以下文章来源于懒人养基 ，作者懒人养基 懒人养基 . 雪球21年度十大新锐用户、22年度基金影响力用户，私企业主，经济学硕士，《基金投资全攻略》作者。早期靠创业获取主动收入，从17年开始，逐步将 经营产生的余钱、闲钱，几乎全部逢低买入权益基金，从赚取主动收入慢慢向赚取被动收入过渡。价值投资践行者 ↑点击上面图片 加雪球核心交流群 ↑ 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： 懒人养基 来源：雪球 根据 " 25倍财富自由法则 " ， 如果你一个月开支1万 、 一年的开支是12万 ， 财富自由的基础门槛刚好是300万 。 因此 ， 存款300万是一个 被反复讨论却鲜有定论的数字 。 以年收入15万元的家庭为例 ， 若每年储蓄5万元 （ 已属节制型消费 ） ， 积累300万需要60年 ， 而且还要排除疾病 、 失业 、 教育等重大支 出 。 现实中 ， 多数家庭因房贷 、 育儿 、 赡养老人等压力 ， 存款上限通常在50万-100万元之间 。 300万存款 ， 往往可能是两代人共同积 累 、 无重大负债 、 且消费极度克制的结果 ， 堪称普通家庭的 " 财富天花 ...

↑点击上面图片 加雪球核心交流群 ↑ 答案在于分析的不是企业的效益和产出 ， 而是深入挖掘公司的潜在现实 ， 即其成功的动力 。 也就是说 ， 投资者不能将一项投资当作是一个静 态的资产负债表 ， 而应看作是一个不断演变的复利机器 。 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：巴菲特读书会 来源：雪球 决定持有比决定买入更为重要 在日常交流中 ， 看到很多朋友都很厉害 ， 经常会投资到那些很牛的公司 。 过一段时间再谈到某只牛股的时候 ， 就会听到大家的感慨 ： 这家 公司啊 ， 涨了十倍多 ， 我也买过 ， 可惜卖早了 。 很多牛股 ， 大家为什么拿不住呢 ？ 最近在看到传奇基金经理尼克 · 斯利普的分享 ， 他也提出了类似的问题 。 他说 ， 当投资者将自己描述为成长型或价值型投资者 ， 应该要问 两个问题 ： 对于价值投资者 ， 可以问 ： " 你的投资方法中有什么因素会让你在过去20年的大部分时间里不持有凯马特的股票 ？ " 以市净率衡 量 ， 凯马特是一只便宜股票 ， 但却是一项糟糕的投资 。 对于成长型投资者 ， 可以问 ： " 你的投资方法中有什 ...

今天这批原材料品质有问题，要管；明天某个员工闹脾气，要调解；后天政府部门前来现场检查，要应 对；大后天客户抱怨产品过时，要及时处理。 在价值投资中，最重要的工作之一，就是分析商业、理解企业。如果一个价值投资者不懂商业、不懂企 业，那么几乎可以说，他不会是一个合格的价值投资者。 但是，这并不意味着价值投资者与企业家是一类人，并不是说价值投资者既然懂了商业，那么他自己去 管理一个企业，也能管理好。 反之，对于企业家群体来说，他们和价值投资者之间的区别也不小。所以，尽管中国有许多成功的企业 家，但是他们如果想要转行做投资，却也不那么容易。 那么，价值投资者与企业家之间的区别主要体现在哪些方面呢？下面，就让我来一一总结。 企业家需要更强的行动力 首先，价值投资者和企业家之间最大的区别，就是企业家需要非常强烈的行动力，而有没有行动力对价 值投资者来说，并不太重要。 举例来说，当一个企业家管理了1亿净资产规模的企业时，他每天需要解决的事务，几乎可以说是无穷 无尽的。 可以说，几乎每一个成功的企业家，都需要极强的行动力，来处理企业发展中的各种问题。尤其对于中 小企业来说，企业家更可以说事必躬亲，每天工作十几个小时、全年无休 ...

Core Viewpoint - The article discusses the fundamental differences between value investors and entrepreneurs, emphasizing that while both groups understand businesses, their skills and focus areas differ significantly [1][8]. Group 1: Differences in Action and Understanding - Entrepreneurs require a strong sense of action, as they face daily operational challenges and must manage various issues within their businesses [3][6]. - Value investors, in contrast, do not need the same level of action; their focus is on understanding businesses rather than managing them directly [3][4]. - Value investors need to have a deeper understanding of two key aspects: the competitive landscape of businesses and their long-term development trajectories [4][5]. Group 2: Competitive Landscape and Long-term Development - Value investors must be more adept at assessing a company's competitive advantages, as they can choose to invest in companies with better prospects, unlike entrepreneurs who are tied to their own businesses [5][6]. - Entrepreneurs typically focus on short-term operational issues, while value investors can look beyond three years to identify long-term growth potential [6][7]. Group 3: Understanding of Financial Markets - Value investors possess a greater understanding of financial markets, including market inefficiencies and the implications of various financial instruments [7]. - They are better equipped to handle market volatility and recognize investment opportunities during periods of market fear, showcasing a unique skill set that differs from that of entrepreneurs [7][8].

Core Viewpoint - The Qualified Foreign Institutional Investor (QFII) system serves as a crucial mechanism for allowing qualified foreign financial institutions to invest in China's domestic securities market, enhancing the connection between Chinese and international capital markets [1] Group 1: QFII System Overview - The QFII system has been continuously optimized since its implementation, with an expanding investment scope and more flexible quota management [1] - Recent years have seen a reduction in the qualification threshold and simplification of processes for QFII, attracting more international asset management companies, pension funds, and sovereign wealth funds [1] - These foreign institutions typically possess mature investment research systems and long-term investment philosophies, making their movements a significant indicator of foreign confidence in the Chinese market [1] Group 2: Impact of Foreign Investment - Foreign capital flowing through the QFII channel brings incremental funds to the market, enhancing market liquidity [1] - The focus on fundamentals and value investing by foreign investors contributes to more rational investment behavior in the market [1] - However, it is important to approach foreign capital flows with a rational perspective, as short-term movements are influenced by global monetary policies, exchange rate fluctuations, and geopolitical factors, which do not necessarily indicate long-term trends [1] Group 3: Investment Decision-Making - Ordinary investors should prioritize the overall market dynamics and the intrinsic value of companies, rather than solely focusing on foreign investment activities [2] - The participation of foreign capital enriches market structure, but investment decisions should still be based on individual risk tolerance and asset allocation goals [2] - Maintaining independent judgment and avoiding blind following of trends is essential for navigating the complex and changing market landscape [2]

Group 1 - The article emphasizes the importance of financial literacy and developing a proper money mindset as the first step towards wealth freedom, especially for beginners who feel they have "no money to manage" [4][5][6] - It introduces engaging and easy-to-understand books like "The Rich Dad Poor Dad" and "The Little Money Dog" to help readers build a new understanding of wealth and financial management [5][6] - The article highlights the significance of value investing, founded by Benjamin Graham, which focuses on finding stocks priced below their intrinsic value for long-term gains [8][9] Group 2 - "The Intelligent Investor" is presented as a foundational text in value investing, introducing the concept of "margin of safety" to protect against market volatility [9] - "Warren Buffett's Letters to Shareholders" provides insights into Buffett's investment philosophy, emphasizing the importance of long-term competitive advantages and intrinsic value over short-term price fluctuations [10] - Practical methods for applying value investing principles in stock selection and asset allocation are discussed, including industry analysis and financial metrics [11][12] Group 3 - The article discusses the basics of technical analysis, which helps investors make informed decisions based on historical price and volume data [15][16] - "Japanese Candlestick Charting Techniques" is recommended for understanding market trends and buy/sell signals through candlestick patterns [16] - "Market Trend Analysis" is highlighted as a comprehensive guide to identifying market trends and managing risk through various technical indicators [17][18] Group 4 - The importance of a systematic trading approach is emphasized, with "The Turtle Trading Rules" providing a framework for disciplined trading based on clear entry and exit rules [20] - "The Simplest Thing in Investing" offers localized strategies for the A-share market, focusing on finding undervalued stocks and understanding pricing power [21] Group 5 - The article stresses the psychological aspects of investing, highlighting the need for a rational mindset to navigate market volatility [22][23] - "Poor Charlie's Almanack" is recommended for its insights into multi-disciplinary thinking and investment philosophy [24] - "The Most Important Thing" by Howard Marks emphasizes understanding market cycles and risk management as key components of successful investing [25] Group 6 - The article addresses the impact of human psychology on investment decisions, suggesting strategies to overcome emotional biases [26][27] - "Reminiscences of a Stock Operator" illustrates the influence of fear and greed on trading behavior through the life of Jesse Livermore [27] - "Fooled by Randomness" warns against cognitive biases and emphasizes the importance of risk management in unpredictable markets [28] Group 7 - The article provides a reading strategy for efficiently absorbing investment knowledge during holidays, suggesting a mix of short and long reading sessions [30][31] - It encourages practical application of learned concepts by identifying actionable insights from each book read [34][35] - The importance of verifying investment theories against current market conditions is highlighted to avoid blind adherence to strategies [36]

其次，忽略基本面分析，是散户的"第二杀手"。很多人只看K线图、听小道消息，就敢重仓杀入。结果呢？公司业绩爆雷，股价直线崩盘。经验告诉我，选 股前必须深挖"护城河"：看财报、行业前景、竞争格局。举例，投资前问自己三个问题：这家公司营收增长率是否超20%？毛利率稳定吗？管理层靠谱吗？ 如果答案是"是"，再结合技术面买入。 别信"热点股必涨"的神话，2024年AI概念股泡沫破灭时，无数人血亏。相反，价值投资才是王道：像巴菲特那样， 买入低估的蓝筹股，长持不动。 我个人法则：每年只做两次大调仓，省时省力，还避开了市场噪音。 炒股如战场，一夜暴富的传说听起来诱人，但现实中，90%的散户都在亏损中挣扎。为什么？不是运气差，而是踩中了那些经典的"雷区"。作为一名入市十 年、从血本无归到年化收益超20%的老鸟，我今天就把这些滴血经验倾囊相授。记住，股市不是赌场，而是靠纪律和智慧征服的竞技场。别急着下单，先读 完这篇，帮你少走十年弯路！ 首先，谈谈最常见的错误：盲目追涨杀跌。这是我刚入市时犯的最大错。看到股票大涨，就忍不住追高买入，结果往往高位接盘；反之，恐慌抛售，又在低 点割肉。数据显示，散户平均每年因情绪化操作损失15%- ...

文 | 银行螺丝钉 （转载请注明出处） 有朋友留言，希望螺丝钉把一些有数据、有知识、有指导方法的精华文章汇总出来，方便学习。 如下，整理出了9月份的精华文章，点击对应的文章链接即可查看。 同时，螺丝钉也将相关文章的完整内容，汇总成了一个PDF文档，方便大家保存。 长按识别下面二维码，添加 @课程小助手 微信，回复「 202509 」即可领取PDF文档。 （提示：回复后可以耐心等待 几秒哦～） 大家有好的建议，也欢迎留言～ 投顾组合介绍 （1 ）《 自动止盈功能来啦，一键开启，不错过止盈机会 》 导读： 在 主动优选 、 指数增强投顾组合 （点击蓝字查看）这两个组合上，当市场走出低估阶段以后，例如3星级-1星级，组合会给出「发车止盈」的信 号，分批转换成 365天 等稳健类投顾组合，实现组合的止盈。具体操作时，会分批止盈转换。市场估值越高、转换比例越大。目前，自动止盈新功能 已上线，可以提前开启。功能提前开启后，未来3点几星，收到「发车止盈」信号时，自动执行跟车，完成主动优选、指数增强的组合止盈并转换至 365天等稳健类投顾组合，不再需要我们手动操作。 投资实战 （2 ）《 国债逆回购如何操作，假期也能打理收益 ...

This is my third time covering Limbach Holdings, Inc. (NASDAQ: LMB ), and it is one of the strongest performers in my portfolio. At one point this year, the stock was up as much as 5x sinceShri Upadhyaya is a deeply independent investor with over 15 years of hands-on experience across stocks and options. A self-taught investor with real skin in the game, Shri backs most of his Buy and Sell calls with his own capital because writing is clearer when money is on the line.He got his start experimenting on the a ...

BSc (Eng), MBA. Self-taught value investor with 2 decades of investing experience. Blogger at i4value.asia. The blog is on value investing through case studies where I analyze and value listed companies in the ASEAN and US regions. I have an exceptional perspective having served as a Board member of a Malaysia listed company for several decades. I have value investing book "Do you really want to master value investing?" on AmazonAnalyst’s Disclosure:I/we have no stock, option or similar derivative position ...