{"id":19089,"date":"2026-11-11T16:06:47","date_gmt":"2026-11-11T09:06:47","guid":{"rendered":"https:\/\/www.phfm.vn\/?p=19089"},"modified":"2026-11-11T17:50:09","modified_gmt":"2026-11-11T10:50:09","slug":"the-gold-price-paradox-and-how-young-investors-build-wealth","status":"publish","type":"post","link":"https:\/\/www.phfm.vn\/vi\/the-gold-price-paradox-and-how-young-investors-build-wealth\/","title":{"rendered":"GI\u1ea2I M\u00c3 NGH\u1ecaCH L\u00dd GI\u00c1 V\u00c0NG V\u00c0 C\u00c1CH TH\u1ebe H\u1ec6 NH\u00c0 \u0110\u1ea6U T\u01af TR\u1eba X\u00c2Y D\u1ef0NG T\u00c0I S\u1ea2N"},"content":{"rendered":"\"\"<\/p>\n

GI\u1ea2I M\u00c3 NGH\u1ecaCH L\u00dd GI\u00c1 V\u00c0NG V\u00c0 C\u00c1CH TH\u1ebe H\u1ec6 NH\u00c0 \u0110\u1ea6U T\u01af TR\u1eba X\u00c2Y D\u1ef0NG T\u00c0I S\u1ea2N<\/b><\/strong><\/span><\/h1>\n

S\u1ef1 v\u1eadn \u0111\u1ed9ng c\u1ee7a c\u00e1c d\u00f2ng ch\u1ea3y t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u \u0111ang b\u01b0\u1edbc v\u00e0o m\u1ed9t trong nh\u1eefng giai \u0111o\u1ea1n ph\u1ee9c t\u1ea1p, bi\u1ebfn \u0111\u1ed9ng v\u00e0 kh\u00f3 d\u1ef1 b\u00e1o nh\u1ea5t trong l\u1ecbch s\u1eed kinh t\u1ebf hi\u1ec7n \u0111\u1ea1i. B\u1ed1i c\u1ea3nh v\u0129 m\u00f4 hi\u1ec7n nay \u0111an xen gi\u1eefa \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t dai d\u1eb3ng, nh\u1eefng xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb leo thang t\u1ea1i nhi\u1ec1u \u0111i\u1ec3m n\u00f3ng tr\u00ean th\u1ebf gi\u1edbi, v\u00e0 nh\u1eefng c\u00fa s\u1ed1c v\u1ec1 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 t\u1eeb c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng l\u1edbn. \u0110\u1ee9ng tr\u01b0\u1edbc b\u1ee9c tranh h\u1ed7n lo\u1ea1n n\u00e0y, c\u00e1c l\u1edbp t\u00e0i s\u1ea3n truy\u1ec1n th\u1ed1ng \u0111ang th\u1ec3 hi\u1ec7n nh\u1eefng chu\u1ed7i ph\u1ea3n \u1ee9ng n\u1eb1m ngo\u00e0i m\u1ecdi khu\u00f4n m\u1eabu c\u1ee7a s\u00e1ch gi\u00e1o khoa kinh t\u1ebf h\u1ecdc. \u0110\u00e1ng ch\u00fa \u00fd nh\u1ea5t l\u00e0 s\u1ef1 suy y\u1ebfu b\u1ea5t ng\u1edd c\u1ee7a kim lo\u1ea1i qu\u00fd, \u0111\u1eb7c bi\u1ec7t l\u00e0 v\u00e0ng, gi\u1eefa l\u00fac l\u1ea1m ph\u00e1t v\u00e0 b\u1ea5t \u1ed5n v\u1ed1n \u0111\u01b0\u1ee3c xem l\u00e0 ch\u1ea5t x\u00fac t\u00e1c m\u1ea1nh m\u1ebd nh\u1ea5t cho s\u1ef1 th\u0103ng hoa c\u1ee7a lo\u1ea1i t\u00e0i s\u1ea3n n\u00e0y.<\/p>\n

B\u1ed1i c\u1ea3nh 2026 \u0111\u00e3 kh\u00e1c: V\u00ec sao gi\u00e1 v\u00e0ng \u0111i\u1ec1u ch\u1ec9nh s\u00e2u gi\u1eefa k\u1ef7 nguy\u00ean b\u1ea5t \u1ed5n?<\/strong><\/h2>\n

Trong nhi\u1ec1u th\u1eadp k\u1ef7, th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh lu\u00f4n t\u1ed3n t\u1ea1i m\u1ed9t quy t\u1eafc ng\u1ea7m \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 truy\u1ec1n t\u1ee5ng: V\u00e0ng l\u00e0 h\u1ea7m tr\u00fa \u1ea9n an to\u00e0n tuy\u1ec7t \u0111\u1ed1i m\u1ed7i khi th\u1ebf gi\u1edbi ch\u00ecm trong l\u1ea1m ph\u00e1t ho\u1eb7c r\u1ee7i ro \u0111\u1ecba ch\u00ednh tr\u1ecb. Tuy nhi\u00ean, nh\u1eefng di\u1ec5n bi\u1ebfn tr\u00ean th\u1ecb tr\u01b0\u1eddng trong th\u1eddi gian g\u1ea7n \u0111\u00e2y \u0111\u00e3 gi\u00e1ng m\u1ed9t \u0111\u00f2n m\u1ea1nh v\u00e0o \u0111\u1ecbnh ki\u1ebfn n\u00e0y. D\u00f9 l\u1ea1m ph\u00e1t to\u00e0n c\u1ea7u v\u1eabn neo \u1edf m\u1ee9c cao v\u00e0 xung \u0111\u1ed9t t\u1ea1i Trung \u0110\u00f4ng ti\u1ebfp t\u1ee5c g\u00e2y gi\u00e1n \u0111o\u1ea1n chu\u1ed7i cung \u1ee9ng n\u0103ng l\u01b0\u1ee3ng, gi\u00e1 v\u00e0ng th\u1ebf gi\u1edbi l\u1ea1i tr\u1ea3i qua nh\u1eefng nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh s\u00e2u, c\u00f3 th\u1eddi \u0111i\u1ec3m gi\u1ea3m kho\u1ea3ng 31%, t\u1eeb \u0111\u1ec9nh l\u1ecbch s\u1eed kho\u1ea3ng 5.595 USD\/ounce (29\/01\/2026) xu\u1ed1ng \u0111\u00e1y kho\u1ea3ng 3.870 USD\/ounce (30\/10\/2026), ngay c\u1ea3 khi th\u1ebf gi\u1edbi tr\u00e0n ng\u1eadp tin t\u1ee9c b\u1ea5t \u1ed5n. \u0110i\u1ec1u n\u00e0y xu\u1ea5t ph\u00e1t t\u1eeb c\u1ea5u tr\u00fac c\u1ee7a c\u00e1c bi\u1ebfn s\u1ed1 v\u0129 m\u00f4 c\u1ed1t l\u00f5i, \u0111\u1eb7c bi\u1ec7t l\u00e0 m\u1ed1i quan h\u1ec7 gi\u1eefa v\u00e0ng, l\u1ee3i su\u1ea5t th\u1ef1c v\u00e0 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7.<\/p>\n

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C\u01a1 ch\u1ebf l\u1ee3i su\u1ea5t th\u1ef1c v\u00e0 b\u00e0i to\u00e1n chi ph\u00ed c\u01a1 h\u1ed9i<\/strong><\/h2>\n

Kh\u00e1c v\u1edbi c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh nh\u01b0 c\u1ed5 phi\u1ebfu mang l\u1ea1i c\u1ed5 t\u1ee9c hay tr\u00e1i phi\u1ebfu tr\u1ea3 l\u00e3i \u0111\u1ecbnh k\u1ef3, v\u00e0ng mang b\u1ea3n ch\u1ea5t l\u00e0 m\u1ed9t t\u00e0i s\u1ea3n kh\u00f4ng sinh l\u1eddi. Gi\u00e1 tr\u1ecb c\u1ee7a kh\u1ed1i kim lo\u1ea1i qu\u00fd n\u00e0y ph\u1ee5 thu\u1ed9c ho\u00e0n to\u00e0n v\u00e0o ni\u1ec1m tin l\u01b0u gi\u1eef gi\u00e1 tr\u1ecb c\u1ee7a con ng\u01b0\u1eddi v\u00e0 ph\u1ea7n ch\u00eanh l\u1ec7ch gi\u00e1 mua b\u00e1n tr\u00ean th\u1ecb tr\u01b0\u1eddng. Do \u0111\u00f3, r\u00e0o c\u1ea3n l\u1edbn nh\u1ea5t \u0111\u1ed1i v\u1edbi \u0111\u00e0 t\u0103ng c\u1ee7a v\u00e0ng kh\u00f4ng ph\u1ea3i l\u00e0 s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a n\u1ec1n kinh t\u1ebf, m\u00e0 ch\u00ednh l\u00e0 l\u1ee3i su\u1ea5t th\u1ef1c c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n phi r\u1ee7i ro. Giai \u0111o\u1ea1n 2022-2025, t\u01b0\u01a1ng quan n\u00e0y b\u1ecb ph\u00e1 v\u1ee1 do l\u1ef1c mua d\u1ef1 tr\u1eef l\u1edbn t\u1eeb c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng. \u0110\u1ebfn n\u0103m 2026, khi Fed quay l\u1ea1i t\u0103ng l\u00e3i su\u1ea5t (t\u1eeb th\u00e1ng 9\/2026) v\u00e0 l\u00e3i su\u1ea5t th\u1ef1c l\u00ean cao, y\u1ebfu t\u1ed1 n\u00e0y m\u1edbi chi ph\u1ed1i tr\u1edf l\u1ea1i gi\u00e1 v\u00e0ng, d\u00f9 c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng v\u1eabn mua r\u00f2ng.<\/p>\n

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L\u1ee3i su\u1ea5t th\u1ef1c l\u00e0 m\u1ed9t kh\u00e1i ni\u1ec7m c\u1ed1t l\u00f5i trong \u0111\u1ea7u t\u01b0 v\u0129 m\u00f4, \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n b\u1eb1ng c\u00e1ch l\u1ea5y l\u1ee3i su\u1ea5t danh ngh\u0129a c\u1ee7a tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 tr\u1eeb \u0111i t\u1ef7 l\u1ec7 k\u1ef3 v\u1ecdng l\u1ea1m ph\u00e1t. N\u1ebfu m\u1ed9t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 tr\u1ea3 m\u1ee9c l\u00e3i su\u1ea5t 5% nh\u01b0ng l\u1ea1m ph\u00e1t \u0111ang \u1edf m\u1ee9c 6%, nh\u00e0 \u0111\u1ea7u t\u01b0 th\u1ef1c ch\u1ea5t \u0111ang nh\u1eadn l\u1ee3i su\u1ea5t th\u1ef1c \u00e2m v\u00e0 m\u1ea5t \u0111i s\u1ee9c mua h\u00e0ng h\u00f3a. Trong b\u1ed1i c\u1ea3nh \u0111\u00f3, v\u00e0ng tr\u1edf n\u00ean v\u00f4 c\u00f9ng h\u1ea5p d\u1eabn v\u00ec d\u00f9 kh\u00f4ng sinh l\u00e3i, n\u00f3 v\u1eabn gi\u00fap b\u1ea3o to\u00e0n gi\u00e1 tr\u1ecb c\u1ed1t l\u00f5i. Ng\u01b0\u1ee3c l\u1ea1i, khi c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng ki\u00ean quy\u1ebft duy tr\u00ec l\u1eadp tr\u01b0\u1eddng th\u1eaft ch\u1eb7t ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u0111\u1ec3 ch\u1ed1ng l\u1ea1m ph\u00e1t, neo gi\u1eef m\u1ee9c l\u00e3i su\u1ea5t c\u01a1 b\u1ea3n \u1edf v\u00f9ng cao trong m\u1ed9t th\u1eddi gian d\u00e0i, chi ph\u00ed c\u01a1 h\u1ed9i \u0111\u1ec3 n\u1eafm gi\u1eef v\u00e0ng tr\u1edf n\u00ean \u0111\u1eaft \u0111\u1ecf h\u01a1n.<\/p>\n

H\u00e0nh \u0111\u1ed9ng c\u1ee7a Fed \u0111\u00e3 \u0111\u1ea9y l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9, \u0111\u1eb7c bi\u1ec7t l\u00e0 tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 \u0111i\u1ec1u ch\u1ec9nh theo l\u1ea1m ph\u00e1t (TIPS), l\u00ean nh\u1eefng m\u1ed1c cao k\u1ef7 l\u1ee5c. Khi m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c c\u00f3 th\u1ec3 nh\u1eadn \u0111\u01b0\u1ee3c m\u1ee9c l\u1ee3i su\u1ea5t th\u1ef1c d\u01b0\u01a1ng v\u00e0 an to\u00e0n tuy\u1ec7t \u0111\u1ed1i t\u1eeb vi\u1ec7c n\u1eafm gi\u1eef tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 M\u1ef9, chi ph\u00ed c\u01a1 h\u1ed9i c\u1ee7a vi\u1ec7c c\u1ea5t gi\u1eef m\u1ed9t kh\u1ed1i kim lo\u1ea1i kh\u00f4ng sinh l\u00e3i nh\u01b0 v\u00e0ng tr\u1edf n\u00ean qu\u00e1 \u0111\u1eaft \u0111\u1ecf. S\u1ef1 ki\u00ean c\u01b0\u1eddng c\u1ee7a n\u1ec1n kinh t\u1ebf M\u1ef9 v\u1edbi m\u1ee9c t\u0103ng tr\u01b0\u1edfng GDP qu\u00fd III\/2026 \u0111\u1ea1t 3,4% theo n\u0103m (\u01b0\u1edbc t\u00ednh s\u01a1 b\u1ed9 c\u1ee7a BEA, c\u00f4ng b\u1ed1 ng\u00e0y 29\/10\/2026) v\u00e0 l\u1ea1m ph\u00e1t chi ti\u00eau ti\u00eau d\u00f9ng c\u00e1 nh\u00e2n l\u00f5i (PCE) kh\u00f4ng gi\u1ea3m nhanh nh\u01b0 k\u1ef3 v\u1ecdng \u0111\u00e3 khi\u1ebfn th\u1ecb tr\u01b0\u1eddng tin r\u1eb1ng l\u00e3i su\u1ea5t cao s\u1ebd t\u1ed3n t\u1ea1i l\u00e2u h\u01a1n. Khi \u0111\u00f3, m\u1ed9t ph\u1ea7n d\u00f2ng ti\u1ec1n lu\u00e2n chuy\u1ec3n sang c\u00e1c t\u00e0i s\u1ea3n mang l\u1ea1i d\u00f2ng ti\u1ec1n th\u1ef1c t\u1ebf, t\u1ea1o \u00e1p l\u1ef1c gi\u1ea3m gi\u00e1 l\u00ean kim lo\u1ea1i qu\u00fd n\u00e0y.<\/p>\n

\u00c1p l\u1ef1c thanh kho\u1ea3n ch\u00e9o v\u00e0 hi\u1ec7n t\u01b0\u1ee3ng lu\u00e2n chuy\u1ec3n t\u00e0i s\u1ea3n<\/strong><\/h2>\n

M\u1ed9t kh\u00eda c\u1ea1nh kh\u00e1c gi\u1ea3i th\u00edch cho s\u1ef1 tr\u01b0\u1ee3t d\u1ed1c c\u1ee7a v\u00e0ng trong b\u1ed1i c\u1ea3nh h\u1ed7n lo\u1ea1n ch\u00ednh l\u00e0 vai tr\u00f2 b\u1ed9 \u0111\u1ec7m thanh kho\u1ea3n c\u1ee7a n\u00f3 \u0111\u1ed1i v\u1edbi c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh. Khi c\u00e1c r\u1ee7i ro v\u0129 m\u00f4 l\u00ean \u0111\u1ebfn \u0111\u1ec9nh \u0111i\u1ec3m, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n to\u00e0n c\u1ea7u th\u01b0\u1eddng xuy\u00ean \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c \u0111\u1ee3t b\u00e1n th\u00e1o nghi\u00eam tr\u1ecdng. Ch\u1eb3ng h\u1ea1n, khi nh\u00f3m c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 M\u1ef9 gi\u1ea3m s\u00e2u do nh\u1eefng lo ng\u1ea1i v\u1ec1 kh\u1ea3 n\u0103ng sinh l\u1eddi t\u1eeb c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 kh\u1ed5ng l\u1ed3 v\u00e0o tr\u00ed tu\u1ec7 nh\u00e2n t\u1ea1o, \u00e1p l\u1ef1c b\u00e1n l\u1eadp t\u1ee9c lan r\u1ed9ng.<\/p>\n

Khi danh m\u1ee5c \u0111\u1ea7u t\u01b0 r\u1ee7i ro lao d\u1ed1c v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ed1i m\u1eb7t v\u1edbi ng\u01b0\u1ee1ng g\u1ecdi k\u00fd qu\u1ef9, c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh th\u01b0\u1eddng \u0111\u01b0\u1ee3c k\u00edch ho\u1ea1t \u0111\u1ec3 c\u00e2n b\u1eb1ng danh m\u1ee5c. C\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n bu\u1ed9c ph\u1ea3i b\u00e1n \u0111i nh\u1eefng t\u00e0i s\u1ea3n c\u00f3 t\u00ednh thanh kho\u1ea3n cao nh\u1ea5t, d\u1ec5 b\u00e1n nh\u1ea5t v\u00e0 \u00edt b\u1ecb s\u1ee5t gi\u1ea3m nh\u1ea5t trong danh m\u1ee5c \u0111\u1ec3 nhanh ch\u00f3ng thu h\u1ed3i ti\u1ec1n m\u1eb7t b\u00f9 \u0111\u1eafp v\u1ecb th\u1ebf. V\u00e0ng khi \u0111\u00f3 l\u1ea1i tr\u1edf th\u00e0nh n\u1ea1n nh\u00e2n c\u1ee7a ch\u00ednh s\u1ef1 an to\u00e0n v\u00e0 t\u00ednh thanh kho\u1ea3n tuy\u1ec7t v\u1eddi c\u1ee7a n\u00f3. Vi\u1ec7c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n v\u00e0ng kh\u00f4ng ph\u1ea3i v\u00ec tri\u1ec3n v\u1ecdng c\u1ed1t l\u00f5i c\u1ee7a n\u00f3 x\u1ea5u \u0111i, m\u00e0 v\u00ec n\u00f3 l\u00e0 c\u00f4ng c\u1ee5 kh\u1ea3 d\u0129 nh\u1ea5t \u0111\u1ec3 t\u1ea1o ra d\u00f2ng ti\u1ec1n nh\u1eb1m c\u00e2n b\u1eb1ng c\u00e1c v\u1ecb th\u1ebf \u0111\u00f2n b\u1ea9y \u0111ang b\u1ecb \u0111e d\u1ecda tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n.<\/p>\n

S\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa s\u1ee9c m\u1ea1nh c\u1ee7a \u0111\u1ed3ng USD, m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t th\u1ef1c cao, v\u00e0 \u00e1p l\u1ef1c thanh l\u00fd v\u1ecb th\u1ebf ch\u1ed1t l\u1eddi sau m\u1ed9t chu k\u1ef3 t\u0103ng n\u00f3ng \u0111\u00e3 t\u1ea1o ra g\u00e1nh n\u1eb7ng kh\u1ed5ng l\u1ed3, khi\u1ebfn gi\u00e1 v\u00e0ng li\u00ean t\u1ee5c b\u1ecb \u00e9p xu\u1ed1ng d\u00f9 c\u00e1c \u0111i\u1ec3m n\u00f3ng \u0111\u1ecba ch\u00ednh tr\u1ecb v\u1eabn r\u1ef1c l\u1eeda. Trong nh\u1eefng giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh bi\u1ebfn \u0111\u1ed9ng tr\u01b0\u1edbc \u0111\u00e2y, v\u00e0ng th\u01b0\u1eddng th\u1ec3 hi\u1ec7n hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi c\u00e1c t\u00e0i s\u1ea3n kh\u00e1c v\u00e0o th\u1eddi \u0111i\u1ec3m ban \u0111\u1ea7u, nh\u01b0ng sau \u0111\u00f3 l\u1ea1i s\u1ee5t gi\u1ea3m c\u00f9ng v\u1edbi th\u1ecb tr\u01b0\u1eddng chung khi m\u1ed1i t\u01b0\u01a1ng quan gi\u1eefa c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n gia t\u0103ng.<\/p>\n

Tri\u1ebft l\u00fd “t\u00e0i s\u1ea3n kh\u00f4ng sinh l\u1ee3i” qua l\u0103ng k\u00ednh Warren Buffett:<\/strong><\/h2>\n

T\u1ef7 ph\u00fa Warren Buffett, ng\u01b0\u1eddi lu\u00f4n \u01b0u ti\u00ean s\u1ef1 b\u1ec1n v\u1eefng c\u1ee7a d\u00f2ng ti\u1ec1n, trong th\u01b0 g\u1eedi c\u1ed5 \u0111\u00f4ng Berkshire Hathaway n\u0103m 2011 \u0111\u00e3 chia to\u00e0n b\u1ed9 th\u1ebf gi\u1edbi t\u00e0i s\u1ea3n th\u00e0nh ba nh\u00f3m ch\u00ednh: ti\u1ec1n t\u1ec7, t\u00e0i s\u1ea3n kh\u00f4ng sinh l\u1eddi (\u0111i\u1ec3n h\u00ecnh l\u00e0 v\u00e0ng), v\u00e0 t\u00e0i s\u1ea3n t\u1ea1o ra gi\u00e1 tr\u1ecb (doanh nghi\u1ec7p s\u1ea3n xu\u1ea5t, trang tr\u1ea1i, b\u1ea5t \u0111\u1ed9ng s\u1ea3n th\u01b0\u01a1ng m\u1ea1i). Theo h\u1ec7 t\u01b0 t\u01b0\u1edfng n\u00e0y, v\u00e0ng thu\u1ed9c v\u1ec1 nh\u00f3m th\u1ee9 hai. M\u1ed9t kh\u1ed1i v\u00e0ng, d\u00f9 c\u00f3 \u0111\u01b0\u1ee3c \u0111\u00e1nh b\u00f3ng v\u00e0 b\u1ea3o qu\u1ea3n c\u1ea9n th\u1eadn \u0111\u1ebfn \u0111\u00e2u, v\u1eabn m\u00e3i l\u00e0 m\u1ed9t kh\u1ed1i kim lo\u1ea1i t\u0129nh l\u1eb7ng. N\u00f3 kh\u00f4ng t\u1ef1 s\u1ea3n xu\u1ea5t ra l\u00faa m\u00ec nh\u01b0 m\u1ed9t trang tr\u1ea1i, kh\u00f4ng t\u1ea1o ra c\u1ed5 t\u1ee9c nh\u01b0 m\u1ed9t c\u00f4ng ty, c\u0169ng kh\u00f4ng \u0111\u00f3ng g\u00f3p v\u00e0o chu\u1ed7i s\u1ea3n xu\u1ea5t c\u1ee7a n\u1ec1n kinh t\u1ebf th\u1ef1c.<\/p>\n

Vi\u1ec7c mua v\u00e0ng th\u1ef1c ch\u1ea5t l\u00e0 vi\u1ec7c k\u1ef3 v\u1ecdng r\u1eb1ng trong t\u01b0\u01a1ng lai, n\u1ed7i s\u1ee3 h\u00e3i v\u1ec1 l\u1ea1m ph\u00e1t ho\u1eb7c s\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a m\u1ed9t \u0111\u1ed3ng ti\u1ec1n n\u00e0o \u0111\u00f3 s\u1ebd th\u00fac \u0111\u1ea9y m\u1ed9t ng\u01b0\u1eddi kh\u00e1c s\u1eb5n s\u00e0ng tr\u1ea3 m\u1ed9t m\u1ee9c gi\u00e1 cao h\u01a1n cho ch\u00ednh kh\u1ed1i kim lo\u1ea1i l\u1ea5p l\u00e1nh \u1ea5y. M\u1ed9t ng\u01b0\u1eddi \u0111\u1ed3ng h\u00e0nh v\u0129 \u0111\u1ea1i c\u1ee7a Buffett l\u00e0 t\u1ef7 ph\u00fa Charlie Munger c\u0169ng t\u1eebng cho r\u1eb1ng th\u1eadt k\u1ef3 l\u1ea1 khi nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ed5 x\u00f4 \u0111i mua m\u1ed9t th\u1ee9 kim lo\u1ea1i ch\u1ec9 th\u1ef1c s\u1ef1 t\u0103ng gi\u00e1 n\u1ebfu th\u1ebf gi\u1edbi b\u01b0\u1edbc v\u00e0o b\u1edd v\u1ef1c s\u1ee5p \u0111\u1ed5.<\/p>\n

Khi l\u1ea1m ph\u00e1t di\u1ec5n ra nh\u01b0ng th\u1ecb tr\u01b0\u1eddng tin r\u1eb1ng c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng s\u1ebd ki\u1ec1m ch\u1ebf \u0111\u01b0\u1ee3c l\u1ea1m ph\u00e1t b\u1eb1ng l\u00e3i su\u1ea5t cao, n\u1ed7i s\u1ee3 h\u00e3i \u0111\u00f3 d\u1ecbu \u0111i, khi\u1ebfn l\u1edbp b\u1ecdc h\u1ea5p d\u1eabn c\u1ee7a v\u00e0ng m\u1edd d\u1ea7n. Do \u0111\u00f3, v\u00e0ng n\u00ean \u0111\u01b0\u1ee3c nh\u00ecn nh\u1eadn \u1edf \u0111\u00fang v\u1ecb tr\u00ed c\u1ee7a n\u00f3 nh\u01b0 m\u1ed9t c\u00f4ng c\u1ee5 ph\u00f2ng v\u1ec7 c\u00f3 chi ph\u00ed, ph\u00f9 h\u1ee3p \u1edf t\u1ef7 tr\u1ecdng v\u1eeba ph\u1ea3i, kh\u00f4ng ph\u1ea3i l\u00e0 \u0111\u1ed9ng c\u01a1 t\u0103ng tr\u01b0\u1edfng t\u00e0i s\u1ea3n trong m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 h\u01b0\u1edbng t\u1edbi s\u1ef1 th\u1ecbnh v\u01b0\u1ee3ng.<\/p>\n

Kho\u1ea3ng c\u00e1ch th\u1ebf h\u1ec7 trong t\u01b0 duy t\u00edch l\u0169y b\u1ec1n v\u1eefng<\/strong><\/h2>\n

H\u00e0nh tr\u00ecnh x\u00e2y d\u1ef1ng s\u1ef1 th\u1ecbnh v\u01b0\u1ee3ng t\u00e0i ch\u00ednh c\u1ee7a th\u1ebf h\u1ec7 tr\u1ebb ng\u00e0y nay c\u00f3 nhi\u1ec1u \u0111i\u1ec3m kh\u00e1c bi\u1ec7t so v\u1edbi th\u1ebf h\u1ec7 \u0111i tr\u01b0\u1edbc.<\/p>\n

\u0110\u1ed1i v\u1edbi th\u1ebf h\u1ec7 sinh ra v\u00e0 tr\u01b0\u1edfng th\u00e0nh trong giai \u0111o\u1ea1n kinh t\u1ebf bao c\u1ea5p ho\u1eb7c nh\u1eefng ng\u00e0y \u0111\u1ea7u th\u1eddi k\u1ef3 \u0110\u1ed5i M\u1edbi, b\u1ee9c tranh t\u00e0i ch\u00ednh v\u0129 m\u00f4 c\u1ee7a qu\u1ed1c gia c\u00f2n nhi\u1ec1u h\u1ea1n ch\u1ebf. H\u1ecd \u0111\u00e3 tr\u1ea3i qua nh\u1eefng giai \u0111o\u1ea1n l\u1ea1m ph\u00e1t r\u1ea5t cao trong th\u1eadp ni\u00ean 80 v\u00e0 90, khi\u1ebfn gi\u00e1 tr\u1ecb \u0111\u1ed3ng ti\u1ec1n suy gi\u1ea3m nhanh. Khi \u0111\u00f3, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ch\u01b0a h\u00ecnh th\u00e0nh, h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng ch\u01b0a ph\u00e1t tri\u1ec3n nh\u01b0 hi\u1ec7n nay, v\u00e0 kh\u00e1i ni\u1ec7m v\u1ec1 c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 c\u00f2n r\u1ea5t m\u1edbi. Trong b\u1ed1i c\u1ea3nh thi\u1ebfu c\u00f4ng c\u1ee5 b\u1ea3o v\u1ec7 t\u00e0i s\u1ea3n, ng\u01b0\u1eddi d\u00e2n th\u01b0\u1eddng d\u1ef1a v\u00e0o nh\u1eefng th\u1ee9 h\u1eefu h\u00ecnh: v\u00e0ng v\u00e0 \u0111\u1ea5t \u0111ai. Vi\u1ec7c ch\u1eaft b\u00f3p t\u1eebng \u0111\u1ed3ng l\u01b0\u01a1ng \u0111\u1ec3 mua m\u1ed9t ch\u1ec9 v\u00e0ng, sau \u0111\u00f3 c\u1ea5t c\u1ea9n th\u1eadn d\u01b0\u1edbi \u0111\u00e1y t\u1ee7 v\u1eeba l\u00e0 h\u00ecnh th\u1ee9c ti\u1ebft ki\u1ec7m, v\u1eeba l\u00e0 c\u00e1ch gi\u1eef gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n h\u1ee3p l\u00fd trong b\u1ed1i c\u1ea3nh khi \u0111\u00f3.<\/p>\n

Th\u00e0nh c\u00f4ng c\u1ee7a c\u00e1ch c\u1ea5t tr\u1eef v\u00e0ng trong qu\u00e1 kh\u1ee9 c\u00f3 th\u1ec3 \u0111\u00e3 t\u1ea1o ra m\u1ed9t thi\u00ean ki\u1ebfn nh\u1eadn th\u1ee9c: nhi\u1ec1u b\u1eadc ph\u1ee5 huynh v\u1eabn xem v\u00e0ng l\u00e0 kho\u1ea3n \u0111\u1ea7u t\u01b0 an to\u00e0n, gi\u00fap b\u1ea3o to\u00e0n gi\u00e1 tr\u1ecb tr\u01b0\u1edbc nh\u1eefng c\u00fa s\u1ed1c l\u1ea1m ph\u00e1t.<\/p>\n

Ng\u01b0\u1eddi tr\u1ebb h\u00f4m nay: S\u1ef1 b\u00f9ng n\u1ed5 v\u1ec1 d\u00f2ng ti\u1ec1n v\u00e0 \u0111\u00f2n b\u1ea9y k\u1ef9 thu\u1eadt s\u1ed1<\/strong><\/h2>\n

Kh\u00e1c v\u1edbi th\u1ebf h\u1ec7 tr\u01b0\u1edbc, l\u1ef1c l\u01b0\u1ee3ng lao \u0111\u1ed9ng tr\u1ebb hi\u1ec7n nay, nh\u1eefng ng\u01b0\u1eddi trong \u0111\u1ed9 tu\u1ed5i t\u1eeb 22 \u0111\u1ebfn 38, \u0111ang ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng b\u00e0i to\u00e1n kinh t\u1ebf hi\u1ec7n \u0111\u1ea1i kh\u1eafc nghi\u1ec7t h\u01a1n r\u1ea5t nhi\u1ec1u. Chi ph\u00ed sinh ho\u1ea1t, l\u1ea1m ph\u00e1t y t\u1ebf, gi\u00e1o d\u1ee5c, v\u00e0 \u0111\u1eb7c bi\u1ec7t l\u00e0 gi\u00e1 b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u00e3 v\u01b0\u01a1n xa kh\u1ecfi t\u1ea7m v\u1edbi c\u1ee7a m\u1ee9c thu nh\u1eadp trung b\u00ecnh. M\u1ed9t ng\u01b0\u1eddi tr\u1ebb v\u1edbi thu nh\u1eadp t\u1eeb 15 \u0111\u1ebfn 30 tri\u1ec7u \u0111\u1ed3ng m\u1ed7i th\u00e1ng s\u1ebd g\u1ea7n nh\u01b0 kh\u00f4ng th\u1ec3 nu\u00f4i gi\u1ea5c m\u01a1 mua nh\u00e0 t\u1ea1i c\u00e1c \u0111\u00f4 th\u1ecb l\u1edbn trong ng\u1eafn h\u1ea1n. V\u00e0 do \u0111\u00f3 vi\u1ec7c t\u00edch l\u0169y v\u00e0ng d\u1ea7n kh\u00f4ng c\u00f2n h\u1ea5p d\u1eabn \u0111\u01b0\u1ee3c gi\u1edbi tr\u1ebb.<\/p>\n

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L\u1ee3i th\u1ebf c\u1ee7a nh\u00f3m n\u00e0y n\u1eb1m \u1edf kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn th\u00f4ng tin, s\u1ef1 nh\u1ea1y b\u00e9n, tr\u00ecnh \u0111\u1ed9 hi\u1ec3u bi\u1ebft t\u00e0i ch\u00ednh ng\u00e0y c\u00e0ng n\u00e2ng cao c\u00f9ng v\u1edbi s\u1ef1 b\u00f9ng n\u1ed5 m\u1ea1nh m\u1ebd c\u1ee7a th\u1eddi \u0111\u1ea1i c\u00f4ng ngh\u1ec7 s\u1ed1. S\u1ef1 thay \u0111\u1ed5i n\u00e0y ph\u1ea3n \u00e1nh tr\u1ef1c ti\u1ebfp v\u00e0o c\u00e1ch ng\u01b0\u1eddi tr\u1ebb x\u00e2y d\u1ef1ng v\u00e0 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n. Ng\u01b0\u1eddi tr\u1ebb h\u00f4m nay th\u1ea5u hi\u1ec3u s\u00e2u s\u1eafc s\u1ee9c m\u1ea1nh c\u1ee7a l\u00e3i k\u00e9p v\u00e0 nh\u1eadn th\u1ee9c r\u00f5 r\u1ec7t r\u1eb1ng \u0111\u1ec3 v\u01b0\u1ee3t qua b\u1eaby thu nh\u1eadp, t\u00e0i s\u1ea3n c\u1ee7a h\u1ecd ph\u1ea3i l\u00e0 nh\u1eefng c\u1ed7 m\u00e1y in ti\u1ec1n kh\u00f4ng bi\u1ebft m\u1ec7t m\u1ecfi thay v\u00ec n\u1eb1m im l\u00ecm trong k\u00e9t s\u1eaft nh\u01b0 m\u1ed9t kh\u1ed1i kim lo\u1ea1i. S\u1ef1 ra \u0111\u1eddi c\u1ee7a c\u00e1c n\u1ec1n t\u1ea3ng c\u00f4ng ngh\u1ec7 qu\u1ea3n l\u00fd gia s\u1ea3n s\u1ed1 hay c\u00e1c \u1ee9ng d\u1ee5ng m\u00f4i gi\u1edbi ch\u1ee9ng kho\u00e1n ti\u00ean ti\u1ebfn \u0111ang d\u1ea7n thay \u0111\u1ed5i th\u00f3i quen \u0111\u1ea7u t\u01b0 t\u1ea1i Vi\u1ec7t Nam.<\/p>\n

\"\"<\/p>\n

V\u00e0ng \u0111\u1ec3 ph\u00f2ng v\u1ec7, t\u00e0i s\u1ea3n t\u1ea1o d\u00f2ng ti\u1ec1n \u0111\u1ec3 t\u0103ng tr\u01b0\u1edfng<\/strong><\/h2>\n

S\u1ed1 l\u01b0\u1ee3ng qu\u1ef9 v\u00e0 gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng c\u1ee7a ng\u00e0nh qu\u1ea3n l\u00fd qu\u1ef9 Vi\u1ec7t Nam \u0111\u00e3 t\u0103ng m\u1ea1nh trong giai \u0111o\u1ea1n 2017-2025, d\u00f9 c\u00f3 nh\u1eefng n\u0103m \u0111i\u1ec1u ch\u1ec9nh nh\u01b0 2022-2023. Ng\u00e0y c\u00e0ng nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0, \u0111\u1eb7c bi\u1ec7t l\u00e0 ng\u01b0\u1eddi tr\u1ebb, ch\u1ecdn t\u00edch l\u0169y th\u00f4ng qua c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 thay v\u00ec t\u1ef1 n\u1eafm gi\u1eef t\u1eebng t\u00e0i s\u1ea3n ri\u00eang l\u1ebb.<\/p>\n

\u0110i\u1ec1u \u0111\u00f3 kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 v\u00e0ng m\u1ea5t \u0111i vai tr\u00f2. V\u00e0ng v\u1eabn l\u00e0 c\u00f4ng c\u1ee5 ph\u00f2ng v\u1ec7 tr\u01b0\u1edbc nh\u1eefng c\u00fa s\u1ed1c b\u1ea5t ng\u1edd, nh\u01b0ng l\u00e0 c\u00f4ng c\u1ee5 c\u00f3 chi ph\u00ed: v\u00e0ng kh\u00f4ng t\u1ea1o ra d\u00f2ng ti\u1ec1n, ch\u1ecbu \u00e1p l\u1ef1c khi l\u00e3i su\u1ea5t th\u1ef1c t\u0103ng, v\u00e0 khi giao d\u1ecbch t\u1ea1i Vi\u1ec7t Nam, ng\u01b0\u1eddi mua c\u00f2n ph\u1ea3i t\u00ednh \u0111\u1ebfn ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 mua v\u00e0 gi\u00e1 b\u00e1n. V\u00ec v\u1eady, v\u00e0ng ph\u00f9 h\u1ee3p v\u1edbi vai tr\u00f2 \u201ct\u1ea5m \u0111\u1ec7m\u201d \u1edf t\u1ef7 tr\u1ecdng v\u1eeba ph\u1ea3i, kh\u00f4ng ph\u1ea3i \u0111\u1ed9ng c\u01a1 ch\u00ednh \u0111\u1ec3 gia t\u0103ng t\u00e0i s\u1ea3n.<\/p>\n

T\u0103ng tr\u01b0\u1edfng t\u00e0i s\u1ea3n d\u00e0i h\u1ea1n \u0111\u1ebfn t\u1eeb nh\u1eefng t\u00e0i s\u1ea3n t\u1ea1o ra d\u00f2ng ti\u1ec1n: doanh nghi\u1ec7p l\u00e0m \u0103n c\u00f3 l\u00e3i, chia s\u1ebb l\u1ee3i nhu\u1eadn v\u1edbi c\u1ed5 \u0111\u00f4ng, v\u00e0 \u0111\u01b0\u1ee3c n\u1eafm gi\u1eef \u0111\u1ee7 l\u00e2u \u0111\u1ec3 l\u00e3i k\u00e9p ph\u00e1t huy t\u00e1c d\u1ee5ng. V\u1edbi ng\u01b0\u1eddi tr\u1ebb c\u00f3 thu nh\u1eadp \u1ed5n \u0111\u1ecbnh, \u0111\u1ea7u t\u01b0 \u0111\u1ecbnh k\u1ef3 qua qu\u1ef9 l\u00e0 c\u00e1ch ti\u1ebfp c\u1eadn nh\u1eefng t\u00e0i s\u1ea3n n\u00e0y m\u1ed9t c\u00e1ch k\u1ef7 lu\u1eadt v\u00e0 \u0111a d\u1ea1ng h\u00f3a, m\u00e0 kh\u00f4ng c\u1ea7n t\u1ef1 ch\u1ecdn t\u1eebng c\u1ed5 phi\u1ebfu.<\/p>\n

\u00a0V\u00f5 Ho\u00e0ng Long – Ph\u00f2ng \u0110\u1ea7u t\u01b0, PHFM<\/em><\/p>","protected":false},"excerpt":{"rendered":"

GI\u1ea2I M\u00c3 NGH\u1ecaCH L\u00dd GI\u00c1 V\u00c0NG V\u00c0 C\u00c1CH TH\u1ebe H\u1ec6 NH\u00c0 \u0110\u1ea6U T\u01af TR\u1eba X\u00c2Y D\u1ef0NG T\u00c0I S\u1ea2N S\u1ef1 v\u1eadn \u0111\u1ed9ng c\u1ee7a c\u00e1c d\u00f2ng ch\u1ea3y t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u \u0111ang b\u01b0\u1edbc v\u00e0o m\u1ed9t trong nh\u1eefng giai \u0111o\u1ea1n ph\u1ee9c t\u1ea1p, bi\u1ebfn \u0111\u1ed9ng v\u00e0 kh\u00f3 d\u1ef1 b\u00e1o nh\u1ea5t trong l\u1ecbch s\u1eed kinh t\u1ebf hi\u1ec7n \u0111\u1ea1i. B\u1ed1i c\u1ea3nh…<\/p>\n","protected":false},"author":10,"featured_media":19110,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[103,107],"tags":[],"_links":{"self":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/19089"}],"collection":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/comments?post=19089"}],"version-history":[{"count":2,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/19089\/revisions"}],"predecessor-version":[{"id":19125,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/19089\/revisions\/19125"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media\/19110"}],"wp:attachment":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media?parent=19089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/categories?post=19089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/tags?post=19089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}