Core Viewpoint - The recent appointment of additional fund managers for funds managed by Bao Wuke has sparked discussions about potential changes in his position, although the company has confirmed that no such changes have been communicated yet [1][11]. Group 1: Fund Manager Profile - Bao Wuke has 17 years of experience in the securities and fund industry, having joined Invesco Great Wall Fund in December 2009 and becoming a fund manager in June 2014 [2]. - Since becoming a fund manager, Bao Wuke has achieved an annualized return of 15.18%, with six out of eight funds under his management yielding over 10% [3]. - His investment style is characterized by a focus on risk control, with a maximum drawdown of only 15% over the past three years, particularly during the volatile A-share market from 2022 to 2024 [6]. Group 2: Investment Philosophy - Bao Wuke emphasizes the importance of "safety margin" in his investment philosophy, stating, "I would rather gain less than lose more" [9]. - He prefers a steady investment approach, likening it to "warm water" that values consistent returns over fleeting market trends [6]. Group 3: Fund Manager Appointments - The recent appointments of four experienced fund managers to Bao Wuke's funds are seen as a strategy to enhance management capabilities, with all new appointees having over 14 years of experience in the securities industry [10]. - The new managers have diverse investment styles, which may lead to potential strategy conflicts, raising questions about how the company will maintain its investment approach [10]. Group 4: Industry Trends - The trend of co-managing funds and appointing additional fund managers is becoming more common in the public fund industry, reflecting the need for adaptability in a competitive market [11]. - This co-management model is believed to mitigate investment risks, enhance management flexibility, and provide a more diversified investment strategy [11].

以下文章来源于资本深潜号 ，作者资本深潜号 资本深潜号 . 专注资本背后的硬核故事 作者孙建楠 编辑袁畅 原标题《私募大佬杨东重磅发声：这个时代，少做把握不大的投资》 4月28日下午，宁泉资产创始人杨东参加一场圆桌论坛，透露了未来权益投资的策略。 杨东是兴业全球基金的首任总经理，培养了董承非、谢治宇、乔迁等明星基金经理。2018年初，他正式"奔私"，通过宁泉资产的平台展开私募投资。 如今，杨东的私募规模达到500亿元，与中国最头部的量化私募机构规模，不相上下。 一直非常低调的杨东，甚少参与公开活动，此次他在这场圆桌论坛上依然"惜字如金"，依然有一些"干货"值得关注。 以下为杨东的发言要点，整理如下，以飨读者。 当前股票是理想选择 我们对"可为"的理解，主要基于其最简单、最基本的意义。在当前众多可投资资产中， 股票投资仍是一个较为理想的选择。 换言之，在中国股市中，投资者若能合理布局，获取比存款、国债、银行理财等更为可观的收益并非难事，这是我们对当前投资环境的基本判断。 世界格局演变是长期核心问题 从短期来看，关税问题及其未来演变对市场的影响不容忽视。此外，为了应对相关冲击，政府有望出台一系列强有力的政策以提振 ...

文 | 银行螺丝钉 （转载请注明出处） 便宜，是不是值得买入。 (3) 市场先生 市场先生是一个狂躁的、精力旺盛的、喜 怒无常的人，他每天的工作，就是跑过来 给你报价格。 明白了这一点,我们在投资股票资产的时 候,关注的重点,就会从股价短期涨跌, 变成了背后公司的经营状况。 股票背后的公司赚了钱，时间拉长后，我 们投资的股票也是赚钱的。 (2) 要有安全边际的意识 安全边际用一句话来总结就是,用6毛钱, 买价值1块钱的东西。 如果是1块钱买价值1块钱的东西,那也没 有什么赚头。 那么，我们怎么知道公司值多少钱呢？这 就是我们常说的估值指标了。 市盈率是估值指标的一种。除此之外还有 市净率等其他指标;也有现金流折现等绝 对估值法。 估值可以帮助我们大概判断,现在是不是 很多时候，投资者亏了钱，往往是因为不 了解一个品种,只是看到短期大涨，就贸 然投入过多的资金。 换句话说，投资超出自己的能力圈范围。 在股票市场,想要建立自己的能力圈,确 实是需要花费很多精力的。 •有的时候他非常的乐观，给你报一个很高 的价格; ·有的时候他非常的悲观,给你报一个非常 低的价格。 当市场短期充满了非理性的贪婪或恐慌, 同时市场成 ...

长按即可参与 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： 破晓笔记 来源：雪球 最近许多朋友问我疯王和关税的事 ， 按说 " 格系价投 " 是不考虑这种因素的 。 但作为经济学 爱好者 ， 我对此类话题也颇感兴趣 。 请注意 ， 这与投资没任何关系 ！ 格系价投 ， 是以 " 安全边际 " 为基石 ， 而非 " 政经分析 " 。 下面开始谈贸易 。 我发现许多朋友尚未搞清楚 " 贸易 " 的基本原理 ， 先简单念叨几句 。 初学经济 ， 总会被 " 贸易顺差 、 贸易逆差 " 等概念搞得一头雾水 。 删繁就简 ， 只说一个基 本的结论 ： 顺差是手段 ， 逆差是目的 。 翻译成人话 —— 赚钱 ， 是为了花 。 （ 这个应该没争议吧 ？ 你可能想把钱留给孩子 ， 那也 是为了花 。 ） 人们往往觉得 ， 顺差 、 逆差之类玄之又玄的东西 ， 离自己很远 。 其实恰恰相反 ， 当你发现 这就是你的生活 ， 经济问题就好理解了 。 1 、 你对 沃尔玛 ， 永远是逆差 。 你给它纸 ， 它给你货 。 2 、 你对你老板 ， 永远是顺差 。 他给你纸 ， 让你干活 ...

Core Viewpoint - The article emphasizes the importance of having a "margin of safety" in investments, particularly in the context of fixed income, as articulated by Liu Wanfeng, the director of fixed income investment at China Merchants Fund [2][67][71]. Group 1: Investment Philosophy - Liu Wanfeng's investment philosophy is heavily influenced by Seth Klarman's book "Margin of Safety," which stresses the necessity of risk management and maintaining a margin of safety to survive extreme market conditions [2][67]. - The concept of long-term compounding is highlighted, indicating that short-term decisions can jeopardize long-term gains, thus discipline in trading is crucial [3][68]. - Liu emphasizes the need for patience and long-term commitment in fixed income products, prioritizing steady returns over short-term gains [7][68]. Group 2: Team Structure and Decision-Making - The fixed income team at China Merchants Fund operates under a collective decision-making mechanism, ensuring thorough discussions and research support for investment decisions [4][5][6]. - The team consists of nearly 40 professionals, including 22 fund managers with an average experience of over 11 years, organized into specialized groups to enhance collaborative efforts [6][41]. - This structured approach has allowed the team to navigate market volatility effectively, as demonstrated in 2016 and post-2020 adjustments in the real estate bond market [5][40]. Group 3: Performance Metrics - As of the end of 2024, Liu manages eight funds with a total scale of approximately 35 billion, with a notable performance record of achieving positive returns for the flagship fund over ten consecutive years [7][8]. - The flagship product, "Zhaoshang Shuangzhai LOF," has maintained a maximum drawdown of no more than 2% in each complete year from 2016 to 2024, showcasing its stability [7][8]. - Liu's strategy involves adjusting the portfolio based on macroeconomic cycles, ensuring that the right types of bonds are held at the appropriate times [7][8]. Group 4: Market Outlook and Strategy - Liu forecasts a challenging bond investment environment characterized by low yields and high volatility, necessitating a more refined approach to investment strategies [11][56]. - The current macroeconomic landscape is described as a new phase where policy and investor behavior significantly influence the bond market, with a focus on maintaining stability amid low yields [20][21][22]. - Liu suggests that in the current market, attention should be directed towards the balance of policies and investor behavior, as these will dictate bond market fluctuations [21][22]. Group 5: Risk Management and Future Considerations - Liu advocates for a cautious approach to investment, emphasizing the importance of risk control and the need to avoid overexposure to market speculation [9][11][49]. - The article discusses the potential for passive investment strategies to gain traction in the current market, as they offer lower costs and clearer risk profiles compared to active management [51][53]. - Liu expresses the belief that the bond market will require a rational perspective moving forward, particularly in light of recent market adjustments and the need for careful analysis of macroeconomic indicators [62][56].

01 爱抄底的巴菲特 说到股市，"股神"巴菲特是众多股民心中的传奇，曾多次在股市下跌中抄底成功，实现资产翻倍。那他是怎么做的呢？ 如2008年，美国次贷危机伴随着"蝴蝶效应"，迅速演变成一场波及全球的金融危机。这一年，道琼斯指数下跌33.84%，股神巴菲特的伯克希尔股价 下跌31.8%，账面价值损失9.6%，市值缩水115亿美元。 全球上演"黑色星期一"。 在特朗普宣布对贸易伙伴全面加征关税，以及多国随后出台反制措施后，一场史诗级别的贸易战正式打响了，全球金融市场迎来了一场"浩劫"，投资 者几乎无处可逃，而这可能仅仅是个开始。 面对暴跌，那些"股神"们都是怎么操作的？ 在市场恐惧气氛最大的时候，2008年10月17日，巴菲特在《纽约时报》上发表文章，公开宣布：我正在买入美国股票。同时，在文章中他再次重申 他的投资格言：在别人贪婪时恐惧，在别人恐惧时贪婪。"2008年初，我们拥有443亿美元的现金资产，之后我们还留存了2007年度170亿美元的营 业利润。然而，到2009年底，我们的现金资产减少到了306亿美元。"在股市下跌之际，他选择了贪婪。 同样的情况再1987年也曾上演过，当时华尔街上的纽约股票市场掀起了 ...

Core Viewpoint - The article discusses how Warren Buffett simplifies the process of valuing companies through two main strategies: selecting easily understandable businesses and ensuring a margin of safety in investments [3][7][8]. Group 1: Valuation Strategies - Buffett emphasizes the importance of choosing companies that are easy to value, which includes businesses that are simple and clear, have stable cash flows, and possess business models that are not easily altered by time [8][10]. - The concept of "margin of safety" is crucial; investors should only buy stocks when their calculated value significantly exceeds the market price to protect against unforeseen risks [7][10]. Group 2: Investment Philosophy - The article highlights that selecting stocks is fundamentally about selecting businesses, and understanding the intrinsic value of a company is essential before making an investment [4][5]. - Buffett's approach is to avoid complex and unpredictable businesses, focusing instead on those that are straightforward and within his circle of competence [9][15]. - The ultimate goal of stock market investment is to make money, not to challenge oneself with difficult analyses [12][14].

Core Viewpoint - The article draws parallels between Sun Tzu's military strategies in "The Art of War" and principles of value investing, emphasizing the importance of risk management and fundamental analysis in investment decisions [2][3][11]. Group 1: Sun Tzu's Philosophy on Warfare - Sun Tzu's approach to warfare focuses on avoiding defeat rather than seeking victory, highlighting the asymmetry of costs and benefits in conflict [3][5]. - The concept of "calculating" in warfare is misinterpreted as cunning strategies, while it actually refers to a thorough analysis of fundamental factors [5][6]. - The five factors and seven calculations outlined by Sun Tzu serve as a framework for assessing the likelihood of success before engaging in battle, akin to evaluating investment opportunities [5][6]. Group 2: Cost Considerations - Sun Tzu emphasizes the significant costs associated with warfare, advocating for careful consideration of whether the potential gains justify the expenses [8][9]. - Historical examples illustrate that excessive victories can lead to downfall, as seen in the case of Emperor Wu of Han, who faced severe consequences from his military campaigns [9][10]. - Investors are cautioned against becoming complacent after a series of successful trades, as this can lead to overconfidence and poor decision-making [10]. Group 3: Return on Investment - Sun Tzu's military philosophy prioritizes the preservation of resources and achieving objectives efficiently, which aligns with the principles of value investing [11][12]. - The article suggests that successful investors, like Sun Tzu's ideal commanders, should focus on long-term strategies rather than short-term gains [12][13]. - The narrative highlights that true success in both warfare and investing often lacks dramatic stories, emphasizing the importance of steady, principled approaches [13][14]. Group 4: Technical Aspects - Sun Tzu advocates for self-discipline and patience, advising that one should first secure their position before engaging in competition [15][16]. - The article discusses the importance of understanding market dynamics and using strategic thinking to identify undervalued investment opportunities [16][17]. - The need for emotional stability in investment decisions is underscored, drawing parallels to historical military leaders who maintained composure under pressure [18][19]. Group 5: Conclusion and Investment Philosophy - The article concludes by reflecting on Warren Buffett's investment philosophy, which emphasizes long-term value and maintaining a margin of safety [20][21]. - Buffett's consistent approach over decades, focusing on traditional industries and avoiding speculative trends, is presented as a model for successful investing [21].

Core Viewpoint - The investment philosophy emphasizes the importance of a safety margin, shaped by both external experiences and personal characteristics, particularly a low risk tolerance [1][4]. Group 1: Safety Margin Concept - Safety margin is defined as the ability to accept a less optimistic scenario for a company's future performance, ensuring that even in adverse conditions, the investment remains protected [3]. - The approach to investment involves either confronting the complexities of the business world directly or considering the worst-case scenarios to establish a safety margin [3]. Group 2: Investment Philosophy - The investment strategy does not rely on being smarter than the market but focuses on gathering sufficient and reliable information for decision-making [6][7]. - The pursuit of "ten-bagger" stocks is discouraged, as identifying such stocks in advance is rare; instead, the focus should be on achieving a high long-term internal rate of return [8][9]. Group 3: Market Behavior and Emotional Management - Market volatility is acknowledged as inevitable, and the importance of analyzing substantial policy changes and their long-term impacts on stock value is highlighted [15]. - Emotional control is crucial, and practical strategies to mitigate emotional disturbances during market fluctuations are recommended, such as reducing exposure to market information [16]. Group 4: Long-term Investment Conditions - Successful long-term investing relies more on the characteristics of the investor's capital, such as patience and the ability to endure market fluctuations, rather than solely on market conditions [12][13]. - The complexity of the investment landscape necessitates a deep understanding of the market and the investor's psychological readiness for long-term commitments [12][13]. Group 5: Alpha vs. Beta - The distinction between alpha (excess returns from specific assets) and beta (market-wide trends) is emphasized, with a warning against mistaking beta for alpha [17][18]. - The focus should be on identifying alpha opportunities across various industries rather than concentrating on specific sectors during certain market cycles [17][18].