中欧长谈第一季|价值派付倍佳：稳定的超额来自于，不犯大错，度量风险

Core Insights - The article emphasizes the importance of maintaining enthusiasm for work and the value of enjoying one's career, as exemplified by Warren Buffett's attitude towards investing and life [6][31]. - It discusses the principle of "do not lose money" as a fundamental discipline in value investing, highlighting the need to control maximum drawdowns in the face of systemic risks [7][32]. - The pursuit of a high Sharpe ratio is presented as a key investment philosophy, focusing on achieving stable excess returns while managing volatility [8][33]. Investment Philosophy - The concept of the Sharpe ratio is explained as a measure of excess return per unit of risk, with a focus on achieving higher and more stable excess returns while controlling volatility [8][33]. - The article outlines a three-layer framework for investment strategy: macroeconomic direction, sector allocation, and individual stock selection [10][36]. - The macroeconomic perspective involves assessing interest rate differentials and profit margins to determine whether to adopt an offensive or defensive stance in portfolio management [10][36]. Market Dynamics - The article notes that the Hong Kong stock market has unique characteristics, including high foreign participation and a short-selling mechanism, which necessitate a focus on value investing [20][46]. - It highlights the increasing pool of investable assets in the Hong Kong market, particularly with the secondary listings of leading A-share companies, indicating a positive outlook for future investment opportunities [21][47]. Value Investment Challenges - The article discusses the challenges of value investing, including the need for patience in waiting for good prices and the tendency of the market to favor growth assets over stable value assets [13][40]. - It emphasizes the importance of understanding the time frame and volatility associated with realizing value, which can often extend over several years [14][41]. - The distinction between the "cake base" (stable cash flows) and the "cream layer" (growth expectations) is used to illustrate the evolving nature of asset valuation, particularly in the context of internet companies transitioning from growth to value [18][45].