深度对话！陈光明、霍华德•马克斯，面对面

Core Viewpoints - The investment approach should resemble that of a farmer, focusing on long-term cultivation rather than short-term hunting, which is more challenging [1] - Price fluctuations can be severe, but the intrinsic value of companies, especially excellent ones, remains stable, continuously generating substantial free cash flow [2] - There is growing optimism among global investors regarding China's long-term development potential [3] - The key to investment lies in objectively assessing true value and leveraging market fluctuations rather than being defeated by them [4] - Long-term, patient investment is more successful than attempting to time the market [5] Economic and Market Cycles - The dialogue between Chen Guangming and Howard Marks covered economic cycles, global market volatility, and investment opportunities in China [2] U.S. Market Insights - Howard Marks believes the U.S. economy remains strong, with trade policies being the main uncertainty affecting market reactions [6] - The U.S. stock market accounts for 50% of global market capitalization, while its GDP is only about 25% of the global total, indicating high valuations [4] Market Volatility - Chen Guangming noted that while there were significant fluctuations in China's market in April, these were more reflective of short-term risk preferences rather than long-term fundamentals [10] Chinese Technological Innovation - The emergence of DeepSeek has shifted investor sentiment positively towards China's market, indicating that China is competitive in technology sectors like AI [12] - Howard Marks emphasized that the U.S. does not monopolize technological advancement, and competition from countries like China is significant [12] - Chen Guangming expressed optimism about investment opportunities across various sectors in China, highlighting the country's innovative capabilities and efficient supply chains [16][17] Value Investing Practices - Chen Guangming explained that the principles of value investing are consistent globally, focusing on buying below intrinsic value for returns [19] - In China, the stability and sustainability of intrinsic value may be weaker, making assessments more challenging [20] - The volatility in emerging markets like China can lead to greater investment opportunities if value investors can accurately assess intrinsic value [20]