M20:50
顺便说一句，Janet Lowe 今天也在这里。
Janet Lowe is here, incidentally, today.
她写了一本非常好的关于 Ben Graham 的书。
She wrote a very good book on Ben Graham.
我建议你们当中还没读过的人，出去买一本。
I recommend that any of you that haven't read it go out and buy it.
买一本。
Buy a copy.
买一本。
Buy a copy.
我还是更喜欢——我觉得第二版比第一版便宜不少，而且我认为它基本上是同一本书。
I still prefer the— I think the second edition is cheaper to buy than the first edition by some margin, and I think it's basically the same book.
所以我——我推荐那一版。
So I— that's the one I would recommend.
这不是因为 value 和 growth 这方面有什么差别。
It isn't because of differences on value and growth.
我只是觉得它的论证更好，而且前后一致性更强。第二版其实是 Ben 百分之百参与的最后一版，当然 Dave Dodd 也在很多方面帮了他，一起负责写作。
I just think that the reasoning is better and more consistent throughout. The second edition, which is really the last one that Ben was 100%, along with Dave Dodd helping him in various ways, was responsible for writing.
所以我——我觉得这本书后来在相当大程度上已经偏离了 Graham 的思路，也偏离了他的表达方式。
And I— so I think that the book has gotten away to quite an extent from both Graham's thinking and from his way of expressing himself.
不过——但如果有人想读后面的版本，我也完全没有意见。
So I— but I have no quarrel with anybody who wants to read later editions at all.
我确实觉得大概第二版——如果你要问我的话——我认为那是最好的。
I do think probably the second edition, if you— I think it's the best.
如果你真的是一个认真研究 security analysis 的学生，而且你把那本书读懂了，你应该会做得不错。
If you're a real student of security analysis and you read and understand that, you should do all right.
像后来在 junk bonds、会计处理，还有诸如此类方面犯下的很多错误，其实在一九三四年的第一版里就讲到了，后来在一九四零年的第二版里也讲到了。
In terms of a lot of the mistakes that were made in terms of junk bonds and accounting and all of that sort of thing were covered in 1934 in that first edition and subsequently in 1940 in the second edition.
里面干货很多。
There's a lot of meat in there.
再往后的版本，说实话，我必须承认我没有像读早期版本那样仔细去读最后那个版本，但我的感觉是——里面讲的东西没那么重要，而且表达得也没那么好。
Later on, you know, I must admit I didn't read the last edition as carefully as the earlier ones, but it struck me it was— what was said was not as important and it wasn't said as well.
而且还更贵。
And it was more expensive.