AOL 实际上是个很好的反面例子。
1。AOL 没有营运历史，没有trading历史。Remember Netscape?
2。AOL 没有明显的Terminal growth rate. 激烈的竞争使其长期获利能力不明。
3。 AOL的profit margin一直很低，甚至negative。
4. 1999年时，P/E 曾到200以上。Discount 一直是负的。
所以，AOL会被很快排除掉。
That said, I agree buy & hold is harder than most people think. The difficulty is not from the intelligence side, it is more from the excitement side. Buy & hold is boring - and human nature does not like boring things.
1。AOL 没有营运历史，没有trading历史。Remember Netscape?
2。AOL 没有明显的Terminal growth rate. 激烈的竞争使其长期获利能力不明。
3。 AOL的profit margin一直很低，甚至negative。
4. 1999年时，P/E 曾到200以上。Discount 一直是负的。
所以，AOL会被很快排除掉。
That said, I agree buy & hold is harder than most people think. The difficulty is not from the intelligence side, it is more from the excitement side. Buy & hold is boring - and human nature does not like boring things.
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