文 | 银行螺丝钉 （转载请注明出处） 参加游戏的所有人，他们的收益和损失全 部相加起来，为零。 赌博就是一个典型的零和游戏。 而我们投资股票基金,是一个正和游戏, 所有参与者的收益全部加起来，是可以为 正的。 因为投资股票基金,本质上是投资背后的 上市公司，而上市公司是可以产生盈利现 金流的。 A股上市公司的长期盈利增长速度,在年 化10%上下。 整体上来说,所有的参与者,都可以享受 这个年化收益率。 我们只需要在低估的时候买入，避免买的 太贵，所有的参与方都是可以盈利的。 不过实际投资过程中,很多投资者的感受 ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...

Group 1 - The article highlights that most investors are familiar with stock index funds but have limited knowledge about bond index funds and their investment strategies [2] - It emphasizes that investing in stock funds is not a zero-sum game, meaning that it is possible for all investors to make money in the long term if investments are managed properly [5] - The concept of a zero-sum game is explained through gambling, contrasting it with stock fund investments, which are described as a positive-sum game where all participants can benefit [6] Group 2 - The article mentions that the long-term profit growth rate of A-share listed companies is around 10% annually, indicating a potential for sustained returns in stock investments [6]

Group 1 - The article highlights that most investors are familiar with stock index funds but have limited knowledge about bond index funds and their investment strategies [2] - A free course is offered to educate investors on how to invest in bond index funds, including course notes and mind maps for efficient learning [2] Group 2 - The concept of zero-sum games is explained, where one party's gain is another party's loss, exemplified by a simple game of rock-paper-scissors [6] - In contrast, investing in stock funds is described as a positive-sum game, where all participants can achieve collective gains due to the profitability of the underlying companies [7]

Group 1 - The article discusses the concept of "negative-sum game" in the A-share market, suggesting that avoiding clearly negative-sum categories can lead to positive returns [1][18] - Examples of negative-sum categories include newly listed stocks with high opening prices, convertible bonds with high premiums, and stocks facing delisting risks [1] - The article highlights the presence of a significant number of low-risk investors in the market, indicating a diverse investor base [2] Group 2 - The article mentions that the A-share market has seen substantial participation in new stock subscriptions, with over 500 billion in funds involved [4] - It emphasizes that the perception of the market as a negative-sum game may be flawed, as companies can generate profits and distribute dividends, leading to potential gains for investors [9][15] - The discussion includes the impact of monetary policy, noting that central banks are creating money, which redistributes wealth in the market, benefiting some while causing losses for others [14][19]

文 | 银行螺丝钉 （转载请注明出处） 买主动基金，就是买基金经理。 不过目前市场上已经有几千位基金经理了。如果没有系统的方法论，只凭个人感觉进行挑选，会比较困难。 这里有一门限时免费的福利课程。螺丝钉通过两门图文课程，介绍了主动基金的投资方法。 想要获取这个课程，可以添加下方「课程小助手」为好友，给小助手发送「 主动基金 」领取哦～ ◆◆◆ 都赚钱，那谁在亏钱呢？ 其实,投资股票基金,收益并不一定来自 某个投资者亏损。 如果投资妥当，是可以做到所有投资者都 长期赚钱的。 因为投资者投资股票基金,并不是一个 「零和游戏」。 所谓的零和游戏，也就是说一方的收益， 必定意味着另一方的损失。 参加游戏的所有人，他们的收益和损失全 部相加起来，为零。 赌博就是一个典型的零和游戏。 而我们投资股票基金，是一个正和游戏， 所有参与者的收益全部加起来，是可以为 正的。 因为投资股票基金，本质上是投资背后的 上市公司，而上市公司是可以产生盈利现 金流的。 A股上市公司的长期盈利增长速度,在年 化10%上下。 整体上来说,所有的参与者,都可以享受 这个年化收益率。 我们只需要在低估的时候买入，避免买的 ▼点击阅读原 文，免费学 ...