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。

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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”。

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The overburdened airports will be difficult to improve, while the city's hotel stock is so run down though still high-priced that Olympics fans will stay in cruise ships.

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

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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.

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