【精译求精系列】：塞斯·卡拉曼《安全边际》中的30个重要思想（下篇）
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当今的投资界，除了沃伦·巴菲特，最受敬仰的莫过于基金公司Baupost Group的塞斯·卡拉曼了。自从1983年卡拉曼成立了自己的基金公司，他不仅创下无可匹敌的收益率（年复合增长率超过20%），还时常分享他对市场和投资睿智又经典的见解。
塞斯·卡拉曼是《安全边际：为有想法的投资者准备的风险规避型价值投资策略》一书的作者。这本书1991年初次出版后便立即成为了价值投资的经典著作。
这次，格隆汇精译求精团队，将本书的30个重要思想，翻译整理出来，相信他们会帮助各位成为更好，更敏锐的投资者。
21: Why Margin of Safety
Value investing is the discipline ofbuying curities at a significant discount from their current underlying values and holding them until more of their value is realized. The element ofthe bargain is the key to the process.
二十一：为什么需要安全边际？
价值投资需要投资者时时自律，如此才能以非常划算的价格买到实际价值远高于此的股票，并且能一直抓着不卖，直到其价值被更多地认可。“划算”是整个过程的关键。
Becau investing is as much an art as ascience, investors need a margin of safety. A margin of safety is achieved when curities are purchad at prices sufficiently below underlying value to allowfor human error, bad luck, or extreme volatility in a complex, unpredictable,and rapidly changing world.
由于投资和科学一样有艺术，所以投资者需要安全边际。考虑到在这个复杂、无法预测又变换迅速的世界里，人人都有可能犯错、运气不好，还可能遭遇激烈的市场波动等因素，当你能够以远低于一支股票真实价值的价格买它的时候，你就算是有了安全边际了。
According to Graham, 'The margin of safety is always dependent on the price paid. For any curity, it will be largeat one price, small at some higher price, nonexistent at some still higher price.'
格雷厄姆说过：“安全边际的大小取决于你付的钱。任何一个股票，假设某一个价位时安全边际很大，再高一点的时候就变小了，再高一点，就没有安全边际了。”
Value investors ek a margin of safety,allowing room for imprecision, bad luck, or analytical error in order to avoid sizable loss over time. A margin of safety is necessary becau…
· Valuation is an impreci art
· Future is unpredictable, and
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· Investors are human and do make mistakes.
价投者需要安全边际，这样才有空间承受长时间累计下来估值不准、运气不好或者分析错误所带来的损失。安全边际是必须的，因为：
·估值是一项艺术，没法精准；
· 未来是无法预测的；
· 投资者也是人，是人就会犯错
22: How Much Margin of Safety
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The answer can vary from one investor to the next. How much bad luck are you willing and able to tolerate? How much volatility in business values can you absorb? What is your tolerance for error?It comes down to how much you can afford to lo.
二十二：需要多大的安全边际？
答案因人而异。你觉得自己的运气会有多坏？能承受多坏的运气？你能接受的商业价值波动幅度是多少？你能忍受多严重的错误？归根结底就是，你有多少可输？
Most investors do not ek a margin of safety in their holdings. Institutional investors who buy stocks as pieces of paper to be traded and who remain fully invested at all times fail to achieve amargin of safety. Greedy individual investors who follow market trends and fadsare in the same boat.
绝大多数投资者买股票的时候不会考虑安全边际。那些把股票看作一张张能拿来交易的纸的机构投资者和总是满仓的投资者是无法获得安全边际的。总是盲从市场趋势和潮流的贪婪个人投资者亦如此。
The only margin investors who purcha Wall Street underwritings or financial-market innovations usually experience isa margin of peril.
而那些买了华尔街承销的股票或者金融市场衍生品的投资者能获得的唯一安全边际则往往是危险的。
How can investors be certain of achieving a margin of safety?
· By always buying at asignificant discount to underlying business value and giving preference totangible asts over intangibles. (This does not mean that there are not excellent investment opportunities in business with valuable intangible asts.)
· By replacing current holdings as better bargains come along.
·
By lling when the market price of any investment comes to reflect its underlying value and by holding cash,if necessary, until other attractive investments become available.爬山穿什么鞋
那么投资者如何确保获得安全边际？
· 永远要以超级划算的价格买入实际价值高得多的股票，比起无形资产吗，应更偏好有形资产（但这也不是说那些拥有大量无形资产的公司中就没有好的投资机会了）；
如何学拼音· 当出现了更划算的股票时，替换掉现在手中的；
· 当某个股票的真实价值开始反映到股价上来时，卖掉换成钱，如有必要，一直抓着，直到你发现新的好的投资机会。
Investors should pay attention not onlyto whether but also to why current holdings are undervalued.
It is critical to know why you have made an investment and to ll when the reason for owning it no longer applies. Lookfor investments with catalysts that may assist directly in the realization of underlying value.
投资者们需要搞明白的，不仅是自己手上的票是否被低估了，还有为什么被低估？
当你再没有理由继续持有某个股票时，你就要搞明白当初为什么买，现在为什么卖？找那些会有催化剂的股票，而且是能够直接加速企业真实价值体现的催化剂。
蒜香炸排骨Give preference to companies having good managements with a personal financial stake in the business.
进士科Finally, diversify your holdings and hedge when it is financially attractive to do so.
优先看那些管理层优秀，并且管理层自己也持有公司股票的公司。
最后，当情况允许，前景不错时，差异化你的持股，套期保值。
23: Three Elements of Value Investing
鲁迅作品简介1.Bottom-Up: Value investing employs a bottom-upstrategy by which individual investment opportunities are identified one at atime through fundamental analysis. Value investors arch for bargains curityby curity, analyzing each situation on its own meri
ts.
