格雷厄姆一直提倡将股票价格分成两个部分来看，一是投资部分，如刚上市的中国*电信，从价值看，应该在0.6-0.9倍市净率左右；一是投机部分，新股上市应该能在投资部分上再增加1倍左右，正常的交易波动，能够溢价30%-50%就算比较合理。
上面写的都是感觉，很多时候，感觉比精算还好使。
Graham advocates that analysts, in studying a security, should decompose its price into two components. One looks backward, the other forward. The first is what Graham calls “minimum true value,” based on a company’s historical earnings and assets; the second, “present value,” appraises expectations for the future and takes speculative risk into account