被低估的资产

ASSET BOUGHT CHEAP

Benjamin Graham’s Net Current Asset Value Stock Selection Criterion

本杰明·格雷厄姆的净流动资产价值选股标准

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Net Current Asset Value: 净流动资产价值 = 流动资产 - 全部负债

The net current asset value approach is the oldest approach to investment in groups of securities with common selection characteristics of which we are aware.

净流动资产价值法是我们所知最早采用共同筛选特征进行证券组合投资的方法。

Benjamin Graham developed and tested this criterion between 1930 and 1932.

本杰明·格雷厄姆在1930至1932年间开发并验证了这一标准。

The net current assets investment selection criterion calls for the purchase of stocks which are priced at 66% or less of a company's underlying current assets (cash, receivables and inventory) net of all liabilities and claims senior to a company’s common stock (current liabilities, long-term debt, preferred stock, unfunded pension liabilities).

该标准要求买入价格不超过公司净流动资产66%的股票——净流动资产指现金、应收账款和存货等流动资产总额，减去所有负债及优先于普通股的求偿权（含流动负债、长期债务、优先股、未拨备养老金负债）。

For example, if a company's current assets are $100 per share and the sum of current liabilities, long-term debt, preferred stock, and unfunded pension liabilities is $40 per share, then net current assets would be $60 per share, and Graham would pay no more than 66% of $60, or $40, for this stock.

例如：若某公司每股流动资产100美元，流动负债、长期债务、优先股及未备基金养老金负债总和为40美元，则每股净流动资产为60美元。格雷厄姆最多愿支付60美元的66%（即40美元）购买该股票。

Graham used the net current asset investment selection technique extensively in the operations of his investment management business, Graham-Newman Corporation, through 1956.

在1956年之前，格雷厄姆在其投资管理公司格雷厄姆-纽曼的运营中广泛运用此技术。

Graham reported that the average return, over a 30-year period, on diversified portfolios of net current asset stocks was about 20% per year.

据其报告，采用净流动资产标准构建的分散化投资组合在30年间年均回报率约达20%。