評論
打印
15.The Only Concern: Price and Value
15.惟一的關(guān)注：價格與價值
Is the Graham and Dodd "look for values with a significant margin of safety relative to prices" approach to security analysis out of date? Many of the professors who write textbooks today say yes. "If prices fully reflect available information, this sort of investment adeptness is ruled out," writes one of today's textbook authors.
格雷尼姆與多德的“追求價值遠超過價格的安全邊際”的證券分析方法是否已經(jīng)過時？目前許多撰寫教科書的教授認為如此?！叭绻麅r格完全反應(yīng)既有的資訊，則這類的投資技巧將不存在?！币晃滑F(xiàn)今教科書的作者如此寫道。
The common intellectual theme of the investors from Graham-and-Doddsville is this: they search for discrepancies between the value of a business and the price of small pieces of that business in the market. Essentially, they exploit those discrepancies without the e efficient market theorist's concern as to whether the stocks are bought on Monday or Thursday, or whether it is January or July, etc.
來自“格雷尼姆——多德都市”的投資者們所具備的共同智力結(jié)構(gòu)是：他們探索企業(yè)的價值與該企業(yè)市場價格之間的差異。事實上，他們利用這些差異，卻不在意效率市場理論家所關(guān)心的問題，比如股票在星期一買進還是星期二買進，是在一月份買進還是七月份買進，等等。
our Graham & Dodd investors, needless to say, do not discuss beta, the capital asset pricing model, or covariance in returns among securities. These are not subjects of any interest to them. In fact, most of them would have. difficulty defining those terms. The investors simply focus on two variables: price and value.
毋庸多說，格雷尼姆一多德都市的投資者并不探討beta、資本資產(chǎn)定價模型、證券投資報酬本的變異數(shù)。他們對這些不感興趣。事實上，他們大多數(shù)都難以界定上述這些學(xué)術(shù)名詞。他們只在乎兩個變量：價格與價值。
There seems to be some perverse human characteristic that likes to make easy things difficult. The academic world, if anything, has actually backed away from the teaching of value investing over the last 30 years. It's likely to continue that way. Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace, and those who read their Graham & Dodd will continue to prosper.
人的天性中似乎存在著某種偏執(zhí)的特色，喜歡把簡單的事情弄復(fù)雜。最近30年來，學(xué)術(shù)界如果有任何作為的話，就是完全背離了價值投資的教訓(xùn)，而且很可能繼續(xù)下去。船只可以環(huán)繞地球而行，但地平之說仍會暢行無阻。同樣，在市場上，價格與價值之間還會存在著巨大的差值，而奉行格雷厄姆與多德理論的人也會繁榮不絕。
