Market Overview - Recent market volatility has led to a mixed performance, with the Shanghai Composite Index supported by bank stocks while the Shenzhen Component and ChiNext Index experienced significant declines, with trading volume dropping below 1.2 trillion [3] - The current market environment tests investors' patience, as chasing stocks that are rising can lead to losses [3] Investment Strategy - The concept of "patience" is emphasized as crucial for successful investing, likening stock trading to fishing where one must wait for the right moment [3] - A specific investment strategy called "half-position snowball" is introduced, which involves using moving averages for navigation and managing risk through position control [4] - An example is provided where a stock was bought at a lower price during a downturn, leading to a significant profit when the stock rebounded [3][4] Market Signals - Investors are advised to look for specific signals when considering entering or exiting positions, such as volume shrinkage, stabilization candlesticks, and fundamental catalysts for buying, while signs like increased retail investor accounts and media hype indicate selling opportunities [4] - The recent implementation of new regulations on algorithmic trading is expected to reduce short-term market fluctuations, benefiting long-term investors by allowing a return to fundamental analysis [4] International Impact - International developments, such as Trump's threat to impose tariffs on 14 countries, may affect sectors like semiconductors and automotive in the A-share market, but companies with core technologies that can pass on costs may emerge stronger [5] - The importance of patience in holding investments during turbulent times is reiterated, suggesting that true opportunities arise when the market stabilizes [5]

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 商业模式分析的基本概念，竞争优势分析的基本语言，财务分析的基本工具，需求分析的基本技 巧，调查研究的基本策略……这些都是做投资该练的基本功。慢工出细活，耐心是快速决策的前 提，快速决策是耐心的目的，怎能说二者互为矛盾呢？ 得益于巴芒的光环，很多人走上了价值投资的道路。但正确的道路本身不是赚钱的充分条件，还 需要正确的方法。我所了解到的取得好成果的价值投资者，他们的制胜手段未必是高人一筹的眼 光和迅捷的决策，反倒是一贯的耐心。 并且，这种耐心更多体现在他们没有做的决策，而不全在于那些做出的漂亮决策。在手感不好 时，可以一直运球保持观察而不急于投篮，是更可贵的耐心。投资中没有24秒的进攻限制，这或 许是它和体育比赛的最大区别。 有人问：投资要保持耐心，但有时是否需要快速行动？老巴和阿贝尔都礼貌地强调了快速行动的 重要性，而没有唐突指出这个问题本身的矛盾之处——保持耐心和快速行动本来就不矛盾，甚至 可以说保持耐心就是为了快速行动。 老话讲，台下十年功，台上一分钟。完成好一分钟的表演，就要修炼十年的基本功。对投资来 说，五分钟之内做 ...

以下文章来源于睿远FUND ，作者小睿 睿远FUND . 睿远基金官方订阅号，第一时间发布睿远基金动态、分享优质基金及投资内容，做持有人长期利益最大 化的价值投资实践者。 橡树资本创始人霍华德·马克斯跟摩根·豪塞尔（Morgan Housel）之前做了一场对话。 摩根·豪塞尔是畅销书《金钱心理学》(The Psychology of Money)和《一如既往》(Same As Ever)的作者，也 是Collaborative Fund的合伙人。有关《金钱心理学》这本书，小睿也在我们的"睿见"读书会当中给大家做过 分享，点击阅读： 好书共读:《金钱心理学》。 这场对话关于备忘录的背后，围绕耐心投资与杠杆展开，所涉及的都是投资中看似很基础，但常常被大家 所忽视的知识点。 今天我们就来特别和大家分享一下其中非常重要的一个要点，也就是债务对我们投资行为的影响 ，对话的 两位投资大咖强调了债务杠杆会显著增加财务风险，他们共同 揭示了债务对投资的影响，深入探讨了杠杆 的双刃剑效应以及历史教训对投资者的启示。 摩根补充道：" 所有的投资，你都要为投资中的两件事付出代价。一是错误定价，二是忍受波动。 当你把 债务看作是你所 ...