继续前进,让我们看看Beck and Dixon。这也是一个存在过度估值的案例。发生的情况是,由于估值原因,股票经历了大量波动,但实际上在五六年里只是横向移动。
Moving on, let's look at Beck and Dixon. And this is another case where you had overvaluation existed. And what happened was you had a lot of volatility but the stock really didn't do anything but go sideways actually for five or six years here because of valuation.
公司做得很好。盈利增长快得多。在这个时间段内衡量的回报率仅为不到2%。盈利增长几乎是4.5%。所以我的观点是,由于过度估值,你没有参与到业务的增长中,尽管它有点低。
The company did good. Earnings grew a lot faster. The return was only in this time I measured was only less than 2%. Earnings growth was almost 4 and a.5%. So the point I'm getting at is because of overvaluation you did not participate in the growth of the business albeit it was a little low.