Group 1 - The offshore RMB exchange rate surged over 300 points, breaking the 7.12 mark, reaching a nearly 9-month high on August 28 [1] - Historical experience indicates that bull markets in Hong Kong stocks are often accompanied by rapid appreciation of the offshore RMB [3] - Despite the focus on the A-share bull market, Hong Kong stocks have also been part of the current market rally, with significant gains, especially in technology and innovative pharmaceuticals [4] Group 2 - Private equity A focuses on deep value investing, adhering to Graham's "cigar butt" philosophy, investing in undervalued securities [5] - The fund has achieved nearly 70% returns this year, with a maximum drawdown of only -5.14%, and has consistently generated positive returns over six years [8] - Private equity B emphasizes individual stock alpha, maintaining high positions when extreme valuation bubbles are absent, with a historical average position of around 70% [9][10] Group 3 - Private equity C adopts a contrarian approach, focusing on undervalued assets and maintaining a high position without following market trends [16][17] - The fund has achieved a 15% return this year and a 31% return over the past year, with a consistent annual return of 21% over six years [22] - The investment strategy involves a diversified portfolio across various sectors, including industrial, telecommunications, and energy, while avoiding crowded trades [20][23]

还为大家详细介绍了几位投资大师：股神巴菲特、他的好搭档查理芒格和指数基金之父约翰博格。分享了他们的人生经历、投资生涯和投资的理 念。 大家可以点击下面链接查看部分螺丝钉带你读书合集： 《 世界读书日，螺丝钉送你103本私藏经典好书 》 价值投资的历史演变 全球市场出现较大的波动，投资者或是恐慌、或是兴奋，市场充斥着各种不同的声音。 越是在市场波动的时候，也越值得让我们静下心来，阅读一些投资的经典书籍，来巩固我们的投资理念。 从这一期螺丝钉带你读书开始，会介绍一本经典投资好书，《芒格之道》。 这本书介绍的，是巴菲特的老搭档，查理·芒格。 《芒格之道》汇总了上世纪80年代，到2022年前后，芒格在股东会上的讲话实录。 讲述芒格的书有不少。 大家好，我是银行螺丝钉，欢迎来到这期的螺丝钉带你读书。 「螺丝钉带你读书」也陪伴大家度过了三百多期，为大家讲解了很多有趣、经典的书籍和故事，比如《三十几岁，财务自由》、《如何读一本 书》、《战胜拖延症》等等。 当时巴菲特师从格雷厄姆，开始实践价值投资的1.0版本，也就是"捡烟蒂"。 捡烟蒂，就是捡地上的烟屁股。 这是免费的，捡起来还能抽两口。 当时的格雷厄姆，寻找的也是一些极端 ...