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投资的本质,要看标的本身是否创造了更多的价值。2010年以来,中小市值股票的局部性牛市不断冲击着投资者的传统思路。很多成立仅数年的公司享受着几十亿甚至上百亿的市值和好几十倍的市盈率,而很多产业地位优势显著、盈利质量优良的老牌公司,也仅对应相似的市值和个位数的市盈率。习惯性思维,会使投资者规避前者,而信心满满地买入后者,并且会不断告诫自己,这样才是真正的价值投资。有意思的
The nature of investment depends on whether the subject itself creates more value. Since 2010, the localized bull market in small and medium-cap market stocks has continuously hit investors’ traditional thinking. Many established companies have enjoyed billions or even billions of times their market capitalization and dozens of times their earnings. Many veteran companies with significant industry advantages and excellent profitability qualify only for similar market cap and single digit The price-earnings ratio. Habitual thinking, investors will be able to evade the former, and buy the latter with confidence, and will continue to warn myself, this is the real value of investment. interesting