们有时说，要做个智慧投资者，就必须不被情绪所左右。
It is sometimes said that to be an intelligent investor, you must be unemotional.
60年前的1949年5月25日，这位金融分析的始祖出版了他的《智慧投资者》(The Intelligent Investor)一书，本专栏也是为了向这本书致敬而得名的。
Sixty years ago, on May 25, 1949, the founder of financial analysis published his book, 'the Intelligent Investor,' in whose honor this column is named.
金融分析和投资者集体智慧的最热心倡导者如今有了新的认识：市场并不总是理性的。
A new realisation has dawned among the most fervent advocates of financial analysis and collective investor wisdom: markets are not always rational.
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