投资大家谈 | 姜诚：用现实主义的方法，实现理想主义的目标

Core Viewpoint - Value investing is applicable in the A-share market, as long as there are transparent prices and assessable values for assets [1][2]. Group 1: Concerns about Value Investing - The anxiety surrounding the application of value investing stems from concerns about its ability to outperform the market and whether investors will trust active management again [2][3]. - It is a misconception that all investors can achieve excess returns; the total returns of all investors equal the market returns minus transaction costs [2]. - The rise of index funds is a result of diminishing excess returns rather than the disappearance of excess returns [2]. Group 2: Opportunities for Excess Returns - The ability to achieve excess returns is influenced by the similarity of investment strategies among investors and the differences in their investment capabilities [3]. - A-share market still presents opportunities for excess returns, as not all investors have the same capabilities [3]. Group 3: Building Trust with Investors - Gaining trust from investors is more challenging than outperforming the market; communication during downturns is crucial [4]. - The key to regaining trust lies in aligning the returns of investors with the net asset value of the fund [3][4]. Group 4: Managing Volatility - Many investors lack the patience for long-term holding and tend to trade too frequently, which harms their returns [5]. - Research indicates that funds with lower volatility tend to have better performance and lower chances of loss for investors [5]. - The challenge is to find ways to reduce volatility without sacrificing returns, which varies for each fund manager [5]. Group 5: Realism in Investment Strategy - Fund managers often exhibit idealistic views that may not align with reality, leading to flawed logic in their investment narratives [6]. - A balanced approach that combines realistic methods with idealistic goals is essential for successful value investing [7].