共 192 条公开笔记
在一定程度上是可以预测的，否则主动投资与管理就失去了存在的基础，但预测市场又不可能做到精准无
当中的不同“季节”，也会有截然不同的板块节奏。例如在牛市中期，就会呈现出极其分化的景象：一部分“早熟”品种，经过前期的疯狂生长，已经到了即将收获的季节；而另一部分品种则正处于疯狂生长阶段；还有一部分后周期品
家常说“三根阳线（阴线）改变信仰”，描述的正是这种因短期“天气”
的成长潜力，但同时也伴随着较高的投资风险。 以2024年上半
价集体下跌，是内因与外因共振的结果。 从内因来看，小市值公司存
市值迷雾：小市值公司的投资价值
与相对收益时，才会逐渐被吸引过来。此时，“中国核心资产”“漂亮50”等概念广为传播，相
有成长股研究能力的人来说，还不如去做趋势投资
10倍、20倍，一些投资者根本不敢买的股票。让各种风格的投资者都能赚到钱的牛市，
二章 基本面投资：种树，种粮，种菜
“冷买热卖”是真正的价值投资者的特质，
.投资方法是“术”，需要和大的“道”结合，才能运用得更好。比如只要明
伟志金句 1.一个健康的市场，不应该只有一种投资方法、一种理念。如果所有投资者都是一种投资风格，那是
两百多年前价值1美元的黄金的购买力，相当于2006年价值1.95美元的黄金的购
QARP（quality and reasonable price，以合理价格买入高质量股票）选股策略就
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