超级投资者.docx

巴菲特 1984 哥伦比亚大学着名演讲: 格雷厄姆- 多德都市的超级投资者们 THE SUPERINVESTORS OF GRAHAM-AND-DODDSVILLE 1984年在庆祝格雷罕姆与多德合着的《证券分析》发行50周年大会上, 巴菲特-这位格雷厄姆在哥伦比亚大学的投资课上唯一给了“A+”的最优秀的学生进行了一次题为“格雷厄姆- 多德都市的超级投资者们”(The Superinvestors of Graham-and-Doddsville) ”的演讲,在他演讲中回顾了 50 年来格雷厄姆的追随者们采用价值投资策略持续战胜市场的无可争议的事实, 总结归纳出价值投资策略的精髓,在投资界具有非常大的影响力。 THE SUPERINVESTORS OF GRAHAM-AND-DODDSVILLE Tilsonfunds EDITOR'S NOTE: This article is an edited transcript ofa talk given at Columbia University in memorating 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 ess 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Graham and Dodd "look for values with a significant margin of safety relative to prices" approach to security analysis out of date?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 pany'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. 格雷厄姆与多德追求“价值远超过价格的安全保障”,这种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。他们认为, 股票市场是有效率的市场; 换言之, 股票价格已经充分反应了公司一切己知的事实以及整体经济情况:这些理论家认为,市场上没有价格偏低的股票, 因为聪明的证券分析师将运用全部的既有资讯, 以确保适当的价格。投资者能经年累月地击败市场, 纯粹是运气使然。“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 le