每一期专栏，我们依旧聊书，可能是书评、书单或者书摘。 每一期会有一个交流主题，希望你通过留言与我们互动。 我们精选优质好书，根据留言质量不定量送出。 重阳说 查理·芒格先生有一句广为流传的话："我这一生当中，未曾见过不读书就智慧满满的人。没有。一个都没 有。沃伦（巴菲特）的阅读量之大可能会让你感到吃惊。我和他一样。我的孩子们打趣我说，我就是一 本长着两条腿的书。" 熟悉重阳的朋友们一定知道，阅读，一直是我们非常推崇的成长路径。 现在，我们希望和你一起，把阅读这件事坚持下去。 世界莽莽，时间荒荒，阅读生出思考的力量，愿你感受到自己的思想有厚度且有方向，四通八达，尽情 徜徉。 2025年11月 互动话题： 结合本书，谈谈对"投资如何做到不焦虑"的理解。 留言时间：2024年12月10 日 - 2025年 12月17日 （鼓励原创，只要你的内容足够优秀，期期选中也有可能哦） 筛选及书籍（单本）寄送：2025年12月18日后 （选中会收到提交寄送地址的私聊，逾期未提交/信息不全视为放弃，参与期间尽量不要修改头像 及昵称，以防错失良机） 提示：本公众号所发布的内容仅供参考，不构成任何投资建议和销售要约。如您对重阳产品感 ...

畅销书《财富是认知的变现》日前推出全新升级版，增补4万余字，12大认知武器在市场震荡中全面升 华。12月9日（今天）晚8点，湛庐高级策略编辑伟晶特邀本书作者、重阳投资合伙人舒泰峰老师做客湛 庐文化直播间，与你们聊一聊财富背后的认知与人性密码。 我们直播间不见不散！ 如您对重阳产品感兴趣，欢迎 扫码 咨询。 公众号改变了推送规则， 我们的文章可能会迷失在茫茫的信息流中， 你的一个 分享、点赞、"在看" ， 能让我们之间的距离更近一步， ▲向上滑动阅览 免责声明 本材料由上海重阳投资管理股份有限公司（简称"重阳投资"）原创并编辑发布，仅限于提供信息和投资者 教育的目的。本材料所依据信息和资料来源于公开渠道（例如：万得、彭博）和内部研究成果，相关信息 被认为是可靠的，但重阳投资不对其完整性或准确性作出任何明示或默示的陈述或保证。相关信息仅供参 考，不构成广告、销售要约，或交易任何证券、基金或投资产品的建议。本材料中引用的任何实体、品 牌、商品等仅作为研究分析对象使用，不代表重阳投资的实际操作。因基金产品投资限制、投资组合调整 和交易成本等多种因素，重阳投资的实际操作有可能与本材料中得出的结论不同。 本材料并不考虑任 ...

Core Viewpoint - The article discusses the evolving perspectives on growth and value investing, highlighting the need to reassess traditional investment principles in light of modern economic realities and the success of high-growth companies [5][6][7]. Group 1: Growth vs. Value - There is an acknowledged and widening divergence between growth and value investing, with traditional value principles struggling to account for the sustained high growth of companies like Microsoft, Google, and Amazon [7][8]. - The underlying economic structure has shifted, suggesting that reliance on historical value metrics may no longer be sufficient for investment success [7][8]. - Despite the differences, there are fundamental commonalities between growth and value investing, particularly in the importance of honest long-term cash flow estimation and risk management [8][9]. Group 2: Historical Context and Evolution - Historically, there has been a lack of literature supporting growth investing compared to the extensive documentation of value investing, which has created a bias in the investment community [13][14]. - The belief that "value will ultimately prevail" remains entrenched, despite evidence that growth strategies have outperformed passive indices over the long term [14][15]. - The past decade has seen a significant deviation from Graham's observations, with high-growth stocks yielding substantial returns, contrary to his predictions [18][19]. Group 3: Case Studies - Microsoft serves as a prime example of a company that has achieved remarkable long-term growth, with revenue increasing from $60 billion in 2008 to $110 billion in 2018, showcasing a compound annual growth rate of 24% [20]. - Google also exemplifies this trend, with its revenue growing from $21.8 billion in 2008 to $136.8 billion in 2018, reflecting the potential of high-growth companies to deliver exceptional returns [21]. - The article contrasts Coca-Cola's stagnation in stock value over the past 20 years with Facebook's growth trajectory, suggesting that the latter may align more closely with modern investment principles [70][75]. Group 4: Future Investment Landscape - The future of investing will likely be shaped by structural changes in the global economy, necessitating a shift in focus from short-term financial metrics to long-term transformative trends [40][41]. - The concept of "creative destruction" is becoming increasingly relevant, indicating that traditional investment strategies may need to adapt to a rapidly changing economic environment [41][42]. - Companies that can leverage network effects and platform positions may exhibit "super-linear growth," challenging traditional value investment assumptions [61][62].

展望明年，人民币继续升值依然需要美元指数再度走弱。 一方面政策的态度是希望人民币缓慢升 值，短期快速升值既不符合央行表态也会对出口造成不利影响，近一周以来人民币中间价中隐含的 逆周期因子已经转向，显示央行态度已从支持人民币升值转向抑制人民币过快升值。另一方面，国 内稳就业、稳市场、稳预期的工作仍在进行过程中，临近明年中期选举不排除中美贸易谈判压力再 度升温的可能性。从美元指数的角度上看，目前市场已定价明年降息三次，即使新美联储主席上台 降息预期继续增加的空间可能也不大，在期限利差支撑下长期美债下行的空间也不大，中美利差依 然存在。明年人民币大概率延续缓慢升值的轨道，快速升值依然需要美元指数再度走弱来配合。 ▲向上滑动阅览 【免责声明】 Q： 请问重阳投资，如何看待近期人民币汇率的变化？ A：11月下旬以来，与美元相比，离岸人民币汇率升值超过550pips，在岸人民币升值超过 400pips。 人民币汇率已经脱离此前的震荡区间，重回升值通道。 人民币升值的背景是美元指数再度转弱。 今年上半年，由于中美贸易战不确定性高企，政策引导 人民币较其他非美货币贬值，以维护出口稳定，人民币本身即有补涨动力。10月份以来，随 ...

编者按 本文为联办总干事、《聊一波》创始人王波明先生为《财富是认知的变现》所撰序言。王波明毕业于美 国哥伦比亚大学国际金融专业，是中国改革开放后最早的一批留学生之一，也是中国证券市场的早期主 要推动者之一。 作者/王波明，联办总干事，《聊一波》创始人。 自1988年参与创建中国资本市场，又于1998年创办《财经》杂志以来，37年间，我见证了无数波澜 壮阔的资本故事和无数英雄的起起伏伏。这段历史足以证明： 在资本市场，一时闪耀的流星很多， 但是稳定而长寿的恒星很少。 这并不是一项轻松的任务，因为"江山易改本性难移"，要想做到这一点，必须摒弃盲人摸象，首先在 认知上构建一套科学而严密的体系。在这方面，舒泰峰做了一项十分有益的工作。他在离开《财经》 之后，加入到国内一线私募机构重阳投资，经过七八年的重新沉淀，推出了他的作品《财富是认知的 变现》，成为业内颇具影响力的系统拆解投资认知的佳作。 这本书让我印象深刻的地方不少，其中主要有以下几点： 第一， 该书系统梳理了投资中的12大认知误区和12大认知武器，而且把它们穿插到投资亏损的四个 阶段当中，条分缕析，针对性和实操性很强，每个有过投资经验的人都可以从中找到对症下药 ...

重阳说 查理·芒格先生有一句广为流传的话："我这一生当中，未曾见过不读书就智慧满满的人。没有。一个都没 有。沃伦（巴菲特）的阅读量之大可能会让你感到吃惊。我和他一样。我的孩子们打趣我说，我就是一 本长着两条腿的书。" 熟悉重阳的朋友们一定知道，阅读，一直是我们非常推崇的成长路径。 现在，我们希望和你一起，把阅读这件事坚持下去。 每一期专栏，我们依旧聊书，可能是书评、书单或者书摘。 每一期会有一个交流主题，希望你通过留言与我们互动。 我们精选优质好书，根据留言质量不定量送出。 世界莽莽，时间荒荒，阅读生出思考的力量，愿你感受到自己的思想有厚度且有方向，四通八达，尽情 徜徉。 【好书】第311期：《 读懂"十五五"：高质量发展新征程 》 张军扩 蔡昉 朱克力 著 中信出版集团 推荐人 编辑 张璇 互动话题： 结合本书， 请就"中国制造业内卷式现象是如何形成"的发表你的看法 。 留言时间：2024年12月3 日 - 2025年 12月10日 （鼓励原创，只要你的内容足够优秀，期期选中也有可能哦） 筛选及书籍（单本）寄送：2025年12月11日后 （选中会收到提交寄送地址的私聊，逾期未提交/信息不全视为放弃，参与期间 ...

致尊敬的您： "巴菲特'破圈'买入谷歌"，11月中旬，一则关于巴菲特的最新消息引发 全球市场关注。 —— 到1969年，贝尔电信已经覆盖了90%的美国家庭。 ——在1955年-1973年间，通用汽车的盈利超过了标准普尔500指数的 10%。在其巅峰时期，通用汽车占据了美国50%的市场份额。 据伯克希尔·哈撒韦公司最新持股报告（13F），伯克希尔在第三季度首 次 买 入 美 国 大 型 科 技 股 —— 谷 歌 母 公 司 Alphabet （ 股 票 代 码 ： GOOGL），持仓市值约43.4亿美元，使其一跃成为伯克希尔的第十大 持仓。 不碰科技股是巴菲特的显著标签之一，此前重仓苹果属于特例，其原 因很大程度上是由于苹果已经具备了浓厚的消费属性。此次买入谷歌 这一纯粹的科技股似乎与巴菲特的标签相悖。它是由巴菲特本人决策 还是其继任者的手笔？具体的投资逻辑是什么？答案目前尚不得而 知。但是这一决策起码表明了一个事实——在新一轮科技革命如火如 荼的今天，科技是投资中无法回避的时代主题。 事实上自从人类进入到工业化时代以来，科技革命与资本周期就像一 对孪生兄弟，紧密纠缠。如果说周期是创造和吞噬财富的巨大力量， 那 ...

Group 1 - The bond market has experienced changes in liquidity, with short-term interest rates declining and long-term yields showing reduced volatility, indicating a steepening yield curve [2][3] - Short-term rates reflect market expectations for policy easing, driven by structural issues in China's economic growth, such as weak consumption and declining real estate sales, suggesting a continued need for a loose monetary environment [2][3] - The supply-demand dynamics for long-term bonds have shifted, with an increase in the issuance of ultra-long bonds, particularly local government bonds, leading to a significant rise in the proportion of long-term bonds in the market [3] Group 2 - Short-term liquidity easing is crucial for the stock market, as it indicates ongoing support for economic growth and can lower financing costs for leveraged funds, potentially increasing risk appetite among investors [4] - The decline in short-term interest rates may lead to a continued shift of household asset allocation towards the stock market, as high-yield assets become scarcer [4]

Core Viewpoint - The article discusses the transformative impact of artificial intelligence (AI) on the labor market, emphasizing the need for a system that allows society to share the productivity gains brought by AI [9][10]. Group 1: AI's Impact on Employment - AI is described as a "double-edged sword" that both creates and destroys jobs, with significant productivity benefits that necessitate a system for sharing these gains across society [11]. - Historical patterns show that technological revolutions typically lead to job destruction before new jobs are created, highlighting the time lag between job loss and the emergence of new opportunities [11][12]. - The article stresses the importance of providing support for those displaced by technology through employment assistance and social safety nets [11]. Group 2: Redefining Valuable Work - The article argues that AI's capabilities may replace not only low-skill jobs but also creative and knowledge-based positions, challenging the notion of which jobs are secure [13][14]. - It suggests that the definition of "valuable work" should evolve to include activities that promote personal development and meet spiritual needs, rather than being limited to traditional economic roles [14]. Group 3: Lifelong Learning and Employment Quality - The current employment landscape is characterized by structural contradictions, with a high proportion of flexible jobs that may lack stability [16]. - AI can exacerbate these contradictions but also offers solutions by enhancing worker capabilities and addressing mismatches in the labor market [16][17]. - The article emphasizes the necessity for continuous education and training to adapt to the evolving job market shaped by AI, advocating for a shift towards lifelong learning [19]. Group 4: Policy Signals and Age Discrimination - The relaxation of age limits for civil service examinations is seen as a positive step against age discrimination, reflecting a broader trend towards inclusivity in the labor market [17][18]. - This policy change aligns with the realities of longer life spans and extended career cycles, allowing older individuals to pursue further education and employment opportunities [18].

Core Viewpoint - The article discusses the challenges and opportunities in the investment landscape during the "VUCA" (Volatility, Uncertainty, Complexity, Ambiguity) era, emphasizing the need for rational decision-making amidst market fluctuations and cognitive biases [2][3]. Summary by Sections Investment Landscape - The years 2021-2025 are characterized as a "post-pandemic" era with trade wars and rapid AI advancements disrupting traditional industries [2]. - Investor sentiment has been low due to significant market fluctuations over the past four years, revealing cognitive biases such as pessimism, anchoring effects, and loss aversion [3]. Book Overview - "Wealth is the Realization of Cognition" has received positive feedback since its release, helping readers navigate turbulent investment periods and achieve returns [4]. - The upgraded version of the book includes an additional 40,000 words of analysis, addressing key global shifts such as the AI equity revolution and the implications of trade policies [5]. Cognitive Traps and Solutions - The book identifies 12 cognitive traps that investors face, such as overconfidence and loss aversion, and provides corresponding strategies to overcome them [13][14]. - Key strategies include using self-awareness to combat overconfidence and adopting long-term thinking to counteract the urge for quick gains [13][14]. Author's Background - The author, Shu Taifeng, combines a humanities background with extensive media experience to present investment philosophies in an accessible manner [25][28]. - The book integrates insights from historical figures like Buffett and Laozi, highlighting the timeless nature of investment wisdom [19][28]. Reader Engagement - The article encourages readers to engage with the book, offering discounts for bulk purchases and membership benefits [7][9].