股票市场，会“均值回归”吗？

Core Viewpoint - The article discusses the concept of "mean reversion" versus "mean non-reversion," emphasizing that in many cases, good entities improve while poor ones deteriorate, rather than reverting to an average state [1][4][12]. Group 1: Business Dynamics - Successful businesses tend to become increasingly dominant, while failing businesses gradually exit the market [2][8]. - The example of cinemas illustrates that those with better customer experiences attract more patrons, creating a positive feedback loop, while poorly managed cinemas face a downward spiral [9][10]. - In urban crime management, rising crime rates lead to a vicious cycle of reduced police effectiveness and economic decline, while decreasing crime rates foster a positive cycle of increased safety and investment [3][10]. Group 2: Financial Market Behavior - In the financial sector, companies that adhere to value investing principles tend to achieve better and more stable returns over time, leading to a self-reinforcing cycle of attracting quality clients and capital [11]. - Conversely, companies that engage in short-term, speculative trading often struggle to retain clients and face increasing difficulties in volatile markets [11]. - Market valuations can exhibit mean reversion, where extremely high or low valuations are likely to adjust towards average levels, indicating that both mean reversion and non-reversion phenomena exist in financial contexts [11][12].