做“造钟师” 与时代脉搏共振

Core Insights - The article emphasizes the importance of long-term value investing and the philosophy of being a "clockmaker" rather than a "timekeeper" in the capital market [1] - It highlights the evolution of investment strategies under the leadership of Zhou Yun, focusing on adapting to market cycles and maintaining a long-term perspective [2][3] Investment Philosophy - Zhou Yun believes in the intrinsic value of companies and aims to identify high-quality stocks that can withstand market cycles [2] - His investment approach has evolved from classic value investing to incorporating dynamic assessments of competitive advantages and market cycles [3][4] Market Adaptation - Zhou Yun's strategy is characterized by "going with the big trend while countering the small fluctuations," focusing on industry transformations and human behavior in market cycles [4][6] - He has successfully integrated the "dual carbon" policy into his investment framework, predicting significant impacts on cyclical industries over the next 5-10 years [4][6] Performance Metrics - Zhou Yun's managed funds, such as the Oriental Red New Power and Oriental Red JD Big Data, have consistently outperformed benchmarks, achieving returns of 178.04% and 197.06% respectively from 2015 to 2024 [7] - His funds have maintained a strong track record, with 8 out of 9 years of positive returns for Oriental Red New Power and 7 out of 8 years for Oriental Red JD Big Data [7] Long-term Commitment - Zhou Yun exemplifies long-termism by holding significant personal investments in his funds, demonstrating alignment with investor interests [8] - His funds have shown annualized returns of 11.30% and 12.07%, significantly higher than their respective benchmarks [8] Conclusion - The article concludes that value investing is fundamentally about seeking truth and making informed decisions amidst uncertainty, with a focus on understanding the essence of companies and aligning with market trends [9]