价值研习经典图册

Benjamin Graham；Jason Zweig评注；Warren Buffett序与附录 · 投资经典研习

聪明的投资者

把企业、价格与自己的承受能力放在一起

从第一篇读起

本书先抓住什么

用可以解释的价值依据和价格余量作决定，同时让仓位、资金期限与行为规则承受可能的错误。

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有厚实支撑的深绿色木桥跨过一道石缝。
本书主题原创插图，非历史实物。有厚实支撑的深绿色木桥跨过一道石缝。

带着问题，进入原书。

格雷厄姆关心的，是普通人在无法预测市场时，怎样依据企业、购买价格与资金条件作出稳健决定。这份中文研习版覆盖二十原章、实质前言导论、后记与七项附录，并将较长案例和分析拆开。Jason Zweig的评注加入二〇〇三年前后的新案例，巴菲特的附录演讲另有年代，不能混成原作者事前已知的事实。讲解保留具体公司、反例与方法边界，区分账面利润、现金、价格和股东回报。互动数字只是明确列出的假设，帮助检查因果与误差，不提供今日买卖名单或沿用旧税率。

来源版本：HarperCollins英文Revised Edition EPUB，eISBN 9780061745171，版权页标注EPUB June 2003。格雷厄姆正文为1971—1972年更新、1973年出版的第四修订版；Zweig新增评注与注释为2003年材料；附录一为Buffett的1984年演讲。

前言、人物说明与导论

  1. 01聪明首先是有框架，并能约束自己的行为Preface to the Fourth Edition; A Note About Benjamin Graham; Introduction; Commentary on the Introduction未读

1. 投资与投机：认识自己的角色

  1. 02投资与投机的分界，在依据和能承担的损失Chapter 1: Investment versus Speculation—Results to Be Expected by the Intelligent Investor（定义与防御政策）未读
  2. 03额外努力要胜过竞争，也要胜过自己的回看偏差Chapter 1: Investment versus Speculation（进取者与公式）；Commentary on Chapter 1未读

2. 投资者与通货膨胀

  1. 04通胀会吃掉购买力，却不会自动让所有股票替你挡住Chapter 2: The Investor and Inflation; Commentary on Chapter 2未读

3. 百年市场史与1972年价格

  1. 05读百年历史，是为了检查期待而非复制平均数Chapter 3: A Century of Stock-Market History; Commentary on Chapter 3未读

4. 防御型投资者的总体配置

  1. 06配置先服从生活与承受能力，再谈市场判断Chapter 4: General Portfolio Policy—The Defensive Investor（配置）；Commentary on Chapter 4未读
  2. 07收入产品先看付款责任，再比较利率数字Chapter 4: General Portfolio Policy（债券与证券形式）；Commentary on Chapter 4（收入投资）未读

5. 防御型投资者与普通股

  1. 08防御型持股：分散、价格与持续投入都需要功课Chapter 5: The Defensive Investor and Common Stocks; Commentary on Chapter 5未读

6. 进取型配置：避开什么

  1. 09进取的第一步，是知道哪些诱惑先不接受Chapter 6: Portfolio Policy for the Enterprising Investor—Negative Approach; Commentary on Chapter 6未读

7. 进取型配置：寻找什么

  1. 10成长、冷门与周期，都要先过价格这一关Chapter 7: Portfolio Policy for the Enterprising Investor—The Positive Side（成长与不受欢迎的大公司）；Commentary on Chapter 7未读
  2. 11资产折价与特殊事件，便宜还要能兑现到持有人Chapter 7（廉价证券、次级公司、特殊情况与规则含义）；Commentary on Chapter 7（资产筛选与海外股票）未读

8. 投资者与市场波动

  1. 12市场先生提供报价，你仍须判断生意有没有改变Chapter 8: The Investor and Market Fluctuations（定价、市场先生与A. & P.）；Commentary on Chapter 8未读
  2. 13控制能控制的，并给情绪和资金都留余地Chapter 8（管理、债券波动）；Commentary on Chapter 8（个人优势、行为与投资约定）未读

9. 投资基金

  1. 14基金可以替人分工，不能替人取消判断Chapter 9: Investing in Investment Funds（基金形式、业绩与折价）未读
  2. 15挑基金先看成本、风险和机制，再看排行榜Commentary on Chapter 9: Investing in Investment Funds未读

10. 投资者与顾问

  1. 16请人帮忙之前，先弄清他为谁工作、怎样收费Chapter 10: The Investor and His Advisers; Commentary on Chapter 10未读

11. 非专业读者的证券分析

  1. 17估值工具越精细，越要看它站在什么假设上Chapter 11: Security Analysis for the Lay Investor—General Approach未读
  2. 18从年报里追问：谁在供钱，谁在收钱，谁在分走利润Commentary on Chapter 11: Security Analysis for the Lay Investor未读

12. 每股收益需要注意什么

  1. 19每股盈利不是一个不用解释的数字Chapter 12: Things to Consider About Per-Share Earnings; Commentary on Chapter 12未读

13. 四家上市公司比较

  1. 20把公司放在同一张比较表，也把价格放进去Chapter 13: A Comparison of Four Listed Companies; Commentary on Chapter 13未读

14. 防御型投资者选股

  1. 21防御选股的七道筛子，是起点而非合格证Chapter 14: Stock Selection for the Defensive Investor; Commentary on Chapter 14未读

15. 进取型投资者选股

  1. 22进取选股先证明优势，再证明筛子不是巧合Chapter 15: Stock Selection for the Enterprising Investor（方法记录、筛选与单指标实验）未读
  2. 23特殊机会与实战练习，都要保留失败和兑现条件Chapter 15（特殊情况及后续）；Commentary on Chapter 15未读

16. 可转换证券与认股权证

  1. 24转换权与认股权，不会凭包装同时送来全部好处Chapter 16: Convertible Issues and Warrants; Commentary on Chapter 16未读

17. 四组具有教益的案例

  1. 25大公司也要先过偿债关17. Four Extremely Instructive Case Histories — Penn Central and Lucent未读
  2. 26买来规模，未必买来利润17. Four Extremely Instructive Case Histories — Ling-Temco-Vought and Tyco未读
  3. 27小鱼吞大鱼，谁承担代价17. Four Extremely Instructive Case Histories — NVF and AOL Time Warner未读
  4. 28新股很热，生意能活多久17. Four Extremely Instructive Case Histories — AAA Enterprises and eToys未读

18. 八对公司比较

  1. 29名字相近，财务可以很远18. A Comparison of Eight Pairs of Companies — Pairs 1–2未读
  2. 30优秀企业，也可能装进过高的价格18. A Comparison of Eight Pairs of Companies — Pairs 3–4未读
  3. 31销售额很大，回报也可能很薄18. A Comparison of Eight Pairs of Companies — Pairs 5–6未读
  4. 32别让复杂证券藏住真实价格18. A Comparison of Eight Pairs of Companies — Pairs 7–8 and General Observations未读

19. 股东、管理层与分红

  1. 33买进以后，还要怎样当股东19. Shareholders and Managements: Dividend Policy — Ownership and Retained Earnings未读
  2. 34送股、回购与报酬，谁真正得到利益19. Shareholders and Managements: Dividend Policy — Stock Dividends, Buybacks and Compensation未读

20. 安全边际

  1. 35安全边际：让坏一点也承受得住20. Margin of Safety — Earnings, Value and Price未读
  2. 36分散要配合有依据的优势20. Margin of Safety — Diversification and Business Principles未读
  3. 37算错一次，后果能不能承受Commentary on Chapter 20 — Confidence, Regret and Consequences未读

后记与后记评注

  1. 38一次巨大成功，怎样读得不失真Postscript and Commentary on Postscript未读

附录1 The Superinvestors of Graham-and-Doddsville

  1. 39赢家一大群，先查样本怎样选Appendix 1. The Superinvestors of Graham-and-Doddsville — Selection and Common Origins未读
  2. 40九份记录，共同原则与不同道路Appendix 1. The Superinvestors of Graham-and-Doddsville — Records, Risk and Value未读

附录2 Important Rules Concerning Taxability of Investment Income and Security Transactions (in 1972)

  1. 41旧税表先认年份，再认收入种类Appendix 2. Important Rules Concerning Taxability of Investment Income and Security Transactions (in 1972)未读

附录3 The Basics of Investment Taxation (Updated as of 2003)

  1. 422003年更新，也不是永久规则Appendix 3. The Basics of Investment Taxation (Updated as of 2003)未读

附录4 The New Speculation in Common Stocks

  1. 43企业变稳，股票却可能变险Appendix 4. The New Speculation in Common Stocks — Changing Sources of Risk未读
  2. 44算式精确，假设仍可能很松Appendix 4. The New Speculation in Common Stocks — Mathematics and the Middle Course未读

附录5 A Case History: Aetna Maintenance Co.

  1. 45换名字、换行业，旧历史仍要查Appendix 5. A Case History: Aetna Maintenance Co.未读

附录6 Tax Accounting for NVF’s Acquisition of Sharon Steel Shares

  1. 46税务节省，不等于收购创造了利润Appendix 6. Tax Accounting for NVF’s Acquisition of Sharon Steel Shares未读

附录7 Technological Companies as Investments

  1. 47技术前途很大，样本结果仍要完整Appendix 7. Technological Companies as Investments未读