4月巨大波动时刻果断出手！陈光明与霍华德·马克斯最新对话谈到很多共识

Core Viewpoint - The key to investment lies in the ability to objectively assess true value, and when market fluctuations cause prices to deviate from value, investors should capitalize on these fluctuations rather than being swayed by them [1][55][56]. Group 1: Market Sentiment and Investment Strategy - During periods of market volatility, such as the significant fluctuations in April, both Howard Marks and Chen Guangming acknowledged that their institutions actively bought into the market, taking advantage of the opportunity to acquire undervalued assets [2][17][58]. - Chen emphasized the importance of maintaining a calm and courageous approach during turbulent times, focusing on the intrinsic value of companies rather than being influenced by market price movements [19][60]. - Marks highlighted that true returns come from the long-term compounding growth of excellent companies, rather than short-term market predictions driven by emotions [1][64]. Group 2: U.S. Market and Economic Outlook - Marks discussed the current state of the U.S. economy, noting that while it remains vibrant, there are concerns regarding the sustainability of the "American exceptionalism" narrative due to recent policy changes and market volatility [10][12][11]. - He pointed out that the U.S. stock market's total market capitalization represents 50% of the global total, while its GDP accounts for only about 25%, indicating a potential overvaluation from a valuation perspective [5]. - Despite concerns, Marks believes that the U.S. remains a highly attractive destination for investment, with a strong likelihood of continued returns over the coming decades [13][12]. Group 3: China Market Potential - Chen expressed optimism about the Chinese market, suggesting that the recent developments, such as the emergence of DeepSeek, indicate that global investors are beginning to recognize China's long-term growth potential [36][49]. - He noted that the perception of China as an uninvestable market was a classic case of emotional overreaction, and those who maintained their positions during this period have seen positive returns [57][58]. - Chen highlighted that the intrinsic value of Chinese companies has not significantly changed despite market fluctuations, and he believes that the long-term competitiveness of China is on the rise [50][49]. Group 4: Value Investment Principles - Both Marks and Chen emphasized that value investing is a practical science focused on assessing true value, with the principle of buying below intrinsic value to achieve investment returns [52][55]. - Chen pointed out that while the fundamental principles of value investing are universal, the practice may differ across markets due to varying stability and predictability of intrinsic value [53]. - Marks reiterated the importance of focusing on value itself rather than being swayed by market emotions, advocating for a disciplined approach to investing [81][82].