李乔 为经济史立传，是司马迁的一个创举。《史记》中有《货殖列传》，《货殖列传》的序言是纲领性的， 司马迁笔下的"市场经济"的主要论点，就体现在这篇序言中。兹举大端胪列之。 一，司马迁认为，当社会经济发展到一定高度，不可能再走回头路。他说，老子讲的"至治之极，邻国 相望，鸡狗之声相闻，民各甘其食，美其服，安其俗，乐其业，至老死不相往来"，是往古的事，到了 晚近，再想恢复，"则几无行矣"——是行不通的。 二，司马迁认为，人民对美好生活的追求，是拦不住的。他说："虞、夏以来，耳目欲极声色之好，口 欲穷刍豢之味，身安逸乐而心夸矜势能之荣。使俗之渐民久矣，虽户说以眇论，终不能化。"人民就是 要享受衣食住行、娱乐声色的好生活，再"高妙"的理论，都无法改变这个追求。 四，司马迁认为，追求富裕是天经地义的，国家需要富裕，家庭也需要富裕，哪里能致富，人就去哪 里。他说农、工、商、虞这四种人的生产，是人民赖以穿衣吃饭的来源，来源大了，对上可以使国家富 裕，对下可以使家庭富裕。他又举例，姜太公封在营丘，土地都是盐碱地，不利于耕种，姜太公便鼓励 妇女纺线织布，推动本地的鱼、盐流通至外地，结果老百姓背着孩子不断到那里归聚。齐国产的冠带 ...

Core Viewpoint - The A-share market is experiencing significant highs, with major indices reaching new peaks, yet investor anxiety is rising due to differing positions in the market [1][2][4]. Group 1: Market Performance - The Shanghai Composite Index has surpassed 3731 points, marking a ten-year high, while the North Stock 50 Index has reached an all-time high, and the ChiNext Index has hit its highest level since February 2023 [2]. - Despite the market's upward trend, there is a growing sense of anxiety among investors, with some feeling left out and others frustrated by stagnant holdings [3][4]. Group 2: Investor Sentiment - The anxiety among investors stems from a psychological phenomenon known as the "anchoring effect," where the historical context of the 3700-point level creates a fear of heights [6]. - The current market structure has evolved significantly since 2015, with the number of listed companies increasing from approximately 2800 to over 5400 and total market capitalization rising from around 50 trillion to over 100 trillion [7]. Group 3: Valuation Insights - The current TTM price-to-earnings ratio for the entire A-share market is 21 times, placing it in the 83rd percentile over the past decade, indicating a balanced valuation rather than extreme highs or lows [9]. - The equity risk premium is currently around 2.95%, suggesting that the market has not yet entered a phase of excessive enthusiasm [9]. Group 4: ETF as a Solution - ETFs are presented as a potential solution to alleviate investor anxiety, as they can track indices and provide exposure to market movements without the need for individual stock selection [5][19]. - ETFs can help investors avoid the pitfalls of "chasing highs" and provide a diversified investment approach, reducing the risk of missing out on market trends [20][21]. Group 5: Strategic ETF Allocation - A balanced ETF strategy should focus on growth potential while maintaining defensive positions, with an emphasis on core broad-based ETFs that are currently undervalued [24][25]. - The construction of an "anti-anxiety" ETF portfolio should consider both growth sectors, such as technology and healthcare, and defensive assets like dividend-paying stocks [27][28].

Core Viewpoint - Recent stock price surges before major announcements have raised concerns about insider trading, which undermines market principles and investor confidence [1][2]. Group 1: Insider Trading Concerns - Insider trading is defined as trading based on non-public, significant information, leading to unfair advantages and harming market fairness [1]. - The presence of insider trading distorts price signals, causing stock prices to reflect non-fundamental factors rather than the company's true value [1][2]. - This practice can lead to a loss of trust in market regulations and diminish overall market stability and attractiveness [1][2]. Group 2: Regulatory Measures - There is a need for a multi-faceted approach to hold violators accountable and deter insider trading [2]. - Regulatory authorities should enhance enforcement capabilities, utilizing advanced technologies like big data and AI to detect unusual trading patterns [2]. - Establishing a whistleblower reward system can encourage market participants to report insider trading activities, fostering a culture of vigilance [2]. Group 3: Prevention Strategies - Companies must strengthen internal management and improve information disclosure practices to minimize the risk of insider information leaks [2]. - Training and supervision of key personnel are essential to enhance legal awareness and ethical standards, preventing insider trading incidents [2]. Group 4: Investor Behavior - Investors should remain calm and avoid speculative behavior in response to irrational price surges, which can help mitigate investment risks [3].

Group 1 - The core concept of investing involves understanding both the "Dao" (principles) and "Shu" (methods) in the stock market [1][3] - "Dao" refers to the underlying logic of market value, emphasizing the importance of a company's ability to generate sustainable profits as the fundamental driver of stock price movements [3][4] - Long-term investment should focus on a company's fundamentals, including industry prospects, management capabilities, and competitive advantages [3][4] Group 2 - "Shu" encompasses practical skills such as position management, timing of trades, and strategies for profit-taking and loss-cutting [4][5] - Effective investment requires a balanced approach, where understanding the market principles ("Dao") is complemented by practical execution skills ("Shu") [5] - Investors often face challenges when they lack either the understanding of market principles or the practical skills, leading to poor investment decisions [4][5]