[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-JP2023080210260533409":3,"related-JP2023080210260533409":34},{"pageSize":4,"id":5,"productLine":6,"status":7,"articleCode":8,"articleType":9,"showStyle":7,"mediaType":7,"fileInputUrl":10,"articleTitle":11,"coverImage":12,"listImage":13,"introduction":14,"description":15,"nonVipDescription":16,"postTime":17,"viewTime":18,"sortNumber":19,"isFree":20,"isShowList":7,"isRecommend":20,"linkType":7,"isOriginal":6,"hasMiniUrl":20,"miniUrl":16,"miniScheme":16,"miniImage":16,"itemTag":16,"createBy":21,"updateBy":21,"createTime":22,"visitCount":23,"isLiked":20,"realSearch":24,"isRead":20,"productId":25,"isCollected":20,"collectCount":26,"vipExclusive":20,"allowComment":7,"style":27,"likeCount":28,"filePath":10,"duration":20,"playStyle":7,"seoKeywords":16,"articleModuleVoList":29,"extendContentList":30,"noteCount":31,"categoryList":32,"dailyKeywordList":33},10,5703,"1",1,"JP2023080210260533409","1041018","https:\u002F\u002Fjane7-file-prod.oss-cn-hangzhou.aliyuncs.com\u002F5671fc7f-7df2-49ee-b6a3-add41b243c12.mp3","跌了 3 年，现在够「便宜」吗？","https:\u002F\u002Fimage.jane7.com\u002F3375725c-d389-414b-8026-187a459f2892.png","https:\u002F\u002Fjane7-prod.oss-cn-hangzhou.aliyuncs.com\u002Fmanager\u002Farticle_default_img.png","相信「均值回归」，好日子总会到来","\u003Csection>\n \u003Csection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">上半年国内股市不给力，不少小伙伴心灰意冷。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cbr>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">不过，周二久违的大涨似乎又带来希望，有朋友留言：\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">跌了三年，现在能不能买点A股了？\u003C\u002Fspan>\u003C\u002Fstrong>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">正巧，上周国内各大公募基金二季报纷纷出炉，基金经理纷纷亮出各自的观点。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">我发现这些专业投资者都挺乐观的，觉得经济不管是政策面、还是基本面，都有好转的迹象。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">但我猜，即便告诉你现在是底部，你也不太敢买：毕竟这么久都没赚钱，基金果然都是骗人的😂\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">其实，你或许怪错了对象，\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222; background-color: #FFDAA9;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">估值周期\u003C\u002Fstrong>\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">才是真正的「收益杀手」\u003C\u002Fstrong>。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cbr>  \n  \u003C\u002Fsection>\n  \u003Cp style=\"text-align:justify;margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgba(0, 0, 0, 0.9); font-size: 17px;     letter-spacing: 0.544px; text-indent: 0em;      background-color: rgb(255, 255, 255); text-decoration-thickness: initial;   line-height: 2em;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">该怎么理解呢？这里用两位基金经理的切身经历来聊聊——\u003C\u002Fspan>\u003C\u002Fp>\n  \u003Cp style=\"text-align:justify;margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgba(0, 0, 0, 0.9); font-size: 17px;     letter-spacing: 0.544px; text-indent: 0em;      background-color: rgb(255, 255, 255); text-decoration-thickness: initial;   line-height: 2em;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n  \u003Cp style=\"text-align:justify;margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; clear: both; min-height: 1em; color: rgba(0, 0, 0, 0.9); font-size: 17px;     letter-spacing: 0.544px; text-indent: 0em;       text-decoration-thickness: initial;   line-height: 1.5em;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 1px; text-decoration: none solid #222222; background-color: #FFFED5; color: #FF6827; font-size: 14px;\">风险提示：本文所提及的基金，仅为示例参考，不作任何投资推荐。请务必将投资决策权，牢牢把握在自己手中~\u003C\u002Fspan>\u003C\u002Fp>\n  \u003Csection>\n   \u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fc9154bb2-5384-436f-9a1e-7beb06027e4d.jpg\" alt=\"图片\">\u003C\u002Fstrong>  \n  \u003C\u002Fsection>\n  \u003Ch3 style=\"margin: 0px 16px 16px; padding: 0px; outline: 0px;  font-size: 17px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgba(0, 0, 0, 0.9);    letter-spacing: 0.544px;        text-decoration-thickness: initial;   clear: both; min-height: 1em; text-align: center;  line-height: 2em;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 1px; caret-color: #333333; color: #D6A841;font-family: Optima-Regular, PingFangTC-light;\">01 \u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\n  \u003Csection>\n   \u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">一个是易方达的张坤。\u003C\u002Fspan>\u003C\u002Fstrong>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cbr>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">上半年他管理的几只基金跌幅近10%，过去3年基本上没赚到钱：\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cbr>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F7af1e86f-1218-438f-b5df-2862d05402d2.jpg\" alt=\"图片\">  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">张坤的投资风格接近于巴菲特，很多普通投资者之前冲着他的业绩好买入；\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cbr>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">结果持有3年，发现实际体验并不如预期，他管理的基金总规模，已从最高点1300多亿元缩水到700多亿元。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">面对近3年业绩不佳，张坤在二季报里解释：\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cbr>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F24c73265-b263-44fc-9569-22a55b40f38f.jpg\" alt=\"图片\">  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">他认为，自己持仓的优质企业组合，其内在价值在持续增长\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 1px; text-decoration: none solid #222222; color: #B2B2B2; font-size: 14px;\">（近3年复合增速15%左右）\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cbr>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">具体看他重仓的股票，有互联网巨头\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">腾讯控股\u003C\u002Fstrong>、白酒龙头\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">贵州茅台\u003C\u002Fstrong>、白马股\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">招商银行\u003C\u002Fstrong>、乳业龙头\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">伊利股份\u003C\u002Fstrong>等。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">这些企业过去的业绩一直高速增长，股价也实现了大幅上升，跑赢了全市场。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cbr>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">即便过去3年，这些公司整体仍然维持着不错的竞争力，护城河也足够深，但为何没有转化为市值的增长呢？\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">张坤认为\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #D6A841;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">「估值的下移抵消了内在价值的增长」\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">——\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">因为，\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">中短期看\u003C\u002Fstrong>\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 1px; text-decoration: none solid #222222; font-size: 14px; color: #888888;\">（1-3年左右）\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">，\u003C\u002Fstrong>\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">股价的涨跌主要还是受估值剧烈波动影响\u003C\u002Fstrong>，哪怕同一只基金，高估买入和低估买入，收益也会有天壤之别。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">而在高估位置买入的朋友，要么是亏时间，要么是亏点钱，总得先还完债才能上路。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">等到估值周期开始向上运行，组合的估值回归到合理水平，持有的优质企业的股价也会实现上涨。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">总结一下张坤的观点：\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">我选的优质企业其内在价值在持续增长，只是这3年估值大幅下滑，高位买入的朋友没赚到钱，大家耐心等待，熬过这段时间还是能赚钱的。\u003C\u002Fspan>   \n   \u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-indent: 0em; font-size: var(--articleFontsize); letter-spacing: 0.034em;\">\u003C\u002Fstrong>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fce8ef948-dae9-4d2f-9b3c-9cbfcfdf4095.jpg\" alt=\"图片\">  \n  \u003C\u002Fsection>\n  \u003Ch3 style=\"margin: 0px 16px 16px; padding: 0px; outline: 0px;  font-size: 17px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgba(0, 0, 0, 0.9);    letter-spacing: 0.544px;        text-decoration-thickness: initial;   clear: both; min-height: 1em; text-align: center;  line-height: 2em;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 1px; caret-color: #333333; color: #D6A841;font-family: Optima-Regular, PingFangTC-light;\">02 \u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\n  \u003Cp style=\"text-align:justify;margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; clear: both; min-height: 1em; color: rgba(0, 0, 0, 0.9); font-size: 17px;     letter-spacing: 0.544px; text-indent: 0em;       text-decoration-thickness: initial;   line-height: 2em;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-indent: 0em; font-size: var(--articleFontsize); letter-spacing: 0.034em;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration-style: solid; text-decoration-color: #222222;\">另一个是大成基金的徐彦。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">作为深度价值投资者，他今年的收益比较亮眼，管理的几只基金二季度都是正收益，过去3年总收益率55%左右。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">因为近期业绩好，徐彦管理的基金规模也有明显上升，从70多亿元暴涨至120多亿元。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">不过在二季报中徐彦表示，虽然自己业绩还不错，但建议大家谨慎申购，不要跟风买入：\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cbr>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fd7663768-d012-4714-b901-9f7a4fb7dc1d.jpg\" alt=\"图片\">  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">「组合净值有所上涨，但只由极少数个股贡献」\u003C\u002Fspan>\u003C\u002Fstrong>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">，主要是指他重仓的中兴通讯、广深铁路股份二季度大涨，贡献了基金绝大部分的收益；\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">投资者关注到短期业绩好，导致他\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">「管理的组合被大幅申购」\u003C\u002Fstrong>，\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #D6A841;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">但这些都是异常现象，并不是可重复的规律\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">面对未来，徐彦也不确定三季度会不会延续之前的涨幅，如果你买入后期待着它继续大涨，很可能是要落空的。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">总结一下徐彦的观点：\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">我今年的业绩比较惊艳，但这不是常态，有一定偶然成分，冲着短期业绩申购的朋友，最好降低下未来的投资回报预期。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cbr>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">总体来看，两位基金大佬都表达出相近的意思，很多时候，他们也无法控制组合的中短期业绩表现，但投资者又偏偏喜欢「线性外推」，用近期业绩评价基金好坏，认为买短期涨得好的基金就能赚钱。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">然而估值周期提醒我们：\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">股票基金短期涨得好，其估值多半已处于高位，此时申购很可能赚不到\u003C\u002Fspan>\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-indent: 0em;\">钱；\u003C\u002Fspan>\u003C\u002Fstrong>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">\u003Cbr>\u003C\u002Fspan>\u003C\u002Fstrong>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">反而是业绩相对低迷，估值处于低位时申购基金，未来赚钱的可能性更大。\u003C\u002Fspan>\u003C\u002Fstrong>  \n  \u003C\u002Fsection>\n  \u003Cp style=\"text-align:justify;margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; clear: both; min-height: 1em; color: rgba(0, 0, 0, 0.9); font-size: 17px;     letter-spacing: 0.544px; text-indent: 0em;       text-decoration-thickness: initial;   line-height: 2em;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F11692ba1-0ed7-4bb7-926c-97e04b94271f.jpg\" alt=\"图片\">\u003Cbr>\u003C\u002Fp>\n  \u003Ch3 style=\"margin: 0px 16px 16px; padding: 0px; outline: 0px;  font-size: 17px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgba(0, 0, 0, 0.9);    letter-spacing: 0.544px;        text-decoration-thickness: initial;   clear: both; min-height: 1em; text-align: center;  line-height: 2em;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 1px; caret-color: #333333; color: #D6A841;font-family: Optima-Regular, PingFangTC-light;\">03 \u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\n  \u003Cp style=\"text-align:justify;margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; clear: both; min-height: 1em; color: rgba(0, 0, 0, 0.9); font-size: 17px;     letter-spacing: 0.544px; text-indent: 0em;       text-decoration-thickness: initial;   line-height: 2em;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">看完基金经理们的观点，我感觉到投资确实挺「反人性」的：\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cbr>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">不仅要在一片悲观的时候买入，还要买别人不买的东西，并且在质疑声中坚持自己的做法，每个环节都很容易令人动摇。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #D6A841;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">但是机会，往往出现在市场极度悲观的时候。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">拿A股来说，每回牛市大涨，都少不了估值的推波助澜。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">比如2019-2021三年间，沪深300指数\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 1px; text-decoration: none solid #222222; font-size: 14px; color: #D6A841;\">（黄线）\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">翻倍\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 1px; text-decoration: none solid #222222; color: #888888; font-size: 14px;\">（2935→5930）\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">，\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-indent: 0em;\">估值\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 1px; text-indent: 0em; color: #0052FF; font-size: 14px;\">（蓝线）\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-indent: 0em;\">也从10.2倍上涨到17.6倍，是这波上涨的主要推手。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-indent: 0em;\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-indent: 0em;\">2022年之后，指数和估值同步下跌，开始还债。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cbr>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F193b277f-bbaa-4805-863c-abbc8fb155c4.jpg\" alt=\"图片\">  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 1px; text-decoration: none solid #222222; color: #888888; font-size: 14px;\">图源：理杏仁沪深300估值\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">如果你能识别，经济和市场中的事并非完全由机械化的过程所致，而是参与者情绪反复变化的结果。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cbr>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; background-color: #FFDAA9;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; background-color: #FFDAA9; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">那么就可以在情绪的底部，坚守基本的规律和事实，静候市场朝着积极的方向运行。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">目前，市场整体估值处于什么位置呢？\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">在基金二季报中，我看到部分基金经理对市场估值的判断，观点比较一致：\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cbr>  \n  \u003C\u002Fsection>\n  \u003Cp style=\"text-align:justify;margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgba(0, 0, 0, 0.9); font-size: 17px;     letter-spacing: 0.544px; text-indent: 0em;      background-color: rgb(255, 255, 255); text-decoration-thickness: initial;   line-height: 2em;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">张坤：\u003C\u002Fspan>\u003C\u002Fp>\n  \u003Cp style=\"text-align:justify;margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgba(0, 0, 0, 0.9); font-size: 17px;     letter-spacing: 0.544px; text-indent: 0em;      background-color: rgb(255, 255, 255); text-decoration-thickness: initial;   line-height: 2em;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n  \u003Cblockquote style=\"margin: 1em 0px; padding: 4px 0px 0px 10px; outline: 0px; border-left: 3px solid rgb(219, 219, 219); color: var(--weui-FG-1); font-size: 15px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;     letter-spacing: 0.544px;  text-align: justify;       background-color: rgb(255, 255, 255); text-decoration-thickness: initial;  ;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\n   \u003Csection>\n    \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 1px; text-decoration: none solid #222222; color: #888888; font-size: 14px;\">长期来看，目前\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">不少优质公司的估值已经很有吸引力\u003C\u002Fstrong>。\u003C\u002Fspan>  \n   \u003C\u002Fsection>\n  \u003C\u002Fblockquote>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Cp style=\"text-align:justify;margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgba(0, 0, 0, 0.9); font-size: 17px;     letter-spacing: 0.544px; text-indent: 0em;      background-color: rgb(255, 255, 255); text-decoration-thickness: initial;   line-height: 2em;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">朱少醒：\u003C\u002Fspan>\u003C\u002Fp>\n  \u003Cp style=\"text-align:justify;margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgba(0, 0, 0, 0.9); font-size: 17px;     letter-spacing: 0.544px; text-indent: 0em;      background-color: rgb(255, 255, 255); text-decoration-thickness: initial;   line-height: 2em;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n  \u003Cblockquote style=\"margin: 1em 0px; padding: 4px 0px 0px 10px; outline: 0px; border-left: 3px solid rgb(219, 219, 219); color: var(--weui-FG-1); font-size: 15px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;     letter-spacing: 0.544px;  text-align: justify;       background-color: rgb(255, 255, 255); text-decoration-thickness: initial;  ;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\n   \u003Csection>\n    \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 1px; text-decoration: none solid #222222; color: #888888; font-size: 14px;\">市场的整体估值处于\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">长周期中很有吸引力的位置\u003C\u002Fstrong>，当下权益市场处在较好的风险收益区间。\u003C\u002Fspan>  \n   \u003C\u002Fsection>\n  \u003C\u002Fblockquote>\n  \u003Csection>\n   \u003Cbr>  \n  \u003C\u002Fsection>\n  \u003Cp style=\"text-align:justify;margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgba(0, 0, 0, 0.9); font-size: 17px;     letter-spacing: 0.544px; text-indent: 0em;      background-color: rgb(255, 255, 255); text-decoration-thickness: initial;   line-height: 2em;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">丘栋荣：\u003C\u002Fspan>\u003C\u002Fp>\n  \u003Cp style=\"text-align:justify;margin: 0px 16px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgba(0, 0, 0, 0.9); font-size: 17px;     letter-spacing: 0.544px; text-indent: 0em;      background-color: rgb(255, 255, 255); text-decoration-thickness: initial;   line-height: 2em;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n  \u003Cblockquote style=\"margin: 1em 0px; padding: 4px 0px 0px 10px; outline: 0px; border-left: 3px solid rgb(219, 219, 219); color: var(--weui-FG-1); font-size: 15px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;     letter-spacing: 0.544px;  text-align: justify;       background-color: rgb(255, 255, 255); text-decoration-thickness: initial;  ;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\n   \u003Csection>\n    \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; letter-spacing: 1px; text-decoration: none solid #222222; color: #888888; font-size: 14px;\">从估值上看，\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">A股整体估值水平至历史低位\u003C\u002Fstrong>，10年国债单边下行至2.64%的低位，中证800股权风险溢价上升至0.86倍标准差水平，息债比则处于历史100%分位。\u003C\u002Fspan>  \n   \u003C\u002Fsection>\n  \u003C\u002Fblockquote>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">换句话说，\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">不管是从定量、或定性的角度，基金大佬都觉得，现在买入还是挺便宜的\u003C\u002Fstrong>。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">但分开看，那些短期业绩很好、管理规模暴增的基金，很可能已经不划算了，而那些业绩相对低迷、规模比较平稳的基金，或许眼下更值得布局。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">对于咱们大部分人来说，要准确判断估值高低，赚市场情绪的钱，显然还是有点困难，我们能做到的：\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; background-color: #FFDAA9;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">一是理解估值周期\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">，相信「均值回归」的规律，坏日子总会过去，好日子总会到来；\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; background-color: #FFDAA9;\">\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">二是选择「扛得住」的基金经理\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>   \n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">，面对业绩压力，有些人坚持自我，有的人在压力之下，会不断改变投资策略，迷失自我。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">虽然说市场在不断变化，投资者也需要与时俱进，但大体的投资框架还是要保持稳固的，看到业绩不佳就「风格漂移」，即便后来业绩有起色，长期能否可持续，就要打个问号了；\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">反之，不论业绩如何起伏，都能坚持原来的投资策略，至少说明他比较能「抗压」，我们交给他管钱也敢放心。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">最后套用一句话，\u003Cstrong style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;\">价值回归虽然会迟到，但绝不会缺席。\u003C\u002Fstrong>\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">相信可重复的规律，相信靠谱的人，耐心熬过寂寞的长夜，我们终将迎来光明。\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; text-decoration: none solid rgb(34, 34, 34);\">\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; color: #222222; font-size: 16px; letter-spacing: 1px; text-decoration: none solid #222222;\">\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important;  text-decoration-style: solid; text-decoration-color: #222222; color: #222222; font-size: 16px; letter-spacing: 1px;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">晚安\u003C\u002Fspan>\u003Cspan style=\"margin: 0px; padding: 0px; outline: 0px; max-width: 100%; box-sizing: border-box !important; overflow-wrap: break-word !important; text-indent: 0em;  color: #222222; font-size: 16px; letter-spacing: 1px;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">🌹\u003C\u002Fspan>\u003C\u002Fspan>  \n  \u003C\u002Fsection>\n  \u003Csection>\n   \u003Cp>\u003Cbr>\u003C\u002Fp>\n  \u003C\u002Fsection>\n \u003C\u002Fsection>\n\u003C\u002Fsection>","","2023-08-02 10:31:45","2023-08-03 17:00:00",100,0,"zhengjiurong@jane7.com","2023-08-02 10:26:05",156,false,15578,6,"1038002",3,[],[],9,[],[],[]]