加载中…
个人资料
胡子
胡子
  • 博客等级:
  • 博客积分:0
  • 博客访问:40,042
  • 关注人气:17
  • 获赠金笔:0支
  • 赠出金笔:0支
  • 荣誉徽章:
相关博文
推荐博文
谁看过这篇博文
加载中…
正文 字体大小:

《证券分析》中英文对照 第6版序言(4)

(2009-10-28 17:22:09)
标签:

《证券分析》

中英文对照

财经

股票

分类: 开卷有益

  Value investors regard securities not as speculative instruments but as fractional ownership in, or debt claims on, the underlying businesses. This orientation is key to value investing. When a small slice of a business is offered at a bargain price, it is helpful to uate it as if the whole business were offered for sale there. This analytical anchor helps value investors remain focused on the pursuit of long-term results rather than the profitability of their daily trading ledger.

  价值投资者不认同证券乃投机性风险工具的观点,而将证券看作是可等份区分数量的所有权证明,或是债权索讨证据、潜在的交易机会。趋势定位乃价值投资的要害。当市场以低廉的价格显露出哪怕是一小片的交易机会时,就当它是市场所提供的全部交易机会去评估之,是大有裨益的。擅长分析的节目主持人可以帮助价值投资者保持专注于追求长期回报,而不是死死盯住每日交易账簿的利润率不放。

  At the root of Graham and Dodd’s philosophy is the principle that the financial markets are the ultimate creators of opportunity. Sometimes the markets price securities correctly, other times not. Indeed, in the short run, the market can be quite inefficient, with great deviations between price and underlying value. Unexpected developments, increased uncertainty, and capital flows can boost short-term market volatility, with prices overshooting in either direction.<2> In the words of Graham and Dodd, “The price [of a security] is frequently an essential element, so that a stock . . .may have investment merit at one price level but not at another.” (p. 106) As Graham has instructed, those who view the market as a weighing machine—a precise and efficient assessor of value—are part of the emotionally driven herd. Those who regard the market as a voting machine—a sentiment-driven popularity contest—will be well positioned to take proper advantage of the extremes of market sentiment.

  格雷厄姆和多德的智慧起源来自“金融市场乃交易机会的最终创造者”之信条。市场有时能够为证券正确定价,其余的时间则不灵。确切地说,从短期角度看,市场定价机制可能彻底失效,从而导致价格与其内在价值之间大为背离。未曾预料的发展,日益增进的不确定性,以及资本流动所鼓动的短期市场活性,造就了价格在两个方向上任意地进行着过山车运动。<2> 拿格雷厄姆和多德的话讲,“(证券的)价格常常是基本要素,因而股票……可能在某种而非别种价格水平上具有投资价值。”(见英文第6版第106页)正如格雷厄姆所谕示,那些视市场如衡器的人——堪称严谨而能干的估价师——也有些类似容易情绪激动的牧羊人。那些认为市场是投票机的人——就像是参加一场受情绪支配的普及率竞赛——势必都想抢占有利地位以恰如其分地支配市场心态的极限。

  ==========================================================

  <2> Over the long run, however, as investors perform fundamental analysis, and corporate managements explain their strategies and manage their capital structures, share prices often migrate toward underlying business value. In particular, shares priced significantly below underlying value will attract bargain hunters and, ultimately, corporate acquirers, reinforcing the tendency toward longerterm share price efficiency. This tendency, however, is always subject to interruption by the shortterm forces of greed and fear.

  ===========================================================

  <2> 从长远的角度看,无论如何,投资者得做基本面分析,公司管理者得解释其决策并控制其资本结构,股价一般而言也得向其内在价值回游。尤其值得注意的是,股价低于内在价值首先会引起廉价股猎人最终引起公司收购者的注意,从而巩固长期股价效率的趋向。这种趋向,究竟而言,总归要受到贪婪和恐惧等短期因素的阻碍干扰。

  While it might seem that anyone can be a value investor,the essential characteristics of this type of investor—patience, discipline, and risk aversion—may well be genetically determined. When you first learn of the value approach, it either resonates with you or it doesn’t. Either you are able to remain disciplined and patient, or you aren’t. As Warren Buffett said in his famous article, “The Superinvestors of Graham-and-Doddsville,”“It is extraordinary to me that the idea of buying dollar bills for 40 cents takes immediately with people or it doesn’t take at all. It’s like an inoculation. If it doesn’t grab a person right away, I find you can talk to him for years and show him records, and it doesn’t make any difference.” <3>,<4> If Security Analysis resonates with you—if you can resist speculating and sometimes sit on your hands—perhaps you have a predisposition toward value investing. If not, at least the book will help you understand where you fit into the investing landscape and give you an appreciation for what the value-investing community may be thinking.

  虽然看起来无论何人都能成为价值投资者,而事实上价值投资者的本性还是有其特点的——忍耐,严谨,且厌恶风险——简直可以说是生性如此。当你初始听说估值方法时,或许能引发你的共鸣,或许是对牛弹琴。你或者能够持以严谨和忍耐,或者你怒向胆边生。正如沃伦·巴菲特在他著名的文章“格雷厄姆和多德村镇的超级投资客”中所说的那样,“对那些急需甚而至于其实并非急需兑现的人以40美分购买一美元国库券的念头对我而言是非同小可的事情。那真像是移花接木。如果这样做了仍算不上对他人赤裸裸的当面劫掠,那我倒觉得你可以当他为可以多年一起唠嗑见证日子的老友,任光阴荏苒而不着墨色。”<3>,<4> 果若《证券分析》让你产生共鸣——果真你能抗拒投机并且有时候还能够做到袖手旁观——那么很有可能你先天癖性就好价值投资。不然的话,则本书至少能帮你理解去哪里能够领略到投资风景,还可以为你解读价值投资群落可能会如何去思考问题。

  ========================================================

  <3> “The Superinvestors of Graham-and-Doddsville,”Hermes, the Columbia Business School magazine, 1984.

  <4> My own experience has been exactly the one that Buffett describes. My 1978 summer job at Mutual Shares, a no-load value-based mutual fund, set the course for my professional career. The planned liquidation of Telecor and spin-off of its Electro Rent subsidiary in 1980 forever imprinted in my mind the merit of fundamental investment analysis. A buyer of Telecor stock was effectively creating an investment in the shares of Electro Rent, a fast-growing equipment rental company, at the giveaway valuation of approximately 1 times the cash flow. You always remember your first value investment.

=========================================================

<3> “格雷厄姆和多德村镇的超级投资客”,赫耳墨斯(墨丘利,西方财神),哥伦比亚商学院杂志,1984。

<4> 我自己的感受与巴菲特的描述雷同。1978年夏天我在共同股份工作,那是一家免费的价值主导型共同基金,可谓替我的职业生涯上了一课。1980年Telecor(广电公司)如期清盘和其子公司Electro Rent(电租公司)分拆之事令基本投资分析的长处永远铭记于我心。股票Telecor的收购者有效地创新了有利于投资高成长性设备租赁公司Electro Rent股份的做法,获得了几乎1倍现金流的估值溢价奖励。你总记得自己最初的价值投资。

0

阅读 评论 收藏 转载 喜欢 打印举报/Report
  • 评论加载中,请稍候...
发评论

    发评论

    以上网友发言只代表其个人观点,不代表新浪网的观点或立场。

      

    新浪BLOG意见反馈留言板 电话:4000520066 提示音后按1键(按当地市话标准计费) 欢迎批评指正

    新浪简介 | About Sina | 广告服务 | 联系我们 | 招聘信息 | 网站律师 | SINA English | 会员注册 | 产品答疑

    新浪公司 版权所有