这些概念已经被价值投资者使用了超过50年。
The concepts have been used by value investors for over 50 years.
它也是当深的价值投资者发现他们的最好买。
对于价值投资者来说的另一个难题是懂得何时卖出。
Another conundrum for value investors is knowing when to sell.
价值取决于旁观者，即使在评估价值投资者时也是如此。
Value is in the eye of the beholder, even when valuing value investors.
高估值和强竞争增强一般价值投资者对低回报的恐惧。
High valuations and intensified competition raise the specter of lower returns for value investors generally.
对于价值投资者来说最困难的问题之一是承担多大的风险。
One of the most difficult questions for value investors is how much risk to incur.
基金经理们愿意买那些低估值股票，特别是所谓的价值投资者。
Managers -- particularly those who practice so-called value investing -- want to buy stocks that seem undervalued.
价值投资者通常只需要确定一个便宜货，然后等着市场发现这个便宜货就可以了。
Value investors usually need only identify a bargain, then hang on until the rest of the stock market catches up with their thinking.
同时，价值投资者有一些单独的基础特色，人们统计一上反佳十两项。
At the same time, there are several fundamental characteristics that value investors tend to share as well. We've identified an even dozen.
价值投资者一般选择价格对账面值比率或市盈率比市场平均低的股票。
A value investor typically selects stocks with lower than average price-to-book or price-to-earning ratios.
即便是早先时代难以想象的复杂衍生工具，也能以价值投资者的眼光予以审视。
Even complex derivatives not imagined in an earlier era can be scrutinized with the value investor's eye.
正是在这些急剧动荡和困难的情况下，价值投资者却能够寻找到连同洗澡水一同倒掉的婴儿。
It is precisely in these very volatile and difficult circumstances that investors seek to find the babies that have been thrown out with the bathwater.
价值投资者必须顶住共识的嘲笑，要做到这一点，他们得作出更多一点努力来维护自己信念的勇气。
Value investors have to stand up to the ridicule of the consensus, and that makes them work just a bit harder to justify the courage of their convictions.
请注意，对包括巴菲特在内的价值投资者来说，最困难的是确定一个公司的内在价值。
Do note that the most difficult thing for any value investor, including Buffett, is in accurately determining a company's intrinsic value.
请注意，对包括巴菲特在内的价值投资者来说，最困难的是确定一个公司的内在价值。
The liquidation value doesn't include intangibles such as the value of a brand name, which is not directly stated on the financial statements.
作为一个以精明著称的价值投资者，巴菲特理所当然地对其自身价值有着非常清楚的认识。
As a famously canny value investor, it is hardly surprising that Mr Buffett has an excellent understanding of his own value.
大多数价值投资者以耐心著称，因为价值被低估的股票价值低估的时间通常会维持很长时间。
Most value investors are known for their patience, as undervalued stocks often remain undervalued for significant periods of time.
第三部分对佣金和税收的因素进行了定量化的分析，同时论证了价值投资者为何一定是长期投资者。
The third part is a quantitative analysis about the commission and tax factors, also demonstrated the reason why value investors must be long-term investors.
即便是市场股价昂贵，价值投资者也应该保持继续分析证券并且评估企业，由此获取未来用得着的知识和经验。
Even in an expensive market, value investors must keep analyzing securities and assessing businesses, gaining knowledge and experience that will be useful in the future.
擅长分析的节目主持人可以帮助价值投资者保持专注于追求长期回报，而不是死死盯住每日交易账簿的利润率不放。
This analytical anchor helps value investors remain focused on the pursuit of long-term results rather than the profitability of their daily trading ledger.
而另一方面，价值投资者知道市场会忽视一些平凡的行业，所以他们会挑选象Knoll这样的股票，以希望找到一颗被低估的宝石。
On the other hand, value investors, knowing that the market ignores unglamorous industries, seek out stocks such as Knoll in hopes of finding an undervalued gem.
而另一方面，价值投资者知道市场会忽视一些平凡的行业，所以他们会挑选象Knoll这样的股票，以希望找到一颗被低估的宝石。
On the other hand, value investors, knowing that the market ignores unglamorous industries, seek out stocks such as Knoll in hopes of finding an undervalued gem.
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