匿名留言： Security analysis have 6 version. Do anybody read all of them? If Not, you are not qualified to discuss value investment. 止凡回應： 的確慚愧，我並沒有閱畢security analysis的所有不同version，不過我又不認為我們不能討論價值投資，始終討論能促使大家進步。 看來你也是價值投資高手，能留個名字及一起分享知識嗎？ SK回應： Security version 1934 to 1962 (v1-v4) are written BG. V5 and V6 are written by others. They cover the economic cycle of 50 years. Including 1929 depression and world war 2 which we have no experience of it. The risk that we are talking today is meaningless. I remember BG loss a lot of the money when he bought the stock far under net cash value at 1930 due to the irrational market reaction. When you read them, you can under the stock/market volatility between industries to industries, decades to decades and companies herself years to years. Then you can take the advantage of market mis-pricing. BG's investment return is about 15% so I do not think that I can exceed that. 10%-15% is my target. I have read the version of 1934, 1940, 1951, 1962 and 1975 for the stock part only. My understanding is less than 40% of it and thinking myself is primary level. I have not read the bond part due to more difficult. Conclusion, value investment is difficult combine the knowledge and experience. PS : your blog is good as you try to teach the others became financial independence.
匿名留言：
Security analysis have 6 version. Do anybody read all of them? If Not, you are not qualified to discuss value investment.
止凡回應：
的確慚愧，我並沒有閱畢security analysis的所有不同version，不過我又不認為我們不能討論價值投資，始終討論能促使大家進步。
看來你也是價值投資高手，能留個名字及一起分享知識嗎？
SK回應：
Security version 1934 to 1962 (v1-v4) are written BG. V5 and V6 are written by others. They cover the economic cycle of 50 years. Including 1929 depression and world war 2 which we have no experience of it. The risk that we are talking today is meaningless. I remember BG loss a lot of the money when he bought the stock far under net cash value at 1930 due to the irrational market reaction. When you read them, you can under the stock/market volatility between industries to industries, decades to decades and companies herself years to years. Then you can take the advantage of market mis-pricing. BG's investment return is about 15% so I do not think that I can exceed that. 10%-15% is my target.
I have read the version of 1934, 1940, 1951, 1962 and 1975 for the stock part only. My understanding is less than 40% of it and thinking myself is primary level. I have not read the bond part due to more difficult. Conclusion, value investment is difficult combine the knowledge and experience.
PS : your blog is good as you try to teach the others became financial independence.