投资与投机的分界
An investment operation is one which, upon thorough analysis, promises safety of principal and a satisfactory return. Operations not meeting these…
投资操作是指这样一种操作：经过透彻分析，它承诺本金安全并获得令人满意的回报。不满足这些要求的操作，就是投机。
投资 · 决策 · 哲学 · 现代投资信
内在价值只需近似
The essential point is that security analysis does not seek to determine exactly what is the intrinsic value of a given security.
关键的一点是：证券分析并不追求精确确定某一证券的内在价值。
投资 · 认知 · 决策 · 现代投资信
择时的局限
It is our view that stock-market timing cannot be done, with general success, unless the time to buy is related to an attractive price level, as…
我们的观点是：除非买入时点与按分析标准衡量的有吸引力价格水平相关联，否则股市择时无法普遍成功。
投资 · 决策 · 认知 · 现代投资信
经得起逆境
The rule that a sound investment must be able to withstand adversity seems self-evident enough to be termed a truism.
稳健投资必须能够经受逆境，这条规则似乎显而易见，几乎可以称为老生常谈。
投资 · 心性 · 决策 · 现代投资信
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