经典名人英语演讲稿53：惟一的关注：价格与价值（巴菲特哥伦比亚大学演讲） mp3

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[00:02.57]53. The Only Concern: Price and Value
[00:06.70]Is the Graham and Dodd "look for values with a significant margin of safety relative to prices" approach to security analysis out of date? 
[00:16.59]Many of the professors who write textbooks today say yes. 
[00:20.80]"If prices fully reflect available information, this sort of investment adeptness is ruled out," 
[00:28.65]writes one of today's textbook authors. 
[00:31.44]The common intellectual theme of the investors from Graham-and-Doddsville is this: 
[00:37.50]they search for discrepancies between the value of a business and the price of small pieces of that business in the market. 
[00:45.29]Essentially, they exploit those discrepancies 
[00:49.47]without the e efficient market theorist's concern as to whether the stocks are bought on Monday or Thursday, 
[00:55.80]or whether it is January or July, etc. 
[00:59.16]our Graham & Dodd investors, needless to say, do not discuss beta, the capital asset pricing model, 
[01:08.47]or covariance in returns among securities. 
[01:10.84]These are not subjects of any interest to them. 
[01:13.93]In fact, most of them would have. difficulty defining those terms. 
[01:18.65]The investors simply focus on two variables: price and value. 
[01:24.80]There seems to be some perverse human characteristic that likes to make easy things difficult. 
[01:30.40]The academic world, 
[01:31.89]if anything, has actually backed away from the teaching of value investing over the last 30 years. 
[01:39.70]It's likely to continue that way. 
[01:41.37]Ships will sail around the world but the Flat Earth Society will flourish. 
[01:47.32]There will continue to be wide discrepancies between price and value in the marketplace, 
[01:52.78]and those who read their Graham & Dodd will continue to prosper.

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经典名人英语演讲稿53：惟一的关注：价格与价值（巴菲特哥伦比亚大学演讲） mp3