Preface(開場白)

SA(Securities Analysis)﹐Page vii

This book is intended(預期) for all those who have a serious interest in security value..............It deals not only with methods of analyzing individual issue(證券), but also with the establishment(建立) of general principle of selection and protection of security holdings.Hence much emphasis(重視) has been laid upon distinguishing(區別) the investment from the speculative approach, upon setting up sound and workable test of safety, and upon an understanding of the rights and true interests in senior securities and owners of common stocks.

Some matters of vital(非常重要) significance, e.g., the determination of the future prospects of an enterprise, have received little space(一點點), because little of definite value can be said on the subject.............Conversely(相反的) we have stressed(感受壓力) the technique of discovering(尋找) bargain issues(便宜貨) beyond its relative importance in the entire field of investment, because in this activity the talents(天才) peculiar(特別的) to the securities analyst find perhaps their most fruitful expression.....................

...........We are concerned chiefly with concepts(概念﹐觀念﹐思想), methods(方法), standards(標準), principle(原則), above all, with logical reasoning. We have stressed theory not for itself alone but for its value in practice. We have tried to avoid prescribing standards which are too stringent to follow, or technique methods which are trouble than they are worth.

..........For what we shall call fixed-value investment can be soundly chosen on if they are approached---in the Spinozan(荷蘭哲學家) phrase(警句)---"from the view point of calamity(災難)." In dealing with other types of security commitments, we have striven(努力) throughout to guard(看守) the student againts overemphasis(過份) upon(依靠) the superficial(表面) and temporary(短暫). Twenty years of varied experience in Wall Street have taught the senior author that this overemphasis is at once the delusion(迷惑﹐受騙) and the nemesis(報應) of the world of finance.

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Benjamin Graham
David L. Dodd

May, 1934


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本書旨在滿足那些對證券價值有濃厚興趣的讀者........................內容不止包括了個別證券分析方法﹐還包括了對證券的選擇以及安全持有的普通原則。因此﹐重點會在于區分投資和投機﹐建立可靠的安全檢驗﹐以及了解權益和利益(債券/股票)。

有些非常重要的內容﹐例如企業的前景﹐卻討論不多﹐因為能表達前景的數字太少了。相反的﹐我們強調尋找便宜貨的技術﹐其實已經超越便宜貨的重要性﹐這是因為在證券分析有特別才華的人﹐往往在便宜貨的買賣得到很好的回報。

....................重要關注觀念﹐方法﹐標準﹐原則﹐特別是以上所有的邏輯關係。我們不是為理論而理論﹐而是為了它的實用價值。我們儘量避免太嚴格以至無法遵循的標準﹐或者徒勞無功的技術方法。

.....................我們所謂的固定價值投資是可以有效的﹐如果選擇的方法正確---以“居安思危”的觀念做選擇。其他的投資(股票等)﹐我們盡全力勸告讀者不要過份重視表面和暫時的現像(樂觀)。我在金融界的20年經驗﹐樂觀的後果是受騙和惡報。