No Automatic Relationship between Value and Price

(SA, Page 12)

Investment theory should recognize(認識) that the merits(優點) of an issue(證券) reflect themselves in the market price not by any automatic response or mathematical relationship but through the minds and decisions of buyers and sellers. Furthermore, the investor mental attitude not only affects the market price but it is strongly affected by, so that the success of a commitment - properly considered - must depend in some part on the subsequent maintenance of a satisfactory market price. Hence in selecting an investment, even one presumably purchased for income only, reasonable allowance must be made for such purely market price elements as can be ascertained, in addition to the more primary consideration which is paid to factors of intrinsic value.

投資理論應該指出證券的價值並非自動﹑或者按照數學比率反應在市價﹐而是通過買賣雙方的心理因素來決定。買賣雙方的心理因素不只影響市價﹐而且也受到市價的強烈影響﹐所以成功的投資﹐必定是依賴部份隨後產生的好市價。所以選擇投資目標﹐即使是為了利息/股息﹐買入價也應該要能足夠補貼純心理因素會造成的股價變動﹐當成是對內在價值再額外補充。