ectopic 发表于 2010-1-8 12:56
I think Graham should have added that in the long term, a company's true value is not static. So we are always voting.

老渔夫 发表于 2010-1-8 09:07

holdser 发表于 2010-1-8 01:53

kittytalent 发表于 2009-12-28 09:25
stock market is voting machine or weighting machine?
分析这句话，说出自己的观点，写一篇一两百字的paper。
有没有高人知道怎么写啊，，，都无从下手呀。。

若有高人指点，万分感谢啦~

voting或者是weighting都可以从理性人追求高收益高回报这一点上来阐述，这个可以参考近几年关于限售流通和流通之间的比较分析。主要在于股票市场有一个价值增值，那么这个价值增值出去本身增长（非流通股所表示的每股净资产）外，就纯是市场的货币投票或者评估，如果市场的实际货币选票或者估计价值高于本身的价值（净资产），那么实际的收益就会给人带来更大的满足和幸福啦！
我后面说的有点世俗，不过就是这个意思了。人们往往又从众心理。所以对于投票或者评估问题很难独立看待，相互结合来说比较好。言之有据就是真谛。

Ben Graham, the father of Value Investing, wrote that the owner of equity stocks should not be too concerned with erratic fluctuations in stock prices, since in the short term, the stock market behaves like a voting machine, but in the long term it acts like a weighing machine. A company's true value will in the long run be reflected in its stock price. Over the long term, when companies perform well, their shares will do so, too. And when a company's business suffers, the stock will also suffer.

"In the short run, the market is a voting machine, but in the long run it is a weighing machine."
-- Benjamin Graham, 《 The Intelligent Investor 》

You can download the book by click http://www.pinggu.org/bbs/thread-667869-1-1.html