“价值投资”对散户来说，就是一个“烟雾弹”。

Core Viewpoint - The article argues that "value investing" is often misleading for retail investors, suggesting that it may not be a suitable strategy for them to achieve consistent profits in the stock market [1][2][4]. Group 1: Value Investing Concept - Value investing is defined as buying stocks of quality companies at perceived low prices and holding them long-term until their market price reflects their intrinsic value [1]. - The concept appears logical but lacks practical applicability for retail investors due to their limited resources and market knowledge [2]. Group 2: Challenges for Retail Investors - The number of quality companies in the A-share market is uncertain, making it difficult for retail investors to identify suitable stocks for long-term investment [2]. - Institutional investors have advantages such as access to lower-priced shares through private placements and better information channels, which retail investors do not possess [3]. - Retail investors face risks of holding stocks that may lead to significant losses, including potential delistings and market volatility [3]. Group 3: Limitations of Value Investing for Retail Investors - Retail investors typically do not benefit significantly from dividends due to their smaller shareholdings, which diminishes the appeal of value investing [3]. - The focus of retail investors is often on short-term price movements rather than long-term value, making value investing less attractive [4]. - The current A-share market is characterized by speculative trading, which aligns more with short-term strategies than with value investing principles [4].