Value Investing (2/e)

这本书最引争议之处，恰是它的价值所在：它把价值投资从一句口号，还原为一套需要精密计算的工程。第二版新增的成长股估值章节，用股息率、增长率、剩余资金回报率“三件套”搭建模型，却被不少读者诟为“屠龙刀”——假设繁多、过于复杂，散户根本无从下手。这种两极评价恰恰揭示了它的定位：它不是教你轻松赚钱的畅销书，而是哥伦比亚商学院讲授二十余年的专业训练。摘录中反复出现的“安全边际”“早卖出”“耐心”“提前做足功课”，勾勒出的是一种近乎偏执的纪律感：估值基于资产与当前盈利，对增长潜力保持怀疑，安全边际消失即退出。适合它的人，是愿意像控制权买家一样审视每一笔交易、把投资当作与知情对手的赌博的人；不适合的，是期待简单公式的人。

BRUCE C. GREENWALD was Founding Director of the Heilbrunn Center for Graham and Dodd Investing at Columbia Business School from 2001 until his retirement in 2019. In addition to training thousands of students in the mysteries of value investing, he taught oversubscribed courses on the economics of business strategy and globalization. His book Competition Demystified, published in 2005, is still in print. He has also been Chairman of Paradigm Capital Management since its founding in 2007 and the Director of Research at First Eagle Funds from 2007-11, serving as a senior advisor since. JUDD KAHN is currently a partner in Davidson Kahn Capital Management. He started his professional career as a historian, worked as a consultant and financial executive, and has been involved in investment management since 2000. He has a doctorate in history from UC Berkeley. ERIN BELLISSIMO is the Managing Director of Notre Dame's Institute for Global Investing. She was a founding director of Columbia's Heilbrunn Center, has worked in hedge funds and banking, and sits on the board of Girls Who Invest. She has a BSBA from Bucknell and an MBA from the Wharton School at the University of Pennsylvania. MARK COOPER is CIO and Co-founder of MAC Alpha Capital Management and an adjunct professor at Columbia Business School. He previously worked at First Eagle Investment Management, PIMCO, Omega Advisors, Pequot Capital, and JPMorgan. He holds an MBA from Columbia Business School and a SB from MIT. TANO SANTOS is the David L. and Elsie M. Dodd Professor of Finance and the Faculty Director of Columbia's Heilbrunn Center. He has succeeded Bruce Greenwald as the professor teaching the value investing course. He has a doctorate in economics from the University of Chicago.