财通基金金梓才： 多资产轮动 做时代的投资

Core Insights - The article emphasizes the importance of adapting investment frameworks to changing market conditions, highlighting the need for continuous iteration and flexibility in investment strategies [1][2][3] Investment Framework - The investment approach has evolved from a focus on TMT (Technology, Media, and Telecommunications) to a broader perspective that includes cyclical industries, reflecting the changing market dynamics since 2016 [2][12] - The ability to adapt to different market environments and asset rotations is crucial for long-term investment success, as sticking to a single industry can lead to missed opportunities [2][12] Industry Rotation Strategy - The strategy prioritizes mid-cycle indicators and macroeconomic trends, focusing on identifying stocks with strong earnings growth potential and minimal price distortion [3][6] - The rotation cycle is designed to be more gradual, emphasizing medium to long-term gains rather than short-term fluctuations [6][12] Future Value Assessment - Investment decisions are based on a dynamic assessment of future value, considering both macroeconomic conditions and individual stock performance [7][8] - The company aims to identify discrepancies in market pricing to uncover significant investment opportunities, emphasizing the importance of thorough research and analysis [8][10] Team Dynamics and Performance - The company places a strong emphasis on team collaboration and skill development, ensuring that team members are well-equipped to identify and act on investment opportunities [16][17] - A structured training and evaluation system is in place to foster talent within the investment team, promoting a culture of continuous improvement and high performance [16][17]