If you're a value investor you probably use some sort of average of a company's earnings history (7 or 10 years for example) to come up with an initial number for the company's normal earning power in any given year.如果你是一個價值投資者，你可能會使用某種平均一個公司的盈利歷史（7年或10年為例）拿出初步數字為公司的正常盈利能力在任何一年。
If you use the company's reported earnings figures to derive your average and want to check the accuracy of these numbers try this: calculate the total change in common equity over the time period in question, add all dividends paid to common stock holders and then derive a per share number for how much a company earned (be careful not to count capital raises and/or goodwill generated by acquisitions towards operating earnings).如果您使用該公司的財報數字，以獲得您的平均，並希望檢查的準確性這些數字試試這個：計算總的變化對普通股的期限問題，增加股息支付給所有普通股持有人，然後得出一個每股數目多少公司盈利（小心不要指望資本籌集和/或善意收購產生的對經營收益）。
I call this number “balance-sheet earnings.”我把這個號碼“資產負債表的收入。”
Much to my surprise it often doesn't match a company's reported earnings numbers over the same time period.出乎我的意料，往往不符合公司的財報數字在同一時期。
So which one should you go with?因此，哪一個要你去的？
If you or I owned the entire company the only value we would get as private owners is:如果你或我擁有整個公司的唯一的價值，我們將會得到私營業主是：
- Growth in the company's common equity; and生長在該公司的普通股權益;及
- Dividends paid to common shares.股息支付普通股。
The same logic applies to stocks you purchase on the open market.同樣的邏輯也適用於您購買的股票在公開市場上。
So before you discount a normalized earnings figure based on a company's reported earnings to calculate intrinsic value check the balance sheet earnings for the period in question.所以在你折扣規範化的收益數字基於公司公佈的業績計算的內在價值檢查資產負債表收入的期間內的問題。
If they match great.如果它們匹配的偉大。
If they don't I normally stick with the balance sheet earnings: if I was a private businessman and owned the entire company that is all that would matter.如果他們不堅持我通常與資產負債表收入：如果我是一個商人和私人擁有整個公司，是將所有的問題。
For more information see Security Analysis by Benjamin Graham.欲了解更多信息請參閱安全性分析本傑明格雷厄姆。
