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【技术指标】 单词数:150480 阅读小时数:4.4 阅读速度(字数/分钟)570 【生词本】 mediocre:Also, even mediocre businesses can have a good year or two and temporarily achieve a high return on capital.

dubious:But even if you qualify for this dubious honor, it’s not clear that this is a smart way to go.

disparity:But these bargain opportunities will generally go to the investor who keeps the disparity between price and value in mind, rather than to those who make decisions based on emotion.

interrogations:But whatever it is, I’ve been a rock while under the most intense of interrogations concerning my whereabouts after money has mysteriously appeared under the various pillows in question.

tormentors:Daniel hopes learning karate will help him stand up to his tormentors and win the girl of his dreams.

squander:I say that because if you understood how a well-invested quarter could possibly turn into more than $200 by the time you hit middle age,33 y...

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【技术指标】 单词数:150480 阅读小时数:4.4 阅读速度(字数/分钟)570 【生词本】 mediocre:Also, even mediocre businesses can have a good year or two and temporarily achieve a high return on capital.

dubious:But even if you qualify for this dubious honor, it’s not clear that this is a smart way to go.

disparity:But these bargain opportunities will generally go to the investor who keeps the disparity between price and value in mind, rather than to those who make decisions based on emotion.

interrogations:But whatever it is, I’ve been a rock while under the most intense of interrogations concerning my whereabouts after money has mysteriously appeared under the various pillows in question.

tormentors:Daniel hopes learning karate will help him stand up to his tormentors and win the girl of his dreams.

squander:I say that because if you understood how a well-invested quarter could possibly turn into more than $200 by the time you hit middle age,33 you might not squander so much money on a single stick of gum!

inconspicuous:Modern American elites have come to favour inconspicuous consumption.

headwind: Most of the companies selected by the magic formula are facing headwinds or uncertainty of some sort.

caveat: Other than the usual caveats about the unpredictability of our magic formula portfolios over shorter time periods, 2007 was a particularly poor year for stocks considered “value” stocks and for small stocks in general.

lumpy: The magic formula works—long-term annual returns of double, or in some cases almost triple, the returns of the market averages—only those good returns can get pretty lumpy.

plummet: The stock market as measured by the S&P 500 index has first risen, then plummeted, and then recovered to roughly where we started five years ago (but still slightly lower than ten years ago).

elude: Why success eludes almost all individual and professional investors

decile: Why, they asked, don’t you just buy the top decile stocks in Group 1 and sell short the bottom decile stocks in Group 10?

scoop: Wouldn’t these people scoop up all of the obvious bargains before you got there?

anomaly: Yet unlike most “systems” meant to exploit anomalies in the market, Joel Greenblatt’s simple notion will likely retain at least a good deal of its validity even if it becomes widely followed.

【佳句赏析】 Investing is hard. That’s why having a disciplined, methodical, long-term investment strategy that makes sense is essential to making it through and being successful in almost any market environment.

Stock prices move around wildly over very short periods of time. This does not mean that the values of the underlying companies have changed very much during that same period. In effect, the stock market acts very much like a crazy guy named Mr. Market.

Companies that achieve a high return on capital are likely to have a special advantage of some kind. That special advantage keeps competitors from destroying the ability to earn above-average profits.

By eliminating companies that earn ordinary or poor returns on capital, the magic formula starts with a group of companies that have a high return on capital. It then tries to buy these above-average companies at below-average prices.

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