一、华尔街和价值投资关于投资中风险的不同定义 我们在上一篇（以下简称鸭兔幻象）文章提到，考察一笔投资是否可行，当且只应当从风险、收益 （Risk/Reward）的角度去进行分析。 如果投资者对投资中最关键的风险和收益的定义最基本的理解都是模糊的，或者说是不准确的，那想要 从风险收益性价比这个角度，来对投资做一个正确的判断，近乎于不可能。 导语："投资大家谈"是点拾投资的公益内容栏目，希望通过每周日不定期的推送，让更多人看到基金经 理对投资和市场的思考。"投资大家谈"栏目内容以公益类的分享为主，不带有基金产品的代码和信息， 也必须来自基金经理的内容创作。 今天和大家分享国联安基金经理杨岳斌对风险定义的思考。杨岳斌认为，华尔街和价值投资者对风险的 定义有本质的不同。这篇文章非常深刻，建议大家可以仔细读一下，一定会有收获的！ 最后，也欢迎大家持续给我们投稿！可以发送邮件到：azhu830@yeah.net 在当今复杂多变的金融市场中，投资者们总是在探寻有效的投资策略以获取理想的收益。现实中，价值 投资和华尔街正因为在风险和收益的定义上都存在着严重的不一致，以至于在对待好生意被市场低估的 时候，各自采取了完全不一样的 ...

Core Viewpoint - The article discusses the fundamental differences in risk perception between Wall Street and value investors, emphasizing that these differences lead to distinct investment strategies and outcomes [2][3]. Group 1: Definitions of Risk - Wall Street defines risk as the relative volatility of a stock or portfolio, often measured by beta, which focuses on historical price fluctuations [10][21]. - Value investors, on the other hand, view risk as the potential loss of principal and related returns, emphasizing the importance of understanding a business's intrinsic value and economic characteristics [9][10]. Group 2: Practical Risk Assessment - Value investing involves analyzing the inherent risks of a business, including financial leverage and the investor's ability to understand the business's economic features [13][14]. - Buffett's five-factor method for assessing risk includes evaluating the long-term economic characteristics of a business, the management's capabilities, and the business's purchase price relative to its intrinsic value [14][15][16]. Group 3: Comparison of Investment Philosophies - Value investors focus on the underlying business and its long-term competitive advantages, while Wall Street investors often prioritize short-term price movements and statistical measures [22][23]. - The article highlights that value investors prefer concentrated investments in a few well-understood businesses, whereas Wall Street advocates for diversification to mitigate risk [27][28]. Group 4: Conclusion - The article concludes that the differing definitions and approaches to risk between Wall Street and value investors lead to fundamentally different investment strategies, with value investors more likely to achieve long-term success by focusing on a few high-quality businesses [32][33].