股票价格在短期内会极大地受到投资者心理因素(贪婪、懊恼等)的驱动,是投资者的投票机(voting machine),不可避免地有很大投机性。但在长期,如果股市价格大幅偏离上市公司为股东所创造的价值能力,就必然产生过度泡沫或过度悲观。
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N (esp in the US) a machine at a polling station that voters operate to register their votes and that mechanically or electronically counts all votes cast (尤在美国)投票机
"In the short run, the market is a voting machine, but in the long run, it is a weighing machine." — Benjamin Graham, the Intelligent investor.
从短期来看,市场是一台投票机,但从长期来看,市场是一台称重机。
1869 - Thomas Edison of Boston, Massachusetts, receives a patent for his electric voting machine.
1869年的今天,马萨诸塞州波士顿市的托马斯·爱迪生接到了电子投票器的专利权。
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