历史英雄名人演讲 第76期:惟一的关注:价格与价值

 　　15.The Only Concern: Price and Value

　　15.惟一的关注：价格与价值

　　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Graham and Dodd "look for values with a significant margin of safety relative to prices" approach to security analysis out of date?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.

　　格雷尼姆与多德的“追求价值远超过价格的安全边际”的证券分析方法是否已经过时？目前许多撰写教科书的教授认为如此。“如果价格完全反应既有的资讯，则这类的投资技巧将不存在。”一位现今教科书的作者如此写道。

　　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.

　　来自“格雷尼姆——多德都市”的投资者们所具备的共同智力结构是：他们探索企业的价值与该企业市场价格之间的差异。事实上，他们利用这些差异，却不在意效率市场理论家所关心的问题，比如股票在星期一买进还是星期二买进，是在一月份买进还是七月份买进，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.

　　毋庸多说，格雷尼姆一多德都市的投资者并不探讨beta、资本资产定价模型、证券投资报酬本的变异数。他们对这些不感兴趣。事实上，他们大多数都难以界定上述这些学术名词。他们只在乎两个变量：价格与价值。

　　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着某种偏执的特色，喜欢把简单的事情弄复杂。最近30年来，学术界如果有任何作为的话，就是完全背离了价值投资的教训，而且很可能继续下去。船只可以环绕地球而行，但地平之说仍会畅行无阻。同样，在市场上，价格与价值之间还会存在着巨大的差值，而奉行格雷厄姆与多德理论的人也会繁荣不绝。

1 essentially   

adv.本质上，实质上，基本上

参考例句：

• Really great men are essentially modest.真正的伟人大都很谦虚。
• She is an essentially selfish person.她本质上是个自私自利的人。

2 patriotism   

n.爱国精神，爱国心，爱国主义

参考例句：

• His new book is a demonstration of his patriotism.他写的新书是他的爱国精神的证明。
• They obtained money under the false pretenses of patriotism.他们以虚伪的爱国主义为借口获得金钱。

3 embodied   

v.表现( embody的过去式和过去分词 )；象征；包括；包含

参考例句：

• a politician who embodied the hopes of black youth 代表黑人青年希望的政治家
• The heroic deeds of him embodied the glorious tradition of the troops. 他的英雄事迹体现了军队的光荣传统。 来自《简明英汉词典》

4 virtues   

美德( virtue的名词复数 )； 德行； 优点； 长处

参考例句：

• Doctors often extol the virtues of eating less fat. 医生常常宣扬少吃脂肪的好处。
• She delivered a homily on the virtues of family life. 她进行了一场家庭生活美德方面的说教。

5 frugality   

n.节约，节俭

参考例句：

• We must build up our country with industry and frugality.我们必须勤俭建国。
• By frugality she managed to get along on her small salary.凭着节俭，她设法以自己微薄的薪水生活。

6 binding   

有约束力的，有效的，应遵守的

参考例句：

• The contract was not signed and has no binding force. 合同没有签署因而没有约束力。
• Both sides have agreed that the arbitration will be binding. 双方都赞同仲裁具有约束力。