东方创禾宋中华：投资人需穿透数据，在资本狂宴中保持清醒丨大咖荐书

Core Insights - The essence of investment success lies in accurately assessing profitability, which is fundamentally tied to the depth of understanding [1] - Reading is emphasized as a crucial tool for enhancing cognitive abilities and recognizing enduring truths in a rapidly changing world [1] Group 1: Investment Philosophy - The book "Value Investing" by Howard Marks highlights that investment outcomes are primarily determined by the correctness of profitability judgments [1] - Charlie Munger's perspective suggests that achieving desired outcomes requires aligning understanding with value [1] Group 2: Recommended Reading - "Barbarians at the Gate" by Bryan Burrough and John Helyar is recommended as a classic account of the Wall Street battle during KKR's $25 billion leveraged buyout of RJR Nabisco in 1988 [2] - The book reveals the brutal nature of capital competition and the dual-edged sword of financial innovation, showcasing the consequences of viewing companies merely as assets rather than long-term entities [2] Group 3: Human Nature and Capital - The narrative serves as a parable about human nature, illustrating that capital amplifies inherent human traits rather than changing them [3] - Investors are urged to penetrate data and understand the underlying human behaviors that drive market dynamics [3]