Group 1 - The article emphasizes that different regional stock markets do not move in unison, and understanding multiple markets can provide investors with more opportunities [2][3] - Global investment can significantly reduce volatility risk, suggesting that investors should consider diversifying their portfolios internationally [2] - A free course is offered to teach methods for investing in global stock markets through index funds, along with supplementary materials like course notes and mind maps [2][3] Group 2 - The article discusses various schools of thought within value investing, highlighting Graham's classic strategy evolving into value and dividend indices [4][5] - Value investing has yielded good returns in the A-share market over the long term, with multiple different schools emerging over the past century [5] Group 3 - Value investing 1.0, referred to as the "cigarette butt" strategy, involved picking up undervalued stocks during the post-war period when many companies had market values below their liquid assets [6][7] - Value investing 2.0 transitioned to a focus on low valuation investments, particularly in the 1960s during the "Nifty Fifty" bull market, where leading companies reached high price-to-earnings ratios [8][9] - Value investing 3.0, influenced by Charlie Munger, shifted towards buying excellent companies at reasonable prices, exemplified by Buffett's investment in See's Candies [11][12]

Core Viewpoint - The article discusses the evolution of value investing strategies, highlighting different approaches and their effectiveness in the market, particularly in the context of A-shares. Group 1: Value Investing Strategies - Value investing has evolved through different stages, starting with the "cigarette butt" strategy, which involved picking undervalued stocks during the post-war period [7][20]. - The "cigarette butt" strategy was prevalent during the 20-year bear market post-World War II, where many companies were valued below their liquid assets [10][12]. - The second stage, "low valuation investment," emerged as opportunities for the "cigarette butt" strategy diminished, focusing on a basket of stocks with low price-to-earnings (P/E) ratios and high dividend yields [22][23]. - The third stage, influenced by Charlie Munger, emphasizes buying excellent companies at reasonable prices, as exemplified by Buffett's investment in See's Candies [30][35]. Group 2: Historical Context and Examples - During the post-war bull market, the investment landscape changed, leading to fewer "cigarette butt" opportunities and a shift towards investing in fundamentally strong companies [21][24]. - Buffett's investment in See's Candies in 1972, at a P/E ratio of 12.5, marked a significant shift in his investment philosophy, focusing on quality and stability [36][41]. - The article highlights Buffett's continued adherence to low valuation strategies, as seen in his investment in Japanese trading companies during the COVID-19 market downturn, where he acquired them at low P/E ratios of 5-8 [55][58]. Group 3: Importance of Valuation - Valuation remains a critical factor across all value investing strategies, influencing investment decisions and outcomes [60]. - The article suggests that understanding valuation methods is essential for investors, with simple and effective techniques available for ordinary investors to grasp [61].

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