Group 1 - The bestselling book "Wealth is the Monetization of Cognition" has launched a new upgraded version, adding over 40,000 words and enhancing 12 cognitive tools amidst market fluctuations [1] - On December 9th at 8 PM, Zhanlu's senior strategy editor Wei Jing will host a live session with the book's author, Shu Taifeng, a partner at Chongyang Investment, to discuss the cognitive and human nature behind wealth [1] Group 2 - Chongyang Investment emphasizes the importance of sharing and engaging with their content to improve visibility in the information flow due to changes in public account push rules [6] - The company expresses its commitment to staying connected with its audience [7]

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].

Core Viewpoint - The recent appreciation of the Renminbi (RMB) against the US dollar is attributed to a weakening dollar index and improved market sentiment towards the RMB, following a period of trade tensions and policy adjustments [2][3][4]. Group 1: RMB Exchange Rate Changes - Since late November, the offshore RMB has appreciated over 550 pips, while the onshore RMB has appreciated over 400 pips, indicating a return to an appreciation trend [2]. - The RMB's appreciation is supported by a weakening dollar index, which has declined by 1% from its peak, aligning with the RMB's appreciation [2][4]. Group 2: Factors Influencing RMB Appreciation - The driving force behind the RMB's appreciation is the increase in foreign exchange settlement (结汇) by exporters, which had been low earlier due to tariff impacts and unstable exchange rate expectations [3]. - Since the third quarter, there has been a notable improvement in the willingness to settle foreign exchange, leading to a compensatory settlement that supports RMB appreciation [3]. Group 3: Future Outlook for RMB - Looking ahead, the RMB is expected to continue appreciating slowly, contingent on a further weakening of the dollar index [4]. - The central bank's policy aims for a gradual appreciation of the RMB, with recent indicators suggesting a shift towards preventing rapid appreciation to avoid negative impacts on exports [4]. - The market has priced in three potential interest rate cuts by the Federal Reserve next year, limiting the scope for further declines in long-term US Treasury yields and maintaining the interest rate differential between China and the US [4].

Core Viewpoint - The article emphasizes the importance of understanding cognitive biases in investment, highlighting that many investors struggle with the disconnect between knowledge and action, which can lead to poor investment decisions [4][7]. Summary by Sections Author's Background - The author, Wang Boming, has a rich history in China's capital market, having participated in its creation since 1988 and founded the magazine "Caijing" in 1998, witnessing numerous capital stories and market fluctuations over 37 years [3][4]. Key Insights from the Book - The book "Wealth is the Realization of Cognition" systematically outlines 12 cognitive biases and 12 cognitive tools, integrating them into the four stages of investment loss, making it practical for investors to find solutions [6]. - It introduces the "Four Hearts" concept—patience, suspicion, caution, and original intention—corresponding to long-term thinking, contrarian thinking, risk thinking, and equity thinking, which simplifies the learning process for investors [6]. - The book explains the origins of cognitive biases through evolutionary psychology, illustrating how traits beneficial in primitive conditions have become mismatched in modern investment environments, leading to failures [7]. Writing Style and Reception - The book is noted for its accessible writing style, enhanced by the author's background in humanities and media, making complex ideas easier to understand [7]. - Despite lacking specific investment techniques, the book is praised for its focus on the philosophy of investment cognition, which is considered valuable for avoiding common pitfalls in investing [8]. - The book has been well-received, achieving reprints within four years of publication, indicating its popularity and recognition among readers [8].

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].

Core Viewpoint - The Hong Kong residential market is showing signs of recovery in 2023, with increased transaction volumes and rising prices after a period of decline [2][3]. Group 1: Market Performance - From January to October 2023, the transaction volume of private residential properties in Hong Kong increased by 21% year-on-year [2]. - The private residential price index in Hong Kong saw a year-on-year increase of 1.6% in September 2023, marking the first positive change since 2022 [2]. - The Hong Kong City Leading Index is improving, indicating a continued trend of rising transaction volumes and prices in the residential market [2]. Group 2: Factors Influencing Price Recovery - The recovery in residential prices is attributed to rental yields surpassing mortgage rates, with the difference exceeding 4% at its peak [3]. - Following the Federal Reserve's interest rate cuts and a decline in Hibor rates, new residential mortgage rates fell below rental yields for the first time since 2022 [3]. - As of August 2023, the new mortgage rate was 3.4%, still lower than the current rental yield of 3.7%, enhancing the attractiveness of purchasing homes [3]. Group 3: Supply and Demand Dynamics - The change in supply and demand dynamics is fundamental to the stabilization of the Hong Kong property market, driven by an influx of talent and international students [4]. - Over 270,000 talent visas were issued in 2023 and 2024, doubling the annual issuance compared to 2021, with 90% of applicants from mainland China [4]. - The number of international students in Hong Kong increased by nearly 80% for the 2024 academic year compared to 2022, contributing to housing demand [4]. - The rental index for private residential properties has risen over 15% since its low in January 2023, indicating a shift towards a supply-demand imbalance [4].