《攻守兼备》是一本由马丁.J.惠特曼著作，上海财经大学出版社出版的平装图书，本书定价：39.00元，页数：340，特精心从网络上整理的一些读者的读后感，希望对大家能有帮助。

　　《攻守兼备》精选点评：

　　●粗读，好多不懂，留待下一次

　　●垃圾中的垃圾。让人买盈利不好的股票，因为这样能被收购。

　　●……

　　● 书中的亮点，就是把自己的理论同格雷厄姆的做了比较，但个人认为基本上他的观点同巴老的观点相同。

　　●这本书实在读不下去，看几篇评论都把原因归结为书本身难读，但我认为是翻译的问题。再难啃的书只要翻译的好，读起来就会顺畅。但是这本书，我更倾向于认为是机器翻译的，大部分语句不通，不知所云。关于股票的书很多，建议其他人还是不要去碰本书为妙！

　　●几遍才能读懂

　　●汇添富这个系列的书全部都翻译很差，难道都是找研究生干的活？

　　●收获不大

　　●写得无趣

　　●投资大家之作

　　《攻守兼备》读后感(一)：一本非常难读的书

　　在书架放了很久，几次打开又放下读不下去。终于翻了一遍，但不敢说是读完了。

　　作者名头太响，这本书得到的赞誉也太多。书中有很多与投资界大众相逆的理论，不曾参悟过，所以不敢妄加评论。

　　比如，一些巴菲特迷们认定巴菲特在投资估值中用了伯尔·威廉姆斯的未来现金流折现的方法，现在已经成了一个证券分析界常用的指标。但马丁·惠特曼讲：“威廉姆斯的理论也许能在一个理想的世界上找到自己的用途，而对于像我们这样复杂的财富创造经济体没有什么助益。他的理论倘若保持原样不变，那么只能应用于一个免税的世界。”

　　的确是一本很难读的书，也许需要再花些岁月才能体味其中的妙处。再准备读他的《价值投资》，看看是否有助于这书的理解。

　　《攻守兼备》读后感(二)：烂菜翻译

　　还应该指出，以定额美元定期购买证券的做法减弱了战胜通货膨胀的需要，因为货币价值的变化，从长期看，很可能被证券收益所抵消。

　　定额美元定期购买证券——写定投 会死么？

　　因为货币价值的变化，从长期看，很可能被证券收益所抵消。

　　—— 就不能写 “因为从长期看，货币价值的变化很可能被证券收益所抵消。”？

　　用鼻子也能猜出来原文基本上长成这样

　　It should be noted, too, that dollar averaging diminishes the need

　　to beat inflation, because changes in the value of money probably

　　will, in the long run, be offset by changes in the returns on securities.

　　不浪费时间了。直接拉黑，去看英文。

　　《攻守兼备》读后感(三)：作者思想的前提

　　首先，尝试给“分析活动”下个定义，它是：「试图以静态的信息捕捉动态的现实发展」。

　　因此，很容易得出两个攸关成败、却经常被忽视的结论：（1）信息与现实的相关程度越低，或（2）对于变化越复杂、越快、越不规律的事物，分析越没意义。

　　从这样的思路出发，便能更好地理解惠特曼在全书中的各种经验之谈：

　　（债务、资产、盈利能力、成长性；关于这4项分析的可靠程度，一般是递减的），

　　（分析公司比分析行业有意义，而对于世界经济未来趋势之类的，可以不要浪费时间了），

　　（对于外部小投资人来说，股票价值很大程度上取决于：监管部门的工作成效和公司控制人的品性），

　　（排除烂管理层的尝试，比找出优秀管理层有意义）

　　………………

　　（经验是会变的，你要随时保持弹性）

　　《攻守兼备》读后感(四)：虽然难懂，但仍有极高的价值

　　马丁.惠特曼，一位与格雷厄姆有类似经历的投资名家，在耶鲁商学院执教超过30年，创办的基金公司取得了长期投资成功的业绩。由于该书较为晦涩难懂，没有受到大众的欢迎，但这不能掩盖该书历久弥新的光芒。

　　附：第三大道价值基金的投资哲学

　　hilosophy

　　Third Avenue Management adheres to a disciplined, fundamental value approach to investing. Our team of investment professionals utilizes a time-tested investment process to analyze companies from the bottom-up with a focus on balance sheet analysis. We seek absolute returns for our clients over the long term, while minimizing investment risk.

　　TAM focuses on the associated risks and costs of each investment decision. We believe the cheaper you buy, the greater the potential investment reward and the cheaper you buy, the less the inherent risk. The low price paid limits downside market risk and increases appreciation potential. Our analytical approach concentrates on "what is" in terms of understanding a business, in contrast to "what the market thinks." At TAM, stock market prices do not determine business value. This means we take market risk, but limit investment risk. Investment risk is limited by seeking companies with very strong financial positions whose securities are priced at significant discounts to private market value.

　　What We Look For

　　One proven value philosophy guides each of our investments. We seek to invest in safe companies that are cheaply priced:

　　Key criteria are as follows:

　　afe Companies

　　• Strong Finances: High-quality assets with conservative and appropriate leverage

　　• Competent Management: Proven track record and interests aligned with outside, passive, minority shareholders

　　• Understandable Business: Comprehensible business model with meaningful financial information readily available

　　• Sound Political and Regulatory Environment: Presence of a legal framework that protects a business and shareholder rights

　　Cheaply Priced

　　• Significant Discount to Intrinsic Value: Priced substantially below a conservative estimate of the business’ value as a private entity or takeover candidate

　　• Attractive Growth Prospects: Potential for attractive growth in the value of a company's net assets over the next 5 years

　　We analyze companies from the bottom up, reviewing all public documents, speaking with outside experts and contacts, identifying value and risk drivers and interviewing management before making an investment decision.

　　We analyze the quality and quantity of resources existing in a business, rather than its projected future revenues and earnings. We think that the current balance sheet is the best, albeit not the only, measure of a company's value. Predictions based on future operating earnings do not capture the possible impact of corporate events such as mergers and acquisitions, changes of control, management buyouts, share repurchases, refinancings, reorganizations, asset sales, spin-offs, investments in new ventures and corporate liquidations.

　　Our stringent research gives us conviction in our best ideas, allowing us to establish concentrated positions.

　　We invest only in companies that we believe have the potential to create value for our clients over the long term, withstanding cyclical downturns and evolving as leaders among their competition. Our long-term focus minimizes portfolio turnover and enhances the tax efficiency of our funds and private portfolios.