Jul 9
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'XV' XE VAN
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Preface to the Sixth Edition
Value investors regard securities not as speculative instruments but as fractional ownership in, or debt claims on, the underlying businesses.
—Seth A. Klarman, The Timeless Wisdom of Graham and Dodd
financial markets are the ultimate creators of opportunity
sometimes the markets price securities correctly, other times not
in the short run, the market can be quite inefficient, with great deviations between price and underlying value
the price of a security is frequently an essential element, so that a stock may have investment merit at one price level but not at another
those who view the market as a weighing machine—a precise and efficient assessor of value—are part of the emotionally driven herd
those who regard the market as a voting machine—a sentiment-driven popularity contest—will be well positioned to take proper advantage of the extremes of market sentiment
[2] Over the long run, however, as investors perform fundamental analysis, and corporate managements explain their strategies and manage their capital structures, share prices often migrate toward underlying business value. . . . This tendency, however, is always subject to interruption by the short-term forces of greed and fear.
