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。 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121本私藏经典好书 》 往期回顾 价值投资理念的核心四原则 这几期螺丝钉带你读书，介绍的，是价值投资经典书籍，《证券分析》。 如果把价值投资，总结出最基础的原则，那就是价值投资理念，核心四原则。 要看背后公司的经营、盈利情况。 如果公司盈利上涨，最后也会带动股价上涨。 （2）要有安全边际的意识 通俗讲就是用6毛钱买价值1块钱的东西，低估买入，别买贵了。 第一篇：《 股神的价值投资策略，在A股也有效吗？ 》 第二篇：《 巴菲特价值投资的三次演化：从"捡烟蒂"到买优秀公司 》 第三篇：《 学会估值，轻松投资：普通投资者也能学会的实用估值方法 》 第四篇：《 巴菲特的资产配置智慧：股债配置的三大经典策 ...

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。 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。 《 世界读书日，螺丝钉送你121本私藏经典好书 》 往期回顾 第一篇：《 股神的价值投资策略，在A股也有效吗？ 》 第二篇：《 巴菲特价值投资的三次演化：从"捡烟蒂"到买优秀公司 》 第三篇：《 学会估值，轻松投资：普通投资者也能学会的实用估值方法 》 第四篇：《 巴菲特的资产配置智慧：股债配置的三大经典策略 》 大家可以点击下面链接查看部分螺丝钉带你读书合集： 股债再平衡策略 这几期螺丝钉带你读书，介绍的，是价值投资经典书籍，《证券分析》。 上一篇，咱们介绍了，最经典的三种股债资产配置策略。 · 格雷厄姆和巴菲特的「估值配置策略」。 · 固定股债比例的「目标风险策略」。 · 根据年龄分配股债比例的「目标生命周期策 略」。 但每一种股债配置策略，都会涉及到一个问题：股票和 ...

文 | 银行螺丝钉 （转载请注明出处） 有朋友留言，希望螺丝钉把一些有数据、有知识、有指导方法的精华文章汇总出来，方便学习。 如下，整理出了9月份的精华文章，点击对应的文章链接即可查看。 同时，螺丝钉也将相关文章的完整内容，汇总成了一个PDF文档，方便大家保存。 长按识别下面二维码，添加 @课程小助手 微信，回复「 202509 」即可领取PDF文档。 （提示：回复后可以耐心等待 几秒哦～） 大家有好的建议，也欢迎留言～ 投顾组合介绍 （1 ）《 自动止盈功能来啦，一键开启，不错过止盈机会 》 导读： 在 主动优选 、 指数增强投顾组合 （点击蓝字查看）这两个组合上，当市场走出低估阶段以后，例如3星级-1星级，组合会给出「发车止盈」的信 号，分批转换成 365天 等稳健类投顾组合，实现组合的止盈。具体操作时，会分批止盈转换。市场估值越高、转换比例越大。目前，自动止盈新功能 已上线，可以提前开启。功能提前开启后，未来3点几星，收到「发车止盈」信号时，自动执行跟车，完成主动优选、指数增强的组合止盈并转换至 365天等稳健类投顾组合，不再需要我们手动操作。 投资实战 （2 ）《 国债逆回购如何操作，假期也能打理收益 ...

Group 1 - The article emphasizes the importance of developing good habits during holidays, particularly focusing on exercise as a means of long-term health benefits, similar to investment strategies like dollar-cost averaging [6][14][15] - It suggests starting with low-barrier exercises at home, such as using the Nintendo Switch with the Ring Fit Adventure game, which can be a family-friendly option [9] - For those looking for cost-effective home workouts, it recommends various workout videos, with difficulty levels ranging from beginner to advanced, and highlights the importance of consistency in achieving fitness goals [10][11][12] Group 2 - The article discusses the value of watching films and series during holidays for relaxation, mentioning specific shows and their relevance to investment principles, such as caution and strategic thinking [20][25] - It provides a list of recommended shows, including domestic and international series, and emphasizes the importance of selecting content that can provide both entertainment and insights into business dynamics [19][26] - The article also suggests efficient viewing methods, such as watching at increased speeds or utilizing edited clips to save time while still gaining valuable insights [36][38][41] Group 3 - The article highlights the significance of reading as a means of knowledge acquisition, recommending a systematic approach to evaluating books based on their quality and relevance [44][46] - It lists several highly-rated books related to investment and personal development, emphasizing their potential to enhance understanding of financial markets and personal finance strategies [50][53][56] - The author encourages sharing recommendations for books and films that can be beneficial during the holiday period, fostering a community of knowledge sharing [61]

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。 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121本私藏经典好书 》 往期回顾 第一篇：《 股神的价值投资策略，在A股也有效吗？ 》 第二篇：《 巴菲特价值投资的三次演化：从"捡烟蒂"到买优秀公司 》 第三篇：《 学会估值，轻松投资：普通投资者也能学会的实用估值方法 》 三种股债资产配置策略 这几期螺丝钉带你读书，介绍的，是价值投资经典书籍，《证券分析》。 前几篇，咱们介绍了，价值投资在过去百年的演化，以及价值投资中，很重要的估值方法。 不过在投资的时候，并不是每个阶段，都会有低估买入的机会。 例如在牛市里，低估的股票资产会越来越少。 没有低估机会，资金放在哪里？ 高估止盈出来的钱，放在哪里？ 资金规模。 估值配置策略 第一种，是格雷厄姆和 ...

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。 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121本私藏经典好书 》 往期回顾 第一篇：《 股神的价值投资策略，在A股也有效吗？ 》 第二篇：《 巴菲特价值投资的三次演化：从"捡烟蒂"到买优秀公司 》 价值投资看重资产估值 这几期螺丝钉带你读书，介绍的，是价值投资经典书籍，《证券分析》。 上一篇螺丝钉带你读书，咱们回顾了，价值投资在过去百年的演化。 不管哪一种价值投资流派，其实对资产的估值都会比较看重。 那什么是估值方法呢？ 估值：衡量资产价格与价值关系的方法 其实在日常生活中，我们一直都在采用估值的方法。 因为商品和服务都有自己应有的价值。 如果价格低于价值，我们会认为它低估，比较划算。 如果价格高于价值，我们会认为它高估，可能不划算。 ...

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].

Core Viewpoint - The article emphasizes the enduring relevance of value investing, particularly in the context of the A-share market, and highlights the importance of patience in investment strategies [10][20][54]. Group 1: Value Investing Principles - Graham, known as the father of value investing, has significantly influenced investment philosophies, including the low valuation investment approach [4][5]. - His notable works include "The Intelligent Investor" and "Security Analysis," with the latter being more technical [6][7]. - The updated version of "Security Analysis" includes refreshed case studies, making it relevant for contemporary investors [8]. Group 2: Effectiveness in A-share Market - Value investing strategies, such as those derived from Graham's principles, have proven effective in the A-share market, despite concerns about their applicability [10][20]. - The 300 Value Index, which selects the lowest P/E and P/B stocks from the CSI 300, has shown significant returns, rising from 1,000 points to 9,147 points (approximately 814% increase) from the end of 2004 to the end of 2024 [18]. - In comparison, the CSI 300 Total Return Index increased by 464% during the same period, indicating that value strategies can outperform broader market indices [19]. Group 3: Challenges of Value Investing - The main challenge of value investing lies not in its effectiveness but in the lack of patience among investors, leading to low adoption rates of value-focused index funds [23][24]. - Despite the long-term success of value strategies, many investors abandon them during periods of underperformance, as seen during the growth market phase from 2019 to 2021 [30][32]. - The article notes that while both value and growth strategies can be effective, they do not perform well simultaneously, requiring investors to maintain a long-term perspective [40][42]. Group 4: Conclusion on Investment Patience - The article concludes that the lack of patience among most investors is a key reason why value investing remains effective, as it allows those with patience to benefit from the market's inefficiencies [54][50]. - It highlights that investment is fundamentally a transfer of assets from the impatient to the patient [54].

Core Viewpoint - The article emphasizes the importance of gathering and summarizing valuable investment knowledge and methods for readers to enhance their learning and investment strategies [1][2]. Group 1: Investment Opportunities - The article discusses various investment strategies and opportunities, including the introduction of a parenting subsidy policy that provides 3,600 yuan per child annually for children under three, starting from January 1, 2025 [7]. - It highlights the significance of understanding different investment styles and strategies, such as the "solid income plus" investment approach, which combines fixed income with higher-risk assets to achieve better returns in a low-interest-rate environment [15][29]. Group 2: Investment Strategies - The article outlines different investment strategies for various market conditions, including the importance of maintaining a long-term perspective and being patient during market fluctuations [11][13]. - It suggests that investors should adopt a systematic approach to investing, such as dollar-cost averaging and value averaging, to optimize their investment outcomes [30]. Group 3: Market Analysis - The article provides insights into the current market conditions, indicating that the market is still relatively undervalued, making it a good time for active selection and index-enhanced investment strategies [17]. - It also discusses the historical context of market trends, comparing the current bull market to previous cycles and emphasizing the need for investors to remain vigilant and adaptable [26][32].

Group 1 - The article discusses the relationship between long bear markets and debt levels, indicating that historical long bear markets are often linked to asset debt [2][3][49] - It highlights that during periods of high asset valuations, significant leverage is often taken on, leading to substantial debt accumulation [50][51] - The article provides examples of historical events, such as the Japanese asset bubble in the late 1980s and the 2008 subprime mortgage crisis, illustrating how excessive leverage can lead to severe market downturns [20][21][29] Group 2 - The article explains the concept of household debt ratios, suggesting that a healthy debt ratio should be maintained between 30% to 50% of total assets [12][14] - It emphasizes the importance of managing monthly mortgage payments relative to income, recommending that these payments should not exceed 50% of monthly income [13][15] - The discussion includes the impact of rising debt levels on household financial stability, likening it to a "long bear market" for families [17][19] Group 3 - The article outlines strategies for deleveraging, primarily focusing on lowering interest rates and refinancing old debt with new, lower-cost debt [35][39] - It notes that reducing interest rates can stimulate economic activity but may also lead to inflation, as increased money supply often results in rising prices [44][54] - The article concludes that understanding asset valuations and avoiding participation in bubble assets are crucial for investors to navigate through economic crises [56][58]