格雷厄姆和多德的永恒智慧——《证券分析》第六版序言

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　　Preface to the Six Edition
　　第6版序言
　　THE TIMELESS WISDOM OF GRAHAM AND DODD
　　格雷厄姆和多德的永恒智慧
　　BY SETH A. KLARMAN
　　塞斯?A?卡拉曼
　　Seventy-five years after Benjamin Graham and David Dodd wrote Security Analysis, a growing coterie of modern-day value investors remain deeply indebted to them. Graham and David were two assiduous and unusually insightful thinkers seeking to give order to the mostly uncharted financial wilderness of their era. They kindled a flame that has illuminated the way for value investors ever since. Today, Security Analysis remains an invaluable roadmap for investors as they navigate through unpredictable, often volatile, and sometimes treacherous financial markets. Frequently referred to as the “bible of value investing,”Security Analysis is extremely thorough and detailed, teeming with wisdom for the ages. Although many of the examples are obviously dated, their lessons are timeless. And while the prose may sometimes seem dry, readers can yet discover valuable ideas on nearly every page. The financial markets have morphed since 1934 in almost unimaginable ways, but Graham and Dodd’s approach to investing remains remarkably applicable today.
　　本杰明?格雷厄姆和大卫?多德写成《证券分析》已经七十五个春秋了，摩登时代的价值投者家们不断加入其同仁的行列，至今仍对他们感激涕零。格雷厄姆和多德是勤勉刻苦的典范，他们是具有远见卓识的思想家，他们寻求着替他们所在的无需金融许可的荒原时代赋予秩序。他们燃起了火焰，从此为价值投资者照亮了道路。时至今日，《证券分析》仍是投资者难以估价的路线图，尤其是在他们穿行于难以预料、多怪易变甚至于波谲云诡的金融市场去航行的时候更是如此了。《证券分析》常常被当作“价值投资的圣经”提及，周密完善，事无巨细，倾吐出了时代的睿智。尽管很多往事已如过眼烟云，但他们的感悟永恒。行文也许有时会显得枯燥，而读者却差不多在每一页上都能发现有价值的思想。1934年以来金融市场以难以想象的方式得以重塑，但格雷厄姆和多德的投资方法论至今仍然引人注目。
　　Value investing, today as in the era of Graham and Dodd, is the practice of purchasing securities or assets for less than they are worth—the proverbial dollar for 50 cents. Investing in bargain-priced securities provides a “margin of safety”—room for error, imprecision, bad luck, or the vicissitudes of the economy and stock market. While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes the need to perform in-depth fundamental analysis, pursue long-term investment results, limit risk, and resist crowd psychology.
　　价值投资，今天如格雷厄姆和多德时代一样，指购买低于其所值的证券或资产的一种投资实践——（正所谓，）谚语中的1美元价值50美分（译者注：按照美国本位币制，事实上1美元=100美分）。投资于（议价的）廉价证券可保“安全边际”——这就为应对判断错误、决策不精确、运气不佳或者股市及其经济景气荣衰赢得了裕余度。虽然有些人可能误以为价值投资乃是一种可资识别便宜货色品种的机械性手段，然而事实上它是一种强调进行深入基本分析、追求长期投资成效、限制投资风险和抗拒从众心理之必要性的综合投资观念。
　　Far too many people approach the stock market with a focus on making money quickly. Such an orientation involves speculation rather than investment and is based on the hope that share prices will rise irrespective of valuation. Speculators generally regard stocks as pieces of paper to be quickly traded back and forth, foolishly decoupling them from business reality and valuation criteria. Speculative approaches—which pay little or no attention to downside risk—are especially popular in rising markets. In heady times, few are sufficiently disciplined to maintain strict standards of valuation and risk aversion, especially when most of those abandoning such standards are quickly getting rich. After all, it is easy to confuse genius with a bull market.
　　不知道有多少人一上股市就只想着尽快发财。此一江春水向东流之谓，只要投机，无需投资，宏图大愿全以股价不依估值而涨为据。投机者普遍认为股票不过是一沓沓可以飞快地来来回回交易的纸而已，但见它们可笑地从商业实体和估值标准中分离。投机的手段——很少甚而从不去关注日落的危险——在日升的市集上大行其是。即便能得意几时，却罕有十足把握者能训练有素地保持严格估值和风险厌恶的标准，尤其是大多数投机者将忘形于将这些标准直接看成是快速致富的手段。最终，牛市易使高人变笨蛋。
　　In recent years, some people have attempted to expand the definition of an investment to include any asset that has recently—or might soon—appreciate in price: art, rare stamps, or a wine collection. Because these items have no ascertainable fundamental value, generate no present or future cash flow, and depend for their value entirely on buyer whim, they clearly constitute speculations rather than investments.
　　近年来，有人曾尝试将投资的定义扩展为包括任何最近已经涨价——或者可能很快就会增值的资产：艺术品，珍贵的邮票，或者酒类收藏。由于这些资本品并不能证明其基本估价，亦不带来任何现值或终值的现金流，因而全凭买方的一时兴起确定它们的价值了，它们显而易见依赖于投机以取巧而不依靠投资去得利才能令自己黄袍加身。
　　In contrast to the speculator’s preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss. A riskaverse investor is one for whom the perceived benefit of any gain is outweighed by the perceived cost of an equivalent loss. Once any of us has 　　accumulated a modicum of capital, the incremental benefit of gaining more is typically eclipsed by the pain of having less.<1> Imagine how you would respond to the proposition of a coin flip that would either double your net worth or extinguish it. Being risk averse, nearly all people would 　　respectfully decline such a gamble. Such risk aversion is deeply ingrained in human nature. Yet many unwittingly set aside their risk aversion when the sirens of market speculation call.
　　跟投机者全神贯注于迅速获利不同，价值投资者开宗明义通过努力避免亏损以规避风险。厌恶风险的投资者，通过认知相当于损失的成本之方法，往往更注重其所理解的能带来好处的获利机会。一旦我们之中有人积累了些许资本，获得更多赢利所带来的增值收益因为患贫不患穷的心理痛苦无一例外地变得黯然失色了。<1> 设想一下你将如何回答抛硬币的命题，要么让你的财富净值翻倍，要么灰飞烟灭。人人厌恶风险，差不多所有人都毕恭毕敬地谢绝如此赌博之戏。这种对风险的反感深藏于人性之中，可谓根深蒂固。然而，只要市场投机的汽笛一拉响，就有很多人不经意间就抛开他们的风险厌恶感。
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　　<1> Losing money, as Graham noted, can also be psychologically unsettling. Anxiety from the financial damage caused by recently experienced loss or the fear of further loss can significantly impede our ability to take advantage of the next opportunity that comes along. If an undervalued stock falls by half while the fundamentals—after checking and rechecking—are confirmed to be unchanged, we should relish the opportunity to buy significantly more “on sale.” But if our net worth has tumbled along with the share price, it may be psychologically difficult to add to the position.
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　　<1> 亏钱，如格雷厄姆所释，也能从心理上动摇军心。经济损失导致的焦虑既由刚刚经历的亏损而来，进而害怕继续亏损又能显著妨碍我们发挥利用随之而来的机会的能力。在基本面可以确认未发生改变的条件下——通过核算和复核后可知——如果被低估的股票跌价一半，那我们当然有理由享受一把大快朵颐地买进“廉价出售”（股票）的机会。可是，如果我们的资本净值随着股价波动而暴跌，设身处地而言，这样的好机会一多半也是心理障碍。
　　Value investors regard securities not as speculative instruments but as fractional ownership in, or debt claims on, the underlying businesses. This orientation is key to value investing. When a small slice of a business is offered at a bargain price, it is helpful to evaluate it as if the whole business were offered for sale there. This analytical anchor helps value investors remain focused on the pursuit of long-term results rather than the profitability of their daily trading ledger.
　　价值投资者不认同证券乃投机性风险工具的观点，而将证券看作是可等份区分数量的所有权证明，或是债权索讨证据、潜在的交易机会。趋势定位乃价值投资的要害。当市场以低廉的价格显露出哪怕是一小片的交易机会时，就当它是市场所提供的全部交易机会去评估之，是大有裨益的。擅长分析的节目主持人可以帮助价值投资者保持专注于追求长期回报，而不是死死盯住每日交易账簿的利润率不放。
　　At the root of Graham and Dodd’s philosophy is the principle that the financial markets are the ultimate creators of opportunity. Sometimes the markets price securities correctly, other times not. Indeed, in the short run, the market can be quite inefficient, with great deviations between price and underlying value. Unexpected developments, increased uncertainty, and capital flows can boost short-term market volatility, with prices overshooting in either direction.<2> In the words of Graham and Dodd, “The price [of a security] is frequently an essential element, so that a stock . . .may have investment merit at one price level but not at another.” (p. 106) As Graham has instructed, those who view the market as a weighing machine—a precise and efficient assessor of value—are part of the emotionally driven herd. Those who regard the market as a voting machine—a sentiment-driven popularity contest—will be well positioned to take proper advantage of the extremes of market sentiment.
　　格雷厄姆和多德的智慧起源来自“金融市场乃交易机会的最终创造者”之信条。市场有时能够为证券正确定价，其余的时间则不灵。确切地说，从短期角度看，市场定价机制可能彻底失效，从而导致价格与其内在价值之间大为背离。未曾预料的发展，日益增进的不确定性，以及资本流动所鼓动的短期市场活性，造就了价格在两个方向上任意地进行着过山车运动。<2> 拿格雷厄姆和多德的话讲，“（证券的）价格常常是基本要素，因而股票……可能在某种而非别种价格水平上具有投资价值。”（见英文第6版第106页）正如格雷厄姆所谕示，那些视市场如衡器的人——堪称严谨而能干的估价师——也有些类似容易情绪激动的牧羊人。那些认为市场是投票机的人——就像是参加一场受情绪支配的普及率竞赛——势必都想抢占有利地位以恰如其分地支配市场心态的极限。
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　　<2> Over the long run, however, as investors perform fundamental analysis, and corporate managements explain their strategies and manage their capital structures, share prices often migrate toward underlying business value. In particular, shares priced significantly below underlying value will attract bargain hunters and, ultimately, corporate acquirers, reinforcing the tendency toward longerterm share price efficiency. This tendency, however, is always subject to interruption by the shortterm forces of greed and fear.
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　　<1> 亏钱，如格雷厄姆所释，也能从心理上动摇军心。经济损失导致的焦虑既由刚刚经历的亏损而来，进而害怕继续亏损又能显著妨碍我们发挥利用随之而来的机会的能力。在基本面可以确认未发生改变的条件下——通过核算和复核后可知——如果被低估的股票跌价一半，那我们当然有理由享受一把大快朵颐地买进“廉价出售”（股票）的机会。可是，如果我们的资本净值随着股价波动而暴跌，设身处地而言，这样的好机会一多半也是心理障碍。
　　Value investors regard securities not as speculative instruments but as fractional ownership in, or debt claims on, the underlying businesses. This orientation is key to value investing. When a small slice of a business is offered at a bargain price, it is helpful to evaluate it as if the whole business were offered for sale there. This analytical anchor helps value investors remain focused on the pursuit of long-term results rather than the profitability of their daily trading ledger.
　　价值投资者不认同证券乃投机性风险工具的观点，而将证券看作是可等份区分数量的所有权证明，或是债权索讨证据、潜在的交易机会。趋势定位乃价值投资的要害。当市场以低廉的价格显露出哪怕是一小片的交易机会时，就当它是市场所提供的全部交易机会去评估之，是大有裨益的。擅长分析的节目主持人可以帮助价值投资者保持专注于追求长期回报，而不是死死盯住每日交易账簿的利润率不放。
　　At the root of Graham and Dodd’s philosophy is the principle that the financial markets are the ultimate creators of opportunity. Sometimes the markets price securities correctly, other times not. Indeed, in the short run, the market can be quite inefficient, with great deviations between price and underlying value. Unexpected developments, increased uncertainty, and capital flows can boost short-term market volatility, with prices overshooting in either direction.<2> In the words of Graham and Dodd, “The price [of a security] is frequently an essential element, so that a stock . . .may have investment merit at one price level but not at another.” (p. 106) As Graham has instructed, those who view the market as a weighing machine—a precise and efficient assessor of value—are part of the emotionally driven herd. Those who regard the market as a voting machine—a sentiment-driven popularity contest—will be well positioned to take proper advantage of the extremes of market sentiment.
　　格雷厄姆和多德的智慧起源来自“金融市场乃交易机会的最终创造者”之信条。市场有时能够为证券正确定价，其余的时间则不灵。确切地说，从短期角度看，市场定价机制可能彻底失效，从而导致价格与其内在价值之间大为背离。未曾预料的发展，日益增进的不确定性，以及资本流动所鼓动的短期市场活性，造就了价格在两个方向上任意地进行着过山车运动。<2> 拿格雷厄姆和多德的话讲，“（证券的）价格常常是基本要素，因而股票……可能在某种而非别种价格水平上具有投资价值。”（见英文第6版第106页）正如格雷厄姆所谕示，那些视市场如衡器的人——堪称严谨而能干的估价师——也有些类似容易情绪激动的牧羊人。那些认为市场是投票机的人——就像是参加一场受情绪支配的普及率竞赛——势必都想抢占有利地位以恰如其分地支配市场心态的极限。
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　　<2> Over the long run, however, as investors perform fundamental analysis, and corporate managements explain their strategies and manage their capital structures, share prices often migrate toward underlying business value. In particular, shares priced significantly below underlying value will attract bargain hunters and, ultimately, corporate acquirers, reinforcing the tendency toward longerterm share price efficiency. This tendency, however, is always subject to interruption by the shortterm forces of greed and fear.
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　　In 1992, Tweedy, Browne Company LLC, a well-known value investment firm, published a compilation of 44 research studies entitled,“What Has Worked in Investing.” The study found that what has worked is fairly simple: cheap stocks (measured by price-to-book values, price-to-earnings ratios, or dividend yields) reliably outperform expensive ones, and stocks that have underperformed (over three- and five-year periods) subsequently beat those that have lately performed well. In other words, value investing works! I know of no long-time practitioner who regrets adhering to a value philosophy; few investors who embrace the fundamental principles ever abandon this investment approach for another.
　　1992年，一家著名的价值投资企业，布朗?特威迪有限责任公司，发布了题为“什么因素对投资起作用”的44份研究报告汇编。这项研究发现对投资起作用的因素相当简明：只有便宜的股票（通过市帐率、市盈率或股息收益率评估）后市行情才能可靠地优于昂贵的股票，而且过去表现欠佳的股票（三年和五年期之中）后来多半会击溃那些近来表现优异的股票。换句话说，价值投资在起作用！我不知道长期从业者有谁后悔过坚持价值投资理念，很少有信奉这条基本原则的投资者会经常放弃这种投资方式以求其余。
　　Today, when you read Graham and Dodd’s description of how they navigated through the financial markets of the 1930s, it seems as if they were detailing a strange, foreign, and antiquated era of economic depression, extreme risk aversion, and obscure and obsolete businesses. But such an exploration is considerably more valuable than it superficially appears. After all, each new day has the potential to bring with it a strange and foreign environment. Investors tend to assume that tomorrow’s markets will look very much like today’s, and, most of the time, they will. But every once in a while,<5> conventional wisdom is turned on its head, circular reasoning is unraveled, prices revert to the mean, and speculative behavior is exposed as such. At those times, when today fails to resemble yesterday, most investors will be paralyzed. In the words of Graham and Dodd, “We have striven throughout to guard the student against overemphasis upon the superficial and the temporary,” which is “at once the delusion and the nemesis of the world of finance.” (p. xliv) It is during periods of tumult that a value-investing philosophy is particularly beneficial.
　　今天，当你阅读格雷厄姆和多德对如何穿越1930年代金融市场而航行进行描述时，似乎是听他们在数落着一个神奇的、与我们并不相关的并且已经过气了的经济衰退、极端风险厌恶以及商业晦暗荒芜的时代。然而如此这般的踏勘之旅尤为宝贵，那可绝不只是蜻蜓点水。归根结蒂，所有新时代都具有带来焕然一新和毫不相干环境的可能。投资者往往假定明天的市场会看起来非常像今天，而且，大多数时候，它们还真像。但是每隔一段时间，<5>，群众意见就会开动脑筋，并以循环论证加以阐明，价格总能恢复到平均状态，投机行为因此暴露无遗。遥想岁月当年，今日无法类同昨天，多数投资者会变得麻痹大意。拿格雷厄姆和多德的话来说，“我们竭尽全力以捍卫初学者不要去过分在意表象性和暂时性”，而这“恰好就是金融界的错觉和报应”。（见第44页）特别是在心烦意乱、动荡不安的时候，价值投资理念大有裨益。
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　　<5> The credit crunch triggered by subprime mortgage losses that began in July 2007 is a recent and dramatic example.
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　　<5> 由2007年7月开始显现的次级按揭贷款损失所引发的信用恐慌就是近来生动的例证。
　　In 1934, Graham and Dodd had witnessed over a five-year span the best and the worst of times in the markets—the run-up to the 1929 peak, the October 1929 crash, and the relentless grind of the Great Depression. They laid out a plan for how investors in any environment might sort through hundreds or even thousands of common stocks, preferred shares, and bonds to identify those worthy of investment. Remarkably, their approach is essentially the same one that value investors employ today. The same principles they applied to the U.S. stock and bond markets of the 1920s and 1930s apply to the global capital markets of the early twenty-first century, to less liquid asset classes like real estate and private equity, and even to derivative instruments that hardly existed when Security Analysis was written.
　　至1934年，格雷厄姆和多德已见证了一个五年期的市场冰火相容时代——1929年上行至顶，1929年10月崩盘，然后就是大萧条无情的折磨。他们设计出了一套能让投资者知道如何在任何情况下对数百乃至数千种普通股、优先股以及债券进行分类的方案以便找出那些值得投资的品种。很显然，他们的方法从本质上看与今天价值投资者使用的基本相同。他们1920和1930年代应用于美国股票和债券市场的相同原理，同样也可以应用于二十一世纪初的全球资本市场，应用于像房地产和私人股本之类流动性较小的资产，甚至应用于《证券分析》写作时还不存在的衍生工具。
　　While formulas such as the classic “net working capital” test are necessary to support an investment analysis, value investing is not a paintby-numbers exercise.<6> Skepticism and judgment are always required. For one thing, not all elements affecting value are captured in a company’s financial statements—inventories can grow obsolete and receivables uncollectible; liabilities are sometimes unrecorded and property values over- or understated. Second, valuation is an art, not a science. Because the value of a business depends on numerous variables, it can typically be assessed only within a range. Third, the outcomes of all investments depend to some extent on the future, which cannot be predicted with certainty; for this reason, even some carefully analyzed investments fail to achieve profitable outcomes. Sometimes a stock becomes cheap for good reason: a broken business model, hidden liabilities, protracted litigation, or incompetent or corrupt management. Investors must always act with caution and humility, relentlessly searching for additional information while realizing that they will never know everything about a company. In the end, the most successful value investors combine detailed business research and valuation work with endless discipline and patience, a well-considered sensitivity analysis, intellectual honesty, and years of analytical and investment experience.
　　虽然诸如“净周转资金（营运资金净额或净营运资本）”经典分析的规则必须支撑起一套投资分析理论，但价值投资却并非涂画数字游戏的训练。<6> 怀疑主义和裁判所总是需要的。一则，并非所有影响价值的因素都能体现在公司财务报表之中——存货就有可能变成废弃物和无法收回的应收账款；负债有时会被漏记而资产价值可能溢价—或者被低估。二者，估值是一门艺术，而不是科学。因为商业的价值依赖于众多的变量，它可以有代表性地仅仅确定一个范围来进行评估。其三，所有投资的结果在某种程度上取决于未来，无法确切地预知；唯其如此，就是投资分析做得再仔细，那也难保一定能获得赢利的结果。一支股票有时会有充足的理由变得贱价：失败的赢利模式，隐性负债，旷持日久的诉讼，还有缺乏竞争力或者管理层腐败。投资者应该永远谦虚，时刻谨慎行事，即使明知他们不可能对公司了如指掌，那也应该冷静地搜索更多的信息。最后，最成功的价值投资者应该将无止境的纪律训练和耐忍品性、深思熟虑的敏感性分析、诚实的学术态度以及多年的分析与投资经验，跟细致的商业研究结合起来。
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　　<6> Graham and Dodd recommended that investors purchase stocks trading for less than two-thirds of “net working capital,” defined as working capital less all other liabilities. Many stocks fit this criterion during the Depression years, far fewer today.
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　　<6> 格雷厄姆和多德建议投资者购买那些交易额不足“净周转资金（营运资金净额或净营运资本）”三分之二的股票，并定义周转资金应当少于全部其他负债。大萧条年代很多股票符合这条标准，今天符合这条的就少得多了。
　　Interestingly, Graham and Dodd’s value-investing principles apply beyond the financial markets—including, for example, to the market for baseball talent, as eloquently captured in Moneyball, Michael Lewis’s 2003 bestseller. The market for baseball players, like the market for stocks and bonds, is inefficient—and for many of the same reasons. In both investing and baseball, there is no single way to ascertain value, no one metric that tells the whole story. In both, there are mountains of information and no broad consensus on how to assess it. Decision makers in both arenas misinterpret available data, misdirect their analyses, and reach inaccurate conclusions. In baseball, as in securities, many overpay because they fear standing apart from the crowd and being criticized. They often make decisions for emotional, not rational, reasons. They become exuberant; they panic. Their orientation sometimes becomes overly short term. They fail to understand what is mean reverting and what isn’t. Baseball’s value investors, like financial market value investors, have achieved significant outperformance over time. While Graham and Dodd didn’t apply value principles to baseball, the applicability of their insights to the market for athletic talent attests to the universality and timelessness of this approach.
　　有趣的是，格雷厄姆和多德的价值投资原理可以应用到金融市场之外——比方说，这包括棒球运动选秀市场，它雄辩地体现在迈克尔?刘易斯2003年的畅销书《金钱球》（《金钱球：赢得不公平游戏的艺术》）之中。棒球选手的市场，就像股票和债券市场一样，效率不高——原因多种，道理相同。从投资和棒球两者来看，没有一种统一的办法确定价值，根本就不存在能讲述全本故事的诗韵。鱼和熊掌非要兼而得之，信息如山以至于根本就无法达成广泛的共识去动手评估它。决策者兼备二者便容易曲解已有数据，从而误导其分析，甚至得出错误的结论。棒球运动，就像证券市场，人们付出得太多是因为他们害怕远离人群也害怕招致非议。人们不明白回归意味着什么又不意味什么。棒球的价值投资者，就像金融市场的价值投资者一样，随着时间的推移已经取得了显而易见的好成绩。就算格雷厄姆不会将价值原理应用于棒球，他们对体育人才市场见解的适应性也能证实这套方法的普遍适用性和永恒魅力。
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　　译者注：
　　Moneyball: The Art of Winning an Unfair Game 《金钱球：赢得不公平游戏的艺术》
　　Moneyball: The Art of Winning an Unfair Game (ISBN 0393057658) is a book by Michael M. Lewis released in 2003 about the general manager of the Major League Baseball team Oakland Athletics, Billy Beane, and his team's approach to running the organization. The central premise of Moneyball is that the collected wisdom of baseball insiders (including players, managers, coaches, scouts, and the front office) over the past century is subjective and often flawed. Statistics like 60 yard dash times, RBIs, and batting average that are typically used to gauge players are relics of a 19th-century view of the game and the statistics that were available at the time.
　　《金钱球：赢得不公平游戏的艺术》(书号0393057658) 是迈克尔M.刘易斯2003年发表的一本关于大联盟棒球队奥克兰运动员比利比恩及其团队组织运行方式的书籍。《金钱球》的核心前提是在过去的一个世纪中凝集着棒球界人士（包括球员、经理、教练、球探和前台）的智慧主观性强而且往往还有缺陷。就像60码短跑计时一样，（棒球）打点及其通常估计球员平均击打率简直是19世纪运动观念的遗迹，当时就有数字显示比赛成绩才算可用。
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　　Preface to the Six Edition
　　第6版序言
　　THE TIMELESS WISDOM OF GRAHAM AND DODD
　　格雷厄姆和多德的永恒智慧
　　BY SETH A. KLARMAN
　　塞斯?A?卡拉曼
　　Seventy-five years after Benjamin Graham and David Dodd wrote Security Analysis, a growing coterie of modern-day value investors remain deeply indebted to them. Graham and David were two assiduous and unusually insightful thinkers seeking to give order to the mostly uncharted financial wilderness of their era. They kindled a flame that has illuminated the way for value investors ever since. Today, Security Analysis remains an invaluable roadmap for investors as they navigate through unpredictable, often volatile, and sometimes treacherous financial markets. Frequently referred to as the “bible of value investing,”Security Analysis is extremely thorough and detailed, teeming with wisdom for the ages. Although many of the examples are obviously dated, their lessons are timeless. And while the prose may sometimes seem dry, readers can yet discover valuable ideas on nearly every page. The financial markets have morphed since 1934 in almost unimaginable ways, but Graham and Dodd’s approach to investing remains remarkably applicable today.
　　本杰明?格雷厄姆和大卫?多德写成《证券分析》已经七十五个春秋了，摩登时代的价值投者家们不断加入其同仁的行列，至今仍对他们感激涕零。格雷厄姆和多德是勤勉刻苦的典范，他们是具有远见卓识的思想家，他们寻求着替他们所在的无需金融许可的荒原时代赋予秩序。他们燃起了火焰，从此为价值投资者照亮了道路。时至今日，《证券分析》仍是投资者难以估价的路线图，尤其是在他们穿行于难以预料、多怪易变甚至于波谲云诡的金融市场去航行的时候更是如此了。《证券分析》常常被当作“价值投资的圣经”提及，周密完善，事无巨细，倾吐出了时代的睿智。尽管很多往事已如过眼烟云，但他们的感悟永恒。行文也许有时会显得枯燥，而读者却差不多在每一页上都能发现有价值的思想。1934年以来金融市场以难以想象的方式得以重塑，但格雷厄姆和多德的投资方法论至今仍然引人注目。
　　Value investing, today as in the era of Graham and Dodd, is the practice of purchasing securities or assets for less than they are worth—the proverbial dollar for 50 cents. Investing in bargain-priced securities provides a “margin of safety”—room for error, imprecision, bad luck, or the vicissitudes of the economy and stock market. While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes the need to perform in-depth fundamental analysis, pursue long-term investment results, limit risk, and resist crowd psychology.
　　价值投资，今天如格雷厄姆和多德时代一样，指购买低于其所值的证券或资产的一种投资实践——（正所谓，）谚语中的1美元价值50美分（译者注：按照美国本位币制，事实上1美元=100美分）。投资于（议价的）廉价证券可保“安全边际”——这就为应对判断错误、决策不精确、运气不佳或者股市及其经济景气荣衰赢得了裕余度。虽然有些人可能误以为价值投资乃是一种可资识别便宜货色品种的机械性手段，然而事实上它是一种强调进行深入基本分析、追求长期投资成效、限制投资风险和抗拒从众心理之必要性的综合投资观念。