陷阱

 PHILIP A. FISHER

Outstanding corporate management brings the stockholder two reward :

1. Continuously increasing the PE ratio until the stock in question reaches the "institutional ceiling"
2. Beyond temporary gains or setbacks due to the current phase of the business cycle, the stockholders' proportionate share of earnings will continue to grow decade by decade at a well-above-average rate.

A low PE ratio, unaccompanied by a corporate management capable of bringing about a high PE ratio, is usually an investment trap, not an investment bonanza.


BENJAMIN GRAHAM
Good management produce a good average market price, and bad management produce bad market price.

Something should be said about the significance of average market prices 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.

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使用狩獵陷阱可以有好幾種不同原因。最主要是為了獲得食物或毛皮，有時則是為了控制野外的生態環境。哺乳動物通常因身上的毛皮而成為狩獵目標。（维基百科）

 股票也是充满陷阱的世界，我个人认为掉入陷阱的原因主要是：

• 贪
• 嗔（生气）
• 痴（愚）
• 慢（骄傲）
• 疑（懷疑）

我只是一只牛，避免陷阱和保护财产，是终身的学习。