什么是价值投资

Core Viewpoint - The essence of value investing lies in assessing the intrinsic value of a company relative to its market price, emphasizing a significant margin of safety in investment decisions [2][4]. Group 1: Value Investing Principles - Value investing requires viewing stocks as parts of businesses and providing an absolute valuation, which distinguishes it from index investing [2]. - The concept of safety margin is crucial, where an investor must determine the intrinsic value of a stock before making a purchase [7]. Group 2: Dividend Investing - Dividend investing can evolve into value investing if the dividend yield significantly exceeds government bond rates, focusing on income rather than outperforming the market [4]. - The Gordon dividend model can be applied to perpetual dividend portfolios to assess their value [5]. Group 3: Performance Metrics - The long-term average annual return of the CSI 300 is approximately 10%, which sets a benchmark for evaluating dividend growth rates [6]. - If the goal is not to outperform the market, a lower discount rate can be applied, making it easier to achieve reasonable growth expectations [6]. Group 4: Valuation and Safety Margin - Clear valuation is essential for determining safety margins, with examples illustrating the need for significant discounts to intrinsic value when investing in high-profile stocks like Moutai [7]. - A rough estimate of intrinsic value should be established, with a target of purchasing at a significant discount, ideally below 50% of the estimated value [7]. Group 5: Investment Strategy - The Snowball Three-Factor Method promotes long-term investment and asset allocation through diversification across assets, markets, and timing to achieve diversified returns and risk mitigation [8].