Buffett explained it years ago in an annual report: Whether a stock is priced low or high, he said, it's ownership in the same company.

几年前的一个年度报告上，巴菲特这样解释：不管一个股票被高估或者低估，它的所有权是同一家公司。

youdao

The Contrarian Strategy implies buying the "value stock" which is priced too low and selling the "glamour stock" which is priced too high.

证券市场中的反向策略是指购买价格被低估的“价值股票”和抛售价格被高估的“热门股票”。

youdao

Such a high valuation means the potential benefit of the housing recovery is already priced into the stock.

FORBES: Financial Sector Funds And ETFs Need Less Citi, More Discover

In fact, the Cowen analysts say, the last stock to outperform after its FDA launch was Alexion, the maker of the high-priced orphan drug Soliris, in 2007.

FORBES: Biotech, Where Winners Lose

For those investors that can get out of their bunkers to do some stock picking, you might want to go for some high-quality, low-priced dividend stocks that will pay you to own them.

FORBES: It Pays To Own These Three Stocks