參考: The Little Book That Beats The Market

http://data.book.163.com/book/section/0000fPOC/0000fPOC8.html

I just read the book from Joe Zhang, Managing Director of UBS (Asia) and find that there is a formula that can beat the markets. For details, please refer to the link.

It is impossible to calculate all the companies in Hong Kong, so I just pick the Sports Sector to make a simple comparison.

I will find out the 有形净资产回报率（returns on tangible capital employed）later.