外文翻譯--策略—股票投資策略的調(diào)查-其他專業(yè)(編輯修改稿)
2025-02-24 00:42 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 Graham, David Dodd, and Sydney Cottle speak of the attempts to value a stock independently of its current market price. This independent value has many names such as `intrinsic value,?`investment value,?`reasonable value,?`fair value,?and `appraised value.?They go on to say: A general definition of intrinsic value would be that value which is justified by the facts, ., assets, earnings, dividends, [and] definite prospects, including the factor of management. The primary objective in using the adjective intrinsic is to emphasize the distinction between value and current market price, but not to invest this value with an aura of permanence. Value investing is the name given to the method of deciding on individual investments on the basis of their intrinsic value as contrasted with their market price. This, however, is not the standard definition. Most authors refer to value investing as the process of searching for stocks with attributes such as a low ratio of price to book value or a low priceearnings ratio. In contrast, stocks with high price to book value or a high priceearnings ratio are called growth stocks. Investors searching for stocks from within this universe of stocks are called growth investors. These two approaches are usually seen to be in opposition. Not so, declared Warren Buffett. In the 1992 Annual Report of Berkshire Hathaway he wrote, the two approaches are joined at the hip: Growth is always a ponent in the calculation of value, constituting a variable whose importance can range from negligible to enormous and whose impact can be negative as well as positive. Conscious Investor 3 This type of investor overlaps the six types just mentioned. Increasingly investors are respecting their own beliefs and values when making investment decisions. For many, quarterly earnings are no longer enough. For example, so many people are investing in socially responsible mutual funds
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