价值投资的本质是什么-Private placement network

　　资本市场的各类投资者浩如烟海，各种投资秘笈也多如牛毛，但是，股市的“二八定律”依然没有改变。那么，价值投资到底是什么?Why are there so many followers but so few executors?Of course, making money20%的人或许是来无影去无踪的资本大佬，但其中更多的是那些坚守投资信条的人。他们不一定在大涨后躺着数钱，但却一定能笑到最后。今天，私募自营店小编带大家来了解价值投资那些事。
　　价值投资——透过现象看本质
　　巴菲特的精神导师格雷厄姆曾经对价值投资这样定义过：股票价格围绕“内在价值”上下波动，长期来看有向“内在价值”回归的趋势。这与咱们读书时学的马克思的价格理论一样，商品的价格始终会在商品价值附近波动。
　　在投资领域，市值几乎可以认定为一家上市公司价值的计量器，也就是私募大佬们经常说的EV(Enterprise Value:EnterpriseValue)This is also one of the most important indicators for value investment. And the stock price isEV最直接的体现，排排君可以用两张图来说明：
　　“价值投资需要长期坚持，如果你不愿意持有一只股票10Nian, then you even10Don't hold even a minute
　　"If you aren't willing to own a stock for 10 years, don't even think aboutowning it for 10 minutes."
　　—— Warren Buffett
　　说起价值投资，人们第一个就会想起投资大师巴菲特。没错!Countless people hope to catch the fast train of his value investment. The Berkshire controlled by Buffett, in the past36In the middle of the year, it was recorded that the age was approaching20%Returns from S&P during the same period500The annualized income is only8.5%. In his words, the most important point of value investment is:
　　投资法则一：永远不要赔钱;
　　投资法则二：永远不要忘记法则一。
　　所有做投资的人都很清楚：投资最重要的是要保本，然后再去挣钱。为什么说保本是非常重要，因为一旦亏损，可能几年的努力都是一场空：
　　假设第一年收益率为k1The second year's yield isk2According to the formula:
　　[(1+k1)×(1-k2)]^1/2-1
Investment1From the perspective of the situation: in the first year, it doubled, but in the second year, it directly halved, and the average annual yield is quite good, with25%. But the actual yield from the previous year was zero, because in the end, you didn't earn anything.
　　但是保本并不是绝对不亏损，而是允许暂时亏损。就像巴菲特08I bought Goldman Sachs stocks during the financial crisis in, but the stock market has since fallen20%Many people at that time believed that Buffett was wrong. But so far, Buffett's decision is indeed a wise move.
　　再说另一点，长期投资价值。一只股票值10Block, now when Paipaijun buys it8The block later fell to6Block, Pai Pai Jun has lost money40%. But this doesn't mean anything, just like Buffett40At the age of5000The asset value of ten thousand US dollars was lower than many investors of the same age at the time, but now it has become one of the few billionaires because it can maintain long-term stability20%The compound growth rate of. If the stock held by Pai Pai Jun has long-term investment value, then what about short-term "losses"?
　　投资是需要耐心的。很多人投资股票，或者向别人咨询股票，总想着马上涨，甚至暴富，但却往往不敌预期;如果你长期坚持价值投资信仰，投资价值公司，哪怕年化回报率不高，长期下来依然收益可观。既然道理都知道，为什么很多人不去做呢?
　　说起来容易，做起来难
　　价值投资者最大的挑战是要有强大的心理承压能力，来承受短暂的“亏损”，用专业的话说就是周期性跟踪误差。例如，美国价值股在2013Year to2015The tracking error between the year and the market gradually increases, but if the time is extended to1995-2017By the end of the year, it can be seen that the returns of value stocks have left the market far behind.
　　来源：新全球配置 Bloomberg
　　因为在几十年的长期持股过程中，大盘涨得好的时候，你没有大盘涨得多;When the market falls, it is common for you to fall much more than the market. Many people do not mean that they do not have the perseverance to adhere to the belief in value investment, but rather that they cannot bear significant tracking errors in the short term, lose confidence in value investment, and finally have to leave the market, ultimately resulting in investment failure.
　　所以，想要做到价值投资，除了拥有足够好的投资心态和承压能力外，长寿也是必要条件。
　　价值投资的误区有哪些?
　　1The longer the time for value investment, the better. Many people remember Buffett as buying great companies and holding them for a long time. But in fact, Buffett places great emphasis on the dynamic balance of assets, starting from60From the beginning of the era to08Almost invested in Nian200Multiple companies, but holding more than3Only in the year of22Home. Going concern, corporate value, industry thresholds, and so on all need to be regularly evaluated, and those that do not meet the conditions naturally need to be sold, such as Buffett's07The annual sale of PetroChina is a good example(One is that the fundamentals of the industry have changed, and the other is that valuations are too expensive). The biggest pitfall of value investment is sticking to things that shouldn't be stuck to!
　　2Value investment does not require timing. Value investing teaches us that investors should focus on fundamental research and not be influenced by short-term factors. Taking hedge funds as an example, the returns of hedge funds are mainly composed of absolute returns and relative returns. Relative returns are the returns obtained by taking on systemic risks, while absolute returns still need to be timed. But this timing is based on macro trends, not short-term buying and selling points. Therefore, in order to obtain more absolute returns than others in value investment, timing thinking is crucial. Buffett has always believed that his success cannot be separated from the constantly upward macro environment of the United States. If he wants to say so, at least there should be more domestic investors than Buffett3Double confidence, because of China'sGDPThe annual growth rate is the same as that of the United States3More than times!
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