Buffett explained it years ago in an annual report: Whether a stock is priced low or high, he said, it's ownership in the same company.

几年前的一个年度报告上，巴菲特这样解释：不管一个股票被高估或者低估，它的所有权是同一家公司。

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It's not a low-priced stock--a single share of its Class B stock costs more than $3, 500--but it has averaged a 25 percent return over the past quarter century.

那不是低价股票 --- 它的一股 B 股股票价值 3500 美金 --- 但是在过去的 25 年中它的平均回报率达到了 25%。

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The Contrarian Strategy implies buying the "value stock" which is priced too low and selling the "glamour stock" which is priced too high.

证券市场中的反向策略是指购买价格被低估的“价值股票”和抛售价格被高估的“热门股票”。

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