没有稳定正收益，再大的雪球也滚不起来！

Group 1 - The core concept of the article emphasizes the power of compound interest, often referred to as "the magic of compounding" or "the eighth wonder of the world" [2][3] - Compound interest operates on the principle of "interest on interest," where the interest earned in one period is added to the principal for calculating interest in the next period, leading to exponential growth over time [4][5] - The article highlights the importance of having both a sustainable source of positive returns ("wet snow") and a long time horizon ("long slope") for effective compounding [5][9] Group 2 - The article presents three simulated investment scenarios from 2025 to 2034, illustrating different return patterns: "big ups and downs," "moderate fluctuations," and "steady happiness" [6][7] - The "big ups and downs" scenario shows a cumulative return of 80% with an annualized return of only 6%, demonstrating how volatility can erode overall performance [7] - The "steady happiness" scenario, with consistent 10% annual growth and no losses, results in a remarkable cumulative return of 159% and an annualized return of 10%, underscoring the value of stability in compounding [7][9] Group 3 - The article concludes that time and stable positive returns are essential allies for maximizing the benefits of compounding, while negative returns act as significant obstacles [9][10] - It stresses that to truly harness the explosive power of compounding, long-term stable positive returns are a prerequisite, and without them, the effects of compounding can be severely diminished [10] - The article advocates for a long-term investment approach, emphasizing risk management and the pursuit of consistent positive returns to effectively utilize the principles of compounding [10]