The Theory of Investment Value

原文摘录   · · · · · ·  ( 全部 )

• viii If a man buys a security below its investment value he need never lose, even if its price should fall at once, because he can still hold for income and get a return above normal on his cost price; but if he buys it above its investment value his only hope of avoiding a loss is to sell to someone else who must in turn take the loss in the form of insufficient income. Therefore all those who do not feel able to foresee the swings of the market and do not wish to speculate on mere changes in price must have recourse to estimates of investment value to guide them in their buying and selling. (查看原文)

  目送飞鸿 2021-01-15 11:53:18

• If he does buy, and buy as an investor, he holds for income; if as a speculator, for profit. But speculators as a class can profit only by trading with investors, to whom they can sell only for income; therefore in the end all prices depend on someone’s estimate of future income. (查看原文)

  目送飞鸿 2021-01-15 11:56:26

> 全部原文摘录