价值陷阱就是判断错误,经理人在评估公司时犯了错。比如,一个经理人可能会认为一家公司的股票价值为100美元,于是在60美元时买入,但事实证明,其内在价值小于60美元。1976年弗朗西斯·周(Francis Chou)移民到加拿大的时候,兜里只有200美元。他没念过大学,他曾在加拿大贝尔公司做一名普通的电话修理工,后来有幸聆听到本杰明·格雷厄姆的教诲,和同事一起组建了一个投资俱乐部。 The value trap is to judge the mistake, the manager made a mistake when evaluating the company. For example, a manager might think a company’s stock value is $ 100, and then bought at $ 60, but proved to have intrinsic value less than $ 60. Francis Chou immigrated to Canada in 1976 with only $ 200 in his pocket. He did not go to college. He worked as a regular telephone mechanic at Bell Canada. He was fortunate enough to hear the teachings of Benjamin Graham and set up an investment club with his colleagues.