价值投资 · 绝对收益 公司简介 重阳投资是首批在中国证券投资基金业协会登记的私募基金管理人，是连续十一年荣获业内最 权威奖项"金牛奖"的私募基金公司。重阳投资秉承"价值投资，绝对收益"理念，经过多年积 累，已创设了一套完善的投研体系，形成了良好的企业文化，聚合了大批优秀人才。在新时代 发展机遇面前，重阳投资愿借助平台积淀，严格遵守行业规范，积极参与市场建设，与蓬勃发 展的中国资产管理行业同步前行！ 详细信息请登录公司网站： http://www.chongyang.net 2025 · 与你同行 2025 · "渠道精英招募计划" 渠道经理 职责 描述 1、负责销售渠道开拓及维护； 2、组织渠道活动，高效传达公司投资策略； 3、及时跟踪渠道和客户动态，做好客户服务工作； 4、其他渠道服务相关工作。 职位 要求 应聘方式 请 发送简历⾄邮箱hr@chongyang.net， 标题请注明：姓名应聘渠道经理 联系⼈：薛⽼师 ▲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 ...

Q： 请问重阳投资， 如何看待美国减税法案草案 ？ A： 为兑现特朗普减税的政治承诺，5月12日美国众议院筹款委员会（House Ways & Means Committee）正式公布了特朗普减税法案的草案（即 The One, Big, Beautiful Bill），同日 能源和商务委员会也公布了削减医疗补助计划（Medicaid）支出的草案。目前草案已进入预算 协调流程，5月18日在众议院预算委员会通过，共和党正计划推动法案在阵亡将士纪念日（5月 26日）前通过众议院全体投票，以满足特朗普独立日前（7月4日）正式落地立法的要求。 若草案内容全部落实，美国财政赤字将再度大幅攀升。 减税草案的主要内容包括将特朗普第一任 期的税改法案（即Tax Cut and Jobs Act，TCJA）永久化，提高州和地方税抵扣额度，取消小费税、 加班税和汽车贷款税等，同时通过削减医疗补助计划、废除电动车和新能源税收抵扣等来削减开 支。根据Tax Foundation的动态估算，尽管包括1万亿美元的支出削减，该草案未来十年仍将在当前 美国2万亿赤字的基础上额外增加赤字3.3万亿美元。如果考虑到该草案前置减税措施却后置减支措 ...

Core Viewpoint - The article emphasizes the importance of reading as a pathway to growth and understanding, inspired by the thoughts of renowned investors like Charlie Munger and Warren Buffett [2][3][6]. Summary by Sections Reading and Interaction - The publication aims to encourage continuous reading and interaction with its audience through book reviews, lists, and excerpts [4][5]. - Readers are invited to engage in discussions on selected themes, with opportunities to receive books based on the quality of their comments [6][11]. Featured Book: "Money and Government" - The highlighted book is "Money and Government" by Robert Skidelsky, which explores Keynesian economics and its relevance in modern times [9][10]. - The book discusses the limitations of economics as a social science, emphasizing that economic theories cannot be permanently validated or invalidated due to the changing nature of human behavior and societal ideas [12][13]. Keynesian Economics - Keynesian thought emerged during the Great Depression, focusing on the role of government in stabilizing the economy and addressing issues like insufficient effective demand and unemployment [13][14]. - Despite facing criticism and challenges from neoliberalism, Keynesian policies remain relevant during economic crises, as they provide tools for counter-cyclical measures [16][17]. Role of Money and Government - The book argues that both money and government are essential tools for managing uncertainty in economic activities, with money serving as a means to maintain value over time [15][19]. - It highlights the concept of liquidity preference traps, where individuals hoard cash during downturns, leading to insufficient demand [15][16]. Critique of Mainstream Economics - The author critiques mainstream economic theories that downplay the role of money and government, arguing that these theories fail to address real-world economic challenges [18][19]. - The discussion includes the historical context of economic events and the ideological biases that shape economic thought, advocating for a reevaluation of the roles of money and government in economic policy [19].

Core Viewpoint - The article discusses the contrasting investment philosophies of Warren Buffett and Charlie Munger, emphasizing Munger's more aggressive and rationalist approach compared to Buffett's experience-based skepticism [2][19]. Group 1: Investment Philosophies - Munger's investment style often challenges traditional experience-based methods, as seen in his investments in companies like BYD and Alibaba, which Buffett does not endorse [2][19]. - The article outlines two main philosophical approaches in investing: rationalism, which seeks to create a perfect explanatory system for market behavior, and empiricism, which relies on real-world experience and observation [12][13]. Group 2: Rationalism - Rationalism is characterized by a belief in knowledge derived from logical reasoning and innate ideas, as exemplified by philosophers like Descartes and Spinoza [8][9]. - The article highlights that many investment theories, particularly technical analysis, are rooted in rationalist principles, aiming to explain market movements through established frameworks [10][11]. Group 3: Empiricism - Empiricism, led by thinkers like Bacon, emphasizes knowledge gained from experience and observation, often using inductive reasoning to form theories [13][14]. - The limitations of empiricism are noted, particularly in investment contexts where past experiences may not apply to future scenarios, leading to potential risks [14][15]. Group 4: Skepticism - Skepticism, particularly as articulated by David Hume, questions the reliability of causal relationships, suggesting that what is perceived as causation may simply be correlation [15][16]. - Buffett embodies this skeptical approach, focusing on businesses he understands and avoiding complex financial models that rely on unproven assumptions [18][19]. Group 5: Practical Implications - The article concludes that while rationalism may attract financial elites seeking comprehensive systems, empiricism aligns more closely with the practical realities of high-risk investment activities [21][22]. - A successful investment strategy may not require exhaustive knowledge of all market dynamics but rather a focus on actionable insights derived from experience [22].

授资者是 保护自身合法权益的 3E 0.0 p 本材料内容仅代表原创方或原作者的分析、推测与判断，登载于此仅出于传递信息和投资者教育之目的， 并不意味着重阳投资赞同其观点或证实其描述，也不代表重阳投资与原创方或原作者有任何代理或合作关 系。对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性，重阳投资不作任何明确或隐含 的声明或保证，且不承担信息传递的任何直接或间接责任。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。本材料内容中引用的任何实体、品牌、商品等不代表重阳投资 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。 本材料并不考虑任何阅读者的特定投资需求、投资目标或风险承受能力。阅读者在投资之前，应当仔细阅 读产品法律文件和风险揭示书，充分认识产品的风险收益特征和产品特性，并充分考虑自身的风险承受能 力，理性判断并谨慎做出投资决策。 ▲ 向上滑动阅览【 免责声明】 本材料文字及图片版权归原创方或原作者所有，上海重阳投资管理股份有限公司（简称"重阳投资"）转载 文章已获原创方或原作者授权。 如您对 ...

Q： 请问重阳投资， 如何解读5月12日公布的《中美日内瓦经贸会谈联合声明》 ？ A： 5月12日，中美双方联合公布《日内瓦经贸会谈联合声明》，双方承诺互相取消 91%的关 税，互相暂停 24%的关税90天，仅保留4月2日以来10%的对等关税，双方一致同意建立中美 经贸磋商机制，就经贸领域各自关切保持密切沟通。声明公布后，今年以来美方对华加征关税 暂时降为30%（包括20%的芬太尼关税和10%对等关税），中方对美加征关税降为10%。关 税谈判结果大超市场预期，4月2日以来的中美关税战暂时告一段落。 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， ▲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 ...

Core Viewpoint - The article emphasizes the importance of staying informed about investment opportunities and market trends, highlighting the role of research and analysis in making sound investment decisions [2]. Group 1 - The article discusses the recent changes in the public account push rules, which may affect the visibility of articles in the information flow [2]. - It encourages readers to engage with the content through sharing, liking, and marking the account as a favorite to enhance connection and visibility [2]. Group 2 - The company expresses its commitment to being present with its audience and providing valuable insights into investment opportunities [2].

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。 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。如您对重阳产品感兴趣，欢 迎 扫码 咨询。 【好书】第284期：《鸿蒙开物——终端操作系统破晓之路》 方兴东 徐玮 著 中信出版集团 推荐人 营销编辑左亚琦 2025年5月 互动话题： 结合本书 ，请谈谈芒格对你的影响。 留言时间：2024年5月14 日 - 2025年 5月21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5月 ...

Core Viewpoint - The article discusses the importance of a multi-manager co-management model in the asset management industry, particularly highlighting the "重阳S4" model adopted by 重阳投资, which emphasizes collaboration among multiple fund managers to enhance investment performance and mitigate risks [1][4]. Summary by Sections Introduction to "重阳S4" - "重阳S4" refers to a model where multiple fund managers jointly manage the same fund through a divided management approach, allowing each manager to operate independently within their designated segments [2][3]. Global Context and Historical Background - The multi-manager co-management model is prevalent among leading hedge funds globally, such as Bridgewater and Millennium, and was initially pioneered by Capital Group in the U.S. public fund sector in 1958 [2][4]. Development Trends in Private Equity - New or short-lived private equity funds often rely on a single fund manager or CIO, but for long-term success, firms must transition to a sustainable and replicable model, with the multi-manager approach being a proven strategy [3][4]. Adoption of the Model in China - 重阳投资 is noted as one of the first private equity firms in China to implement the multi-manager co-management model, adapting to industry trends and leveraging its early establishment and talent development [4][5]. Key Elements of the "重阳S4" Model - The successful implementation of the co-management model requires four essential elements: top talent (Swordsman), effective collaboration (Synergy), a robust system (System), and excellent performance (Superiority) [5][6]. Talent Development - Fund managers in the co-management model are highly qualified, having undergone rigorous training for approximately ten years, which is crucial for the model's success [6][9]. Collaboration Mechanisms - Effective collaboration among fund managers is facilitated by shared investment philosophies, trust, and long-term working relationships, creating a synergistic effect [6][9]. Systematic Support - A comprehensive system supports the co-management model, including a structured talent development process, investment decision-making frameworks, and robust IT systems for operational efficiency [9][10]. Future Outlook - 重阳投资 aims to continue evolving its co-management model and anticipates that more private equity firms will adopt similar structures in the coming years, contributing to the industry's growth [11].

Core Viewpoint - The article emphasizes Warren Buffett's unique investment philosophy, focusing on risk assessment and the importance of maintaining a margin of safety rather than relying on complex financial models or predictions [2][3]. Group 1: Investment Philosophy - Buffett prioritizes evaluating potential disaster risks in investments, rejecting opportunities with significant risks immediately [3][10]. - He sets a baseline initial return rate of 15%, aiming for reasonable odds rather than excessive greed [3][9]. - Continuous learning and knowledge accumulation are crucial to Buffett's decision-making process, allowing for quick and accurate judgments [3][8]. Group 2: Key Investment Concepts - The article outlines four core concepts in value investing: intrinsic value, ignoring market volatility, the drawbacks of excessive trading and diversification, and the importance of a margin of safety [7]. - Buffett's investment decisions are characterized by a focus on a few critical factors rather than complex financial models, emphasizing sales growth and cost advantages [9][10]. Group 3: Case Study - Midcontinent Tab Card Company - The case study illustrates Buffett's investment in Midcontinent Tab Card Company, highlighting his initial rejection due to perceived disaster risks when the company was a startup challenging IBM [9]. - After the company demonstrated success in the market, Buffett reconsidered and invested, applying his principles of risk assessment and expected returns [9][10]. - The investment yielded an annualized return of 33% over 18 years, showcasing Buffett's effective application of his investment philosophy [9]. Group 4: Learning and Habits - Buffett's success is attributed to his diligent work habits and a deep-rooted understanding of investment principles acquired from a young age [7][8]. - He emphasizes the importance of avoiding bad habits and cultivating good ones, as they shape long-term success [7][8]. - The article suggests that Buffett's unique traits and disciplined approach to investing are key factors in his sustained success over decades [12][13].