当价值投资变成一场“自我欺骗”，普通投资者为何知易行难？

Core Viewpoint - The article discusses the challenges and misconceptions surrounding value investing, highlighting how it has become a form of self-deception for many investors. It emphasizes the gap between ideal long-term investment strategies and the harsh realities faced by investors in the market. Misconceptions about Value Investing - The concept of "pseudo long-termism" suggests that value investing is not about holding onto stocks indefinitely but requires dynamic decision-making based on market valuations [5] - Investors often lack the courage to counter market trends, leading to hesitation in making reverse investment decisions when faced with undervalued stocks [6] - The psychological trap of sunk costs causes investors to hold onto losing stocks out of fear of admitting failure, rather than making rational decisions [6] - The illusion of risk diversification can mislead investors into believing that holding numerous stocks reduces risk, while in reality, they may be concentrated in similar sectors [7] - Many investors chase short-term gains, neglecting the time required for value to materialize, which can lead to poor investment choices [8] Investment Strategies and Philosophies - The article introduces investment philosophies such as "waiting for the wind" rather than "chasing the wind," advocating for patience and strategic buying during undervaluation periods [10] - Emphasizes the importance of deep understanding and trust in investment targets to overcome the common issue of not being able to hold onto stocks [11] - Discusses a balanced approach between maintaining core positions in deep value stocks and being flexible to capitalize on short-term opportunities [12] - Establishing clear valuation standards is crucial for controlling drawdowns and maintaining investment discipline [13] Market Dynamics and Opportunities - The volatility in the A-share market is seen as a source of arbitrage opportunities, as price fluctuations around value can benefit value investors [20] - The core of company analysis should focus on understanding the essence of competitive advantages, ensuring that analysis does not deviate from fundamental factors [21]