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 ...

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 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 reading "Security Analysis," a foundational text in value investing, suggesting that if investors aspire to improve their skills, they should engage with this book more than even Warren Buffett has [1]. Summary by Sections Introduction - The article discusses the feedback received regarding the difficulty of approaching the extensive content of "Security Analysis," which contains over one million words [1]. Discussion with Experts - A podcast featuring Wang Dali, who has not read the book, and Yang Yuebin from Guolianan Fund, who has extensive knowledge of value investing literature, aims to clarify the book's content for beginners [2]. Value of the Book - "Security Analysis" is described as the "Old Testament" of value investing, containing numerous truths and principles that are essential for investors to learn, rather than focusing on superficial methods like K-line analysis [1].

Core Insights - The article emphasizes the importance of Benjamin Graham's book "Security Analysis" as a foundational text for understanding investment philosophy and methodology [1][10][12] - It highlights three main investment principles from Graham: margin of safety, Mr. Market, and investing with a business perspective [5][10] - The text discusses the significance of financial statements in assessing a company's intrinsic value and the need for deeper analysis beyond surface-level profit growth [2][3][4] Summary by Sections Investment Philosophy - Graham's investment philosophy is rooted in the concepts of margin of safety, which arises from both undervaluation and solid fundamentals, and Mr. Market, who can exhibit extreme optimism or pessimism [5][6] - The article suggests that understanding these principles is crucial for value investing, especially in volatile markets like A-shares [5][6] Financial Analysis - The book "Security Analysis" provides a framework for fundamental analysis through financial statements, allowing investors to evaluate a company's intrinsic capabilities and value over time [2][3] - It stresses the importance of recognizing that financial data reflects underlying business realities, which may not always align with short-term market perceptions [3][4] Market Dynamics - The article notes that market conditions, particularly in China, have evolved rapidly, presenting both challenges and opportunities for investors [2][3] - It points out that while industries may show impressive growth in financial reports, the underlying business models and competitive advantages must be critically assessed to avoid pitfalls [4][5] Value Investing in China - The text asserts that value investing principles are applicable in the Chinese market, with historical evidence of successful long-term returns for value investors [6][11] - It highlights the need for investors to develop independent judgment and discipline in their investment approach, particularly in a rapidly changing economic landscape [6][11]

Core Insights - The article emphasizes the timeless principles of value investing as articulated in Benjamin Graham's "Security Analysis," which remains relevant despite changing market conditions and investment paradigms [1][7]. Group 1: Historical Context - "Security Analysis" was published in 1934, following the 1929 stock market crash and the Great Depression, which significantly influenced Graham's investment philosophy [1]. - The book critiques the stock selection criteria used during the bull market prior to the crash, highlighting a shift from focusing on tangible assets and dividends to speculative future earnings [1][2]. Group 2: Evolution of Investment Principles - The article discusses the transition from valuing tangible assets in Graham's era to recognizing the importance of intangible assets like patents and brands in the late 20th century, and the emergence of network effects as a key competitive advantage in the 21st century [2]. Group 3: Timeless Investment Principles - The first principle is "Equity Thinking," which emphasizes viewing investments from an owner's perspective, reinforcing the idea that value is the foundation of investment [4]. - The second principle is "Contrarian Thinking," which encourages investors to question market consensus and act against prevailing emotions, advocating for buying undervalued assets and selling overvalued ones [5]. - The third principle is "Risk Thinking," which highlights the importance of recognizing asymmetric risks in finance and the necessity of strategies that ensure capital safety and satisfactory returns [6]. Group 4: Conclusion - The article concludes that the core principles of equity thinking, contrarian thinking, and risk thinking from "Security Analysis" are essential for successful investing across different market conditions and should be deeply understood and applied [7].

Core Viewpoint - The article emphasizes the importance of reading and continuous learning in the investment field, highlighting the value of Benjamin Graham's "Security Analysis" as a timeless guide for investors [2][12][41]. Group 1: Importance of Reading - The article references Charlie Munger's belief that wisdom cannot be attained without reading, underscoring the significance of reading as a growth path [2][3]. - The publication aims to encourage readers to maintain their reading habits and engage in discussions about selected books [4][5]. Group 2: Overview of "Security Analysis" - "Security Analysis," co-authored by Benjamin Graham and David Dodd, is described as a foundational text for value investing, providing principles for evaluating stocks and bonds [12][41]. - The book has remained popular since its first publication in 1934, even during significant financial crises, and is referred to as the "bible of value investing" [12][41]. Group 3: Value Investing Principles - The article outlines that value investing involves purchasing securities at prices below their intrinsic value, often summarized as "buying a dollar for fifty cents" [24]. - It emphasizes the need for investors to balance multiple objectives, such as generating returns, preserving capital, and maintaining liquidity [12][19]. Group 4: Market Inefficiencies - The article discusses how market inefficiencies can lead to mispricing of securities, creating opportunities for value investors to buy undervalued stocks [19][20]. - It highlights that stock prices are often influenced by investor emotions rather than fundamental analysis, leading to volatility [19][20]. Group 5: Investment Strategy - Investors are encouraged to maintain discipline and patience, particularly during market downturns, as these periods can present buying opportunities [22][24]. - The article stresses the importance of conducting thorough research and analysis to identify undervalued securities and to avoid being swayed by market sentiment [31][32]. Group 6: Valuation Techniques - Various methods for assessing a company's value are discussed, including discounted cash flow analysis and evaluating market multiples [33][34]. - The article notes that understanding a company's future cash flow potential is crucial for accurate valuation, despite the inherent challenges in forecasting [36][37].

Core Insights - The article discusses the release of the 7th edition of "Security Analysis," which retains the essence of the 2nd edition cherished by Warren Buffett while incorporating insights from 15 Wall Street investment masters [1] - The new edition emphasizes the enduring principles of value investing, highlighting that despite market changes over the past 90 years, the core investment wisdom remains applicable today [1][24] - The essence of value investing is to purchase securities at a price below their intrinsic value, often summarized as "buying for 50 cents on the dollar" [4][24] Value Investing Principles - Value investors profit through cash flows generated by the underlying business and capital gains when the market recognizes the intrinsic value [5] - A significant aspect of value investing is the margin of safety, which protects investors from errors in judgment and market fluctuations [5] - Identifying and purchasing undervalued securities is crucial, but determining the right entry and exit points requires subjective judgment [5][6] Market Behavior and Investor Psychology - Investors often react emotionally to market movements, leading to irrational buying and selling decisions [9][10] - Maintaining a contrarian viewpoint and conducting thorough fundamental analysis is essential for value investors to avoid herd mentality [7][10] Investment Strategy and Analysis - Value investors should plan to exit positions when securities return to their intrinsic value, typically selling when prices are 10%-20% below their assessed value [6] - A disciplined selling strategy allows investors to reallocate capital to more attractive opportunities [7] - The complexity of financial analysis has increased, necessitating strong analytical skills to derive accurate conclusions from available data [13][14] Technological Impact on Investing - The rapid technological advancements have transformed the investment landscape, requiring investors to adapt their analysis methods [15][16] - Companies today face unique challenges and opportunities due to technological disruption, making traditional valuation methods less applicable [15][18] Future Considerations - Value investors must focus on sustainable future cash flows while being cautious of overpaying for growth potential [19][20] - The investment landscape is evolving, and successful investors must continuously refine their strategies to account for changing market dynamics [23][24]

Core Viewpoint - The article emphasizes the enduring principles of value investing as articulated by Benjamin Graham and David Dodd, highlighting their relevance in today's investment landscape [1][3][4]. Group 1: Historical Context and Relevance - Benjamin Graham is recognized as the father of value investing, with his work "Security Analysis" being a foundational text for investors [1][3]. - "Security Analysis" has remained a bestseller for nearly 90 years, providing timeless wisdom that continues to guide investors [3][4]. - The latest edition of "Security Analysis" reflects on market changes and updates investment management practices while retaining core value investing principles [4][6]. Group 2: Investment Philosophy - Value investing is defined as purchasing securities at prices below their intrinsic value, often summarized as "buying a dollar for fifty cents" [18][19]. - The concept of margin of safety is crucial, allowing investors to mitigate risks associated with decision-making errors and market fluctuations [19][50]. - Investors are encouraged to maintain a long-term perspective, focusing on sustainable returns rather than short-term gains [45][51]. Group 3: Market Behavior and Investor Psychology - Market inefficiencies often lead to mispricing of securities, creating opportunities for value investors to capitalize on undervalued assets [12][22]. - Investor behavior is influenced by emotions, leading to irrational buying and selling, which can distort market prices [22][49]. - The article warns against the dangers of speculation, emphasizing the importance of distinguishing between investment and gambling [46][50]. Group 4: Valuation Techniques - Valuation is described as both an art and a science, requiring a combination of quantitative analysis and qualitative judgment [26][34]. - Various methods for assessing a company's value include discounted cash flow analysis, market multiples, and private market valuations [27][28]. - Investors must consider future cash flows and growth potential while being cautious of overpaying for growth [30][41]. Group 5: Management and Corporate Governance - The quality of a company's management is a significant factor in determining its long-term success and shareholder returns [32][33]. - Investors should evaluate management's alignment with shareholder interests and their ability to make sound capital allocation decisions [33][34]. - Engaging with underperforming companies may present opportunities for activist investors to drive change and unlock value [33].