“格雷厄姆-多道德式的超级投资者们--巴菲特1984哥“

> 国内 > 作者:locoy 2019-08-20 13:42 编辑:周建平
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  格雷厄姆-多道德邑市的超级投资者们

  THE SUPERINVESTORS OF GRAHAM-AND-DODDSVILLE

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  1984年在道贺格雷罕姆与多道德合著的《证券剖析》发行50周年父亲会上,巴菲特-此雕刻位格雷厄姆在哥伦比亚父亲学的投资课上独壹给了“A+”的最优秀的先生终止了壹次题为“格雷厄姆-多道德邑市的超级投资者们” (The Superinvestors of Graham-and-Doddsville)”的演讲,在他演讲中回顾了50年到来格雷厄姆的遂从者们采取价投资战微持续打败市场的无却争议的雄心,尽结归结出产价投资战微的稀髓,在投资界具拥有什分父亲的影响力。

  THE SUPERINVESTORS OF GRAHAM-AND-DODDSVILLE

  Tilsonfunds EDITOR'S NOTE: This article is an edited transcript of a talk given at Columbia University in 1984 commemorating the fiftieth anniversary of Security Analysis , written by Benjamin Graham and David L. Dodd. This specialized volume first introduced the ideas later popularized in The Intelligent Investor . Buffett's essay offers a fascinating study of how Graham's disciples have used Graham's value investing approach to realize phenomenal success in the stock market.

  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Graham and Dodd "look for values with a significant margin of safety relative to prices" approach to security analysis out of date?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. They argue that the stock market is efficient; that is, that stock prices reflect everything that is known about a company's prospects and about the state of the economy. There are no undervalued stocks, these theorists argue, because there are smart security analysts who utilize all available information to ensure unfailingly appropriate prices. Investors who seem to beat the market year after year are just lucky. "If prices fully reflect available information, this sort of investment adeptness is ruled out," writes one of today's textbook authors.

  格雷厄姆与多道德追寻求“价远超越标价的装置然保障”,此雕刻种证券剖析方法能否曾经老壹套?当前好多撰写教养科书的教养任命认为如此。他们认为,股票市场是拥有效力的市场;换言之,股票标价曾经充分反应了公司所拥有己己知的雄心以及所拥有经济情景:此雕刻些即兴实家认为,市场上没拥有拥有标价偏低的股票,鉴于聪慧的证券剖析师将运用整顿个的既然拥有资讯,以确保适当的标价。投资者能多年累月地击败市场,坑道是运气使然。“假设标价完整顿反应既然拥局部资讯,则此雕刻类的投资技巧将不存放在。”壹位即兴今教养科书的干者如此与写道。

  Well, maybe. But I want to present to you a group of investors who have, year in and year out, beaten the Standard & Poor's 500 stock index. The hypothesis that they do this by pure chance is at least worth examining. Crucial to this examination is the fact that these winners were all well known to me and pre-identified as superior investors, the most recent identification occurring over fifteen years ago. Absent this condition - that is, if I had just recently searched among thousands of records to select a few names for you this morning -- I would advise you to stop reading right here. I should add that all of these records have been audited. And I should further add that I have known many of those who have invested with these managers, and the checks received by those participants over the years have matched the stated records.

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