不管是谁，在刚接触财经话题时，都会被一堆名词绕得云里雾里。社媒上就有大学生诚挚发问："基金 和理财有什么区别？还是说，理财就是买基金？" 理财也不仅仅是买金融产品，精打细算地"薅羊毛"、合理利用国家的各种补贴政策、优化自己的保险配 置，这些让个人或家庭财务更健康、更高效的行为，都属于广义理财的范畴。理财的终极目的，不是为 了击败市场，不是赚大钱，而是为了赢得自己想要的人生。 拆解工具箱 因此，当我们说"我要去理财"时，通常有两个层面的意思。在广义上，理财是上面提到的总体规划。但 在狭义的日常语境里，"理财"常常特指银行发售的理财产品，也称银行理财产品。 在这个狭义层面，银行理财产品和基金、股票等是并列关系，都是我们实现理财目标的工具箱里的不同 工具。 股票，是其中最直接也最刺激的工具。你花钱买入一家上市公司的股票，就成为了它的股东，拥有了公 司的一部分所有权。你的收益直接与这家公司的经营成败和股价波动挂钩，高风险、高波动，潜在回报 也可能最高。这需要较强的研究能力和心理承受能力。 在这些问题背后，其实暴露了一个普遍的现象：很多时候，我们会把完全不同的概念混在一起讨论。一 方面是金融产品的营销话术常常简化包装， ...

来源：华尔街情报圈 又涨了。 - 美国股市全线上涨，道琼斯指数涨0.16%，标普500指数涨0.46%，纳斯达克指数涨0.57%； - 黄金、白银和铜均创下历史新高，金价盘中高点距4500仅差1美元； - 油价也延续涨势，连续第三个交易日上涨。 这是一轮"没人反对"，而不是"大家同意"的上涨。 第一，现在对市场来说，没有消息就是好消息，这是年底最典型的状态。这种上涨，最大的特征 是"涨，但没人兴奋；创新高，但讨论度不高"。对应的不是顶部，而是叙事空窗期。 第二，黄金、白银、铜一起涨，并同步创下历史新高——这是一个极不寻常的组合，但不是一个"方向 信号"，而是一个状态信号。 黄金：为不确定性定价 第四，VIX暴跌，创年内新低（短线交易者在"卖恐慌"），但 VIX 曲线极度陡峭（长线资金在"买不确 定性"）——VIX 的结构，比点位本身重要一百倍。换句话说，现在的平静，是用未来的价格换来的。 这不是上涨的终点，但已经是"上涨理由"的终点。短期市场仍旧偏向上涨，但"为什么涨"，已经越来越 难讲清楚。而一旦市场需要"讲清楚理由"，往往就离变盘不远了。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 白银 ...

【导读】平潭发展尾盘大跳水 中国基金报记者 晨曦 A 股，又 " 破圈 " 了！ 12 月 19 日下午， " 平潭发展 " 的词条飙上微博热搜榜第一位，引发网友热议。 事情是这样的： 12 月 19 日，作为两岸融合概念股，平潭发展高开高走，盘中涨势良好。但 临近尾盘，平潭发展忽然上演 " 高台大跳水 " ，从涨约 6% 迅速跌超 8% ，当日振幅超 14% 。截至收盘，平潭发展报 13.6 元 / 股，跌幅为 7.48% 。 | 最高: 15.66 | 今开:14.49 | 涨停:16.17 | 成交量: 433.19万手 | | --- | --- | --- | --- | | 最低: 13.51 | 昨收：14.70 | 跌停: 13.23 | 成交额:65.33亿 | | 量比：0.87 | 换手: 22.62% | 市盈率(动): 630.93 | 市盈率(TTM)：亏损 | | 委比: 98.99% | 振幅:14.63% | 市盈率(静)：亏损 | 市净率：13.70 | | 每股收益：-0.06 | 股息(TTM): -- | 总股本:19.32亿 | 总市值: 262.72亿 | | 每 ...

Core Insights - The importance of finding personal interests in activities, such as sports, is emphasized, with golf being a preferred choice [2] - Investment in quality companies is prioritized over traditional savings methods, suggesting that buying stocks like Moutai is more beneficial than keeping money in the bank [2] - The significance of user orientation in companies like Apple is highlighted, indicating a strong focus on customer needs [2] Investment Philosophy - The challenge of value investing is acknowledged, with a distinction made between speculation and investment, noting that both can lead to losses for retail investors in different market conditions [2] - The experience of a significant return on investment, such as a 20-fold increase in six months with NetEase, is shared, illustrating the unpredictability of high returns [2] - The necessity of patience in investing is stressed, advising against selling shares at the first sign of profit [2] Business Practices - The importance of hiring individuals who align with company culture is noted, differentiating between cultural fit and competency [2] - The principle of honesty in advertising and communication with clients is emphasized, advocating for transparency [2] - The idea that success requires consistent effort and a long-term perspective is reinforced, with a focus on continuous learning and adaptation [2][3] Personal Development - The role of self-awareness and confidence in achieving personal goals is discussed, suggesting that understanding one's purpose can enhance self-assurance [3] - The impact of upbringing on behavior and attitudes towards education is examined, advocating for positive reinforcement rather than punitive measures [3] - The potential of AI to improve efficiency is acknowledged, while also recognizing its limitations [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 摘取自：中信书院 在公众视野渐隐多时的知名企业家、投资人段永平，近期罕见现身纪实节目《共同说》第三季，与王 石、田朴珺展开一场深度对谈，这是一次难得的同框。 投资逻辑：懂生意才是核心 王石：永平，我觉得很难得，咱们虽然认识这么长时间了，这样的认真聊天很难得。我印象中大家一提 你都说你买网易，实际上大家不知道你买万科。你还记得吗？就是当年到深圳，你和我面谈完，那时候 股票价格非常低。 段永平：那个时候，很多人说万科的一些问题，我说至少你们看到的东西应该大概率不是真的。因为我 觉得，王石给我的印象不是一个跑到小房间里跟财务商量怎么做假账的那种人，做错是有可能，但是作 假那是两回事儿。所以看你的财务数据，在当时来讲，我觉得这个价钱显然是便宜了。当时我确实买 了，后来涨很多就卖了，刚好那个时候碰到万科股价特别便宜的时候。 田朴珺：那是哪一年啊？我都不知道。 段永平：〇四、〇五年左右，大概是那个时候吧。二十年了，那还是蛮有意思的一件事。之前我没怎么 买过A股，就那时候我开始做投资，买过星巴克。后来慢慢地，买A股就买了茅台。 田朴珺：现在您还看好茅 ...

格隆汇12月9日｜知名企业家、投资人段永平近期现身纪实节目《共同说》第三季，与王石、田朴珺展 开一场深度对谈。段永平表示，很多人说，价值投资很难。但投机更难！很多人不理解这个问题。投机 百分之八九十的散户都是亏钱的，牛市、熊市都亏。然后说我很难，我买茅台一直拿着，拿了十几年， 我难在哪儿了？ 田朴珺提问，现在您还看好茅台吗？段永平称，有什么理由不看好呢？当然，你要不 喝酒很难理解这个问题，但是我有太多朋友喜欢喝茅台了，所以我能够懂它这个生意。我觉得你有闲 钱，买茅台肯定是比放银行好，但是有没有东西可以涨得比茅台更多？肯定有。 ...

明势，我已经可以做得很好。 锚定，还需要继续努力，争取交易标的减少到一年10只，50%命中50%以上波段涨幅。 量价，个人觉得是最容易的，但有效期比较短，胜率随势，很难单纯从量价结构直接锁定猛兽股，所以 我认为是重要但末端的东西。 第一，明势。 第二，锚定。 第三，量价。 ...

以下文章来源于苔藓花园播客 ，作者胡猛 苔藓花园播客 . 深度研究商业思维。 长期积累卓越公司的商业模式， 长期积累查理芒格的思维模型。 有两位投资圈的好友不约而同来分享了风和基金创始人胡猛在北大价值投资课堂上的交流。 他们说，很有意思，胡猛虽然在讲投机，其实底层认知跟价值投资殊途同归。 比如他说， "投资中 最重要的是诚实"。 " 投资是关于未来，人对未来的判断多数不靠谱。" " 要相信事实，以及变化的事实，要尊重事实，不要尊重你自己过去所谓的研究。" " 我们投资要脚踏实地，对每个企业做滚动研究，每个季报不要错过，每个季报是证明或者证伪你判断的机会，要珍惜这个机会。" "当市场都认为是存量经济，你就不要去这么想。不要轻易去下这自上而下的结论，要具体一个产业一个产业的去看。" "我们公司每一个基金经理，都必须对公司的商业模式、管理层、产品、市场、利润表有很深的分析。" 都是价值投资者非常熟悉的投资语境。 胡猛于2009年创办风和基金，总部位于新加坡，其管理的旗舰产品风和亚洲基金最新规模约65亿美元。 没有见过胡猛，看了交流实录，真真是几十年投资老法师的大实话，而且认知上非 常有共鸣点。 只是从自身管理的资金 ...

Core Viewpoint - The article discusses historical market crashes and the strategies employed by various investors during these crises, highlighting the importance of timing, market sentiment, and the psychological aspects of trading. Group 1: Historical Market Crashes - The article references the 1929 market crash, where Joseph P. Kennedy sold all his stocks and only held a long position in a Cuban sugar company, indicating a strategic exit from the market when sentiment was overly bullish [6][8]. - Jesse Livermore, known as the "King of Speculation," made significant profits by shorting the market before the 1929 crash, earning $1 billion (equivalent to $20 billion today) [11][12]. - The 1987 crash is highlighted with the story of Mark Cook, who turned a $30,000 investment into $11 million by holding deep out-of-the-money puts on the S&P 500 [15][17]. Group 2: Investor Strategies and Lessons - Bill Lawton, CEO of Westgate Global Group, profited from the 1987 crash by betting on volatility, emphasizing that calmness is crucial during crises [33][34]. - John Paulson made a significant profit during the 2008 financial crisis by purchasing credit default swaps (CDS) against subprime mortgages, earning $10 billion from a $22 million investment [50][52]. - The article mentions the importance of being contrarian, as seen in the actions of various investors who thrived during market downturns by maintaining a clear strategy and not succumbing to panic [12][34][50]. Group 3: Current Market Indicators - The article notes that the cost of options to protect against a significant market downturn has risen to 46 basis points, the highest level since the sell-off in April [66]. - It suggests that investors are increasingly willing to pay for insurance against a potential 55% drop in the S&P 500 over the next five years, indicating heightened market anxiety [66][69].

Core Viewpoint - The A-share market experienced significant adjustments, with major indices like the Shanghai Composite Index and Shenzhen Component Index seeing declines of nearly 4% and over 5% respectively, marking the largest weekly drop since April 7 [1][2] Market Performance - The adjustment period from November 17 to 21 saw the ChiNext Index drop by 6.15%, indicating a broad market downturn [1] - On November 24, Industrial Fulian, a major player, faced a sharp decline, hitting the daily limit down, while the lithium battery sector also continued to fall [1] Market Sentiment - There is a notable increase in market anxiety, with various factors being cited for the downturn, including Japanese market influences and U.S. interest rate discussions [2][3] - The article emphasizes that while these factors are relevant, they do not fully explain the market's behavior [4] Investment vs. Speculation - The distinction between investment and speculation is highlighted, with investment being characterized by earning from company profits and dividends, while speculation is described as a zero-sum game driven by market emotions [11][18] - The article suggests that many investors lack patience, leading to confusion between investment and speculation [12][16] Market Valuation - Current market valuations are deemed reasonable, with specific sectors like white goods and livestock showing strong earnings growth that supports their price levels [26] - For instance, the white goods sector has a price-to-earnings (P/E) ratio of 11.11 and a dividend yield of 5.07%, indicating solid fundamentals [26] Fund Flows - Recent data shows a net inflow of 701.21 billion yuan into stock ETFs, with broad index ETFs being the primary beneficiaries, suggesting a strategic repositioning by investors rather than panic selling [29] - The article notes that many sectors are experiencing price recoveries, indicating a lack of panic among investors [32]