学会估值，轻松投资：普通投资者也能学会的实用估值方法 | 螺丝钉带你读书

Group 1 - The article emphasizes the importance of valuation methods in investment, highlighting that all value investment schools focus on asset valuation [4][12][32] - Valuation is defined as the method of measuring the relationship between asset price and value, which is a concept applied in daily life [5][6][10] - The article provides examples of valuation methods for both bond and stock assets, illustrating how investors make rational decisions based on interest rates and company earnings [13][21][32] Group 2 - For bond assets, a simple valuation method is presented, where investors choose the option with the higher interest rate, demonstrating straightforward decision-making [15][17][19] - In the case of stock assets, the article discusses a hypothetical scenario where a company with stable annual profits is valued between 8 to 15 times its earnings, aligning with average price-to-earnings ratios in the market [26][27][30] - The article notes that investor sentiment can significantly influence valuation, with lower valuations during bear markets and higher valuations during bull markets [41][42][54] Group 3 - The article highlights that while valuation primarily affects short-term returns, long-term profitability is driven by economic cycles and overall productivity growth [46][51][52] - It mentions that not every market phase presents undervaluation opportunities, particularly in bull markets, necessitating asset allocation strategies [55][57] - The article concludes by referencing classic stock-bond allocation strategies used by renowned investors like Graham and Buffett [58]