As im letzten Beitrag erwähnt ist die Unterscheidung in Growth- und Valueinvestments irrefürrend und meiner Meinung nach schlichtweg falsch, weil alle Growthinvestoren im Prinzip Valueinvestoren sind. Ich würde sogar soweit gehen zu behaupten, dass alle ernsthaften Investoren Valueinvestoren sind.
Hier die Begründung: In der Betriebswirtschaftslehre und in der Unternehmensbewertung besteht absolute Einigkeit darüber, dass der Wert eines Unternehmens dem Barwert (also dem diskontierten Zukunftswert) all seiner zukünftigen Cashflows bis zu seinem Lebensende entspricht. Ernsthafte Investoren, die das Ziel der Vermögensmehrung verfolgen, sind also ständig auf der Suche nach Unternehmen, whose market capitalization is lower than the present value of all future cash flows. This statement corresponds to the classical definition of a value investor, always looking for companies whose intrinsic value (shown just above the company's value or present value of all future cash flows) is greater than the price of the company in the market. Growth investors do anything different. Growth investors also look for companies whose discounted future cash flows are greater than the current market value of the company, which is exactly the same, what value investors also. The only difference is that value investors often companies with lower growth rates, the market sometimes referred to as "unattractive" felt to be looking because they are usually easier to evaluate, while growth investors prefer companies with high growth rates in most recent branches. However, there are many value investors, which just do invest in growth companies , as well as growth investors.
It is therefore differ completely wrong between value and growth investors as a separate investor types, in reality, growth investors only a subset of value investors and is in fact any investor who wants to destroy any money, a value investor!
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