记者观察 | 投资的“终极智慧”：大道至简

Group 1 - The core viewpoint of the articles highlights the changing market ecology, where traditional investment methods are becoming less effective due to the rise of quantitative investing and the deep application of artificial intelligence [1] - The Shanghai Composite Index has reached a ten-year high, yet many investors are underperforming compared to the index, indicating a disconnect between market performance and individual investor returns [1] - Quantitative private equity has altered market dynamics, changing trading speed, frequency, and the pricing mechanism, making it increasingly difficult for individual investors to achieve excess returns using traditional analysis methods [1] Group 2 - Investors must return to the essence of investing, which is understanding the intrinsic value of companies rather than merely speculating on price movements [2] - The article emphasizes that short-term price fluctuations are often amplified by algorithms, but long-term prices will eventually revert to value, highlighting the importance of a value-based investment approach [2] - Successful investors are those who focus on fundamental research of companies, accurate industry trend analysis, and a clear understanding of their own capabilities [2] Group 3 - The concept of "abandoning cleverness" does not mean rejecting modern investment tools; rather, it suggests that investors should use these tools to enhance their value investment philosophy [3] - Investors can utilize quantitative models to filter companies based on specific financial metrics and monitor industry trends using big data, but final investment decisions should be based on independent thinking [3] - The long-term value of a company is considered its "root," and anchoring investment decisions to this value is essential for successful investing [3]