{"id":47325,"date":"2025-09-05T16:54:37","date_gmt":"2025-09-05T09:54:37","guid":{"rendered":"https:\/\/hbbgroup.net\/tac-dung-cua-thien-dinh-doi-voi-nha-dau-tu\/"},"modified":"2025-09-05T16:54:37","modified_gmt":"2025-09-05T09:54:37","slug":"tac-dung-cua-thien-dinh-doi-voi-nha-dau-tu","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/tac-dung-cua-thien-dinh-doi-voi-nha-dau-tu\/","title":{"rendered":"T\u00e1c d\u1ee5ng c\u1ee7a thi\u1ec1n \u0111\u1ecbnh \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0"},"content":{"rendered":"
\n

T\u00e1c d\u1ee5ng c\u1ee7a thi\u1ec1n \u0111\u1ecbnh \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0<\/p>\n

Nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1eebng danh tr\u00ean th\u1ebf gi\u1edbi \u0111\u1ec1u th\u1eeba nh\u1eadn thi\u1ec1n \u0111\u1ecbnh g\u00f3p ph\u1ea7n quan tr\u1ecdng v\u00e0o th\u00e0nh c\u00f4ng c\u1ee7a h\u1ecd. Ch\u1eb3ng h\u1ea1n, Ray Dalio (Bridgewater Associates) \u0111\u00e3 chia s\u1ebb r\u1eb1ng \u00f4ng t\u1eadp thi\u1ec1n \u0111\u1ec1u \u0111\u1eb7n su\u1ed1t 42 n\u0103m qua, v\u00e0 \u201ch\u01a1n b\u1ea5t k\u1ef3 y\u1ebfu t\u1ed1 n\u00e0o kh\u00e1c, thi\u1ec1n \u0111\u1ecbnh ch\u00ednh l\u00e0 l\u00fd do d\u1eabn \u0111\u1ebfn th\u00e0nh c\u00f4ng c\u1ee7a t\u00f4i\u201d. \u00d4ng c\u0169ng cho bi\u1ebft thi\u1ec1n gi\u00fap t\u1ea1o ra s\u1ef1 b\u00ecnh t\u0129nh n\u1ed9i t\u00e2m, khi\u1ebfn m\u1ecdi di\u1ec5n bi\u1ebfn th\u1ecb tr\u01b0\u1eddng \u201cnh\u01b0 chuy\u1ec3n \u0111\u1ed9ng ch\u1eadm l\u1ea1i,\u201d gi\u00fap \u00f4ng \u0111\u1ed1i m\u1eb7t d\u1ec5 d\u00e0ng \u201cnh\u01b0 m\u1ed9t ninja trong tr\u1eadn chi\u1ebfn\u201d. Paul Tudor Jones II (Tudor Investment) c\u0169ng n\u1ed5i ti\u1ebfng v\u1edbi th\u1ef1c h\u00e0nh thi\u1ec1n \u0111\u1ecbnh. \u00d4ng l\u00e0 \u0111\u1ed3ng s\u00e1ng l\u1eadp Trung t\u00e2m Khoa h\u1ecdc Thi\u1ec1n t\u1ea1i \u0110\u1ea1i h\u1ecdc Virginia (UVA) \u2013 n\u01a1i nghi\u00ean c\u1ee9u m\u1ed1i quan h\u1ec7 gi\u1eefa thi\u1ec1n v\u00e0 kinh doanh \u2013 v\u00e0 \u0111\u01b0\u1ee3c CFA Institute x\u1ebfp v\u00e0o nh\u00f3m c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f4ng khai t\u1eadp thi\u1ec1n \u0111\u1ecbnh. T\u01b0\u01a1ng t\u1ef1, Daniel S. Loeb (Qu\u1ef9 Third Point) cho bi\u1ebft \u00f4ng b\u1eaft \u0111\u1ea7u thi\u1ec1n t\u1eeb n\u0103m 1995, v\u00e0 t\u1ea1i m\u1ed9t di\u1ec5n \u0111\u00e0n c\u00f3 c\u1ea3 \u0110\u1ee9c \u0110\u1ea1t Lai L\u1ea1t Ma, \u00f4ng kh\u1eb3ng \u0111\u1ecbnh \u201cthi\u1ec1n \u0111\u1ecbnh kh\u00f4ng ch\u1ec9 d\u00e0nh cho t\u0103ng l\u1eef v\u00e0 \u1ea9n s\u0129\u2026 n\u00f3 c\u00f3 th\u1ec3 c\u1ea3i thi\u1ec7n cu\u1ed9c s\u1ed1ng v\u00e0 c\u00f4ng vi\u1ec7c c\u1ee7a t\u1ea5t c\u1ea3 ch\u00fang ta\u201d. Ngo\u00e0i ra, c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 v\u00e0 t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh l\u1edbn nh\u01b0 Goldman Sachs, BlackRock, Morgan Stanley\u2026 c\u0169ng \u0111\u00e3 tri\u1ec3n khai ch\u01b0\u01a1ng tr\u00ecnh thi\u1ec1n \u0111\u1ecbnh cho nh\u00e2n vi\u00ean <\/p>\n

Thi\u1ec1n \u0111\u1ecbnh \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh mang l\u1ea1i nhi\u1ec1u l\u1ee3i \u00edch thi\u1ebft th\u1ef1c gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00e2ng cao hi\u1ec7u qu\u1ea3 l\u00e0m vi\u1ec7c, bao g\u1ed3m: <\/p>\n

C\u1ea3i thi\u1ec7n kh\u1ea3 n\u0103ng ra quy\u1ebft \u0111\u1ecbnh<\/strong>: Nghi\u00ean c\u1ee9u cho th\u1ea5y thi\u1ec1n \u0111\u1ecbnh gi\u00fap con ng\u01b0\u1eddi duy tr\u00ec nh\u1eadn th\u1ee9c v\u1ec1 hi\u1ec7n t\u1ea1i v\u00e0 lo\u1ea1i b\u1ecf nh\u1eefng quan ng\u1ea1i v\u1ec1 qu\u00e1 kh\u1ee9 hay t\u01b0\u01a1ng lai. Qua th\u1ef1c nghi\u1ec7m, nh\u1eefng ng\u01b0\u1eddi th\u1ef1c h\u00e0nh thi\u1ec1n th\u01b0\u1eddng t\u1eadp trung h\u01a1n v\u00e0o hi\u1ec7n t\u1ea1i, nh\u1edd \u0111\u00f3 gi\u1ea3m t\u00ecnh tr\u1ea1ng quy\u1ebft \u0111\u1ecbnh d\u1ef1a tr\u00ean \u201cchi ph\u00ed ch\u00ecm\u201d (sunk-cost bias) \u2013 v\u00ed d\u1ee5 nh\u01b0 gi\u1eef c\u1ed5 phi\u1ebfu l\u1ed7 ch\u1ec9 v\u00ec \u0111\u00e3 \u0111\u1ea7u t\u01b0 nhi\u1ec1u v\u00e0o n\u00f3. K\u1ebft qu\u1ea3 l\u00e0 h\u1ecd \u00edt b\u1ecb chi ph\u1ed1i b\u1edfi c\u1ea3m x\u00fac ti\u00eau c\u1ef1c, \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh s\u00e1ng su\u1ed1t h\u01a1n. \u0110\u00e2y l\u00e0 hi\u1ec7u qu\u1ea3 c\u1ee7a vi\u1ec7c t\u1ea1o ra kho\u1ea3ng \u201cng\u1eebng \u00fd\u201d gi\u1eefa t\u00e1c nh\u00e2n k\u00edch th\u00edch (\u0111\u1ed9t ng\u1ed9t) v\u00e0 ph\u1ea3n \u1ee9ng, gi\u00fap lo\u1ea1i b\u1ecf c\u00e1c th\u00e0nh ki\u1ebfn thi\u00ean ki\u1ebfn trong quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 <\/p>\n

Ki\u1ec3m so\u00e1t c\u1ea3m x\u00fac, gi\u1ea3m lo \u00e2u v\u00e0 stress<\/strong>: Thi\u1ec1n \u0111\u1ecbnh gi\u00fap k\u00edch ho\u1ea1t v\u00f9ng v\u1ecf n\u00e3o tr\u01b0\u1edbc tr\u00e1n (li\u00ean quan \u0111\u1ebfn kh\u1ea3 n\u0103ng l\u00ean k\u1ebf ho\u1ea1ch v\u00e0 \u0111i\u1ec1u ti\u1ebft c\u1ea3m x\u00fac) thay v\u00ec v\u00f9ng h\u1ea1ch h\u1ea1nh nh\u00e2n (li\u00ean quan \u0111\u1ebfn ph\u1ea3n \u1ee9ng s\u1ee3 h\u00e3i), t\u1eeb \u0111\u00f3 l\u00e0m gi\u1ea3m m\u1ee9c \u0111\u1ed9 lo \u00e2u v\u00e0 k\u00edch th\u00edch c\u0103ng th\u1eb3ng (cortisol) trong c\u01a1 th\u1ec3. Theo m\u1ed9t nghi\u00ean c\u1ee9u t\u1ed5ng h\u1ee3p, \u201ch\u00e0ng ch\u1ee5c c\u00f4ng tr\u00ecnh\u201d ch\u1ec9 ra thi\u1ec1n gi\u1ea3m stress v\u00e0 cortisol, gi\u00fap kh\u1ea3 n\u0103ng t\u01b0 duy c\u1ee7a ng\u01b0\u1eddi t\u1eadp \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3. Trong th\u1ef1c t\u1ebf, Ray Dalio chia s\u1ebb khi c\u1ea3m th\u1ea5y c\u0103ng th\u1eb3ng, \u00f4ng c\u00f3 th\u1ec3 d\u1eebng c\u00f4ng vi\u1ec7c gi\u1eefa gi\u1edd v\u00e0 thi\u1ec1n m\u1ed9t l\u00fac \u0111\u1ec3 \u201cc\u0103ng th\u1eb3ng cu\u1ed1n tr\u00f4i \u0111i\u201d. Thi\u1ec1n \u0111\u1ecbnh th\u01b0\u1eddng xuy\u00ean khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u1eef \u0111\u01b0\u1ee3c s\u1ef1 \u0111i\u1ec1m t\u0129nh ngay c\u1ea3 trong kh\u1ee7ng ho\u1ea3ng: h\u1ecd tr\u00e1nh b\u00e1n th\u00e1o ho\u1ea3ng lo\u1ea1n khi th\u1ecb tr\u01b0\u1eddng x\u1ea5u, th\u1eadm ch\u00ed c\u00f3 th\u1ec3 \u201cmua v\u00e0o khi m\u1ecdi ng\u01b0\u1eddi kh\u00e1c b\u00e1n\u201d nh\u1edd k\u1ef7 lu\u1eadt t\u00e2m l\u00fd t\u1ed1t h\u01a1n. M\u1ed9t nghi\u00ean c\u1ee9u t\u1ea1i \u0110\u1ea1i h\u1ecdc Thammasat (Th\u00e1i Lan) c\u0169ng ph\u00e1t hi\u1ec7n c\u00e1c trader t\u1eadp thi\u1ec1n th\u01b0\u1eddng c\u00f3 hi\u1ec7u su\u1ea5t giao d\u1ecbch t\u1ed1t h\u01a1n \u2013 h\u1ecd k\u1ef7 lu\u1eadt h\u01a1n v\u00e0 \u00edt b\u00e1n th\u00e1o ho\u1ea3ng lo\u1ea1n tr\u01b0\u1edbc tin x\u1ea5u<\/p>\n

T\u0103ng kh\u1ea3 n\u0103ng t\u1eadp trung v\u00e0 s\u00e1ng t\u1ea1o<\/strong>: C\u00e1c nghi\u00ean c\u1ee9u th\u1ea7n kinh h\u1ecdc ch\u1ec9 ra thi\u1ec1n \u0111\u1ecbnh l\u00e0m t\u0103ng \u0111\u1ed9 d\u00e0y c\u1ee7a v\u1ecf n\u00e3o tr\u01b0\u1edbc tr\u00e1n (li\u00ean quan \u0111\u1ebfn ch\u00fa \u00fd v\u00e0 nh\u1eadn th\u1ee9c b\u1ea3n th\u00e2n), t\u0103ng ch\u1ea5t x\u00e1m \u1edf nh\u1eefng v\u00f9ng n\u00e3o \u0111i\u1ec1u khi\u1ec3n tr\u00ed nh\u1edb v\u00e0 x\u1eed l\u00fd c\u1ea3m x\u00fac, v\u00e0 k\u00e9o d\u00e0i kh\u1ea3 n\u0103ng t\u1eadp trung. Ngo\u00e0i ra, t\u1eadp thi\u1ec1n c\u00f2n g\u1eafn li\u1ec1n v\u1edbi c\u1ea3i thi\u1ec7n kh\u1ea3 n\u0103ng ch\u00fa \u00fd \u0111\u1ebfn chi ti\u1ebft v\u00e0 hi\u1ec7u su\u1ea5t s\u00e1ng t\u1ea1o h\u01a1n. Nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 cho r\u1eb1ng sau thi\u1ec1n, \u00fd t\u01b0\u1edfng s\u00e1ng t\u1ea1o m\u1edbi th\u01b0\u1eddng xu\u1ea5t hi\u1ec7n b\u1ea5t ch\u1ee3t \u2013 Dalio v\u00ed von vi\u1ec7c ngh\u0129 ra \u00fd t\u01b0\u1edfng nh\u01b0 sau m\u1ed9t \u201cv\u1ee5t \u00fd t\u01b0\u1edfng\u201d trong ph\u00f2ng t\u1eafm n\u00f3ng, t\u01b0\u01a1ng t\u1ef1 c\u1ea3m gi\u00e1c sau khi thi\u1ec1n. <\/p>\n

N\u00e2ng cao hi\u1ec7u su\u1ea5t \u0111\u1ea7u t\u01b0<\/strong>: T\u1ed5ng h\u1ee3p t\u1eeb c\u00e1c kh\u00eda c\u1ea1nh tr\u00ean, thi\u1ec1n \u0111\u1ecbnh g\u00f3p ph\u1ea7n tr\u1ef1c ti\u1ebfp c\u1ea3i thi\u1ec7n hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0. Nh\u1edd gi\u1ea3m b\u1edbt thi\u00ean ki\u1ebfn v\u00e0 duy tr\u00ec t\u00e2m th\u1ebf \u0111i\u1ec1m t\u0129nh, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 ra quy\u1ebft \u0111\u1ecbnh h\u1ee3p l\u00fd h\u01a1n v\u00e0 tu\u00e2n th\u1ee7 k\u1ef7 lu\u1eadt giao d\u1ecbch. Nghi\u00ean c\u1ee9u t\u1ea1i Th\u00e1i Lan ghi nh\u1eadn nh\u00f3m t\u1eadp thi\u1ec1n \u0111\u1ea1t k\u1ebft qu\u1ea3 giao d\u1ecbch cao h\u01a1n so v\u1edbi nh\u00f3m \u0111\u1ed1i ch\u1ee9ng. H\u01a1n n\u1eefa, m\u1ed9t s\u1ed1 chuy\u00ean gia nh\u1eadn \u0111\u1ecbnh thi\u1ec1n \u0111\u1ecbnh \u0111\u00e3 tr\u1edf th\u00e0nh \u201cch\u00eca kh\u00f3a\u201d gi\u00fap c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 h\u00e0ng \u0111\u1ea7u t\u01b0 duy \u0111\u1ed9c l\u1eadp v\u00e0 \u0111\u1ea1t \u0111\u01b0\u1ee3c hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i<\/p>\n

C\u00e1c ph\u00e1t bi\u1ec3u t\u1eeb Ray Dalio, Daniel Loeb, Paul Tudor Jones\u2026 c\u00f9ng nghi\u00ean c\u1ee9u khoa h\u1ecdc \u0111\u00e3 kh\u1eb3ng \u0111\u1ecbnh vai tr\u00f2 t\u00edch c\u1ef1c c\u1ee7a thi\u1ec1n \u0111\u1ecbnh trong m\u00f4i tr\u01b0\u1eddng t\u00e0i ch\u00ednh. Dalio chia s\u1ebb: \u201cThi\u1ec1n \u0111\u1ecbnh, h\u01a1n b\u1ea5t k\u1ef3 y\u1ebfu t\u1ed1 n\u00e0o kh\u00e1c, ch\u00ednh l\u00e0 l\u00fd do cho th\u00e0nh c\u00f4ng c\u1ee7a t\u00f4i\u201d. M\u1ed9t trong nh\u1eefng c\u00e1ch th\u00e0nh c\u00f4ng nhanh nh\u1ea5t l\u00e0 b\u1eaft ch\u01b0\u1edbc nh\u1eefng ng\u01b0\u1eddi \u0111\u00e3 th\u00e0nh c\u00f4ng tr\u01b0\u1edbc \u0111\u00f3. Nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1edbn tr\u00ean th\u1ebf gi\u1edbi \u0111\u00e3 s\u1eed d\u1ee5ng thi\u1ec1n \u0111\u1ecbnh nh\u01b0 m\u1ed9t c\u00f4ng c\u1ee5 h\u1eefu hi\u1ec7u gi\u00fap n\u00e2ng cao hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 v\u00e0 ra quy\u1ebft \u0111\u1ecbnh, v\u1eady t\u1ea1i sao ch\u00fang ta kh\u00f4ng h\u1ecdc theo h\u1ecd v\u00e0 b\u1eaft \u0111\u1ea7u th\u1ef1c h\u00e0nh thi\u1ec1n?<\/p>\n

Chu Tu\u1ea5n Phong<\/a><\/p>\n

FILI<\/a><\/p>\n

– 09:00 17\/05\/2025<\/p>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

T\u00e1c d\u1ee5ng c\u1ee7a thi\u1ec1n \u0111\u1ecbnh \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 Nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1eebng danh tr\u00ean th\u1ebf gi\u1edbi \u0111\u1ec1u […]<\/p>","protected":false},"author":1,"featured_media":47326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[230],"tags":[],"class_list":["post-47325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cau-chuyen-dau-tu"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/47325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=47325"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/47325\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/47326"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=47325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=47325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=47325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}