Core Viewpoint - The article emphasizes the importance of value investing as a foundation, balancing risk and position control, and dynamically adjusting strategies to safeguard wealth in a fluctuating market environment [1]. Investment Philosophy - The investment philosophy is particularly suited for investors who lack the time to monitor market dynamics, do not have their own trading systems, and possess limited analytical skills [4]. - The investment approach is summarized as value investing, focusing on balancing risk and position control while dynamically adjusting to seize opportunities [5]. Timing and Analysis - Timing in stock trading can be approached from various angles, including technical analysis, fundamental analysis, market sentiment, and a comprehensive strategy. There is no absolute method for timing, and investors should consider multiple factors based on their risk tolerance and investment goals [5]. - A foundational investment framework is established, starting with stocks that exhibit a certain level of trading activity, followed by fundamental analysis to identify suitable candidates [6]. Valuation and Margin of Safety - The assessment of margin of safety and valuation involves both subjective and objective elements. Investors rely on experience and intuition for qualitative factors, while quantitative methods based on financial data provide a more objective valuation [7]. - Daily investment practices include using relative and absolute valuation methods combined with fundamental analysis to determine stock valuations [7]. Stock Selection Logic - A time hypothesis is set for investments, and if a stock does not appreciate, a reassessment of the broader market direction and the stock's trend and volume is conducted to decide on potential removal from the portfolio [9]. - A risk warning mechanism is established, setting key risk indicators such as significant price support levels and major negative news to issue alerts for timely action [10]. Industry Preferences and Commonalities - There is no specific industry preference; however, stocks are selected based on trading volume, with a tendency to favor current hot topics when conditions are similar [11]. Importance of Odds and Win Rates - Both odds and win rates are crucial in investment strategies, with their importance varying based on the investment context. A balanced approach is necessary, with a focus on win rates for stable returns and odds for high returns [11]. Dividend Significance - Dividends are highlighted as an important aspect of investment, reflecting a company's profitability and providing stable returns. Reinvesting dividends can lead to compounding effects, making them significant in long-term and value investing [12].

昨晚文章里关于股票回购的部分做几个补充说明。 上市公司回购股票后主要有2个用途，1个是注销股份，这样剩余所有股东的权益都提升了，是最佳选择；1个是把回购的股份当作股权激励发给员工，这 种回头还是会砸回到二级市场，从提振股价的角度出发和注销股份完全没法比。 美股回购大都是第一种，比如苹果公司10年前一共263亿股，经过这些年的回购、注销、回购、注销，现在还剩152亿股，42%的股份被注销了。这是一个 普通人难以理解的天文数字，我举个通俗一点的例子，被注销的股份换算成市值的话大概相当于a股全部市值的1/4。 还有读者始终无法理解为什么分红有利于大股东，而回购有利于小股东。我也不分析逻辑了，咱们就讲最基本的行为路径，你们这么多年来，在a股分到 的股票红利有特意从账户里取出来过吗？每次就那几百几千的，根本感觉不出来，99.99%的散户都是融到本金里继续炒。所以分给散户的红利，最后又 都流回了股市。 但是分给大股东的钱就多了，一次几千万几个亿，他们直接提款离场，不会再买到股票里的。这一点在a股，无论是民企老板，还是国资机构都一样，分 到钱都是出金，几乎从不反哺股价。 所以分红的结果就是大部分钱离开了股市，小部分钱留在了 ...