{
    "id": 46493,
    "date": "2025-09-03T15:54:02",
    "date_gmt": "2025-09-03T08:54:02",
    "guid": {
        "rendered": "https:\/\/hbbgroup.net\/manh-ghep-thong-tin-trong-dau-tu-chung-khoan\/"
    },
    "modified": "2025-09-03T15:54:02",
    "modified_gmt": "2025-09-03T08:54:02",
    "slug": "manh-ghep-thong-tin-trong-dau-tu-chung-khoan",
    "status": "publish",
    "type": "post",
    "link": "https:\/\/hbbgroup.net\/en_us\/manh-ghep-thong-tin-trong-dau-tu-chung-khoan\/",
    "title": {
        "rendered": "\u201cM\u1ea3nh gh\u00e9p th\u00f4ng tin\u201d trong \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n"
    },
    "content": {
        "rendered": "<div itemprop=\"articleBody\" id=\"vst_detail\">\n<p>\u201cM\u1ea3nh gh\u00e9p th\u00f4ng tin\u201d trong \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n<\/p>\n<p>Trong th\u1ebf gi\u1edbi t\u00e0i ch\u00ednh hi\u1ec7n \u0111\u1ea1i, th\u00f4ng tin \u0111\u01b0\u1ee3c v\u00ed nh\u01b0 ti\u1ec1n, b\u1edfi ai n\u1eafm b\u1eaft th\u00f4ng tin nhanh h\u01a1n, ch\u00ednh x\u00e1c h\u01a1n th\u00ec ng\u01b0\u1eddi \u0111\u00f3 c\u00f3 l\u1ee3i th\u1ebf c\u1ea1nh tranh tr\u00ean th\u1ecb tr\u01b0\u1eddng. Trong th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, th\u00f4ng tin lu\u00f4n \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng v\u00e0 \u0111\u01b0\u1ee3c chia l\u00e0m hai lo\u1ea1i ch\u00ednh: Th\u00f4ng tin c\u00f4ng khai (public information) v\u00e0 th\u00f4ng tin kh\u00f4ng c\u00f4ng khai (non-public information).   <\/p>\n<p>Th\u00f4ng tin c\u00f4ng khai th\u01b0\u1eddng bao g\u1ed3m c\u00e1c b\u00e1o c\u00e1o t\u00e0i ch\u00ednh, tin t\u1ee9c b\u00e1o ch\u00ed, th\u00f4ng c\u00e1o b\u00e1o ch\u00ed c\u1ee7a doanh nghi\u1ec7p, v\u00e0 c\u00e1c b\u00e1o c\u00e1o nghi\u00ean c\u1ee9u ng\u00e0nh. Ng\u01b0\u1ee3c l\u1ea1i, th\u00f4ng tin kh\u00f4ng c\u00f4ng khai th\u01b0\u1eddng bao g\u1ed3m nh\u1eefng d\u1eef li\u1ec7u ch\u01b0a \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 ch\u00ednh th\u1ee9c, ch\u1eb3ng h\u1ea1n nh\u01b0 c\u00e1c k\u1ebf ho\u1ea1ch chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a doanh nghi\u1ec7p, k\u1ebft qu\u1ea3 kinh doanh ch\u01b0a \u0111\u01b0\u1ee3c h\u00e9 l\u1ed9, ho\u1eb7c c\u00e1c th\u01b0\u01a1ng v\u1ee5 mua b\u00e1n s\u00e1p nh\u1eadp.<\/p>\n<p>Trong s\u1ed1 n\u00e0y, \u0111\u1eb7c bi\u1ec7t c\u1ea7n l\u01b0u \u00fd \u0111\u1ebfn th\u00f4ng tin n\u1ed9i gi\u00e1n, t\u1ee9c l\u00e0 c\u00e1c th\u00f4ng tin ch\u01b0a \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 ra c\u00f4ng ch\u00fang nh\u01b0ng c\u00f3 kh\u1ea3 n\u0103ng t\u00e1c \u0111\u1ed9ng \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn gi\u00e1 ch\u1ee9ng kho\u00e1n. \u0110\u00e2y ch\u00ednh l\u00e0 lo\u1ea1i th\u00f4ng tin b\u1ecb nghi\u00eam c\u1ea5m s\u1eed d\u1ee5ng \u0111\u1ec3 giao d\u1ecbch ch\u1ee9ng kho\u00e1n \u1edf h\u1ea7u h\u1ebft c\u00e1c qu\u1ed1c gia, b\u1edfi n\u00f3 l\u00e0m x\u00f3i m\u00f2n t\u00ednh minh b\u1ea1ch v\u00e0 c\u00f4ng b\u1eb1ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng. \u1ede Vi\u1ec7t Nam, Lu\u1eadt Ch\u1ee9ng kho\u00e1n c\u0169ng quy \u0111\u1ecbnh r\u00f5 r\u00e0ng v\u1ec1 vi\u1ec7c nghi\u00eam c\u1ea5m h\u00e0nh vi giao d\u1ecbch d\u1ef1a tr\u00ean th\u00f4ng tin n\u1ed9i gi\u00e1n, v\u00e0 trong nh\u1eefng tr\u01b0\u1eddng h\u1ee3p g\u00e2y h\u1eadu qu\u1ea3 l\u1edbn, h\u00e0nh vi n\u00e0y c\u00f3 th\u1ec3 b\u1ecb x\u1eed l\u00fd h\u00ecnh s\u1ef1.  <\/p>\n<p>Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam, tin \u0111\u1ed3n v\u00e0 th\u00f4ng tin n\u1ed9i gi\u00e1n<\/p>\n<p>Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111\u1eb7c bi\u1ec7t s\u00f4i \u0111\u1ed9ng v\u1edbi s\u1ef1 tham gia \u0111\u00f4ng \u0111\u1ea3o c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb. \u0110\u00e2y v\u1eeba l\u00e0 \u0111\u1ed9ng l\u1ef1c th\u00fac \u0111\u1ea9y thanh kho\u1ea3n, v\u1eeba \u0111\u1eb7t ra th\u00e1ch th\u1ee9c l\u1edbn v\u1ec1 ch\u1ea5t l\u01b0\u1ee3ng th\u00f4ng tin. Trong m\u1ed9t m\u00f4i tr\u01b0\u1eddng m\u00e0 th\u00f4ng tin ch\u00ednh th\u1ee9c \u0111\u00f4i khi c\u00f2n thi\u1ebfu minh b\u1ea1ch, kh\u00f4ng \u00edt nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm l\u1ee3i th\u1ebf b\u1eb1ng c\u00e1ch t\u1eadn d\u1ee5ng tin \u0111\u1ed3n lan truy\u1ec1n tr\u00ean c\u00e1c di\u1ec5n \u0111\u00e0n, m\u1ea1ng x\u00e3 h\u1ed9i, hay qua c\u00e1c m\u1ed1i quan h\u1ec7 c\u00e1 nh\u00e2n.   <\/p>\n<p>M\u1eb7c d\u00f9 vi\u1ec7c giao d\u1ecbch theo tin \u0111\u1ed3n c\u00f3 th\u1ec3 mang l\u1ea1i l\u1ee3i nhu\u1eadn ng\u1eafn h\u1ea1n, nh\u01b0ng r\u1ee7i ro c\u0169ng r\u1ea5t l\u1edbn, \u0111\u1eb7c bi\u1ec7t l\u00e0 khi nh\u1eefng tin \u0111\u1ed3n \u0111\u00f3 kh\u00f4ng c\u00f3 c\u01a1 s\u1edf ho\u1eb7c xu\u1ea5t ph\u00e1t t\u1eeb c\u00e1c ngu\u1ed3n kh\u00f4ng \u0111\u00e1ng tin c\u1eady. T\u1ec7 h\u01a1n, n\u1ebfu th\u00f4ng tin \u0111\u00f3 l\u00e0 n\u1ed9i gi\u00e1n m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng \u0111\u1ec3 tr\u1ee5c l\u1ee3i th\u00ec h\u1eadu qu\u1ea3 ph\u00e1p l\u00fd c\u00f3 th\u1ec3 r\u1ea5t nghi\u00eam tr\u1ecdng. Tuy nhi\u00ean, trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng m\u00e0 t\u00ednh minh b\u1ea1ch th\u00f4ng tin ch\u01b0a ho\u00e0n thi\u1ec7n nh\u01b0 Vi\u1ec7t Nam, vi\u1ec7c t\u00ecm ki\u1ebfm th\u00f4ng tin \u0111\u1ec3 h\u1ed7 tr\u1ee3 quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 v\u1eabn l\u00e0 m\u1ed9t nhu c\u1ea7u ch\u00ednh \u0111\u00e1ng. \u0110\u00f3 ch\u00ednh l\u00e0 l\u00fd do l\u00fd thuy\u1ebft \u201cm\u1ea3nh gh\u00e9p th\u00f4ng tin\u201d (mosaic theory) \u0111\u01b0\u1ee3c nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p \u00e1p d\u1ee5ng, \u0111\u1eb7c bi\u1ec7t \u1edf c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n, \u0111\u1ec3 t\u1eadn d\u1ee5ng l\u1ee3i th\u1ebf c\u1ee7a vi\u1ec7c t\u1ed5ng h\u1ee3p c\u00e1c th\u00f4ng tin nh\u1ecf l\u1ebb t\u1eeb nhi\u1ec1u ngu\u1ed3n h\u1ee3p ph\u00e1p kh\u00e1c nhau th\u00e0nh m\u1ed9t b\u1ee9c tranh to\u00e0n c\u1ea3nh gi\u00fap ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 ch\u00ednh x\u00e1c.<\/p>\n<p>L\u00fd thuy\u1ebft \u201cm\u1ea3nh gh\u00e9p th\u00f4ng tin\u201d \u2013 B\u1ee9c tranh ho\u00e0n ch\u1ec9nh t\u1eeb c\u00e1c m\u1ea3nh gh\u00e9p nh\u1ecf <\/p>\n<p>L\u00fd thuy\u1ebft \u201cm\u1ea3nh gh\u00e9p th\u00f4ng tin\u201d \u0111\u01b0\u1ee3c hi\u1ec3u l\u00e0 ph\u01b0\u01a1ng ph\u00e1p ph\u00e2n t\u00edch \u0111\u1ea7u t\u01b0 d\u1ef1a tr\u00ean vi\u1ec7c thu th\u1eadp v\u00e0 t\u1ed5ng h\u1ee3p c\u00e1c m\u1ea3nh th\u00f4ng tin nh\u1ecf l\u1ebb, c\u1ea3 c\u00f4ng khai v\u00e0 kh\u00f4ng c\u00f4ng khai nh\u01b0ng kh\u00f4ng tr\u1ecdng y\u1ebfu, \u0111\u1ec3 h\u00ecnh th\u00e0nh c\u00e1i nh\u00ecn to\u00e0n di\u1ec7n v\u1ec1 gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t doanh nghi\u1ec7p ho\u1eb7c ch\u1ee9ng kho\u00e1n. <\/p>\n<p>Kh\u00e1c bi\u1ec7t c\u0103n b\u1ea3n c\u1ee7a ph\u01b0\u01a1ng ph\u00e1p n\u00e0y so v\u1edbi giao d\u1ecbch n\u1ed9i gi\u00e1n l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng s\u1eed d\u1ee5ng c\u00e1c th\u00f4ng tin m\u1eadt c\u00f3 kh\u1ea3 n\u0103ng t\u00e1c \u0111\u1ed9ng \u0111\u01a1n l\u1ebb l\u00ean gi\u00e1 ch\u1ee9ng kho\u00e1n n\u1ebfu b\u1ecb c\u00f4ng b\u1ed1. M\u1ed7i m\u1ea3nh th\u00f4ng tin trong \u201cmosaic\u201d ch\u1ec9 l\u00e0 m\u1ed9t d\u1eef ki\u1ec7n nh\u1ecf, kh\u00f4ng \u0111\u1ee7 \u0111\u1ec3 l\u00e0m thay \u0111\u1ed5i quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 c\u1ee7a ph\u1ea7n \u0111\u00f4ng nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1ebfu \u0111\u1ee9ng m\u1ed9t m\u00ecnh, nh\u01b0ng khi \u0111\u01b0\u1ee3c gh\u00e9p l\u1ea1i, ch\u00fang t\u1ea1o th\u00e0nh m\u1ed9t b\u1ee9c tranh ho\u00e0n ch\u1ec9nh gi\u00fap ng\u01b0\u1eddi ph\u00e2n t\u00edch c\u00f3 c\u00e1i nh\u00ecn s\u00e2u s\u1eafc v\u1ec1 tri\u1ec3n v\u1ecdng doanh nghi\u1ec7p. T\u1ea1i c\u00e1c th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u00e1t tri\u1ec3n, \u201cmosaic theory\u201d \u0111\u01b0\u1ee3c c\u00f4ng nh\u1eadn l\u00e0 h\u1ee3p ph\u00e1p v\u00e0 \u0111\u1ea1o \u0111\u1ee9c trong ph\u00e2n t\u00edch \u0111\u1ea7u t\u01b0, gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00e1nh xa nh\u1eefng r\u1ee7i ro ph\u00e1p l\u00fd li\u00ean quan \u0111\u1ebfn giao d\u1ecbch n\u1ed9i gi\u00e1n. <\/p>\n<p>\u201cMosaic theory\u201d v\u00e0 nh\u1eefng c\u00e2u chuy\u1ec7n th\u00e0nh c\u00f4ng, th\u1ea5t b\u1ea1i<\/p>\n<p>Trong l\u1ecbch s\u1eed th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n th\u1ebf gi\u1edbi, l\u00fd thuy\u1ebft \u201cm\u1ea3nh gh\u00e9p th\u00f4ng tin\u201d \u0111\u00e3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng th\u00e0nh c\u00f4ng b\u1edfi nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1eebng danh, minh ch\u1ee9ng cho t\u00ednh hi\u1ec7u qu\u1ea3 c\u1ee7a n\u00f3. <\/p>\n<p>Ti\u00eau bi\u1ec3u ph\u1ea3i k\u1ec3 \u0111\u1ebfn Warren Buffett, ng\u01b0\u1eddi \u0111\u00e3 s\u1eed d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p n\u00e0y khi \u0111\u1ea7u t\u01b0 v\u00e0o Coca-Cola t\u1eeb n\u0103m 1988 \u0111\u1ebfn 1994. Thay v\u00ec ch\u1ec9 d\u1ef1a v\u00e0o c\u00e1c b\u00e1o c\u00e1o t\u00e0i ch\u00ednh c\u00f4ng khai, Buffett nghi\u00ean c\u1ee9u k\u1ef9 h\u00e0nh vi ti\u00eau d\u00f9ng, quan s\u00e1t s\u1ee9c m\u1ea1nh th\u01b0\u01a1ng hi\u1ec7u v\u00e0 ph\u00e2n t\u00edch xu h\u01b0\u1edbng c\u1ea1nh tranh trong ng\u00e0nh gi\u1ea3i kh\u00e1t. \u00d4ng t\u1eadn d\u1ee5ng c\u00e1c ngu\u1ed3n th\u00f4ng tin \u0111a d\u1ea1ng t\u1eeb b\u00e1o c\u00e1o ng\u00e0nh, d\u1eef li\u1ec7u th\u1ecb tr\u01b0\u1eddng, \u0111\u1ebfn nh\u1eefng quan s\u00e1t th\u1ef1c t\u1ebf, r\u1ed3i gh\u00e9p ch\u00fang l\u1ea1i \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n c\u1ee7a Coca-Cola. Kho\u1ea3n \u0111\u1ea7u t\u01b0 n\u00e0y \u0111\u00e3 mang l\u1ea1i cho \u00f4ng m\u1ee9c l\u1ee3i nhu\u1eadn kh\u1ed5ng l\u1ed3 trong su\u1ed1t th\u1eadp ni\u00ean 1990.<\/p>\n<p>M\u1ed9t v\u00ed d\u1ee5 kh\u00e1c l\u00e0 Philip Fisher v\u1edbi th\u01b0\u01a1ng v\u1ee5 \u0111\u1ea7u t\u01b0 v\u00e0o Motorola trong giai \u0111o\u1ea1n 1950-2000. Fisher \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p \u201cscuttlebutt\u201d \u2013 m\u1ed9t h\u00ecnh th\u1ee9c mosaic theory, b\u1eb1ng c\u00e1ch n\u00f3i chuy\u1ec7n v\u1edbi nh\u00e2n vi\u00ean, kh\u00e1ch h\u00e0ng v\u00e0 \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 t\u00ecnh h\u00ecnh ho\u1ea1t \u0111\u1ed9ng c\u1ee7a Motorola. Qua vi\u1ec7c thu th\u1eadp th\u00f4ng tin t\u1eeb nhi\u1ec1u g\u00f3c \u0111\u1ed9, Fisher ph\u00e1t hi\u1ec7n ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n c\u1ee7a c\u00f4ng ty, gi\u1eef c\u1ed5 phi\u1ebfu Motorola trong nhi\u1ec1u th\u1eadp k\u1ef7 v\u00e0 thu v\u1ec1 l\u1ee3i nhu\u1eadn \u1ea5n t\u01b0\u1ee3ng. <\/p>\n<p>T\u01b0\u01a1ng t\u1ef1, Peter Lynch, qu\u1ea3n l\u00fd qu\u1ef9 Magellan c\u1ee7a Fidelity, c\u0169ng n\u1ed5i ti\u1ebfng v\u1edbi phong c\u00e1ch \u201cl\u1eafp gh\u00e9p th\u00f4ng tin\u201d khi quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 v\u00e0o Hanes trong nh\u1eefng n\u0103m 1980. Lynch nh\u1eadn th\u1ea5y gia \u0111\u00ecnh m\u00ecnh th\u01b0\u1eddng xuy\u00ean s\u1eed d\u1ee5ng s\u1ea3n ph\u1ea9m c\u1ee7a Hanes, k\u1ebft h\u1ee3p v\u1edbi d\u1eef li\u1ec7u b\u00e1n h\u00e0ng v\u00e0 ph\u00e2n t\u00edch t\u00e0i ch\u00ednh, t\u1eeb \u0111\u00f3 \u00f4ng ph\u00e1t hi\u1ec7n ra c\u01a1 h\u1ed9i t\u0103ng tr\u01b0\u1edfng m\u00e0 nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c b\u1ecf qua.<\/p>\n<p>Michael Burry, nh\u00e2n v\u1eadt n\u1ed5i ti\u1ebfng trong cu\u1ed1n s\u00e1ch \u201cThe Big Short\u201d, \u0111\u00e3 v\u1eadn d\u1ee5ng l\u00fd thuy\u1ebft n\u00e0y \u0111\u1ec3 \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n M\u1ef9 giai \u0111o\u1ea1n 2005-2007. Burry k\u1ebft h\u1ee3p ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng, d\u1eef li\u1ec7u th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 th\u00f4ng tin v\u1ec1 ch\u1ee9ng kho\u00e1n b\u1ea3o \u0111\u1ea3m b\u1eb1ng t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p (<a target=\"_blank\" rel=\"noreferrer\" href=\"https:\/\/finance.vietstock.vn\/MBS-ctcp-chung-khoan-mb.htm?languageid=1\">MBS<\/a>), t\u1eeb \u0111\u00f3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh mua c\u00e1c h\u1ee3p \u0111\u1ed3ng ho\u00e1n \u0111\u1ed5i r\u1ee7i ro t\u00edn d\u1ee5ng (CDS) \u0111\u1ec3 ph\u00f2ng h\u1ed9. K\u1ebft qu\u1ea3 l\u00e0 \u00f4ng thu \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn kh\u1ed5ng l\u1ed3 khi bong b\u00f3ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n M\u1ef9 v\u1ee1 tung. <\/p>\n<p>George Soros c\u0169ng l\u00e0 m\u1ed9t b\u1eadc th\u1ea7y c\u1ee7a l\u00fd thuy\u1ebft n\u00e0y. N\u0103m 1992, \u00f4ng \u0111\u00e3 s\u1eed d\u1ee5ng c\u00e1c d\u1eef ki\u1ec7n v\u1ec1 kinh t\u1ebf v\u0129 m\u00f4, ch\u00ednh tr\u1ecb v\u00e0 c\u00e1c \u00e1p l\u1ef1c t\u1ef7 gi\u00e1 \u0111\u1ec3 \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o vi\u1ec7c \u0111\u1ed3ng b\u1ea3ng Anh b\u1ecb ph\u00e1 gi\u00e1, thu v\u1ec1 h\u00e0ng t\u1ef7 <span>USD trong<\/span> s\u1ef1 ki\u1ec7n \u201cBlack Wednesday\u201d n\u1ed5i ti\u1ebfng.<\/p>\n<p>John Templeton, nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb to\u00e0n c\u1ea7u, \u00e1p d\u1ee5ng l\u00fd thuy\u1ebft n\u00e0y \u0111\u1ec3 t\u00ecm ki\u1ebfm c\u00e1c c\u1ed5 phi\u1ebfu gi\u00e1 tr\u1ecb tr\u00ean to\u00e0n th\u1ebf gi\u1edbi, \u0111\u1eb7c bi\u1ec7t t\u1ea1i Nh\u1eadt B\u1ea3n sau Th\u1ebf chi\u1ebfn II. \u00d4ng k\u1ebft h\u1ee3p c\u00e1c b\u00e1o c\u00e1o t\u00e0i ch\u00ednh, xu h\u01b0\u1edbng kinh t\u1ebf khu v\u1ef1c v\u00e0 c\u1ea3 y\u1ebfu t\u1ed1 v\u0103n h\u00f3a \u0111\u1ec3 t\u00ecm ra nh\u1eefng c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 \u0111\u1ed9c \u0111\u00e1o. <\/p>\n<p>Benjamin Graham, cha \u0111\u1ebb c\u1ee7a tr\u01b0\u1eddng ph\u00e1i \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb, c\u0169ng t\u1eebng \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p n\u00e0y khi nghi\u00ean c\u1ee9u Northern Pipeline nh\u1eefng n\u0103m 1920-1930. Graham kh\u00f4ng ch\u1ec9 \u0111\u1ecdc b\u00e1o c\u00e1o t\u00e0i ch\u00ednh m\u00e0 c\u00f2n tr\u1ef1c ti\u1ebfp trao \u0111\u1ed5i v\u1edbi ban l\u00e3nh \u0111\u1ea1o c\u00f4ng ty \u0111\u1ec3 hi\u1ec3u r\u00f5 h\u01a1n t\u00ecnh h\u00ecnh ho\u1ea1t \u0111\u1ed9ng.<\/p>\n<p>Carl Icahn, nh\u00e0 \u0111\u1ea7u t\u01b0 ho\u1ea1t \u0111\u1ed9ng, \u0111\u00e3 s\u1eed d\u1ee5ng mosaic theory khi \u0111\u1ea7u t\u01b0 v\u00e0o TWA trong th\u1eadp ni\u00ean 1980. \u00d4ng k\u1ebft h\u1ee3p th\u00f4ng tin v\u1ec1 t\u00e0i ch\u00ednh, chi\u1ebfn l\u01b0\u1ee3c qu\u1ea3n tr\u1ecb v\u00e0 c\u1ea3 \u0111\u1ed9ng th\u00e1i c\u1ed5 \u0111\u00f4ng \u0111\u1ec3 th\u1ef1c hi\u1ec7n th\u01b0\u01a1ng v\u1ee5 th\u00e2u t\u00f3m v\u00e0 t\u00e1i c\u1ea5u tr\u00fac th\u00e0nh c\u00f4ng. <\/p>\n<p>Khi n\u00f3i t\u1edbi \u201cmosaic theory\u201d, kh\u00f4ng th\u1ec3 kh\u00f4ng nh\u1eafc t\u1edbi Bill Gross, ng\u01b0\u1eddi \u0111\u01b0a qu\u1ef9 PIMCO Total Return tr\u1edf th\u00e0nh qu\u1ef9 tr\u00e1i phi\u1ebfu th\u00e0nh c\u00f4ng nh\u1ea5t l\u1ecbch s\u1eed. Gross \u0111\u00e3 k\u1ebft h\u1ee3p ph\u00e2n t\u00edch kinh t\u1ebf v\u0129 m\u00f4, ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 v\u00e0 xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u0111\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3.<\/p>\n<p>Tuy nhi\u00ean, v\u1eabn c\u00f3 nh\u1eefng tranh c\u00e3i v\u1ec1 \u201cmosaic theory\u201d. Raj Rajaratnam c\u1ee7a Galleon Group l\u00e0 v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh v\u1ec1 ranh gi\u1edbi mong manh gi\u1eefa mosaic theory v\u00e0 giao d\u1ecbch n\u1ed9i gi\u00e1n. Rajaratnam thu th\u1eadp th\u00f4ng tin t\u1eeb nhi\u1ec1u ngu\u1ed3n \u0111\u1ec3 bi\u1ec7n minh cho chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh, nh\u01b0ng cu\u1ed1i c\u00f9ng \u00f4ng b\u1ecb k\u1ebft \u00e1n v\u00ec s\u1eed d\u1ee5ng th\u00f4ng tin n\u1ed9i gi\u00e1n, cho th\u1ea5y mosaic theory n\u1ebfu b\u1ecb l\u1ea1m d\u1ee5ng c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn h\u1eadu qu\u1ea3 ph\u00e1p l\u00fd nghi\u00eam tr\u1ecdng. <\/p>\n<p>K\u1ebft lu\u1eadn v\u00e0 g\u1ee3i m\u1edf<\/p>\n<p>Nh\u1eefng c\u00e2u chuy\u1ec7n th\u1ef1c t\u1ebf tr\u00ean ch\u1ee9ng minh \u201cm\u1ea3nh gh\u00e9p th\u00f4ng tin\u201d kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p mang t\u00ednh l\u00fd thuy\u1ebft, m\u00e0 c\u00f2n l\u00e0 c\u00f4ng c\u1ee5 h\u1eefu hi\u1ec7u gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 doanh nghi\u1ec7p v\u00e0 th\u1ecb tr\u01b0\u1eddng, t\u1eeb \u0111\u00f3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 \u0111\u00fang \u0111\u1eafn. Tuy nhi\u00ean, ranh gi\u1edbi gi\u1eefa vi\u1ec7c t\u1ed5ng h\u1ee3p th\u00f4ng tin m\u1ed9t c\u00e1ch h\u1ee3p ph\u00e1p v\u00e0 h\u00e0nh vi s\u1eed d\u1ee5ng th\u00f4ng tin n\u1ed9i gi\u00e1n r\u1ea5t mong manh. \u0110i\u1ec1u \u0111\u00f3 \u0111\u00f2i h\u1ecfi nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n trang b\u1ecb \u0111\u1ea7y \u0111\u1ee7 ki\u1ebfn th\u1ee9c ph\u00e1p l\u00fd, \u0111\u1ea1o \u0111\u1ee9c ngh\u1ec1 nghi\u1ec7p v\u00e0 s\u1ef1 th\u1eadn tr\u1ecdng trong qu\u00e1 tr\u00ecnh thu th\u1eadp v\u00e0 s\u1eed d\u1ee5ng th\u00f4ng tin.<\/p>\n<p><a title=\"Xem th\u00eam b\u00e0i c\u00f9ng t\u00e1c gi\u1ea3\" href=\"http:\/\/vietstock.vn\/tac-gia\/lh-579.htm\">LH<\/a><\/p>\n<p><a href=\"http:\/\/fili.vn\/2025\/06\/manh-ghep-thong-tin-trong-dau-tu-chung-khoan-3355-1318116.htm\" target=\"_blank\">FILI<\/a><\/p>\n<p>&#8211; 11:00 14\/06\/2025<\/p>\n<\/p><\/div>",
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