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格雷厄姆把搜寻和选择出超低估值公司——这种极具高智力活动的过程、行为与角色,形象地比喻为“侦探”。格大师经常告诫其众弟子,必须扮演“侦探”的角色,悉心推敲出哪些资产真正具有价值,挖掘出潜藏在股票背后的资产与负债,考量这家公司赚得到或赚不到哪些钱,再把报表上的数字一一分解,如此这般才能测算出股东权益。只有计算出公司的整体价值,再切割成小块,就可分析出股票的价值。
Graham’s search and selection of ultra-low valuation companies - processes, behaviors and roles of this highly intellectual activity are vividly described as “detectives.” Master GG always warned his disciples that they must play the role of “detective”, carefully scrutinize what assets really have value, dig out the assets and liabilities hidden behind the stocks, and consider what money this company earned or could not earn , Then the figures on the report one by one decomposition, so in order to measure the shareholders’ equity. Only by calculating the overall value of the company, and then cut into small pieces, you can analyze the value of the stock.