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Gentlemen, Professor Graham.
格拉汉姆教授
Ben was this incredible teacher.
本是一名难以置信的老师
I mean he,he was a natural, and he drew us all in.
他一点也不做作 全身心让我们投入
Are Wall Street professionals,they more accurate in the shorter term than the long term forecast?
华尔街专业人士的短期预测真的要比长期预测要准吗
Well, our studies indicate that you have your choice between tossing coins and taking the consensus of expert opinions,
我们的研究显示用掷硬币 和听取专家意见来进行选择
and the results are just about the same in each case.
得到的结果是差不多的
It was like learning baseball from a fellow who's batting .400.
就像从能打出400码那里的人学大棒球一样
It really,it shaped my professional life.
这塑造了我的职业生涯
There are two rules of investing according to Warren,
跟着沃伦投资有两条规则
and he learned this from Ben Graham.
他从本格拉汉姆那里学到了这个
Rule number one, never lose money.
规则一 不要赔钱
Rule number two, never forget rule number one.
规则二 不要忘记规则一
Ben Graham basically coined the term "value investing."
本格拉汉姆创造了价值投资这个概念
He believed in careful scrutiny of a company's financial statements,
他相信对公司财务报表详细审查
and that if you bought value, it would eventually prove out.
如果你购买了价值 就会有好的结果
A few years ago, I went to Amazon,and sure enough, they had this manual there,
几年前 我去了亚马逊 他们那里肯定有卖这本手册
so while reliving my youth，other guys were going to Amazon
所以当要回顾年轻时代是 其他人
and probably buying old "Playboys" or something,
可能会买以前的花花公子或是其他什么
but I bought old Moody's manuals instead,
但我会买穆迪手册
and when I got out of school, I started selling stocks,
当我毕业时 我开始卖股票
I was 20 years old at the time,looked about 16, and acted about 12,
我当时20岁 看起来像16岁 表现得像12岁
so I was not the most impressive salesperson anybody ever met.
所以我自己并不是我所见到的最令人钦佩的交易员
But what I would do was I went through, page by page,
但我会一页页看
looking for possibly undervalued stocks.
寻找估值偏低的股票
