穿越投资：我的投资哲学与“深研”路径

Group 1 - The core investment principle is to select the right "benchmark" for comparison, which influences the probability of profit and sets reasonable investment expectations [5][6] - The S&P 500 index has an annualized return of approximately 11.8% over the past 40 years, while the Dow Jones index has a return of only 9.3%, highlighting the significant impact of slight differences in annualized returns over long periods [6] - In contrast, the A-share market has shown a long-term central tendency around 3000 points, with an annualized return of only about 2.8% since 2000, indicating a lower probability of achieving high returns compared to markets with higher central returns [7] Group 2 - It is crucial to ensure that the selected "benchmark" is accurate and not distorted by statistical weight or changes in criteria, as misleading averages can lead to poor investment decisions [9][10] - The example of real estate prices illustrates how national averages can obscure significant local price increases, emphasizing the need to penetrate data to find the true market central [10][11] Group 3 - Retail investors have the advantage of time and deep focus, allowing them to conduct thorough research on a limited number of companies, which can lead to superior long-term investment outcomes [13][16] - The case study of the Shanghai IFC project demonstrates the importance of understanding long-term supply and demand dynamics rather than being swayed by short-term market fluctuations [18][19] Group 4 - Investors should clearly understand the characteristics of different investment sectors and their long-term real "return rates" to make informed decisions about asset allocation [21] - There are two strategies for investors: A strategy of "diversified investment" for those who cannot or do not want to conduct deep research, and B strategy of "deep research" for those aiming for excess returns through focused study [22][23]