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Jingdong book

聪明的投资者(第4版 注疏点评版)

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《聪明的投资者》是一本证券投资实务领域的**级和世纪级的经典著作,自从1949年首次出版以来,在股市上一直被奉为“股票投资圣经”。作者本杰明?格雷厄姆是价值投资理论的开山鼻祖、巴菲特一生的精神导师。格雷厄姆对于价值投资的理解以及投资安全性的分析策略影响了包括市盈率鼻祖约翰·内夫、投资大师欧文·卡恩和价值投资人艾维拉德等整整三代华尔街基金经理人。
《聪明的投资者》(第4版注疏点评版)平装本由国内著名的巴菲特研究专家、汇添富基金首席理财师刘建位先生审校后,修改了过去部分不准确的业内习惯用语和专业术语的中文译法,再经编辑的重新审读,翻译质量和编校质量有了大幅度提升,译文更加准确流畅。

Content Description

《聪明的投资者(第4版注疏点评版)》在完整保留格雷厄姆原著1973年第4版的基础上,由贾森·兹威格根据近40年尤其是世纪之交全球股市的大动荡现实,对格雷厄姆的原著作了大量的注释和章后点评,进一步检验和佐证了价值投资理论。股神巴菲特为本书撰写的序言和评论是这个版本的又一个亮点。《聪明的投资者》(第4版注疏点评版)首先明确了“投资”与“投机”的区别,指出聪明的投资者当如何确定预期收益。《聪明的投资者》(第4版注疏点评版)着重介绍防御型投资者与积极型投资者的投资组合策略,论述了投资者如何应对市场波动。《聪明的投资者》(第4版注疏点评版)还对基金投资、投资者与投资顾问的关系、普通投资者证券分析的一般方法、防御型投资者与积极型投资者的证券选择、可转换证券及认股权证等问题进行了详细阐述。
《聪明的投资者(第4版注疏点评版)》主要面向个人投资者,全面体现了格雷厄姆的价值投资思想,为普通人在证券投资策略的选择和执行方面提供了重要指导。

Author Description

本杰明·格雷厄姆(BenjaminGraham,1894~1976年),美国经济学家和投资思想家,投资大师,“现代证券分析之父”,价值投资理论奠基人。格雷厄姆生于伦敦,成长于纽约,毕业于哥伦比亚大学。著有《证券分析》(1934年)和《聪明的投资者》(1949年),这两本书被公认为“划时代的、里程碑式的投资圣经”,至今仍极为畅销。格雷厄姆不仅是沃伦·巴菲特就读哥伦比亚大学经济学院的研究生导师,而且被巴菲特膜拜为其一生的“精神导师”,“血管里流淌的血液80%来自于格雷厄姆”。格雷厄姆在投资界的地位,相当于物理学界的爱因斯坦,生物学界的达尔文。作为一代宗师,他的证券分析学说和思想在投资领域产生了极为巨大的震动,影响了几乎三代重要的投资者。如今活跃在华尔街的数十位上亿的投资管理人都自称为格雷厄姆的信徒,因此,享有“华尔街教父”的美誉。



Comments

格雷厄姆的思想,从现在起直到100年后,将会永远成为理性投资的基石。
——沃伦·巴菲特

“格雷厄姆对于投资的意义就像欧几里得对于几何学、达尔文对于生物进化论一样重要。”
——纽约证券分析协会

假如你一生只读一本关于投资的论著,无疑就是这本《聪明的投资者》。
——著名财经杂志《财富》的评论
Catalogue

导言本书的目的 1
导言点评 9
第1 章投资与投机:聪明投资者的预期收益 15
第1 章点评 28
第2 章投资者与通货膨胀 39
第2 章点评 48
第3 章一个世纪的股市历史:1972 年年初的股价水平 54
第3 章点评 66
第4 章防御型投资者的投资组合策略 74
第4 章点评 85
第5 章防御型投资者与普通股 95
第5 章点评 105
第6 章积极型投资者的证券组合策略:被动的方法 113
第6 章点评 123
第7 章积极型投资者的证券组合策略:主动的方法 132
第7 章点评 151
第8 章投资者与市场波动 160
第8 章点评 180
第9 章基金投资 192
第9 章点评 206
第10 章投资者与投资顾问 219
第10 章点评 231
第11 章普通投资者证券分析的一般方法 238
第11 章点评 254
第12 章对每股收益的思考 261
第12 章点评 271
第13 章对四家上市公司的比较 278
第13 章点评 286
第14 章防御型投资者的股票选择 294
第14 章点评 309
第15 章积极型投资者的股票选择 318
第15 章点评 335
第16 章可转换证券及认股权证 341
第16 章点评 354
第17 章四个非常有启发的案例 358
第17 章点评 372
第18 章对八组公司的比较 380
第18 章点评 405
第19 章股东与管理层:股息政策 418
第19 章点评 426
第20 章作为投资中心思想的“安全边际” 439
第20 章点评 449
后记 455
对后记的点评 457
Book Abstract

巴菲特会如何解读《聪明的投资者》
——解读巴菲特序言
11949 年,《聪明的投资者》第1 版出版。1950 年,19 岁的大四学生巴菲特读到此书,猛然顿悟:原来这才是真正的投资之道,这绝对是最伟大的投资书。
于于是巴菲特申请到哥伦比亚大学商学院读研究生,目的就是去听格雷厄姆讲的投资课。一年后毕业,巴菲特申请到格雷厄姆的投资公司无偿工作,但遭到拒绝,因为格雷厄姆想给犹太人更多工作机会。巴菲特回到老家,在父亲开的证券经纪公司工作,坚持经常写信给格雷厄姆,汇报自己的投资见解。又过了三年,格雷厄姆终于同意,于是巴菲特来到纽约,进入格雷厄姆的投资公司工作,看老师做投资,跟着老师做投资,两年时间就把个人资产从9 800 美元增长到17 400 美元。
11956 年格雷厄姆宣布退休。巴菲特重回家乡,组建了自己管理的投资公司,完全模仿格雷厄姆投资公司的运作模式和投资策略。结果青出于蓝而胜于蓝,到1969 年,巴菲特十三年的年收益率为29.8%,个人财富超过2 500 万美元,是导师退休时一生累计财富的10 倍以上。
11970 格雷厄姆准备修订《聪明的投资者》第4 版,由于身体欠佳,钦点巴菲特修订。后来他身体康复之后,还是自己亲自做修订。这就是我们现在看到的1972 年本书的第4 版。
11969 年巴菲特关闭投资公司,控股伯克希尔,开始更伟大的投资传奇。从1965 年到2014 年这50 年,巴菲特管理的伯克希尔公司盈利增长超过7 500 倍,股价累计增长超过1.86 万倍;2015 年巴菲特的个人财富超过720 亿美元,成为有史以来赚钱最多的投资人。2008 年巴菲特登上《福布斯》杂志富豪榜世界首富的位置。
……
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