以下文章来源于画不多说 ，作者懂私募的灵魂画手 画不多说 . 话不多说，画多说。用最通俗易懂的方式，讲述私募的故事。 提到"分红"，大多数投资者脑海中浮现的第一个画面， 是 我们买了 一 只 红利股， 然后像地主收租一样，坐等每年获得稳定的现金回 报。 能持续稳定分红的公司，通常经营稳健、现金流充沛，是公司盈利能力的体现。 站在投资人角度，分红后股价会进行"除息"，股价下降，所以其实总资产并没有发生变化。 这么看， 分红 ，并没有带来额外的收益 ，而是一个【从左口袋到右口袋】的资金转移过程。 但这笔钱落袋为安，是实打实的真金白银到手。 所以有很多人喜欢买高分红的公司，为的是稳定的现金流和稳健的盈利增长。 ↑点击上面图片 加雪球核心交流群 ↑ 私募基金分红，也是如此吗？ 这篇我们来详细了解下， 什么是 基金 的 分红 、分红有哪些形式、以及分红对咱买了的人有什么好处呢。 首先，到底什么是【基金分红】？ 基金能够分红， 意味着基金本身是盈利的——有可以进行分配的收益。 换句话说，基金亏损状态，是不会分红的哦。 分红时，我们买的人会有两种选择：现金分红、红利再投。 现金分红 ： 收益分配之后，分红资金到手了，但基金 ...

这不是传统金融学中的"二八定律"，而是优美利投资创始人贺金龙多年资管生涯中总结的投资者获利概 率。 在高波动的产品中，投资者更容易追涨杀跌，回本即卖出，导致产品虽然收益高，投资者却提前下了 车。"市场短期奖励具有爆发力的选手，但长期会奖励能够坚持下来的人。"贺金龙在接受中国证券报记 者专访时说。 回顾优美利投资十多年来的发展路径，从最初2亿元自营盘到如今近75亿元资产管理规模，从几乎囊括 所有策略，到最终聚焦在量化可转债策略、量化对冲策略等为代表的中低波动产品，凭借其风险可控、 收益稳健的特性，逐步形成自己的护城河。 在贺金龙看来，投资最核心的目标从来不是追求短暂的刺激，而是让投资者能够"拿得住、睡得着、赚 到钱"。在市场的风云变幻中，他带领团队以多资产量化体系为底座，坚持控制回撤、平衡风险、以技 术驱动稳健收益，并用真实成绩验证了一条并不拥挤的道路——低波动，并不等于低收益；慢节奏，反 而走得更长远。 相信复利 "慢即是快" 早年，贺金龙在券商工作时，就见证过许多"起高楼、宴宾客、楼塌了"的瞬间。他坦言，那些高斜率的 曲线、短期暴涨的产品固然令人心动，但经历风浪后就领悟到：能让客户真正赚到钱的产品，并不靠爆 ...

□本报记者 王雪青 "低波产品的投资者基本都能赚钱，中波产品约八成投资者赚钱，而高波产品却只有约两成投资者赚 钱。" 这不是传统金融学中的"二八定律"，而是优美利投资创始人贺金龙多年资管生涯中总结的投资者获利概 率。 在高波动的产品中，投资者更容易追涨杀跌，回本即卖出，导致产品虽然收益高，投资者却提前下了 车。"市场短期奖励具有爆发力的选手，但长期会奖励能够坚持下来的人。"贺金龙在接受中国证券报记 者专访时说。 回顾优美利投资十多年来的发展路径，从最初2亿元自营盘到如今近75亿元资产管理规模，从几乎囊括 所有策略，到最终聚焦在量化可转债策略、量化对冲策略等为代表的中低波动产品，凭借其风险可控、 收益稳健的特性，逐步形成自己的护城河。 在贺金龙看来，投资最核心的目标从来不是追求短暂的刺激，而是让投资者能够"拿得住、睡得着、赚 到钱"。在市场的风云变幻中，他带领团队以多资产量化体系为底座，坚持控制回撤、平衡风险、以技 术驱动稳健收益，并用真实成绩验证了一条并不拥挤的道路——低波动，并不等于低收益；慢节奏，反 而走得更长远。 相信复利 "慢即是快" 早年，贺金龙在券商工作时，就见证过许多"起高楼、宴宾客、楼塌了"的 ...

□本报记者 王雪青 "低波产品的投资者基本都能赚钱，中波产品约八成投资者赚钱，而高波产品却只有约两成投资者赚 钱。" 这不是传统金融学中的"二八定律"，而是优美利投资创始人贺金龙多年资管生涯中总结的投资者获利概 率。 在高波动的产品中，投资者更容易追涨杀跌，回本即卖出，导致产品虽然收益高，投资者却提前下了 车。"市场短期奖励具有爆发力的选手，但长期会奖励能够坚持下来的人。"贺金龙在接受中国证券报记 者专访时说。 回顾优美利投资十多年来的发展路径，从最初2亿元自营盘到如今近75亿元资产管理规模，从几乎囊括 所有策略，到最终聚焦在量化可转债策略、量化对冲策略等为代表的中低波动产品，凭借其风险可控、 收益稳健的特性，逐步形成自己的护城河。 在贺金龙看来，投资最核心的目标从来不是追求短暂的刺激，而是让投资者能够"拿得住、睡得着、赚 到钱"。在市场的风云变幻中，他带领团队以多资产量化体系为底座，坚持控制回撤、平衡风险、以技 术驱动稳健收益，并用真实成绩验证了一条并不拥挤的道路——低波动，并不等于低收益；慢节奏，反 而走得更长远。 相信复利 "慢即是快" 早年，贺金龙在券商工作时，就见证过许多"起高楼、宴宾客、楼塌了"的 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The S&P 500 index has an average annual total return of +13% since 1945, with 79% of years yielding positive returns, indicating a high probability of profit in the stock market [4][5] - Investing $1,000 in the S&P 500 index in 1945 would result in approximately $7.3 million today, highlighting the power of compounding and the impact of seasonal investment strategies [5][6] - U.S. household net worth increased by 52% from $110 trillion at the end of 2019 to $167 trillion by mid-2023, indicating significant wealth accumulation [5] - The top 10% of U.S. households own 87% of the stock market, while the top 1% own 50%, reflecting wealth concentration in the equity market [6] - Since March 2009, the Nasdaq 100 index has seen a total return of +2,753%, with notable investment opportunities arising during market downturns [7] - The market capitalization of the seven largest tech companies has grown from $1 trillion to $21 trillion over the past thirteen years, indicating robust growth in the tech sector [7] - The average age of first-time homebuyers in the U.S. has reached a record high of 40 years, compared to 31 years in 1999, suggesting changing demographics in the housing market [12] Summary by Sections Historical Performance - The S&P 500 index has consistently provided positive returns, with a total return of +17% year-to-date, placing it in the 56th percentile historically [4] - The significant difference in returns based on investment timing emphasizes the importance of market timing and seasonal factors [5] Wealth Distribution - U.S. households, through direct ownership or funds, hold over 50% of the U.S. stock market, contrasting sharply with hedge funds that hold only 2% [5] - The concentration of stock ownership among the wealthiest households raises questions about market dynamics and accessibility for average investors [6] Economic Indicators - The increase in U.S. household net worth and the growth of the tech sector reflect broader economic trends and potential investment opportunities [5][7] - The projected growth of U.S. nominal GDP by nearly 280% by 2050 indicates a long-term positive outlook for the economy [11]

Core Insights - The article emphasizes that poor financial habits and mindset, rather than low income, are the primary reasons for financial struggles [5][8][80] - It introduces the concept of the "Latte Factor," which refers to small, seemingly insignificant expenses that accumulate over time and negatively impact financial health [17][18][80] Group 1: Financial Habits - The protagonist, Zoe, despite having a good job and increasing income, struggles with debt due to her spending habits [10][12][15] - Zoe's realization about her daily coffee expenses leading to significant annual costs illustrates how minor expenditures can lead to financial distress [16][18] - The article suggests that many individuals fail to recognize the impact of their spending habits, leading to a cycle of debt [23][25] Group 2: Changing Mindsets - The narrative stresses the importance of changing one's perception of money and spending to escape financial difficulties [8][39] - It highlights that financial issues stem from habits rather than income levels, advocating for the development of better financial practices [37][38] Group 3: Practical Solutions - The article outlines three key strategies to overcome the "Latte Factor" and improve financial health: 1. Prioritize personal investment over other expenses to build savings [47][52] 2. Automate savings to avoid the pitfalls of budgeting, which can be difficult to maintain [57][63] 3. Spend on dreams and personal goals to create motivation for saving [67][73] Group 4: Overall Message - The article concludes that wealth management is fundamentally about self-management and making conscious choices regarding spending and saving [81][82] - It encourages readers to recognize that financial freedom is a gradual process that begins with small changes in habits [83]

Core Viewpoint - The article emphasizes the inherent risks of financial bubbles and the importance of understanding the underlying value of investments, warning against the dangers of following market trends without due diligence [2][6]. Group 1: Financial Bubbles - Historical examples illustrate how quickly asset prices can rise and fall, leading to significant losses for investors who do not understand the market dynamics [2][4]. - The tulip mania of 1636 is cited as a classic case where prices soared to the equivalent of $25,000 to $30,000 per bulb, only to crash, leaving many investors in financial ruin [4][5]. - The article highlights that all financial bubbles ultimately trend towards zero, with most participants losing not only paper profits but also their principal investments [6][5]. Group 2: Investor Behavior - Investors often succumb to herd mentality, which can lead to irrational decision-making and increased risk exposure [6][10]. - The article references Newton's loss during the South Sea Bubble, illustrating that even the most knowledgeable investors can fall victim to market madness [6][10]. - It stresses the importance of maintaining a cautious approach and avoiding the temptation to chase after fleeting market trends [7][12]. Group 3: Investment Principles - The article outlines four key cognitive tools for successful investing: long-term thinking, independent thinking, risk awareness, and equity mindset [8][13]. - Long-term thinking is crucial for compounding returns, but investors must be patient and resilient against short-term volatility [9][10]. - Independent thinking helps investors avoid the pitfalls of following the crowd, while risk awareness ensures that potential losses are considered before making investment decisions [12][13].

Core Viewpoint - The article emphasizes the importance of four key cognitive tools for successful investing: long-term thinking, independent thinking, risk awareness, and equity thinking, which correspond to patience, skepticism, caution, and original intention respectively [1][7]. Group 1: Long-term Thinking - Long-term thinking is essential for achieving compound interest, which can be interrupted by various factors, leading to a loss of investment momentum [2]. - The early stages of compound interest accumulation can be misleading and slow, making it easy for investors to give up [2]. - Investors often struggle to understand "tail events," which are rare but impactful occurrences that can significantly influence investment outcomes [3]. - The accumulation of compound interest requires enduring market volatility, which is an unavoidable aspect of financial markets [4]. Group 2: Independent Thinking - The article highlights the prevalence of herd mentality in the stock market, which can lead to impulsive investment decisions [5]. - It encourages investors to cultivate a habit of skepticism and not to blindly trust third-party information or conclusions [5]. Group 3: Risk Awareness - Investors often exhibit cognitive biases such as over-optimism and linear thinking, which can lead to reckless behavior, especially during prosperous times [6]. - The article cites a common saying in the investment community that emphasizes the rarity of investors who are both bold and prudent [6]. Group 4: Equity Thinking - Equity thinking is described as the foundational mindset for value investing, requiring investors to view their stocks as ownership stakes in companies [7]. - This mindset encourages investors to engage deeply with the companies they invest in, potentially influencing company governance and growth [7]. - The article concludes that possessing equity thinking allows investors to patiently await value growth while maintaining skepticism and caution [8].

Core Viewpoint - Value investing is a long-term strategy that is applicable not only to the US market but also to A-shares and Hong Kong stocks, as emphasized by Buffett, who achieved a 55,000-fold return through value investing over 60 years [1][4]. Group 1: Value Investing Principles - The essence of value investing is "good industry, good company, good price," but good companies often come with high prices, necessitating patience for market downturns to find good prices [1][4]. - Practicing value investing requires overcoming human emotions of greed and fear, advocating for reducing positions during market exuberance and increasing positions during market pessimism [1][4]. Group 2: Chinese Characteristics of Value Investing - The concept of "Chinese characteristic value investing" is proposed, which combines the selection of good industries and companies with appropriate position management based on market fluctuations [1][4]. - The A-share market is still developing, characterized by high volatility and a dominance of retail investors, necessitating a tailored approach to value investing [1][4]. Group 3: Market Timing and Strategy - The company successfully navigated market cycles over the past decade by timing market peaks and troughs, including significant actions taken in 2014, 2015, 2016, and 2018 to manage risks and capitalize on opportunities [2][5]. - Market phase assessment is based on eight factors, including policy direction, valuation levels, market sentiment, liquidity, external factors, risk premiums, market themes, and fundamentals [2][5]. Group 4: Policy Orientation - Close attention to policy direction is essential in "Chinese characteristic value investing," with a focus on industries supported by policy and avoidance of those that are restricted [3][6]. - The current A-share market is viewed as a golden investment period, encouraging investors to adhere to value investing principles and strategically invest in quality stocks or funds [3][6].

我们似乎总在撕裂中生活： 被"上岸"、"搞钱"的浪潮推着向前，在疲惫的夹缝中时刻提醒自己仍要热爱生活； 我们熟练使用各种效率软件，内心却渴望能关掉所有的通知。 在这种普通又重复的挣扎中， 《纳瓦尔宝典》已经被超过一百万人翻阅。 这本书收录了白手起家、后来实现财富与精神双重自由的纳瓦尔的智慧箴言。 绝非轻松的套话与简单的成功学，纳瓦尔提供了一套直面这种"撕裂"的思考框架： 如何用头脑赚钱，而不是仅用时间换钱；如何在追求成功的同时，守护内心的宁静。 他说："从现在开始，你只需要在乎三件事：你自己，你的钱，你内心的平静。" 纳瓦尔是谁？ AngelList创始人兼CEO，硅谷传奇投资人 图片来源：Creator Villa 以下内容来自纳瓦尔本人亲述 我在单亲家庭长大，是一个贫穷的印度移民家庭。母亲既要工作读书，还要抚养我和哥哥。我们从小就学着照顾自己，甚至没有受过良好的教育。 条件虽然艰苦，但是母亲给了我们无条件的爱。 在一无所有的人生中，如果至少还有一个人无条件地爱着你， 你的自尊心就会得到极大的保护。 纽约的图书馆基本上就是我的课外活动中心，放学后，我大部分时间都在读书。 我唯一真正的朋友就是书，过去几千年最 ...