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私塾丨《安全边际》:投资与投机的对比

塞思·卡拉曼(SethAKlarman),Baupost基金公司总裁,本杰明·格雷厄姆《证券分析阅读指南》一书的主要作者,一位对价值投资有着深刻理解的大师级投资家。

他的《安全边际》一书出版于1991年,此后就没有再版,据说有人在eBay上偶尔看到它,标价超过了1000美元,可见其十分珍贵。

今天私木合伙人【私塾】栏目为大家带来《安全边际》读后感,一起来感受价值投资大师的智慧。

1

原文:You may be wondering, as several of my friend have, why I would write a book that could encourage more people to become value investors. Don't I run the risk of encouraging increased competition, thereby reducing my own investment returns?

读后感受:卡拉曼把价值投资心得公开介绍的初衷被读者甚至朋友所不解。卡拉曼解释原因,其一,价值投资的方法被价值投资大师们多次公开介绍过,但投资者能够在纷繁复杂的投资方法中认可价值投资殊为不易;其二,要成为成功的价值投资者需要做艰苦的工作,只有极少数愿意付出大量时间、精力和具备较强心理素质的投资者才能在认同的基础上获得成功;其三,对于非理性投资者灾难性损失的触动让卡拉曼宁可减少自己的超额收益空间也愿意做出分享的善举。

2

原文:President of the Sequoia Fund, Inc, “Disregarding for the moment whether the prevailing level of stock prices on January 1, 1987 was logical, we are certain that the value of American industry in the aggregate had not increased by 44% as of August 25. Similarly, it is highly unlikely that the value of American industry declined by 23% on a single day, October 19.”

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