_如何作价值评估(PDF 21页)

A philosophical basis for Valuation
“Valuation is often not a helpful tool in determining when to sell
hypergrowth stocks”, Henry Blodget, Merrill Lynch Equity Research
Analyst in January 2000, in a report on Internet Capital Group, which
was trading at $174 then.
n There have always been investors in financial markets who have
argued that market prices are determined by the perceptions (and
misperceptions) of buyers and sellers, and not by anything as prosaic
as cashflows or earnings.
n Perceptions matter, but they cannot be all the matter.
n Asset prices cannot be justified by merely using the “bigger fool”
theory.
Postscript: Internet Capital Group was trading at $ 3 in January 2001.
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