“雪茄烟蒂”投资法是格雷厄姆的“专利”发明之一。格氏眼中的“雪茄屁股”是——便宜、被遗弃——就像你在马路边看见的粘乎、松软的雪茄烟蒂,几乎乏人问津和关注。他知道,有些雪茄屁股一点也没用,花时间逐一细查每根雪茄屁股的品质并不合算,由平均法则得知,大多数雪茄屁股都能吸上一口。他总是考虑一家公司死亡时的价值,也就是破产清算价值。只要能低于这个价值买入,就符合他所谓的“安全边际”。 The Cigar Tobacco Investment Act is one of Graham’s patented inventions. “Cigar Butt” in Ger’s eyes is - cheap, abandoned - just like the sticky, fluffy cigarbelt you saw on the road, with few human interest and attention. He knows that some cigar hips are not useful at all. Spending time examining the quality of each cigar butt is uneconomical, and according to the a rule of thumb, most cigar hips can breathe. He always considers the value of a company’s death, which is the value of bankruptcy liquidation. As long as less than the value of buying, it is consistent with what he called the “safety margin.”