Management VS Market Price

Graham不談quality approach﹐主要是它無法數字化﹐所以很難得到客觀以及邏輯的價值結論。

不能否認﹐我也因此對管理層品牌這件事﹐過于草率和馬虎。

我以為擁有超過10年盈利紀錄的企業﹐健康的資產和負債﹐如果價格處于歷史的便宜區﹐這是吸引人的股票。那麼管理層的環節﹐是可以忽略的。

關於這點﹐我認為﹐我的功課做的不夠深。


最近﹐我從Graham的兩部經典﹐發覺原來Graham談quality approach的深度﹐絕對不比quantitative approach少。


例子﹕
Intelligent Investor﹐page 110

Something should be said about the significance of average market price as a measure of managerial competence. The stockholder judges whether his own investment has been successful in terms both of dividends received and of the long-range trend of the average market value. The same criteria should logically be applied in testing the effectiveness of a company's management and the soundness of its attitude toward the owners of the business.

This statement may sound like a truism, but it needs to be emphasized. For as yet there is no accepted technique or approach by which management is brought to the bar of market opinion. On the contrary, managements have always insisted that they have no responsibility of any kind for what happens to the market value of their shares. It is true, of course, that they are not accountable for those fluctuations in price which, as we have been insisting, bear no relationship to underlying conditions and values. But it is only the lack of alertness and intelligent among the rank and file of stockholders that permits this immunity to extend to the entire realm of market quotations, including the permanent establishment of a depreciated and unsatisfactory price level. Good managements produce a good average market price, and bad managements produce bad market prices.