u00f4ng \u0111\u1ec3 nh\u1eefng bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng chi ph\u1ed1i t\u00e2m tr\u1ea1ng hay quy\u1ebft \u0111\u1ecbnh c\u1ee7a b\u1ea1n.<\/p>\n\n\n\n \u201cTh\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 \u0111\u1ec3 chuy\u1ec3n ti\u1ec1n t\u1eeb ng\u01b0\u1eddi thi\u1ebfu ki\u00ean nh\u1eabn sang ng\u01b0\u1eddi ki\u00ean nh\u1eabn\u201d \u2014 \u0111\u00f3 l\u00e0 m\u1ed9t trong nh\u1eefng c\u00e2u n\u00f3i \u0111\u01b0\u1ee3c tr\u00edch d\u1eabn nhi\u1ec1u nh\u1ea5t c\u1ee7a Buffett. \u0110\u00f3 c\u0169ng l\u00e0 m\u1ed9t trong nh\u1eefng c\u00e2u n\u00f3i h\u1eefu \u00edch nh\u1ea5t c\u1ee7a \u00f4ng.<\/p>\n\n\n\n B\u1ea1n suy ngh\u0129 nh\u01b0 th\u1ebf n\u00e0o v\u1ec1 \u0111\u1ecbnh gi\u00e1 trong th\u1ef1c t\u1ebf?<\/strong><\/p>\n\n\n\n B\u1ea1n kh\u00f4ng c\u1ea7n ph\u1ea3i l\u00e0 chuy\u00ean gia v\u1ec1 m\u00f4 h\u00ecnh chi\u1ebft kh\u1ea5u d\u00f2ng ti\u1ec1n (DCF) \u0111\u1ec3 \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p bi\u00ean \u0111\u1ed9 an to\u00e0n. C\u00f3 nh\u1eefng \u0111i\u1ec3m kh\u1edfi \u0111\u1ea7u \u0111\u01a1n gi\u1ea3n h\u01a1n.<\/p>\n\n\n\n H\u00e3y b\u1eaft \u0111\u1ea7u b\u1eb1ng c\u00e2u h\u1ecfi: Th\u1ecb tr\u01b0\u1eddng k\u1ef3 v\u1ecdng g\u00ec t\u1eeb c\u00f4ng ty n\u00e0y? Gi\u00e1 c\u1ed5 phi\u1ebfu hi\u1ec7n t\u1ea1i ph\u1ea3n \u00e1nh k\u1ef3 v\u1ecdng chung v\u1ec1 t\u01b0\u01a1ng lai. K\u1ef3 v\u1ecdng \u0111\u00f3 c\u00f3 h\u1ee3p l\u00fd, l\u1ea1c quan hay bi quan?<\/p>\n\n\n\n H\u00e3y xem x\u00e9t h\u1ec7 s\u1ed1 \u0111\u1ecbnh gi\u00e1 l\u1ecbch s\u1eed c\u1ee7a c\u00f4ng ty. N\u1ebfu c\u00f4ng ty tr\u01b0\u1edbc \u0111\u00e2y c\u00f3 h\u1ec7 s\u1ed1 P\/E t\u1eeb 15-20 v\u00e0 hi\u1ec7n \u0111ang giao d\u1ecbch \u1edf m\u1ee9c 35 \u2014 \u0111i\u1ec1u g\u00ec bi\u1ec7n minh cho m\u1ee9c gi\u00e1 cao \u0111\u00f3? N\u1ebfu c\u00e2u tr\u1ea3 l\u1eddi l\u00e0 \u201ck\u1ef3 v\u1ecdng t\u0103ng tr\u01b0\u1edfng m\u1ea1nh m\u1ebd\u201d \u2014 th\u00ec k\u1ef3 v\u1ecdng \u0111\u00f3 ch\u1eafc ch\u1eafn \u0111\u1ebfn m\u1ee9c n\u00e0o? V\u00e0 \u0111i\u1ec1u g\u00ec s\u1ebd x\u1ea3y ra v\u1edbi gi\u00e1 c\u1ed5 phi\u1ebfu n\u1ebfu t\u0103ng tr\u01b0\u1edfng kh\u00f4ng th\u00e0nh hi\u1ec7n th\u1ef1c?<\/p>\n\n\n\n Ng\u01b0\u1ee3c l\u1ea1i, n\u1ebfu m\u1ed9t c\u00f4ng ty c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh m\u1ea1nh m\u1ebd v\u00e0 l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh \u0111ang t\u1ea1m th\u1eddi giao d\u1ecbch \u1edf m\u1ee9c P\/E l\u00e0 10 do m\u1ed9t qu\u00fd kh\u00f3 kh\u0103n ho\u1eb7c tin t\u1ee9c ti\u00eau c\u1ef1c kh\u00f4ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn m\u00f4 h\u00ecnh kinh doanh d\u00e0i h\u1ea1n \u2014 th\u00ec \u0111\u00f3 c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t c\u01a1 h\u1ed9i v\u1edbi bi\u00ean \u0111\u1ed9 an to\u00e0n \u0111\u01b0\u1ee3c t\u00edch h\u1ee3p s\u1eb5n.<\/p>\n\n\n\n Vi\u1ec7c n\u00e0y \u0111\u00f2i h\u1ecfi kh\u1ea3 n\u0103ng ph\u00e1n \u0111o\u00e1n, ch\u1ee9 kh\u00f4ng ph\u1ea3i to\u00e1n h\u1ecdc. V\u00e0 kh\u1ea3 n\u0103ng ph\u00e1n \u0111o\u00e1n \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng theo th\u1eddi gian, qua vi\u1ec7c \u0111\u1ecdc s\u00e1ch v\u00e0 kinh nghi\u1ec7m.<\/p>\n\n\n\n B\u00e0i t\u1eadp th\u1ef1c h\u00e0nh: T\u1ef1 x\u00e2y d\u1ef1ng bi\u00ean \u0111\u1ed9 an to\u00e0n c\u1ee7a ri\u00eang b\u1ea1n<\/strong><\/p>\n\n\n\n B\u01b0\u1edbc 1 \u2014 \u0110\u1ecbnh gi\u00e1 s\u01a1 b\u1ed9. Ch\u1ecdn m\u1ed9t c\u00f4ng ty m\u00e0 b\u1ea1n \u0111\u00e3 ph\u00e2n t\u00edch. \u01af\u1edbc t\u00ednh l\u1ee3i nhu\u1eadn m\u00e0 c\u00f4ng ty \u0111\u00f3 c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c trong v\u00f2ng 5 n\u0103m d\u1ef1a tr\u00ean t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng trong qu\u00e1 kh\u1ee9 v\u00e0 \u0111\u00e1nh gi\u00e1 c\u1ee7a b\u1ea1n v\u1ec1 m\u00f4 h\u00ecnh kinh doanh. Nh\u00e2n v\u1edbi h\u1ec7 s\u1ed1 P\/E h\u1ee3p l\u00fd cho lo\u1ea1i h\u00ecnh c\u00f4ng ty \u0111\u00f3. \u0110\u00f3 l\u00e0 gi\u00e1 tr\u1ecb \u01b0\u1edbc t\u00ednh c\u1ee7a b\u1ea1n.<\/p>\n\n\n\n B\u01b0\u1edbc 2 \u2014 \u00c1p d\u1ee5ng bi\u00ean \u0111\u1ed9 an to\u00e0n. Quy\u1ebft \u0111\u1ecbnh bi\u00ean \u0111\u1ed9 an to\u00e0n \u2014 20%, 30% ho\u1eb7c cao h\u01a1n t\u00f9y thu\u1ed9c v\u00e0o m\u1ee9c \u0111\u1ed9 kh\u00f4ng ch\u1eafc ch\u1eafn c\u1ee7a \u0111\u1ecbnh gi\u00e1. M\u1ed9t c\u00f4ng ty m\u00e0 b\u1ea1n hi\u1ec3u r\u00f5 trong m\u1ed9t ng\u00e0nh c\u00f3 t\u00ednh d\u1ef1 \u0111o\u00e1n cao s\u1ebd c\u1ea7n bi\u00ean \u0111\u1ed9 an to\u00e0n th\u1ea5p h\u01a1n so v\u1edbi m\u1ed9t c\u00f4ng ty trong m\u1ed9t ng\u00e0nh bi\u1ebfn \u0111\u1ed9ng nhanh v\u1edbi d\u00f2ng ti\u1ec1n kh\u00f4ng ch\u1eafc ch\u1eafn.<\/p>\n\n\n\n B\u01b0\u1edbc 3 \u2014 X\u00e1c \u0111\u1ecbnh gi\u00e1 mua. Gi\u00e1 tr\u1ecb \u01b0\u1edbc t\u00ednh tr\u1eeb \u0111i bi\u00ean \u0111\u1ed9 an to\u00e0n l\u00e0 gi\u00e1 mua t\u1ed1i \u0111a c\u1ee7a b\u1ea1n. \u0110\u1eebng mua v\u1edbi gi\u00e1 cao h\u01a1n m\u1ee9c \u0111\u00f3 \u2014 b\u1ea5t k\u1ec3 c\u00f4ng ty \u0111\u00f3 h\u1ea5p d\u1eabn \u0111\u1ebfn m\u1ee9c n\u00e0o hay ng\u01b0\u1eddi kh\u00e1c \u0111ang b\u00e0n t\u00e1n v\u1ec1 n\u00f3 nhi\u1ec1u ra sao.<\/p>\n\n\n\n B\u01b0\u1edbc 4 \u2014 Ch\u1edd \u0111\u1ee3i. \u0110\u00e2y l\u00e0 b\u01b0\u1edbc kh\u00f3 nh\u1ea5t. Ghi gi\u00e1 v\u00e0o s\u1ed5 tay v\u00e0 ch\u1edd th\u1ecb tr\u01b0\u1eddng \u0111\u01b0a ra m\u1ee9c gi\u00e1 \u0111\u00f3. C\u00f3 th\u1ec3 \u0111i\u1ec1u \u0111\u00f3 s\u1ebd kh\u00f4ng bao gi\u1edd x\u1ea3y ra \u2014 v\u00e0 khi \u0111\u00f3 b\u1ea1n s\u1ebd kh\u00f4ng mua. Ho\u1eb7c c\u00f3 th\u1ec3 sau s\u00e1u th\u00e1ng, khi m\u1ed9t v\u1ea5n \u0111\u1ec1 t\u1ea1m th\u1eddi g\u00e2y ra s\u1ef1 ho\u1ea3ng lo\u1ea1n, \u0111i\u1ec1u \u0111\u00f3 s\u1ebd x\u1ea3y ra. Khi \u0111\u00f3 b\u1ea1n s\u1ebd mua.<\/p>\n\n\n\n Cu\u1ed1i c\u00f9ng<\/strong><\/p>\n\n\n\n B\u1ed1n nguy\u00ean t\u1eafc m\u00e0 ch\u00fang ta \u0111\u00e3 \u0111\u1ec1 c\u1eadp trong c\u00e1c b\u00e0i vi\u1ebft Trade Tuesday n\u00e0y \u2014 hi\u1ec3u r\u00f5 c\u00f4ng ty, x\u00e1c \u0111\u1ecbnh l\u1ee3i th\u1ebf c\u1ea1nh tranh, \u0111\u00e1nh gi\u00e1 ban qu\u1ea3n l\u00fd, mua \u1edf m\u1ee9c gi\u00e1 ph\u00f9 h\u1ee3p \u2014 kh\u00f4ng ph\u1ea3i l\u00e0 b\u1ed1n c\u00f4ng c\u1ee5 ri\u00eang bi\u1ec7t. Ch\u00fang l\u00e0 m\u1ed9t c\u00e1ch t\u01b0 duy t\u00edch h\u1ee3p.<\/p>\n\n\n\n B\u1ea1n kh\u00f4ng th\u1ec3 \u0111\u1ecbnh gi\u00e1 m\u1ed9t c\u00f4ng ty m\u00e0 b\u1ea1n kh\u00f4ng hi\u1ec3u. B\u1ea1n kh\u00f4ng th\u1ec3 \u0111\u00e1nh gi\u00e1 gi\u00e1 c\u1ea3 n\u1ebfu kh\u00f4ng hi\u1ec3u \u0111\u01b0\u1ee3c t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a l\u1ee3i th\u1ebf c\u1ea1nh tranh. B\u1ea1n kh\u00f4ng th\u1ec3 tin t\u01b0\u1edfng v\u00e0o m\u1ed9t \u0111\u1ecbnh gi\u00e1 n\u1ebfu b\u1ea1n kh\u00f4ng tin t\u01b0\u1edfng v\u00e0o ban qu\u1ea3n l\u00fd s\u1ebd hi\u1ec7n th\u1ef1c h\u00f3a n\u00f3.<\/p>\n\n\n\n V\u00e0 t\u1ea5t c\u1ea3 c\u00f4ng s\u1ee9c \u0111\u00f3 \u2014 t\u1ea5t c\u1ea3 nh\u1eefng ph\u00e2n t\u00edch, t\u1ea5t c\u1ea3 s\u1ef1 ch\u1edd \u0111\u1ee3i ki\u00ean nh\u1eabn \u2014 \u0111\u1ec1u \u0111\u01b0\u1ee3c b\u1ea3o v\u1ec7 b\u1edfi m\u1ed9t \u0111i\u1ec1u: b\u1ea1n s\u1ebd kh\u00f4ng bao gi\u1edd tr\u1ea3 nhi\u1ec1u h\u01a1n gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a c\u00f4ng ty. L\u00fd t\u01b0\u1edfng nh\u1ea5t l\u00e0 tr\u1ea3 \u00edt h\u01a1n \u0111\u00e1ng k\u1ec3.<\/p>\n\n\n\n \u0110\u00f3 l\u00e0 gi\u1edbi h\u1ea1n an to\u00e0n. \u0110\u00f3 l\u00e0 tuy\u1ebfn ph\u00f2ng th\u1ee7 cu\u1ed1i c\u00f9ng khi m\u1ecdi th\u1ee9 kh\u00e1c \u0111\u1ec1u kh\u00f4ng ch\u1eafc ch\u1eafn.<\/p>\n\n\n\n V\u00e0 trong \u0111\u1ea7u t\u01b0 \u2014 c\u0169ng nh\u01b0 trong cu\u1ed9c s\u1ed1ng \u2014 vi\u1ec7c c\u00f3 m\u1ed9t m\u1ea1ng l\u01b0\u1edbi an to\u00e0n l\u00e0 \u0111i\u1ec1u kh\u00f4n ngoan.<\/p>\n\n\n\n <\/p>","protected":false},"excerpt":{"rendered":" D\u00f9 c\u00f4ng ty c\u00f3 t\u1ed1t \u0111\u1ebfn \u0111\u00e2u, n\u1ebfu b\u1ea1n tr\u1ea3 gi\u00e1 qu\u00e1 cao, b\u1ea1n s\u1ebd h\u1ed1i h\u1eadn. C\u00e2u chuy\u1ec7n \u0111\u00e3 d\u1ea1y cho Buffett b\u00e0i h\u1ecdc quan tr\u1ecdng nh\u1ea5t: Benjamin Graham l\u00e0 gi\u00e1o s\u01b0 t\u1ea1i \u0110\u1ea1i h\u1ecdc Columbia v\u00e0 l\u00e0 m\u1ed9t trong nh\u1eefng nh\u00e0 t\u01b0 t\u01b0\u1edfng \u0111\u1ea7u t\u01b0 c\u00f3 \u1ea3nh h\u01b0\u1edfng nh\u1ea5t trong l\u1ecbch s\u1eed. \u00d4ng c\u0169ng l\u00e0 ng\u01b0\u1eddi th\u1ea7y c\u1ee7a Warren Buffett. Graham \u0111\u00e3 tr\u1ea3i qua s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n n\u0103m 1929 \u1edf c\u1ef1 ly g\u1ea7n\u2026<\/p>","protected":false},"author":5196,"featured_media":9588,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_theme","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"page_builder":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[53],"tags":[],"class_list":["post-8438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade-tisdag"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/amaelle.life\/wp-content\/uploads\/2026\/07\/IMG_3313.jpeg","_links":{"self":[{"href":"https:\/\/amaelle.life\/vi\/wp-json\/wp\/v2\/posts\/8438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amaelle.life\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amaelle.life\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amaelle.life\/vi\/wp-json\/wp\/v2\/users\/5196"}],"replies":[{"embeddable":true,"href":"https:\/\/amaelle.life\/vi\/wp-json\/wp\/v2\/comments?post=8438"}],"version-history":[{"count":1,"href":"https:\/\/amaelle.life\/vi\/wp-json\/wp\/v2\/posts\/8438\/revisions"}],"predecessor-version":[{"id":8439,"href":"https:\/\/amaelle.life\/vi\/wp-json\/wp\/v2\/posts\/8438\/revisions\/8439"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amaelle.life\/vi\/wp-json\/wp\/v2\/media\/9588"}],"wp:attachment":[{"href":"https:\/\/amaelle.life\/vi\/wp-json\/wp\/v2\/media?parent=8438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amaelle.life\/vi\/wp-json\/wp\/v2\/categories?post=8438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amaelle.life\/vi\/wp-json\/wp\/v2\/tags?post=8438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}