中文译文

设想你在一家私营企业持有价值1000美元的小额股份。你的合伙人市场先生十分殷勤。每一天，他都会告知你他心中这份股权的估值，并按这个价格，要么收购你的股份，要么向你出让更多股权。

有时他给出的估值贴合企业经营现状与前景，看着合乎情理；可多数时候，市场先生被狂喜或恐惧支配，他给出的报价在你眼里荒唐可笑。

如果你是审慎的投资者、理智的生意人，难道要靠市场先生每日的报价，来判定手里股权的真实价值吗？只有你打算和他交易时，报价才有意义。他开出天价，你大可把股份卖给他；他极度压价，你可以低价买进股份。其余时间，最明智的做法是依托公司完整财报、经营与财务数据，独立判断持仓的真实内在价值。

英文原文

Imagine that in some private business you own a small share that cost you $1,000. One of your partners, named Mr. Market, is very obliging indeed. Every day he tells you what he thinks your interest is worth and furthermore offers either to buy you out or to sell you an additional interest on that basis. Sometimes his idea of value appears plausible and justified by business developments and prospects as you know them. Often, on the other hand, Mr. Market lets his enthusiasm or his fears run away with him, and the value he proposes seems to you a little silly.

If you are a prudent investor or a sensible businessman, will you let Mr. Market’s daily communication determine your view of your $1,000 interest in the enterprise? Only in case you agree with him, or in case you want to trade with him. You may be happy to sell out to him when he quotes you a ridiculously high price, and equally happy to buy from him when his price is low. But the rest of the time you will be wiser to form your own ideas of the value of your holdings, based on full reports from the company about its operations and financial position。