Core Viewpoint - The article discusses the journey of "working individuals" and explores potential paths for financial freedom, emphasizing the importance of experience accumulation before entrepreneurship and the value of asset accumulation for wealth growth [3][15][57]. Group 1: The Path of Working Individuals - Initially, "working individuals" referred to those taking part-time jobs to supplement their income, but it has now come to represent the broader category of office workers [1][2]. - For most people, securing a job is a good starting point, as it allows for experience accumulation before venturing into entrepreneurship [4][10]. - The article highlights that the average lifespan of companies, even those in the S&P 500, is around 18 years, indicating the high failure rate of startups [9]. Group 2: Transitioning from Employee to Entrepreneur - The first path discussed is transitioning from a worker to an entrepreneur, with examples of successful entrepreneurs who started as employees, such as Huang Zheng of Pinduoduo [20][21]. - However, the article cautions that entrepreneurship carries a high failure rate and is not suitable for everyone [23]. Group 3: Becoming a Partner or Shareholder - The second path is moving from employee to partner or shareholder, which has a relatively higher success rate. This can be achieved through stock options or profit-sharing [25][28]. - The article notes that many early-stage startups offer stock options, which can lead to financial freedom if the company goes public [26][27]. Group 4: Accumulating Quality Assets - The third and most accessible path for ordinary workers is to become "asset holders" by using their salary to accumulate quality assets that appreciate over time [38][57]. - The article cites Norway's government pension fund as an example of effectively converting oil revenues into long-term financial products, ensuring sustainable wealth growth [39][46]. - It emphasizes the importance of investing in quality assets, such as excellent stock funds, as a means to achieve financial independence [50][57].

Group 1 - The article discusses the suitability of fund regular investment (定投) for lazy investors and emphasizes the importance of preparing before starting a fund investment plan [2] - It outlines the necessity of creating a well-structured investment plan and highlights four different methods of fund regular investment, suggesting that investors choose the one that best fits their needs [2] - The article also mentions strategies for profit-taking (止盈) in fund investments, indicating that understanding these strategies is crucial for successful investing [2] Group 2 - The article provides insights into how to observe the national team's (国家队) investments in index funds, particularly during market downturns [7] - It explains that the national team, represented by entities like Central Huijin, invests in index funds and that their holdings in major ETFs are publicly disclosed in regular fund reports [8] - Specific data is provided, indicating that Central Huijin holds 39% and 29% of the largest 300 ETFs, showcasing the scale of their investments [8]

文 | 银行螺丝钉 （转载请注明出处） 不同地区股票市场不是同涨同跌的。了解多个股票市场，投资者可以把握更多的投资机会。 全球投资还可以显著降低波动风险。 那么，如何做好全球投资，分享全球市场长期上涨的红利呢？ 这里有一门限时免费的福利课程，介绍了通过指数基金投资全球股市的方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 全球 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 如何刷用 都有综合 - Carrent Property 长按添加@课程小助手,回复「全球」 免费领取《全球指数投资指南》课程 更有课程笔记、思维导图 帮你快速搞懂全球指数投资, 分享全球市场长期上涨的红利 enting the may be and the may be and the may be and the may be the comment of the comments of the comments of the comments of the comments of the world be the world be the 基金有风险,投资需谨慎 (IIIn() #螺丝钉小知识 银 ...

Core Viewpoint - The article discusses the importance of historical data in understanding market cycles and the impact of index rule changes on valuation metrics. Group 1: Historical Data Reference - Historical market cycles typically last 7-10 years, making it essential to consider longer time frames rather than just 2-3 years to avoid incomplete analysis [2]. - It is recommended to find similar style indices with longer histories for reference, as they tend to exhibit similar performance patterns during different market phases [3]. Group 2: Index Rule Changes - Changes in index rules can lead to significant valuation shifts, making historical valuation data less relevant [5]. - For example, the change of the CSI 100 index name to CSI A100 altered its selection criteria from market capitalization to a leading stock strategy, affecting its valuation [5]. - The H-share index's transition from 40 to 50 stocks, including more internet companies, also resulted in a loss of reference value for historical valuations [6]. Group 3: Valuation Calculation Methods - Different weighting algorithms in index valuation can lead to changes in percentile rankings, impacting the perceived valuation metrics [6]. - The CSI Dividend Index's shift from market capitalization weighting to dividend yield weighting significantly altered its composition, affecting its valuation calculations [8][9]. Group 4: Economic Downturns - During economic downturns, declining profits can lead to an increase in price-to-earnings (P/E) ratios, which may not reflect actual stock price increases [11][13]. - For instance, small-cap indices like CSI 1000 and CSI 2000 have experienced profit declines over the past two years, necessitating the use of stable financial metrics for valuation [14]. - In cases of unstable or declining profits, the price-to-book (P/B) ratio may serve as a more reliable valuation metric [15].

Core Viewpoint - The article emphasizes that for young individuals, the primary focus should be on increasing income through hard work rather than relying solely on investment returns [4][21]. Group 1: Investment Approach for Young Individuals - Young individuals should use initial capital, such as 10,000 yuan, to gain experience in various investment products, including funds and stocks, rather than expecting significant returns [4]. - The article suggests that even in a bull market, the limited capital may not yield substantial benefits, highlighting the importance of income growth over investment returns [4]. Group 2: Choosing the Right Career Path - The article stresses the importance of selecting the right career path, as effort alone may not lead to success if the direction is incorrect [5][6]. - A good career path is characterized by long-term sustainability, profitability, and the potential for compounding returns [6][20]. Group 3: Characteristics of a Good Business - A sustainable business should have a long-term perspective, ensuring that all parties involved benefit, which is crucial for its longevity [8][9]. - Profitability is essential; businesses should have stable profit margins and high return on equity (ROE) to ensure employee income security [11]. - The concept of compounding is vital, as professions that accumulate experience and value over time tend to be more rewarding [12][13]. Group 4: Summary of Key Principles - The article concludes that a successful career or business should have a long-term perspective, be profitable, and allow for compounding growth [20][21].

Group 1 - The article discusses the concept of valuing stock assets, emphasizing that if the price exceeds the value, the asset is considered overvalued and potentially unattractive [2] - A game was conducted where participants were asked how much they would pay for a company with a stable annual profit of 1 million, resulting in an average matching price between 8 million and 15 million [3][4] - The average price corresponds to a price-to-earnings (P/E) ratio of 8-15 times the annual profit, aligning with the long-term average P/E ratios of the A-share and Hong Kong markets [4] Group 2 - Different investors have varying risk appetites, leading to a range of bid prices; during bear markets, average prices tend to be lower, while in bull markets, they can reach 30-40 times earnings [5] - The article highlights the strategy of buying when most investors are pessimistic and prices are low, and selling when optimism drives prices higher [5] - Various valuation methods exist, indicating that there is no single approach to determining the value of an asset [6]

文 | 银行螺丝钉 （转载请注明出处） 美股涨幅不大，略微上涨。 不过全球除美股外股票市场大幅上涨，超2%。 其中， 螺丝钉也做了美股、全球股票指数、美债指数的估值表。见文章下面图片。每周日会在公众号、以及「 今天几星 」小程序，每周定期更新。 1. 本周全球股票市场整体上涨。 欧洲法股、德股上涨普遍超过2%。 亚太地区也大多数上涨。 港股恒生指数，本周上涨3.88%。 港股恒生科技指数，上涨幅度更大，达到6.9%，创下最近半年最大单周上涨幅度，领涨全球。 韩股、新加坡等市场也上涨较多。 在A股放假的这几天，全球股票市场都上涨不少。 如果下周一到周三，海外市场不回调，那A股开盘可能也会继续上冲。 等假期最后一天，螺丝钉也会汇总下海外市场，以及海外对应A股的品种的涨跌幅。 2. 本周全球市场上涨，特别是非美元市场上涨较多，也跟美股最近公布的就业数据有关。 本周美股公布9月就业数据，减少3.2万人，比市场预期的增加5万人差值较大。 就业数据不及预期，这对投资有什么影响呢？ （1）就业数据不及预期，市场会认为有可能出现衰退或低迷的迹象。 不过仅仅是一两次的数据不及预期，不一定100%进入衰退周期。 后面更重要的数据 ...

文 | 银行螺丝钉 （转载请注明出处） 基金投顾，顾名思义，就是基金的投资顾问。 很多行业都有顾问，特别是一些专业性很强的行业。 例如， 基金投资也是如此。 是如何通过"投"和"顾"，帮助投资者获得好收益的呢？ 这里有一门限时免费的福利课程，介绍了基金投顾的方方面面。 基金投顾的诞生，正是为了解决基金行业存在的"基金赚钱，基民不赚钱"的问题。 那么，基金投顾有哪些优势？ 想要获取这个课程，可以添加下方「课程小助手」，回复「 基金投顾 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 • 看病吃药，需要医生，医生就是顾问； • 有法律问题，需要律师，律师也是顾问。 套餐投顾景什么? 载什么情用? 长按添加@课程小助手,回复「基金投顾」 免费领取《螺丝钉基金投顾入门课》课程 更有课程笔记、思维导图,帮你快速了解基金投顾 基金有风险,投资需谨 #螺丝钉小知识 家族信托在财富管理和传承方面，有着不 可替代的重要作用，可以帮助打破"富不 过三代"的魔咒。 那么,家族信托是怎么来的呢? 家族信托是一个舶来品，由西方国家传入 到我国。 信托的英文单词是「trust」，信任、托付 的意思。 信托的起源比 ...

Group 1 - The article emphasizes the importance of asset allocation and rebalancing strategies in investment, highlighting that different asset classes (stocks and bonds) do not move in sync, necessitating adjustments to maintain desired risk levels [7][10][60] - It introduces the concept of "rebalancing" as a strategy to adjust asset proportions back to their original targets after market fluctuations, which can enhance overall returns [8][25][59] - The article outlines four common rebalancing strategies: periodic rebalancing, threshold-based rebalancing, valuation-based rebalancing, and risk parity rebalancing [27][28][35] Group 2 - The article discusses two specific rebalancing strategies used in the author's investment approach: growth/value style rotation and stock/bond rebalancing [39][47] - It provides an example of how to implement stock/bond rebalancing, illustrating the process of adjusting allocations based on market conditions, such as selling bonds to buy stocks during market downturns [50][54] - The article concludes that market volatility can create more opportunities for rebalancing, ultimately benefiting investors by enhancing returns [61][62]

(2) 港股的投资者比较现实。 文 | 银行螺丝钉 （转载请注明出处） A股小盘股还是经常会有牛市行情。 例如2025年A股的中证2000涨幅就较高， 主要由量化私募带来了增量资金流入，推 动小盘股上涨比较多。 港股就比较少有这类行情。 ▼点击阅读原 文，免费学习大额家庭资产配置课程 港股指数的涨跌，大多数都是业绩驱动。 估值不高，有业绩，那就上涨;估值高, 没业绩，可能跌的也很惨。 以港股科技指数为例，2021年-2022年， 港股科技指数下跌近70%，就是因为出现 了「估值降低」+「盈利下降」的双杀熊市 行情。 到了2023年,港股科技股业绩逐渐企稳, 没有继续大幅下降，不过市场还是不太景 气，在底部震荡了一年多。 ...