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《证券分析》前言

2009-12-4 20:22| 发布者: 十倍股| 查看: 3656| 评论: 0

FOREWORD 前言

BY WARREN E. BUFFETT 沃伦巴菲特

 

There are four books in my overflowing library that I particularly treasure, each of them written more than 50 years ago. All,though, would still be of enormous value to me if I were to read them today for the first time; their wisdom endures though their pages fade.

在我内容泛滥的藏书馆中有四本书令我特别珍视,每一本都成书于五十多年前。虽如此,它们全都对我价值非凡,就算是今天去读,亦如初捧宝卷;铅华易逝,智慧弥恒。

Two of those books are first editions of The Wealth of Nations (1776),by Adam Smith, and The Intelligent Investor (1949), by Benjamin Graham. A third is an original copy of the book you hold in your hands, Graham and Dodd’s Security Analysis. I studied from Security Analysis while I was at Columbia University in 1950 and 1951, when I had the extraordinary good luck to have Ben Graham and Dave Dodd as teachers. Together, the book and the men changed my life.

其中两本是亚当斯密的《国富论》初版(1776年)和本杰明格雷厄姆的《聪明一世投资客》(1949年)。第三本书就是你正在捧读的格雷厄姆和多德所著的《证券分析》课本。1950年和1951年我在哥伦比亚大学就是从《证券分析》入手开始学习投资的,那时我特别幸运能拜本格雷厄姆和戴维多德为师。这本书和这两个人都改变了我的人生。

On the utilitarian side, what I learned then became the bedrock upon which all of my investment and business decisions have been built. Prior to meeting Ben and Dave, I had long been fascinated by the stock market. Before I bought my first stock at age 11—it took me until then to accumulate the $115 required for the purchase—I had read every book in the Omaha Public Library having to do with the stock market. I found many of them fascinating and all interesting. But none were really useful.

以功利论,我那时所学到的东西成为我后来形成全部投资决策和商业判断能力的根基。遇到本和戴维之前,我已久久痴迷于股票市场了。在我11岁购买第一支股票之前——那地方一直吸引着我并让我攒足了买股票需要的115美元——我已经阅读了奥马哈市立图书馆有关股票市场的所有书籍。我从这些书中找到了不少的迷人之处也享受了所有乐趣,但没有一本书真有用。

My intellectual odyssey ended, however, when I met Ben and Dave, first through their writings and then in person. They laid out a roadmap for investing that I have now been following for 57 years. There’s been no reason to look for another.

智力上的远行到头了,可是,不久我幸遇本和戴维,先读了他们的书又认识了他们的人。他们展开了我迄今为止已追随了57年的投资路线图,自此我无改弦易辙之心。

Beyond the ideas Ben and Dave gave me, they showered me with friendship, encouragement, and trust. They cared not a whit for reciprocation—toward a young student, they simply wanted to extend a one-way street of helpfulness. In the end, that’s probably what I admire most about the two men. It was ordained at birth that they would be brilliant; they elected to be generous and kind.

本和戴维除了启迪我智慧之外,还赐予我无限的友情、鼓舞和信赖。他们不苛求点滴之恩必当涌泉相报——对于一名年轻学子,他们只是希望能拓展出有益有利的单行道。最终,这大概就是我对二位先生最钦佩的所在了。命中注定他们就是杰出的人物。他们堪称慷慨和友善的代言。

Misanthropes would have been puzzled by their behavior. Ben and Dave instructed literally thousands of potential competitors, young fellows like me who would buy bargain stocks or engage in arbitrage transactions, directly competing with the Graham-Newman Corporation, which was Ben’s investment company. Moreover, Ben and Dave would use current investing examples in the classroom and in their writings, in effect doing our work for us. The way they behaved made as deep an impression on me—and many of my classmates—as did their ideas. We were being taught not only how to invest wisely; we were also being taught how to live wisely.

愤世嫉俗者或许一直以来对他们的行为迷惑不解。本和戴维实实在在地为成百上千的潜在对手、像我这样的年轻业者指示如何购买廉价股票或者如何从事套利交易业务,哪怕这些人直接跟本自己的投资公司——格雷厄姆-纽曼公司竞争。不仅如此,本和戴维还乐意在课堂上和著作中使用当前流行的案例,并对我们的实际工作大有裨益。他们的行为方式给我留下了深刻印象——很多同学都有同感——兰心蕙质。我们不仅受教于如何明智地投资,而且受教于如何智慧地生活。

The copy of Security Analysis that I keep in my library and that I used at Columbia is the 1940 edition. I’ve read it, I’m sure, at least four times, and obviously it is special.

我藏于书馆的那本《证券分析》抄本,以及我在哥伦比亚大学使用过的1940版的课本,我敢肯定,我至少读过四遍了,它显然是别出一格的。

But let’s get to the fourth book I mentioned, which is even more precious. In 2000, Barbara Dodd Anderson, Dave’s only child, gave me her father’s copy of the 1934 edition of Security Analysis, inscribed with hundreds of marginal notes. These were inked in by Dave as he prepared for publication of the 1940 revised edition. No gift has meant more to me.

最后我们才谈到我提到的第四本书,它更显珍贵。2000年,戴维的独女,芭芭拉多德安德森将她父亲1934年版的《证券分析》抄本送给了我,内中题记了数百条补充注释。戴维亲笔的墨迹犹存,那是他当时为1940的改版而审稿留下的。对我而言,再也没有比这个抄本更有意义的礼物了。

 

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