[경제] 벤자민 그레이엄, 나도 왜 주식시장이 가치를 반영하는지 모른다.
그레이엄 / 명언 / 미스테리 / 미스터리 / 왜 / 왜 시장이 가치를 반영하는가?
벤자민 그레이엄, 나도 왜 주식시장이 가치를 반영하는지 모른다.
벤자민 그레이엄이 청문회에 가서 의장과 주고받은 이야기의 마지막 부분이다. 청문회 내용은 ref.1 에서 들을 수 있으며, 아래 번역한 부분은 ref. 2 에서 확인할 수 있다. ref. 3 에는 좀 더 자세한 이야기가 적혀있다.
The Chairman: Well, it does not matter. One other question and I will desist. When you find a special situation and you decide, just for illustration, that you can buy for 10 and it is worth 30, and you take a position, and then you cannot realize it until a lot of other people decide it is worth 30, how is that process brought about – advertising, or what happens?
의장: 한가지 질문후 끝내겠습니다. 당신이 특별한 상황을 찾고 결정을 내릴때, 예를 들어 설명하기 위해서, 당신이 10에 살수 있고, 그것의 가치는 30입니다. 그리고 당신은 position 을 잡았습니다. 그리고 난후, 많은 다른 사람들이 그것의 가치를 30이라고 결정하기 까지는 당신은 실현할 수 없다. 어떻게 그 프로세스가 유발됩니까? 광고가 어떻게 되는건가요?, 무슨 일이 일어납니까?
Mr. Graham: That is one of the mysteries of our business, and it is a mystery to me as well as to everybody else. We know from experience that eventually the market catches up with value. It realizes it in one way or another.
그레이엄 : 그것은 우리의 비지니스의 미스터리중 하나이다. 그리고 그것은 저에게, 그리고 다음 사람들에게도 또한 미스터리 입니다. 우리는 경험을 통해 결국 시장이 그 가치를 따라갈 것이라는 것을 안다. 시장은 어떻게든 그것을 실현합니다.
The Chairman : Do you do anything to help that do you advertise or what do you do ?
Mr. Graham : on the contrary, we try, as a matter of fact, to keep our operations as confidential as we can
The Chairman : Even after you buy ?
Mr. Graham : Even after we have acquired our shares.
The Chairman : why?
Mr. Graham : basically for the reason that we just are not interested in other people knowing about our business and we have no interest in endeavouring to persuade people to buy stocks in which we have ownership we have never done it and we will never do it.
The Chairman : That is rather unusual since you make your capital gains a lot of people have got to decide it is worth affinity
Mr. Graham : We have been very fortunate in our experience by finding that other people decide that the stock you mentioned is worth 30, without the necessity of our doing anything about it on the advertising side, we might conceivably at times intervene in a managerial policy we might suggest some change in the procedure. But that, of course, is merely because we are substantial stockholders
The Chairman : I think this is about all. There are many other things which I could ask you I’m sure. However you have other things to do and the hour is late I would like to express the appreciation of the committee for you having taken your time to come down here and volunteer this information I’m sure it is not very pleasant for you to have to talk about these things. But I know no other way we can learn about them
Mr. Graham : If I have made a contribution I do not mind the discomfort.
The Chairman : If you have any further suggestions that occur to you which we ought to know about we will, welcome you writing them to us. Thank you very much for coming.
Reference
댓글
댓글 쓰기