以下文章来源于二马由之 ，作者二马由之 二马由之 . 用逻辑讲投资 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 二马由之 来源：雪球 价值投资者应该何时卖出股票呢 ？ 常规的说法是 1 、 涨多了 ， 股票贵了 ， 因此高抛 ； 3 、 公司基本面有超预期的负面变化 ， 因此卖出 。 俗称割肉 。 那么价值投资会不会因为公司股票下跌而止损呢 ？ 是否因为股票下跌而选择止损一直是区分价值 投资和非价值投资的一个重要标准 。 这里我说一个观点 ， 价值投资者只割肉不止损 。 趋势投资者 ， 技术分析者会因为股票下跌而卖出 ， 这本身是他们投资体系的一部分 。 因此 ， 这类投资者因为下跌而止损是很正常的行为 。 但是价值投资的底层逻辑是低买 ， 高卖 。 因此 ， 因为股票下跌了 ， 更便宜了而卖出是违背了 价值投资的基本原则的 。 那么价值投资者能不能因为股票下跌 ， 而不是基本面恶化卖出股票呢 ？ 能 。 对于价值投资者来 说 ， 这个行为叫做割肉 。 价值投资者为什么会因为股票下跌 ， 而非基本面变化而割肉呢 ？ 其原因是 ， 当股票上涨时 ， 一些人认为自 ...

Core Viewpoint - The article discusses the increasing reliance of public fund managers on the stock mapping strategy, particularly in the context of U.S. and Hong Kong markets, to identify potential investment opportunities and enhance confidence in their holdings [1][5]. Group 1: Stock Mapping Strategy - Stock mapping is becoming a core method for public fund managers to discover "bull stocks" by comparing them with U.S. counterparts, which simplifies research and enhances confidence in business growth logic [1][5]. - The strategy is particularly effective in the technology sector, where fund managers have quickly reacted to significant stock price movements of U.S. companies like Palantir, leading to increased investments in similar Hong Kong-listed companies [3][4]. Group 2: Market Comparisons - Fund managers are drawn to companies with significant market capitalization differences, such as the comparison between Shopify and Weimeng Group, where the latter's market cap is significantly lower, creating a narrative for potential growth [2]. - The success of stock mapping is evident in the case of Fourth Paradigm, which appeared in the top holdings of public funds after Palantir's stock surged, indicating a trend-following investment approach [3][4]. Group 3: Investment Logic and Trends - The article highlights that the investment logic derived from successful U.S. companies provides a reference for early-stage companies in Hong Kong, allowing fund managers to save research time and focus on proven business models [6][7]. - The case of Meituan's return to its core business, influenced by the success of U.S. counterpart Adobe, illustrates how familiarity with business models can drive investment decisions among public fund managers [8]. Group 4: Performance and Trends - The performance of stocks remains a critical factor for fund managers, as seen in the contrasting fortunes of Keep and Peloton, where the latter's declining stock price deterred investment despite similar business models [9][10]. - The trend of stock prices is emphasized as a decisive factor in whether fund managers choose to invest, with many preferring to follow upward trends rather than fundamental comparisons [11].