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投资理念的真正生命基础在于创造回报,其外在环境便是资源的自由流动和优化配置,尤其是整个市场游戏规则的可预期性和确定性。中国证券市场城头上的投资理念大旗,在过去的十多年时间里也已经变换过多次。从追求高配送,到追逐资产重组、网络科技概念,再到“五朵金花”的盛开,最后在估值国际化的大旗下又接受了一次再教育,目前市场上的不少机构投资者还穿着“积极防御”这件皇帝的新装。
The real life foundation of investment philosophy lies in creating returns. Its external environment is the free flow and optimal allocation of resources, especially the predictability and certainty of the game rules in the entire market. The banner of investment philosophy in the Chinese securities market has also changed over the past decade or so. From the pursuit of high distribution, to the pursuit of asset restructuring, the concept of network technology, and then to the “Five Golden Flowers” in full bloom, and finally in the valuation of the international banner once again received a re-education, the current market, many institutional investors Also wearing the “active defense” this emperor’s new dress.