15.The only Concern: Price and Value
15.惟一的关注：价格与价值
Is the Graham and Dodd look for values with a significant margin of safety relative to prices approach to security analysis out of date? Many of the professors who write textbooks today say yes. If prices fully reflect available information, this sort of investment adeptness is ruled out, writes one of today's textbook authors.
格雷尼姆与多德的追求价值远超越价格的安全边际的证券剖析办法是不是已经过时？现在很多写作教科书的教授觉得这样。假如价格完全反应既有些资讯，则这种的投资方法将没有。一位如今教科书的作者这样写道。
The common intellectual theme of the investors from Graham|and|Doddsville is this: they search for discrepancies between the value of a business and the price of small pieces of that business in the market. Essentially, they exploit those discrepancies without the e efficient market theorist's concern as to whether the stocks are bought on Monday or Thursday, or whether it is January or July, etc.
来自格雷尼姆多德都市的投资者们所拥有的一同智商结构是：他们探索企业的价值与该企业市场价格之间的差异。事实上，他们借助这类差异，却不在乎效率市场理论家所关心的问题，譬如股票在星期一买进还是星期二买进，是在1月份买进还是7月份买进，等等。
our Graham Dodd investors, needless to say, do not discuss beta, the capital asset pricing model, or covariance in returns among securities. These are not subjects of any interest to them. In fact, most of them would have. difficulty defining those terms. The investors simply focus on two variables: price and value.
毋庸多说，格雷尼姆一多德都市的投资者并不分析beta、资本资产定价模型、证券投资报酬本的变异数。他们对这类不有兴趣。事实上，他们大部分都很难界定上述这类学术名词。他们只在乎两个变量：价格与价值。
There seems to be some perverse human characteristic that likes to make easy things difficult. The academic world, if anything, has actually backed away from the teaching of value investing over the last 30 years. It's likely to continue that way. Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace, and those who read their Graham Dodd will continue to prosper.
人的天性中好像存在着某种偏执的特点，喜欢把简单的事情弄复杂。近期30年来，学术界假如有任何作为的话，就是完全背离了价值投资的教训，而且非常可能继续下去。船只可以环绕地球而行，但地平之说仍会畅行无阻。同样，在市场上，价格与价值之间还会存在着巨大的差值，而奉行格雷厄姆与多德理论的人也会兴盛不绝。
