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Jingdong book

价值投资原理与实战

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Jingdong book

价值投资原理与实战

Name: 价值投资 原理与实战
Brand: Jingdong book
SKU: 3111003331
Price: 41.24 USD
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价值投资的普及书
大师理念与策略的精炼读本
《巴菲特致股东的信》作者、巴菲特的合著者劳伦斯 A. 坎宁安对价值投资的系统解读
精炼格雷厄姆、巴菲特、彼得·林奇、约翰·邓普顿等价值投资者的投资理念

Content Description

价值投资并不是高智商人士的专利，它需要拥有常识和良好的判断力，而且应用这些能力也依赖于建立一个经提炼过的智力框架，以帮助投资者克制情绪上的冲动。
——劳伦斯 A. 坎宁安
《价值投资：原理与实战》介绍了价值投资的基本框架，梳理总结了几大价值投资流派的投资策略与基本理念。继而从原理、行业、财务分析方法、价值度量、市场价格、公司欺诈、安全边际等角度提纲挈领地解读了价值投资实践中的核心内容。

Author Description

劳伦斯 A. 坎宁安（Lawrence A. Cunningham），乔治·华盛顿大学法学院研究讲座教授，拥有圣乔治·塔克尔三世教席，他还是纽约乔治·华盛顿法律、经济与金融研究中心主任。
坎宁安是多本著作的作者，其中包括名著《巴菲特致股东的信》，他与沃伦·巴菲特合著了该书，主要负责全书的主题设置与内容整理。他还著有《向格雷厄姆学思考向巴菲特学投资》等书。
他的投资研究曾发表在哥伦比亚大学、康奈尔大学、哈佛大学等一流名校的研究期刊上。他还经常在《巴尔的摩太阳报》《金融时报》《纽约时报》上发表专业观点。

Comments

★我从未想过通过股市挣钱，我每次购入股票时总是先作假设，股市第二天就关门大吉，然后过五年后才重新开张。
——沃伦·巴菲特

★从长期来看，投资与市场无关，投资是享受企业赚取收益的过程。
——约翰·博格

Catalogue

译者序
第1章当前常见的投资风格
第2章价值投资的信条
第3章能力范围
第4章财务分析
第5章复利原则
第6章价值的度量手段
第7章折现率
第8章市场价格
第9章欺骗和假象
第10章财务报告中的慢性病
第11章关于前景的报告中存在的问题
第12章购买股票的方法
第13章非股票投资途径
第14章要点总结

Book Abstract

价值型投资和成长型投资在策略上有重合之处，它们对价格一价值的关系持有相同的观点，但在看待未来的角度上侧重点不同。价值型投资强调已知的价值，并将其和价格作比较；成长型投资强调成长所带来的价值增长，并将其与价格作比较。从这个意义上说，成长型投资和价值型投资如同一对表兄弟，它们的追随者均认为，投资分析师是能够得出股票的价值并将其与价格进行比较的。
指数型投资策略是为那些不能或不愿做上述工作的投资者所准备的。采用这种策略无需专业的分析能力或做额外的功课，投资的回报是整个指数的表现而不是遴选出的某一股票。价值型和成长型策略的拥趸认为该策略适用于那些缺乏分析技能或精力的投资者。我们在第12章将会看到，了解价值投资的基本理念对被动型的投资者其实也是有益的，因为这可以帮助他们理解是什么力量在操纵他们原本的投资。
价值型投资者把技术型交易看做投机，而不是投资。技术型投资策略试图预测投资者对股市前景的预期，并通过探究股价历史数据中的模式来建立这种预测。从某种意义上说，这并不是一种投资策略，而且它的时限也太短，不能构成真正的投资，所以这种策略对那些富于理性的分析师来说并没有吸引力，它会在股市持续走高时使人沉醉其中，从而丧失应该有的判断。20世纪90年代就是人们在股市中酩酊大醉的时候。
有一类被称做“动量交易”（momentum trading）的技术型交易在20世纪90年代很普遍。当最受瞩目的股票上涨时，其吸引力会进一步加大，采用这种策略的投资者会错误地认为自己是英明的炒家。很多人在弹冠相庆时，甚至都不清楚自己买人的公司是干什么的，是不是在盈利，更不要说去看一下这些公司的财报。在大概5年的时间内，大部分股票都在上涨，即使是那些已经摇摇欲坠的公司；沾沾自喜的情绪到处蔓延。
这期间，很多新的投资者被股市吸引而下海，尽管他们还读不懂企业财报，更不知其中的基本要素，即便是投资的老手也禁不住随波逐流，去相信传言和错误的主观判断，而不是基于事实和数据的分析。菜鸟投资者从来没有听说过价值投资的概念，而很多有经验的投资者又迷信地认为所谓的“新经济”已经使这一概念变得如化石般古老。其实我们不难发现，历史上有很多类似的时期，其中最广为人知的是20世纪20年代，其顶峰就是1929年的股市大崩盘。
正是这次经济大萧条催生了本杰明·格雷厄姆和戴维·多德的价值投资理念。20世纪20年代后期，由内部消息和主观判断驱动的资产组合管理技巧构成了当时投资圈的主要特点，而格雷厄姆通过宣扬一种理智的投资策略框架，提高了投资者的自制力。虽然他的价值投资理论蓝本仍然处处依赖投资者的个人判断，但是却给他们提供了一个坚实的基础。
组合型投资策略则在提供这种理性的投资策略框架方面走得更远。这种策略的一个基本假设是价格和价值是相等的。如果这一“有效市场假说”是正确的，则价值型投资策略就毫无用武之地了。通过买人一只价格远低于其内在价值（未来现金流的当前值）的股票来获取超出平均水平的投资收益变得没有可能。
在有效市场理论中，一个公司的业务风险反映在其股价相对于其他公司股价的历史波动中。这一组合型投资策略的关键指标被该策略的拥护者称做股票的βB（beta）系数，并被频繁地监测。投资顾问使用B风险测度来指导组合型投资者建立符合自己风险偏好的投资组合，我们将在第7章中介绍其中的细节。
在此基础上，组合型投资策略又前进了一大步。其认为存在这样的可能性，即通过组合一揽子分散化的证券，可以消除与其中任何一只证券有关的特定风险。一只证券的风险可以被其他证券的收益所抵消。组合型投资策略将问题简化为分析B系数和构造最优的分散化投资组合，对于这两种工具，已有大量的数学和计量经济学方面的研究成果。有些证据支持这一理论，而另外一些则让人对其存有疑问。

Introduction

译者序
伴随着中国向中等收入国家行列迈进，越来越多的普通家庭拥有了财富积累。“旧时王谢堂前燕，飞入寻常百姓家”，投资理财不再是富豪和金融专业人士的专美；格雷厄姆、巴菲特这些名字对普通中国百姓也变得耳熟能详。在股市的跌宕起伏中，我们往往对成功者的故事津津乐道，但对故事背后隐藏的投资理念以及大师们成功的深层次原因却只有似是而非的概念。
有感于21世纪初高科技泡沫破灭给美国股市带来的灾难性损失和由此带来的深刻教训，劳伦斯?坎宁安撰写了本书，意在澄清价值投资的关键概念，引导投资者正确认识自己的能力，养成分析资产价值和价格之间关系的习惯，培养投资纪律并对可能存在不良行为的企业保持警觉。作者坎宁安教授曾任教于美国波士顿学院和乔治?华盛顿大学，是美国公司法和投资领域的著名学者。他是价值投资名著《巴菲特致股东的信》的编纂者，还著有关于投资、会计和商法的多部畅销书。
在本书中，作者深入浅出地剖析了各种投资策略的异同，解释了价值投资策略的核心特征和构成要素，并结合20世纪末和21世纪初美国股市特别是一些高科技企业的兴衰，揭示了价值投资策略历久弥新、长盛不衰的魅力所在。本书语言平实，没有故弄玄虚的词藻，娓娓道来，读来让人爱不释手。
本书成书于2004年，自那时以来，美国经济又经历一个从极度繁荣到萎缩再到缓慢复苏的过程。虽然整体上还没有完全走出2008年次贷危机的阴影，但是美国股市在接连不断的政策刺激下，最近已经屡次冲上历史新高。与此同时，过去的10年，是以房地产为代表的中国资产价格飙升的10年。在此期间，中国股市经历了大起大落，最终重回了原先的起点，目前又面临着经济增长放缓带来的挑战。当前，无论是国内还是国际，资本市场的不确定性都是历史上少见的。在这个时间点上，重温成功的价值投资者的信条，显得尤为重要。更为难得的是，作者在2004年提出的警示和对一些金融产品发展轨迹的预测，很多都在接下来的几年中得以应验。
本书没有晦涩深奥的理论和公式，概念的呈现往往辅以简洁直观的例子，适合非专业人士厘清价值投资和其他投资策略的核心观点、把握投资基本原则、正确认识自己的能力和识别投资风险。希望本书能帮助有志在资本市场一试身手的投资新手选择适当的投资方法和渠道。
王勇（博士）、董方鹏（博士）
2013年7月于加拿大多伦多市

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价值投资 原理与实战

价值投资原理与实战