这就是激发"交易员圣经"灵感的人：杰西·劳里斯顿·利弗莫尔（Jesse Lauriston Livermore），他是埃德温·勒费弗（Edwin Lefevre）《股票作手回忆录》 中主人公的原型。 华尔街对他着迷不已。 利弗莫尔的一生充满辉煌与奢靡，周围环绕着情妇、丑闻、金钱与破产。他是一位传奇交易员，在1929年股灾中大赚数百万。 但到了1934年，利弗莫尔在股市上五年前赚得的1亿美元财富几乎耗尽。他宣布第三次破产，经历第二次离婚，并于1940年自杀——当时的报纸更关注他 的丑闻，而非他早年的辉煌成就。 这就是他的故事。 引自威利（Wiley）的《股票作手回忆录》中埃德温·勒费弗的语录；历史资料来源于汤姆·鲁比松的《杰西·利弗莫尔——华尔街小霸王》。 杰西·利弗莫尔1877年出生在一个农民家庭，3岁半时便学会了阅读和写作。 年轻而有决心的利弗莫尔便离家出走。 14岁时，他凭魅力获得了波士顿一家证券公司——Paine Webber的董事助理职位。 1920年的Paine Webber办公室。利弗莫尔的职业生涯从波士顿Paine Webber的董事助理做起。来源：Wikimedia Commons 利弗莫尔没 ...

林奇还是有许多真知灼见的，相比之下，国内国外到处流行什么"轻松理财"啊，什么在"小吃店遇见巴 菲特"啊，什么"隔壁的百万富翁"啊，我们得提防着点，它们只会轻松地从你口袋里掏钱，而不是让你 轻松地赚钱。一个稍有脑子的人只要想想，如果赚钱这么容易，天下人一定都赚钱了，钱也就不是稀缺 资源了。但我们绝大多数人能轻松地买一艘游艇吗？唯一看似轻松的彩票中奖赚大钱也不容易，如果你 刻意要成功的话。 遗憾的是，除了买彩票之外，不少人都认为通过股票（或房地产）投机是最容易的赚钱方式。同理，如 果通过这种方式最容易赚钱，古往今来（至少三百年来），股市或房地产业的富翁应该占世界富豪榜的 绝大多数。当然不是。 导读：投资环境的变化沧海桑田，犹如地震般不可预期，但健全的投资原则会产生健全的投资结果，这 大抵仍是不变的事实，它们将持续如此发展，我们的理论则必须建立在这个假定之上。 人都是趋利避害，每次市场开始有波动的时候，大多数的投资者就会开始怀疑自己的选择，这样往往会 导致买了牛股却拿不住，最终赚不到钱，甚至是亏钱。而伟大的投资者之所以伟大，恰恰是因为能够坚 持自己的观点，不为外界因素所干扰，某些时候敢于站在人群的对立面。一些短期看 ...

所以，当别人追风口、忙投机时， 你只要稳稳地去积累、去布局， 在这个人人想暴富的年代，炒股的、买币的、抄底的、投风口的， 一个比一个心急。 但你有没有发现—— 那些真正赚到钱的人，从不喧哗。 他们不盯盘，不冲动，不追热度， 他们只做一件事： 让钱自己生钱，让时间替他们干活。 你每天刷短视频，看别人一夜暴富， 但你不知道，那些"赚快钱"的故事， 大多只有开头，没有结局。 股市的"神话"，币圈的"造富"， 风口过后，都是一地鸡毛。 他们悄悄地把钱放进稳健的资产里， 分散投资、长期持有、吃利息、拿分红。 看似慢，实则稳；看似小，实则厚。 因为他们懂一个道理—— 钱不是靠赌赢的，而是靠熬出来的。 当别人起起落落、焦虑不安， 他们只需要看着复利一点点生根发芽。 你知道复利的魔力吗？ 它不会一夜暴富，却能在十年后让你惊讶： 原来"安静的坚持"，也能改变命运。 而真正聪明的人在干嘛？ 别怕慢，怕的是浮躁； 别羡慕别人的暴富，学会守自己的节奏。 财富从来不是冲出来的， 而是"熬"出来的。 —— 未来你会发现： 他们赚的是"热闹"， 你赚的，才是"自由"。 ...

比特币为什么会涨得如此疯狂？有以下4个因素： 首先是信仰群体的扩大。 比特币是一种数字世界平权乌托邦信仰，比特币是这种信仰的载体。在这种信仰从少数人的小群体，向大群体外溢过程中，越来 越多的信仰者加入，而比特币的总量是固定的，2100万个。这就像对于总数有限的收藏品一样，时间、稀缺性和供需关系决定了价格。类似的比如书画，邮 票、棒球卡、限量版球鞋等也是这个道理。 最后一个因素是钱多。当下资产价格的全面上升来自于货币的膨胀，归根到底资产价格是一种货币现象，钱多，追逐各类资产，比特币也进入了主流社会的 眼界，在剧烈波动中上涨也是可以理解的。你看美联储在带头放水，全球央行都在跟进。你不投机，就只能等着被薅羊毛。 A 40 2 y P Car y t the real as te 714. r 7 P the states AMILE T * 0 . 4 · 11.0 . 1 t Associated 0 0 CALLE t 1 13 40 / 400 46 e a . Alant STER 10 1 (A. Blue all e 限 V - 6 9 4 4 第二个因素是传统世界的缝隙。金融、货币虽然不是天生由国家权 ...

Core Viewpoint - The article discusses the decline of Li Ka-shing's business empire, highlighting significant asset sales and a shift in political and economic dynamics in Hong Kong and mainland China [2][4][10]. Group 1: Asset Sales - Li Ka-shing's son, Li Zeju, was excluded from the Hong Kong Chief Executive's advisory group, indicating a political shift away from the Li family [2]. - Li Ka-shing has begun aggressively selling assets, including a 30% discount sale of the Beijing Yucui Garden, a luxury project held for 23 years, and 400 properties in the Greater Bay Area at an average of 40% off [2][4]. - In Hong Kong, even Li Ka-shing's former wedding home is listed for sale at 5 billion HKD, showcasing a broader trend of asset liquidation [4]. Group 2: Historical Context and Business Strategy - Historically, Li Ka-shing's success stemmed from strategic relationships with authorities, allowing him to acquire land at low prices during British rule in Hong Kong [4][8]. - His acquisition of Hutchison Whampoa in 1979 at a significantly reduced price exemplifies his opportunistic investment style, leveraging favorable financing conditions [6]. - Li Ka-shing's strategy included land hoarding and waiting for price appreciation, but recent changes in the Chinese market have undermined this approach [8]. Group 3: Changing Economic Landscape - The article suggests that the decline of Li Ka-shing's empire reflects a broader transformation in Hong Kong's economic structure, moving away from a pyramid model dominated by a few tycoons [11]. - The new advisory group members represent a shift towards technology and innovation, indicating a future focus on new industries rather than traditional capital [13]. - The changing attitudes towards Li Ka-shing and his business practices signal a significant shift in the economic landscape of Hong Kong, emphasizing the need for adaptation to new realities [10][11].

Core Insights - The article discusses the journey of Bill Ackman, highlighting his significant losses and subsequent recovery in the investment world, particularly through his hedge fund, Pershing Square Capital Management [1][2][4]. Group 1: Investment Philosophy - Ackman emphasizes the importance of understanding the difference between "price" and "value," stating that the stock market serves to provide prices that investors can choose to accept or ignore [8][9][10]. - The essence of investing is to build a model that predicts the cash flows a company can generate over its lifecycle, which is more complex for stocks compared to bonds [17][22][23]. Group 2: Performance Metrics - Since its inception in 2004, Pershing Square has achieved a cumulative return of over 22 times, with an annualized return of approximately 15.9%, significantly outperforming the S&P 500 index [4]. - In the past five years, the fund has delivered a cumulative return of about 130%, with an annualized return of around 22.8% [4]. Group 3: Notable Strategies and Actions - Ackman is known for his activist investment strategies, including high-profile battles such as the one with Herbalife, which is described as one of the most dramatic confrontations in financial history [4][5]. - Recently, Ackman has aimed to transform Howard Hughes Corporation into a "mini Berkshire Hathaway," viewing this initiative as a pivotal point in his career [5].

Core Viewpoint - The article discusses the contrasting investment styles of two prominent figures, Buffett and C. T. Wang, highlighting the long-term benefits of value investing versus the short-term gains of aggressive trading strategies [1][4]. Group 1: Investment Strategies - C. T. Wang focused on popular companies and price momentum, with an annual turnover rate of 100%, leading to significant short-term gains but ultimately resulting in substantial losses for investors [3][4]. - Buffett's investment approach emphasized understanding business valuations and maintaining a long-term perspective, achieving a cumulative return of 1403.5% from 1956 to 1968, compared to the Dow Jones' 9.1% [4][5]. Group 2: Performance Comparison - In 1962, during a market downturn, Wang invested an additional $28 million, resulting in a 68% increase in his fund by year-end, showcasing his ability to capitalize on market volatility [3]. - Conversely, Buffett closed his partnership in 1969 to preserve gains, avoiding a subsequent five-year market decline, demonstrating a commitment to risk management and investor protection [4][6]. Group 3: Investment Philosophy - Wang's strategy was likened to a "trial marriage" approach, indicating a lack of commitment to long-term investments, which ultimately harmed his investors [3]. - Buffett maintained a philosophy of "no investment without understanding," emphasizing the importance of knowledge and safety margins in investment decisions, which led to sustainable growth for his investors [6][7].

Investment Strategy & Risk Management - The industry emphasizes the importance of wealth preservation over aggressive investment strategies, especially in volatile markets like cryptocurrency [1] - The industry highlights the need for controlled position sizing to achieve returns exceeding traditional income sources [1] - The industry suggests diversifying into stable and low-volatility assets to mitigate risk [1] Future Trends & Skill Development - The industry anticipates a shift towards a gig economy and individual entrepreneurship, where individuals become building blocks in a larger system [1] - The industry stresses the importance of developing skills that complement AI to maintain a competitive edge [1] - The industry suggests broadening market experience and deepening expertise in specific areas to enhance earning potential [1]

Group 1 - The core argument is that investing with a small amount of money through gambling or speculation is fundamentally flawed and lacks statistical probability of success [3][4][6] - Gambling-style investing places the principal at high risk for low probability events, leading to potential total loss rather than guaranteed gains [3][4] - Successful long-term investors rarely achieve wealth through gambling; instead, they rely on consistent, value-based investment strategies [4][5] Group 2 - The psychological aspect of believing in speculation over value investing can lead to a dangerous cycle where initial success reinforces poor investment habits [4][5] - If an investor experiences significant gains through speculation, they are less likely to revert to value investing, further entrenching their speculative behavior [5][6] - The notion that having limited funds justifies gambling is misleading; value investing should be pursued regardless of current financial status [6]

Group 1 - The core concept of stock index futures and options is that they are essential derivative tools for equity markets, complementing each other to form a complete risk management system [3][4] - Stock index futures allow investors to short the market and provide a hedging tool, with a T+0 trading system enabling same-day buy and sell transactions [4][5] - Stock index options grant investors the right, but not the obligation, to buy or sell a stock index at a predetermined price, offering lower risk and higher potential returns compared to stock options [5][8] Group 2 - "IPO plus stock index futures options" is not a standard financial term but can be understood as the relationship between IPOs and stock index futures options, where IPOs are crucial for companies transitioning to public status [7][9] - Stock index futures are typically cash-settled, while stock index options can be settled either in cash or through physical delivery, depending on the contract design [8] - Both IPOs and stock index futures options can influence market sentiment and pricing, with stock index futures options providing risk management tools for companies post-IPO [9]