外文翻譯--策略—股票投資策略的調(diào)查-其他專業(yè)-展示頁
2025-01-31 00:42本頁面
【正文】 pressreports and, simply, gossip. In his book Common Stocks and Unmon Profits, Fisher wrote: Go to five panies in an industry, ask each of them intelligent questions about the points of strength and weakness of the other four, and nine times out of ten a surprisingly detailed and accurate picture of all five will emerge. Fisher also suggests that useful information can be obtained from vendors, customers, research scientists and executives of trade associations. Value Investor In the fourth edition of the investment classic _Security Analysis_, the authors Benjamin 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 Repo
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