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  • 1

    推荐序 如何读懂“华尔街教父”格雷厄姆

    推荐序 如何读懂“华尔街教父”格雷厄姆 邱国鹭 高毅资产董事长 巴菲特曾经说过,他的投资方法是“85%的格雷厄姆加15%的菲利普·费雪”。格雷厄姆在投资界的地位是如此崇高,在他所著的《证券分析》于1934年出版之前,人们对价值投资和基本面分析知之甚少,证券分析作为一个行业几乎是不存在的。因此,格雷厄姆不仅被认为是“价值投资之父”,同时也被认为是“基本面分析之

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  • 2

    测一测 你能像格雷厄姆一样,用价值投资创造财富吗?

    1.你偏好审慎的投资风格。( ) A.正确 B.不正确 2.你习惯采用预测市场方向和时机的通行做法,但回报却不太理想。( ) A.正确 B.不正确 3.相比于采用带有赌博性质的投机行为,你希望找到从长期来看更稳妥的投资目标。( ) A.正确 B.不正确 4.你希望找到更可靠的信息来源,并学会解读它们。( ) A.正确 B.不正确 5.你厌倦了自己做预测,想要

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  • 3

    序言 是什么成就了本杰明·格雷厄姆

    序言 是什么成就了本杰明·格雷厄姆 西摩·查特曼(1) 加州大学伯克利分校 本杰明·格雷厄姆在六七十岁时退休了。退休后,他经常换不同的地方居住,比如,加利福尼亚比佛利山和拉霍亚、法国普罗旺斯地区艾克斯,以及马德拉群岛。格雷厄姆写了一部他称之为“我记得之事”的传记,尽可能详细地记录了他能记住的家庭和职业生活,以及他的家乡纽约市的声色犬马。然而,格雷厄姆困惑于记

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  • 4

    附录1 格雷厄姆63岁时的自我剖析

    附录1 格雷厄姆63岁时的自我剖析 1957年5月 格雷厄姆有很多忠诚的朋友,如果说有敌人的话,数量也是极少的,但他没有一个密友或知己,这一事实是了解他性格的一条线索。让我们从他的内心世界审视一下其中的原因。当还是个男孩的时候,他聪明、可爱、害羞、喜欢幻想,并且有一种病态般的敏感。他小心翼翼,从不想伤害任何人,而他也无法理解为何其他人会经常以冷淡甚至恶意的方

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  • 5

    附录2 格雷厄姆80岁时的生日演讲

    附录2 格雷厄姆80岁时的生日演讲 1974年4月11日 我最亲爱的马洛、哥哥维克托、孩子们、孙子们,以及现场的其他亲朋好友,欢迎来到拉霍亚参加我80岁的生日庆典。首先,我想感谢我的女儿玛乔丽安排了这次聚会;我还要感谢哥哥维克托挑选了我的一些诗作,把它们精心编辑成纪念册;感谢你们每个人对我这本新纪念册做出的宝贵贡献。 当我还是少年时,我见过伟大的马克·吐温穿

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  • 6

    附录3 格雷厄姆的思想和他人思想中的格雷厄姆

    附录3 格雷厄姆的思想和他人思想中的格雷厄姆 格雷厄姆的作品 本杰明·格雷厄姆.聪明的投资者(原本第4版)[M].王中华,黄一义,译.北京:人民邮电出版社,2016。 本杰明·格雷厄姆,克宾塞·麦勒迪斯.像格雷厄姆一样读财报[M].刘雨,江蓉蓉,译.北京:中国青年出版社,2012。 本杰明·格雷厄姆,戴维·多德.证券分析:原书第6版(经典畅销版)[M].巴曙

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  • 7

    附录4 格雷厄姆的传奇一生

    附录4 格雷厄姆的传奇一生 1890 — 1900 BENJAMIN GRAHAM · 1894年,5月9日出生于伦敦。 · 1895年,举家移居纽约。 · 1900年,6岁半就读一年级。 1901 — 1910 BENJAMIN GRAHAM · 1901年,游历英国。 · 1903年,住在纽约市第116号街244号。开始在公立学校就读。售卖《星期六晚邮报

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  • 8

    参考文献

    序言 1. Gore Vidal, “How I Survived the Fifties,” The New Yorker, October 2, 1995, p.62. 2. John Train, The Money Masters (New York: Penguin, 1980), p.95. 3. “Portrait of an Analyst:

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  • 9

    译者后记 这是一位投资大师对人生的诚恳总结

    译者后记 这是一位投资大师对人生的诚恳总结 可以想见,从开篇读到此处,有些读者不免会有些失望。这虽是新译本,但在翻译此书之前,我从未读过旧译本和英文版。因此,在翻译过程中,我心里也犯过嘀咕:格雷厄姆的这本回忆录似乎没什么含金量——是的,不加引号的含金量,从字面意义上理解的含金量。 众所周知,格雷厄姆以投资为业,被誉为“华尔街教父”,是巴菲特曾经的老师和老板。

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附录3 格雷厄姆的思想和他人思想中的格雷厄姆

附录3

格雷厄姆的思想和他人思想中的格雷厄姆

格雷厄姆的作品

本杰明·格雷厄姆.聪明的投资者(原本第4版)[M].王中华,黄一义,译.北京:人民邮电出版社,2016。

本杰明·格雷厄姆,克宾塞·麦勒迪斯.像格雷厄姆一样读财报[M].刘雨,江蓉蓉,译.北京:中国青年出版社,2012。

本杰明·格雷厄姆,戴维·多德.证券分析:原书第6版(经典畅销版)[M].巴曙松,陈剑,译.北京:四川人民出版社,2019。

本杰明·格雷厄姆.储备与稳定[M].译科,张卓飞,译.北京:法律出版社,2011。

本杰明·格雷厄姆.世界商品与世界货币[M].译科,杨崇献,译.北京:法律出版社,2011。

“Are We Too Confident About the Invulnerability of Stocks?” The Commercial and Financial Chronicle, February 1, 1962.

“The Art of Hedging,” The Magazine of Wall Street, vol. 25, February 7, 1920, pp. 252-253.

“Bargains in Bonds,” The Magazine of Wall Street, 1919.

“The Coal Situation and Coal Stocks,” The Magazine of Wall Street, vol. 24, July 5, 1919, pp. 509-511.

“The ‘Collapse’ of American International,” The Magazine of Wall Street, vol. 26, December 11, 1920, pp. 175-176, 217.

“A Conversation with Benjamin Graham,” The Financial Analysts Journal, September, 1976.

Current Problems in Security Analysis [Transcripts of Lectures, July, 1946] (New York: New York Institute of Finance, 1947).

The Flexible Work-Year: An Answer to Unemployment (Santa Barbara: Center for the Study of Democratic Institutions, 1964.

“The Future of Financial Analysis,” The Financial Analyst Journal, May, 1963.

“The Goodyear Reorganization,” The Magazine of Wall Street, vol. 27, March 19, 1921, pp. 683-685.

“The Growth of Corporate Working Capital, 1939-1945,” The Financial Analysts Journal, First Quarter, 1947.

“The Hippocratic Method in Security Analysis,” The FinanciaL Analysts Journal, Second Quarter, 1946.

“Inflated Treasuries and Deflated Stockholders,” Forbes, vol.29, no.11, June 1, 1932, pp.10-12.

“Is American Business Worth More Dead Than Alive?” Forbes, June 1, 1932; June 13, 1932; July 1, 1932.

“The New Speculation in Common Stocks,” The Financial Analysts Journal, June, 1958.

“Northern Pacific Outstrips Great Northern,” The Magazine of Wall Street, vol. 24, June 7, 1919, pp. 314-317.

“A Note on Corporate Working Capital 1939-1945,” The Financial Analysts Journal, Fourth Quarter, 1946.

“Our Balance of Payments—The Conspiracy of Silence,” The Financial Analysts Journal, November, 1962.

“On Being Right in Security Analysis,” The Financial Analysts Journal, First Quarter, 1946.

“A Profitable Switch—From Saint Paul at 41 Into Big Four at 43,” The Magazine of Wall Street, vol. 24, May 24, 1919, pp.222-225.

“A Questionnaire on Stockholder-Management Relationship,” The Financial Analysts Journal, Fourth Quarter, 1947.

The Renaissance of Value: The Proceedings of a Seminar on the Economy, Interest Rates, Portfolio Management, and Bonds (Charlottesville, Virginia: Financial Analysts Research Foundations, 1974).

“The Riddle of U.S. Steel’s Book Value,” The Magazine of Wall Street, vol. 38, July 17, 1926, pp. 524-525, 614-617.

“The S.E.C. Method of Security Analysis,” The Financial Analysts Journal, Third Quarter, 1946.

“Severe Unsettlement in Stock Prices,” The Magazine of Wall Street, 1927.

“Mr. Shareholder—Do You Know When Periodic Dividends Help and When They Hurt You?” The Magazine of Wall Street, vol. 38, no. 11, September 25, 1926, pp. 1032-1034, 1076.

“Should Rich but Losing Corporations Be Liquidated?” Forbes, vol. 30, no. 1, July 1, 1932, pp. 13-14.

“Should Rich Corporations Return Stockholders’ Cash?” Forbes, vol. 29, no. 12, June 15, 1932, pp. 20-22.

“Should Security Analysts Have a Professional Rating? The Affirmative Case,” The Financial Analysts Journal, January, 1945.

“Some Observations,” The Financial Analysts Journal, November, 1967.

“Some Structural Relationships Bearing Upon Full Employment,” The Financial Analysts Journal, May, 1955.

“Special Situations,” The Financial Analysts Journal, Fourth Quarter, 1946.

“Stock Dividends,” Barron’s, August 3 and 10, 1953.

“Strategic Switch in Railroad Issues,” The Magazine of Wall Street, vol. 24, August 16, 1919, pp. 759-762.

Translated from Spanish, The Truce, a novel by Mario Benedetti (New York: Harper and Row, 1967).

“Three Switches in New York Tractions,” The Magazine of Wall Street, vol. 24, July 5, 1919, pp. 509-511.

“Toward a Science of Security Analysis,” The Financial Analysts Journal, August, 1952.

“The Two ‘American Ships’,” The Magazine of Wall Street, vol. 25, January 10, 1920, pp. 291-292, 322.

“Two Illustrative Approaches to Formula Valuations of Common Stocks,” The Financial Analysts Journal, November, 1957.

“Two Ways to Making (and Losing) Money in Securities,” The Financial Analysts Journal, Second Quarter, 1948, supplement.

“The War Economy and Stock Values,” The Financial Analysts Journal, First Quarter, 1951.

“Which Way to Relief from the Double Tax on Corporate Profits?” The Financial Analysts Journal, February, 1954.

“Will the Market Grow to the Sky?—Some Problems Ahead,” The Commercial and Financial Chronicle, April 6, 1961.

“Which Is the Best Sugar Stock?” The Magazine of Wall Street, vol. 25, April 30, 1920, pp. 799-801. World Commodities and World Currency (New York: McGraw-Hill, 1944).

关于格雷厄姆的著作

罗伯特·G.哈格斯特朗.巴菲特之道(原书第3版)[M].杨天南,译.北京:机械工业出版社,2015。

珍妮特·洛.本杰明·格雷厄姆经典投资策略[M].李曼,译.北京:机械工业出版社,2019。

Anon.,“Portrait of an Analyst: Benjamin Graham,” The Financial Analysts Journal, January-February, 1968.

Arbel, Avner, “A Message from Ben Graham,” Forbes, November 30, 1987.

Auxier, Albert L., “Happy Birthday, Ben,” Barron’s, vol. 74, no. 19, May 19, 1994, pp.50-52.

“Ben We Hardly Knew Ye,” Worth, June-July, 1992.

“Benjamin Graham, Securities Expert [obituary],” The New York Times, September 23, 1976.

Blustein, Paul, “Benjamin Graham’s Last Will and Testament,” Forbes, August 1, 1977.

Buffett, Warren, “Benjamin Graham,” The Financial Analysts Journal, November-December, 1976.

Buffett, Warren, “The Superinvestors of Graham and Doddsville,” Hermes, 1984.

Butler, Hartman, “A Conversation with Benjamin Graham,” The Financial Analysts Journal, November-December, 1986.

Cook, Anthony, “The Stock Market Is Like a Pendulum,” [Interview with Graham], Forbes, vol. 115, June 15, 1975, pp. 35, 37.

Davidson, Catherine, “Graham and Dodd’s Security Analysis: The Fifth Edition,” Hermes, Fall, 1987.

Dorfman, John, “Updating a Classic Guide to Market Investment,” The Wall Street Journal, March 10, 1988.

Guzzardi, Walter, Jr., “The U.S. Business Hall of Fame,” Fortune, vol. 117, 1988, pp. 142, 147.

Harmon, Elmer Meredith, Commodity Reserve Currency: The Graham-Goudriaan Proposal for Stabilizing Income of Primary Producing Countries(New York: Columbia University Press, 1959).

Kahn, Irving, and Robert D. Milne, Benjamin Graham, the Father of Financial Analysis(Charlottesville, Va.: Financial Analysts Research Foundations, 1977).

Kilpatrick, Andrew, Warren Buffett: The Good Guy of Wall Street (New York: Donald Fine, 1992).

Lowenstein, Roger, Buffett: The Making of an American Capitalist (New York: Random House, 1995).

Loomis, Carol J., “The Inside Story of Warren Buffett,” Fortune, April 11, 1988.

Moskowitz, Milton, “The Intelligent Investor at 80,” The New York Times, May 5, 1974.

Oppenheimer, Henry, “Ben Graham’s Net Current Asset Values: A Performance Update,” The Financial Analysts Journal, November-December, 1986.

Oppenheimer, Henry, “Remembering Uncle Ben,” Forbes, October 15, 1975.

Oppenheimer, Henry, Common Stock Selection: An Analysis of Benjamin Graham’s“Intelligent Investor” Approach (Ann Arbor, Mich.: UMI Research Press, 1981).

Oppenheimer, Henry, “A Test of Ben Graham’s Stock Selection Criteria,” The Financial Analysts Journal, September-October, 1984.

Regan, Nancy, The Institute of Chartered Financial Analysts: A Twenty-five Year History(Charlottesville, Va.: The Institute of Chartered Financial Analysts, 1987).

Smith, Adam, Supermoney (New York: Random House, 1972).

Train, John, The Money Masters (New York: Harper and Row, 1985).

U.S. Senate, 84th Congress, Hearings Before the Committee on Banking and Currency(Washington, D.C.: U.S. Government Printing Office, March 11, 1955).

Vu, Joseph, “An Empirical Analysis of Ben Graham’s Net Current Asset Value Rule,”Financial Review, May, 1988.