{"id":1177,"date":"2025-07-04T09:58:24","date_gmt":"2025-07-04T09:58:24","guid":{"rendered":"https:\/\/blog.ngocha.biz\/?p=1177"},"modified":"2026-05-27T18:23:14","modified_gmt":"2026-05-27T18:23:14","slug":"quan-ly-danh-muc-dau-tu-p2-duong-bien-hieu-qua","status":"publish","type":"post","link":"https:\/\/blog.ngocha.biz\/?p=1177","title":{"rendered":"Qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0: P2- \u0110\u01b0\u1eddng bi\u00ean hi\u1ec7u qu\u1ea3"},"content":{"rendered":"<p>Gi\u1ed1ng nh\u01b0 kinh t\u1ebf h\u1ecdc c\u00f3 nhi\u1ec1u tr\u01b0\u1eddng ph\u00e1i th\u1ec9 Qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u0169ng c\u00f3 nhi\u1ec1u l\u00fd thuy\u1ebft. M\u1ed7i l\u00fd thuy\u1ebft xu\u1ea5t hi\u1ec7n trong t\u1eebng th\u1eddi k\u1ef3 ph\u00f9 h\u1ee3p v\u1edbi th\u1eddi k\u1ef3 \u0111\u00f3; khi l\u1ecbch s\u1ef1 thay \u0111\u1ed5i th\u00ec l\u1ea1i sinh ra l\u00fd thuy\u1ebft m\u1edbi ph\u00f9 h\u1ee3p h\u01a1n. M\u1ed7i l\u00fd thuy\u1ebft c\u00f3 c\u00e1i hay v\u00e0 c\u00e1i d\u1edf ri\u00eang m\u00e0 ta c\u00f3 th\u1ec3 h\u1ecdc h\u1ecfi \u0111\u01b0\u1ee3c.<\/p>\n<p>L\u00fd thuy\u1ebft danh m\u1ee5c \u0111\u1ea7u t\u01b0 hi\u1ec7n \u0111\u1ea1i (Modern Portfolio Theory &#8211; MPT) ra \u0111\u1eddi v\u00e0o nh\u1eefng n\u0103m 1950 d\u1ef1a tr\u00ean n\u1ec1n t\u1ea3ng l\u00fd thuy\u1ebft c\u1ee7a Harry Markowitz<\/p>\n<p>Tr\u01b0\u1edbc khi l\u00fd thuy\u1ebft n\u00e0y ra \u0111\u1eddi th\u00ec c\u00e1c N\u0110T th\u01b0\u1eddng kh\u00f4ng nh\u00ecn t\u1ed5ng th\u1ec3 danh m\u1ee5c \u0111\u1ea7u t\u01b0 m\u00e0 ch\u1ec9 \u0111\u00e1nh gi\u00e1 m\u1ed9t c\u00e1ch ri\u00eang l\u1ebb m\u1ed7i t\u00e0i s\u1ea3n. V\u00ed d\u1ee5 nh\u01b0 b\u1ea1n s\u1edf h\u1eefu 4 c\u1ed5 phi\u1ebfu A,B,C,D d\u1ef1a tr\u00ean vi\u1ec7c \u0111\u00e1nh gi\u00e1 ri\u00eang t\u1eebng CP \u0111\u00f3. MPT s\u1ebd y\u00eau c\u1ea7u b\u1ea1n ph\u1ea3i \u0111\u00e1nh gi\u00e1 tr\u00ean t\u1ed5ng th\u1ec3 \u0111\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro. N\u1ebfu nh\u01b0  c\u1ed5 phi\u1ebfu A,B,C,D c\u00f3 m\u1ed1i t\u01b0\u01a1ng quan ng\u01b0\u1ee3c chi\u1ec1u nhay th\u00ec n\u00f3 s\u1ebd tri\u1ec7t ti\u00eau r\u1ee7i ro c\u1ee7a nhau.<\/p>\n<p>N\u1ebfu c\u1ea3 4 cp \u0111\u1ec1u l\u00e0 cp b\u1ea5t \u0111\u1ed9ng s\u1ea3n th\u00ec h\u00e0nh vi c\u1ee7a 4 cp n\u00e0y s\u1ebd c\u00f3 t\u01b0\u01a1ng quan gi\u1ed1ng nhau; khi m\u1ed9t s\u1ef1 ki\u1ec7n kh\u00f4ng t\u1ed1t cho B\u0110S x\u1ea3y ra th\u00ec c\u1ea3 4 cp n\u00e0y s\u1ebd gi\u1ea3m. Nh\u01b0ng n\u1ebfu trong 4cp n\u00e0y b\u1ea1n ch\u1ecdn ra cp A l\u00e0 b\u0111s d\u00e2n c\u01b0, cp B l\u00e0 b\u0111s khu c\u00f4ng nghi\u1ec7p, cp C l\u00e0 b\u00e1n l\u1ebb, cp D l\u00e0 ch\u1ee9ng kho\u00e1n th\u00ec b\u1ea1n \u0111\u00e3 ph\u00e2n t\u00e1n r\u1ee7i ro ra. <\/p>\n<p>T\u01b0\u01a1ng t\u1ef1 nh\u00ecn r\u1ed9ng ra n\u1ebfu kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n 100% l\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n th\u00ec c\u00f3 th\u1ec3 b\u1ea1n \u0111\u00e3 b\u1ecf l\u1ee1 s\u00f3ng v\u00e0ng hay ch\u1ee9ng kho\u00e1n. Khi th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0o giai \u0111o\u1ea1n t\u00edch l\u0169y (nh\u01b0 hi\u1ec7n nay) n\u00f3 s\u1ebd \u0111i ngang v\u1edbi thanh kho\u1ea3n th\u1ea5p. B\u1ea1n s\u1ebd kh\u00f4ng th\u1ec3 c\u00f3 l\u1ee3i nhu\u1eadn trong th\u1eddi gian d\u00e0i v\u00e0 c\u0169ng r\u1ea5t kh\u00f3 b\u00e1n \u0111i. <\/p>\n<p>MPT cho r\u1eb1ng m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 l\u00fd tr\u00ed s\u1ebd c\u00f3 h\u00e0nh vi sau:<\/p>\n<ul class=\"wp-block-list\">\n<li><strong>Ph\u00e2n b\u1ed5 l\u1ee3i nhu\u1eadn: <\/strong>Trong m\u1ed9t k\u1ef3 \u0111\u1ea7u t\u01b0, N\u0110T ph\u00e2n b\u1ed5 l\u1ee3i nhu\u1eadn tr\u00ean c\u00e1c t\u00e0i s\u1ea3n \u0111\u1ea7u t\u01b0 b\u1eb1ng c\u00e1ch \u0111\u1ecbnh l\u01b0\u1ee3ng m\u1ee9c \u0111\u1ed9 sinh l\u1eddi k\u1ef3 v\u1ecdng d\u1ef1a tr\u00ean ph\u00e2n b\u1ed5 x\u00e1c su\u1ea5t th\u1ed1ng k\u00ea.<\/li>\n<li><strong>T\u1ed1i \u01b0u h\u00f3a l\u1ee3i \u00edch: <\/strong>N\u0110T t\u1ed1i \u01b0u h\u00f3a l\u1ee3i \u00edch th\u00f4ng qua \u0111\u01b0\u1eddng b\u00e0ng quan th\u1ec3 hi\u1ec7n m\u1ee9c \u0111\u1ed9 h\u1eefu d\u1ee5ng c\u1eadn bi\u00ean gi\u1ea3m d\u1ea7n c\u1ee7a t\u00e0i s\u1ea3n.<\/li>\n<li><strong>R\u1ee7i ro mang t\u00ednh bi\u1ebfn \u0111\u1ed9ng<\/strong>: N\u0110T \u0111\u1ecbnh l\u01b0\u1ee3ng r\u1ee7i ro b\u1eb1ng ph\u01b0\u01a1ng sai v\u00e0 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n c\u1ee7a c\u00e1c m\u1ee9c sinh l\u1eddi k\u1ef3 v\u1ecdng.<\/li>\n<li><strong>L\u1ee3i nhu\u1eadn\/R\u1ee7i ro: <\/strong>N\u0110T \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh d\u1ef1a v\u00e0o xem x\u00e9t v\u00e0 \u0111\u00e1nh gi\u00e1 l\u1ee3i nhu\u1eadn v\u00e0 r\u1ee7i ro c\u1ee7a c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0.<\/li>\n<li><strong>M\u1ee9c ng\u1ea1i r\u1ee7i ro:<\/strong> V\u1edbi c\u00f9ng m\u1ee9c sinh l\u1eddi nh\u01b0 nhau, N\u0110T l\u1ef1a ch\u1ecdn c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 c\u00f3 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro th\u1ea5p h\u01a1n. V\u1edbi c\u00f9ng m\u1ee9c r\u1ee7i ro nh\u01b0 nhau, N\u0110T l\u1ef1a ch\u1ecdn c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 c\u00f3 m\u1ee9c \u0111\u1ed9 sinh l\u1eddi cao h\u01a1n.<\/li>\n<\/ul>\n<p><strong>\u0110\u01b0\u1eddng bi\u00ean hi\u1ec7u qu\u1ea3<\/strong> (efficient frontier)<\/p>\n<p>Trong ti\u00eau d\u00f9ng c\u00f3 \u0111\u01b0\u1eddng b\u00e0ng quan th\u1ec3 hi\u1ec7n vi\u1ec7c m\u1ed9t ng\u01b0\u1eddi v\u1edbi m\u1ed9t s\u1ed1 ti\u1ec1n c\u1ed1 \u0111\u1ecbnh l\u1ef1a ch\u1ecdn ti\u00eau d\u00f9ng gi\u1eefa hai m\u1eb7t h\u00e0ng A v\u00e0 B. Hai m\u1eb7t h\u00e0ng A v\u00e0 B c\u00f3 m\u1ee9c gi\u00e1 kh\u00e1c nhau v\u00e0 m\u1ee9c \u0111\u1ed9 th\u1ecfa m\u00e3n khi ti\u00eau d\u00f9ng kh\u00e1c nhau. C\u00e1c \u0111i\u1ec3m tr\u00ean \u0111\u01b0\u1eddng b\u00e0ng quan s\u1ebd c\u00f3 t\u1ed5ng l\u1ee3i \u00edch b\u1eb1ng nhau (khi k\u1ebft h\u1ee3p gi\u1eefa gi\u00e1 v\u00e0 l\u1ee3i \u00edch nh\u1eadn \u0111\u01b0\u1ee3c). <\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"437\" src=\"https:\/\/chienluocsong.com\/wp-content\/uploads\/kinh-te-hoc-p18-duong-bang-quan-1024x437.jpg\" alt=\"\" class=\"wp-image-3883\" srcset=\"https:\/\/chienluocsong.com\/wp-content\/uploads\/kinh-te-hoc-p18-duong-bang-quan-1024x437.jpg 1024w, https:\/\/chienluocsong.com\/wp-content\/uploads\/kinh-te-hoc-p18-duong-bang-quan-300x128.jpg 300w, https:\/\/chienluocsong.com\/wp-content\/uploads\/kinh-te-hoc-p18-duong-bang-quan.jpg 1065w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<p>Trong \u0111\u1ea7u t\u01b0 theo danh m\u1ee5c c\u0169ng c\u00f3 \u0111\u01b0\u1eddng b\u00e0ng quan, gi\u1ea3 \u0111\u1ecbnh c\u00f3 hai c\u1ed5 phi\u1ebfu X v\u00e0 Y (ho\u1eb7c hai h\u00ecnh th\u1ee9c \u0111\u1ea7u t\u01b0 nh\u01b0 tr\u00e1i phi\u1ebfu v\u00e0 c\u1ed5 phi\u1ebfu). M\u1ed7i c\u1ecf phi\u1ebfu c\u00f3 k\u1ef3 v\u1ecdng l\u1ee3i nhu\u1eadn v\u00e0 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro kh\u00e1c nhau. V\u00ed nh\u01b0 c\u1ed5 phi\u1ebfu X c\u00f3 kh\u1ea3 n\u0103ng sinh l\u1eddi th\u1ea5p nh\u01b0ng r\u1ee7i ro th\u1ea5p v\u00e0 c\u1ed5 phi\u1ebfu Y c\u00f3 kh\u1ea3 n\u0103ng sinh cao nh\u01b0ng r\u1ee7i ro c\u0169ng cao.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"601\" src=\"https:\/\/chienluocsong.com\/wp-content\/uploads\/Duong-bien-hieu-qua-1024x601.jpg\" alt=\"\" class=\"wp-image-18781\" srcset=\"https:\/\/chienluocsong.com\/wp-content\/uploads\/Duong-bien-hieu-qua-1024x601.jpg 1024w, https:\/\/chienluocsong.com\/wp-content\/uploads\/Duong-bien-hieu-qua-300x176.jpg 300w, https:\/\/chienluocsong.com\/wp-content\/uploads\/Duong-bien-hieu-qua-768x451.jpg 768w, https:\/\/chienluocsong.com\/wp-content\/uploads\/Duong-bien-hieu-qua.jpg 1079w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<p>C\u00e1c \u0111i\u1ec3m tr\u00ean \u0111\u01b0\u1eddng bi\u00ean hi\u1ec7u qu\u1ea3 (\u0111\u01b0\u1eddng b\u00e0ng quan) l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa X v\u00e0 Y v\u1edbi m\u1ed9t s\u1ed1 v\u1ed1n c\u1ed1 \u0111\u1ecbnh. V\u00ed d\u1ee5 b\u1ea1n c\u00f3 100 tri\u1ec7u d\u1ef1 \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 trong 1 n\u0103m, b\u1ea1n ph\u00e2n b\u1ed5 mua c\u1ed5 phi\u1ebfu X v\u00e0  Y nh\u01b0 th\u1ebf n\u00e0o? C\u00e1c \u0111i\u1ec3m n\u1eb1m tr\u00ean \u0111\u01b0\u1eddng bi\u00ean l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p t\u1ea1o ra danh m\u1ee5c t\u1ed1i \u01b0u. M\u1ed7i \u0111i\u1ec3m A v\u00e0 D s\u1ebd c\u00f3 r\u1ee7i ro kh\u00e1c nhau v\u00e0 l\u1ee3i nhu\u1eadn nh\u1eadn \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng c\u0169ng kh\u00e1c nhau; t\u1ed5ng l\u1ea1i l\u1ee3i \u00edch b\u1eb1ng nhau. C\u00e1c \u0111i\u1ec3m n\u1eb1m tr\u00ean \u0111\u01b0\u1eddng bi\u00ean l\u00e0 \u0111i\u1ec3m t\u1ed1i \u01b0u.<\/p>\n<p>N\u1ebfu N\u0110T ch\u1ecdn danh m\u1ee5c k\u1ebft h\u1ee3p n\u1eb1m b\u00ean tr\u00e1i \u0111\u01b0\u1eddng bi\u00ean: L\u1ee3i nhu\u1eadn th\u1ea5p h\u01a1n, r\u1ee7i ro th\u1ea5p h\u01a1n nh\u01b0ng s\u1ebd kh\u00f4ng t\u1ed1i \u01b0u. N\u0110T c\u00f3 th\u1ec3 ch\u1ecdn c\u00e1c \u0111i\u1ec3m n\u1eb1m tr\u00ean \u0111\u01b0\u1eddng bi\u00ean hi\u1ec7u qu\u1ea3 m\u00e0 c\u00f3 l\u1ee3i \u00edch cao h\u01a1n trong khi r\u1ee7i ro v\u1eabn v\u1eady. <\/p>\n<p>N\u1ebfu N\u0110T ch\u1ecdn danh m\u1ee5c k\u1ebft h\u1ee3p n\u1eb1m b\u00ean ph\u1ea3i \u0111\u01b0\u1eddng bi\u00ean: L\u1ee3i nhu\u1eadn cao h\u01a1n, r\u1ee7i ro cao h\u01a1n nh\u01b0ng s\u1ebd kh\u00f4ng t\u1ed1i \u01b0u. N\u0110T c\u00f3 th\u1ec3 ch\u1ecdn c\u00e1c \u0111i\u1ec3m n\u1eb1m tr\u00ean \u0111\u01b0\u1eddng bi\u00ean hi\u1ec7u qu\u1ea3 m\u00e0 c\u00f3 r\u1ee7i ro th\u1ea5p h\u01a1n trong khi l\u1ee3i nhu\u1eadn v\u1eabn v\u1eady.<\/p>\n<p>V\u1ea5n \u0111\u1ec1 c\u1ee7a \u0111\u01b0\u1eddng cong hi\u1ec7u qu\u1ea3 l\u00e0 vi\u1ec7c \u0111o l\u01b0\u1eddng l\u1ee3i \u00edch v\u00e0 r\u1ee7i ro l\u00e0 kh\u00f4ng gi\u1ed1ng nhau v\u1edbi m\u1ed7i ng\u01b0\u1eddi. V\u1edbi ng\u01b0\u1eddi th\u00edch an to\u00e0n h\u1ecd s\u1ebd \u0111\u00e1nh gi\u00e1 cao vi\u1ec7c r\u1ee7i ro th\u1ea5p v\u00ec v\u1eady s\u1eb5n s\u00e0ng l\u1ef1a ch\u1ecdn c\u00e1c \u0111i\u1ec3m b\u00ean tr\u00e1i trong khi c\u00f3 nh\u1eefng ng\u01b0\u1eddi l\u1ea1i th\u00edch l\u1ee3i nhu\u1eadn cao v\u00e0 ch\u1ea5p nh\u1eadn r\u1ee7i ro l\u1ea1i ch\u1ecdn b\u00ean ph\u1ea3i. T\u01b0\u01a1ng t\u1ef1 \u0111\u01b0\u1eddng b\u00e0ng quan c\u1ee7a ng\u01b0\u1eddi ti\u00eau d\u00f9ng c\u0169ng kh\u00e1c nhau v\u00ec c\u1ea3m nh\u1eadn v\u1ec1 l\u1ee3i \u00edch khi ti\u00eau d\u00f9ng h\u00e0ng h\u00f3a c\u1ee7a m\u1ed7i ng\u01b0\u1eddi l\u00e0 kh\u00e1c nhau. \u0110i\u1ec1u n\u00e0y s\u1ebd t\u1ea1o l\u00ean m\u1ed9t t\u1eadp h\u1ee3p \u0111\u01b0\u1eddng cong hi\u1ec7u qu\u1ea3 (thay v\u00ec m\u1ed9t \u0111\u01b0\u1eddng duy nh\u1ea5t)<\/p>\n<p>\u0110\u01b0\u1eddng bi\u00ean hi\u1ec7u qu\u1ea3 gi\u00fap ta c\u00f3 m\u1ed9t c\u00e1i nh\u00ecn v\u1ec1 vi\u1ec7c t\u1ea1o ra m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 h\u00e0i h\u00f2a gi\u1eefa l\u1ee3i nhu\u1eadn v\u00e0 r\u1ee7i ro c\u0169ng nh\u01b0 vi\u1ec7c b\u1ea1n kh\u00f4ng th\u1ec3 \u01b0u ti\u00ean l\u1ef1a ch\u1ecdn h\u00e0ng h\u00f3a c\u00f3 m\u1ee9c \u0111\u1ed9 h\u01b0\u1edfng th\u1ee5 cao m\u00e0 qu\u00ean \u0111i c\u00e1i gi\u00e1 ph\u1ea3i b\u1ecf ra.<\/p>\n<p><strong>Trong th\u1ef1c t\u1ebf hi\u1ec7n nay:<\/strong><\/p>\n<p>Ng\u01b0\u1eddi VN ch\u00fang ta l\u00e0 nh\u1eefng ng\u01b0\u1eddi r\u1ea5t e ng\u1ea1i r\u1ee7i ro; n\u1ebfu h\u1ecd th\u1ef1c hi\u1ec7n m\u1ed9t vi\u1ec7c \u0111\u00f3 r\u1ee7i ro ch\u1eb3ng qua l\u00e0 h\u1ecd kh\u00f4ng \u00fd th\u1ee9c \u0111\u01b0\u1ee3c l\u00e0 m\u00ecnh \u0111ang l\u00e0m g\u00ec. Ch\u00fang ta sinh ra \u1edf \u0111\u00e2u th\u00ec l\u1edbn l\u00ean \u1edf \u0111\u00f3, l\u00e0m \u1edf \u0111\u00e2u th\u00ec l\u00e0m t\u1edbi khi ng\u01b0\u1eddi ta \u0111u\u1ed5i vi\u1ec7c. R\u1eddi xa r\u1ee7i ro khi\u1ebfn ch\u00fang ta kh\u00f4ng nh\u1eadn \u0111\u01b0\u1ee3c c\u00e1c tr\u1ea3i nghi\u1ec7m cu\u1ed9c s\u1ed1ng m\u00e0 v\u1ed1n di ta ch\u1ec9 s\u1ed1ng \u0111\u01b0\u1ee3c m\u1ed9t l\u1ea7n. Cu\u1ed9c s\u1ed1ng kh\u00f4ng nh\u01b0 tr\u00f2 ch\u01a1i, b\u1ea1n kh\u00f4ng th\u1ec3 ch\u01a1i l\u1ea1i tr\u00f2 ch\u01a1i v\u1edbi m\u1ed9t m\u1ea1ng m\u1edbi.<\/p>\n<p>V\u00ed d\u1ee5 nh\u01b0 vi\u1ec7c ch\u1ea1y trail c\u1ee7a t\u00f4i. G\u1ea7n Nh\u01b0 100% nh\u1eefng ng\u01b0\u1eddi kh\u00f4ng ch\u1ea1y bao gi\u1edd nghe n\u00f3i t\u1edbi \u0111\u1ec1u g\u00e0n l\u1ea1i. T\u00f4i l\u1ea1i m\u1ea5t c\u00f4ng gi\u1ea3i th\u00edch r\u1eb1ng r\u1ee7i ro ch\u1ec9 t\u1edbi khi ng\u01b0\u1eddi ta kh\u00f4ng \u00fd th\u1ee9c \u0111\u01b0\u1ee3c ng\u01b0\u1eddi ta \u0111ang l\u00e0m g\u00ec v\u00e0 kh\u00f4ng chu\u1ea9n b\u1ecb \u0111\u1ee7 n\u0103ng l\u1ef1c \u0111\u1ec3 tr\u00e1nh r\u1ee7i ro m\u00e0 th\u00f4i. M\u1ed9t ng\u01b0\u1eddi ch\u01b0a bao gi\u1edd luy\u1ec7n t\u1eadp b\u1ed7ng m\u1ed9t ng\u00e0y  \u0111\u1eb9p tr\u1eddi ch\u1ea1y 10km h\u1ebft t\u1ed1c l\u1ef1c th\u00ec c\u00f3 r\u1ee7i ro \u00edt h\u01a1n m\u1ed9t ng\u01b0\u1eddi c\u00f3 2 n\u0103m luy\u1ec7n t\u1eadp ch\u1ea1y m\u1ed9t gi\u1ea3i marathon 42km kh\u00f4ng?<\/p>\n<p>Vi\u1ec7c b\u1ea1n ch\u1ea1y m\u1ed9t gi\u1ea3i trail 42km ch\u01b0a ch\u1eafc \u0111\u00e3 \u00edt r\u1ee7i ro h\u01a1n vi\u1ec7c t\u00f4i ch\u1ea1y  m\u1ed9t gi\u1ea3i trail 160km. \u0110\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n kh\u00f4ng gi\u1ed1ng nh\u01b0 vi\u1ec7c b\u1ea1n mua m\u1ed9t t\u1edd vietlot. M\u1ed9t l\u00e0 c\u01a1 h\u1ed9i th\u1eafng ph\u1ee5 thu\u1ed9c ph\u1ea7n l\u1edbn v\u00e0o b\u1ea1n v\u00e0 m\u1ed9t c\u01a1 h\u1ed9i th\u1eafng kh\u00f4ng ph\u1ee5 thu\u1ed9c v\u00e0o b\u1ea1n.<\/p>\n<p>Tr\u00ean TTCK s\u1ebd c\u00f3 r\u1ea5t nhi\u1ec1u c\u1ed5 phi\u1ebfu, c\u00f3 nh\u1eefng c\u1ed5 phi\u1ebfu an to\u00e0n cho l\u1ee3i nhu\u1eadn v\u1eeba ph\u1ea3i v\u00e0 r\u1ee7i ro c\u0169ng v\u1eeba ph\u1ea3i, th\u01b0\u1eddng n\u00f3 l\u00e0 nh\u1eefng cp bluechip. B\u1ea1n kh\u00f4ng th\u1ec3 nh\u00e2n \u0111\u00f4i nh\u00e2n ba t\u00e0i kho\u1ea3n b\u1eb1ng c\u00e1ch n\u1eafm gi\u1eef HPG hay VCB nh\u01b0ng b\u1ea1n c\u0169ng kh\u00f4ng th\u1ec3 nh\u1eafm m\u1eaft mua m\u1ed9t cp penny n\u00e0o \u0111\u00f3. Lu\u00f4n c\u00f3 m\u1ed9t nh\u00f3m N\u0110T n\u00e0o \u0111\u00f3 s\u0103n \u0111\u00f3n c\u00e1c cp \u0111ang b\u1ecb \u0111\u1ecbnh gi\u00e1 r\u1ea5t th\u1ea5p, kh\u00f4ng ai quan t\u00e2m \u0111\u1ec3 mua v\u00e0o \u0111\u1ee3i ch\u1edd h\u00e0ng n\u0103m tr\u1eddi nh\u1eb1m nh\u00e2n nhi\u1ec1u l\u1ea7n t\u00e0i kho\u1ea3n c\u1ee7a h\u1ecd.<\/p>\n<p>\u0110\u1ec3 t\u1ed1i \u01b0u \u0111\u1ea7u t\u01b0 b\u1ea1n s\u1ebd ph\u1ea3i ch\u1ea5p nh\u1eadn r\u1ee7i ro l\u1ef1a ch\u1ecdn c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 ti\u1ec1m n\u0103ng nh\u00e2n nhi\u1ec1u l\u1ea7n t\u00e0i kho\u1ea3n th\u00f4ng qua vi\u1ec7c ph\u00e2n t\u00edch c\u00f3 l\u00fd tr\u00ed.<\/p>\n<hr>\n<p><strong>Ngu\u1ed3n:<\/strong> <a href=\"https:\/\/chienluocsong.com\/quan-ly-danh-muc-dau-tu-p2-duong-bien-hieu-qua\/\" target=\"_blank\" rel=\"noopener noreferrer\">Qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0: P2- \u0110\u01b0\u1eddng bi\u00ean hi\u1ec7u qu\u1ea3 \u2014 chienluocsong.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: https:\/\/chienluocsong.com\/quan-ly-danh-muc-dau-tu-p2-duong-bien-hieu-qua\/<\/p>\n","protected":false},"author":1,"featured_media":1178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-1177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chienluocsong"],"_links":{"self":[{"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=\/wp\/v2\/posts\/1177","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1177"}],"version-history":[{"count":1,"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=\/wp\/v2\/posts\/1177\/revisions"}],"predecessor-version":[{"id":1476,"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=\/wp\/v2\/posts\/1177\/revisions\/1476"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=\/wp\/v2\/media\/1178"}],"wp:attachment":[{"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.ngocha.biz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}