每日议程：英格兰银行在历史悠久的低谷中保留利率

Bank of England governor Mark Carney announced today that the bank will keep benchmark lending rates at historic lows while releasing voting results from the committee meeting and the bank’s quarterly inflation report. The shift to release the economic indicators on a single day, dubbed “super Thursday” by pundits, is intended to allow policymakers to provide greater transparency regarding their reasoning. Despite mounting criticism within parliament and among some investors, Carney and his colleagues appear to continue to see a lack of price pressure on weaker fuel costs and threats ofGrexitand Brexit trumping concerns over potential financial asset inflation.

Greece remains defiant.欧洲委员会主席欧洲委员会赛普拉斯之间的布鲁塞尔与荷兰·克劳德·扣委员会和荷兰金融总统杰罗森·彼得塞尔·埃姆森·迪尔赛·塞勒姆（Jeroen dijsselbloem）未能达成协议，这将阻止地中海因国际因国际批准而失踪的付款货币基金在未来几天。

GE divesture is cornucopia for investment bankers.Multiple media sources report today that General Electric Co. has engaged a number of Wall Street banks to advise on the sale of commercial lending divisions, with J.P. Morgan Chase, Deutsche Bank and Barclays among the leading dealmakers. Total assets and business units to be unloaded by the U.S. conglomerate may exceed $200 billion in valuation, as the company refocuses on nonfinancial operations.

AIG销售租赁单位。昨天保险公司American International Groupcompleted the sale of more than 86 million shares of Dutch aircraft leasing company AerCap Holdings, valued at $3.7 billion in an initial public offering. The resulting capital is earmarked for a share repurchase plan, announced earlier in the year.

Bond markets under water.本周重销售导致广泛的债券市场指数达到负年到日期返回，因为投资者情绪保持混合。美国银行Merrill Lynch全球广泛的市场指数代表了41万美元的固定收入资产，今年已下降了近0.5％。

Portfolio Perspective: Why You Best Invest Like Value Legend Ben Graham Now—John Reese, Validea Capital Management

By many measures, such as the Shiller price-earnings ratio and托宾的Q., the market looks expensive at these levels. The S&P 500 bottomed at 666 in March of 2009, and at its current level the market has increased over 215 percent. Given this impressive run in stocks, the length of this bull market and overall valuations, one has to wonder if stocks still offer solid return prospects going forward. While returns over the next five to seven years will most likely be lower than those of the past five years, I think investors can give themselves a good chance for excess market returns by following the strategies outlined by the investing greats.

Since 2003, I have been tracking portfolios on my research site using the fundamental stock selection methods of some of history’s best and most successful investors. One of those strategies is based on the本格雷厄姆的着作，被称为投资的价值之父和Warren Buffett的导师。十股股票，年度重新平衡的Graham-Inspired Portfolio自2003年7月15日以来每年返还13.6％，而市场不包括股息的6.5％）。如果在长时间的一致性和严格部署，Graham的“雪茄屁股”价值投资技术仍然在今天工作。

可以肯定的是,这些市场valuations would most likely have been too rich for Graham’s blood. His prowess for buying companies that were underpriced compared with the real value of their businesses earned an average annualized gain of 20 percent between 1936 and 1956, compared to 12.2 percent annually for the S&P over the same time period.

Graham’s defensive investor strategy, as I have captured it quantitatively, calls for a P/E ratio, based on trailing three-year earnings, of less than 15. The price-to-book value must be low enough that multiplying the P/B by the P/E comes to less than 22. The probability of losses can be lowered by buying stocks that are already trading at a discount to their intrinsic value.

Earnings growth the trailing ten years have to be at least 30 percent, indicating the company performs consistently. The long-term debt must be lower than net current assets/working capital, or current assets minus current liabilities. A company’s debt-to-equity ratio also needs to be less than 100 percent.

公司的资产必须至少是其负债至少两倍，因为目前的比例越高，当前比率越高，公司的可能性就越小。但当提出那些高电流比率从收集支付的麻烦的公司。

John Reese is the founder and CEO of有效资本管理, a registered investment adviser in West Hartford, Connecticut.