ZT 市場先生

Graham succinctly captured his liberating philosophy toward market fluctuations in the famous parable of Mr. Market. Graham said to imagine you had a partner in a private business named Mr. Market. Mr. Market, the obliging fellow that he is, shows up daily to tell you what he thinks your interest in the business is worth.

On most days, the price he quotes is reasonable and justified by the business's prospects. However, Mr. Market suffers from some rather incurable emotional problems; you see, he is very temperamental. When Mr. Market is overcome by boundless optimism or bottomless pessimism, he will quote you a price that, as Graham noted, "seems to you a little short of silly." As an intelligent investor, you should not fall under Mr. Market's influence, but rather you should learn to take advantage of him.

本傑明·格雷厄姆的“市場先生”寓言故事說的是：“設想你在與一個叫市場先生的人進行股票交易，每天市場先生一定會提出一個他樂意購買你的股票或將他的股票賣給你的價格，市場先生的情緒很不穩定，因此，在有些日子市場先生很快活，隻看到眼前美好的日子，這時市場先生就會報出很高的價格，其他日子，市場先生卻相當懊喪隻看到眼前的困難，報出的價格很低。另外市場先生還有一個可愛的特點，他不介意被人冷落，如果市場先生所說的話被人忽略了，他明天還會回來同時提出他的新報價。市場先生對我們有用的是他口袋中的報價，而不是他的智慧，如果市場先生看起來不太正常你就可以忽視他或者利用他這個弱點。但是如果你完全被他控製後果將不堪設想。”