真正的价值投资者，要从价值回归中赚钱

Group 1 - The core idea emphasizes that long-term investment returns are primarily driven by intrinsic value growth rather than market price fluctuations, with only 0.6% of returns attributed to price changes [1][2] - Apple's net profit doubled from 2016 to 2024, while its stock price increased approximately ninefold, indicating that a significant portion of the returns came from P/E ratio expansion, known as "Davis Double" [3][5] - The investment philosophy suggests that investing in great companies can yield unexpected additional returns, while investing in mediocre companies may lead to losses [6][19] Group 2 - The article discusses the irrationality of the market, which provides opportunities for value investors to capitalize on mispriced assets [7] - A specific example is given regarding Kuaishou's new recommendation system, which showed minimal improvements in user engagement but led to a significant stock price increase, highlighting the disconnect between market sentiment and actual financial performance [9] - The importance of a sound investment decision-making process is stressed, as it is more critical than the final investment outcome [10][11] Group 3 - The author expresses skepticism about short-term stock price movements driven by hype, as seen in the case of Alibaba and Tencent, where the actual business performance did not align with market expectations [12][13] - The article critiques investment strategies that lack a solid analytical foundation, emphasizing the need for understanding the business model and financial metrics before investing [16][18] - It concludes that true value investors focus on the intrinsic value of companies and the potential for price correction based on that value, rather than speculative trading [19]